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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?
How much financial strain can a system tolerate? With families simultaneously staring down the four horsemen of wage stagnation, higher prices of goods, higher bills, and higher mortgage repayments, something’s got to give.
The world is facing cross-currents: a collapsing financial system that is balanced by the benefits of massive, long term improvements in production efficiencies, mainly because of technological advances. It is a bad news/good news story that can only be seen accurately if the intractable errors of contemporary economics are jettisoned. We are in a battle between finance fictions and reality.
For Europe, especially Germany, there should be enough gas in storage to limp through winter but by next spring there may be severe trouble. The leaders of Europe and the United States expected that they would win the economic war against Russia and force the invader to withdraw. Not only did that not happen, it is likely to lead to severe unintended economic consequences.
Those who suggest that gatherings like the Jobs Summit are not worth the time overlook the possibility of long-term solutions being found through people coming together and talking. Much of the talking was done, of course, prior to the Jobs Summit. But the date in the diary focusses the mind; preparatory conversations start to refine a common understanding of what is being sought, and maybe even why.
So far it hasn’t been easy to find a review in Australia from someone who has actually read the sixth and latest book in Rowling/Galbraith’s Cormoran Strike crime series, The Ink Black Heart. l wonder if it is too much to ask for people to simply read books (any books) before holding opinions about them.
The policy of the Labor Government can be described as steady as she goes. This does not mean that it will simply follow the policies of the previous government. Its reading is that the ship of state has been becalmed, responding haphazardly to the political winds with no sense of direction or destination. It had become the ship of fools. The new Government then has committed itself to show that there are captain on board and a competent, disciplined crew that can work together.
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.
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.
Much has recently written about the doctrine of discovery and its bearing on the treatment of Indigenous peoples, particularly in the United States where it grounded an early legal decision. The doctrine enshrined in law claims that the discovery of underpopulated and cultivated lands conferred on the discoverers the right to ownership, and was used to justify colonial occupation of territory in the Americas, Asia and Africa.
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.
Over recent weeks many people have expressed alarm and despondence at the rising number of infections and deaths from COVID. Just as we were enjoying freedom from restrictions we found ourselves encouraged to work from home if possible and to wear masks. The crisis and the recommendations recall the first onset of COVID in Australia. Yet the response of Governments is much less forceful. The differences between the responses and the reasons for them merit reflection.