Economy

The long-term average rise of the Australian Bureau of Statistics (ABS) wage price index is 3.6%. In the first half of this year, it increased at an annualised rate of only 1.7%. The latest National Australia Bank quarterly business survey shows labour costs have been rising at an average annualised rate of 1.5% since the last quarter of 2012. This compares with an average of 3% a year between 1998 and 2008.

Since the start of the year, many newspapers have dedicated article after article to predictions of a looming demise of South America's so-called “Pink Tide” The term “Pink Tide” is used to refer to the wave of left-of-centre governments elected in South America in recent years. Several such governments have recently been up for re-election. Pollsters and commentators alike argued that for many, their time in government was up. Instead, on October 26, Brazilians re-elected Dilma Rousseff as president, ushering in a fourth consecutive Workers’ Party administration.

Ezekiel Ox is a long-term singer-songwriter and activist for social justice. He has a reputation for energetic live performances across Australia, the United States and Britain with bands such as Full Scale, Mammal and Over Reactor.

I must admit that I don’t know one end of a soccer ball from another, but having read this book I don’t care. I’m now passionately interested in this extraordinary German football club, FC St Pauli, with its skull-and-cross-bones emblem.

The United Nations General Assembly voted overwhelmingly for the 23rd time on October 29 to condemn the decades-long United States economic embargo against Cuba. Reuters said that day that many nations praised the socialist country for its response in fighting the deadly Ebola virus that is ravaging west Africa. Cuba has sent hundreds of doctors to affected countries in west Africa.

Edinburgh’s Augustine United Church is a pretty cold place when the wind is howling, as it was when the Scottish Socialist Party (SSP) held its annual conference there on October 25.

The authority responsible for managing the East West Link has sent residents in inner-city Melbourne an eight-page brochure extolling the virtues of the new motorway. The newsletter says that work is set to commence on the project to build 4.4 kilometre twin tunnels between the Eastern Freeway and City Link in Moonee Valley. It would create about 3700 jobs, including 150 for automotive workers facing unemployment from the closure of Ford, General Motors and Toyota plants in Melbourne and Geelong.

Leaders from the Landless Peasants' Movement (MST) and the Homeless Workers' Movement (MTST), powerful social movements in Brazil, have declared their intentions to increase their mobilisations this coming year in the afermath of the presidential elections. The Workers' Party (PT) candidate and incumbent Dilma Rousseff won the second round of Brazil's presidential elections on October 26 with 51.6% of the vote. The pledge for greater mobilisation is in sharp contrast to the decisions of these movements to suspend political actions after the first PT government was elected in 2002.

Predictions by pollsters and commentators that Evo Morales would easily win Bolivia’s October 12 presidential elections were confirmed when he obtained more than 60% of the vote. Most, however, differ over why, after almost a decade in power, Morales’ Movement Towards Socialism (MAS) continues to command such a huge level of support. Their explanations tend to focus on specific economic or political factors, such as booming raw material prices or the MAS’s ability to control and co-opt the country’s social movements.

Thousands of Venezuelan youth and supporters of the United Socialist Party of Venezuela (PSUV) government took part in a march on October 18 against terrorism and for peace. The youth march was organised in response to the assassination of Robert Serra, a 27-year-old PSUV parliamentarian and Chavista. Serra was murdered along with his partner Maria Herrera in their home on October 1. The demonstrators filled the streets of Caracas to take their demand ― that lawmakers officially declare the murder of Serra as an act of terrorism ― to the National Assembly.

For 48 hours, it looked as if Thursday, October 16, 2014 might join similar October Thursdays in 1907, 1929 and 1979 as another dramatic moment when sharemarket panic triggered economic downturn. However, it was not to be. The US$3 trillion slump in world sharemarket values in the first two-and-half-weeks of October had, by October 24, been partially reversed by a coordinated effort of “calm engineering” by central bankers. But how long can that treatment ― whose message to the gambling fund managers is that interest rates will stay low ― succeed?

Malala Yousafzai, the 17-year-old Pakistani activist, has won a well-deserved Nobel Peace Prize, putting her and her amazing, tragic story back in the spotlight. But as usual, the corporate media have taken this positive development and exploited it in the service of US imperialism. The corporate media love talking about Malala's remarkable bravery and strength in standing up for girls' rights to education ― and highlight the brutality of the Taliban forces that tried to assassinate her on her school bus.