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Category Archives: Economy
The world is agog with the constantly changing state of play between the US and China on trade issues and also the possible outcomes of Brexit. Both have the high probability of affecting our economy.
As with most economic theories about the optimal way to proceed, there is a difference between theory and results. For example, do company tax cuts necessarily mean that companies will invest in new production? If demand is suppressed will they … Continue reading
Australian trade policy has dramatically changed over the last fifty years. What we now face is nothing like the situation we have been used to. The general public has little idea of the complexity and importance of trade negotiations, the … Continue reading
We see it almost every day in the media; rent-seekers extracting benefits for themselves through political influence and lobbying at the expense of the broader community. It has very little to do with markets. It is about political favours for … Continue reading
Malcolm Turnbull has made it clear that his mantra of ‘Jobs-and-Growth’ will be at the forefront of his campaign in the next election. This week he will be talking about the growth of a million jobs in 5 years, but … Continue reading
2019 is shaping up as the year we’ll be forced to face the fact we are building a National Broadband Network that simply isn’t good enough. It’s also the year our major telcos will start rolling out their capital-intensive 5G … Continue reading
Clearly, budget outcomes rely on two simple issues – income and expenditure. On the income side of the ledger, the Northern Territory is hugely reliant on our share of the Goods and Services Tax (GST). We have been gutted. On … Continue reading
When Marion Terrill, of the Grattan Institute, set out to find out how much commuting times had worsened in Sydney and Melbourne, she discovered something you’ll find very hard to believe. But it would come as no surprise to transport … Continue reading
Housing prices in our most overheated markets, Sydney and Melbourne, are falling. The housing bubble is a consequence of reckless economic policies pursued by the Howard-Costello Government, who, in the name of “financial dynamism”, privileged financial transactions over real economic … Continue reading
Yesterday in Part 1 of this article I discussed some of the possible explanations for the apparent loss of government capacity in most advanced democracies. Today in this second Part I will discuss some of the solutions that have been … Continue reading
SHIRO ARMSTRONG, PETER DRYSDALE. Navigating the new international economic policy landscape (East Asia Forum).
The United States under President Donald Trump is on a mission to add economic policy to the armoury of national security policy to deal with a rising China. The approach holds the global economic order hostage to the attempt to … Continue reading
We all hope for an overflowing stocking on Christmas morning, but for most people, the biggest gift they will ever receive is an inheritance. Whether a house, a car, or a share portfolio, inheritances can change lives. And as wealth … Continue reading
At the start of a New Year, a year when Australia will have to elect a new government, it seems a good time to consider the future outlook for our system of democratic government. Overall there is a sense that … Continue reading
The ABC says that their decision to withdraw Emma Alberici’s article was because it represented an opinion for which there is allegedly no evidence. In fact there is plenty of evidence that increasing corporate profits will not lead to any … Continue reading
Our banks are urged to change their culture and the federal government proposes a Commission to fight corruption but such measures scratch the surface. Our problems are not hidden behind closed doors. They are in plain sight. They are in … Continue reading
A De-Growth movement has emerged, mainly in Europe, in response to the fact that global levels of production and consumption are now grossly unsustainable. A vast literature documenting this has accumulated over almost fifty years. But the official world of … Continue reading
The blemish on this week’s ‘beautiful set of numbers’ announced by Treasurer Josh Frydenberg was wage growth. We all need to build wealth to provide a secure future. The way to do that is to receive not only a wage, … Continue reading
IAN VERRENDER. Josh Frydenberg’s first MYEFO will be declared a triumph, but why did it take so long to fix the books?
Better late than never. Treasurer Josh Frydenberg this morning officially will unsheathe the first federal Budget surplus in more than a decade.
As widely heralded by the Government in advance, the mid-year update of the economic and fiscal outlook shows an improvement in the budget balance. A larger surplus is forecast, starting in the next financial year and increasing thereafter. Whether this … Continue reading
Visitors to Australia are drawn to this country’s iconic coastline. After landing in Sydney early in the morning I went straight Bondi’s famous Icebergs ocean pool to do a few laps. It was spectacular. A gorgeous pool in the depths … Continue reading
On a recent trip to Stockholm, when Swedish politicians complained that aid had slipped from one per cent of Gross National Income to 0.8 per cent, I cringed with shame – then changed the subject.
JACOB GREBER. Why Former Australian Leader Believes China is About to Outflank Trump on Trade (CAIXIN GLOBAL/AUSTRALIAN FINANCIAL REVIEW)
(AFR) — China could be preparing to spring a global compact to drive tariffs to zero, and approach Trans-Pacific Partnership (TPP) members including Australia for access to the grouping, positioning Beijing as a champion for free trade. That’s the view … Continue reading
JENNIFER RANKIN. Group led by Thomas Piketty presents plan for ‘a fairer Europe’ (The Guardian 10.12.18)
A group of progressive Europeans led by the economist and author Thomas Piketty has drawn up a bold new blueprint for a fairer Europe to address the division, disenchantment, inequality and rightwing populism sweeping the continent.
A strategic expert traces the origins of what brought Brazil, Russia, India, China and South Africa together and what the future holds for these emerging economies of the world.
The National Electricity Market needs re-design involving re-nationalisation of networks and “retailers” because privatisation and structural separation have failed.
If the 2007/08 Global Financial Crisis wasn’t sufficient evidence that something is deeply pathological within the contemporary capitalist system, then Ken Henry’s at times truculent, at times ruminative responses to questioning before the Financial Services Royal Commission should provide food … Continue reading
As we consider trivial matters such as which political party will form the government of Oz can we find time to look at the serious side of life? What is important? Banking and the world financial system for starters.
When Ken Henry (NAB Chair) tried to dismiss SC Rowena Orr’s questions about the NAB top management’s significant compliance breaches with “Well, we could have fired everybody, I suppose”, he was correct. Hayne did not call his bluff. Henry had … Continue reading
The economic ‘reforms’ of the 1980s are supposed to have set Australia up for an unprecedented run of prosperity: 27 years, and counting, without a recession. The economy’s robustness is supposed to have saved us from the Global Financial Crisis. … Continue reading
In the UK Budget last week, the Chancellor, Phillip Hammond announced the end of the PF2 scheme, the Conservative government’s replacement for the discredited Public Finance Initiative originally introduced by the Conservatives under John Major, but greatly expanded by Tony … Continue reading