They should call it MMP not MMT, Modern Monetary Practice, not Modern Monetary Theory. It is happening now. They are creating new money, and in a speech last week, Deputy Governor of the Reserve Bank endorsed and explained it. Michael West reports on the debate over MMT and how it is being used to soften the impact of recession.
The Government and its Covid Commission are pushing a $6 billion gas pipeline while new energy regulator, Clare Savage, calls into question the future of the gas networks. Meanwhile Australians still pay more for gas than customers overseas pay for Australian gas. Michael West reports on the momentous upheaval in energy.
Before the Covid-19 pandemic hit, trust in government had reached its lowest level on record, according to a major study conducted by The Australian National University. Just 25% of Australians said they had confidence in their political leaders and institutions.
Labour hire companies hit pay dirt in the commonwealth public service but workers pay a high price, with underpayment of wages just one. Promotions withheld unless staff sever ties with the public service or signing up to privatised contracts are just some of the other disturbing employment conditions. Michael West reports.
Do the grandchildren really pay the debt? The problem with Scott Morrison’s plan for recovery, and MMT
The Government’s plan for economic recovery is wrong. Michael West investigates Modern Monetary Theory (MMT) and the false assumption that the national Budget is like the household budget, or a business. They are already creating new money while denying the proposition that creating new money will expand the economy; preferring to punish casual workers and Arts students, and pursue austerity instead.
The Government has grovelled to its billionaire donors yet again, killing a Senate amendment to force the richest Australians to disclose their financial statements. Michael West reports on the crusade by independent senator Rex Patrick to hold the Morrison Government and its corporate mates such as the Packers, Murdochs and Lowys while putting property giant LendLease to the sword over its JobKeeper rorts.
Today’s GDP is a sideshow. The real game kicks off in the first week of September when the full devastation of the coronavirus will be revealed. That’s when JobKeeper comes off, when Sally McManus wraps up her negotiations with Christian Porter, when millions of Australians are likely to hit the JobSeeker queue. Michael West reports on the new buzzword “productivity”.
Why is Lendlease claiming JobKeeper? What is Queensland’s largest private sector employer, Blue Care, doing claiming JobKeeper when its revenues from government have actually been rising? Michael West investigates the latest mega-rort by the Big End of Town.
The Murdochs and Packers have got their fingers in the taxpayer honeypot again, this time nabbing nearly $6 million from the Government without a tender for their website Mable. Michael West reports on the latest in corporate welfare.
The government has tossed $130 billion at business, the corporate largesse is dripping all over the big end of town. Even highly profitable $8 billion property developers such as Mirvac are rolling in the free money, yet when it comes to Virgin Australia they are being all punctilious about “letting the market sort it out”. Michael West reports on the future of Virgin.
The fossil fuel giants got a big leg-up today as News Corp, Nine Entertainment, ABC News and Guardian Australia faithfully splashed the latest government gas plans on their front pages.
MWI is a weighted index of the most recent published economic data, daily forward-looking market data and present economic sentiment. It is a blend of indices and financial market prices which both capture where the economy has been and foreshadow where it is headed.
Michael Tanner weighs the evidence as Victorian Premier Dan Andrews charts a way out of the state’s lockdown.
Kate Lundy was an ACT Senator (ALP) for 19 years. In 2012-13, during the Gillard government, she was Sports Minister and held assistant ministerial posts in innovation and technology. Immediately upon leaving politics Lundy took up directorships with a sport technologies network and the NRMA, and was soon appointed to the federal government’s Cyber Security Research Centre board. In addition, from 2016-2018 Lundy was employed by the ACT Government as Defence Industry Advocate. While in this role she became a director of Electro Optic Systems, a Canberra-based weapons systems manufacturer, which exports its products to Saudi Arabia and the UAE (both countries are accused of war crimes in Yemen).
The destruction of the sacred Juukan Gorge caves highlighted the folly of Rio Tinto’s decision-making in moving its headquarters to the UK, a world away from local knowledge and in breach of the original merger conditions. It’s time Rio ended the remote-control management and returned its team to the country that provides the bulk of its profits, writes Shane West.