Responsible Economic Management Trumps ‘Broken Election Promise’: Stage 3 Tax Cuts Research
New research reveals more than twice as many Australians value good economic management over sticking to election promises regardless of how economic circumstances have changed, according to the Australia Institute. The polling also reveals almost twice as many Australians support repealing the State 3 tax cuts than those who oppose, and most Australians accurately understand
The UK shows how bad the Stage 3 tax cuts will be
This week the UK government introduced massive high-income tax cuts – cuts that are not even as bad as the Stage 3 tax cuts here in Australia. And the reaction by the market was brutal. Investors saw the tax cuts for what they were – a redistribution of national income from the poorest to the wealthiest, that provided no economic growth. As a result the value of the UK Pound plunged.
The Case for Dumping the Stage 3 Tax Cuts
The $240 billion Stage 3 Tax Cuts, originally legislated by the Coalition government, have been described by the Labor government as an election promise they won’t break. But calls are growing for the cuts to be scrapped, having been labelled tax cuts for the wealthy amid a cost of living crisis. This was recorded on
International Seafarers Suffer $65 Million in Wage Theft Annually in Australian Waters
Seafarers working on foreign-registered freight ships in Australian waters face regular theft of wages and other entitlements due to legal loopholes and lax enforcement of labour standards, according to a new research report published today by the Australia Institute’s Centre for Future Work. The report, titled Robbed At Sea, examines records of wage inspections conducted
Work in the Care Economy Vital for Future Well-Being
There is growing understanding that care work — including jobs in aged care, disability services, early child education and care, and others — is of growing importance to future employment and wage trends, as well as to the quality of life of Australians who depend on these social and community services. For too long, jobs in these growing sectors have been devalued. Government underfunding and weak labour and quality standards have reinforced the degradation of work in care sectors. But with intense labour shortages, public concern about inadequate quality, and the need to expand services to meet social needs, there is now more widespread recognition that care jobs must be improved, and quickly: with more funding, better training, limits on private delivery, multi-employer bargaining, and more.
Fair Work Commission data shows that unions deliver higher wages
Enterprise bargaining agreements deliver better wages, but union backed ones deliver the best.
They didn’t cause the inflation, but workers are expected to cure it
Last week before the House Economics Committee, the Governor of the Reserve Bank made it clear that the current rise in inflation has nothing to do with wages growth. And yet he also made it clear he expects workers to bear the brunt of the cost that comes from slowing inflation.
A strong tax base reduces inequality
A strong, progressive tax base and quality public services are the keys to reducing inequality
Safeguarding the ability to increase emissions
Labor’s climate bill cleared the Senate last week. It’s a pretty modest bill, and doesn’t include any measures to actually reduce emissions in the private sector. That’s where the Safeguard Mechanism comes in – which is a voluntary scheme that affects the nation’s biggest industrial emitters, and is the Government’s main policy it will use
The latest data shows just how bad housing affordability is
Since the Reserve Bank began raising interest rates in May, the housing market has very much come off the boil.
A record number of people are working more than one job
The past 2 years has seen a surge in the number of people working multiple jobs
The cost of the Stage 3 cuts
The Stage 3 cuts will cut revenue that could be used for much needed services and programs
Ten years of productivity growth, but no increase in real wages
Ten years of productivity gains has resulted in a zero increase in real hourly wages
The GDP figures show the ongoing shift of the national income to profits
The June quarter GDP figures released by the Bureau of Statistics showed that over the past year the economy grew a seemingly strong 3.6%.
What happened at the Job Summit?
This week on Follow the Money Ebony is sitting down with Greg Jericho to discuss the Jobs Summit: what happened, why was it needed, and are we going to get any jobs out of it? This was recorded on Tuesday 6th September 2022 and things may have changed since recording. The Australia Institute // @theausinstitute
The share of GDP going to workers hits a record low
The latest GDP figures show more than ever before workers are getting less than their fair share
Profits continue to grow faster than wages
Profits continue to soar ahead of wages
Breaking promises isn’t easy. Keeping the wrong ones is just as painful
The truth hurts, which is why it will be painful for Anthony Albanese to come clean with Australians about how wrong it would be to spend $240 billion on tax cuts, the bulk of which will go to very high-income earners, mainly older men. Breaking promises is never easy, but keeping the wrong promises is just
The latest emissions figures show just how far Australia has to go
Counting land use might make things look better, but it is a fake picture of Australia’s emissions
The PBO reveals just how much the Stage 3 tax cuts favour the wealthy
The Stage 3 tax cuts, which will essentially create a flat income tax system, have always been clearly biased towards high-income earners. For those earning over $200,000, the tax cuts represent a 4.5% cut compared to just 0.6% for someone on the median income of $60,000. But this week, the Parliamentary Budget Office has released costings that detail just how skewed the allocation of money is to the richest in our society.
New data shows how the Stage 3 tax cuts massively favour the wealthy
77% of the benefits of the Stage 3 tax cuts will go to the richest 25%
Polling Research: Give Junk Food & Gambling Ads the Punt
New polling research reveals a majority of Australians agree that junk food advertising during children’s viewing should be banned, and an overwhelming majority support a ban on TV gambling advertisements. A majority of Australians also supported bans on alcohol and tobacco advertising on TV, and more agree than disagree that ads promoting fossil fuels should
So-Called Biodiversity Certificates Scheme Another False Solution to Tackling Environmental Crisis
The Labor Government has today announced the creation of a biodiversity certificates scheme which would see the conversion of Australia’s ecosystems into a new type of tradeable credit that would be traded to ‘compensate’ or ‘offset’ damage to the environment. “The Government’s announcement of a new ‘biodiversity certificates scheme’ raises concerns of more false solutions
Real wages have not kept up with productivity
When you count earnings per waged hours it is very clear that real wages have not kept up with productivity
At a time when low income earners are struggling, we cannot allow the rich to get richer
A massive tax cut worth $240bn over the next 10 years is set to come into effect in 2024. But this tax cut will not help those who are struggling the most. It will not help those on low incomes. People earning $45,000 a year or less will get nothing at all. Meanwhile people earning
Us versus Them
When you think about Australia’s entire economy, what share of that pie do you think goes to workers (via wages) compared to business (via profits)? The Business Council of Australia is making some bold claims that the profit share of income has fallen, but does the data back that up? In this episode we unpack
Market power costs consumers, workers and the whole economy
For most of the past 40 years whenever the discussion turns to the need to lift productivity, invariably the conversation is dominated by business groups and various media commentators who suggest the solution is more labour market flexibility. Just a bit more flexibility and productivity will improve!
‘Woke Up Call’: Australian Attitudes to and Perceptions of ‘Wokeness’
As Minister Richard Marles lifts Peter Dutton’s ban on some charity and diversity events in Defence, polling research has revealed most Australians are either unfamiliar with the term ‘woke’, or would describe themselves as ‘woke’. Key Findings: Of those who described themselves as woke, three in five were major party voters (59%) and more intended
Average full-time earnings rose just 1.9% in the past year
Average annual earnings growth slowed over the past 6 months while real average earnings plummeted
Underutilisation lowest since 1982; wages growth highest since…. 2014
Underutilisation is at 40 year lows; wages are not even at 10 year highs
Luciana Lawe Davies Media Adviser