Budget shock: Morrison government hit over the head by a paradigm
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May 16, 2021 â 8.42pm
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The media missed the big story in last weekâs budget. They were present to observe a rare event â a shift in the economic management paradigm â but all they saw was just another big-spending, vote-buying pre-election budget.
Since the post-World War II Golden Age ended in the ignominy of stagflation in the mid-1970s, the first rule of politics has been that most of itâs economics. Economies donât run themselves, and managing them is the chief job of national governments. Bad economic management is the chief reason governments get thrown out.
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Australia is largely free of locally transmitted cases of Covid-19.PHOTO: REUTERS
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Australia hasn’t had an unemployment rate below 5% since 2011.
It hasn’t had an unemployment rate below 4% since the early 1970s.
Unemployment rate, per cent
The new wording of the fiscal strategy required in the budget as part of the Charter of Budget Honesty will commit the government to quickly drive down unemployment until the unemployment rate is between 4% and 5%.
Only when the unemployment rate is sustainably within that band will the strategy switch to a focus on reducing government debt as a share of GDP.
The existing wording, introduced in last year’s budget in response to the COVID crisis, only commits the government to drive down unemployment until the rate is “comfortably below 6%”.
April 29th, 2021 By David Knox 2 commentsFiled under: News,
ABC News has achieved equal representation of female and male interviewees and commentators in its coverage in March.
In March ABC News achieved 51% female voices, with three-quarters of the 48 participating editorial teams achieving 50:50 or better. When tracking began, less than a third of teams were achieving this.
ABC was one of 41 media organisations around the world to join in BBC’s international 50:50 Project to achieve equal representation in its news coverage.
David Anderson, ABC Managing Director, says: “As the national public broadcaster, the ABC has a special obligation to lead the way on gender equality in the Australia media and ensure our news coverage fairly represents our society. Also, including a full range of voices and perspectives simply makes our content better.