by Richard Denniss[Originally published on Guardian Australia, 13 May 2020] The government is telling us that if we don’t open up the Australian economy soon, we will do lasting harm to it. But the forecasters at Treasury and the Reserve Bank are relying on economic models that assume the deeper the recession we have, the faster our

by Richard Deniss[Originally published in the Australian Financial Review, 11 May 2020] Would you prefer to double your salary or to double the rate at which it will grow in the next few years? Personally, I would rather a high-income that’s growing slowly. But the Morrison Government is telling anyone that will listen that we

Bank bashing is always popular in Australia and it’s by no means confined to one side of politics. It was the former prime minister Malcolm Turnbull who introduced the big bank levy and gave us the royal commission into misconduct in the financial services industry. And, just last week, Scott Morrison and Josh Frydenberg reportedly “slammed” the big banks for being slow to process loan applications from small businesses waiting to receive their share of the promised $130bn jobkeeper wage subsidy payment.

by Ebony Bennett[Originally published in The Canberra Times, 03 April 2020] It’s not every day I get up at 6am to talk about inequality with a Nobel Prize winner, but hosting the Australia Institute’s Economics of a Pandemic webinar series afforded me that opportunity this week. Before dawn on Thursday, Professor Joseph Stiglitz of Columbia University, joined

Disruptions in global supplies of essential medical equipment have served as a wake-up call to Australians that it is always vital for a country to retain the capacity to domestically produce manufactured products that may be crucial to national security and well-being.

There is hope in sight for the COVID-19 crisis. Australia’s curve appears to be flattening, and the numbers are looking so promising that the Prime Minister is talking about what needs to happen for restrictions to be eased – though the current rules will stay in place (like all of us) for the next four weeks at least.

The COVID-19 pandemic is producing an unprecedented shutdown of large parts of the national and global economies. Our Director Dr. Jim Stanford provided an overview of the coming recession, how it differs from previous downturns, and the best ways for government to respond to protect Australians as much as possible from the economic fall-out.

by Richard Denniss[Originally published by The Guardian Australia, 1 April 2020] The Coalition just announced a $130bn wage subsidy when the budget is already in deficit. As that sinks in, try to absorb the fact that the $130bn wasn’t targeted at any vulnerable group and had absolutely no “mutual obligations” attached to it. It was not “funded”

by Richard Denniss[Originally published by the Australian Financial Review, 31 March 2020] After a $62 billion shot of adrenalin designed to keep businesses going through the coronavirus crisis, the Morrison government has finally ditched its strategy of “targeted and temporary” measures based on existing policies. Instead, it now wants to put large parts of the Australian

109 Australian economists and policy experts have signed an open letter, initiated by the Centre for Future Work, supporting a government wage subsidy to prevent mass unemployment during the coming economic downturn resulting from the COVID-19 pandemic.

by Ebony Bennett[Originally published by the Canberra Times, 21 March 2020] After a summer of unprecedented bushfires and a billion animals dying, Australia now finds itself in the midst of an unprecedented public health pandemic with an economic crisis to match. While the $17.6 billion economic stimulus program was welcome for an already sluggish economy,

The scale and scope of the economic downturn caused by COVID-19 will be unprecedented in our lifetimes. Mainstream economists have belatedly realised the pandemic will cause an economic downturn, but they are not yet appreciating the size of that downturn, nor the unconventional responses that will be required. Simply calling for government “stimulus” is sadly inadequate, given the complete shut-down of work and production that is occurring in many sectors of the economy. The task is no longer supporting markets with incremental “pump-priming.” What’s needed is a war-like effort, led by government, to mobilise every possible resource to protect Australians’ health and livelihoods. Money is not an object – and this epic effort should not be held back by normal acquiescence to private-sector priorities and decisions.

If you thought the prime minister was slow to respond to the bushfire crisis, take a look at his response to Australia’s ailing economy. Morrison is currently trying to pivot away from the government’s economic inaction using the coronavirus outbreak as cover, but the only reason the coronavirus might push Australia into recession is because the economy has been languishing since the Coalition took office in 2013.

by Richard Denniss[Originally published in the Australian Financial Review, 02 March 2020] In the summer of 2010, devastating floods hit Queensland killing 33 people, causing billions of dollars in damage, shutting coal mines, and knocking an estimated $30 billion off GDP. The then Labor Government’s promise of a budget surplus was washed away too. Fast

by Ebony Bennett[Originally published in the Canberra Times, 07 March 2020] It might be time to panic. Not about running out of toilet paper, the real danger is that the Morrison government will undercook its mooted fiscal stimulus package and risk sending Australia into recession to prove an ideological point. The economy has been weak

A part-time cleaner earning $18,000 a year will receive zero tax concessions for their compulsory superannuation contribution; meanwhile, a chief executive of a big bank can get tens of thousands of dollars every year in taxpayer support for their “retirement nest egg”. This is the strange world of Australia’s retirement income system: a world in

by Richard Denniss[Originally published on Guardian Australia, 30 October 2019] The Government’s top two economic advisers are in stark disagreement about something straight forward: whether the Australian economy would benefit from a bigger budget deficit or not. The Governor of the Reserve Bank says he is running out of room to cut interest rates any

by Ebony Bennett[Originally published in the Canberra Times, 21 October 2019] As the black sheep in a family of car enthusiasts, I know that if you brake and put your foot on the accelerator at the same time there’s a lot of noise and smoke, but you end up spinning your wheels. For some time

by Richard Denniss[Originally published in the Australian Financial Review, 16 October 2019] When Barnaby Joyce starts making more sense about inequality than Scott Morrison, you know the Coalition is heading for choppy waters. In July, the former Nationals leader suggested that the unemployment benefit needed to rise significantly. “Certainly $555 or thereabouts a fortnight is difficult, especially

by Richard Denniss[Originally published on The Guardian Australia, 02 October 2019] Teams full of similar people underperform. While sameness can create cohesion, cookie-cutter teams can’t successfully compete with diverse teams that can draw on a broad range of talents, perspectives and insights. At least that’s what empirical data from lefty organisations including McKinsey, Credit Suisse and the IMF have to

by Ebony Bennett[Originally Published in The Canberra Times, 07 September 2019] Australia has a government in search of an agenda and the religious discrimination bill is a poorly drafted solution in search of a problem. Following the passage of the income tax cuts package, the only policy discussed in any detail by the Coalition during

by Richard Denniss[Originally published on The Guardian Australia, 04 September 2019] Are free markets more important than free speech? We aren’t supposed to ask such questions because each of those libertarian goals was supposed to reinforce the other. But they clearly don’t, so it’s time to take a closer look at what “freedom” really means

by Richard Denniss[Originally published in the Australian Financial Review, 02 September 2019] Neoliberalism has made Australia more fragile, fractious and open to foreign influence. We talk a lot about the rise of Chinese influence but there’s less discussion about the decline in our national self-confidence. Despite living in the world’s 14th largest economy with some

Rising pressure on individuals and families to meet their caring needs is the “human face” of decline in workplace protections and bargaining power that has gathered pace since 2013. Meanwhile, the need for fathers and male spouses to take on more caring and household labour is routinely discussed in the public domain. But how have Australia’s work/care policies worked to support a redistribution of caring and household labour to males and fathers?

by Richard Denniss[Originally published on The Guardian Australia, 26 June 2019] The modern conservatives often seem afraid of new technology. They act as though renewable energy, battery storage and electric cars will take us down the path to blackouts, economic ruin and, of course, the end of weekends as we know them. But if recent

by Ebony Bennett[Originally published on The Canberra Times, 22 April 2019] Australia is having a huge national debate about taxes and tax reform that’s mostly missing the point. There’s too much focus on costings and not enough analysis of who is getting the biggest slice of pie – here’s a hint: it’s not those struggling

by Richard Denniss[Originally published on Guardian Australia, 17 April 2019] When a magician says you must look carefully at the cards that they’re shuffling, they don’t want you to see what their assistant is doing. And when a politician tells you to focus on one key economic issue, it’s a sure thing they don’t want

The footage was shocking: One Nation figures meeting with the National Rifle Association in the US in search of political donations, media support and strategic advice. Australians may be surprised to discover the gun lobby in Australia rivals the NRA in size and spending, according to Australia Institute research commissioned by Gun Control Australia. Most people have

by Ebony Bennett[Originally published in the Canberra Times, 23 March 2019]  Australia has never had a federal treasurer who wasn’t a man and has had more finance ministers named John than female finance ministers. It doesn’t take an economics degree to know those numbers are a problem. With the federal budget near, we learned this

Like a dog that doesn’t know what to do when it catches the car it’s been chasing, the business community doesn’t seem to know what to do now they’ve pushed wages growth to record lows and the profit share of GDP to all-time highs. While some might read the room, bank their gains and mouth some platitudes about sharing said gains, the Business Council of Australia (BCA) and the Coalition are not for turning.