On the eve of the federal budget, a great deal is being made of the expected $15 billion surplus, something that hasn’t been seen for 15 years. How can this be when the demands on the government’s responsibilities are rising, along with the gap between this and the revenue coming in? More on this later. Continue reading Will tonight’s budget bring gain or pain?
The cost of Australia’s new military expenditure is much more than most of us think. Attention is on the AUKUS submarine program. It doesn’t stop here though.
But let’s start with the submarines. We were told that they would cost $368 billion. They didn’t tell us that an extra $122 billion have been committed. This means that the expectation of escalating costs has already been factored in. The estimated real cost is up to $490 billion, and this is only the current estimate. The cost could go higher still. Continue reading The military expenditure blowout does not serve Australia’s interests
Peak Australian union body, the Australian Council of Trade Unions (ACTU), has called for a 7 percent rise for lower paid workers to keep up with rising living costs due to inflation. Critics, such as the Australian Chamber of Commerce and Industry, are already saying that this will cause a great deal of damage to the economy. They are wrong and the ACTU is in the right. Continue reading An increase in the minimum wage is both justified and necessary
Prime Minister Anthony Albanese has flagged that a tough budget is on the 25 October. He has also said that there will be some moves to soften the impact of the rising cost of living. Exactly what these are is extremely important. All we can go by is the record to date. Continue reading Will the coming budget bring relief or more pain?
The jobs summit was going to deliver a consensus that will chart a way forward towards a fairer Australia. At least that is what we were told. Those who knew better knew that the hype was mostly spin and photo opportunities. Now that it is over, little of substance came out of it. Continue reading Jobs summit has not delivered a new direction for Australia
There are forces in Australia gearing up a campaign to keep wages down. Led by the corporate sector and backed by the Reserve Bank of Australia. There has been a modest rise in rates this year, and they are blaming this for the rise in inflation. If wages are not kept down in the next period, they warn, inflation will get worse, and the economy plunged into serious trouble. Continue reading It is not wage rises causing of inflation and harming the economy
Despite all the hype, and even a Reserve Bank forecast of a 3.5 percent rise next year, the pay packet of the average punter is not going up, and in real terms, it is going south. Even if the Reserve Banks prediction, which doubtful to start with, it will still fall behind rising inflation. This means it will cost more to maintain the same standards of living. Continue reading Real wages are falling and cannot be the cause of inflation
People have been saying that the economy is in strife for a long time, and along with the climate crisis, the rising cost of living that is making the headlines. Everyone feels it. No wonder this has shaped up at the centre of politics in Australia. Continue reading Australia’s economy faces problems rooted in its structure
Continue reading There are better ways to stop inflation than by hiking interest rates
Australia’s inflation rate is rising and set to rise further still. In the first three months of this year, it rose 5.1 percent, according to Jim Chalmers, the Treasurer of the newly elected Labor government. He has suggested that further interest rate rises are on the horizon. The Reserve Bank has not made back top back interest rises for 12 years. The last time was soon after the Global Financial Crisis. Something is in the air. Continue reading Australia’s inflation rate is rising and why this is happening?
