Category Archives: Economy

A few big firms | The Monthly

Source: A few big firms | The Monthly

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The retail apocalypse has officially descended on America | Business Insider

Source: The retail apocalypse has officially descended on America | Business Insider

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Confidence in housing collapses to lowest level in 40 years: survey

Consumer confidence in the Australian housing market has collapsed to its lowest level in 27 years, with the proportion of Australians believing real estate was the wisest place to put savings falling to below 12 per cent, the lowest level … Continue reading

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Riding on the backs of the poor – » The Australian Independent Media Network

Joe Hockey infamously labelled us all as “lifters or leaners”, he just mixed the labels up. The conservative government has decided it is the poor who will do all the heavy lifting when it comes to budget repair and paying … Continue reading

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Trump’s trade war would wind clock back to Great Depression era

If economists do one day possess an Arnold Schwarzenegger-style Terminator, capable of travelling back in time to alter the future, Australia Day 2017 is shaping up as a pretty good day to pick. Source: Trump’s trade war would wind clock … Continue reading

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Beer sales don’t take a hit from marijuana legalisation, study finds | Business | The Guardian

Research suggests cannabis legalisation linked to rise in drinking rather than users substituting Budweiser for bud-smoking Source: Beer sales don’t take a hit from marijuana legalisation, study finds | Business | The Guardian

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How America became a 1% society | US news | The Guardian

Since 1980, the economy has continued to grow impressively, but most of the benefits have migrated to the top. Why?, asks Bill Moyers Source: How America became a 1% society | US news | The Guardian

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Government sells debt at all-time record low interest rate in wake of Brexit vote| Andrew Bolt Cheered Brexit Economics

The Treasury’s Debt Management Office this morning sold debt at a new record low interest rate, underlining the massive appetite from investors for British Government bonds in the wake of the Brexit vote and sparking fresh calls for the Chancellor … Continue reading

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In a nutshell, Australians are becoming poorer – » The Australian Independent Media Network

By Arthur Plottier This week we have in the news the ‘The Household, Income and Labour Dynamics in Australia Survey‘ (the HILDA report) and it does not paint a healthy picture. Despite our recent natural resources boom we are going … Continue reading

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How 76 profitable companies left Australian taxpayers $5.6 billion out of pocket

New report found the average rate of tax paid was 16.2 per cent – or less than the income tax rate paid by a working nurse in Australia. Source: How 76 profitable companies left Australian taxpayers $5.6 billion out of … Continue reading

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Low-income Americans spend as much as $400 to get tax refund, report finds | US news | The Guardian

Report finds poorer Americans fall prey to tax preparers who deliberately target low-income areas and jack up prices ahead of 15 April filing deadline Source: Low-income Americans spend as much as $400 to get tax refund, report finds | US … Continue reading

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The wealthy don’t create jobs

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Gross National Happiness Is a Profound Alternative to How Our Failing Economy Measures Progress

Source: Gross National Happiness Is a Profound Alternative to How Our Failing Economy Measures Progress

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World Economy

Derailed? Dire warning for world economy 5:54AMOne of the world’s most important economic bodies issues forecasts that should worry many.  

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Consume more, conserve more: sorry, but we just can’t do both | George Monbiot | Comment is free | The Guardian

Economic growth is tearing the planet apart, and new research suggests that it can’t be reconciled with sustainability Source: Consume more, conserve more: sorry, but we just can’t do both | George Monbiot | Comment is free | The Guardian

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Welcome to Austeria – a nation robbing its poor to pay for the next big crash | Aditya Chakrabortty | Comment is free | The Guardian

It’s clear George Osborne intends to make austerity permanent. Those at the top will benefit, but hard times beckon for everyone else Source: Welcome to Austeria – a nation robbing its poor to pay for the next big crash | … Continue reading

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Negative gearing benefits the rich far more than everyday Australians, analysis shows

One of Australia’s most respected public policy think-tanks says ‘negative gearing’ does not benefit everyday Australians in the way its proponents suggest. Source: Negative gearing benefits the rich far more than everyday Australians, analysis shows

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Fact check: Comparing Australia’s income tax take with other OECD countries – Fact Check – ABC News (Australian Broadcasting Corporation)

Scott Morrison says Australia relies more on income tax than all other OECD countries except Denmark. Is this correct? ABC Fact Check investigates. Source: Fact check: Comparing Australia’s income tax take with other OECD countries – Fact Check – ABC … Continue reading

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Revenue, Profits Double After CEO Took 90% Pay Cut To Set $70K Minimum Wage

Source: Revenue, Profits Double After CEO Took 90% Pay Cut To Set $70K Minimum Wage

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Who Is Robbing America? The 1%. And The 99% Don’t Even Know. AnonHQ

Ever wondered how much is spent annually to feed the poor ‘lazy’ Americans? Three main programs needy families depend upon — Temporary Assistance for Needy Families ($17.3 billion), Food Stamps ($74 billion), and Earned Income Tax Credit ($67.2 billion) — … Continue reading

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Apocalypse now: has the next giant financial crash already begun? | Comment is free | The Guardian

A predicted global meltdown passed without event. But there are enough warning signs to suggest we are sleepwalking into another disaster Source: Apocalypse now: has the next giant financial crash already begun? | Comment is free | The Guardian

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Does Australia’s military need such tentacles of defence?

What really should be Australia’s ambitions for its military? Source: Does Australia’s military need such tentacles of defence?

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Iceland, Where Bankers Actually Go To Jail For Committing White-Collar Crimes | ThinkProgress

Turns out throwing white-collar criminals in jail doesn’t kill your economy. Source: Iceland, Where Bankers Actually Go To Jail For Committing White-Collar Crimes | ThinkProgress

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Robert Reich: There’s no such thing as a “free market” – Salon.com

“Few ideas have more profoundly poisoned the minds of more people,” argues the former secretary of labor Source: Robert Reich: There’s no such thing as a “free market” – Salon.com

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Why are we blaming ‘culture’ for social and economic problems?

When you scrape below the surface it’s not hard to see that ‘culture’ is the wrong answer to almost every question. Source: Why are we blaming ‘culture’ for social and economic problems?

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Data indicates the recession is effectively here; it’s what policy makers do next that counts

Technically, Australia isn’t in recession; but data shows we are effectively in a situation of negative growth. Source: Data indicates the recession is effectively here; it’s what policy makers do next that counts

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Abbottonomics: a bizarre new take on jobs

Is there a causal link between how a government treats refugees and how many jobs are created in the economy? Source: Abbottonomics: a bizarre new take on jobs

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Economy Heading South. No One at the Helm. – » The Australian Independent Media Network

The latest figures on the health of the Australian economy as shown in the June 2015 quarter National Accounts continues to paint a gloomy picture. Meanwhile, the spin that Treasurer Joe Hockey and Finance Minister Mathias Cormann offer, is priceless. … Continue reading

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Jitters as Australian economy grows by just 0.2% in June quarter | Business | The Guardian

Quarterly growth figure is half the expected rate, dragged down by reduced mining and construction activity and export woes Source: Jitters as Australian economy grows by just 0.2% in June quarter | Business | The Guardian

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Do you know what’s wrong with Chafta?

https://fbcdn-video-n-a.akamaihd.net/hvideo-ak-xaf1/v/t43.1792-2/11796964_10153613351656789_1042300575_n.mp4?efg=eyJybHIiOjE1MDAsInJsYSI6MTAyNH0%3D&rl=1500&vabr=183&oh=abde87250b6e9554572318feb557cb0d&oe=55E6B857&__gda__=1441184126_35694fbe43f4e0abb6ea780490371c64

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Battlers and plutocrats: How political connections reward Australia’s super-rich

Research reveals a huge proportion of Australia’s richest people amass their wealth via political connections rather than via innovative businesses – which is helping them at the expense of everyone else. Source: Battlers and plutocrats: How political connections reward Australia’s … Continue reading

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Successive governments have allowed bracket creep in order to increase the income tax take and help get the budget into surplus.

Tax cuts are a sham if bracket creep is rife

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A tax-cut election? Income tax cuts look likely to emerge as a key election issue. Gareth Hutchens explains the difficulties and the implications.

The $25b question Joe Hockey won’t answer

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We face the equivalent of a recession in the next decade as incomes grow at only a fraction of forecast pace, ex-Treasury boss warns.

Australia ‘sleepwalking’ into a recession

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Buying Hockey’s Myths Would Plunge Economy Lower Than The Treasurer’s Own Standing | newmatilda.com

Buying Hockey’s Myths Would Plunge Economy Lower Than The Treasurer’s Own Standing | newmatilda.com.

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Rich pay too much, says Joe Hockey, laying ground for income tax cuts | Australia news | The Guardian

Rich pay too much, says Joe Hockey, laying ground for income tax cuts | Australia news | The Guardian.

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Professional economists to armchair theorists are sounding the alarm that next month may hold some ugly surprises for the global economy.

Bad Moon rising: Americans bracing for September shocker

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The China FTA is a direct attack on jobs – jobs for our kids – jobs for the future.

The Truth is very, very slowly becoming clearer and clearer about the China FTA. It’s now been revealed that there are a number of side letters that were exchanged between the countries. In one, the Abbott Government has sold out … Continue reading

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It appears that capital gains and negative gearing tax concessions are on the nose with everyone except the Prime Minister.

Easy tax reform: axe capital gains discounts

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First time in 20 years, there are more than 800,000 Australians unemployed. Every Picture tells a story.

100,000 more people have joined the jobs queue since Tony Abbott was elected and Australia’s unemployment rate has now had a six in front of it for over a year. Under Tony Abbott and Joe Hockey’s Liberals we have the … Continue reading

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There are now 1,838,000 Australians either unemployed (6.3%) or underemployed (8.6%), a total of 14.9% of the available workforce. Abetz response “good news, because more people are wanting to enter the workforce.”

Unemployment rises with no plans for growth.

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As austerity punishes and pauperises more people, the counter-arguments to it are becoming more mainstream.

Anti-austerity: A political revolution

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The working class must pay for the crisis of profitability gathering pace in Australia.

Workchoices: It’s back!

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Jobless rate jumps to 6.3% despite number of employed rising by 38,500 | Business | The Guardian

Jobless rate jumps to 6.3% despite number of employed rising by 38,500 | Business | The Guardian.

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Australian households the most indebted in the world. Abbott and Hockey said the figures are beautiful all is well.

Economic gloom for Australia

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Negative gearing works

Done right, negative gearing can work

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We’re compromising our farmland, dismantling our renewable energy industry, degrading our research capacity and loading our future entrepreneurs with debt. What is Australia’s de-industrialised future, asks Peter Doherty.

What is Australia’s de-industrialised future?

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Increasing property tax is the fairest thing to do

Read more: http://www.smh.com.au/comment/increasing-property-tax-is-the-fairest-thing-to-do-20150714-gibqaz.html#ixzz3fuGeNP00

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Collective Evolution

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Billionaires to the Barricades

EARLIER this month, when the billionaire merchandising mogul Johann Rupert gave a speech at The Financial Times’s “luxury summit” in Monaco, he sounded more like a Marxist theoretician than someone who made his fortune selling Cartier diamonds and Montblanc pens. … Continue reading

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