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There has been ongoing reporting of individual instances of bank malpractice and occasional reporting of large scale institutionalised malpractice. Reporting of the banking royal commission hearings has quickened the pace. But nobody, including the media, joins the dots: the key financial institutions are structurally given to corrupt practices, writes Evan Jones.
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Amid the chaos of #libspill, the Coalition government's signature plan to cut the big business tax rate from 30 to 25% for companies with turnover above $50 million was blocked in the Senate on August 22. The vote was 36 to 30.
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Is it any wonder polls show 58% of Millennials think of socialism in a positive way? Many are questioning capitalism, for the simple reason they are wondering how they will be able to afford to move out of home. Housing once was a rite of passage in Australia. Now, it is barely considered a human right.
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Here’s a novel idea: Instead of politicians voting themselves another pay rise, how about we give them a pay cut? A real pay cut. We ask them to do what a couple of million Australians are expected to do, week in and week out.
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The Newstart Allowance received by Australia’s jobless (if they are lucky enough to get it) stands at $273 a week. The last time it was raised, relative to the Consumer Price Index, was in 1994. Last year, the Melbourne Institute of Applied Economic and Social Research calculated the poverty line for a single adult was at around $510 a week (including housing costs). That corresponds to a present figure of about $521. This means Newstart is now $248 a week below that miserably low poverty line.
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Economy
Economy
