Victoria has dethroned Tasmania as Australia’s best-performing state or territory, with its economy leading the nation for the first time since April 2020.
Source: Victoria is best-performing state: CommSec – Michael West
Tag: Economic Management
Negotiations for a “critical” trade deal with the European Union have “stalled” over perceptions Australia isn’t “fair dinkum” on climate change action, and due to a fractured relationship with France, Anthony Albanese says.
Trade discussions ‘stalled’ over climate – Michael West
Trade discussions ‘stalled’ over climate – Michael West
Frydenberg would have, if he could have, said “They’re doing it tougher in Ukraine therefore we should be grateful for Morrison’s LNP”
‘‘Australians couldn’t give a stuff about inflation in the United States,’’ Labor’s Jim Chalmers told a media conference. ‘’And the UK,’’ he added later. The shadow treasurer was responding to Treasurer Josh Frydenberg’s attempts to play down the inflation rate (5.1%, the highest in 21 years) by citing higher rates elsewhere. Malcolm Fraser tried similar to Frydenberg in 1983 amid severe recession, running the slogan: ‘‘We’re not waiting for the world’’. It didn’t save the Coalition from a thumping defeat.
Source: Who gives a stuff about inflation in the US and UK? – Michael West
This despite their claims that taxes will fall. They will fall however for top income earners who, under Stage 3 tax cuts, will get thousands of dollars back in their kit. These are the sad facts of the Coalition , performance. But what of vision for the future? There is none. All is based on a spurious, spun line, “trust us, we are superior economic managers”. The transfer of public wealth from poor and middle income earners to wealthy Australians continues apace, as does the $12bn in subsidies for fossil fuel companies, mostly foreign multinationals which pay little or no tax.
Source: “Who do you trust to manage the economy?” Not you lot. – Michael West
Josh Frydenberg doesn’t tell it all. The Great Bungee Plunge downwards was always going to rebound back but in a much smaller space than when it came down and no rise as far when all is considered. Frydenberg is simply using bullshit stats as truth by eliminating the history and the changed context in which events have occurred. Besides what did Josh Frydenberg do to make his “good news event” even happen?
The Australian economy at the end of 2021 rebounded for one reason alone – people coming out of lockdowns in the late winter and spring period spent their money. But ironically this massive surge of growth from households comes at a time when workers are receiving a smaller share of the economy than ever before.
Economic Management of the LNP = Frydenberg = shrinking immigration,= Shrinking Workforce,= Drop in Unemployment = Economic downturn not upturn
Josh Frydenberg’s embarrassing take-down by the Senate this week over a bizarre plot to over-regulate proxy advisers has left this government with no economic agenda, indeed a record of failure on the economy. Alan Austin investigates the claim of “massive” jobs growth and finds it, like many of this government’s claims, does not stack up.
Source: “A massive movement of people into new jobs” or Josh joshing again? – Michael West Media
So for several decades, the bureau has supplemented the official unemployment figures by also publishing the number of people underemployed – those part-timers who’d prefer working work more hours. The latest figures show an unemployment rate of 4.2 per cent, plus an underemployment rate of 6.6 per cent. Thus it is true the official unemployment rate of 4.2 per cent isn’t as good as it looks. It does understate the proportion of people who aren’t able to find as much work as they want.
Source: Can we believe the great news on unemployment? Yes and no
In Arizona, for instance, the tax cuts enacted last year figure to deliver 55.5 percent of their benefits to the state’s top 1 percent. Arizonans making over half a million dollars will save an average $30,000 off their tax bills. Taxpayers making between $21,000 and $40,000 will average $13 in savings.
Source: Two Sides, Same Coin: Suppressing Votes, Cutting Rich People’s Taxes
”Only when the tide goes out do you discover who’s been swimming naked.” So said Warren Buffett. And the tide has ebbed on the Coalition’s claim to be superior economic managers. Exposed by its bungled response to the pandemic, both in the provision of health protections and economic safety nets, the government has proved Buffett’s aphorism. Alan Austin crunches the numbers.
Source: Eight years in, how do our Coalition economic management gurus measure up? – Michael West Media
If there is proof that Morrison leads a do-nothing Government surely this is it
An important step in the battle between corporate tax lawyers constant innovations around Australia’s tax regulations. The report also reveals that roughly a third of all the companies analysed have paid zero tax, a metric consistent with previous years and one which Saint did not think would change substantially, even leading into the 2020-21 pandemic year.
While the Pandemic shellacked many businesses, the $90bn in JobKeeper subsidies propped many of them up, and some $20bn of it was wasted on companies which enjoyed rising revenues. Another $20bn went to corporations which did not need it, much was spent of executive bonuses and dividends to shareholders.
This time next year will will get a better idea of whether the corporate culprits which snaffled the massive JobKeeper subsidies paid their fair share of tax.
Australia faces an intensifying risk of global investors divesting bonds or equity if we don’t join other nations in making a net zero emissions commitment for 2050, the Reserve Bank has warned.
Exposure will not weary them, nor shame condemn – the giant pork barrel that is the federal government’s web of grants and rorts rolls on regardless. With the stench of the “#carporks” still fresh, the latest instalment from grant corruption central is Round Five of the Building Better Regions Fund – $300 million worth of political largesse hopelessly skewered towards electorates held by the coalition and independents. Spreadsheet sleuth Vince O’Grady analysed the $294 million “infrastructure projects stream” to find funds were allocated according to form – 16 per cent to Labor electorates, 11 per cent to seats held by independents and 73 per cent to Coalition seats.
Source: Michael Pascoe: Unrepentant, the Coalition pork barrel rolls on
The Morrison years have been appalling for Australian workers. Alan Austin reveals the actual state of employment — because the mainstream media refuses to do so.
Source: Morrison and Frydenberg set multiple ‘all-time worst’ records on jobs
Revelations of rampant cheating at KPMG echo the broader decay in culture at the top of business in Australia; at the Big Four firms which advise both our largest corporations and government, indeed the firms to which government itself is being outsourced. Michael West speaks with Jeffrey Knapp.
Source: Uppercut: KPMG cheating scandal mirrors Big Four rot, business leadership – Michael West Media
In the end, the economy is a man-made construct. It can be changed. The laws of nature, however, cannot. It would be tragic to look back and think we gave it all up because we weren’t brave enough to challenge the insane notion of endless growth on a finite planet with the urgency it deserves.
Source: Degrowth economy: The climate solution no one is talking about
New Zealand’s stonking growth brings to mind Scott Morrison’s claim Australia suppressed the virus without its neighbour’s crippling costs
Scott Morrison’s economic humblebrag disproved by New Zealand comeback | Scott Morrison | The Guardian
Australia will be paying nearly $1 billion to a privatised company providing pharmaceutical products that were developed when we owned it, writes Professor John Quiggin.
Paying for what we used to own: The strange case of CSL
Overall the share of American income from wages and salaries fell significantly, from almost 71% in 2016 to less than 68% in 2018. There’s one more enlightening and perhaps infuriating detail. The number of households making $1 million or more but paying no income taxes soared 41% under the new Trump tax law. Under Obama, there were just 394 such households. With Trump, this grew to 556 households making on average $3.5 million without contributing one cent to our government. Again, Trump seems to have forgotten all about the Forgotten Man. But he’s busy doing all he can to help the rich, then stick you with their tax bills.
Ugly numbers of Trump’s tax cuts serve a warning for Scott Morrison – Michael West
New Zealand’s government recently put more than NZ$160 million towards developing a domestic recycling sector to create jobs as part of its economic recovery from the COVID-19 pandemic.
New Zealand invests in growing its domestic recycling industry to create jobs and dump less rubbish at landfills
One noisy theme in the Donald Trump Disruption Show in an otherwise chaotic assemblage of messages has remained fairly constant: winding back US troop commitments. The US has fought its complement of wars, bloodied and bloodying. Time to up stakes and head home. It was a message that sold in 2016 across the aisles of politics, and it is one that continues to resonate. But the practice of it has proven murkier. Nothing this president does can be otherwise. The US military complex remains sprawling, overweight and defiant. As a result, the military footprint has been not so much dissipated as readjusted.
Dr Steven Hail believes that government spending can save the economy from serious recession in the wake of Covid-19.
Friday’s (2 August) Australian Bureau of Statistics (ABS) retail sales figures confirm Australia is enduring its worst retail trade period on record.
Why? Because Australian citizens no longer have the discretionary spending power they have long enjoyed. That this is happening during an extraordinary worldwide boom in investment, jobs, growth and profits is a damning indictment of the Morrison Government’s economic management. Another one.
How can the ALP regain control of the message proven by the facts since GFC? (ODT)
The Liberal Party, its ideological ally the IPA and Rupert Murdoch’s News Corp have done a remarkable job of pushing the false narrative of superior Liberal economic management. The Labor Party has invited submissions to its 2019 campaign review. Alan Austin, offers a solution.
THE ECONOMY decides federal elections. Or, to be accurate, perceptions of the economy decide federal elections.
The truth about Labor’s economic management
An impressive global consensus exists that Australia’s Rudd and Gillard Governments generated the best-performed economy the world had ever seen More than 130 economists, other academics and global leaders are on the record affirming Australia handled the global financial crisis (GFC) better than any other administration.
That list includes the 66 who signed an open letter in August 2010 supporting Kevin Rudd’s stimulus program. It does not include finance ministers around the world who in 2011 voted Wayne Swan the world’s best treasurer.
Why voters believe the opposite
As argued elsewhere, three powerful organisations systematically falsify the record on Australia’s economy and have been remarkably successful in duping voters. These are the Liberal Party, the Institute of Public Affairs and Rupert Murdoch’s News Corporation. There are others, but none with the resources and reach of these three.
The Coalition would not have won the 2016 election if voters knew Australia’s economy had deteriorated from world’s best to ranking ninth in the world. They would not have been returned in May if voters knew the economy is now outside the world’s top twenty.
via Propaganda Prescription: how Australia can get its economic mojo back – Michael West
Morrison seems to be on a different page to the experts. In 6 years the managed to double our debt that took almost a Century to build. (ODT)
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
The Turnbull government has hoovered up more than $2 billion in inactive superannuation accounts and claimed the revenue as its own, saying it does not trust the superannuation industry to reunite the accounts of millions of Australian workers.
via Super accounts used by Turnbull government to boost budget
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