News // Greg Jericho
Who’s hurting most from rising interest rates? It’s probably you.
Soaring house prices, high household debt and the pervasiveness of variable rate home loans mean that Australians bear the brunt of interest rate rises, says Greg Jericho.
Australia’s “stupid” surplus obsession must end
A budget surplus doesn’t mean a government is good at running the economy – we should focus on the choices they make instead, says Greg Jericho.
“It’s a scare campaign”: award wage rise won’t trigger inflation spiral
With unions calling for a five per cent increase to award wages, business groups are crying wolf over the proposal’s impact on inflation and unemployment, says Greg Jericho.
March 2024
The RBA should keep its finger off the interest rate trigger
With unemployment tumbling in February, the Reserve Bank of Australia (RBA) should resist the urge to raise interest rates, says Australia Institute Chief Economist Greg Jericho.
February 2024
The gas industry is laughing at us as they make more money but not more tax
Despite soaring production and revenues the gas industry is not paying more tax
December 2023
Higher exports prices improve the budget, but the Stage 3 tax cuts remain the wrong tax at the wrong time
As the Budget outlook improves, with most of the benefits of Stage 3 tax cuts going to those earing over $120,000, over 80% of workers will be short-changed
November 2023
After two years of profit-led inflation, workers deserve the pay rises they are getting
The wage rises for low-paid workers on awards and those working in aged care helped drive the strong wage growth.
The Government needs to act on Stage 3 as the RBA warns about wealthy households spending
The RBA made it clear one group continues to do well, and continue to spend – and they are also the ones who are about to get a massive tax cut.
When the prices of necessities are rising fast, the RBA does not need to hit households with another rate rise
Cost of living rose by more than inflation because of interest rate rises. Another rate rise would only cause more unnecessary pain.
October 2023
The Reserve Bank should not raise rates on Melbourne Cup Day
Inflation is being driven by things unaffected by interest rate, so there is no reason for the RBA to raise rates in November
Australia is an energy super power, we need to use that power for good
Australia is already an energy superpower, but our governments have lacked the courage to use that power to reduce greenhouse gas emissions
The latest report from the IMF highlights the need for full-employment to be the aim of the government and the Reserve Bank
If the economy grows as slowly as the IMF predicts it will for the next 2 years, Australia will be lucky to avoid a recession.
September 2023
Inflation remains headed in the right direction despite higher oil prices
Increases in the prices of commodities like oil and gas are not a reason for the RBA to raise interest rates next week
Opening statement to the ACTU Price Gouging Inquiry
This week Professor Allan Fels, the former head of the Australian Competition and Consumer Commission (ACCC), has begun an inquiry into price gouging across a range of industries, including banks, insurance companies, supermarkets, and energy providers. The inquiry commissioned by the ACTU comes off the back of the highest inflation in 30 years and the biggest falls in real wages on record.
The weak economy shows the Reserve Bank is not threading the needle
We have now had two consecutive quarters of GDP per capita falling – hardly the soft landing the RBA wants.
August 2023
Australia’s emissions are rising at a time they need to fall quickly
The latest quarterly greenhouse gas emissions survey shows that Australia is heading in the wrong direction – and that needs calling out.
For most workers, wages are still failing to keep up with inflation
While overall wages grew in line with inflation in the June quarter for workers in most industries real wages are still going backwards.
July 2023
Inflation is falling so let’s make sure we don’t let unemployment rise
Inflation is coming down fast so we should now shift our attention to making sure unemployment does not rise
Hollywood actors showing that unity is strength
When workers are united, and able to collectively bargain, they can win good outcomes
If the unemployment rises to 4.5% who is likely to lose their job?
The RBA is currently targeting a 4.5% unemployment rate, and that is going to hurt young, low skilled and low paid workers,
June 2023
Bolstered by a biased tax system, house prices keep rising
As interest rates rise, the gains from negative gearing increase.
The economy is slowing as households get smashed by yet more rate rises
A slowing economy and households closing their wallets is bad news with a Reserve Bank determined to keep raising rates
The level of public housing needs to return to previous levels
Australia needs more housing, and we definitely need more public housing
May 2023
Real wages falls and interest rates rises signal tough times for households and the economy
You can’t sustain household spending while real wages continue to fall, and households are starting to let everyone know
Wages are growing solidly but real wages continue to plummet
Wages are growing the best they have for 11 years, but real wages are now back at the level they were 14 years ago
Don’t worry about a budget surplus, worry about a slowing economy
Rather than be a budget that will fuel inflation, the budget is actually closer to austerity than stimulation
The Reserve Bank’s decision to raise rates shows a total lack of coherency
Wages growth is rising slowly and inflation is falling faster than expected, and yet the RBA decided to hit the economy again with another rate rise.
April 2023
Latest inflation figures show the RBA was right not to raise rates in April
Inflation is falling steadily but hitting low-income households the most.
The Stage 3 tax cuts are bad economics combined with terrible politics. They should be dumped.
The Stage 3 tax cuts were always bad, but with the removal of the low-middle income tax offset, they become a terrible political strategy as well
Wealth inequality across generations will only fuel voter disenchantment
Millennials are not becoming more conservative as they age – and the rigged housing market is just one reason why
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