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Social impact bonds are a type of impact investing: investing for results. A community service provider who wants to pilot or scale up an existing program can use SIBs to finance their projects. A bond issuer makes the SIBs available to private investors, who will receive the principal with interest if the program attains a predetermined success rate. While modified versions of this model are being trialled in NSW, the heartbreaking fourth season of HBO's The Wire sheds light on how they might work.
Children in two-parent families don't deserve government support. That's the message the government sent last month when they passed legislation to cut family payments for two-parent families, while other families still get cash payments. One of the problems with recent policies is they increasingly see families as part of the market rather than fundamental building blocks of our communities that need to be supported. Families and communities are in fact undermined by the market.
Our local council has announced the end of hard rubbish. As an adult, my enthusiasm for what the council calls 'scavenging' has become the source of many beautiful and useful items. But my objections are philosophical as well as practical. Ugliness has its place, and at clean out time, we literally bring to our doorsteps what we would rather put of sight and mind. Hard rubbish symbolises the costs of our throw-away consumer society while going a small way towards recouping some of them.
The recent ructions in the Chinese stock market set off great consternation in global financial markets, but for the most part this was a display of ignorance. One of the reasons China’s influence on global markets has been so beneficial, since at least 2007, is that its economy and financial markets are so different.
There has been great pressure on both of the major political parties to stop giving so-called rich retirees partial pension income. The conventional view has become that retired millionaires should not be feeding off the public teat. But in terms of income, many of those 'rich retirees' would actually be better off on the pension.
Nine days after the Zacky Mallah Q&A episode, the ABC Board said it had censured the program's executive producer. It could have been a failure of the producer's editorial judgment, but there is a worrying sense that it was really a matter of the ABC appeasing the Government. There is a chilling echo of the Philippine media under the late dictator Ferdinand Marcos. The media came to anticipate direct interventions from Malacañang Palace; eventually, none had to be made.
Of all the vulnerable groups in Australia today, people with intellectual disability are surely up there with the most vulnerable and susceptible to abuse and exploitation. They are paid as low as 99 cents per hour. The Human Rights Commission has granted the Federal Government's request to delay reform for a further four months because the government says the the ending of discrimination must proceed in an 'orderly manner...to provide reassurance'.
As a kiwi I had grown up with earthquakes. I remember them large, small and intrusive. Awed by their power, I cherished the still that followed. This is what made Nepal’s second major earthquake so different for me. I will never forget the beginning of the 7.3-magnitude quake, but will never recall the end.
Tony Abbott has warned voters that Bill Shorten has his eye on their retirement savings. He once praised the Nationals' Barnaby Joyce as a 'uniquely gifted retail politician'. But more attention to wholesaling - i.e. policy resources - would help to get both pensions and super concessions on to a more sustainable footing.
Is this the Budget you have when you're not having a Budget? The most remarkable thing about this Budget, in contrast with Prime Minister Abbott's promise of a fair Budget, is that so much of it relies on the re-election of a Coalition Government in 2016. Is it fair to make vulnerable Australians wait that long?
The practice of presenting the budget to parliament came out of a crisis. In 1733, British Prime Minister Robert Walpole's announced plan to impose an excise tax on wine and tobacco was met with outrage. It reflects the reality that budget presentation did not start out as a neutral exercise in transparency but rather a mishandled piece of political communication.
Although the age pension will cost about $49 billion in 2017-18, it is means tested. In contrast, superannuation concessions are heavily biased in favour of high income earners. Both sides of politics pander to the wealthy and the cosseted finance sector, which want certainty that nothing will stand in the way of their super bonanza.
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