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Although the age pension will cost about $49 billion in 2017-18, it is means tested. In contrast, superannuation concessions are heavily biased in favour of high income earners. Both sides of politics pander to the wealthy and the cosseted finance sector, which want certainty that nothing will stand in the way of their super bonanza.
Federal Finance Minister Mathias Cormann announced 'the scoping study found no evidence that premiums would increase as a result of the sale' of Medibank Private. But the sale is being presented as a way to make the fund more efficient. If successful, Medibank Private will become even more dominant than it is at present and there will be pressure to raise premiums to achieve its purpose of keeping shareholders happy.
My response to government reports is often like that of a small boy watching a magician. You know that a rabbit will be produced out of the hat, but you can’t quite work out how it will be done. For a Government set on cutting costs the McClure report into Australia's welfare system will be easy to cherry pick by further depriving the already deprived. The risk is that it will not pull a white rabbit out of the hat, but a ferret.
The Government's McClure interim welfare report is predicated on the big lie that welfare is the problem and the market is the solution. The long wait of the excluded for some of the wealth and resources, for some of the hope to trickle down, is one of the most audacious con jobs in modern history. It is not misfortune. It is not a mistake. It is not the fault of the excluded. It is an attack against ordinary people who are made to bear the burden of inequality.
The superannuation industry inhabits a cosseted world in which the money pours in thanks to a combination of government compulsion and tax concessions. The foundations of this empire are criticised for how the tax concessions create an expensive form of upper class welfare, and for the harmful effect of compulsory super's artificial expansion of the finance sector. The Abbott Government shows scant concern about either aspect.
The 2014 Federal Budget has created a new hierarchy of virtue in Australian society, with well off investors deemed to be good and the disadvantaged bad. It is not so much class war as a war between capital and the rest of society. Those wielding significant capital are useful, while those who can save little, and have little to invest, are considered a burden.
With the Australian economy in disarray, the Abbott Government is showing keen interest in New Zealand's projected unusually high growth. But NZ's status as a rock star economy is in question from commentators who say it has never recovered from major policy shifts 30 years ago. In particular its sexy image on the global business stage does not translate to a better life for those on low incomes, particularly women and children.
Kevin Rudd says we need a 'new politics' or a 'new way'. Tony Abbott says we'll only get a new way by electing a new government. What is missing in both statements is the recognition that what we actually need is a new kind of economic democracy: a reconfiguration of our economic prioritising away from individualism towards the common good, and towards the participation of all rather than the exclusion of many.
No patriotic Australian wants to see Qantas go out of business. But the principles of both good business and social inclusion demand the government not thwart competition from Virgin and its cashed up foreign shareholders. In two decades, competition has lowered fares and made it possible for less privileged Australians to fly.
Following the abuse received by Adam Goodes from a teenage spectator in the AFL's Indigenous round, and the subsequent remarks made by Eddie McGuire, the country became embroiled in a debate about racism in modern Australia. Meanwhile, the Northern Territory introduced its Mandatory Alcohol Treatment Bill which, if passed, will see more Aboriginal people incarcerated. We were too busy describing the modern face of racism to notice.
It is hard to imagine that those living in disadvantaged communities would find great personal interest in the things that matter at election time. Interest rates and mortgages, rates of company tax and paid maternity leave are issues for the advantaged. They are problems of managing income that those without it might like to have.
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