April 2020
Inequality in a Pandemic with Professor Joseph Stiglitz Nobel Laureate economist
To discuss Inequality in a Pandemic, The Australia Institute is privileged to bring you some very special guests from our ‘Economics of a Pandemic webinar series: Nobel Prize laureate economist Professor Joseph Stiglitz, ALP National President Wayne Swan and our chief economist Dr Richard Denniss.Part of the Australia Institute’s ‘Economics of a Pandemic’ webinar series.
After the Crisis with Jim Chalmers
It’s not too early to start thinking about how we rebuild the economy after the crisis. Hear Shadow Treasurer Jim Chalmers discuss why ‘snapback’ just won’t cut it, as part of the Australia Institute’s ‘Economics of a Pandemic’ webinar series. Recorded live on Wednesday 29 April 2020.Jim Chalmers’ Guardian article is here.Language warning – an
What does a good economic recovery package look like?
The Prime Minister has said the economic recovery won’t be ‘business as usual’ but so far the corporate sector’s wish list is indistinguishable from ‘business as usual’. But how can we judge whether or not a proposal like company tax cuts stacks up? How do we know if it will have a better or worse
Pandemic Shows Australia Needs Domestic Manufacturing
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.
Polling: Uptake of Government COVID-19 App
New research from the Australia Institute shows that 45% of Australians say they will download and use the Government’s COVID-19 mobile app, while 28% say they will not used it and 27% unsure. The Australia Institute surveyed a nationally representative sample of 1,011 Australians about whether they would use the government’s COVID-19 mobile app on
Covid-19: Media in crisis
The Australian media industry, particularly journalism, was already going through a major disruption before the pandemic hit. At least 51 news media outlets and newsrooms have closed since the beginning of the coronavirus crisis in Australia, according the The Guardian.This episode features a discussion about the crisis facing the media between Kim Williams, Chair of
Majority Want Increased Funding for ABC as Trust in Public Broadcaster Grows: Polling
An overwhelming 75% of Australians support increased funding for the ABC to reflect its emergency broadcaster role, as new research by The Australia Institute shows the ABC continues to grow as the most trusted news source in Australia and the proposition of privatising the ABC is opposed by 59%. The Australia Institute surveyed nationally representative
What should we keep from the old economy, and what should we build anew?
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.
93 Economic Experts Back Govt Wages Subsidy in Open Letter
93 Australian economists and policy experts have signed an open letter, coordinated by the Centre for Future Work at the Australia Institute, supporting a government wage subsidy to prevent mass unemployment during the coming economic downturn resulting from the COVID-19 pandemic.
Polling: Gov Support for Arts Industry Popular and Necessary
New research released today by the Australia Institute highlights the significant economic contribution of the creative arts in Australia and the threat that COVID-19 presents to the sector. The research also reveals that a majority of Australians (58%) support a $750 million federal relief package to support the live music sector which has been most
Public Sector Pay Freezes Could Push Economy From Recession to Depression
New research from the Australia Institute’s Centre for Future Work reveals the consequences of freezing public service pay, both for public sector workers and for the broader economy.
The role of artists and the arts in rescuing the economy
The Australian arts industry was one of the earliest economic casualties of Covid-19 as museums, theatres, galleries, festivals and music venues shut down to avoid a public health crisis leading to massive job losses –even as more than ever we rely on music, TV and books to help us cope with isolation.In this episode we’re
What is your life really worth?
It’s early days, but it looks like the measures Australia has taken to stop the spread of Covid-19 appear to be working. But not everyone sees it that way. Many commentators and economists think that the restrictions we’ve put in place go ‘too far’. So we asked chief economist at the Australia Institute, Richard Denniss,
Private health funds to reap $5 billion pandemic windfall
New research from The Australia Institute shows that Australia’s private health insurers are set to enjoy a windfall of between $3.5 billion and $5.5 billion over the next six months. “The takeover of private hospitals by Governments, social distancing and other policies to counter corona virus mean that far fewer services will be provided to
Webinar: Protecting Jobs and Incomes During the Pandemic
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.
Scott Morrison needs to target his spending at significant problems or he will only be remembered for debt
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”
March 2020
Unpacking the Jobkeeper wage subsidy scheme
The Morrison government performed an enormous and welcome backflip, announcing a $130 billion Jobseeker package to support workers, through their employer, with a $1500/fortnight wage subsidy. Richard Denniss, chief economist at the Australia Institute unpacks the details with us.Host: Ebony Bennett, Deputy Director at The Australia Institute // @ebony_bennettContributors: Richard Denniss, chief economist at the
Put the jobless on public payroll
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
What the hell is happening to the economy?
What does a global pandemic do to the economy? Richard Denniss explains why the government is shutting down whole sections of the economy and unpacks the government’s economic survival package.Host: Ebony Bennett, Deputy Director at The Australia Institute // @ebony_bennettContributors: Richard Denniss, chief economist at the Australia Institute // @RDNS_TAIThis episode was produced by Jennifer
Open Letter From Economists and Policy Experts: Wage Subsidy to Protect Jobs During Pandemic
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.
Overwhelming Majority Support Government Paid Leave for COVID-19 Self-Isolation
New research shows an overwhelming majority of Australians (82.5%) support the ACTU proposal that the Government guarantee two weeks paid leave for all workers who are forced to self-isolate as a result of COVID-19. The Australia Institute surveyed a nationally representative sample of 1,723 Australians on the night of 18 March 2020. Key Findings: An overwhelming
Coronavirus: Telling people to pull themselves up by the bootstraps doesn’t cut it during a public health crisis
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,
Responding to the Economic Emergency
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.
Majority of Australians Want Coronavirus Boost to Newstart
New research from The Australia Institute has found that a majority of Australians (52%) want to see Newstart boosted to the rate of the Age Pension for the course of the Coronavirus crisis, while one in three Australians (34%) oppose the idea. Key findings: – The maximum single rate of Newstart is currently $559 per
Stronger Controls Around Artificial Intelligence Needed
New technologies that deploy Artificial intelligence should be assessed for their social impact on citizens before they are allowed to be deployed, according to The Australia Institute’s Centre for Responsible Technology. In its submission to the Australian Human Rights Commission (AHRC) discussion paper on human rights and technology, the Centre argues that a formal regulatory regime, rather
Coronavirus is not the villain: Australia’s economy was already on a precipice
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.
The Treasurer is missing the mark
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
Stimulus is not a dirty word, so why is the government scared of it?
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
February 2020
The inequality of the superannuation system
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
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