Category: Australian Economy

World’s best economy 2018: Iceland by an Arctic fox’s whisker

Economic truth the LNP don’t want you to know and Trump hides wit the help of Murdoch. Our current economic reality and comparitive standing in the world today. Just over 5years ago Wayne Swann and Julia Gillard had us place 2nd today the the Abbott/Turnbull/Morrison Government has us 20th telling us how ‘grear‘ that is and all Australians have benefited from their boom time.(ODT) 

World’s best economy 2018: Iceland by an Arctic fox’s whisker

Fair go! I’ll give you class warfare

IF the Government thinks the nation’s credit card can afford $144 billion in personal income tax cuts and $65 billion in business tax cuts, why can’t it afford:

to raise Newstart and unemployment benefits;
to raise Old Age Pension and Aged Care services;
to properly fund Disability and Carer pension and services;
to increase Public Housing;
to fund more homeless shelters and homeless services;
to give tertiary students a break on HECS;
to make TAFE free;
to fund more domestic violence shelters and family violence services;
to fund more public education;
to fund more public health, particularly in areas of need;
to fund proper Veterans’ services (not just memorials for pollies to prance around on ANZAC day);
to fund more public transport; and
…the list goes on, feel free to add yours in the comments below.

I say, if we truly do believe in a fair go in this country and our government wants to screech “class warfare”, well, you don’t need to be ALP or Green, just a decent human being to say:

BRING IT ON!

via Fair go! I’ll give you class warfare

2018 AFR Rich List: A sad indictment of Australia’s rampant neoliberalism

Economic Facts put Australian History into perspective when LNP want to reward the rich with 12.5 bill in tax cuts (ODT)

In 1989, there was one billionaire. In 2002, it reached ten. There were 29 in 2010. Today, it is 76. In 2017, the wealth of the richest 200 grew by about $50 billion or 21% to $282.7 billion. This 21% growth is ten times the growth of wages.

By contrast, between 1989 and 2016 average weekly wages have grown threefold, or thereabouts, over the same period of time.

It is time for workers to reclaim their unions, and to strike for big wage increases and a fair and just society. That and that alone will wipe the smile off the faces of the rich-listers, and begin the process of redistributing the wealth back to those who create it — workers.

via 2018 AFR Rich List: A sad indictment of Australia’s rampant neoliberalism

New Zealand, US and UK outrank Australia in scores on budget transparency

Australia ranks 12th in the Open Budget Index, and scores 74, much higher than the global average of 42 and the OECD average of 68. But Australia’s budget could still be more transparent if it included more on the budget’s impact on welfare and tax and by gender.

The Open Budget Index is published every two years and ranks countries using a transparency score, which is based on a survey for each country about publishing of budget documents, budget oversight and public participation.

via New Zealand, US and UK outrank Australia in scores on budget transparency

Cormann’s Tax Cut Con And The Media (Censoring) And Misreporting It – New Matilda

Drawing on a loose interpretation of international data, Treasurer Mathias Cormann is once again trying to convince us that corporate tax cuts are a path to “jobs and growth”. The reality is that our companies already have plenty of funds to invest – funds they are presently handing back to shareholders and to overpaid corporate executives, writes Ian McAuley.

via Cormann’s Tax Cut Con And The Media (Censoring) And Misreporting It – New Matilda

CPI figures show inflation remains low – but households aren’t feeling it | Greg Jericho | Business | The Guardian

 

A car being filled with fuel

should the rise in prices be driven mostly by essentials such as utility prices, rents, health and education as has been the case for some years now, this lack of a growth in wage rises will also mean that households will continue to feel the effects of cost of living rises, even as overall inflation remains historically low.

CPI figures show inflation remains low – but households aren’t feeling it | Greg Jericho | Business | The Guardian

$10 billion every four years on weapons and military equipment from the United States,

Picture of long and skinny Raytheon GBU-53/B small diameter bomb

ADF spends over $10 billion on US arms in four years

Posted | Updated

Australia spends more than $10 billion every four years on weapons and military equipment from the United States, with high-tech flying bombs and attack helicopter upgrades among the big-money items.

Trickle-down economics is the only song they know, and we’re sick of hearing it

Change the track: Treasurer Scott Morrison and Prime Minister Malcolm Turnbull.

At a time of record low wage growth, when stressed working families struggle to pay the bills, we hear the same old tune – tax cuts for big business will lead to workers getting pay rises.

But a third of big businesses aren’t paying any tax, big business profits have increased massively, and yet workers’ wages remain at record lows while the casualisation of the workforce is accelerating.

via Trickle-down economics is the only song they know, and we’re sick of hearing it

The most arrogant people in Australia are business people and we’re sick of them

How the worm – and the world – turns. When the Abbott government came to power just four years ago, it claimed its arrival signalled the “end of the age of entitlement”. Don’t laugh, it’s happening – but in the opposite way to what treasurer Joe Hockey had in mind.

How about Rt-Wing Commentators at News Corp for whom reason has been Jettisoned. Andrew Bouldn’t bother to listen to this. ( Old Dog)

Essential finds only 12 per cent of respondents (including 14 per cent of Coalition voters) are “bothered a lot” by “the feeling that some poor people don’t pay their fair share”, whereas 53 per cent (40 per cent of Coalition voters) are bothered a lot by “the feeling that some wealthy people don’t pay their fair share”.

Source: The most arrogant people in Australia are business people and we’re sick of them

August economic news: Marvellous for the moguls, miserable for the majority

August 2017 has been atrocious for the wellbeing of most Australians. Treasurer Scott Morrison and his cabinet colleagues must be jubilant that other calamities are drowning out mainstream media reports on the failing economy.

Source: August economic news: Marvellous for the moguls, miserable for the majority

Revealed: the minimum income for a healthy life and how the dole falls way short

Surveys show most people say they need a little bit more than their getting for a comfortable life. Trouble is, they say that no matter how much their income rises.

Source: Revealed: the minimum income for a healthy life and how the dole falls way short

The truth of the matter about the extent of our unemployment problem

So, the Australian Bureau of Statistics told us this week, the rate of unemployment fell a click to 5.6 per cent in July. Trouble is, most people know the official unemployment rate understates the extent of the problem.

Source: The truth of the matter about the extent of our unemployment problem

The government is backing the wrong industries, as our economy changes: Productivity Commission

Under current government policy we are penalising the sector of the economy where there is the largest proportion of existing employment and the best prospects for future growth.

Source: The government is backing the wrong industries, as our economy changes: Productivity Commission

Inequality increasing, says Reserve Bank governor Philip Lowe

Inequality in wealth had “become more pronounced in the past few years because of the of the rise in assets prices – people that own those assets have seen their wealth go up,” he said.

Source: Inequality increasing, says Reserve Bank governor Philip Lowe

Counting the missing billions: how Australia is losing out to oil and gas giants | Business | The Guardian

Changing the rules on debt loading and adopting an alternative royalty scheme would reap billions in tax revenue

Source: Counting the missing billions: how Australia is losing out to oil and gas giants | Business | The Guardian

JPMorgan boss says depressing wages for low-paid workers is not good for business – ABC News (Australian Broadcasting Corporation)

ACTU secretary Sally McManus has a surprising ally in one of the world’s most powerful bankers in her fight against pay cuts

Source: JPMorgan boss says depressing wages for low-paid workers is not good for business – ABC News (Australian Broadcasting Corporation)

Paul Keating says neo-liberalism is at ‘a dead end’ after Sally McManus speech

Former prime minister Paul Keating has launched a surprise critique of the liberal economic philosophy he once championed.

Source: Paul Keating says neo-liberalism is at ‘a dead end’ after Sally McManus speech

Coalition doubles Labor’s debt – in less than four years | The New Daily

Late last Friday, Australia’s Treasury quietly released a nifty statistic. It revealed that government gross debt is now $483,080,000,000.00. That’s $483.1

Source: Coalition doubles Labor’s debt – in less than four years | The New Daily

Why Turnbull Has A Gas Problem And Why Vaccinations Are Not Safe! – » The Australian Independent Media Network

Mm, it gets hard… I’ve spent several days trying to reconcile the idea that certain people can both admire a leader like Vlad Putin suggesting that Australia needs a leader like him, while arguing that any attempts to persuade people to vaccinate their children is an attempt to impose a dictatorship and we all should…

Source: Why Turnbull Has A Gas Problem And Why Vaccinations Are Not Safe! – » The Australian Independent Media Network

The economy has bounced back, but workers aren’t seeing the benefits | Greg Jericho | Business | The Guardian

The boost to the latest GDP figures has come from commodity prices and is not trickling down into wage rises

Source: The economy has bounced back, but workers aren’t seeing the benefits | Greg Jericho | Business | The Guardian

The new black: The overworked, underpaid, cash-in-hand worker is becoming increasingly common. | The Monthly

Tomoe* flew home to Japan in November after a two-year working holiday in Australia. She had six employers in that time. All bar one of them had either underpaid or not paid her, or had avoided tax and other obligations by paying cash. By Tomoe’s account, a Japanese restaurant in the inner-Sydney suburb of Newtown paid her $12 an hour as a waitress. In cash. No payslip. A cafe in Paddington paid her $19 an hour as a pastry chef. In cash. No payslip. Only Fratelli Paradiso restaurant, in Potts Point, paid Tomoe formally.

Source: The new black: The overworked, underpaid, cash-in-hand worker is becoming increasingly common. | The Monthly

The false economy of decimating the public service – » The Australian Independent Media Network

I sometimes wonder if the real Malcolm Turnbull was kidnapped and replaced by a doppelganger, so different are his actions as Prime Minister to his words before taking on the role. As we bounce from one outsourcing disaster to the next, it is worth reflecting on what Turnbull himself had to say on outsourcing three…

Source: The false economy of decimating the public service – » The Australian Independent Media Network

Stop the waste and we can stop attacking the poor – » The Australian Independent Media Network

As the government scrambles to claw back money from the old, the sick, the pregnant, and the unemployed, they put no such austerity on their own spending. In the 2014 budget from hell, Tony Abbott promised to cut off free flights for about 100 former politicians. But while legislation was passed by the House of…

Source: Stop the waste and we can stop attacking the poor – » The Australian Independent Media Network

The myth of jobs growth – » The Australian Independent Media Network

Turnbull’s “Jobs and Growth” campaign inspired many in Australia to vote for whom they believed were the better economic managers of our economy. Yet in the first quarter of their second term in office, Australia is showing declining growth in the economy and similar decline in full-time jobs, reports John Haly. The slave trade The…

Source: The myth of jobs growth – » The Australian Independent Media Network

Underemployment phenomenon emerges with rise of part-time workforce – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

Economists have begun to view underemployment with alarm, with good reason.

Source: Underemployment phenomenon emerges with rise of part-time workforce – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)

Suddenly coal prices are booming. Will the entire country be next?

A good chunk of Scott Morrison’s budget problems could have vanished, just as they vanished for Peter Costello during mining boom at the start of the century.

Source: Suddenly coal prices are booming. Will the entire country be next?

Low economic growth: isolationism is not the answer, and government debt is not the villain | Greg Jericho | Opinion | The Guardian

The IMF says growth has been too low for too long and benefits have reached too few. But that doesn’t mean we need trade barriers or cuts to immigration

Source: Low economic growth: isolationism is not the answer, and government debt is not the villain | Greg Jericho | Opinion | The Guardian

Australia`s unemployment crisis looks to be long-term – » The Australian Independent Media Network

By Christian Marx Australia now has its worst unemployment figures since 1942. Contrary to the official (read bogus) government figures of 6%, our real unemployment rate is 11% and rising. Compounding this, a staggering 19% of the workforce is either unemployed or underemployed. (Roy Morgan, 2016). How did Australia get to this ridiculous situation? Below…

Source: Australia`s unemployment crisis looks to be long-term – » The Australian Independent Media Network

Australia’s public debt and deficit panic: Lies, damned lies and statistics

If the Turnbull Government is serious about investing in the nation’s future, it needs to abandon its aversion to historically minor public debt and deficits, writes economist Philip Soos.

Source: Australia’s public debt and deficit panic: Lies, damned lies and statistics

A Casual Killing: How Government And Business Make More Money By Ripping Off Yours – New Matilda

Forget the Turnbull Government’s ‘budget repair’ dogma. The real reason the Coalition is trying to cut the dole is to further undermine job security and the power of workers, writes Owen Bennett. The nature of the Australian labour force has changed drastically in a very short time. In the late 1970s, eight in 10 workersMore

Source: A Casual Killing: How Government And Business Make More Money By Ripping Off Yours – New Matilda

Revealed: the cost of stopping the boats put at $9.6 billion

The cost of stopping the boats has been calculated at more than $9.6 billion since 2013, and will be another $5.7 billion over the next four years, according to a study by Save the Children and UNICEF.

Source: Revealed: the cost of stopping the boats put at $9.6 billion

What’s the point of budget repair if so many Australians are unemployed and underemployed? | Business | The Guardian

It’s unlikely anyone without a job cares at all if the budget deficit is $6bn or $16bn – they want a government that creates more jobs

Source: What’s the point of budget repair if so many Australians are unemployed and underemployed? | Business | The Guardian

Anatomy of a lie: Justifying the unthinkable. – » The Australian Independent Media Network

“It’s often been observed that the first casualty of war is the truth. But that’s a lie, too, in its way. The reality is that, for most wars to begin, the truth has to have been sacrificed a long time in advance.” – L. Neil Smith A lie of omission occurs when an important fact…

Source: Anatomy of a lie: Justifying the unthinkable. – » The Australian Independent Media Network

The next phase of Australia’s diminishing tax base? Losing billions in revenue to China and India

Imagine a world where Australia produces little goods and services that may be taxed, and at the same time, loses out on billions of dollars of mining company revenue to China and India.

Source: The next phase of Australia’s diminishing tax base? Losing billions in revenue to China and India

Australian bandwidth is the most expensive in the world thanks to Telstra and Optus | Daily Mail Online| Yes John Howard sold Telstra and promised efficiency for whom?

Data costs in Australia are 17 times those of Europe, making them worse than Africa and the same as South America, because the two providers have too much market power.

Source: Australian bandwidth is the most expensive in the world thanks to Telstra and Optus | Daily Mail Online