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
Introducing Dollars & Sense with Greg Jericho
Economic data can tell us a lot about what’s happening in society and the economy. Welcome to 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,
With costs rising for public infrastructure, the government needs to stop approving coal and gas mines
In a tight labour market, approving new coal and gas mines is not just bad for the climate, it also raises the cost of public infrastructure projects.
After two years of profit-led inflation, workers deserve the pay rises they are getting
The wage rises for low-paid workers on awards and those working in aged care helped drive the strong wage growth.
Real wages to take over a decade to recover
The RBA now expects real wages to grow much slower than they were predicting in August, and it means it will take many more years to recover what has been lost in the past three.
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The Government needs to act on Stage 3 as the RBA warns about wealthy households spending
The RBA made it clear one group continues to do well, and continue to spend – and they are also the ones who are about to get a massive tax cut.
Real wage falls and rate rises make for a double whammy
When you combine the increase in interest rates and falling real wages, you get a picture of households being hit two ways.
Enterprise agreements deliver strong wage growth – which is why employers hate them
Enterprise agreements lodged in the past 3 months have helped recover some lost income for workers.
When the prices of necessities are rising fast, the RBA does not need to hit households with another rate rise
Cost of living rose by more than inflation because of interest rate rises. Another rate rise would only cause more unnecessary pain.
October 2023
The Reserve Bank should not raise rates on Melbourne Cup Day
Inflation is being driven by things unaffected by interest rate, so there is no reason for the RBA to raise rates in November
Most Australians want Stage 3 scrapped or overhauled
More than two-thirds of Australians want the government to overhaul Stage 3 tax cuts or scrap them altogether, according to new research from the Australia Institute. When asked whether the government should repeal the Stage 3 cuts, 37% support the idea and 24% oppose it. A significant number of people – 39% – remain unsure
Australia is an energy super power, we need to use that power for good
Australia is already an energy superpower, but our governments have lacked the courage to use that power to reduce greenhouse gas emissions
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