August 2021
The Wealth Explosion
In 2020, Australian GDP was $2 trillion but Australian households received another $1.7 trillion in capital gains as overall wealth increased to $12.7 trillion. But Australia currently has no taxes on wealth, so what does that mean for the economy in the long term and for reducing inequality?
Reset with Professor Ross Garnaut
Recorded live on 24 February 2021 as part of the Australia Institute webinar series. Professor Ross Garnaut is an economist and author of new book Reset – which explores the opportunity Australia has to reset its economy in the wake of the pandemic. Warning: there is a bit of feedback on the audio for the
Scott Morrison is stuck
Scott Morrison has an answer for everything and a solution for nothing. Like the neoliberalism of which his party was once so proud, he is all promise and no delivery. His press conferences have long been a masterclass in dictating the terms of debates, dodging accountability and delivering attacks on his rivals. But now that
The Coalition’s track record shows why its opposition to a Covid vaccine cash incentive is inconsistent
Scott Morrison’s government loves financial incentives when they’re for CEOs and high-income earners As any parent or child knows, sometimes threats work, and sometimes bribes work. Despite the Morrison government planning to spend $180bn on tax cuts to those earning above $200,000 per year as more incentive to work hard, the Coalition are arguing that
Not all taxes are created equal
The government’s massive $300 billion income tax cuts package will proceed in full, making inequality worse and mainly benefitting high income earners. But what makes a tax good or bad? This week, Richard Denniss and Matt Grudnoff explain the principles of a good tax and run the ruler over different types of taxes like income
July 2021
Playing the states against each other back-fires on the Prime Minister
Like a struggling middle manager, Prime Minister Scott Morrison has been playing the states against each other to distract from his own poor decisions. The interstate fight for vaccines, funding, and even praise from the Prime Minister, now dominates Australia’s response to COVID. But if COVID rarely breached our quarantine, if there was plenty of
Costello exaggerated the costs of ageing. Why won’t the Coalition face up to the costs of the climate crisis?
Ministers are spending millions to fight the ruling that they must think about future generations when making planning decisions The environment minister, Sussan Ley, has announced she will spend millions of dollars appealing a federal court judgment that she has a duty of care to protect Australian children from climate harm. She’s not alone in
Going to hell in a handbasket
Births declining, fewer people working, health funding will double and deficits for years to come. The latest Intergenerational Report (IGR) has been released and the government wants you to be scared. But it turns out the IGR is rubbish at making predictions. Join Richard Denniss as he uncovers the hidden assumptions buried in the Intergenerational
The wrong call
When the University of Newcastle appointed the Chair of Whitehaven Coal as its new Chancellor, it prompted a swift and public backlash from students, staff, philanthropists and alumni. Join our chief economist Richard Denniss as he unpacks the problems with the university’s decision, the community who challenged that decision and why Vaile ended up resigning
June 2021
Choosing between more jobs and a cleaner environment
The more a company invests in safely handling waste the more jobs it will create, the less damage it will do to the natural environment and the less harm it will do to the tourism, agriculture and fisheries industries that are built on the image and the reality of Tasmania’s clean environment. While it is
The Ute-led recovery
There has been an enormous surge in the sale of utes, due to the instant asset write-off in the Budget. But just how effective is this in terms of stimulating economic growth and creating jobs? Dig into the details and find out how we’re spending billions of dollars to make our car fleet bigger, heavier
Scott Morrison is the accidental architect of a carbon tax – whether he likes it or not
While Australia sticks to accounting tricks, calls by other countries are growing to impose a carbon price on our export Who would have thought that Scott Morrison would be the one to reintroduce a carbon tax? And who would have thought it possible to design a carbon tax on Australian polluters that delivered revenue to
Richard Denniss explains why he’s returning his alumni award for National Leadership the University of Newcastle in the wake of Mark Vaile’s appointment as chancellor
You can’t be a leader if you follow people down the wrong path, which is why, with a heavy heart, I am returning the alumni award for National Leadership the University of Newcastle bestowed on me in 2017. I cannot understand how the council of a university whose motto is “I look ahead” could appoint
Mice, floods and the climate crisis: why your insurance won’t cover society-wide catastrophes
The best way to keep premiums down is to prevent climate change and the disasters it causes No matter how much you pay for your home or car insurance, if your property is damaged by mouse plague, nuclear radiation, war or rising sea levels you are almost certainly on your own. If you’re lucky, your
Ignoring the gap
The budget shows that the government is not interested in lifting women out of poverty
May 2021
Taxes on electric vehicles will slow Australia’s progress. It’s not complicated
While most of the world offers incentives to people buying EVs, our government hands out subsidies for utes As a rule of thumb, it’s good economics and good politics to tax the things you want less of and subsidise the things you want more of. That is why the Australian government raises so much tax
Josh Frydenberg’s wages trap
Josh Frydenberg is playing us all for mugs – and I’m not talking about those ridiculous “Back in the Black” coffee cups he had made in 2019. With his third Federal Budget, Frydenberg has delivered on Matthias Corman’s strategy, which he revealed when he let the mask slip in an interview with Sky News on
The budget’s affordability measures won’t lower Australia’s house prices. They weren’t designed to
There are ways to make housing cheaper for those locked out of the market, but little political will to let house prices fall Do you want house prices to be higher or lower? I think they should go down, but relax, few people agree with me. Especially people who already own a home or four,
The government’s embrace of ‘clean hydrogen’ helps no one but the fossil fuel industry
Nothing captures prime minister Scott Morrison’s approach to climate change better than his embrace of “clean hydrogen” – a BS marketing term that delivers nothing but obfuscation and helps no one but the fossil fuel industry. Tellingly, this approach isn’t even new: Morrison has simply dusted off an old polluter playbook and changed a few
April 2021
How can NSW allow new coalmines while committing to net zero emissions? It’s bizarre
New mines won’t boost world demand for Australian coal — but they will cannibalise jobs from existing coalmines The New South Wales government is simultaneously committed to a net-zero emissions target for 2050 at the same time as new coalmines in the Hunter Valley with the capacity to produce 10 times more coal than Adani’s
Coal’s fragile economics
When Malcolm Turnbull was dumped last week from New South Wales’ Net Zero Emissions and Clean Economy advisory board as quickly as he was appointed, the move shocked many people. Turnbull was dropped by his own protégé, the state’s Environment minister, Matt Kean, and by a government in NSW that had previously seemed receptive to
Why we should pause approvals of new coal mines
Why are new coal mines like melting ice cream? In today’s episode, Richard Denniss explains the economics of coal, why Malcolm Turnbull has been in trouble with the Liberals and why we need to pause approvals of new coal mines. Host: Ebony Bennett, deputy director, the Australia Institute // @ebony_bennett Guest: Richard Denniss, chief economist,
We should be funding stress leave and high-quality PTSD care for all victims of abuse
Australian ministers suffering stress are provided with more taxpayer support than victims of violence Practical support for the thousands of Australian women who are sexually or physically assaulted by men is not simply woefully inadequate, it is nonexistent. If you are a casually employed woman in Australia who is raped or assaulted you are entitled
Is Malcolm Turnbull the only Liberal who understands economics and climate science – or the only one who’ll talk about it?
Yesterday, former Liberal prime minister Malcolm Turnbull was unceremoniously dumped as chair of the New South Wales government’s climate advisory board, just a week after being offered the role. His crime? He questioned the wisdom of building new coal mines when the existing ones are already floundering. No-one would suggest building new hotels in Cairns to help
March 2021
Australia has shown you can take on big companies – and win
Big companies are always threatening to take their bat and ball and leave our shores, and Australian politicians usually beg them to stay. Whether it’s cutting company taxes or promising weak IR and environmental laws, for decades the Australian government has behaved like a lonely kid who worries the cool kids won’t talk to them
February 2021
The Liberals’ agenda is bad for regional Australia – but the Nationals play along anyway
The National party represents many electorates which have high rates of unemployment and people receiving government support payments, and a high proportion of workers on the minimum wage. So you can see why they spend so much time attacking industrial laws, renewable energy and “urban elites” – creating blame is a lot easier than creating
Google and the use and abuse of economic modelling
In its efforts to avoid regulation, Google commissioned economic modelling showing that Google providing tens of billions of dollars in benefits to Australia – but the figures quickly fell apart on closer inspection from the Australia Institute’s Centre for Responsible Technology. In this episode, chief economist Richard Denniss talks us through some of the assumptions
The truth about Australia’s wages
Like the dog that caught the car, Australian conservatives have succeeded in a decades-long quest to crush the bargaining power of unions and workers. And, in turn, they have succeeded in crushing average wage growth. But now they seem to have no idea what to do with their trophy. Indeed, the record-low wage growth “delivered”
The rise of right wing extremism
The rise of right-wing extremism is happening all around us, yet it does not dominate Australia’s national security discourse in the way “Islamic extremism” did in the years after 9/11. The Australia Institute spoke to counter-terrorism expert Dr Anne Aly MP, to help us unpack the nature of the problem and if we’re doing enough
Scott Morrison knows setting a net zero target means picking a fight with the National party
The prime minister’s initial target of beginning the rollout of Covid-19 vaccines “as soon as January” is in tatters and mid-February is looking shaky. Likewise, the target of “fully vaccinating” some 26 million Australians by October. But just because someone fails to hit a target doesn’t mean they shouldn’t have set it. On the contrary,
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