Public Policy Approach
Our Perspective
The Institute provides expert commentary on public policy issues where there is uncertainty of future financial outcomes. Actuaries have a reputation for a high level of technical financial expertise and integrity. They apply their analytical and risk management expertise to allocate resources efficiently, identify and mitigate emerging risks, and to help maintain system integrity across multiple segments of the financial and other sectors.
This unrivalled expertise enables the profession to comment on a wide range of issues including life, general and health insurance, climate change, superannuation and retirement income policy, enterprise risk management and prudential regulation, the digital economy, finance and investment and wider health issues.
Our Principles
The Actuaries Institute’s policy principles guide the development of our public policy related content, including
Thought Leadership Publications,
Public Policy Position Statements (see below) and
Submissions. These materials demonstrate how Actuaries, as a profession, serve the public interest and use data for good.
The Institute’s policy principles are that policy measures or changes should promote public wellbeing, consider potential impacts on equity, be evidence-based and support effectively regulated systems.
Promote public wellbeing
Actuaries promote public wellbeing by considering the impact of policy changes or measures on the Australian community as a whole and sub-groups that may be disadvantaged.
We do so by considering a wide range of domains that reflect how individuals or groups can be impacted, including economic, social, health, housing, education and the environment.
Consider the impact on equity
Actuaries balance multiple stakeholder interests to help ensure the long-term sustainability of government policy and financial and other systems.
Specific considerations include inter- and intra-generational fairness, and community expectations about discrimination and fair access to financial and other products and services.
Be evidence-based
Actuaries support well informed decision-making by providing careful and objective analysis of data and information and delivery of relevant insights around risks and uncertainty so it is accessible and actionable to stakeholders.
Support effectively regulated systems
Actuaries believe the public interest is best supported by systems that are effectively regulated, including settings that balance being proportional to risk, supporting efficient and fair practices and outcomes, minimising complexity, understanding future trends and withstanding foreseeable future shocks.
Our Public Policy Statements
Our Public Policy Statements present the Actuaries Institute's current standing on important public policy issues. Our Statements are ‘living documents’ and are refined and updated as required by the changing policy environment.
How Actuaries Institute Members can get involved
To have valuable public policies that truly reflect the views of the profession, we encourage members to take an interest in public policy and to participate in the policy development process through our Practice Committees, Taskforces, Working Groups and Public Policy Council Committee. To participate in developing policy, visit our Volunteer Hub and browse vacancies.