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The ABC’s recent Q+A housing special left many questions unasked and unanswered. Labor, Coalition and Green MPs all say they want more people to be able to buy their own homes. The most obvious way to achieve that would be to reduce the price of housing. Yet no politician will make that an explicit policy aim.
Much of the discussion about tax reform is about the mechanisms of collection; around changes to things like negative gearing, stamp duty, land tax, capital gains tax, and superannuation. But what is missing is a statement of values about what we expect our tax system to fund.
As Western economies grapple with soaring inflation rates, the once steady financial landscape is shifting, revealing looming challenges beneath mounting global debt. Amid 'Great Reset' calls, many face an uncertain future where the true cost of living is set to be redefined.
Amid Australia's unprecedented housing crisis, there's an urgent need for increases in social housing. However, political wrangling hampers the progress of crucial legislation. With 640,000+ Australians facing housing stress, advocates stress the need for immediate action as a starting point towards comprehensive reform that treats housing as a basic human right.
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?
In purely economic terms, the upcoming Federal election is extremely unusual. The shut down of the Australian economy for almost two years because of health measures really has no precedent in our history. Only war can produce that type of shock. The Federal government’s financial response was as extreme as the state of emergency measures, including a sharp increase in Australian government debt. It remains to be seen, however, if the government gets much credit for injecting so much free money into the economy. It is unlikely.
In July, Anthony Albanese announced a significant change of stance on Labor tax policy which was disappointing, if not surprising. An elected Labor government, Albanese promised, would keep the coming high income tax cuts he previously opposed. This decision to not oppose the government proposal to restructure the income tax system through reduced marginal rates is supporting a government policy that will lead to a significant redistribution of wealth towards high income earners.
The significance of having a sanctuary has been heightened during the last months of living with the threat of COVID-19, which starkly highlights the experience of those Australians who do not have a sanctuary, who do not have a home to shelter in.
The COVID-19 pandemic is starting to ease, but the economic and financial fall out has just begun. It is not as if the world economy was in good shape before economic activity was slashed and entire industries were shut down. Those fault lines are only going to worsen, and the consequences might be very dark.
The world-wide chaos caused by the outbreak of the coronavirus has underlined a lesson that was only partly learned in the Global Financial Crisis of 2008. In a more interconnected world the understanding of system-wide risk needs to be much better than it is.
We are expected to believe that all those perceived Labor failures, plus the massive anti-Labor Clive Palmer campaign and the attraction of some positive Coalition policies, only shifted a little over one Australian in every hundred, though more in some states like Queensland and some individual seats. That analysis can't be right.
The Australian economy rests on a decades-long property gamble that has disenfranchised younger generations. It is why the differing policies of the two major parties at the federal election take on an unusual significance. The voters' choice will go a long way towards determining if that generational split will get better or worse.
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