Category Archives: Economy

The present crisis is pushing Australia to make a choice about which road we take from here

By Joe Montero

It hasn’t sunk in yet how serious the social and economic impact from the Covbid-19 outbreak will be. But it will. There is no way to escape it.

A concerted effort to mitigate the harm and protect the vulnerable is a necessity. Many have commented about the rise in poverty in recent times. As bad as its been, this is nothing compared with what’s coming around the corner. Just about every household will feel the effect. Continue reading The present crisis is pushing Australia to make a choice about which road we take from here

What does the Reserve Bank’s lowering of the interest rate again really mean?

By Joe Montero

After a great deal of speculation, the Reserve Bank of Australia cut the interest rate from 0.75 to 0.5 percent on 3 March. The move has its fans and critics. The truth that many seem to miss the point. Whatever the intention, the power to arbitrarily effect the interest rate is seriously limited. Continue reading What does the Reserve Bank’s lowering of the interest rate again really mean?

Tax office accuses multinationals of failing to inform public about Australian operations

This article by Ben Butler (The Guardian Australia 5 Dec 2019) tells about efforts in the Australian tax Office (ATO) to clamp down on the serious problem of multinational tax evasion failing to properly inform Australia about their taxable income, the  taxes they pay, and how they use Australian entities to manipulate the system. It is based on an interview with Jeremy Hirschhorn, second commissioner of the ATO.

Continue reading Tax office accuses multinationals of failing to inform public about Australian operations

The truth about American jobs and its replication here in Australia

By Joe Montero

The American job creation fiction constantly presented is important for Australia for two reasons. One is that the Australian economy is significantly integrated into the American one, and what goes on there is going to have an impact here. The other, is that Australian governments have the habit of falling into line with American policy, and this includes economic policy. Continue reading The truth about American jobs and its replication here in Australia

Grattan Institute report shows high-end tax cuts unfair risky and expensive

From the Australia Council Of Social Service (ACOSS)

With a Grattan Institute report out yesterday, showing the Government’s proposed high-end (Stage 3) tax cuts would make our tax system less progressive than at any time since the 1950s, The Australian Council of social Service (ACOSS) is calling on Parliamentarians to stand up for a fair and sustainable tax system. Continue reading Grattan Institute report shows high-end tax cuts unfair risky and expensive