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Category Archives: Economy
We’re paralysed by a state of cultural anarchy that marks the decline of the Enlightenment Age and its class war that will see one percent of the world’s population owning over two thirds of all wealth by 2030. Do we … Continue reading
The real low and middle-income earners are being erased from the debate in an unhealthy and one-sided class war.
How bad, how dumb, how driven by internal political stupidities, how simply nonsensically odd are the electricity troglodytes pushing to keep the old Liddell coal-fired power station open for a few more years? Their case is destroyed by a single … Continue reading
Neither the politicians nor the media are helping the electorate to understand the issues around corporate taxation. Lowering the corporate tax rate for large companies would do hardly anything for Australian investors, but corporate executives, board members and foreign investors … Continue reading
CEDA survey “Community Pulse 2018 – Economic Disconnect” perhaps tells us what we already know: The vast majority feel that they have got less than a fair share of our years of growth, and our working conditions have worsened, and … Continue reading
CEDA (the Committee for Economic Development of Australia) has recently published a report (Community Pulse 2018: The Economic Disconnect) that shows that “there is a disconnect between Australia’s strong economic record and the community’s sense of having shared in the … Continue reading
STEVE LOHR China extends its lead as the top producer of supercomputers (New York Times 26 June 2018)
U.S. has world’s fastest, but rival surges ahead as the most prolific producer
The strange thing at the core of the Turnbull personal and company tax cuts is that the most important and controversial elements are so far away. And as John Kenneth Galbraith put it so succinctly ‘The modern Conservative is engaged … Continue reading
STEVE CANNANE. Banking royal commission: ‘Big four’ accountancy firms ‘heavily conflicted, should be under inquiry spotlight’ (ABC 25/6/2018)
Australia’s “big four” accountancy firms should be put under the spotlight of the banking royal commission, according to a British investigative journalist who has written an expose on their activities overseas.
Last week the Government got its personal income tax package through the Parliament. The Government estimates that these tax cuts will cost the Budget $144 billion over the next decade. The Government has not, however, provided us with convincing evidence … Continue reading
Australia’s wealthiest 5 per cent of taxpayers are set to receive a $7000 tax cut, after the Turnbull government’s income tax bill passed through the Senate with the help of Pauline Hanson’s One Nation.
Despite the debate and political rhetoric, most Australians have not been persuaded to support coal over renewables for the nation’s energy security. Almost all Australians remain in favour of renewables, rather than coal, as an energy source. In 2018, 84% … Continue reading
Thomas Piketty and his colleagues have used new data to track inequality and sharpen the choices we face.
Nowadays, we have people who are too rich,” he said. “In the United States you do not care so much about equality, but we care about it,” says Bodiou, a retired civil engineer.“It does not mean we all have to … Continue reading
The laws of supply and demand for labour are broken. The Australian economy is not getting the wage rises it needs and there’s no sign of that changing.
HANS HENDRISCHKE and WEI LI. Chinese investment in Australia falls as political debate hits confidence
Chinese direct investment in Australia has declined, according to a new report by the University of Sydney and KPMG. In 2017, the value of investment fell by 11% in US dollar terms, from $11.5 billion in 2016 (A$15.4 billion) to … Continue reading
The Financial Times has published a letter from Nicholas Gruen in response to Martin Wolf’s column about the Swiss ‘sovereign money’ referendum, previously reprinted on this blog). Mr Gruen’s letter is as follows: Given the resounding ‘no’ from the Swiss … Continue reading
JAMES FERNYHOUGH. Revealed: This is how much ordinary Australians really earn. (The New Daily June 8, 2018)
A casual glance at the news in recent months may have left you thinking the average Australian earns almost $85,000 a year. If that sounded insanely high to you, then your instincts were bang on. An ordinary Australian earns way, way less than … Continue reading
This article supports Hugh White’s conclusion that the US is unlikely to succeed in fighting China for primacy in Asia. The US has been living beyond its means for a long time, and has depended on foreign finance, and especially … Continue reading
STEPHEN LETTS. The GDP myth: The planet’s measure for economic growth is deeply flawed and outdated.
Just as it has every three months for the past six decades, next week the Australian Bureau of Statistics will unleash a torrent of numbers that make up the national accounts.
How much is our disillusionment with politicians, governments and even democracy the result of our pollies’ 30-year love affair with that newly recognised mega-evil “neoliberalism”? To a considerable extent, according to Dr Richard Denniss, of the Australia Institute, in the … Continue reading
A radical rethink of the financial system was essential after a devastating crisis There are many other ideas in this broad area that seem worth pursuing. One would be to allow every citizen to hold an account directly at the … Continue reading
It’s illegal for Australian entities to bribe foreign entities, but apparently we’re perfectly happy to take dirty money from bribed foreigners and consort with corrupt leaders. Malaysia’s prime-minister-in-waiting, Anwar Ibrahim, called us out on Friday, expressing a view that Australia … Continue reading
“If you can’t measure it, you can’t manage it.” The mantra of the managerialist “economic rationalists” has led to oversimplification and oversight (in the sense of ‘failing to see’) of what actually matters: the real values involved in the work.
Flowing from the Financial Services Royal Commission is a stream of stories about the bad behaviour of big business, but is that distracting our attention from the shortcomings of small business?
There is a growing and unfortunate litany of corporate failure in Australia – and not just the banks and wage theft on a large scale. One continuing failure has been an unwillingness by our corporate sector to equip itself for … Continue reading
Australia just experienced one of the biggest mining booms in world history. But even at the peak of that boom, there was no talk of the wonderful opportunity we finally had to invest in world-class mental health or domestic violence … Continue reading
Central bank hawks want to keep plan to end QE but market jitters could force rethink.
About two months ago, Peter Dutton’s Department of Home Affairs took a decision that will have momentous consequences. In an initiative, given no publicity, the Minister decided that the substantial majority of asylum seekers awaiting the determination of their applications … Continue reading
The Productivity Commission’s recommendation that all superannuation funds have an independent chairman and board seems reasonable, yet industry funds are vehemently opposed to it. Meanwhile the industry funds, on average, clearly outperform their retail opposition, but the Liberal Party has been … Continue reading