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.
Chris Wright is Associate Professor in the Discipline of Work and Organisational Studies at the University of Sydney, and a member of the Centre for Future Work’s Advisory Committee. This commentary is based on his submission to the Senate Education and Employment Legislation Committee’s inquiry into the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023,
Increases in the prices of commodities like oil and gas are not a reason for the RBA to raise interest rates next week
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.
Every now and then a window opens into the soul of the business community, and we catch a glimpse of the values and goals that shape the actions of the captains of industry.
The Workplace Relations Minister Tony Burke has described proposed new laws to regulate digital platform work as building a ramp with employees at the top, independent contractors at the bottom, and gig platform workers halfway up. The new laws will allow the Fair Work Commission to set minimum standards for ‘employee-like workers’ on digital platforms.
We have now had two consecutive quarters of GDP per capita falling – hardly the soft landing the RBA wants.
For the first time in decades, Australia is talking about industry policy.
While overall wages grew in line with inflation in the June quarter for workers in most industries real wages are still going backwards.
The surprising thing about the Albanese government’s announced reforms to “casual” employment is not that they’re happening.
Inflation is coming down fast so we should now shift our attention to making sure unemployment does not rise
When workers are united, and able to collectively bargain, they can win good outcomes
In recent years, workers have been held back from demanding better working conditions and pay by a lack of bargaining power.
The RBA is currently targeting a 4.5% unemployment rate, and that is going to hurt young, low skilled and low paid workers,
As interest rates rise, the gains from negative gearing increase.
Every inflationary episode embodies a power struggle within society over who benefits from inflation, who loses out – and who will bear the cost of getting inflation back down.
A slowing economy and households closing their wallets is bad news with a Reserve Bank determined to keep raising rates
Australia needs more housing, and we definitely need more public housing
You can’t sustain household spending while real wages continue to fall, and households are starting to let everyone know
Wages are growing the best they have for 11 years, but real wages are now back at the level they were 14 years ago
Commonwealth on Track for Diminutive Deficit or Surplus in 2022-2023 In the lead-up to its 2023-24 budget, the Labor Government finds itself in an awkward position, accepting that the Jobseeker payment is “seriously inadequate” and an impediment to regaining work, yet professing that it lacks the financial capacity to afford a meaningful increase anytime soon.
The upsurge of inflation since the COVID-19 lockdowns has not had equal impacts on all Australians. Workers and low-income people have experienced the worst losses: both because their incomes, in most cases, have not kept up with prices, and because they are more dependent on essential goods and services (like shelter, food, and energy) than higher-income households.
When you reduce the revenue available to fund government services, you inevitably increase inequality
The build up of savings during the pandemic is over – now we need strong income growth to keep the economy going as the Reserve Bank tries to slow it.
For most of this year, the warnings and news about inflation have been one of hope for the best but experience the worst. Predictions of future inflation growth have continually been revised upwards and with it has been the suggestion that interest rates need to keep rising.
The latest economic outlook from the OECD highlights the precarious path for Australia over the next few years.