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The evidence of misbehaviour by banks has become public at a time when the underlying ideology has also been criticised. The inherent unlikelihood that an economy based on individual greed will benefit the whole of society is now patent. It is seen as much more likely that unregulated competition for material gain will lead to the concentration of wealth in the hands of the wealthy and powerful. Evidence now suggests that inequality hinders the economic growth it was presumed to nurture.
The bishops speak less trenchantly than Pope Francis, who criticises sharply the assumptions and practices of neoliberal economics. But in the context of this election, they add their voice to that of those who are concerned about economic assumptions that enrich the few and exempt corporations and business from social responsibility. Their statement will encourage those who see the now notorious behaviour of banks, finance business and corporations as symptomatic of a vicious economic ideology.
Historically, having a largely home-owning population has ensured both the social benefit of housing, and an economic benefit through enforced saving with long-term growth. In contrast, the negative gearing push splits the cultural and economic meaning of home ownership, because it focuses on investment. Negative gearing promotes property ownership but not home ownership. Thus the social benefits of home ownership that we have come to expect give way to bare economic indicators.
People are sensitised to government-enabled corporate excess and doubt elected officials are capable and willing to serve their interests. The lesson from the 2014 federal budget is that there are non-negotiables around the function of government: to provide the conditions that ensure the flourishing of all citizens. Yet in terms of future-proofing living standards, the Coalition has so far presided over an ideas bust rather than boom, unless boom is the sound of something spontaneously combusting.
How do good people sink to this? The answer lies in the mutation of economic ideology from the crude buccaneering spirit of doing whatever it takes to get rich into a more urbane form. People see themselves as competing, not only for their own economic benefit, but for that of the company. This means greed can mask itself as altruism in serving a larger good. And as in the case of churches, identification with the company provides reason for protecting the company's reputation at all costs.
Rui Maria de Araujo, the prime minister of Timor-Leste, wrote to Malcolm Turnbull inviting him to turn a new leaf in the Australia-Timor relationship. It was not to be. But the Timorese are well used to winning the hearts and minds of Australians even when our political leaders appear to be tone deaf to their pleas. This time they have convinced the Labor Party about the justice of their cause, and there is every chance that the Australian community will rally behind them after the federal election.
Low interest rates tend to change the understanding of risk; having high debt seems to be less of a problem because the cost of servicing it is lower. This cavalier attitude has been especially evident in Australian households, which have racked up more debt relative to the size of the economy than any other country in the world. The massive appetite for debt has been replicated across the globe. The world may have survived the era of casino money - just - but it is now facing another crisis.
It is hard to comment on Tony Abbott's demise without being splattered by the schoolyard mud. But we should begin by sparing a thought for the man himself in this time of humiliation. He has given his life to the Liberal Party, and to be disowned as leader by it is surely devastating.
George Megalogenis describes a protest rally in 1849 organised by residents of Sydney against arrivals of more convict boats. Workers who 'wanted to maintain their high-wage society' made 'the first of countless calls that would be made against migrants who threatened to undercut their standard of living'. It is a familiar refrain today. In a world where three-fifths of a person's income is determined by their place of birth, it defies logic that we place restrictions on people's movement to preserve our standard living.
Francis does not pretend to have answers to the big questions which will confront world leaders when they gather in Paris. But he does think the science is IN, and the evidence is clear that much of the climate change, loss of biodiversity and water shortages are the result of human action. We are blessed to have a pope who speaks to all the world about the prudence, justice and empathy required so that more people on our planet might enjoy integral human development.
Francis knows there are all sorts of issues inside and outside the Church where for too long people with power have tried to keep the lid on, in the hope that the problems and complexities will go away, often by parodying those who see the problems or complexities as small 'l' liberals or cafeteria Catholics. He delights in being joyful and troubled while contemplating big problems, calling people of good will to the table of deliberation reminding them of the kernel of the Christian gospels. He has the faith and hope needed to lift the lid without fear and without knowing the answers prior to the dialogue occurring.
Pope Francis's concerns are not narrowly dogmatic or pedagogical but universally pastoral. He knows that millions of people, including erstwhile Catholics, are now suspicious of or not helped by notions of tradition, authority, ritual and community when it comes to their own spiritual growth which is now more individual and eclectic. He wants to step beyond the Church's perceived lack of authenticity and its moral focus on individual matters, more often than not, sexual. He thinks the world is in a mess particularly with the state of the planet — climate change, loss of biodiversity and water shortages, but also with the oppression of the poor whose life basics are not assured by the operation of the free market, and with the clutter and violence of lives which are cheated the opportunity for interior peace. He is going to great pains to demystify his office. He wants all people of good will to emulate him and to be both joyful and troubled as they wrestle with the probl
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