Rather than dumping JobKeeper, we can reform it in such a way that more of the payment is clawed back by the government and that can be done by making it taxable at a much higher rate than other business income. This can be achieved very quickly, merely by increasing the rate at which JobKeeper is taxable for companies earning a profit. That change would mean that the net cost of JobKeeper would fall immediately and would continue falling as the economy improves.
The Australia Institute modelled the impacts that removing the coronavirus supplement would have on the number of people in poverty. The national results and an explanation of the modelling are available in Poverty in the age of coronavirus.
State specific figures can be found in the following reports:
Removing the coronavirus supplement in September will push over 600,000 people into poverty including 120,000 children and half a million people who rent or have a mortgage. This will have a profound impact on the lives of many children for the rest of their lives and significantly impact housing and banking in Australia.
Australia’s federal parliamentarians have never been so thinly spread. Whereas at Federation there were 51,000 Australians per House of Representatives MP, there are now 170,000 Australians per MP. That leaves MPs stretched and voters disengaged.
It is bad enough that there are 170,000 Australians per MP, but it is even worse that rounding the NT’s quota down would lead to 250,000 Northern Territorians for one MP.
A recent study claiming minimal impact of fracking on water and soil in Queensland’s Surat Basin is presented as CSIRO research, but is actually by an alliance dominated by gas companies. The study is based on a sample of just six wells, all chosen by Origin Energy. Its results say little about the other 19,000 wells in the state.
Research published today by The Australia Institute highlights that employment in gas-related manufacturing declined while gas in the Northern Territory was very cheap. Fracked gas will be far more expensive, making petrochemical manufacturing in the Territory unviable without massive taxpayer subsidy.
Consumer and citizen groups have significant concerns that Google’s proposed takeover of wearables manufacturer Fitbit would be a game-changer not only for how people interact with the online world but also for digital and related health markets. Regulators around the world – in particular those concerned with antitrust compliance and data privacy – must therefore give it their utmost attention. This will be a test case for how regulators address the immense power the tech giants exert over the digital economy and their ability to expand their ecosystems unchecked.
Fossil fuels were the worst performing sector in the ASX 300 over the last decade. $100 invested in the fossil fuel dominated S&P ASX 300 Energy index in 2010 was worth just $104 by January 2020, dropping to $51 with COVID. $100 in the wider market peaked at $237, falling to $169 with COVID. Excluding fossil fuels from a portfolio of the ASX 300 would have increased returns by 8.6% over the decade.
The health response to COVID-19 has resulted in large increases in measured unemployment and underemployment as well as large falls in the total number of hours worked. While the size of these labour market effects has been widely discussed, the gender distribution of these impacts has not.
Welcome to the June 2020 issue of the NEEA Report, with data relating to electricity and gas updated to the end of May2020, and data related to petroleum fuels to the end of April. Data presented includes greenhouse gas emissions arising from: the generation of electricity in the National Electricity Market (NEM), the consumption of natural gas in eastern Australia (the area covered by the NEM), and the consumption of petroleum fuels throughout Australia.