|IndyWatch Australian Economic News Feed Archiver|
IndyWatch Australian Economic News Feed was generated at Australian News IndyWatch.
3. A new proof from the Australian science fiction writer Greg Egan and a 2011 proof anonymously posted online are now being hailed as significant advances on a puzzle mathematicians have been studying for at least 25 years.
In the third quarter of 2018, the Australian economy grew by 0.9%, stronger than the previous 0.7% forecast. The nations annual growth rate has reached 3.4% which will be music to the ears of the Reserve Bank and Treasury. New treasurer, Josh Frydenberg confirmed that these figures equate to the strongest growth since the height
That is the topic of my latest Bloomberg column, here is one bit:
And one striking result from Tuesdays election is that voters in Washington state, a Democratic stronghold, soundly rejected a proposed carbon tax by a margin of 56 to 44 percent. This raises the prospect that the carbon tax may be dead as a policy for the time being, including at the state level. As my Bloomberg Opinion colleague Liam Denning writes: We can debate the magnitude of the vaunted blue wave, but there was definitely no green wave.
Like many economists, I have long supported the idea of a carbon tax, and still do. Government has to tax something. So why not tax those activities which generate social costs, in this case through disruptive climate change? It is a very intuitive argument that has persuaded many economists on both sides of the political spectrum.
But a carbon tax is just not a popular idea with American voters, of either party. It is hard to argue that the Republican Party or the conservative movement has a stranglehold over the politics of Washington state.
Furthermore, this defeat isnt just a one-off. 2009s American Clean Energy and Security Act a cap-and-trade bill in Congress similar to a carbon tax in its essentials though not all of its exact mechanisms failed even when Democrats controlled Congress and the presidency. The momentum in Canada, typically considered more left-wing than the U.S., also is running against carbon taxes. In 2014, Australia voted to repeal its carbon-pricing law. Washington state itself rejected an earlier carbon-tax proposal, coupled with a cut in the state sales tax, in 2016.
The broader data are striking. According to a World Bank estimate, 23 countries hav...
[ Saturday, 17 Nov; 10:00 am; ] The community will come together at the 8th Black Gully Festival a free and inclusive event celebrating Armidale and our region. Black Gully Festival is truly a community day. It is organised by the community for our community, said Dave Carr, a driving force behind the event.Individuals, groups and organisations from across our region donate [...] full article
[ Saturday, 17 Nov; 12:00 pm; ] The Armidale and Regional Aboriginal Cultural Centre and Keeping Place 30th Anniversary Celebrations 96-104 Kentucky Street Armidale 17th Nov 2018 12.00-12.30pm Ceremony Smoking ceremony by Bruce Cohen Welcome to country by Steve Widders and Rose Lovelock Flag-raising by Lorna Hague and Margaret Walford Didgeridoo by Bevan Quinlin Aboriginal dance by Duval High School 12.30-3.00pm Food stalls Coffee Truck [...] full article
[ Saturday, 11 Aug; 9:00 am; Saturday, 8 Sep; 9:00 am; Saturday, 13 Oct; 9:00 am; Saturday, 10 Nov; 9:00 am; ] Boomerang Bags sewing bees are the second Saturday of the month at the Kent House Community Centre commencing at 9am to 1pm. It would be great to see you all there. Bring your friends and your sewing machine if you have one. There are some non-sewing jobs to do also. Be part of the solution. Armidale Boomerang Bags Facebook [...] full article
[ Sunday, 9 Sep; 9:00 am; Sunday, 14 Oct; 9:00 am; Sunday, 11 Nov; 9:00 am; Sunday, 9 Dec; 9:00 am; ] Commencing Sunday 9 September Armidale Urban Rivercare (AURG) Sunday Sessions will be held on the second Sunday of each month. Location: Somewhere along Dumaresq Creek Join the AURG mailing list for details of each session. What to bring: BYO long sleeved shirt, long pants and sturdy boots. Please also bring gloves, broad brim hat and sunscreen. AURG [...] full article
Hello this is Helen Fraser I would like to invite you to subscribe to Armevents. Armevents is a free, subscription-based email list that allows members to send and receive announcements about public events in Armidale. In plain language, that means it is whats on in Armidale! If youd like further information about Armevents before subscribing, you are welcome to [...] full article
Hi SLA, I recently met an incredible wildlife carer, Vickii, who shared heart-wrenching stories of injured koalas brought into her care. Like other wildlife carers in NSW she sees firsthand the brutal impact of deforestation on koalas. Its the ugly truth of deforestation that the NSW Government doesnt want you to know about, and thats why we [...] full article
[ Thursday, 6 Dec; 5:30 pm; ] Thank you for your patience over the past few months and it was great to see those that attended the Wind Farm Open Day on 21 October. The exciting news is that with construction nearing completion, the community co-investment into Sapphire Wind Farm is about to open. Thursday 6th December Armidale City Bowling Club Drop [...] full article
THE past couple of decades are not unique in Australian political history: the despising of the loathsome politicians and the sudden and late coming around of those loathsome politicians to abandon the positions of their financial backers and appease the majority of thoughtful people in the face of impending electoral defeat.
No doubt some diehard Labor supporters are nervous that the Scott Morrison Government will neutralise the big issues like Nauru, climate change and an anti-corruption commission with a bit of policy sop and then sneak back into office, that he will road-to-Damascus like see the light and be as successful as St Paul in gaining conversions and followers.
Do not fear.
History is against this happening. Any late lip-service to what the people really want on these issues and others like population, health and education will only be death throes that voters will see through.
Lets first go back 50 years in the US and then go back 50 years in Australia.
Fifty years ago this month, Richard Nixon was elected President. Stephen Ambrose, his biographer, wrote American politics had sunk to depths not reached since the Civil War and Reconstruction. Americas political leaders, Johnson, Humphrey, Nixon and Agnew, and most of the others were just playing with people.
Ambrose wrote: If they had the slightest feeling for the death and destruction that was devouring Vietnam, if they any concern for the lives of American soldiers in Vietnam, if they had the least commitment to a decent respect for the opinion of mankind, if they had the vaguest concern to meet their constitutional obligation to promote domestic tranquillity, if it even occurred to them to strive to provide the conditions that would allow the American people to pursue happiness, they managed to ignore it all in their single-minded pursuit of personal political victory at any cost.
Remind you of Australian politics now?
Now lets look at the behaviour in the past 50 years of Coalition Australian Prime Ministers facing defeat.
The behaviour pattern is the same as that of Scott Morrison and his government right now.
First, to Billy McMahon in 1972.
He finanally called the election for 2 December 1972, three years one month and a few days after...
The Texas State Securities Board has issued an emergency cease and desist order to an Australia-based cryptocurrency mining company and its affiliates. According to the order, the company represents that investments in its mining contracts are guaranteed to 200% profit.
The Texas State Securities Board on Tuesday issued an emergency cease and desist order to Sydney-based Aws Mining Pty. Ltd. and nine other respondents affiliated with the company. The entities named are Automated Web Services Mining (Aws Mining), Mycoindeal, Aws Elite, and West Texas Oilfield Cloud Miners Club.
Sydney-based Mycoindeal provides wallet services for investments issued by Aws Mining. Aws Elite is a multi-level marketing o...
Regular readers will know that I place great value in the
disciplines we broadly describe as the Humanities. An understanding
of knowledge that history, language, philosophy, geography,
politics, sociology, anthropology, music, drama, classical studies
and the like is essential if we are to advance societies and avoid
the mindless descent into tribalism and authoritarianism. Last
month, two things were revealed. First, the Federal Minister for
Education vetoed successful grant applications for funding under
the Australian Research Council processes, effectively politicising
the process. He took exception to the topics. His decision was only
revealed months later through interrogations during a Senate
Estimates hearing. Second, an Australian university released a
research report it had commissioned
The Value of the Humanities which sought to articulate the
value of the Humanities to students thinking about their education
and career options and to businesses faced with hiring choices. It
shows the immense value that teaching and research in the
Humanities brings to employers, individuals and society in general.
It makes the Federal minister look like a fool, although that was
not its intent. A fool and one who is deeply insecure about
allowing knowledge to proliferate. The latter is the hallmark of an
Some background blog posts I have written (among others) include:
1. I feel good knowing there are libraries full of books (October 29, 2010).
2. Education a vehicle for class division (November 23, 2010).
3. Technocrats move over, we need to read some books (June 13, 2012).
4. The humanities is necessary but not sufficient for social transformation (December 18, 2012).
5. We need more artists and fewer entrepreneurs (January 10, 2013).
The Australian Research Council (ARC) is the national competitive funding agency which is funded by the Federal government and applications are rigourously peer-reviewed.
The success rate is low and the grants give high status on the recipients as a consequence. Universities love researchers who get these grants because apart from the individual status, the Federal government then adds further funding per dollar awarded.
I have long been a reviewer and have...
House prices fall. That line alone used to earn us plenty of derision and hatemail.
But now, everyone is asking themselves how far they will fall.
According to The Age, Macquarie Bank expects property price declines of between 15 and 20% in Sydney and Melbourne.
AMP Capital predicts a 20% fall in the two cities between now and 2020.
Investment bank Morgan Stanley sees a fall of 15% in Australia-wide house prices.
I think all three are wrong. Because falling house prices will trigger catastrophic effects. A 20% decline is just the beginning. The initial shock.
The trouble with a bubble is that it relies on self-sustaining momentum. The expectation of gains at the end of the bubble is based on past gains, not fundamentals. That sucks in the very weakest sort of investor at the end.
Financial ruin is looming
When the worm turns, the marginal seller is a panicked seller.
A seller who relied on gains becomes a seller at all costs when those gains end.
And that gives you the nature of the crash which follows the panic.
Because property is tied to debt, the fear becomes far worse than in other asset classes.
Property owners can lose more than their initial stake in property by going into negative equity.
Not only can retirement dreams and self-managed super funds be sunk, but financial ruin looms for interest-only buyers and anyone who bought recently.
Think about it like this
The people who relied on the ability to sell their property to repay their debt are forced to sell when prices turn.
And the Royal Commission has exposed there may be plenty of those.
People who can only afford their debt on paper the paper submitted to the bank by their mortgage broker.
And those who borrowed interest only-loans too. Which is a huge portion of Australias mortgage market. The ABC reports:
Over the next three years, interest-only loans worth a combined total of about $360 billion will roll over to interest plus principal and that means borrowers will face higher repayments.
The kind of nightmare scenario is where a lot of people need to sell at once, and thats when you see a kind of fire sale mentality, and could see very significant downward pressure on prices, said Professor Richard Holden from the University of New South Wales Business School.
That puts the banks under stress, and their balance sheets under stress, and it could lead to significant financial i...
Media Release 8 November 2018: AFTINET welcomes the Labor Opposition initiative to revisit the Peru-Australia Free Trade Agreement (PAFTA) because it includes foreign investor rights to sue governments (ISDS) which the Shadow Trade Minister has pledged to oppose in all trade agreements, AFTINET Convener Dr Patricia Ranald said today.
Dr Ranald explained that this pledge arose out of the fierce debate on Labors support for the TPP-11, which contains ISDS and other clauses contrary to Labor policy and which Labor has now pledged to ban in foreshadowed legislation. Labor has initiated this second review of PAFTA by the Joint Standing Committee on Treaties (JSCOT), on which the government has a majority and which previously approved the agreement. However the deal has not yet been ratified, and the committee could recommend against ratification.
Dr Ranald is giving evidence at the JSCOT public hearing in Melbourne today.
Dr Ranald said:
AFTINETs submission to the JSCOT makes three main points:
|IndyWatch Australian Economic News Feed Archiver|
IndyWatch Australian Economic News Feed was generated at Australian News IndyWatch.
Resource generated at IndyWatch using aliasfeed and rawdog