March 2024
The RBA gets its wish as Australia’s economy slows dramatically
As interest rates have climbed, Australia’s economy has slowed – let us hope the RBA has not stalled it.
A Bad Case of Gas
The gas industry likes to tell us it’s vital to the Australian economy. But when people are paying more in GST for Taylor Swift merch than many companies are paying in company income tax per year, and the government collects more from HECS than the PRRT, you know something is seriously wrong. Greg Jericho is
Sorry, Coles and Woolworths, but high wheat prices are not to blame for your bread prices
At worst at worst, the increase in wheat prices should have caused a 0.75% increase in the price of bread. Instead they soared.
February 2024
The gas industry is laughing at us as they make more money but not more tax
Despite soaring production and revenues the gas industry is not paying more tax
The changes to Stage 3 show that good policy is good politics
The changes to the Stage 3 tax cuts have passed the Senate and will become law.
Wages are up! And, why non-compete clauses are bad for the economy
Wages are up over the past year, for the first time since 2021! Which means your real wage has increased as well, but by a small amount. Also this week, the Bureau of Statistics looked at restraint clauses, or non-compete clauses. So what do they mean for workers, and the economy as a whole? Lower
Real wages are finally growing! But they have a long way to go
Let us celebrate real wages rising, but not forget how far we have to go.
How John Howard Ruined Housing
The Right to Disconnect is attracting criticism from business groups and others, saying it will reduce productivity. Well, it won’t. And do they mean productivity, or profits? Also, how negative gearing and the capital gains tax discount delivered massive tax breaks to the rich at the expense of affordable housing for the rest of Australia.
New Look RBA, New Direction?
With Michele Bullock at the helm of the RBA, there’s change in the air. But do the changes extend below surface level? Where do they think inflation is going, and what about those pesky interest rates? Join us as we dive into the latest monetary news. Greg Jericho is Chief Economist at the Australia Institute
Yes, the government collects more money from HECS than it does from the petroleum resource rent tax.
We need to tax things we want less of and subsidise things we want more of. Right now with PRRT and HECS, we’re doing it the wrong way round.
Inflation seems to be under control…what now?
The latest CPI figures show inflation has fallen, hopefully putting an end to interest rate rises for the moment. But does that mean the economy is healthy now, or is there more to it? Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics with
January 2024
Sorry, but Stages 1 and 2 did not make Stage 3 fairer. Only changing Stage 3 did that
The total tax package designed by the Morrison government was not fair because Stage 3 was so clearly directed to giving money to those on high incomes. The new changes improve the entire package.
Stage 3 tax cuts are Dead, Long Live (the Improved) Stage 3 tax cuts
The (old) Stage 3 tax cuts are dead. Long live the (revised and much improved) Stage 3 tax cuts. Some may cry ‘broken promises’ but it’s a bit hard to make an impact with that argument when the broken promise gives most people more money in their pocket. Greg Jericho is Chief Economist at the
Can Anything Dent the Housing Market?
It’s quite amazing how nothing – not a pandemic, not rising interest rates – seems to do much to dampen the housing market. Amazing, that is, unless you forget that the entire focus of political pressure over the past 40 years or so has been designed to keep house prices from falling, or even abating.
Wages continue to reduce inflationary pressures
The latest enterprise agreements figures show that wages continue to grow in line with long-term inflation targets, and that wages continue to provide a dampening impact on inflation.
Aussies Love a Bargain – What Retail Figures Show
Today Greg’s taking a look at retail figures over the past month, and what they say about our spending habits. Also, how much stuff from the 1980s could you buy today? Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics with Guardian Australia. In
Global Financial Crisis 15 Years On: What Have We Learned? with Wayne Swan | Summer Series
Our summer podcast series brings you some of the best conversations from our webinars and live events in 2023. On 15 September 2008 came the collapse of Lehmann Brothers, the largest bankruptcy in US history. This set off a chain reaction and had a massive impact on the Australia financial system and economy. Across the
December 2023
A Penny-Pinching Christmas – 2023 Wrap-Up
2023 was a big year in economics, with inflation and the cost of living crisis dominating the headlines. Greg is taking a look back at the year, and how the economy shaped our lives in 2023. Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of
Australia cares too much about Budget surplus
The Government has released the MYEFO, or Mid-Year Economic and Fiscal Outlook, or as we call it, Easter for economists. It’s projecting a very small deficit of around $1 billion. But does that really matter? Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics
Higher exports prices improve the budget, but the Stage 3 tax cuts remain the wrong tax at the wrong time
As the Budget outlook improves, with most of the benefits of Stage 3 tax cuts going to those earing over $120,000, over 80% of workers will be short-changed
The Wellbeing Framework needs a better measure of living standards
The Wellbeing Framework suggests Australia’s prosperity is linked with company profits, but it wrongly suggests this also measures people’s living standards.
..The Wellbeing Framework needs to come up with more trustworthy ways to measure “Trust in Institutions”
The Wellbeing Framework attempts to measure how well Australians trust their institutions. Unfortunately, the government seems to have chosen measures designed to tell a good story.
The Wellbeing Framework’s measure of innovation misses the mark
The Wellbeing Framework aims to measure what matters, but its measure of innovation has little to do with research or development
‘No one left behind’: Why doesn’t the Wellbeing Framework measure poverty?
According to Treasurer Jim Chalmers, the new Wellbeing Framework “helps us put … fairness and opportunity at the very core of our thinking”, but (astoundingly) lacks any substantive measure of poverty.
..The Wellbeing Framework’s metric of greenhouse gas emissions is the same one used by past climate-change denying governments
The most important issue for Australians’ wellbeing is to reduce greenhouse gas emissions and yet the government is not being honest about its progress in the the Wellbeing Framework.
GDP figures are out, and it’s not good
GDP figures out this week show that while Australia is clinging to slight economic growth, under the surface a recession is already being seen. Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics with Guardian Australia. In Dollars & Sense, each week, Greg Jericho
November 2023
Reserve Bank Governor says…go to the dentist less?!
Last week Reserve Bank Governor Michele Bullock told us to think twice about going to the dentist or the hairdresser, lest we contribute to inflation. Greg explains why, frankly, this is a load of Bullock. Greg Jericho is Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics
Stage 3 Better – Revenue Summit 2023
Presented to the Australia Institute’s Revenue Summit 2023, Greg Jericho’s address, “Stage 3 Better” outlines an exciting opportunity for the government to gain electoral ground and deliver better, fairer tax cuts for more Australians.
The Economy’s Growing, but Households are Poorer
Economic data can tell us a lot about what’s happening in the economy and society, but it’s easy to get lost in data. Introducing the Australia Institute’s brand new podcast, Dollars & Sense, with Greg Jericho, Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics with Guardian
Introducing Dollars & Sense with Greg Jericho
Economic data can tell us a lot about what’s happening in society and the economy. Introducing the Autralia Institute’s brand new podcast, Dollars & Sense, with Greg Jericho, Chief Economist at the Australia Institute and the Centre for Future Work and popular columnist of Grogonomics with Guardian Australia. In Dollars & Sense, each week, Greg Jericho will
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