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Introduction: This consensus statement recommends eight high‐level trackable policy actions most likely to significantly improve health and wellbeing for children and young people by 2030. These policy actions include an overarching policy action and span seven interconnected domains that need to be adequately resourced for every young person to thrive: Material basics; Valued, loved and safe; Positive sense of identity and culture; Learning and employment pathways; Healthy; Participating; and Environments and sustainable futures. Main recommendations: Provide financial support to invest in families with young children and address poverty and material deprivation in the first 2000 days of life.Establish a national investment fund to provide sustained, culturally relevant, maternal and child health and development home visiting services for the first 2000 days of life for all children facing structural disadvantage and/or adversity.Implement a dedicated funding model for Aboriginal and Torres Strait Islander community‐controlled early years services across the country to ensure these services are fully resourced to provide quality early learning and integrated services grounded in culture and community.Properly fund public schools, starting by providing full and accountable Schooling Resource Standard funding for all schools, with immediate effect for schools in communities facing structural disadvantage.Establish legislation and regulation to protect children and young people aged under 18 years from the marketing of unhealthy and harmful products.Amend the electoral act to extend the compulsory voting age to 16 years.Legislate an immediate end to all new fossil fuel projects in Australia.Establish a federal Future Generations Commission with legislated powers to protect the interests of future generations. Changes in approach as a result of this statement: Together, these achievable evidence‐based policies would significantly improve children and young people's health and wellbeing by 2030, build a strong foundation for future generations, and provide co‐benefits for all generations and society. [ABSTRACT FROM AUTHOR]