Latest Economy & Markets Stories

Hayne gets last laugh as “Your Future Your Super” laws deliver for small punters over big bank pals

Hayne gets last laugh as “Your Future Your Super” laws deliver for small punters over big bank pals

The new “Your Future, Your Super” legislation avoided the most egregious of changes proposed by the LNP Government. YFYS will simplify and streamline the $3 trillion super system, fix “zombie accounts” and spark fund takeovers, writes Harry Chemay. The changes go some way to addressing a key question posed during the Hayne Royal Commission: “what do trustees do in the dark with our super?”

Budget Spin: Labor’s debt a ‘disaster’; Coalition’s debt, three times larger, ‘sustainable’

Budget Spin: Labor’s debt a ‘disaster’; Coalition’s debt, three times larger, ‘sustainable’

When gross debt was 16.8% of GDP in 2013 under Labor, the Coalition condemned this as “spiralling out of control” and a “debt disaster”. Now, debt at 40.2% and rising to 50% of GDP under the Coalition is “strong and sustainable”. Either the Coalition was lying then or it is lying now. Or both. The hypocrisy is galling. Alan Austin reports.

JobMaker scheme fails youth as super accounts drained and JobKeeper bypassed gig economy

JobMaker scheme fails youth as super accounts drained and JobKeeper bypassed gig economy

The Coalition government’s signature employment policy for young people JobMaker has created just 609 jobs. And thanks to the flawed design of JobKeeper, which shut out many young people from key financial support, superannuation accounts were emptied, for which the young will pay a heavy price down the track. Kathryn Daley, Belinda Johnson and Patrick O’Keefe report.

Crooked Consulting: EY and Deloitte spruik climate on one hand, the explosion in new coal projects on the other

Crooked Consulting: EY and Deloitte spruik climate on one hand, the explosion in new coal projects on the other

Australia is ramping up a slew of new coal projects just as global demand for coal is in retreat. It’s justified by dodgy “independent expert” reports from the likes of Big Four firms Deloitte and EY. Luke Stacey and Michael West report on the flawed economics of overpaid government consultants which justifies the rush to produce new coal despite a coal market in decline.

AUSTRAC muzzled by Canberra as Australia defies global money-laundering authorities

AUSTRAC muzzled by Canberra as Australia defies global money-laundering authorities

AUSTRAC has held Australia’s largest companies to account while other regulators with vastly more resources cowered and eyed the “revolving door” of private sector jobs. In the past three years, AUSTRAC has delivered taxpayers more than $2 billion in penalties for anti-money laundering breaches. One would expect AUSTRAC to be riding a wave of political support. Not so, writes Nathan Lynch.

Crocodile tears no mask for Coalition’s economic war on women

Crocodile tears no mask for Coalition’s economic war on women

Well may Scott Morrison tear up as he relates how his daughters, wife and widowed mother drive his every decision. The facts are that every move of the Coalition government ensures women are poorer, more insecure at work and more vulnerable to violence on the job. The Industrial Relations bill pushed through last week is a final nail in the coffin for women. Alison Pennington reports.

Vaccine Hoarders: poor countries at risk as Australia & co block Covid vaccine

Vaccine Hoarders: poor countries at risk as Australia & co block Covid vaccine

Australia. the US, the UK and the European Union are refusing to waive intellectual property rights to Covid-19 vaccines so developing countries can produce the vaccine locally. This refusal, in the face of vaccine hoarding by rich countries, is likely to cause millions more deaths because of slower access to a vaccine. It is also extremely short-sighted because long delays in global vaccination will enable more powerful variants to emerge. David Legge and Sun Kim report.

Housing Hypocrites: Tim Wilson’s housing affordability crusade just an assault on super

Housing Hypocrites: Tim Wilson’s housing affordability crusade just an assault on super

Liberal MP Tim Wilson is the latest Coalition politician to cry crocodile tears over the housing affordability crisis, calling for Australians to access their superannuation to buy a house. Wilson’s call however is supreme hypocrisy, writes Elizabeth Minter. Coalition policies – including negative gearing, property subsidies, money-laundering, super fund borrowing and banking and lending standards – are ample evidence.

Donald Trump deserted by corporate funders now regulations are gutted and tax breaks banked

Donald Trump deserted by corporate funders now regulations are gutted and tax breaks banked

Corporate America is frantically distancing itself from Donald Trump in the dying days of his presidency after spending four years financing him, enjoying his tax giveaways, his attacks on workers and gutting of regulations to fatten corporate profits. Elizabeth Minter reports on the rank hypocrisy, even extending to Scott Morrison’s top adviser on Covid-19 economic recovery.

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