June 2020
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,
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”
Super heroes or super villains?
How the secretive trillionaire superannuation funds are using your money to reshape capitalism
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
Transcript – Response to Second Stimulus Package
E&OE TRANSCRIPT — PRESS CONFERENCE 1.45pm SUNDAY, 22 MARCH 2020 MURAL HALL, PARLIAMENT HOUSE Response to Second Stimulus Package Dr Richard Denniss, Chief Economist, The Australia Institute Matt Grudnoff, Senior Economist, The Australia Institute Dr Richard Denniss: The Australia Institute welcomes the announcement by the prime minister and treasurer today of the second round of
How Australia can avoid economic collapse in the wake of Covid-19
For decades, Australians have been sold an imagined poverty. We have been told we need to “rein in” government spending – that if we want to spend more on health or education, we will need to spend less on the age pension or childcare. The Coalition even has an arbitrary cap on the size of
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
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