The Lucky Country narrative supports our economy, and B2B marketers need to back it
Alchemy One’s new strategy director Nicola Watkins discusses “narrative economics theory” and how our position as ‘The Lucky Country’ supports this theory and that marketers should also be about supporting the lucky country narrative to help avoid an economic downturn.
The popular narrative of Australia as the ‘Lucky Country’ has affected our economic behaviour and is keeping our economy afloat. The way the narrative has spread here is evidence of Nobel prize-winning economist Robert J. Shiller’s “narrative economics theory”. Beyond the fact we’ve managed to avoid global economic downturns, we see strength in the business sector via the proliferation of new business and business confidence in Australia. As B2B marketers, we are obligated to support this narrative so we can continue supporting our customers and our bottom lines.
The Lucky Country: an evolved narrative
The ‘Lucky Country’ narrative exists, and it’s keeping our economy afloat. Not the sentiment as Donald Horne depicted in his 1964 book The Lucky Country when he wrote “Australia is a lucky country run mainly by second-rate people who share its luck.” That was potentially one of the most damning critiques of Australia ever authored.
Nowadays, the ‘Lucky Country’ has evolved to reflect our undoubtedly prosperous economic landscape fuelling a desirable way of life. I have distinct memories of Bill Bailey in his 2018 stand-up show, joking about dolphins handing us packed lunches as we SUP’ed into work while Kookaburras laughed leisurely at our 27 years of uninterrupted economic growth. Being young, naïve, and before bearing witness to Australia’s economic resilience throughout the coronavirus pandemic, the penny was yet to drop regarding the total weight of the broader narrative Bailey was spreading.
