The Myth of Inter-generational Debt

grandpa-reading-to-kids-intergeneration-tiThe Commonwealth government gross national debt, which currently stands at $421 billion is not debt in the true sense of the word. When the government borrows, it issues Treasury bonds and only accepts payment for those bonds in Australian dollars, not US dollars, not Pounds or Euros.

Read more at: The Australian Independent Media Network

Sweeter than Wine

67d3e3d522131ae133240135878f363eWhile mainstream journalists are frantically trying to work out how they could have got it so wrong and Liberal Party headquarters is already blaming Labor for a dishonest campaign focussed on Medicare, Labor supporters are euphoric.

Read more at: The Australian Independent Media Network


Why the Brexit result should favour Labor

1459860906094In 2008, when the full impact of the GFC became apparent to the then Secretary to the Department of the Treasury, Ken Henry, his advice to prime minister, Kevin Rudd was, “Go early, Go hard, Go households.” Rudd didn’t equivocate. A $40 billion stimulus package that put money into the bank accounts of all taxpayers was devised, approved by cabinet and executed without delay.

Read more at: The Australian Independent Media Network

It’s the Economy, but who actually understands it?

ausvotes-card-dataIf you can believe the current polling, it tells us that most people rate the economy as one of the top three issues in this election. They rate it highly but in reality, they know very little about it.

The average voter understands the economy in the narrow corridor of his/her own circumstances; the mortgage, household bills, savings, credit cards and the like. They also know we borrow as a nation, but few would know how it is done.

Read more at: The Australian Independent Media Network


Full Employment… how a modern economy should operate.

Good ideas are rare these days. Most of what we hear as a new idea is usually one rebranded from long ago and dollied up to sound so refreshing, so original we forget it has been around for decades, even centuries.

The concept of full employment is not new. It has been around for as long as anyone alive can remember, but despite being one that is both economically fundamental and relatively easy to implement, it has not been on the list of policy preferences of any political party since the 1970s.maxresdefault

Read more at: The Australian Independent Media Network


The Folly of Neo-Liberals

38f4548c7f702443cf36ed240a34800dIt is utterly appalling that the deteriorating state of the Australian economy is being swept under the carpet while Malcolm Turnbull and Scott Morrison continually tell the country that they can be trusted to steer us through this so-called transition.

Scott Morrison is using their default language, i.e. spin, to make it sound like we are entering some kind of initiation or rite of passage. It is nothing of the sort.

Read more at: The Australian Independent Media Network

Growth Numbers Conceal a Fragile Economy


To most readers here, it should come as no surprise that the average Australian did not share in the current economic growth the nation experienced over the year to March 2016.

Real GDP increased by 1.1 per cent in the March quarter after recording a 0.6 per cent increase in the September 2015 quarter. This brings the annual growth rate to 3.1 per cent, a number that won’t stop unemployment from rising.

Read more at: The Australian Independent Media Network


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