Articles on Australian economy

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To prevent future pain, the government can’t put off tough decisions on tax. Lukas Coch/AAP

Why it’s time to hike the GST and levy an inheritance tax

The government’s recent budget outlook (MYEFO) confirmed that the Australian government budget is rotten at the core. The government is hopelessly living beyond its means, with expenditure greater than…
It’s been a steady-as-she-goes year for Reserve Bank Governor Glenn Stevens. Alan Porritt/AAP

Rates tipped to stay on hold in final RBA decision for 2014

The CAMA RBA Shadow Board is a project by the Centre for Applied Macroeconomic Analysis, based at the ANU, which asks industry and academic economists what interest rate the Reserve Bank of Australia should…
With the Australian dollar continuing to fall, the local economy is expected to rebalance. Paul Miller/AAP

Falling Aussie dollar to weigh on interest rates decision

The CAMA RBA Shadow Board is a project by the Centre for Applied Macroeconomic Analysis, based at the ANU, which asks industry and academic economists what interest rate the Reserve Bank of Australia should…
A new report from the Parliamentary Budget Office could help Joe Hockey sell his budget. Nikki Short/AAP

Paid parental leave weighs heavily in government spending forecast

Growth in government spending on big-ticket items including Medicare, public hospitals and the aged pension is expected to…
Global action to reduce emissions could threaten Australia’s coal exports. Lock the Gate Alliance/Flickr

Australia’s economy will suffer if we fall behind on climate action

Australia’s economy faces grave threats from climate change, but the greatest threat is if we do not make a serious effort to reduce greenhouse gas emissions. It’s not just the physical impacts of climate…
Treasurer Joe Hockey is busy selling his budget to the electorate. Joel Carrett/AAP

Consumer sentiment dives as government sells budget cuts

Consumer sentiment has tumbled to levels not seen since August 2011, in a post-budget drop economists say does not reflect…
Australia’s state premiers are avoiding a GST discussion. Daniel Munoz/AAP

GST reform a golden opportunity, soon to be missed by the states

This past Tuesday was another bad day for Australian federalism: the Abbott government’s first budget announced the axing of the COAG Reform Council and the withdrawal of a promised A$80 billion from health…
The budget: more that we wanted, less than we need. Lukas Coch/AAP

Trust is not the only deficit

This week’s budget was clearly highly political. The question is what its economic impact will be. My overall assessment is that the Abbott government has burnt too much political capital for too little…
Is Australia on its own ‘Great Gatsby curve’? Victoria Pickering/Flickr

The Great Gatsby days of inequality and social polarisation

In the popular novel of F. Scott Fitzgerald, James “Jimmy” Gatz (The Great Gatsby) climbs from his poor, rural North Dakotan origins to New York’s high society. His parties are as glamorous as they get…
Despite a topsy turvy global economy, inflation has remained stable in Australia. zanoskim/Flickr

Inflation - the dog that didn’t bark

Australia’s cost of living is among the highest in the world, despite our low inflation rate. In this series we explore what consumers can expect from the big ticket items - petrol, power and groceries…
Unemployment is expected to rise in 2014, and some suburbs of Australia will be harder hit than others. eliduke/Flickr

Unemployment … coming to a suburb near you

Australians are heading into 2014 with job vacancies falling, and Australian Treasury forecasts and monthly labour force data all pointing to rising levels of unemployment in the year ahead. Some local…
Prime Minister Tony Abbott may believe economic growth will solve Australia’s budget problem, but Joe Hockey should be looking for solutions elsewhere. Alan Porritt/AAP

Hockey can’t grow us out of trouble: lessons in budget repair

The mid-year budget update released on Tuesday — known as MYEFO — largely tells close observers what they knew already. The Commonwealth budget doesn’t add up. Revenues don’t cover outgoings. The numbers…
All options considered: Treasurer Joe Hockey has unveiled a bleak outlook for the May federal budget. AAP

‘All options on the table’: Hockey unveils MYEFO, experts react

Federal Treasurer Joe Hockey’s first budget update has revealed a massive blowout to the bottom line and a warning of a decade of deficits ahead. The government’s Mid-Year Economic and Fiscal Outlook (MYEFO…
Christmas consumer ritualism: how will Christmas 2013 pan out for retailers? AAP Image/Daniel Munoz

Aussie retailers should get their Christmas wish this year

Consumer Sentiment fell by 4.8% in December, but despite the drop other indicators still point toward a robust Christmas period for retailers. Retail trade recorded its strongest result for three consecutive…
Australia’s unemployment is 5.5%. How does that stack up internationally? APH

FactCheck: is our unemployment rate low by world standards?

“Australia has one of the lowest unemployment rates in the developed world.” - Finance minister Penny Wong, The Drum opinion article, 14 January. Several ministers, including finance minister Penny Wong…
The Accord tried to set the course for alternative economic policy, but despite the talk from Labor figures such as Kevin Rudd and Wayne Swan, this has not come to fruition with the current government. AAP/Lukas Coch

The lessons of the Accord for Modern Times: think outside the box

The Prices and Incomes Accord, that historic agreement between government and unions born 30 years ago, may have disappeared into history. But its most enduring and important lesson arises from its role…

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