Scott Phillips Profile picture
May 19 7 tweets 3 min read
Today's editorials in the @smh and @FinancialReview come to different conclusions, but with the same frustration that neither party has any stated policy ambition.

This, from the SMH, captures it nicely.

#auspol #ausbiz

1/n
@smh @FinancialReview We have the toughest economic outlook in decades (COVID was a surprise), and neither party has a serious plan to lift productivity or to drive economic growth.

Neither party has a serious plan that goes far enough on climate.

2/n
Neither party has anything like a plan to repair the government balance sheet, or address the structural imbalance in our national budget.

Neither party has made a strong case for why they should be in power, relying on our dislike or mistrust of the other.

3/n
And frankly, this might be a good election to lose -- the economic waters ahead are rough, and whichever party is elected will be (wrongly) tarred with being responsible for those circumstances.

At a time when we need strong policy leadership, neither is offering it.

4/n
I hope the eventual winner finds some policy chops. I hope they find some ambition. I hope they find some commitment to the national interest and courage to tackle the big issues we're already facing and will increasingly face in the next three years.

Australia will need it

5/n
My vote, like, I suspect many others, will come down to the few differences between the parties on second-order issues, given first-order issues are either completely unaddressed or are all 'I'm with him' policies.

6/n
Neither major party is likely to earn my first preference, and my two-party preference will go to the least worst option.

I'll vote for the candidate/party I think has the best long-term vision for our nation, and policies to address our challenges.

Join me?

7/7

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More from @TMFScottP

May 8
For all of the problems of democratic capitalism - and there are plenty -- don't miss the forest for the trees.

Don't get sucked into the false binary choice between neoliberalism or socialism.

Capitalism works.

It needs to be well (better!) regulated but it works.

#ausbiz
The for-and-against arguments centre on extreme views:

"It's better than socialism"

Or

"It's not working properly"

Newsflash: Both are true.

But throwing out the baby with the bathwater would be a crazy outcome.

Argue for a better system. Improve the system.
But don't fall for the idea that it's not a very, very good system for distributing resources and improving our standard of living.

Not even close to perfect.

Needs lots of work.

But don't be sucked into the either/or conversation.
Read 4 tweets
Apr 5
The cost of living is rising and will continue to do so as interest rates rise in the not-too-distant future.

So here are some ways to save, if you're interested (no pun intended).

A 🧵

#personalfinance #saving #money #CostOfLiving
Get a better interest rate.

Seriously, #getabetterrate

Almost by definition, given the hundreds of loan products available, you're paying too much.

Your bank doesn't deserve your loyalty and you could save thousands.

Do your research. Then call them. Today.
Check your phone and internet plans.

Prices keep coming down for a given amount of data.

So you can probably save money by shopping around.

And if you're not using as much data as you thought, you might be able to downsize.
Read 10 tweets
Mar 22
This is about reason #35 why we should reform taxation of Super payments.

Keep franking credits, but tax *all* income (including the pension) using marginal rates above a generous tax-free threshold.

1/n

bit.ly/37LRxgp
Set the tax free threshold for over 65s above the pension level (essentially meaning the pension would be untaxed), but if there's extra income, from working, Super or anything else, it gets taxed at a marginal rate.

2/n
It fills the budget 'hole' of six-figure Super incomes being untaxed, removes the friction of part time or casual work while getting the pension, and gives those who can / want to work an incentive to do so in later years, but doesn't punish them if they don't.

A no-brainer

3/3
Read 4 tweets
Mar 20
We lionise the artist, but give precious little attention to the craftsperson.

I think that's both a shame and a big mistake, in terms of fairness and, perhaps more importantly, what we can learn.

A short thread. 🧵
I love artists.

The sheer creativity and innate ability to conceive of something unique where there was nothing is incredible.

Now, I'm no art connoisseur, but in a business sense think of the vision of someone like Steve Jobs, or some of the great inventors like Edison
We need those people to imagine something brand new -- not just iteration, but complete (re)invention and the conception of something that's not just a linear extension.

Those are the huge leaps forward.

The problem is that it's incredibly rare and probably unteachable.
Read 12 tweets

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