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Today (June 3, 2026), the Australian Bureau of Statistics (ABS) released the latest – Australian National Accounts: National Income, Expenditure and Product, March 2026. This data does not really capture the full impact on the Middle East disruptions nor do they capture any interest rate impacts arising from the recent hikes in rates from the…

I have said this many times – monetary policy is not fit for purpose and central banks should be prevented from having discretionary powers to alter rates at will. There are two levels of justification for that assertion. First, at the ideological level, a major (dominant under neoliberalism) arm of macroeconomic policy should not be…

In the 1990s, a new industry was created in Australia. It produced nothing. But it was the federal government’s response to the political fallout from the high unemployment that had persisted since it abandoned its committent to full employment in the 1980s as neoliberal ideology became dominant and the corporate sector took control of public…

I read two articles at the airport early this morning, while I was waiting for a flight, which I wish I hadn’t read. The first was bemoaning the approaching “$A1 trillion problem” that apparently the Australian government and all of us are about to face. It was written by a journalist who is schooled in…

The Australian Bureau of Statistics (ABS) released the latest labour force data today (May 21, 2026) – Labour Force, Australia – for April 2026 – which showed that the labour market deteriorated significantly in April. All the main indicators were moving in negative directions – employment growth fell, participation fell, unemployment increased, the employment-population ratio…