August 2020
The spread of coronavirus in Australia is not the fault of individuals but a result of neoliberalism
by Richard Denniss[Originally published by Guardin Australia, 20 August 2020] Neoliberalism is spreading coronavirus faster than any “reckless teenager” ever could. Privatised guards at quarantine hotels, private aged care centres that put profits ahead of staffing levels, and the fact that those in charge neglected to have their health professionals appropriately evaluate the risk of the Ruby
The Australian government is putting economic storytelling ahead of evidence
by Richard Denniss[Originally published by Guardian Australia, 05 August 2020] Australian economic debate relies more heavily on metaphors than it does on evidence, experience or expertise. While the prime minister, treasurer and self-appointed business leaders drone endlessly about what the economy “needs”, they simply refuse to provide any evidence that they know what they are
The true cost of a traumatised nation
There is a famous thought experiment, known as “the trolley problem”, that asks us to imagine ourselves driving a trolley – or a tram, for Australians – and having to choose between staying on the current track and running over five innocent people or switching tracks to kill only one person. You aren’t allowed to
July 2020
Let it rip
Some economists have renewed calls to lift restrictions and simply ‘let it rip’, that is to let Covid-19 rip through the population in order to protect the economy. But are economist the right people to ask about this? In this episode we explore the limits of economics with chief economist at the Australia Institute Richard
Unpacking the Mini-Budget: What you need to know
In this episode, Richard Denniss and Matt Grudnoff, chief and senior economists at the Australia Institute unpack what you need to know about the Mini-Budget delivered by the Treasurer and answer your questions. The Australia Institute // @theausinstitute Host: Ebony Bennett, deputy director at the Australia Institute // @ebony_bennett Guests: Richard Denniss, chief economist at
The Australian government’s decision to cut benefits is based on feelings, not facts
by Richard Denniss[Originally published by Guardian Australia, 22 July 2020] In Australia, policy is far more likely to be based on feelings than facts. While there is much talk about the importance of evidence-based policy, ironically, there is scant evidence that such an approach exists. Take the government’s decision to cut the incomes of around
Though painful to admit, conservatives know Australia’s tough Covid-19 response is better than the US
by Richard Denniss[Originally publishged on the Guardian Australia, 07 July 2020] Only 16 weeks ago, prime minister Scott Morrison told a bemused Australian public that he was off to the footy to see his beloved Sharks play, and only 15 weeks ago, the same prime minister berated those who went to Bondi Beach for “not
Weal of fortune
Rebuilding the economy means government investment, but not all public spending is equal
June 2020
My degree taught me to spot the flaws of the university funding overhaul
by Richard Denniss[Orinigally publsihed by the Guardian Australia, 24 June 2020] If conservatives really believed that the most important thing a young person could do was become “job-ready” then why are they so keen for Australia’s best and brightest students to study the works of Shakespeare and Thomas Aquinas, as part of a degree in
Leverage lazy public balance sheet
by Richard Denniss[Originally published in the Australian Financial Review, 26 June 2020] The Australian Government is, by any measure, significantly under leveraged. The Commonwealth Government’s lazy balance sheet and its underspending on productivity boosting services like preventative health, childcare and environmental protection will harm Australia’s prosperity for decades to come. BHP has been in debt
The success of the Aboriginal-led health response to the pandemic
Aboriginal and Torres Strait Islander people are amongst the most vulnerable to the threat of Covid-19, but the Aboriginal-led community controlled health response has been a huge public health success. How did they do it? Host: Ebony Bennett, deputy director of the Australia Institute // @ebony_bennett Guests: Lesley Nelson, CEO of South West Aboriginal Medical Service Professor
The Reconstruction – building back better with Richard Denniss
The Australia Institute’s chief economist Richard Denniss launched The Reconstruction Memorandum, to step back and look at the big picture on how Australia can put people first and create an economic reconstruction that delivers lasting benefits as we recover from the Covid-19 recession.Visit tai.org.au for our latest pandemic economic research and analysis // @theausinstituteHost: Ebony Bennett, deputy director of
The Deficit Myth with Stephanie Kelton
Anyone familiar with Australian political debate will know that while we can always afford tax cuts and defence spending, somehow we can never afford to raise Newstart, or to build social housing because we have to “live within our means” and get back to a budget surplus as soon as possible. But that’s not how
The Coalition dishes out jobs for the boys while women carry coronavirus’ economic burden
by Richard Denniss[Originally Published on Guardian Australia, 10 June 2020] Not only have women been hardest hit by the response to Covid-19, they have got the least out of government assistance and stimulus packages. Monday’s announcement that the temporary provision of free childcare is about to end was just the latest in a long line
Safeguarding Democracy with Helen Haines
There can be no trust in government without accountability, yet its been two years since the Coalition government promised to implement a Commonwealth Integrity Commission and there’s still no draft legislation in sight. Join Independent Member for Indi Helen Haines MP, and former Supreme Court Justices the Hon. David Harper AM QC and The Hon.
Unis must save staff not cash reserves
It’s easy to avoid a hard question by simply saying the government “should” provide more money to the universities. But there’s a long list of things the Morrison government should do: extend the JobKeeper payment to casuals and temporary residents; permanently boost unemployment benefits; provide support to the arts and entertainment industry; introduce a carbon
Why a public sector wage freeze would cost jobs
The proposed NSW public sector wage freeze was supposed to ease pressure on the budget, but Australia Institute research shows it would cost jobs and harm regional economies.NOTE: This episode was recorded just hours before the NSW Upper House voted down the pay freeze and the NSW Government will now take the matter to the
May 2020
Black holes and Keynesians
The government has been talking as if it understood Keynesian economics, but its reaction to the $60 billion JobKeeper black hole shows they clearly do not think or act like Keynesians. Richard Denniss unpacks the spectacular failure of policy and accountability, as well as explaining what Keynesians economics actually means.Visit tai.org.au for our latest pandemic
Australian business can’t lead us out of this recession – the government must step up
by Richard Denniss[Originally published on Guardian Australia, 13 May 2020] The government is telling us that if we don’t open up the Australian economy soon, we will do lasting harm to it. But the forecasters at Treasury and the Reserve Bank are relying on economic models that assume the deeper the recession we have, the faster our
There is no ‘snap-back’ coming
by Richard Deniss[Originally published in the Australian Financial Review, 11 May 2020] Would you prefer to double your salary or to double the rate at which it will grow in the next few years? Personally, I would rather a high-income that’s growing slowly. But the Morrison Government is telling anyone that will listen that we
The public health response with Professor Peter Doherty
In this episode we’re privileged to bring you some special guests from our ‘Economics of a Pandemic webinar series: immunologist and Nobel Prize Laureate Professor Peter Doherty and our chief economist Richard Denniss talking about the public health response to Covid-19.Professor Peter Doherty was awarded the Nobel Prize in Physiology or Medicine jointly with Rolf
Future Fund has a super solution
Bank bashing is always popular in Australia and it’s by no means confined to one side of politics. It was the former prime minister Malcolm Turnbull who introduced the big bank levy and gave us the royal commission into misconduct in the financial services industry. And, just last week, Scott Morrison and Josh Frydenberg reportedly “slammed” the big banks for being slow to process loan applications from small businesses waiting to receive their share of the promised $130bn jobkeeper wage subsidy payment.
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
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
How long the lockdown lasts is not just a medical question – it’s a democratic one
by Richard Denniss[Originally published on the Guardian Australia, 15 April 2020] Just as economists should never be used to tell Australians what kind of society we “must” live in, medical scientists, and indeed climate scientists, should never be used to tell us what we “must” do. The role of experts is to inform us about
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,
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