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Despite the heavy focus on 'hard-hat' professions in our political discourse, Australia’s economy is dominated by its service sectors. If this is Australia’s first service sector recession, why is this not reflected in the focus of our recovery and job creation programs?
The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
Pope Francis’ latest encyclical letter Fratelli Tutti is, as we might have anticipated, a reflection on our times. The burden of the encyclical is to commend fraternity and social friendship and deplore selfishness and hostility in the response to the crisis.
The response to COVID has invited reflection about the relative value of one human death (and so of one human life) as compared with another. This is a radical question because it makes us ask whether the value of a human life is defined by economic wellbeing and by potential contribution to the economy, or by deeper qualities.
The issue of class, economic inequality, has for some time been conspicuously absent in contemporary political debate. In the wake of COVID-19, which will greatly exacerbate income and wealth disparities, such inattention must be addressed.
There will be Great Reset in finance and economics. It is inevitable because the shock has been so great. The first problem is what to do with global debt, which was already at unsustainable levels before the virus hit: over 320 per cent of global GDP. The only way to prevent system-wide failure has been to lower interest rates to near zero levels.
What then, does the case for full employment look like? This is not just an economic question, but too of having access to a decent wage that allows all people to live a decent life.
Government must respect the human dignity of people who are often regarded as a burden on society. Seen from this perspective the JobSeeker allowance is deceptively named. It conflates two distinct though related responsibilities of government: to promote participation in the workforce by matching jobs available to people seeking them, and to provide for those who cannot work.
In recovering from catastrophic events, we need to look beyond the simple defining of problems, finding solutions that match them and naming agencies responsible to fix them. We need to be curious about the persons involved, their interlocking relationships which have contributed to the trauma and the possibilities for healing within those relationships.
What is often not expected or well understood is the effect of ‘lag time’ aftershocks in our regions following economic crisis. Lag time is an attribute of some rural, regional and remote communities and is most often seen in economically path dependent and single industry communities, many of which of course, comprise RRR Australia.
To date, most of the Morrison government’s economic packages could best be described as ‘economic welfare’. They are measures designed to limit the impact on the economy of the COVID-19 pandemic. The recovery phase will very much need to be about stimulating the Australian economy.
97-108 out of 200 results.