UK Prime Minister Liz Truss’ remarkable decision to scrap her own tax cuts offers an incredible opportunity for the Albanese government. After weeks of outrage from voters, her own backbench and even the financial markets that once trumpeted the benefits of tax cuts, common sense and economic sense combined to deliver a timely, if humiliating, backflip. Here

The ending of mandatory Covid isolation periods has also ended disaster payments for workers who don’t have access to sick leave. It’s time we faced up to the fact that the industrial relations rules have been creating the wrong kinds of work. That’s the bad news. The good news is we can change them if we want

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.

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.

Since the Reserve Bank began raising interest rates in May, the housing market has very much come off the boil.

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%.

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 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.

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

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!

The latest wages price index figures from the Bureau of Statistics reveal just how far workers ability to purchase items with what they earn has fallen.

The 2019-20 taxation statistics released this week by the ATO provide a plethora of data that reveals with precision the salaries of people by location, occupation age and importantly, gender.

It’s never too late to fix a problem. It doesn’t matter if it’s you who has been putting off a trip to the doctor or your country that has been putting off properly taxing its natural resources, it really is better late than never.

The latest raise in the cash rate has meant interest rates have increased by more in 4 months than they have anytime since 1994.

The Reserve Bank of Australia has hiked its interest rate 4 times so far this year, for a combined total of 1.75 percentage points. And it has signalled more increases are ahead, as it joins other central banks around the world in rapidly increasing rates to slow spending power, job-creation, and hence inflation.

The latest inflation figures from the Bureau of Statistics reveal just how much workers have been left behind. Writing in Guardian Australia, labour market and fiscal policy director Greg Jericho notes that while the focus is on the biggest annual increase in inflation since the introduction of the GST, the data also shows that real wages have fallen drastically.

Richard Denniss Professor Joseph Stiglitz, welcome to Australia. John Maynard Keynes once said “practical men who believe themselves to be quite exempt from any intellectual influence are usually the slaves of some defunct economist”. It’s decades since you and other Nobel prize winners debunked the intellectual underpinnings of neoliberalism. Are Australians slow to change their minds

Despite unemployment at nearly 50 years lows, it will be little surprise to workers that wages growth is only at 3 year highs. Over the past decade the relationship between wages growth and unemployment has shifted such that levels of unemployment that would have once seen wages growing at more than 4% are now associated with growth of well below 3%.

Following the national state of the environment assessment release, Tasmanians deserve to know when a report on our state will occur, writes Eloise Carr.

Right now, the big numbers of the economy look pretty good. Unemployment in June was just 3.5% – the lowest since 1974. So why has consumer confidence crashed and why are so many Australians worried about a recession?

Reserve Bank of Australia governor Phillip Lowe has invoked memories of the 1970s, warning wage growth must be restrained to contain Australia’s surging inflation. In the 1970s, Lowe said last week, “we got into trouble because wages growth responded mechanically to the higher inflation rate”. Now, with inflation above 5%, and tipped to reach 7% by the

Last year Reserve Bank governor Phillip Lowe said he wouldn’t increase interest rates until he saw signs of strong real wages growth. Now he is telling workers that if they don’t accept real wage cuts, then their greed will be responsible for inflation. No wonder Treasurer Jim Chalmers is not only keen to hold a review of

The decision by the Fair Work Commission to increase the minimum wage by 5.2 per cent is a rare bright spot for workers in what has been a terrible decade for wage increases. This increase represents an extra $1.05 per hour or about $40 per week for someone working full time. About 2.3 million workers

The Fair Work Commission has announced an important increase in the national minimum wage, which will rise by $1.05 per hour (or 5.2%) effective 1 July 2022. This represents a significant shift in the debate over wages in Australia, whichi have been languishing for years — and are now falling in real terms.

The decision by the Reserve Bank of Australia this week to increase official interest rates by half a percentage point surprised many. The bank is a notoriously conservative organisation. It usually likes to take things slowly. As it spent the last year suggesting it was unlikely to do anything drastic on interest rates until wages

The latest labour account survey released by the Bureau of Statistics revealed that while job growth remains solid and the job vacancy rate is at record levels, workers real incomes remains at best flat.

A massive expansion in Australia’s gas production did nothing to make gas cheap for Australian homes and businesses. A decade of propping up ageing coal-fired power stations did nothing to ensure the reliability of our electricity supply. And the Coalition’s so-called “gas trigger” and “big stick” electricity reforms have done nothing to control Australian energy

The March quarter GDP figures show that while the economy is growing strongly, workers are missing out of their fair share.

The election of a new government presents Australia with a much-needed opportunity to reappraise its place in the world. In less than 20 years, we have segued from serious engagement in Asia and a leadership role in the Pacific to marginal significance in the affairs of Asia (except as a massive mine and a source

Three days before the federal election, new ABS data confirmed that Australian wage growth is still stuck at historically weak rate (up just 2.4% year over year to March 2022). One day later, another ABS release showed another small decline in the unemployment rate, which is now below 4%. Most of the decline was due to people leaving the labour market (rather than new jobs being created). But the data is being cited by the current government as a sign that better wage growth is just around the corner.