Discover and read the best of Twitter Threads about #ausecon

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What do economists want to see in #Budget2022?

We need investment in the economy's "real" productive capacity.

That means R&D, investment in the health & care workforce, housing, digital connectivity, dismantling barriers to women's economic inclusion

#ausecon #auspol
… This requires a #Budget2022 with long-term vision and policy innovation, not just short-term cost relief.

Current inflationary pressures mean that splashing cash could actually make things worse, unless we also focus on the "supply side" of the economy.
The Budget is also a statement of a country's values and priorities

Expect a sizeable increase in defence spending to "keep Australians safe"

Meanwhile Australian women continue to be murdered by a current or former partner at a rate of one woman per week (Source: @OurWatchAus)
Read 5 tweets
Australia's latest labour force numbers paint a glowing picture, with employment and hours worked at record highs

But this doesn't give the full picture of workforce realities

Looking closer, it's Healthcare & Social Assistance fuelling this job growth

#ausecon #economy #jobs
This is unsurprising, given we're in a pandemic.

But it's worrying, because we know workers in this industry are being pushed to the brink.

Soaring growth in Healthcare & Social Assistance jobs includes almost 12,000 more workers who are now clocking up 50+ hours weekly
Shortfalls in the workforce capacity of Australia's Healthcare & Social Assistance sector is illustrated in job vacancy numbers.

The sector is currently battling a pandemic with 60,000 unfilled vacancies.

That's more than double pre-pandemic levels.

#COVID19Au #ausecon #auspol
Read 6 tweets
Higher Education in Australia: The Crisis we don't need to have. 1. Australian universities, such as Adelaide Uni right now, are facing large job losses. Bad for students. Bad for staff. Bad for the sector. #auspol #highereducation
2. The precise quantum of the federal government's contribution to Higher Education funding is difficult to calculate as @andrewnorton and Geoff Sharrock show…… #auspol
3. Universities Australia states: "The sector took a $1.8 billion revenue hit last year. Universities Australia estimates another $2 billion will be lost this year - against 2019 actual operating revenue" - through loss of international student revenue.…
Read 7 tweets
A thread reflecting on recent #MMT discussion/debate/name calling in Aus Twitter.

I've been watching detractors and critics of MMT battling it out with proponents and it has led me to hate the internet even more and spend less time on Twitter lately. #auspol #ausecon
My feed seems full of people on both sides calling each other names and weaponising quote tweets in what appear to be mindless attempts to win the internet, and generally assuming the worst of each other. Often these are people whose values are 90% aligned.
It's easy to discredit a body of thought; just criticise it, then engage & amplify those who defend it badly. Constructive critical engagement involves engaging the thoughtful, considerate and open proponents. In #MMT examples of such people are @StevenHailAus & @StephanieKelton.
Read 18 tweets
Either through stupidity or spite, the Liberal/National Government's inaction during #COVID-19 will devastate universities. Higher ed drives innovation & growth and will underpin our economic recovery in a changing post-COVID world. (thread)… @uniaus @nteu
Pre-COVID, education was Australia's 3rd largest export sector, earning over $30b a year. Australian universities employ more people than the entire manufacturing sector.…… #ausecon
Due to travel restrictions, Australian unis face at least a short-term loss in revenue of at least $10b. Like other areas of the economy, they're struggling to pay their staff.…
Read 10 tweets
Meanwhile, #US #e-commerce sales, per Mastercard SpendingPulse, were up 92.7 percent in May, underscoring the broader shift to #digital in how we work, live and shop.… Image
#ecommerce #digital
According to Mastercard SpendingPulse, more money was spent online in the #US between April and May than the last 12 Cyber Mondays combined. ImageImageImageImage
#ecommerce #digital #ausbiz #ausecon
Of those aged between 22 and 35, only 36 per cent have a credit card, down from 59 per cent in 2002, and only 14 per cent pay in cash.…
Read 18 tweets
Does anyone actually believe the unemployment rate was just 6.2% last month?? Don't. All that number proves is how irrelevant the official unemployment rate has become. Let's walk through the math: ...2 @unionsaustralia #ausecon #ABS #LFS
Official unemployment increased by just 105,000 people. Not too bad, right? Wrong. 500,000 people lost work but 'left' the labour force. Why? To be included in the labour force, you must be available for work and actively seeking it. What was the point of that in April? ...3
Let's count them in actual unemployed. Then there's another 750,000 Australians who were 'employed' but didn't work a single hour. JobKeeper helps on that score. Include them & unemployment is now 2.1 million--not the official 823,000. That's 15% of the adjusted labour force ...4
Read 5 tweets
This is a comically bad argument to be making on the very same day the RBA governor makes the emphatic case that record-low wage growth is threatening trust in our economic institutions @ellenmfanning @bairdjulia @ABCthedrum #auspol #ausecon 1/6
For example, Lowe's speech (…) includes the graph below showing just how slow real wage growth has been 2/6
See also… and for a more technical discussion this RBA discussion paper by Geoff Weir… 3/6
Read 6 tweets

@TheAusInstitute’s #RevenueSummit A post-Keynesian/#MMT perspective – questioning the premise of the Summit. In short, a washout – putatively sensible people nodding sagely at the repetition of neoliberal talking points.

#auspol #ausecon 1/12
Contra *every single speaker* at the #RevenueSummit, fiat money is not a scarce commodity that the government needs from us, it’s a tool that the government creates ex nihilo and *we, the populace, need it*. 2/12
Don’t take my word for it, take that of noted socialist Alan Greenspan’s:

Or Ben Bernanke’s. Or the Bank of England’s. Bankers know this stuff. 3/12
Read 19 tweets
Turning the tables on what we know about Australia’s powerful people and institutions | Rosie Williams… - I've finally come up for air!
For the last four months I have been coding solidly to build the largest financial transparency project that exists in this country. This project is based on work I have done in previous years which I quickly decided to reboot, re-design and expand dramatically last December...
Earlier last year I had submitted a proposal to LinuxConfAu for a talk based on the work I had done building open data projects for financial and political transparency. While these projects have been well-received I have never been able to establish funding for them ...
Read 42 tweets

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