In the meantime, record levels of immigrants have added to Australia’s GDP. Unfortunately, that has not translated into wages, which have remained flat.
Australia’s GDP growth has been in the spotlight recently, with the federal government proposing a budget heavily reliant on rosy growth predictions. But are our assumptions about economic growth reliable?
For years now, the idea of a sugar tax has been thrown around as if it were a silver bullet to cure Australia’s obesity crisis. Like a dog with a bone, the Nanny State brigade just won’t let it go.
In a time of low wage growth, many will apply and if successful, accept jobs that offer a higher salary. The high cost of living in Australia, means that low wage growth is becoming an increasing problem. As such, some have found a solution that will allow them to lead the lives they desire.
Jobs have been on the rise for quite some time now. And to keep the Australian economy going, jobs are needed. Last week the government announced an income tax cut in the federal budget, but wages are still stagnant.
With both the government and the opposition having put forward their proposed budgets, Monday seemed the perfect time to ask some questions and get some answers. But those answers, ultimately, lead to a lot more questions.
In a time where the sustained population growth of Australia has been a hot topic, Queensland reaches their predicted growth rate four years early. So what’s driving population growth?
Australia has lost its fuel refining industry, with many shutting down in 2003 and 2011. Australia is no longer able to refine fuel from crude oil. Currently, we depend on imports for most of our fuel needs.
OPECs 2017 output cuts have managed to successfully push oil prices higher. But the agreement only runs to the end of 2018. Already some members have said they might increase production before the end of the year. Like Russia.
There’s a fair bit of teeth gnashing going on over the latest federal government figures on Australia’s greenhouse gas emissions. The data shows that pollution levels increased by 1.5% across Australia for the year to December 2017.
With more news surfacing about the unethical behaviour from AMP Limited this week, we have to ask ourselves the question: Are we are doing enough to ensure we’re not being taken advantage of?
The latest figures show federal government debt will be ‘only’ $558 billion in 10 years. That was forecast to be $684 billion less than six months ago. Even if you had a close review of the budget, there’s one expenditure you probably missed.
The fears that oil prices would rocket if US President Donald Trump canned the Iran nuclear accord have proven unfounded. Oil prices did nudge up on the news, but only around 2.5%. That limited price rise indicates Trump’s move had been widely anticipated.
Poor planning and over-reliance on a single trade partner are creating a waste disposal crisis in Australia. Three Perth metropolitan councils are at risk of having their kerbside recycling bins left neglected in as little as three weeks. Or alternatively sending recyclables to landfill.
The sweeping corporate tax cuts passed earlier this year in the US are already paying dividends. And not just to shareholders. Numerous US businesses have passed on part of the tax cuts by increasing benefits, wages, and one-off bonuses for their employees.
No one wants to have to live on $40 per day. That’s the amount of the Newstart allowance for people who find themselves unemployed. But that’s partly the point. If the allowance were doubled, the likelihood is that more people will rort the system.
Australian Treasurer Scott Morrison is expected to announce a plan to reduce income taxes when the Federal budget is released today. But the treasurer warns that Australians shouldn’t count on ‘mammoth tax cuts’.
If the government’s figures can be believed — and that’s always a big if — the illegal tobacco market costs more than $3.6 billion in tax revenue over four years. So roughly $900 million per year. The tax on tampons raises a measly $30 million per year.
For all the noise generated over our children being bad at spelling, maths and generally falling behind internationally, we are reminded — every so often — about how our kids are changing the world.
The good news is that tax revenues are up. This means tax cuts are back on the table. And spending cuts are mostly being pushed to the back burner. The bad news is that surge in revenue is largely being driven by Australia’s exploding population.
Overall, consumer price inflation in Australia remains subdued. At least according to official data. But not all goods and services go up in price at the same, currently slow rate. Some rise much faster. And this discrepancy is impacting some groups more than others.
The massive increase in US production caught the market flatfooted in late 2014. Oil prices fell off a cliff into 2016, when WTI traded below US$30 per barrel. And it looks like history might repeat.
It was back in February when former Prime Minister Tony Abbott prompted a national debate over immigration. And it seems Former Prime Minister John Howard is not only listening but supporting his successor.
Welcome to the world of big government. A world where citizens are supposed to cheer the news of a smaller deficit…of only $19.6 billion. Well, the Turnbull government is moving closer to getting the budget books back into the black, according to new figures.
For every action there is an equal and opposite reaction. So said Isaac Newton, in his third law of motion. The Grattan Institute think tank concurs. At least when it comes to Australia’s superannuation system.
Governments around the world are determined to do everything in their power to keep this house of cards standing. However, this extraordinary asset inflation and unparalleled income inequality won’t end well.
Enjoy the extra 0.5% of your money the government has decided not to take from you this year. Despite Scott Morrison’s optimistic outlook, the Medicare levy — plus all the new levies the government has yet to dream up — are likely to be back on the table soon enough.
Despite what his own ego might be telling him, Trump cannot dictate the global oil price with a few tweets. However, he does have a large number of levers he can pull to increase supply…
The government is moving forward with its plans for medicinal cannabis. And Victoria, the first state to legalise medicinal marijuana, looks set to be the reap some of the biggest early financial gains.
Australia continues to grow at a blistering pace of more than 2.1% each year. A rate that would see our population double in only 34 years. Most of the growth takes place in Melbourne and Sydney. Just ask anyone trying to drive during peak hour how that’s working out.