The November 26 announcement that the sovereign fund Dubai World would require a six-month pause on payments on its US$60 billion debt sent tremors through international stock markets.
Graham Matthews
Do you have that sinking feeling? As though you have to run faster just to stand still? Are you having increasing problems making ends meet? Well, you’re not alone. It’s official — wages growth has fallen behind inflation. While the economy goes through “recovery”, we’re going backwards.
On November 12, the Australian Bureau of Statistics (ABS) released labour force figures for October that showed unemployment had increased by 11,100 to 690,000 people. At the same time, monthly aggregate hours worked fell by 1.9 million hours (to 1521.1 million hours) from September.
On November 6, the Maritime Union of Australia (MUA) and the mining division of the Construction Forestry Mining Energy Union (CFMEU) announced they would jointly donate $10,000 to the 78 asylum seekers aboard the Oceanic Viking.
“What threatens Australian workers is the abuse of guest workers and the use of guest workers to drive down Australian workers’ wages and conditions”, Dave Noonan, national secretary of the construction division of the Construction Forestry Mining Energy Union (CFMEU) told Green Left Weekly.
The Mid-Year Economic and Fiscal Outlook (MYEFO) released by the federal Treasury on November 2 is upbeat. Revising the May budget’s projections for the Australian economy, it predicted unemployment will peak lower, growth will be higher and inflation will be under control.
NSW Technical and Further Education (TAFE) teachers have continued their industrial campaign against an unfair award imposed by the NSW Industrial Relations Commission (IRC), which would have TAFE teachers work an additional five hours a week, and teach an additional 36 hours a year, with no right to refuse.
It seems like only yesterday we were being exhorted to spend. Pensioners, parents, homebuyers and workers were plied with “free” money from the Labor government and asked to go and spend it to save the economy.
The Fair Work Ombudsman (FWO) — the new name for the Howard government-established Workplace Ombudsman – has launched its first prosecution against a union for “unlawful” industrial action.
The Centre for Independent Studies (CIS) — a right-wing economic think tank — released its What’s Next for Welfare-to-Work? report on October 15. As part of a strategy to push more people off welfare, the report called for a fall in the minimum wage and a tightening of eligibility rules for the Disability Support Pension (DSP).
In May last year, federal Treasurer Wayne Swan announced the formation of the Australia’s Future Tax System Review, to be run by Treasury secretary Ken Henry. When the Henry review reports to government in December, its recommendations are likely to leave the wealthy smiling and the rest of us grinding our teeth.
One hundred people gathered at Parramatta ferry wharf on October 9 to call on the NSW government to abandon plans to privatise Sydney Ferries. The protest was organised by Save Our Sydney Ferries, a coalition of unions and public transport support groups.
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