Edition 525 – What’s Your Legacy?

The Albanese Government handed down their fifth Federal Budget last night. But today is not a commentary on the budget.

Next Thursday is the fourth anniversary of their elevation to office. They’re a third of the way through their second term. The Government commands a significant majority on the floor of the Parliament. However, my take on the 2025 election is that the result was more a repudiation of the opposition’s plan, with its scant detail, and the Trump-lite mantra they tried to roll out, than a ringing endorsement of the Government’s first term. Perhaps I’m wrong.

After four years, I’m struggling to think of a single, significant, landmark policy they’ve adopted. We all know about the Voice referendum and how that turned out. So, what’s the legacy of this Government starting to look like?

In the first four years of Bob Hawke’s Government, elected in 1983, there was significant tax reform, the introduction of universal healthcare, the Accord with the union movement and deregulation across the banking sector.

In the first four years of John Howard’s Government, elected in 1996, there was the landmark Gun Law reform, even more significant tax reform, and a relentless focus on balancing the budget, to lay the foundations for a strong fiscal future for the country.

Even in Julia Gillard’s short three-year term as Prime Minister, her Government introduced significant social change through the National Disability Insurance Scheme. Whilst you can argue the merits of cost blowouts and the rorting of the system, the fact remains that genuinely disadvantaged people, who otherwise would have had a poor quality of life and limited access to the resources they need to live the best life they possibly can, would have continued to be overlooked in society, to a large degree, without this landmark measure.

But what is this current Government’s legacy?

After four years, what does it stand for, and what is the plan they have for Australia, and for us as Australians, for the next decade?

I see this same aimless journey in small and family businesses, too.

The owners turn up each day and do the technical work of the business, but don’t really know in which direction they’re heading.

Businesses exist for 10, 20 or even 30 years, but what do they really achieve in terms of their contribution to their community, or to society as a whole?

If you’re in business, remember that a day will come when you are no longer in business. You might sell it. You might decide to shut it down. Or, you might pass it on to your family, who may or may not take it to another level.

Until that day comes, what’s the legacy you’re building every day, through your family business? For the business itself? For the people who work in your business? For the customers you serve? For the community you’re a part of?

What will you be known for? In fact, do you even know what you want to be known for?

When you look back on your business journey to date, are there moments, or years, or projects, or products that you’re particularly proud of, and you know made a fundamental difference in the life of someone?

Or are you wandering, just hoping that the work keeps rolling in, and the bank balance stays above the waterline?

This Week’s Tip

“Your legacy is not what you leave behind. It’s what you build every day.”