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Over the last two years, money printing has created the illusion of strength in savings. But when reality resurfaces, and actual returns are required from actual economic and business activity, the global financial system will come under extreme stress.
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.
Last week the annual Catholic Social Justice Statement was launched. Entitled Cry of the Earth, Cry of the Poor, its theme is care for the environment. In the same week the authoritative Intergovernmental Panel on Climate Change (IPCC) Report warned of the need for immediate and radical effort to minimise emissions and of the likely effects of their existing growth.
There really is no such thing as ‘capitalism’ — or rather there are so many capitalisms that the word is altogether too imprecise to be useful. A much better term to identify the problems, even evils, of modern developed economies is ‘corporatism’. This can be precisely identified and its transgressions and general harm are getting worse.
We should resist the pressure to regard China as our enemy. The pressure to do so is powerful, given the cycle of retaliatory words on both sides that further poison relationships. The impetus to enmity, however, damages both sides. To treat people as enemies means that they become enemies, with the result that both sides will spurn the mutual exchanges that can help each.
Our economy is 1.1 per cent larger than a year ago. Yet, as the situation in Victoria reminded us, none of us are safe unless all of us are safe. And we cannot be safe while work remains increasingly insecure, while social security payments are inadequate and while our public infrastructure is found wanting.
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.
At first sight the recent Vatican announcement that a forthcoming synod would be delayed was non-news. All synods are considered boring, and a synod on synodality sounds entirely self-referential. Yet the announcement was significant. The synod will take up much time and energy of Catholics at the local, diocesan, national and international level for almost three years.
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.
In a recent speech to business leaders, Prime Minister Morrison made the remarkable claim that ‘we are going to meet our [climate change] ambitions with the smartest minds, the best technology and the animal spirits of capitalism.’ This is straight from the neoliberal playbook, the doxa that the role of government is to get out of the way to make room for those animal spirits so as to pander to the fantasies of the wealthy few.
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.
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