Governments face some of the most perplexing issues of the day. The development of public policies relating to health, aged care, education and the environment often involve difficult trade offs to be made. Economics is a valuable discipline for evaluating these trade offs in a transparent and objective manner. It can also assist with understanding what policies will have the greatest effect on changing public behaviours in a way that leads to improved outcomes.
Our team at Synergies has the skills and expertise to guide the development and evaluation of public policy through quantitative and qualitative analysis. We use a range of tools, including cost-benefit analysis, regulatory impact statements, business cases, behavioural economics, and fiscal modelling to inform better decisions within government.
Case study
Designing a compensation scheme and setting a proper level of compensation, be it for compulsory buy-out of licences or a voluntary scheme, is inherently difficult. Participants have divergent goals. Fishers seek the best price possible for surrendering their rights, while the government seeks the best overall value for all parties. Importantly, compensation schemes need to be transparent, defensible and equitable if they are to gain broad acceptance.