Ross Gittins says we have fake government rather than fake news, but it does appear that the political debate about company tax cuts has been inadequate and misleading, to say the least. In this post I take a look at what decent thinkers like Gittins, Craig Emerson, Ross Garnaut and others have had to say about the corporate tax cuts. Continue reading Fake news about company tax cuts
Tag Archives: Economics
Class warfare needed to shake lazy neoliberalism
Neoliberalism has run its course, Paul Keating has spoken.
Sally McManus, the new Secretary of the ACTU announced the demise of neoliberalism as a useful economic force in her speech to the National Press Club National Press Club, as well as defending her comments that anti-strike laws were unjust and could be disobeyed, and setting out the union peak body’s case for a $45-a-week increase in the minimum wage.
McManus said that neoliberalism and trickle-down economics had caused inequality to reach a 70-year high in Australia and that “working people and ordinary Australians have been the victims”.
- “The Keating years created vast wealth for Australia, but has not been shared, and too much has ended up in offshore bank accounts or in CEO’s back pockets.
“Working people are now missing out and this is making them angry.”
Continue reading Class warfare needed to shake lazy neoliberalism
Happiness: the universal goal
The main goal is always to beat New Zealand, but this time they beat us, according to the World Happiness Report 2017, which tells us that increasingly, happiness is considered to be the proper measure of social progress and the goal of public policy. They say:
- In June 2016 the OECD committed itself “to redefine the growth narrative to put people’s well-being at the center of governments’ efforts”.
The results are yet another resounding endorsement of the ‘Nordic model’. The top four countries, Norway, Denmark, Iceland and Switzerland are statistically a dead heat, while Finland is fifth, and Sweden ninth, tied with Australia to three decimal places, after The Netherlands, Canada and New Zealand. Continue reading Happiness: the universal goal
Henry: politicians fail while Australia burns
That was the title of Phillip Coorey’s article in the AFR about Ken Henry’s withering speech to the Committee of Economic Development. For those who came in late, Dr Ken Henry was secretary of treasury from 2001 to 2011, appointed originally by Peter Costello and served during the Rudd/Gillard years. He is now chairman of the NAB board.
I think it was the news story of the week. Continue reading Henry: politicians fail while Australia burns
Saturday salon 28/1
1. Migration and economic activity
The above article (thanks to John D for the link) explains why it’s almost impossible to have a recession when we have high migration. The economy keeps growing, because there are more people operating in it. Governments can boast about economic growth, and it’s good for business, but not necessarily for workers.
Here’s how real net disposable income (per capita income) has been going for the last 20 years: Continue reading Saturday salon 28/1
Saturday salon 10/12
1. 39,000 lightning strikes
We had 39,000 lightning strikes in one storm the other day. Apparently more than a million in the first six days of summer if you count cloud-to-cloud strikes.
Nothing too unusual about all that if you’ve lived in these parts for a while. Continue reading Saturday salon 10/12
Saturday salon 26/11
1. Australia trails only Switzerland in wealth table (pay-walled)
- AUSTRALIA’S lofty status as the world’s second richest nation remains intact, new figures reveal, despite household wealth stalling this year.
In the seventh annual Global Wealth Report from Swiss bank Credit Suisse, the “lucky country” posted an average wealth of $US375,600 ($508,900) for every Australian, second only to banking hotbed Switzerland, with an average net worth of $US562,000.
Did the ALP have the best terms of trade in history and blow it?
A claim has been made that that the ALP had the best terms of trade in history and blew it. The short answer is the terms of trade were certainly good back in 2011 when Wayne Swan tried to bring the budget back into balance, perhaps the best ever, but they turned sour and blew his budget ambitions away. Continue reading Did the ALP have the best terms of trade in history and blow it?
Saturday salon 21/5
1. Protect your plastic money
If you haven’t heard about it you will. And if you think it won’t happen in Australia, you’re wrong.
Thieves can use RFID technology to empty your card. Seems they can steal your details with a cheap credit card reader, which they hold near you wallet or purse. It could be on public transport, or standing next to you in a supermarket. Continue reading Saturday salon 21/5
Mr Morrison, would you please stop lying?
Bernard Keane at Crikey has done some fact-checking (paywalled) on Scott Morrison’s the statements on the government’s fiscal policy and has found the Treasurer telling a few porkies. Continue reading Mr Morrison, would you please stop lying?
Banks royal commission becomes an election issue
Is Bill Shorten a populist with a thought bubble, or is Malcolm Turnbull shooting from the hip and attempting to defend the indefensible?
Last year in June Labor voted with the government to kill a Greens motion for a royal commission into misconduct in the banking and financial services industry. As Adele Ferguson said in the AFR, then came NAB, IOOF, CommInsure, allegations of bank bill swap rate rigging and a multitude of smaller scandals.
Labor announced last Friday that in government it would set up a royal commission.
The government claims a RC would damage the reputation of the banks, but Ferguson says it couldn’t get any worse. Continue reading Banks royal commission becomes an election issue
Turnbull’s tax train wreck
In what seemed like a thought bubble in a doorstop at Penrith Panthers Football Club, Turnbull announced handing back income tax powers to the states.
Julia Gillard left the Australian government with a few time bombs. The vision for schools contained in Gonski was fine and good, it just had to be paid for. So too the National Disability Insurance Scheme and the funding of decent hospitals as we age and get sicker.
It was too hard for Joe Hockey and Tony Abbott, so they snipped $80 billion over 10 years off the budget in the out-years. Turnbull agrees and wants to hand access to income tax back to the states. Continue reading Turnbull’s tax train wreck