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'Intergenerational' goings on are stirring public consciousness. On Thursday, Federal Treasury publishes its five-yearly Intergenerational Report. It provides a framework within which legitimate questions about winners and losers can be addressed, by including action on climate and narrowing wealth and international cooperation, rather than viewing society as merely the playground of competing individuals.
The media has reported that Swedish furniture company IKEA's Australian arm has earned an estimated $1 billion in profits since 2003, almost all of which has been exported tax-free. Action to crack down on tax avoidance is on the agenda of next week's G20 in Brisbane, but it remains to be seen if the interests of developing countries will be looked after.
Federal Finance Minister Mathias Cormann announced 'the scoping study found no evidence that premiums would increase as a result of the sale' of Medibank Private. But the sale is being presented as a way to make the fund more efficient. If successful, Medibank Private will become even more dominant than it is at present and there will be pressure to raise premiums to achieve its purpose of keeping shareholders happy.
I am a grandmother of six, a practising Catholic and for some years was our local Catholic youth group mum. I was drawn to protest actions because other ways of protecting the future for my grandchildren were proving fruitless. Having stayed with the protesters and seen them in action, I have been impressed with their disciplined dedication to an ethic of peaceful non-violence. It is not 'violence' to frustrate mine workers and annoy the police.
As the Pope and economist Thomas Pikkety have observed in recent times, the inequity created by capitalism is a growing concern. But the problem with this argument is that 'capitalism' is too broad a term. The attack would be far better directed against the financialisation of developed economies. A new type of sovereign has emerged, and like all rulers they are cheerfully engaging in acts of plunder.
Removing the requirement that financial advisers act in the best interest of their clients will reveal financial advisers for what they really are: salespeople for the banks' wealth management platforms. Tony Abbott argues that the changes will remove 'red tape' and declaimed: 'We're creating the biggest bonfire of regulations in our country's history.' This is a duplicitous use of language that misunderstands how the finance sector works.
With the Australian economy in disarray, the Abbott Government is showing keen interest in New Zealand's projected unusually high growth. But NZ's status as a rock star economy is in question from commentators who say it has never recovered from major policy shifts 30 years ago. In particular its sexy image on the global business stage does not translate to a better life for those on low incomes, particularly women and children.
Some miners must be wondering whether they took the right course in opposing the Rudd Government's Resources Super Profits Tax, in which taxes would be levied on the profitability of the enterprise rather than royalties. Higher state mining royalties, lower commodity prices and higher costs will put the squeeze on the mining companies. It will be quite delicious to see them then urging a tax based on profits/losses rather than royalties.
Amid all the post-election talk about Labor values, no one within the party has explained how the appalling behaviour exposed by the NSW Independent Commission Against Corruption could have occurred if senior figures took any notice of these supposedly cherished values. It is not credible that most NSW state and federal Labor MPs, and key officials, had no inkling of Obeid's behaviour while a backbencher or minister.
Australia is one of only a few countries in the world that has a franking credit system. Though it is designed to stop 'double taxation' on company tax, in many cases it ends up being a 'double reward' for entities that already have tax favoured status. Last year the Tax Commissioner generously refunded over $500 million to charities and not-for-profits on dividends because they pay no tax.
As the China boom fades Australia is experiencing a delayed version of the GFC, without the banking crisis. Until now we've been reasonably well served by both sides of politics, in terms of macro-economic strategy. Now we require a way of dealing with more mundane economic issues like productivity and efficiency. Neither side has many good ideas about how to achieve the required structural shifts.
It is hard to imagine that those living in disadvantaged communities would find great personal interest in the things that matter at election time. Interest rates and mortgages, rates of company tax and paid maternity leave are issues for the advantaged. They are problems of managing income that those without it might like to have.
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