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A shift is afoot in the west's financial markets that represents the most important economic change since the emergence of the new financial instruments in the 1990s that ultimately led to the global financial crisis. It is likely to result in a new way of thinking about money, which will change the substructure of developed economies.
There's a lot of work to be done to ensure the Australian government has the best guidance it needs to prepare the policies and deliver the services Australians urgently need. To strengthen ourselves into making that contribution, let's begin by rejecting 'brutal retail politics' and instead champion generous community expertise.
The digital currency Bitcoin consumes more electricity per year than New Zealand. Yes, the entire country. Escalating energy intensity is actually a security feature of the currency. With the related carbon dioxide emissions from this escalating electricity consumption, Bitcoin is a formula for climate change catastrophe.
If politics is theatre, climate politics is a family drama. For the last decade we've watched two rival households having the same endless argument. Political journos call it the 'climate wars' and mostly focus on the lead actors standing in the spotlight - in the Western narrative tradition, characters drive events. Almost no one has noticed the scenery change. Stagehands dismantled the backdrop years ago, but politicians have carried on as if the same circumstances existed when they started this charade.
It was as if Australian politics had regressed four years overnight. No sooner had Labor released its new climate change plan than the Coalition was resuscitating Tony Abbott's 'carbon tax' line. The Coalition's attempt to revive the defining debate of the 2013 federal election won't work. As other commentators have noted, Labor's plan has been carefully crafted to avoid the carbon tax sledge. More importantly, external factors have changed to make a scare campaign less potent.
The vitriol with which much of the liberal mainstream media responded to Tony Abbott's Margaret Thatcher memorial speech last month confirmed what many rightwingers have been claiming: that Abbott's problem was not his policies, but his inability to sell them. As communicators, he and Turnbull are poles apart. To date, the most striking achievement of the Malcolm Turnbull confidence trick is that he's rewarded for his apparent progressivism, even when he speaks explicitly against it.
So many chances, so many slips. After building a reputation as a good guy politician on Sunrise with his 'good mate' Kevin Rudd, he blew it by rescuing Rudd from drowning in a flooded river on their well-publicised Kokoda Trail expedition in 2006. Kevin 07 went on to prove he could win an election but not run a government. In memory of the kindly smiling television entertainer Hockey once was, let us hope his diplomatic success will turn on his need to be liked, not his native political acuity.
The Greens' leadership transition is seen as a switch from hard-line ideology to political pragmatism. Previous Greens leaders have been fond of judgmental rhetoric, somewhat foolishly referring to those in the high-level carbon emitting legacy industries as 'polluters'. Perhaps Richard Di Natale will give such counter-productive personal abuse a rest. Showing mercy to the polluters' may yield surprising turnarounds such as AGL's recent moves from coal to solar energy.
Jacqui Lambie has resigned from the Palmer United Party, apologising to the nation for weeks of acrimonious sniping and instability in parliament. We can understand the hostility of the major parties, and even the Greens, to independent and PUP senators who took office mid-year. But it is not in their self-interest to try to exploit differences and to weaken and destabilise the newbie senators.
The salary packaging and car manufacturing industries resented not being consulted about changes to fringe benefits tax rules. But as treasurer Chris Bowen said when he shrugged off the criticism: 'This is a matter of the integrity of the tax system.' A tax system that makes compromises with sectional interests is by definition corrupt and turning its back on the common good that it has been set up to serve.
Voters find it difficult to buy ideas wholesale when they don't make sense in retail. Imagine a voter who would like to see the Labor Party build on reforms in education and health but cannot abide its policy on asylum seekers. This is where the focus on personalities actually matters. Much of the dissatisfaction with leaders ultimately rests on a public assessment of the way policies are prosecuted.
Kevin Rudd told colleagues during the week that he would not 'lurch to the left' on asylum seekers. Foreign minister Bob Carr was on message when he said there's been a change and most boat arrivals are now economic migrants rather than genuine asylum seekers. He is boldly asserting that the Rudd Government's moral credentials are intact by framing boat arrivals as a law and order matter and not a moral issue.
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