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Economics
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June 2022
Foreign investment in Australia
New research reveals the companies profiting from the $62.5 billion LNG industry exporting Australian gas – a key driver of shock domestic gas prices for households and business – are on average 95.7% foreign owned. The research also reveals that the top 20 ASX listed companies in Australia are, on average, 80% foreign owned, with US ownership alone almost triple Australian
March 2022
Give Me Money
The Business Council of Australia (BCA) is again proposing a cut in company tax rates. There is little that is new: the BCA has been advocating this proposal or a similar one ever since it came into existence in the early 1980s. Currently, the BCA proposes to cut by way of increasing the threshold below
October 2021
Bending the Trend
The Morrison Government has released a ‘whole of economy plan’ to achieve net zero emissions by 2050. While they are yet to reveal the underlying economic modelling on which the plan was based, it is still possible to consider the plausibility of the results of the modelling even when the assumptions behind the modelling remain
August 2021
Principles of a good tax
How we tax has a big impact on our society. The decision of what and how much to tax is important. This paper provides policy makers with five principles to evaluate our taxation choices.
May 2021
Funding High-Quality Aged Care Services
Implementing the recommendations of the Royal Commission into Aged Care Quality and Safety will require additional Commonwealth funding of at least $10 billion per year, and there are several revenue tools which the government could use to raise those funds. While the Royal Commission’s 148 recommendations were not explicitly costed, the Centre’s report shows that
Missing a Stitch in Time:
Australia’s electricity industry constitutes a large and critical component of our national economic infrastructure. The industry produces $25 billion per year in value- added. It employs around 50,000 Australians, paying out $6 billion per year in wages and salaries. It makes $45 billion in annual purchases from a diverse and far-reaching supply chain, that provides
April 2021
How to make the Budget less sexist
Budget policy has traditionally advantaged men over women. This paper makes seven recommendations on how to improve women’s economic security and use the budget as a tool to reduce gender inequality.
February 2021
Google’s Assessment of Google
This paper examines claims by Google and its consultants that the company generates massive economic benefits for Australia—$39 billion for business and $14 billion for consumers. These claims are massively overstated and, as might be expected, negative aspects of Google’s practices are not acknowledged.
July 2020
JobKeeper: A proposal for clawing back unnecessary spending
Rather than dumping JobKeeper, we can reform it in such a way that more of the payment is clawed back by the government and that can be done by making it taxable at a much higher rate than other business income. This can be achieved very quickly, merely by increasing the rate at which JobKeeper
Gender experiences during the COVID-19 lockdown
The health response to COVID-19 has resulted in large increases in measured unemployment and underemployment as well as large falls in the total number of hours worked. While the size of these labour market effects has been widely discussed, the gender distribution of these impacts has not.
June 2020
Government debt won’t hurt us
Treasury forecasts unemployment rising to 10 per cent in the June quarter and that without the JobKeeper allowance unemployment would be 5 per cent higher at 15 per cent. The Government responded with a series of spending packages with a cumulative total of $193.6 billion. That inevitably means more deficit spending over and the next
May 2020
Inquiry into Foreign Investment Proposals
The Australia institute is pleased to make the present submission to the Senate Economics Committee Inquiry into foreign investment proposals. This submission begins with some general thoughts based on earlier work at The Australia Institute. We note that Australia’s history has included rigorous debates about foreign ownership of the Australian economy. Sometimes that debate has taken
‘Snap back’ or slide down: The impact of a 10 percent recession on the growth path for Australian GDP
If the Australian economy shrinks by 10 percent in the first half of 2020 it will likely take at least 21 months before Gross Domestic Product (GDP) reaches the levels achieved in the December quarter of 2019. Australia has never experienced such a deep and long-lasting reduction in the level of its national income. In
April 2020
Design Principles for Fiscal Policy in a Pandemic
The economic crisis brought on by the coronavirus pandemic requires fast, large, effective and well targeted fiscal stimulus. While the size of the government’s initial three spending packages is appropriate as an initial response, both the shape of that response and the design of future spending measures need to be carefully evaluated. This paper argues
A generous increase in Newstart?
On Sunday 22 March the Prime Minister, Scott Morrison, and Treasurer, Josh Frydenberg, announced a package of measures as part of their Economic Response to the Coronavirus (ERC). That response included a new Coronavirus Supplement to the Jobseeker Payment (formerly Newstart) to be paid at $550 per fortnight. This is a significant and unprecedented increase in
March 2020
The Budget Surplus Objective
December 2019
Airports
November 2019
Tolerate Unemployment, but Blame the Unemployed
October 2019
Adequacy of Newstart – Submission
‘Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing, and medical care and necessary social services’. The Universal Declaration of Human Rights, Article 25
September 2019
Monetary policy is spent: It’s fiscal policy or bust
Monetary policy is recognised as being less effective as official interest rates approach zero. There are two main reasons. First, spending in Australia on investment is not very responsive to reductions in interest rates. Second, any reduction in official interest rates is mediated by the banks and other financial institutions. For practical reasons deposit rates
May 2019
February 2019
Inquiry submission: Abolish the cashing out of franking credits
Dividend imputation was introduced by the then Treasurer Paul Keating in 1987 with the aim of eliminating the so-called double taxation of company income. Under dividend imputation the individual who receives dividend income is taxed but receives credit for company tax paid by the company. Company tax paid by the company is imputed to the
January 2019
The Costs of Market Experiments
October 2018
Australia, we need to talk about revenue
Introduction The debate in Australia about the Federal Government’s Budget has too often focused on what spending will get cut to fund what tax cuts. Australia has also obsessed which Treasurer will deliver a budget surplus in which year. What has been lost in this simplistic debate is that tax is the price we pay
September 2018
Review of the rate of return guideline for energy
This submission responds to the call for submissions on the draft rate of return guidelines as set out by the Australian Energy Regulator (AER). The consumer groups have complained that the regulated entities are very profitable and attribute that to flawed methodology on the part of the regulator. We want to support that and follow