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Pages tagged "the economy"


Challenges await Australia’s new Tax Commissioner

by Miranda Stewart

In January 2013, Mr Chris Jordan AO starts as Federal Commissioner of Taxation in charge of the Australian Taxation Office (ATO). He follows Mr Michael D’Ascenzo AO, who was not reappointed after his seven-year term.

Mr Jordan will be only the 12th Commissioner and only the second external appointment in the ATO’s history. All appointments have been male. The first Commissioner, George McKay, appointed from the New South Wales public service in 1910, seems to have died from overwork in 1917 after administering on a shoestring the federal land tax and income tax introduced in 1915 to help fund World War I. The next Commissioner, Robert Ewing, appointed an assistant commissioner to help. In his 22 year innings until 1939, Mr Ewing oversaw a new federal estate tax, payroll tax, and the turbulent time before World War II, when the federal government took over the income taxes of the States.

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Sharp rise in youth homelessness shatters stereotypes

by James Farrell

The number of Australians who were homeless on census night increased by 17% to 105,237 in the five years to August 2011. When adjusted for population growth, the increase the increase is still worryingly high, at around 8%. It’s clear we need a stronger commitment to address this significant social issue.

The census data, released this week by the Australian Bureau of Statistics (ABS), continues to shatter the stereotype of homelessness: the middle-aged alcoholic or drug-addicted man sleeping in a park.

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Spotlight back on PPPs as BrisConnections falters

by Flavio Menezes

News that BrisConnections, which operate Brisbane’s Airport Link M7, has suspended trade on the ASX as it continues to talk with its debtors is likely to again lead to a debate about the role of Public-Private-Partnerships – or PPPs – in providing government infrastructure.

PPPs have been criticised in the wake of several high profile failures including Sydney’s cross-city tunnel, Brisbane’s Clem 7 tunnel and the consortium building the Ararat prison in Victoria, as well as the high cost to the public of PPPs undertaken in the 1980s and 1990s.

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The ‘Self-Made’ Myth and Our Hallucinating Rich

In real life, working hard only takes you so far. Those who go all the way — to grand fortune — typically get a substantial head start. So documents an entertaining, baseball-themed new analysis of the Forbes 400.

Let’s cut Mitt Romney some slack. Not every off-the-cuff comment the GOP White House hopeful made at that now infamous, secretly taped $50,000-a-plate fundraiser last May in Boca Raton reveals an utterly shocking personal failing. Take, for instance, Mitt’s remark that he has “inherited nothing.”

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News From George Soros' Berlin Conference - Economists Discover Human Beings!

by Lynn Parramore

Could economists be leaving behind their mechanistic paradise for the messy, unpredictable human world? 

Economists are peculiar creatures. Last week a large posse of them descended on Berlin for the third annual conference of the Institute for New Economic Thinking (INET), a think-tank co-founded by investor and philanthropist George Soros in 2009 in the wake of the global financial crisis.

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Moving beyond political soap opera

by David Hetherington

A debate over fair distribution of Australia’s mining income gives Labor a platform to reconnect with ordinary voters on national values

Australia’s Gillard government resembles a half-written political drama, but the most creative scriptwriter would struggle to pack in the twists and turns that have marked its first 18 months in office.

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The Precariat – The new dangerous class

by Guy Standing

For the first time in history, the mainstream left has no progressive agenda. It has forgotten a basic principle. Every progressive political movement has been built on the anger, needs and aspirations of the emerging major class. Today that class is the precariat.

So far, the precariat in Europe has been mostly engaged in EuroMayDay parades and loosely organised protests. But this is changing rapidly, as events in Spain and Greece are showing, following on the precariat-led uprisings in the middle-east. Remember that welfare states were built only when the working class mobilised through collective action to demand the relevant policies and institutions. The precariat is busy defining its demands.

The precariat has emerged from the liberalisation that underpinned globalisation. Politicians should beware. It is a new dangerous class, not yet what Karl Marx would have described as a class-for-itself, but a class-in-the-making, internally divided into angry and bitter factions.

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Republican liberty and the future of the centre-left

by Michael Lind

The dominant tradition in popular politics is infused with the values of republican liberalism.  The contemporary centre-left, influenced by a mix of residual Marxism and technocratic progressivism, has ceded this ground to conservatives and libertarians, losing elections and popular appeal in the process. A twenty-first century centre-left needs to reclaim the tradition of republican liberty as its own.

The centre-left in Europe and North America is in a state of political collapse and intellectual exhaustion. In recent elections the Labour party lost control of the British government to a centre-right coalition and in the US the Democrats lost the House of Representatives to a resurgent right.  Parties of the right already ruled Germany, France and Italy.  Even Sweden, long the flagship of social democracy, is now governed by conservatives.

The crumbling of social democratic parties on both sides of the Atlantic has much deeper causes than poor leadership or the voter discontent produced by the Great Recession.  It is the culmination of trends going back to the unraveling of postwar social democratic settlements in the 1970s. In Europe and America alike, the industrial working class that supported midcentury social democracy has contracted, as a result of the offshoring of industry, productivity growth and the shift toward services in employment. When the postwar boom came to an end in the 1970s, Keynesian full employment and demand management policies appeared to be discredited. Ronald Reagan and Margaret Thatcher and their counterparts in other countries led a counter-revolution which failed to shrink the size of the state but succeeded in deregulating the economy and marginalising social democrats.

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Liberal social democracy, fairness and good capitalism

by Will Hutton
 
The left needs a new language to differentiate between good and bad capitalism; a radical, shared conception of fairness – based on equity rather than equality – to underpin an economy of reciprocity, proportionate reward and mutual ownership

The European left is bewildered, in denial and in retreat. If electorates should have learned anything over the last two or three years it is that financial capitalism is a menace to itself and the economy and society beyond – and that governments are the peoples’ friend.  It is true that bankers are hardly popular, but opinion has not swung behind the liberal left. Instead, the enemy everywhere is government, debt and deficits − scant reward for being the saviour of the hour.

Opinion polls in Britain show that the majority believe that welfare cheats, immigrants and government waste are to blame for contemporary ills, with bankers a long way behind. It is not a dissimilar story across Europe. This is a tough climate in which to build any constituency for liberal left activism, and indeed the liberal left itself is not wholly certain what any such activism should be. What is socialism anyway? What would a good economy and society look like? And what would the popular values be that underpinned them? Does the left in any European country offer a convincing answer?

In this vacuum ugly nationalist movements are flourishing, and on the left one of the few dynamic elements are the Greens. The conventional left needs to do a great deal better, not least for the working people it purports to represent.

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Let’s Knock Down the Three Pillars of Sustainable Development

Let’s knock down the three pillars of sustainable development!  This wholly misleading picture, promoted at the 1992 Rio Earth Summit, is still around.  The 2012 Rio conference is an opportunity to replace it with a very different picture.  The “three pillars” obscure the real relationship between the economic, the social, and the environmental.  They are not equals.  “The environment” is the physical reality all life depends on.  “The social” is about one of the species within the environment, our own, organising itself.  “The economic” is in turn one sub-set of the social.  Each is nested within the next: economic within social within environmental.

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