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When we talk about ‘the economy’, we assume there’s only one worth knowing about: the market economy. That’s why we speak about the economy and GDP in the same breath: we treat the sum of goods and services produced and sold — and the profits we hope they’ll add to the bottom line — as our measure of the health of the nation. Which would be fine if the market economy was the only one that existed.
Despite rising interest rates and the recent dip in property values, Australia’s housing situation places it among the least affordable property market in the world. With a rise in homelessness and younger Australians locked out of an inflated housing market, what is the way forward for Australia?
Financial markets are made up of human beings and human beings have always been storytellers — long before science, or modern finance, or accounting even existed. Accordingly, the main skill of successful analysts, advisers, financial gurus and commentators is the construction of compelling narratives. They are, if not exactly creators of fairy stories, not too far removed from it.
In the midst of the spring racing carnival, online betting companies have been told their advertising will next year need to include warnings about the risk of gambling. The new requirements fall well short of regulation that might meaningfully curb what is become a social norm and cultural marker for many.
Who wields the most power in the world? If one follows the money trail, it becomes clear that Western societies have become ruled by a new type of aristocracy: a management aristocracy.
It is highly doubtful that the Essendon Football Club appreciated the reaction that would occur when it presented its new CEO, Andrew Thorburn, with the option of giving up his role as a lay leader in the City on a Hill Anglican Church or resigning from his role with the Club. Even if many were uneasy about how the issue was caught up in the culture wars, it caused widespread concerns amongst people of faith.
The Way had been a community of homeless people, built around difficult but wonderful characters. It taught me more than I can easily say. It was a world where things were not always as they seemed and people did not fit into little boxes. We had many challenging days and relationships with our guys were seldom easy, but there was an energy that found light in unexpected places.
While the Jobs Summit does not signal the end of neoliberalism, it does signal a political willingness by the Albanese government to begin an inclusive, deliberative process for healing some of the wounds that have been inflicted on ordinary people through the accumulation of superprofits on the one hand and cuts to real wages and the dismantling of social infrastructure on the other.
Now that it is becoming hard to avoid just how much trouble the global financial system is in, it is interesting to speculate about what should be done about it. The first thing to understand about the global financial system is that the assumptions that were used to shape it are demonstrably false.
Despite a post-pandemic bull-run, both the national and international economy are now stalling. Interest rates are going up. Markets are going down. Inflation seems unstoppable. While many factors are to blame for the rising cost of living, a catalysing force continues to be our response to the war in Ukraine.
It is easy to view homelessness from a distance as only a failure of economic policy and of the political responsibility to deliver material goods. A home, however, is more than a house. It connotes connections that are central to humanity. Left without a home people are deprived of more than bricks and mortar; they are diminished in their humanity.
Indicating the Vatican will be stepping up its climate diplomacy, the Holy See is now a formal party to the UN Framework Convention on Climate Change and has declared it intends also to formally join the 2015 Paris Agreement. The Holy See announced that it would be acceding to the Paris Agreement as soon as that treaty’s ‘legal requirements’ allow.