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An often overlooked fact about the financial system is that it entirely depends on trust. When trust starts to evaporate, especially between the big players such as banks and insurance companies, the whole artifice is put into peril. Trust in the system is now at an extreme low and that points to extreme danger.
The emptiness is dispelled as I pull into Broome, a frontier city located on Western Australia’s Kimberley coast. The city centre, currently undergoing a major revamp, buzzes with pedestrians. Restaurants require booking. Down on Cable Beach, cameleers are lining up their charges for sunset rides and road-trippers are driving onto the wet sand and setting up camping chairs and cracking beers as they settle in for the show of a lifetime.
Behind the slick advertising and high-tech veneer of on demand apps and services lies a bleak, hazardous and often dangerous reality: tens of thousands of people are working at the fringe of the labour market as delivery riders and personal chauffeurs. When you remove all the tech, the sizzle and pop, it’s little more than modern day iteration of old-school precarious piece work arrangements.
In May 2019, Adani Ports entered into an agreement to construct, operate and transfer land held by the Myanmar Economic Corporation (MEC) military conglomerate for 50 years in an investment valued at US$290 million. Such corporate conduct has broader implications. Investing in Adani is not only environmentally unsound but imperilling of human rights.
It is one of the ironies of Australian political history that a policy that has profoundly benefited this country’s version of capitalism came, not from the right, but from the Labor party and unions. The mandating of superannuation payments in 1992 under the Keating government has profoundly changed Australia’s financial system.
At the beginning of the Covid-19 pandemic, the government reassured Australia ‘We’re all in this together’ but the truth is that the end of JobKeeper and the Coronavirus supplement payments will leave more than 2.6 million people in poverty.
The recently released report of the Royal Commission into Aged Care does not hold back in describing a situation that should be abhorrent to us all. As the report notes, ‘substandard care and abuse pervades the Australian aged care system’.
Social media companies are adopting a strategy that may go down in history as among the worst corporate mistakes ever. Google and Facebook are now monopolies and, like all monopolies, they no longer see their main interest as serving customers but rather to capture governments in order to protect their market dominance.
'It's the value of the work, not the worker.' So said a government backbencher to me last week while I was speaking to him about the omnibus industrial relations (IR) Bill that has just passed the House of Representatives.
Instead of retaining its control of a fruit market, or preserving an oil monopoly, Facebook harnesses another resource: data. Any regulator or sovereign state keen to challenge the way the Silicon Valley giant gathers, monetises and uses that data will face their ire.
2021 is set to be a big year for women’s sports — dependent on COVID, of course. Yet, if you looked to the Australian mainstream media’s reporting and coverage of sports, there’s a fair chance you’d get an idea that women’s sports are happening far less than they actually are.
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