Ten million workers are struggling but Australia’s national net wealth, if redistributed, could end the crushing poverty which directly accounts for at least 10% of the suicide toll. Gerry Georgatos reports.
Gross domestic product (GDP)
It was another tough year for most of us, and 2022 looks to be no different. Peter Boyle asks you to join others in helping keep Green Left afloat.
Sam Wainwright asks how would bosses, who are currently demanding that Fair Work Australia not raise award wages, react to a legislated freeze on the price they charge for goods and services.
The underlying gross domestic product trend shows the profit share is up to an historic high and the labour share is down. Since 1975, more than $4 trillion has been shifted from wages to profits. Paul Oboohov explains how it got to this.
In 2009, economist Steve Keen walked from Canberra to Mount Kosciuszko after losing a bet that the Australian housing market would crash 40% after the Global Financial Crisis (GFC). However, he had been one of the few economists who actually predicted the coming of the GFC. And he still maintains that a crash in the Australian housing market is coming.
From 1954 to 1972, Australia’s official unemployment rate was under 2% as the economy grew at the most rapid rate in the country’s history. There was one exception, the credit squeeze year of 1961, in which unemployment rose to 2.4%.