The Lucky Country: Building Australia's common wealth
This is the first in a series exploring community wealth building—practical approaches for communities to own assets, make decisions, and keep wealth local. The series draws on insights from a discussion paper examining possibilities for the Upper Spencer Gulf's energy transition.
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In 1964, Donald Horne published a book called 'The Lucky Country' that delivered what one commentator described as "a bucket of cold saltwater emptied onto the belly of a dreaming sunbaker." His central argument—that Australia was "a lucky country run mainly by second-rate people who share its luck"—wasn't the celebration it later became in popular culture, but a sharp critique of a nation that had prospered through fortune rather than foresight.
Horne was right. We have been lucky—blessed with abundant resources, stable institutions, and opportunities.
His observation about who gets to benefit from that luck remains uncomfortably accurate. Our economic systems still concentrate wealth and decision-making power among those who already have access, while prosperity remains unevenly distributed across communities.
As Australia navigates another resource transition—with over $315 billion flowing into renewable energy development reshaping regions across the country—we have an opportunity to explore different approaches to how economic development creates lasting benefit and to build our 'common wealth.’
Right now, South Australia's Upper Spencer Gulf sits at the centre of Australia's renewable energy transition. The region faces extraordinary change: over $21 billion in renewable energy projects planned. As Premier Peter Malinauskas noted, "There is an economic opportunity in the Upper Spencer Gulf that must be realised."
The question is: realised for whom?
About the paper
In March 2025, I wrote a discussion paper for the South Australian Premier's office, hoping to contribute research insights to policy conversations about the region's future. The paper brought together research and practice from across Australia and internationally that's relevant to South Australia's circumstances.
I've since revised it for broader sharing because these concepts deserve consideration from all who have a stake in South Australia's future, particularly those who call the Upper Spencer Gulf home.
The paper explores community wealth building as both an approach to economic participation and a way for communities to work together on longer-term visions of prosperity and wellbeing.
The paper includes:
The case for community wealth building: What it is and how it creates value for all stakeholders
Investment vehicles and participation frameworks: Community foundations, local impact funds, ownership pathways, and approaches to community leadership
29 detailed case studies across five categories: First Nations-led development, resource wealth conversion, accessible investment pathways, industrial transition strategies, and community asset management
An eight-strategy framework for the Upper Spencer Gulf across three focus areas: governance and decision-making, investment and capital, and local economic development
Extensive appendices including detailed case study profiles, First Nations frameworks, community benefit sharing frameworks, community expertise recognition guidelines, stakeholder benefit analysis, and step-by-step guides for establishing community foundations
While this research focuses on the Upper Spencer Gulf, the approaches could apply to other regions facing similar transitions across Australia—from the Hunter Valley to the Pilbara—where communities are grappling with how to move beyond hosting externally-owned projects to genuinely participating in economic transformation.
About this blog series
This series offers key ideas and insights from the paper across several posts, making these concepts more accessible.
I've prepared this work as a PhD student at Flinders University's Centre for Social Impact, drawing on research, conversations, and experiences from my time working in community strengthening. It represents a synthesis of existing research and case studies rather than deep consultation with Upper Spencer Gulf communities whose voices and experiences are central to the region's transformation.
I offer this as a contribution to discussions about potential pathways forward. My hope is that it helps start conversations about practical approaches to creating economic structures that are fair, inclusive and lasting—structures that enable Australian communities to shape partnerships in development and share in benefits, creating change that works for all of us.
Next up: What is community wealth building, and how does it work in practice?
Source: AustralianFinTech
