As the demand for Australian farm products skyrockets in Asia, corporate Australia is buying up drought-crippled but viable rural properties at bargain prices.
In its latest federal budget, the Tony Abbott Liberal-National government announced the setting up of a $5 billion “concessional loan facility” called the Northern Australia Infrastructure Facility. The proposal has been condemned by environmental and Aboriginal rights groups.
Joe Hockey may have been hoping that his spin about a "dull" budget would lull the public into a stupor, but the budget is anything but dull if you're a woman, a parent, pregnant, a student, a pensioner, on welfare, need legal aid or are unemployed. The government faced significant, organised, public opposition to its 2014 budget measures, many of which failed to pass in the Senate. It was forced to back down on a number of policies, however it is under increasing economic pressure to get its neoliberal agenda through.
New mothers will be pushed to return to work sooner and non-working families will be punished by having childcare subsidies reduced in the government’s latest budget. Treasurer Joe Hockey chose Mother's Day on May 10 to announce that almost 80,000 women will have their existing paid parental leave slashed, saving $1 billion. At the moment the government provides 18 weeks of paid parental leave at the minimum wage of $600 a week.
At the G20 meeting held in Brisbane last December, Treasurer Joe Hockey unveiled his blueprint for the Australian economy. It came in the form of a document grandiosely titled The Comprehensive Growth Strategy. This was Australia’s contribution to the G20’s strategy to raise their overall economic output by 2% over the next five years. So it must have come as a surprise to cigar-smoking Joe that when the IMF and OECD looked at the fine print of his document and reached for the abacus they concluded that it would, if implemented, add only 1.2% to economic output.
The federal Treasurer Joe Hockey has foreshadowed further major cuts to public sector jobs and services in the Mid Year Economic and Fiscal Outlook (MYEFO) released on December 15. The MYEFO is an update on the draconian federal budget brought down by the treasurer in May this year.
There is a lot of hype about so-called pain in this budget, and sure, not everyone comes out a winner. But, basically, as long as you are not a young person or an old person, you should be fine. Or a middle-aged person who plans on getting old. Or a public servant. Or a farmer. Or someone who wants to study at university, or who owes money from past study.