Patrick Commins me-retweet
The starting point for any useful discussion of housing policy is an acknowledgment that prices and rents should not keep rising.
Neither party is capable of that yet.
theguardian.com/australia-news… 1/2
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Patrick Commins
5.7K posts
Patrick Commins
@ComminsP
Economics editor at Guardian Australia. Formerly of The Australian and Australian Financial Review.
Canberra Bergabung Ocak 2013
976 Mengikuti2.7K Pengikut
@PBO_AU analysis simultaneously suggests $313b in tax cuts over 10 years AND record high average tax rates. Makes little sense…
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Patrick Commins me-retweet
The Reserve Bank’s struggle to tame inflation is being exacerbated by $230bn worth of state and territory infrastructure spending and a failure to slow the mammoth pipeline of road, rail and energy projects. theaustralian.com.au/nation/politic…
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Patrick Commins me-retweet
Great from @tomdusevic:
"Does Albanese take the well-worn road of ever more debt, with its risky delusions of exceptionalism and free money? Or can it reinvent how we earn our way in the world via its work-in-progress brand of values-based capitalism?"
theaustralian.com.au/inquirer/count…
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Patrick Commins me-retweet
Price controls look to be more important for child care than rents. Average annual growth for child care prices (gross) last 18 years 6% compared to rents 2.7% and the overall CPI 2.5%.
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Interesting to read RBA speeches from ‘21. Being angry at Lowe over his ‘24 hiking guidance seems like missing the bigger issue (like ~12m on a 30y loan really shifts the dial). Suggesting rates would remain low once the hiking starts seems like a more impactful misstatement.
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@TapasStrickland @MizenRonald @chrisedmond well if demand is easing across the economy than hopefully easing input costs in other areas will allow for lower prices and some wage adjustment
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A goodly portion of orthodox economists are open to the proposition that profits are contributing to inflation in 🇦🇺 (as they’ve often said) they just take issue with the idea the CFFW authored by Jim proves it.
Jim Stanford@JimboStanford
The efforts of orthodox economists in 🇦🇺 to deny, despite growing global consensus, the role of profits in recent inflation (and to vilify those who document it) is parochial & ideological. Denying facts that are politically inconvenient is not a basis for sound economic policy.
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@TapasStrickland @MizenRonald @chrisedmond Yes but maintaining real profits is different from driving inflation, that's the point, isn't it?
As I read today in this guy's blog...
mattbruenig.com/2023/06/27/why…
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@MizenRonald @ComminsP @chrisedmond To reassert those competitive pressures demand may have to moderate (levels or growth will be key). In doing so firms compete, absorbing a greater share of higher input costs, at a time when it is also clear workers look to be able to rebuild some lost real wages growth.
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@MizenRonald looking forward to catching up and hearing all about it. Thanks for pointing me towards that discussion re the IMF report - that Breunig guy's post on car prices was great ✌️
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@ComminsP Two weeks to go! Though I’ll be back in a new role and leaving the weeds to someone else to wade through (if I can help myself).
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@mikejanda It might be because the minutes from the last RBA board meeting explicitly mentioned that particular monthly CPI measure
rba.gov.au/monetary-polic…
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The RBA generally looks at core inflation, as captured by the trimmed mean. The ABS trimmed mean estimate has annual inflation dropping from 6.7 to 6.1%. Yet much of the economic commentary is choosing to focus on the recently concocted 'excluding volatile items' number. Why?
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@MizenRonald Lovely to see that paternity leave has not kept you out of the weeds!
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@ComminsP Agree, which @chrisedmond has tweeted about extensively (in all its nuanced glory).
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@MizenRonald Totes. IMF reckons profits are driving inflation in Europe, as per below.
And given our oligopolies you would expect we would be prime territory for price gouging.
imf.org/en/Blogs/Artic…
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@ComminsP Yeah, they had that great prices analysis recently. I was simply noting there are orthodox economists open to the proposition but are yet to be pursued with good evidence. Also, important distinction between ‘contributing to’ and ‘driving’.
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The @PBO_AU has some very snazzy charts showing Australia's projected long term financial position
pbo.gov.au
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Patrick Commins me-retweet
Come work at the @FinancialReview
covering accountants, consultants and more.
We're looking for a Professional Services Reporter
#sol=9a876af50c925cfc6b71d8beb7231d68bb0fc875" target="_blank" rel="nofollow noopener">seek.com.au/job/68135856?t…
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Patrick Commins me-retweet
Australia recorded the largest annual population increase in the nation’s history after two Covid-affected years, despite a rise in the number of deaths and a drop-off in births: bit.ly/3p4FZ0W
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A lot going on today but just wanted to note that Australia's unemployment rate is lower than it was when the RBA started its shock-and-awe series of 12 rate hikes.
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Patrick Commins me-retweet
This decision seems utterly inexplicable.
Phillip Coorey@PhillipCoorey
.@andrewprobyn is the hardest working ABC journalist I know and the broadcaster's best and most constant news breaker. And they've sacked him because they suddenly don't need a political editor. What a disgrace from an organisation full of middle-management time servers. @abcnews
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