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Economics
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November 2013
SUBMISSION: The MRRT should not be abolished
Submission to the Senate Inquiry into Minerals Resource Rent Tax Repeal and Other Measures Bill 2013.
Hard to get a break?
Problems getting enough work, breaking back into the workforce or getting a break from overwork are taking their toll on millions of Australian workers, making us sick and leading to less productive and enjoyable workplaces. Whether employees are overworked, underworked or out of work, millions are feeling stressed and their mental health and general health
Warkworth Consent Modification 6
In November 2013 The Australia Institute made a submission on the application to modify the consent conditions of Rio Tinto’s Warkworth mine, near Singleton in the Hunter Valley, NSW. This modification allows the mine to expand into areas that the Land and Environment Court had disallowed, as the economic benefits of doing so did not
August 2013
Cut, Cut, Cut
Most politicians claim that creating jobs is top of the agenda – but public sector jobs are a different matter. The Coalition has promised to cut at least 12,000 jobs in the public sector if it wins government, hoping to portray these jobs as superfluous and implying that getting rid of them will make everyone
July 2013
March 2013
Super for some
Superannuation is unlike any other product in Australia. There is no other product that all employees are forced to spend nine per cent of their income buying. In fact, the proportion of income spent on compulsory superannuation is to rise to 12 per cent by 2020. But it is not just individuals that spend a
Time to get engaged with super?
Australians spend more money each week on superannuation fees than they do on electricity, yet only a small portion of those with superannuation pay close, if any, attention to the decisions made on their behalf by their superannuation ‘trustees’. Similarly, while Australian households now hold nearly $1 trillion in institutional superannuation funds few, if any,
February 2013
Corporate power in Australia
Some industries have far more political influence than others, and some political systems are more susceptible to the influence of industries than others. In Australia, the Independent Commission Against Corruption (ICAC) is currently investigating evidence of the links between the previous NSW Labor Government and the mining industry. In the words of Geoffrey Watson, QC,
November 2012
An unhealthy obsession: The impact of work hours and workplace culture on Australia’s health
Australians work some of the longest hours in the developed world – substantially longer than their counterparts in Denmark, The Netherlands and Norway. For many Australians though, work stress is related not to the number of hours worked, but a mismatch between the workers’ desired and actual hours of work, and the inflexibility of these arrangements. This is true for workers across the earning spectrum.
October 2012
Who knew Australians were so co-operative? The size and scope of mutually owned co-ops in Australia
Eight in every ten Australians are a member of a co-operatively owned, or mutually owned enterprise (co-ops and mutuals) such as a road side assistance organisation (NRMA, RACV), a member-owned superannuation fund (AustralianSuper), a mutually owned bank (such as bankmecu) or a consumer cooperative (Co-op Bookshop). Similarly, large businesses such as the dairy co-operative Murray
Cash-in-hand means less cash for states
The introduction of the Goods and Services Tax (GST) in July 2000 by the Howard Government was, we were told, likely to lead to a significant reduction in the size of the ‘cash’ or ‘black’ economy. The 2003 report to the then Tax Commissioner from the Cash Economy Task Force stated: The new tax system
September 2012
Out for a Duck
An analysis of the economics of duckhunting in Victoria.
August 2012
Can the taxpayer afford self-funded retirement?
Australian taxpayers contributed $30.2 billion to the private accounts of that portion of the population with superannuation 2011-12. By 2015-16 this sum is projected by Treasury to rise to more than $45 billion by which time it will be, by far, the single largest area of government expenditure. By 2015-16 the taxpayer contribution of $45
April 2012
Are unemployment benefits adequate in Australia?
The role of unemployment benefits is to insulate people from the severe financial hardship of going to work one day and discovering that they no longer have a job. Few people earning $60,000 per year, raising children and attempting to repay their home loan can afford to remain unemployed for more than a few months
Too much of a good thing? The macroeconomic case for slowing down the mining boom
The Australian mining boom has been driven by rapidly rising world commodity prices. Put simply, the world is now willing to pay much higher prices for our coal, iron ore, gold and other resources than they were 10 years ago. For example, gold prices have risen from about 400 $US/ounce in 2004 to about 1600
March 2012
Justice for all
In order to receive fair treatment through the legal system, it is often necessary to seek assistance from a lawyer. This can be an expensive exercise, depending on the matter to be resolved and one’s capacity to pay for it. The financial costs of pursuing justice can be so high that a great many people
February 2012
The use and abuse of economic modelling in Australia
“When I began the study of economics some forty one years ago, I was struck by the incongruity between the models that I was taught and the world that I had seen growing up” – Nobel Prize Winning Economist Joseph Stiglitz. Economic modelling has, for many people involved in Australian policy debates, become synonymous with
January 2012
Rubbery Figures: An examination of the claimed and likely cost of poker machine reform in Australia
Poker machines play a major role in redistributing income away from those with the least and towards those with the most. According to the Productivity Commission the social cost of poker machines is approximately $4.7 billion per year. Perversely, those who profit most from this most inequitable of income distribution devices often justify the existing
December 2011
An analysis of the economic impacts of the China First mine
The proposal by Waratah Coal to build one of the world’s largest coal mines which will transport its coal through the Great Barrier Reef, in the middle of a mining boom, and at a time when the world is attempting to reduce greenhouse gasses has obviously not been without some controversy. However, despite the obvious
October 2011
What Price Dignity?
It is often said that to retire with dignity in Australia a couple would need a retirement income of around $50,000 per year. In order to help Australians achieve such levels of retirement incomes Australian taxpayers now contribute around $27 billion per year in tax concessions to help boost the retirement savings of so called
September 2011
The Australian wine tax regime: Assessing industry claims
There has been much debate recently about the way that wine sold in Australia should be taxed. The proposal by the Henry Tax Review to move from the current ad valorem tax to a volumetric tax, bringing wine in line with other types of alcoholic drinks, has been fiercely challenged by some in the wine
Mining the truth: The rhetoric and reality of the commodities boom
“The future is in our hands, and it will be defined by the way we handle the current minerals boom. Get it wrong, and we falter. Get it right, and we set the nation up for decades to come.” Prime Minister, the Hon. Julia Gillard The Australian economy, like all modern economies, is diverse and
August 2011
Mining Australia’s productivity
The recent debate about productivity trends in Australia has revolved around the reported decline in labour productivity growth. For example, the new Secretary of the Treasury, Dr Martin Parkinson recently stated: “Australia’s productivity growth, measured in terms of both labour productivity and multifactor productivity, has slowed, and there is little reason to believe it will
What you don’t know can hurt you: How market concentration threatens internet diversity
The internet today stands at a crossroads. Entry into the online marketplace is in theory open to virtually anyone with sufficient technological know-how and a viable business model. As a result, the World Wide Web is now the very model of diversity, with more information, more products and more opinions accessible more easily than through
July 2011
The real cost of direct action: An analysis of the Coalition’s Direct Action Plan
The Coalition has committed to reducing greenhouse gas emissions by five per cent on 2000 levels by 2020. It proposes to achieve this target with a “Direct Action Plan”: a competitive grant scheme that would buy greenhouse gas reductions from businesses and farmers. Over the past decade various Australian governments have announced more than seven
May 2011
On the wrong track: The case for abandoning the promised $7 billion subsidies to Australia’s dirtiest coal-fired power stations
The Gillard Government is committed to introducing a price on carbon pollution by July 2012 however the details of the price, the sectors of the economy that will be covered by the scheme and the design features of the compensation package that is likely to accompany the carbon price are currently being negotiated by the
The rise and rise of online retail
The online retail boom has begun and it is unlikely to abate soon. According to Southern Cross Equities (2010) domestic online retailers have doubled their market share to 4.0 per cent of 2010 annual sales up from 2.1 per cent in 2005. In addition, overseas purchases driven by a strong dollar and falling shipping prices
April 2011
The industries that cried wolf
The introduction of a carbon price in Australia in July 2012 will raise more than $10 billion per year, help influence industrial and household decision making and, inevitably, increase the costs and reduce the profits of some businesses. Such increases in cost and the subsequent change in behaviour are, of course, the objective of introducing
February 2011
Complementary or contradictory? An analysis of the design of climate policies in Australia
Contrary to popular belief, the policies that are most effective in driving down greenhouse gas emissions actually raise revenue rather than cost the budget money. The Gillard Government has recently scrapped, or wound back, a range of policies designed to help reduce greenhouse gasses in order to ensure the budget returns quickly to surplus. These
December 2010
Submission to the Senate Economics Committee inquiry ‘Competition within the Australian banking sector’
On 28 October 2010 the Senate referred the topic of competition in the banking sector to the Senate Economics Committee for inquiry. Terms of Reference Competition within the Australian banking sector, including: (a) the current level of competition between bank and non-bank providers; (b) the products available and fees and charges payable on those products;