A more ethical Australia could turbocharge economic growth, improve trust in institutions and stop firms chasing profits at the cost of human decency.
That's the hope of politicians, academics, businesses leaders and other high-profile figures pushing for a world-first national body for applied ethics.
Independent senator David Pocock, Business Council of Australia president Tim Reed and Australian Council of Trade Unions secretary Sally McManus are among signatories of an open letter to the treasurer calling for investment in the nation's "ethical infrastructure".
The letter points to growing distrust in Australia's institutions, religious organisations, corporations and leaders.
Emerging technologies such as generative artificial intelligence are also raising new ethical questions that fall outside existing legal frameworks.
"While others confront what is bad in society, the institute will promote and develop what is good," the letter states.
In the May budget, the signatories would like to see a one-off $33.3 million investment to set up an independent body that would then aim to be self-sufficient.
The signatories believe it's worth the money, with modelling by Deloitte Access Economics estimating it could unlock $45 billion annually in improved GDP.
These benefits would be felt throughout the economy, the economists found in their research.
Businesses with reputations for ethical conduct have better relationships with customers and suppliers, and tend to be more profitable.
Wages also tend to grow faster when ethical standards are higher.
The proposed ethics institute is the brainchild of the not-for-profit Ethics Centre, the University of New South Wales and University of Sydney.
Topping its list of work areas would be advice to government on ethically tricky subjects such as biotechnology, robotics and space exploration.
The body would also integrate ethical learning into schools and universities, while promoting these ideas in different industries.
Ethics Centre executive director Simon Longstaff said Australia had "everything to gain" from such an investment.
"Stronger ethical infrastructure means a stronger economy - a more prosperous and equitable Australia," he said.
Australian Associated Press
