Banks are hated for good reasons: they rip off and abuse ordinary customers while helping their richest clients spirit away ill-gotten gains. They help keep the poor poor while making the rich even richer, writes Peter Boyle.
While the rise of the Chinese economy has often been touted as a miracle, many economists have pointed out some alarming risks.
This latest scandal involving Westpac underlines the fact that these banking giants are a law unto themselves, despite the limited role of various regulatory agencies.
Labor’s policy silence has officially been broken with leader Anthony Albanese’s Orwellian vision statement, “Jobs and the Future of Work”, in which he seeks to spells out how Australia can confront the climate crisis and ramp up coal and gas export.
Treasury says the economy is performing “modestly”, Treasurer Josh Frydenberg has dismissed calls for additional stimulus spending & Reserve Bank of Australia chief Philip Lowe predicts growth will return to “trend” over the next year.
So nothing to worry about, right?
The economy is clearly in the doldrums and the situation only looks like getting worse — at least for the poor.
Federal Treasurer Josh Frydenberg's announcement of yet another inquiry into the banking sector is just the latest attempt by the Coalition government to pretend it is doing something about the crimes of the Big Four banks.
National accounts figures released by the Australian Bureau of Statistics (ABS) on September 4 show economic growth was slower over the 2018–19 financial year than at any time in the past 10 years.
In Risking Together, Dick Bryan and Mike Rafferty look at how the financialisation of the global economy has swept up the lives of ordinary people who had nothing to do with playing the financial markets. In the process, their lives have come to mirror the risks of stock exchange, derivative and currency market speculation.
The economic slow down means the Coalition will either abandon its promise of increasing budget surpluses and increase government spending — on infrastructure for instance — to stimulate the economy or it will double down on its commitment to a surplus, necessitating spending cuts. Its track record suggests the latter, writes Graham Mathews.