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Freedom of religion, a matter of national interest still to be resolved successfully in the Federal Parliament, has yet again become a focus for the nation’s football codes. The Essendon controversy has demonstrated how it is issues with a religious-cultural component, not economic issues, which most polarize our society and are the most difficult for politics to resolve harmoniously.
Australian cultural icon and erstwhile publisher Hilary McPhee calls Telltale ‘a rare thing, an ingenious memoir,’ and she is right. It is interesting and reassuring to note that books about reading and recollections of reading habits seem to be proliferating. Perhaps such writing is a defence measure against worrying developments like universities in England, for example, axing their English Literature courses.
Now that it is becoming hard to avoid just how much trouble the global financial system is in, it is interesting to speculate about what should be done about it. The first thing to understand about the global financial system is that the assumptions that were used to shape it are demonstrably false.
Despite a post-pandemic bull-run, both the national and international economy are now stalling. Interest rates are going up. Markets are going down. Inflation seems unstoppable. While many factors are to blame for the rising cost of living, a catalysing force continues to be our response to the war in Ukraine.
It is often said that it takes a village to raise a child. It also takes interested and supportive people to encourage athletic talent. A recent documentary on the world's most successful male distance runner Sir Mo Farah raises questions around how host countries know about waste of talent and opportunity when they routinely deport asylum seekers or lock them up?
Monetary authorities are caught in an impossible situation. Inflation is rising: it is over 5 per cent in Australia and over 9 per cent in the United States. Inflation is often seen as a way out of excessive debt because it erodes the real value of money and therefore the real value of the debt. But what is increasingly being discussed are ways to cancel the debt.
The question that should be posed is how effective has the Reserve Bank been at ‘managing’ the economy and financial system? ‘Not very’, has to be the answer. Not that the RBA is alone. The same pattern has been seen across the developed world. Central banks have one weapon at their disposal, the cost of money (the interest rate), and there is not much evidence they have used this tool to make their systems sustainable. Mostly, they have made matters worse.
Election campaigns can be defined by all sorts of things. Gaffes, negative ads, international incidents, public policy. It is trite but no less true to say that this federal election campaign has been much more about the first three rather than the last. The policy discussion has been edged into the election mix most seriously by various interest groups and by some of the macro party and independent candidates seeking election.
On May 3, the Prime Minister of the Solomon Islands, Manasseh Sogavare, vented his fury in parliament at ‘the continual demonstration of lack of trust by the concerned parties, and tacit warning of military intervention in Solomon Islands if their national interest is undermined in Solomon Islands.’ The targets of the speech — Australia and the United States — were clear enough.
By attending to the faces of people who are seen as props to the election campaign, and developing an interest in the background of social change in different parts of Australia, we gain a deeper understanding of Australia and its needs. At one level election campaigns are all showbiz and make believe, but at another the humanity that they can never quite stifle also punctures the images that the contesting partners project of Australia.
Part of what makes community is what distinguishes community, what sets it apart. It might be an interest in music, or sport, a neighbourhood or a set of values or practices. Initially, at least, the extent to which we identify with the community will depend upon the extent to which those things that define or characterise it are important to us.
Australia’s Reserve Bank mainly concentrates on keeping inflation within an acceptable range and maintaining a high level of employment. Social equity has never been considered to be part of its mandate. It should be. Interest rates have been the biggest cause of economic and social division in Australia, not just between rich and poor, but also between older and younger generations.
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