Patrick Commins ری ٹویٹ کیا
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 شامل ہوئے Ocak 2013
977 فالونگ2.7K فالوورز
@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 ری ٹویٹ کیا
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 ری ٹویٹ کیا
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 ری ٹویٹ کیا
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 ری ٹویٹ کیا
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 ری ٹویٹ کیا
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 ری ٹویٹ کیا
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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