The economics, and politics, of prevention and the cost of doing nothing

On July 9 2019, the Committee for Economic Development of Australia (CEDA) conducted a lunchtime seminar in Melbourne about “the economics of prevention“. The event was supported by GlaxoSmithKline who launched a report about the value of vaccines so the lunch promised to be very medical but that quickly changed when Rod Campbell of The Australia Institute (a late replacement for Richard Denniss) spoke. On the issue of cost-benefit analysis, an important consideration in occupational health and safety (OHS) , Campbell was blunt:

“A huge amount of government decisions are not made by informed economic analysis. They’re made by political decisions.”