On top of all this inequity, consider the planned stage 3 tax cuts that will see billions of dollars of public funds used to put $9000 extra into top-income earners’ bank accounts.
Many won’t need to spend a cent of this politically motivated windfall. Why? Because life is cheaper when you’re already wealthy.
Why aren’t priced falling they would if Corporations were socially responsible
Whether eggs, flour, or baby formula, the household goods that have seen some of the steepest price increases and majorly squeezed average Americans have also made their manufacturers incredible amounts of profit.
What is the message here? The LNP left us better off than the rest of the world? Casualisation of Labor hasn’t hurt us it’s given us more play time? That Australians are better off than most other countries our form of Capitalism works? Shut up and stop whining? The poor are better off here than elsewhere?
A global comparison isn’t a measure of how you feel. Do we feel better now than we did after a decade of LNP government? We need to slice and dice the very diverse Australian population to find that out and a global comparison of a cup of coffee won’t help answer that.
But while Aussie shoppers are suffering, CommSec’s chief economist Craig James, says our cost of living pales in comparison with some other nations. “I don’t believe cost of living is worse here,” says James. “The standard of living must be equated with the cost of living and Aussies have a very high standard of living and costs, in comparison, are relatively cheap.”
Dutton wants to focus on the Culture Wars I wonder Why?
The latest official data on Australia’s economy reveals serious structural problems making all workers poorer.
Chalmers’ challenge
The Treasurer will hand down a detailed federal budget next month which will reveal his intended strategies and expected outcomes. His priority must be to rectify wages, reform the tax system and shift the share of the nation’s booming revenues back into a fair balance. This may take some years to accomplish fully. If he can get started in October, we will all be very “reasured”.
“(The system) is just not delivering that strong responsible sustainable wages growth that we need to see, which has been absent from our economy for the best of the decade,” he told ABC Radio on Thursday.“
We’re not naive about this issue being contentious.”
Dr Chalmers said working Australians had gone backwards under the current enterprise bargaining system while businesses were recording large profits.
Recently released Australian Bureau of Statistics data for the June quarter showed pay packets were falling behind the rising cost of living.
The business community has broadly opposed the multi-employer bargaining proposal.
The middleclass Public service unites and strikes while the traditional construction worker unions and tradies watch on and the LNP writes them off as Marxists.
Teachers, nurses, midwives, and railworkers have now spent years on the frontlines of the ongoing pandemic. In return for putting their health on the line, the state government is rewarding them with ongoing poor conditions and stagnant wages.
‘’There are two ways to reside in a house. Rent the house from a landlord or rent the money from a bank and become your own landlord. What happens when these prices are out of whack prices will change in the housing market to make them equal again. So if you put interest rates up, the cost of renting money goes up compared to the cost of renting a house and to make them equal again the price of the house must drop”. So any way you cut it, the cost of residing in a house is likely to remain the same before and after these interest rate rises.
Higher interest rates are on their way
Further interest rate rises are expected, with Governor Lowe saying that: “The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. This will require a further lift in interest rates over the period ahead.” With these rises, banks with billions in their exchange settlement accounts will see higher and higher risk-free profits.
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