Dear readers, have your two bob’s worth on the Harris-Trump debate.

The debate is likely to be the verbal equivalent of a heavyweight bout.

i can foresee Trump throwing wild punches and wild dummy spits: all of which fall well short of his target.

He’ll do anything to disrupt the show. And as soon as he starts to sound panicked – count to ten by yourself – and the chances are that the first dummy spit would have already been delivered.

And can we expect to play the race card? The sexist card? The debate is rigged against him?

You bet!

And that’s just for starters. Bring your popcorn.

In my view, despite Trump’s antics, theatrics and bullshit …

… Kamala will eat him alive.

What do you reckon?

Let us know: before, during or after the debate.

For the Australian times (11am for those in the eastern states) for the debate and where it can be watched/streamed, this link to an ABC article has all the details.

Update: You can watch the debate here on NBC’s livestream, or the livestream and blog on ABC News (the American ABC).

House of Representatives Media Release

The House of Representatives Standing Committee on Employment, Education, and Training has today tabled its report, Study Buddy or Influencer, following its inquiry into the use of generative artificial intelligence in the Australian education system.

Committee Chair, Ms Lisa Chesters MP, said ‘Generative AI (GenAI) presents exciting opportunities and yet high stakes risks for the Australian education system.’

The Committee’s 25 recommendations explore how Australian schools can maximise the opportunities presented by GenAI while successfully mitigating the risks in using the emerging technology, and ensuring adequate safeguards and guardrails are in place to prevent misuse.

A key focus of the recommendations is to integrate generative artificial intelligence into Australia’s national curriculum as a study buddy for all students to use. These tools need to be fit-for-purpose, relevant to the Australian context, sensitive to gender and cultural considerations, and trained on data that is based on the national curriculum.

The Committee identified that this technology has the potential to enhance educational experiences and deliver stronger student outcomes, particularly for Australia’s most vulnerable cohorts of students.

The Committee also believes, risks related to the use of the technology must also be addressed urgently. Of particular importance is the need to protect users’, especially students’ data, and ensure that educational providers do not select GenAI tools that will store users’ data offshore or sell them to third parties.

The Committee recognises that generative artificial intelligence technology may outpace the parameters of the terms of reference of this report, and these recommendations may need to be reviewed in the future.

Ms Chesters said that ‘these recommendations will forge a strong foundation to regulate the application of generative artificial intelligence in Australia’s education sector and if managed correctly GenAI in the Australian education system will be a valuable study buddy and not an algorithmic influencer.’

The full report of the inquiry can be found on the Committee’s inquiry webpage.

UNSW Sydney Media Release

While Australia weathered the pandemic better than many countries, questions about its recovery and handling of high inflation are tempering the economic outlook. Getting inflation and employment settings right will be critical, experts say – and some pain will likely be necessary.

Bruce Preston, Professor of Economics at UNSW Business School, says that while many Australians are facing a challenging period, the economy has managed well in the broader context.

“We had a global pandemic in which we shut down a range of different sectors to protect public health and the economy,” he says. “The idea that we’re going to walk away from that as a society without paying some economic cost is, I think, an overly optimistic one.”

The Reserve Bank of Australia (RBA) is now facing a critical moment in its bid to engineer a soft landing, with pressing concerns on the horizon.

“I worry that if it turns out the Reserve Bank has been overly optimistic, there’ll be a lot more inflation entrenched in the economy, in people’s inflation expectations, and it’s going to require perhaps some additional interest rate rises that might not have been warranted had they acted earlier,” he says.

Strong recovery, weak growth

The big-picture economic outlook includes continued “relatively lacklustre” growth in Australia’s gross domestic product (GDP), which grew by just 0.2% in the June quarter, says Dr Nalini Prasad, senior lecturer in the School of Economics at UNSW Business School.

“Growth has been subdued as inflation and higher interest rates have reduced demand,” she says. “This has been particularly true for households, with homeowners seeing their mortgage interest rates climb by more than four percentage points and renters seeing noticeable increases in rents.

“As a result of this, consumption has been weak. Households appear to be reallocating their spending towards essential goods and services – think electricity, health care and rents – and away from discretionary items – think restaurants and holidays.”

Prof. Preston says Australia’s economic position is clearer in the context of its recovery from the monumental challenges of the COVID-19 pandemic.

“It was a significant macroeconomic development that put a lot of stress on the Australian economy, and I think we handled that particularly well as a nation,” he says.

Ongoing inflation concerns

While inflation has been cooling in Australia, the process has been slow, with the Consumer Price Index hovering above the RBA’s target band of 2-3% for three years. The RBA now expects inflation to reach the top of the band at the end of next year.

Should inflation keep falling, the RBA will likely keep the cash rate unchanged for the rest of 2024 until it has more information about the state of the economy, Dr Prasad says.

However, there’s an important question, and now a public debate, over to what extent the RBA’s goals are feasible, according to Prof. Preston.

“The bank is in a challenging place: inflation’s high, but the labour market is very robust, and that’s something to celebrate,” he says.

Nonetheless, labour market outcomes reflect the level of demand for goods and services, and based on recent data, the RBA has judged that there is still excess demand.

“I think they’re alert to the fact that perhaps the current state of the labour market is unsustainable and are worried about how to manage that,” Prof. Preston says.

“It will require slowing the economy to ensure that demand declines by some amount to be consistent with current supply conditions,” he says. “A lot of the debate is about, well, what kinds of interest rate rises would be required to bring that situation about?”

Labour market tightness

Meanwhile, unemployment in Australia is maintaining historically low levels, although July figures showed the unemployment rate continuing a slight upward trend to 4.2%.

“While the labour market is still tight, there are small signs that there might be some loosening in the future, with job advertisements and vacancies coming down,” says Dr Prasad. A looser labour market would help to cool inflation, but this is unlikely without higher unemployment that would, in turn, lead to lower prices and wage growth.

As Prof. Preston pointed out, another concern stems from people’s perceptions of how they’re doing, which are not positive. “Not surprisingly, that reflects the fact that rising prices reduce the purchasing power of household budgets and makes people feel poorer,” he says.

“Despite the very strong health of the Australian real economy, at the end of the day, the ability to have stable inflation depends on a balance of supply and demand. My sense is that these very low levels of unemployment are probably inconsistent with long-run stable inflation.”

Prof. Preston says these challenges illustrate the RBA’s difficult path to achieving its goals of sustainable inflation and full employment.

“My view is, to the extent that there’s still evidence of a situation of excess demand, the bank probably hasn’t done enough, and that some additional interest rate rises will be required,” he says. “It’s a bit of a gamble on an unexpectedly good outcome, and I worry that if faced with a bad outcome, interest rates might have to be increased by even more than some other countries have done.”

By Denis Bright

Last week offered real leadership tests for policy elites in the corridors of power and for professional commentators in the mainstream news states. The real challenges arose from the interpretation of media releases from the federal treasurer and the RBA Governor Michele Bullock relating to lack luster economic growth data in the June Quarter National Accounts for the June Quarter.

There is always able scope for differing styles of interpretation of these bad news stories. Here are some thoughts from my perspective to promote more discussion on presenting growth and investment problems.

Michele Bullock’s assessment at the Arkia Foundation’s Fund-Raising Lunch (5 September 2024) did offer some bleak but timely warnings on behalf of the most marginalized five per cent of mortgages and others who are caught in the unsustainable rental market. Thanks, Michele, for such a frank assessment. Your technical staff are doing Australians a real service in warning of the consequences of such future social disasters which NSW Premier Jack Lang sought to avoid almost a century ago during the Great Depression (RBA site):

Although this group is fairly small overall, those in it have had to make quite painful adjustments to avoid falling behind on their mortgage repayments. This includes things like cutting back on their spending to the more essential items, trading down to lower quality goods and services, dipping into their savings or working extra hours. Some may ultimately make the difficult decision to sell their homes.

ABS National Accounts data (4 September 2024) showed that household consumption (-0.2%) fell to the weakest growth rate since the Delta-variant lockdown affected September quarter 2021. Discretionary spending fell 1.1%, following a rise in March.

Treasurer Jim Chalmers was equally frank in his assessment of the situation (ABC News and Treasurer’s Media Statement 4 September 2024). As with the comments by the Shadow Treasurer Angus Taylor, readers should take advantage of the full texts of those comments by perusing the relevant media release sites. It is not my place to spare everyone from the excitement of their own investigations.

Labor might be just slightly ahead after preferences on the latest Morgan Poll (4 September 2024) but there is little stability in these results. The 2025 election could still go in either direction or even impose a minority government to prolong the agony.

As the Australian economy slows, the spectre of a Peter Dutton-led government brings the prospect of another round of austerity budgets as mentioned in this year’s address-in-reply speech.

Peter Dutton’s address in reply speech kept the electorate away from the quest for noble policy conservative solutions. Government spending is certainly not out of control as shown by the extract from the most recent budget papers.

Budget Discipline recorded in Budget Paper 3

Given the essential expenditure from other levels of state and local governments, a public sector spending of well over 30 per cent of GDP is far from irregular by international standards of comparable OECD countries. Which areas of government spending will Peter Dutton chose to axe in any future LNP budget? (Liberal Party 16 May 2024):

The reason interest rates have gone up twelve times is because the Government can’t control its spending – and because of its reckless energy policy.
In three Labor Budgets, the Government has lifted spending by a staggering $315 billion – or $30,000 per Australian household.
The Reserve Bank Governor has sounded the alarm on inflation being home-grown.
In the last 48 hours, every credible economist has issued scathing assessments of this Budget because Labor has us in an inflationary hole and is still digging.
Make no mistake, any further increase to interest rates and inflation also now rests squarely on the shoulders of this Prime Minister and Treasurer.

Writing for The Weekend Australian (6-7 September 2024), Paul Kelly appropriately called for a more proactive investment agenda to address the downturn in investment as revealed in the latest National Accounts data. Higher global interest rate regimes and geopolitical tensions in the global economy are certainly having their impact on trade and investment. These problems were not generated in Canberra (Image: ABS National Accounts):

Opening the economy to more market influences as suggested by Paul Kelly in the Weekend Australian (7-8 September 2024) can have many new parameters. Engagement with the market need not require a return to the austerity of a decade ago when the global economy was performing better and strategic tensions were declining due to engagement with China.

Any return to austerity measures is likely to affect the most vulnerable members of the Australian community.

Our Australian Treasury and Finance Departments should be frank about available alternative options which are probably being discussed at executive policy levels behind closed doors in the corridors of power and influence. Releasing these options can only raise the standard of critical discussions before the full election season evolves.

Perhaps the National Party can be the weak link in the Coalition’s outreach towards those rusty austerity policy levers as cutbacks in regional infrastructure and community spending would be disastrous for already struggling communities.

There are indeed overseas alternatives to austerity measures from other OECD countries which are hardly radical in their orientation. Let’s look at policy options from Denmark where the post-COVID 19 recovery continues but with a reduced rate of GDP Growth (Trading Economics data to the March Quarter 2024):

Denmark GDP Annual Growth Rate

Despite Denmark’s much larger public sector compared with Australia, its government debt level is of government debt to GDP level was only 29.3 per cent.

As in other Scandinavian countries, Denmark operates a multi-functional public sector investment fund (IFU). This Fund supports domestic community development initiatives, infrastructure, sustainable energy investment and overseas assistance programmes compatible with UN Climate Goals. The exchange rate of the Danish kroner to the Australian dollar is approximately 22 cents.

Denmark is no radical left-leaning country. The Social Democrats as the largest party for the second time at the most recent elections late 2022 have shared cabinet posts with centre-right rural Venstre Party and the Moderate Party rather than left-wing parties in the interests of stability.

Federal conservative parliamentary representatives across regional Australia must be well aware of the pockets of economic and social disadvantage in their electorates. Social disadvantage stalks many of the regional electorates which are represented by the Federal Coalition parties.

These levels of disadvantage were captured in the ABS Census data long before the last election date on 21 May 2022.

The pockets of disadvantage in Maranoa are less severe than some other regional electorates but there are pockets of real disadvantage on the fringes of country towns in an electorate that is more than twice the size of Italy.

This problem of regional disadvantage is repeated across the other safe conservative regional federal electorates (Image: Electoral Pendulum results from Wikipedia):

State of the art communication rhetoric from the Coalition Parties keeps many disadvantaged voters in the conservative fold particularly through the allocation of preferences from the minor far-right parties. The broader Labor Movement needs to sharpen up its conventional marketing strategies in juxtaposition. Winning every booth in Maranoa except for a 43-43 tie in one booth is quite an achievement:

Progressive candidates should not be afraid to use similar techniques to appeal to the droves of disadvantaged voters across regional Australia.

Under the leadership of David Littleproud, the Nationals are confident enough to tilt at windmills within the Coalition on issues like the need for more trade with China as well as cost and environmental problems with the route of the Inland Railway when Scott Morrison was in government (National Party site 30 May 2024):

Nationals Leader David Littleproud has welcomed news that China will lift its ban on five Australian beef exporters, effective immediately.

Mr Littleproud said China’s decision is a positive step for Australian beef farmers and producers and a huge boost for the beef industry.

“I would like to thank the Chinese Ambassador for turning the page on this crucial issue,” Mr Littleproud said.

Another area of bipartisan commitment is the investment by the Albanese Government in the Future Fund’s Drought Fund of $519.1 million which will be available from 1 July 2024 (Beef Central 7 May 2024).

Potential bipartisan co-operation could establish a Media Fund within the Future Fund to promote quality media coverage of music, drama, news programmes and documentaries for use by public broadcasting and commercial networks. Existing funding sources for public television do not keep pace with trendlines in the cost of delivery and the absence of entertainment venues across regional Australia due to the tyranny of distance.

Progressives and conservatives can also agree on the need to challenge inappropriate online violence from those streaming channels operated largely by multinational media outlets. Community concerns about violent crime and domestic violence should be extended to the promotion of alternatives to misogynistic and violent lyrics from the popular stars of overseas hip-hop communities. YouGov has identified the streaming channels which are popular with Australian audiences: Among local video streaming platforms, Nine Entertainment’s Stan (14%) is the most popular, followed by Foxtel Now (6%) – a joint venture between News Corp and Telstra.

Applying the populist marketing style of the National Party to fight for environmental and social justice in towns like Barcaldine is the best defence of the Labor Movement in the regions. The Woorabinda community in the Flynn electorate near Rockhampton is identified as one of Australia’s most socially disadvantaged communities as identified in the 2021 Census.

If the Danish IFU Fund operated here, multinational media and fast-food outlets would want their names up in lights as investors in Australia’s Future Fund to address these crippling examples of regional poverty. Instead, a tragic cat and mouse game is being played with the ATO to minimise or contest taxation payments as noted by ABC News (8 November 2023).

Also absent from LNP communications are the forward plan of Australian conservatives for their environmental, infrastructure and community development plans for the regions and disadvantaged outer metro electorates. In the traditions of Paul Kelly’s assessment of the recent National Accounts data, engagement with the market should be broadened to engagement with the needs of Australia’s most marginalized voters living in outback towns and in fringe communities nearby.

By Denis Hay

Description:

Ex-politicians routinely join the fossil fuel industry after leaving office. Explore how this undermines Australia’s democracy and environment.

Introduction:

Australia’s political landscape has long been tainted by corporate influence, with both Labor and the Liberal-National Party (LNP) contributing to a practice known as the “revolving door.” This refers to politicians, after leaving office, routinely securing lucrative roles in industries they once regulated, particularly the fossil fuel sector. This bipartisan problem sees ex-politicians, whether from Labor or LNP, working for corporations that exploit Australia’s natural resources and contribute to environmental degradation.

These individuals – representatives of the people – often undermine the interests of Australian citizens, creating an ethical quagmire. Is it time to hold both parties accountable for allowing corporate interests to guide political decisions? In this article, we’ll explore how this practice undermines democracy and discuss solutions to combat this growing issue.

1. The Revolving Door Between Politics and Corporate Interests

The “revolving door” between politics and corporate roles is a well-documented and bipartisan problem in Australia. This practice is widespread across both the Labor Party and the Liberal-National Party (LNP), where politicians routinely transition into high-paying roles in industries they were once supposed to regulate. The fossil fuel industry is one of the biggest beneficiaries of this practice. Whether from Labor or LNP, many former politicians now work for corporations that profit from coal, gas, and mining, often at the expense of Australia’s environmental future.

Examples from Labor and LNP in the Fossil Fuel Industry

– Ian Macfarlane (LNP), a former Minister for Resources and Energy, is now the CEO of the Queensland Resources Council, a major fossil fuel lobbying group.
– Martin Ferguson (Labor), a former Minister for Resources and Energy, took up roles with oil and gas companies after leaving office, including a key advisory role with the Australian Petroleum Production & Exploration Association.
– Julie Bishop (LNP), former Foreign Minister, joined the board of a large mining company soon after leaving politics.
– Greg Combet (Labor), former Climate Change Minister, transitioned into the private sector, advising companies in the energy industry, including mining and coal.

These transitions show a troubling pattern where politicians from both major parties seem more interested in securing future corporate roles than in protecting the public’s interest while in office.

2. Corporate Influence on Labor and LNP: A Historical Context

Both Labor and LNP have a long history of receiving substantial financial contributions from the fossil fuel industry. These contributions influence policy decisions, ensuring that corporate interests take precedence over public welfare. Political donations from mining, gas, and oil companies flow into both major parties, leading to policies that help the fossil fuel sector and perpetuate Australia’s reliance on non-renewable resources.

Political Donations and Favourable Policies

Fossil fuel companies are some of the largest donors to both Labor and LNP. These donations often lead to decisions that favour the industry, such as approving new coal mines or delaying environmental regulations. The bipartisan nature of this relationship means that, regardless of who is in power, corporate interests often prevail. Both parties have a track record of supporting projects that contribute to environmental harm, such as Labor’s approval of coal mines under the Adani project and the LNP’s ongoing support for gas exploration.

3. Ex-Politicians as Bludgers on the Public Purse

While ex-politicians from both Labor and LNP secure lucrative corporate roles, they also continue to receive generous pensions from the public purse. These pensions, funded by taxpayer money, are designed to support politicians in retirement, not while they work for corporations that may actively harm the public interest. This practice has caused widespread frustration among Australian citizens, who feel that their tax dollars are being used to fund the lavish lifestyles of politicians who have effectively sold out to corporate interests.

Public Pensions and Corporate Salaries

Ex-politicians often draw large pensions after leaving office, with many receiving six-figure sums annually. Despite this financial security, many secure high-paying corporate roles, particularly within the fossil fuel industry. This double-dipping from public and private resources raises serious ethical concerns. Should individuals who once claimed to serve the public continue to receive help from taxpayer-funded pensions while working for industries that damage the environment and public health?

4. The Fossil Fuel Industry and its Detriment to Australia

The fossil fuel industry has had a significant negative impact on Australia, contributing to climate change, environmental destruction, and damage to public health. Despite growing international pressure to move towards renewable energy, Australia is still heavily reliant on coal and natural gas, thanks in large part to the influence of fossil fuel companies on both Labor and LNP politicians. Ex-politicians from both parties working for these companies only reinforces Australia’s status as one of the world’s largest exporters of fossil fuels.

Environmental and Social Costs of the Fossil Fuel Industry

– Australia is the third-largest exporter of fossil fuels globally, contributing disproportionately to global carbon emissions.
– Fossil fuel extraction has led to the destruction of Indigenous lands, the contamination of groundwater, and increased air pollution in mining regions.
– Ex-politicians’ involvement in these industries perpetuates the damage, delaying the necessary transition to renewable energy.

5. Are These Ex-Politicians Traitors to Australia?

Politicians from both Labor and LNP often campaign on promises to serve the people, protect the environment, and create a sustainable future. However, their actions after leaving office suggest otherwise. By joining the fossil fuel industry or other corporate sectors, these individuals show a clear conflict of interest. Their willingness to prioritise personal gain over the future of Australia can be seen as a betrayal of the public trust. In some cases, this behaviour can be viewed as a form of treason, especially when these ex-politicians support industries that harm the environment and public health.

A Bipartisan Betrayal

The betrayal is bipartisan. Whether it’s a former Labor MP joining a mining company or an ex-LNP minister advising an oil giant, the pattern is still the same. Politicians from both sides of the aisle are abandoning their responsibility to the Australian people, choosing corporate interests over public welfare.

6. Policy Reforms to Stop the Revolving Door

To address the revolving door between politics and corporate industries, Australia must implement stronger regulations that apply to both Labor and LNP politicians. A mandatory cooling-off period that prevents ex-politicians from joining industries they once regulated would help curb conflicts of interest. Additionally, tighter lobbying restrictions could ensure that corporate influence is reduced.

Proposed Reforms

– Cooling-off periods: A mandatory five-year cooling-off period would prevent ex-politicians from working in industries they once regulated, whether from Labor or LNP.
– Lobbying restrictions: Stricter regulations on lobbying activities would limit the influence ex-politicians can have on government decisions after leaving office.
– Transparency measures: Mandating that politicians disclose their future career intentions and potential conflicts of interest before leaving office would increase transparency and reduce the risk of corruption.

7. Public Response and Citizen Disillusionment

The revolving door between politics and corporate interests has led to widespread public disillusionment in Australia. Voters from across the political spectrum are increasingly frustrated with the belief that their elected representatives are more interested in securing corporate roles than serving the public. This bipartisan issue has led to a decline in voter turnout and a growing sense of political apathy, as many Australians feel that their voices are no longer heard.

Loss of Trust in Labor and LNP

Both major parties are viewed as being complicit in this practice, with voters feeling that neither side is immune to the corrupting influence of corporate money. This loss of trust undermines democracy and leaves Australians wondering who, if anyone, is truly representing their interests.

8. Conclusion: Holding Labor and LNP Accountable

Ex-politicians from both Labor and LNP working for corporate interests, particularly in the fossil fuel industry, is a bipartisan problem that undermines Australia’s democracy and environmental future. Their actions erode public trust, contribute to environmental destruction, and ensure that corporate interests stay a priority over public welfare. It’s time for Australians to demand accountability from both major parties and push for stronger regulations that prevent the revolving door from continuing.

Summary

This article examined the troubling practice of ex-politicians from both Labor and LNP joining corporate sectors, particularly in the fossil fuel industry. The bipartisan nature of the revolving door undermines public trust, perpetuates environmental damage, and betrays the Australian people. Stricter regulations such as cooling-off periods and lobbying restrictions are necessary to stop this unethical practice.

Question for Readers:

Do you believe that stricter regulations should be imposed on both Labor and LNP politicians to prevent them from joining industries they once regulated?

Call to Action:

Join the conversation by leaving your thoughts below or signing up for our newsletter to stay informed on how we can hold both Labor and LNP accountable for their ties to corporate interests.

Social Sharing:

Share this article with your network to spread awareness of the bipartisan problem of ex-politicians prioritising corporate profits over public interests

This article was originally published on Social Justice Australia.