economics

Late-Stage Capitalism & Housing Supply in Australia

Late-stage capitalism is destroying a basic human right - being able to live in a house - as housing affordability for renting and buying across Australia has been smashed in recent years. A report produced by Anglicare Australia highlights with cold hard facts something that is already clear in the community: Australian housing is unaffordable. I note a few quotes from ABC News’ story covering the release of the paper that highlight the challenge facing our nation.

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Time for Some Fiscal Policy in Australia

Talking with a friend today. The topic of interest rates came up, as they do in any recent conversation within the Australian context. My friend asked a poignant and sensible question, “why doesn’t the Government adjust the rate of the Goods & Services Tax (GST)?” It is a broad-based consumption tax. If consumption is getting out of hand and creating an inflationary spike, then why not add a disincentive to consumers by raising the price of consumption?

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Keane on the RBA's Approach to Inflation

I’m happy to see pressure mounting on the RBA. Not so much even for the decision to lift rates, but on it’s myopic approach to analysis. The economy has changed; it has become more integrated, and duopolies and oligopolies rule the Australian markets. A fundamental lack of competition is allowing the growth of profits, and the RBA currently seems unwilling to accept this as a line of thinking. Bernard Keane, writing for Crikey, knocks it out of the park on the Reserve Bank of Australia’s approach to inflation.

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Neoliberalism Gives Again

The “party” that is neoliberalism has been giving our society gift after gift. We’ve had corruption and self-interest at the highest levels, as PwC executives had their snouts in the trough on both sides of the consulting equation, giving legislative design advice to government then flipping that information and advising their corporate customers on ways around said legislation. We’ve had executive wages grow exponentially over recent years, irrespective of their performance, or that of the company they lead.

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