On February 27, the federal government received a report on the review of the pensions system conducted by Jeff Harmer, the head of the families and community services department.
Graham Matthews
With the looming downturn, the federal government expects that a further 300,000 people will be on the unemployment line by the middle of 2010. It expects that the unemployment rate will reach around 7%, around 800,000 people. Others have predicted unemployment could reach as high as 9%.
Pacific Brands — manufacturer of Bonds, Yakka, King Gee and other clothing brands — has decided to close a number of smaller brands and restructure its business, with the slashing of 1850 jobs over the next 18 months across Australia.
Government has a responsibility to restore full employment by making an “unconditional job offer” at a liveable minimum wage to all who want to work.
Australian Bureau of Statistics figures released on February 18 showed that retail sales increased by 0.8% (seasonally adjusted) in the December quarter.
In minutes released of its February 17 board meeting, the Reserve Bank of Australia flags that its cuts to official interest rates may slow. It seems that the financial gurus at the RBA are unhappy that their cuts to interest rates (passed on only in part by the banks to home-buyers, and even less to credit-card debtors), have failed to stimulate enough spending.
The federal government’s $42 billion Nation Building and Jobs Plan stimulus package passed the senate on February 13 with the support of the Greens, Family First Senator Steve Fielding and independent Nick Xenophon.
In a 7000-word essay published in the February Monthly magazine
Greens NSW MLC John Kaye has highlighted the massive inequity in school funding, citing the submission by Sydney Grammar School one of Australias wealthiest schools of plans to build a new $23.5 million assembly hall.
On February 3, the federal government launched its second economic stimulus package of $42 billion, to be spent on special grants to individuals, businesses and schools.
On January 27, a day before heading off to the exclusive Swiss ski-resort of Davos for the World Economic Forum, deputy PM Julia Gillard met with representatives of charities and social service providers to discuss improving government support for the unemployed.
On January 19, Access Economics interrupted the rosy consensus among economists that the Australian economy may avoid recession, arguing that the economy was already contracting and would fall into recession within the first three months of 2009.
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