The mass immigration economy does not do wages growth

The mass immigration economy does not do wages growth

WHAT it boils down to as evidenced by numerous reports … the same policy bastardry is still happening ….

Scarcely a day goes by without another headline of wage theft involving temporary migrant workers … students, visa holders, tourists all work for nothing to gain longer terms visas

The notion that employers will only go to the trouble and expense of making a TSS visa application when they want to meet a skill shortage skims over a range of motives an employer may have for using the TSS visa

reluctance to invest in training for existing or prospective staff

or a desire to move towards a deunionised workforce

WHAT is the most dangerous animal in Australia? In the great land Downunder?

Picture

The mass immigration economy does not do wages growth

By Houses and Holes in Australian Economy

November 14, 2019 | 10 comments

If the definition of insanity is doing the same thing over and again and expecting a different result, then Aussie economists are bonkers, at Domain:

BIS Oxford chief economist Sarah Hunter said the wage figures were dismal, adding they meant the RBA would have to take official interest rates down to 0.5 per cent next year.

…NAB chief economist Alan Oster said the RBA rate cut would come with the bank outlining plans for “unconventional” monetary policies including the purchase of government debt.

Senior research fellow David Richardson [at TAI] said GDP would lift by $10 billion for every percentage point reduction in the jobless rate. Such a reduction would see about 134,000 people get full-time work who would also put upward pressure on wages.

The business dailies don’t even cover it. Why would they? They love it. At least useful idiot Greg Jericho offers some nice charts:

The latest wages growth figures released on Wednesday by the bureau of statics show that growth has distinctly slowed, with the worst results since the middle of last year. The results confirm that, for yet another year, the government will be forced to revise down its overly optimistic predictions for wages growth that were made in the budget.

…And that is bad news all round. Already this week a report by Deloitte has revealed that retailers are expecting one of the worst Christmas shopping periods for some time.

The lack of energy in the economy is highlighted by the fact that half of the 18 industries tracked by the ABS have lower wages growth now than they did this time last year:

It very much suggests a stagnation that puts absolute lie to the government’s own wages projections.

In the April budget, the government predicted that by June next year wages would be growing annually at a rate of 2.75%, and 3.25% 12 months after that:

In order to get wages growth up to 3.25% the underemployment rate would need to fall from the current level of 8.4% to 7% – the equivalent of nearly 200,000 fewer workers underemployed than are currently.

During the mining boom it took four years for the underemployment rate to fall 1%pt. The government predicts it will fall by more than that in little over 18 months in order to produce 3.25% wage growth:

Were that to happen it would be more than double the previous biggest fall in the underemployment rate over such a time frame.

Of course it’s not going to happen. Wage growth is going to keep falling next year as the growing terms of trade shock is automatically passed though to the labour market owing to mass immigration.

As I wrote yesterday, the macro-economic evidence is clear:

Australia has carried a massive output gap – that is, too much supply – ever since the GFC but much more so since 2011 as the twin growth drivers of mining and houshold debt-funded consumption both stalled.

*As you can see, before 2008, as a nation we always allowed immigration to fall when the output gap appeared, to prevent too much competition in the labour market. 

*But afterwards, we did the opposite and ramped up immigration. Worse, the sources of immigration deteriorated radically from highly paid, skilled workers into desperate and cheap warm bodies from anywhere in the Third World.

*Under this macroeconomic regime, any and every time that economic slack appears it will always land on the labour market in the form of weak wages. 

*The rest is history: a permanent income depression for workers as every time the output gap closes, more cheap foreign labour floods in to widen it again, despite the demand that they also bring.

*So, what began as an external shock under Labor, which was too idiotic to cut immigration lest it be labelled racist, has since morphed into a worker-devouring Kracken of permanent Coalition policy that today has Australia rivaling Great Depression USA for falling living standards.

Don’t be fooled into thinking that it had to be this way. It didn’t.

*Although there was always going to be some adjustment after the mining boom as national competitinvess was repaired, the use of mass immigration to hide the correction has ensured that certrain sectors are protected while other suffer more than they should.

Households and tradable sectors have born the brunt of the adjustment while property, banking and retail (until recently) were protected.

*This happened instead of the far better national interest policies of productivity reform, competitiveness reform and crashing one’s own currency.

Alas, the same policy bastardry it is still happening and the income depression is therefore not over. Ahead, the Chinese economy is going to slow to a virtual standstill and the second leg in the falling commosity price story will transpire, denuding the nation of huge slabs of income once again.

With the Coalition determined to pump in cheap foreign labour to support capital, while Labor inexplicably cheers it on, that will again direct all of the adjustment onto labor as Australia’s Great Income Depression runs for another lost decade.

Shoppers at Pitt Street mall

So is the micro-economic evidence:

  • For years we have seen Dominos, Caltex, 7-Eleven, Woolworths and many other fast food franchises busted for rorting migrant labour.
  • The issue culminated in 2016 when the Senate Education and Employment References Committee released a scathing report entitled A National Disgrace: The Exploitation of Temporary Work Visa Holders, which documented systemic abuses of Australia’s temporary visa system for foreign workers.
  • Mid 2017, ABC’s 7.30 Report ran a disturbing expose on the modern day slavery occurring across Australia.
  • Meanwhile, Fair Work Ombudsman (FWO), Natalie James, told Fairfax that people on visas continue to be exploited at an alarming rate, particularly those with limited English-language skills. It was also revealed that foreign workers are involved in more than three-quarters of legal cases initiated by the FWO against unscrupulous employers.
  • Then The ABC reported that Australia’s horticulture industry is at the centre of yet another migrant slave scandal, according to an Australian Parliamentary Inquiry into the issue.
  • The same Parliamentary Inquiry was told by an undercover Malaysian journalist that foreign workers in Victoria were “brainwashed” and trapped in debt to keep them on farms.
  • A UNSW Sydney and UTS survey painted the most damning picture of all, reporting that wages theft is endemic among international students, backpackers and other temporary migrants.
  • A few months ago, Fair Work warned that most of Western Sydney had become a virtual special economic zone in which two-thirds of businesses were underpaying workers, with the worst offenders being high-migrant areas.
  • Dr Bob Birrell from the Australian Population Research Institute latest released a report, based on 2016 Census data, revealed that most recently arrived skilled migrants (i.e. arrived between 2011 and 2016) cannot find professional jobs, with only 24% of skilled migrants from Non-English-Speaking-Countries (who comprise 84% of the total skilled migrant intake) employed as professionals as of 2016, compared with 50% of skilled migrants from Main English-Speaking-Countries and 58% of the same aged Australian-born graduates. These results accord with a survey from the Bankwest Curtin Economics Centre, which found that 53% of skilled migrants in Western Australia said they are working in lower skilled jobs than before they arrived, with underemployment also rife.
  • The Australian Bureau of Statistics (ABS) latest Characteristics of Recent Migrants reportrevealed that migrants have generally worse labour market outcomes than the Australian born population, with recent migrants and temporary residents having an unemployment rate of 7.4% versus 5.4% for the Australian born population, and lower labour force participation (69.8%) than the Australian born population (70.2%).
  • ABC Radio recently highlighted the absurdity of Australia’s ‘skilled’ migration program in which skilled migrants have grown increasingly frustrated at not being able to gain work in Australia despite leaving their homelands to fill so-called ‘skills shortages’. As a result, they are now demanding that taxpayers provide government-sponsored internships to help skilled migrants gain local experience, and a chance to work in their chosen field.
  • In early 2018 the senate launched the ”The operation and effectiveness of the Franchising Code of Conduct” owing in part to systematic abuse of migrant labour.
  • Then there is new research from the University of Sydney documenting the complete corruption of the temporary visas system, and arguing that Australia running a “de-facto low-skilled immigration policy” (also discussed here at the ABC).
  • In late June 2018 the government released new laws to combat modern slavery which, bizarrely, imposed zero punishment for enslaving coolies.
  • Over the following few months we witnessed widespread visa rorting across cafes and restaurants, including among high end establishments like the Rockpool Group.
  • Then Alan Fels, head of the Migrant Workers Taskforce, revealed that international students are systematically exploited particularly by bosses of the same ethnicity.

Academic research also supports it. Below are key excerpts from Chapter 13 entitled Temporary migrant workers (TMWs), underpayment and predatory business models, written by Iain Campbell:

This chapter argues that the expansion of temporary labour migration is a significant development in Australia and that it has implications for wage stagnation…

Three main facts about their presence in Australia are relevant to the discussion of wage stagnation. First, there are large numbers of TMWs in Australia, currently around 1.2 million persons. Second, those numbers have increased strongly over the past 15 years. Third, when employed, many TMWs are subject to exploitation, including wage payments that fall below — sometimes well below — the minimum levels specified in employment regulation…

One link to slow wages growth, as highlighted by orthodox economics, stems from the simple fact of increased numbers, which add to labour supply and thereby help to moderate wages growth. This chapter argues, however, that the more salient point concerns the way many TMWs are mistreated within the workplace in industry sectors such as food services, horticulture, construction, personal services and cleaning. TMW underpayments, which appear both widespread in these sectors and systemic, offer insights into labour market dynamics that are also relevant to the general problem of slow wages growth…

Official stock data indicate that the visa programmes for international students, temporary skilled workers and working holiday makers have tripled in numbers since the late 1990s… In all, the total number of TMWs in Australia is around 1.2 million persons. If we include New Zealand citizens and permanent residents, who can enter Australia under a special subclass 444 visa, without time limits on their stay and with unrestricted work rights (though without access to most social security payments), then the total is close to 2 million persons… TMWs now make up around 6% of the total Australian workforce…

Decisions by the federal Coalition government under John Howard to introduce easier pathways to permanent residency for temporary visa holders, especially international students and temporary skilled workers, gave a major impetus to TMW visa programmes.

Most international students and temporary skilled workers, together with many working holiday makers, see themselves as involved in a project of ‘staggered’ or ‘multi-step’ migration, whereby they hope to leap from their present status into a more long-term visa status, ideally permanent residency. One result, as temporary migration expands while the permanent stream remains effectively capped, is a lengthening queue of onshore applicants for permanent residency…

Though standard accounts describe Australian immigration as oriented to skilled labour, this characterisation stands at odds with the abundant evidence on expanding temporary migration and the character of TMW jobs. It is true that many TMWs, like their counterparts in the permanent stream, are highly qualified and in this sense skilled. However, the fact that their work is primarily in lower-skilled jobs suggests that it is more accurate, as several scholars point out, to speak of a shift in Australia towards a de facto low-skilled migration programme

A focus on raw numbers of TMWs may miss the main link to slow wages growth. It is the third point concerning underpayments and predatory business models that seems richest in implications. This point suggests, first and most obviously, added drag on wages growth in sectors where such underpayments and predatory business models have become embedded. If they become more widely practised, underpayments pull down average hourly wages. If a substantial number of firms in a specific labour market intensify strategies of labour cost minimisation by pushing wage rates below the legal floor, it can unleash a dynamic of competition around wage rates that foreshadows wage decline rather than wage growth for employees…

Increases in labour supply allow employers in sectors already oriented to flexible and low-wage employment, such as horticulture and food services, to sustain and extend strategies of labour cost minimisation… The arguments and evidence cited above suggest a spread of predatory business models within low-wage industries.37 They suggest an unfolding process of degradation in these labour markets…

And below are extracts from Chapter 14, entitled Is there a wages crisis facing skilled temporary migrants?, by Joanna Howe:

Scarcely a day goes by without another headline of wage theft involving temporary migrant workers…

In this chapter we explore a largely untold story in relation to temporary migrant workers… it exposes a very real wages crisis facing workers on the Temporary Skill Shortage (TSS) visa (formerly the 457 visa) in Australia. This crisis has been precipitated by the federal government’s decision to freeze the salary floor for temporary skilled migrant workers since 2013… the government has chosen to put downward pressure on real wages for temporary skilled migrants, thereby surreptitiously allowing the TSS visa to be used in lower-paid jobs…

In Australia, these workers are employed via the TSS visa and they must be paid no less than a salary floor. This salary floor is called the Temporary Skilled Migration Income Threshold (TSMIT). TSMIT was introduced in 2009 in response to widespread concerns during the Howard Government years of migrant worker exploitation. This protection was considered important because an independent review found that many 457 visa workers were not receiving wages equivalent to those received by Australian workers…

In effect, TSMIT is intended to act as a proxy for the skill level of a particular occupation. It prevents unscrupulous employers misclassifying an occupation at a higher skill level in order to employ a TSS visa holder at a lower level…

TSMIT’s protective ability is only as strong as the level at which it is set. In its original iteration back in 2009, it was set at A$45 220. This level was determined by reference to average weekly earnings for Australians, with the intention that TSMIT would be pegged to this because the Australian government considered it ‘important that TSMIT keep pace with wage growth across the Australian labour market’. This indexation occurred like clockwork for five years. But since 1 July 2013, TSMIT has been frozen at a level of A$53 900. ..

There is now a gap of more than A$26 000 between the salary floor for temporary skilled migrant workers and annual average salaries for Australian workers.

This means that the TSS visa can increasingly be used to employ temporary migrant workers in occupations that attract a far lower salary than that earned by the average Australian worker. This begs the question — is the erosion of TSMIT allowing the TSS visa to morph into a general labour supply visa rather than a visa restricted to filling labour market gaps in skilled, high-wage occupations?..

But why would employers go to all the effort of hiring a temporary migrant worker on a TSS visa over an Australian worker?

Renowned Australian demographer Graeme Hugo observed that employers ‘will always have a “demand” for foreign workers if it results in a lowering of their costs’. 

*The simplistic notion that employers will only go to the trouble and expense of making a TSS visa application when they want to meet a skill shortage skims over a range of motives an employer may have for using the TSS visa.

*These could be a reluctance to invest in training for existing or prospective staff, or a desire to move towards a deunionised workforce. Additionally, for some employers, there could be a belief that, despite the requirement that TSS visa workers be employed on equivalent terms to locals, it is easier to avoid paying market salary rates and conditions for temporary migrant workers who have been recognised as being in a vulnerable labour market position. A recent example of this is the massive underpayments of chefs and cooks employed by Australia’s largest high-end restaurant business, Rockpool Dining Group, which found that visa holders were being paid at levels just above TSMIT but well below the award when taking into account the amount of overtime being done…

Put simply, temporary demand for migrant workers often creates a permanent need for them in the labour market.

*Research shows that in industries where employers have turned to temporary migrants en masse, it erodes wages and conditions in these industries over time, making them less attractive to locals…

*A national survey of temporary migrant workers found that 24% of 457 visa holders who responded to the survey were paid less than A$18 an hour. 

*Not only are these workers not being paid in according with TSMIT, but they are also receiving less than the minimum wage. A number of cases also expose creative attempts by employers to subvert TSMIT. Given the challenges many temporary migrants face in accessing legal remedies, these cases are likely only scratching the surface in terms of employer non-compliance with TSMIT…

*Combined, then, with the problems with enforcement and compliance, it is not hard to conclude that the failure to index TSMIT is contributing to a wages crisis for skilled temporary migrant workers… So the failure to index the salary floor for skilled migrant workers is likely to affect wages growth for these workers, as well as to have broader implications for all workers in the Australian labour market.

It’s not just temporary visas. It is the entire mass immigration model:

  • students, visa holders, tourists all work for nothing to gain longer terms visas;
  • their numbers are endless and so is the labour supply shock;
  • and that endless flow has now generated a supply side adjustment to businesses that thrive on cheap foreign labour – basically service economy dross – that holds up empty calorie growth, boosts asset prices and the currency, holds own productivity via capital shallowing, and hollows out tradables in an era of global lowflation.

*But, of course, we can’t talk about that because “racism”.

Previously from Jericho:

Immigration – because there are many desperate to hate – must be treated with extreme care by politicians and journalists, and certainly with more care than Abbott seems capable. The inherently racist parties will seek to use any discussion and any seeming evidence of the negative impact of migrants as fuel to burn their fires of hate.

Why it’s OK to hate Aussie workers is not made clear.

Houses And Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

The jobless rate is driving wages down.

SOURCE: https://www.macrobusiness.com.au/2019/11/the-mass-immigration-economy-does-not-do-wages-growth/#comments

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Welcome to the Great Australian Income Depression

FROM the comments …

– I said to a friend 18 months ago, to watch what happened with the Chinese money pouring into real estate, and what happened in Canada and Ireland with their bubbles. He looked at me blankly, because he didn’t really know what happened in Canada and Ireland, and only heard whispers about the Chinese Laundry.

About a month ago, he told me he now sees what has happened and what may be just around the corner.

SEARCH CAAN WEBSITE FOR:

Anti money laundering legislation shelved

black money

Proxy Buyers

real estate gatekeepers exempted

visa workers; visa manipulation

FATF and Transparency International

THE SOLUTION …. LABOR Oppose the cheap foreign labour to support capital and … persist with your Policy to implement the second tranche of the Anti-money Laundering Legislation

Welcome to the Great Australian Income Depression

By Houses and Holes in Australian EconomyFeatured Article

November 13, 2019 | 83 comments

Yeh. The elite will tell you that you’re a whinger or a racist. To suck it up and move on. But you aren’t. What has happened to Australian income is not only abnormal. It is historic. Worse, it is only half over.

The OECD describes real net income per capita * (RNNPC) in the following way:

While money may not buy happiness, it is an important means to achieving higher living standards and thus greater well-being. Higher economic wealth may also improve access to quality education, health care and housing.

Household net adjusted disposable income is the amount of money that a household earns, or gains, each year after taxes and transfers. It represents the money available to a household for spending on goods or services.

In other words, it is the best measure of per capita living standards in the national accounts.

*Why is that you didn’t know that? Why are you plied with GDP and other useless gauges instead?

Simple. GDP is easy to generate for politicians. You just need more inputs for more outputs. The challenge is to get more from the same number of inputs, that brings home the bacon in the form of rising living standards.

Australian Treasurer Josh Frydenberg

International real GDP Growth Comparisons: Photograph: Lukas Coch/AAP

Prime Minister Scott Morrison and Treasurer Josh Frydenberg.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg.CREDIT:ALEX ELLINGHAUSEN

Pollies hate *RNNPC.

It means tough decisions and sectional losers for collective gain. It means they have to actually lead rather than lie, something our current scum are incapable of.

So, instead we’re stuck with GDP as a measure of your living standards even though it is so manipulated these days that it is not only misleading, it is actively hiding an historic crash in your living standards on a par with the Great Depression.

How can I say something so preposterous? It’s a simple fact:

*In terms of the best measure of living standard that we possess, real net disposable income per capita, post-GFC Australia has its nose just in front of the US Great Depression and it’s about to fall behind.

Welcome to the Great Australian Income Depression

Yeh, that’s right. All of those sepia stained photos of shabby men in trench coats lined up at soup kitchens and in the dole queue. That’s you.

How can that possibly be? How can you not know it?

It’s because the structure of economic slack is today different than it was in the 1930s. The “output gap”a ratio of excess supply over demand – that drives high unemployment is more hidden.

In the 1930s, if an industrial economy ground to a halt then mass layoffs of blue collar workers would result. It was obvious what was happening to all. *

These days it is very different.

*Our jobs are much more in the services industries which can limit hours more easily without doing layoffs.

It can also slash or steal wages more easily, another effectively hidden job cut. As well, if you are unfortunate enough to lose your job then you can work for Uber. Sure, your living standards collapse but you’re not some obvious problem for everybody else.

*And so we have The Great Australian Income Depression hidden in plain sight.

What’s caused it then? How can be addressed so that living standards rise again? Who is to blame.

*It began with the GFC. That was the first signal that the pretend economy that Western nations had created would crash as they outsourced their real economy to China. *

For a short while Australia was protected from that owing to its massive mining boom. But when that went belly up in 2011 the real trouble began. The crash was expressed through a terms of trade shock that didn’t end until 2016.

Falling iron ore and coking prices represented a massive national pay cut that, over time, was distributed nation wide in falling profits and wages.

But that was four years ago and those same commodity prices have boomed ever since so why hasn’t the income depression ended, I hear you ask? There are a number of reasons but the most important is captured in the following chart:

*Australia has carried a massive output gap – that is, too much supply – ever since the GFC but much more so since 2011 as the twin growth drivers of mining and houshold debt-funded consumption both stalled.

*As you can see, before 2008, as a nation we always allowed immigration to fall when the output gap appeared, to prevent too much competition in the labour market.  But afterwards, we did the opposite and ramped up immigration.

Worse, the sources of immigration deteriorated radically from highly paid, skilled workers into desperate and cheap warm bodies from anywhere in the Third World.

*Under this macroeconomic regime, any and every time that economic slack appears it will always land on the labour market in the form of weak wages. 

*The rest is history: a permanent income depression for workers as every time the output gap closes, more cheap foreign labour floods in to widen it again, despite the demand that they also bring.

*So, what began as an external shock under Labor, which was too idiotic to cut immigration lest it be labelled racist, has since morphed into a worker-devouring Kracken of permenent Coalition policy that today has Australia rivaling Great Depression USA for falling living standards.*

Don’t be fooled into thinking that it had to be this way. It didn’t. Although there was always going to be some adjustment after the mining boom as national competitinvess was repaired, the use of mass immigration to hide the correction has ensured that certain sectors are protected while other suffer more than they should.

Households and tradable sectors have born the brunt of the adjustment while property, banking and retail (until recently) were protected.

*This happened instead of the far better national interest policies of productivity reform, competitiveness reform and crashing one’s own currency.

Alas, the same policy bastardry it is still happening and the income depression is therefore not over.

*Ahead, the Chinese economy is going to slow to a virtual standstill and the second leg in the falling commosity price story will transpire, denuding the nation of huge slabs of income once again.

With the Coalition determined to pump in cheap foreign labour to support capital, while Labor inexplicably cheers it on, that will again direct all of the adjustment onto labor as Australia’s Great Income Depression runs for another lost decade.

Leaving you far worse off in terms of the magnitude of drop in your living standards than those sorry gents in the faded pictures of 1940.

Annual wage growth has slipped to its slowest rate in more than a year and is increasingly distant from Reserve Bank and federal Treasury forecasts.

SOURCE: https://www.macrobusiness.com.au/2019/11/welcome-to-the-great-australian-income-depression/

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New plan to flood Australia with ‘Security Guards’ from the Sub Continent …

Former Indian ambassador Anil Wadhwa.

Former Indian ambassador Anil Wadhwa.

FROM the comments …

‘Maybe the ScoMo GovCo feels the need for extra security ‘

SCROLL down CAAN for articles that give an insight into the exploitation by employers of Visa workers

New plan to flood Australia with ‘low-skilled’ Indian workers

By Unconventional Economist in Australian Economy

November 13, 2019 | 75 comments

Australia is littered with examples of so-called ‘skilled’ migrants gaining visas only to then work in unskilled areas for low pay (e.g. herehere and here).

Now, a sinister plan is being hatched to flood Australia with Indian workers to fill imaginary skills shortages:

An Indian strategy to boost economic ties with Australia will recommend skilled Indian workers “fill the gaps” in the Australian economy.

Former ambassador Anil Wadhwa, who is writing the ­Indian government’s response to a 2018 Australian report on the bilateral trade and investment relationship, said Indian health workers, infrastructure specialists and security guards could fill labour shortages in Australia…

He said security was “a growing area in India”, offering the potential for Indian security guards to work in Australia.

Since when have security guards been regarded as ‘skilled’?

Surely these low-skilled roles can be performed by Australians?

Australia’s skilled visa system should not be based on nationality, and should only import highly skilled workers at high rates of pay (e.g. above $100,000 a year), like under the new Global Talent Scheme.

Otherwise, Australia’s visa system will continue to be abused by employers as a general labour market tool to undercut local workers and crush wages, in turn stifling productivity and overloading our cities.

SOURCE: https://www.macrobusiness.com.au/2019/11/new-plan-to-flood-australia-with-skilled-indian-workers/

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‘Challenging times ahead’ as wages growth goes backwards

AND … Jim Stanford from the Centre for Future Work suggests that the unemployment rate could be as high as 19.7 per cent if both the underemployed and the ‘marginally attached’ are taken into account.

https://caanhousinginequalitywithaussieslockedout.com/2019/10/20/one-million-aussies-forgotten-in-unemployment-statistics/

‘Challenging times ahead’ as wages growth goes backwards

wages growth september 2019

Annual wages growth has continued its lacklustre trend of recent years. Photo: AAP

Euan Black

Euan Black

COMMENT

Persistent weakness in the domestic economy has dragged wages growth down to its slowest pace in more than a year.

The Australian Bureau of Statistics says pay packets increased 0.5 per cent in the September quarter, meaning annual wages growth has fallen to just 2.2 per cent.

That’s well below the historical average of 3-4 per cent a year, and the smallest annual increase since June 2018.

*“Although we’ve still got jobs growth, we’ve got that additional supply [of labour] entering the market and filling those jobs,” BIS Oxford Economics Sarah Hunter told The New Daily.

“There’s just no pressure in the labour market for wages to go up.”

*Ms Hunter said more jobs were needed to put upward pressure on wages, with current measures of unemployment often leading to underestimations of the number of jobless adults in Australia.*

*The ABS classifies someone as unemployed only if they are “actively seeking” work.

“What the recent trends in unemployment data tell us is that there’s quite a few people who are perhaps not actively seeking employment, who we would have formerly called unemployed, but who, if the right job comes up, will jump at it, and take it,” Ms Hunter said.

“They do want to work, but we’re just not quite picking them up in that employment figure right now.”

Shane Oliver@ShaneOliverAMP

Health care sector continuing to lead in terms of wages growth in Aust (although partly due to an adjustment to public salaries in Victoria). Info media at the bottom. Construction near the low end too.#ausecon
(Goldman Sachs chart)

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Workers in some industries have been getting pay rises, though.

Wages in the healthcare and social assistance sector rose by 3.3 per cent over the past year, reflecting growing demand for these services.

And Victorians celebrated average pay rises of 2.8 per cent in the year to September.

Even so, private sector wages remain weak across the board, with six industries registering annual wages growth below 2 per cent, and wages in Western Australia rising no faster than the current rate of national inflation, at just 1.6 per cent.

That spells more bad news for the broader economy, according to Callam Pickering, APAC economist with global jobs site Indeed.

He described wages growth as “one of the key challenges for the Australian economy” and said it was unlikely to improve anytime soon.

“It is the key for household spending, inflation and monetary policy,” he said.

“We need an unemployment rate of 4.5 per cent (currently 5.2 per cent) and an underutilisation rate of around 12 per cent (currently 13.5 per cent) to get wage growth back to 3 per cent.”

Callam Pickering@CallamPickering

Australian wages rose by 0.5% in the September quarter and are now 2.2% higher over the year. A rising unemployment rate has resulted in softening of wage growth #ausbiz #auspol

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The Reserve Bank has previously said it believes wages will pick up only once the unemployment rate drops to 4.5 per cent (known as the non-accelerating inflation rate of unemployment, or NAIRU).

But it is not forecasting this to happen anytime soon, and consequently believes wages growth will remain flat in the next two years.

“Given this, today’s data does not add any pressure on the RBA to adjust monetary policy in the near term,” EY chief economist Jo Masters said.

“Further easing of monetary policy will likely be needed in 2020 given ongoing spare capacity in the labour market, suggesting any meaningful acceleration in wage growth will be difficult to generate. 

“There are challenging times ahead.”

In the 15 minutes after the wage price index figures were released, the Australian dollar slipped from 68.37 US cents to 68.32 US cents.

wages growth september 2019

SOURCE: https://thenewdaily.com.au/money/finance-news/2019/11/13/september-2019-wages/

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AGED PENSION: “an economically costly inheritance preservation scheme”: a harsh generalisation!

Andrew Fisher and Alfred Deakin, the prime ministers who oversaw one of the world’s first age pension schemes, would be horrified to see what it has become: an economically costly inheritance preservation scheme. Picture: iStock

Photo: The Australian: Paying very wealthy pensioners is hardly prudent: CAAN: A harsh generalisation!

ABOUT this article from Macro Business on Adam Creighton’s ‘Paying very wealthy Pensioners is hardly Prudent’ ….

THERE are two groups of ‘Baby Boomers’ … the wealth Boomers and Boomers … who may only own the ‘family home’ ….

ALERT! If this were to come in it will erode what is left for Gens X Y and Z! Having lost out to:

-1.6 Million Visa Workers in Australia

-lowest wages growth for 60 years

When you read this sort of stuff it brings to mind the following …

blaming people and punishing them because the place where they live happens to increase in value

ignores the fact a vast majority of the people attacked in the article worked hard, paid their (full) taxes, bought and paid off a mortgage in a location they liked (30 years +), and could afford a house that suited them

does not mention they often paid a lot more interest on their mortgage for many years than current owners (17.5%); were on very modest wages and put up with a lower standard of living for a lot of those years

.the official Reserve Bank cash rate peaked at a punishing 17.5 per cent in January 1990

reverse mortgages, they are not popular for good reasons, yet another way for others to make money whilst reducing home ownership and provide opportunities for investors

Further cutting the AGED PENSION based on an assets test including the family home will:

encourage more creative accounting

-encourage more schemes that will seek to avoid the impact of yet another tax, where it has been done elsewhere houses are left unfinished and/or maintained to deliberately suppress their value

WHAT happens when the asset value declines for whatever reason?

What about this article ignoring the fact that a home is shelter, a place to live, not primarily a financial instrument

What about doing something about the housing market, like addressing the inflation of house prices including doing more than tokenism in response to foreign buyers taking a share of our domestic housing stock

addressing the demand foreign buyers have (driving demand and prices) beyond a series of levies and taxes; that evidence has failed to indicate they have influence on foreigners decision to buy as they continue to do so because they want to buy in Australia and are prepared to pay

AS for years ahead the article does not dive deep into the reality of retirement created by compulsory superannuation introduced over 30 years ago

The fact is less and less retirees will qualify for the full aged pension let alone a part pension

However another issue mentioned in passing may indicate the author is aware we could be facing an even more concerning crisis:

-for more than 7 years the vast majority of Australian workers have had little or no increases in their wages beyond the cost of living, many not even keeping up with inflation

-this has had an effect on their Super, it too has failed to grow so their retirement savings are more likely to be inadequate

-those low paid workers retiring on very modest super and don’t happen to own a home are in the future far more likely to fall below the poverty line and into homelessness; those at the biggest risk being single elderly women …. but hey who cares about them? It seems nobody …

THESE ISSUES could have more serious consequences for the Budget bottom line, and subsequent social and political ramifications than not giving the top end of town and the top tax bracket a break

INSTEAD what about addressing some real issues like:

-New Zealand … why should foreigners own our domestic housing?

-deciding owning a lot of homes is not such good thing, how many is enough, that is why should the Budget subsidise ‘an investors 3rd or 4th property?

-the Second Tranche of the AML legislation, now that would have a positive influence on the Budget bottom line and not be such an attack on those getting old

-doing something about exploitative pay day lenders, like the AML matter the reports are done, the recommendations are there, but nothing is happening … what could it be that is stopping them?

IDEOLOGY

Aged Pension: “an economically costly inheritance preservation scheme”

By Unconventional Economist in Australian budget

November 12, 2019 |  comments

The Australian’s Adam Creighton has continued his war against the Aged Pension’s largesse towards wealthy retirees, labelling it “an economically costly inheritance preservation scheme”:

Last week figures emerged showing about 255,000 pensioners lived in homes worth more than $1m, costing taxpayers an estimated $6.3bn a year — enough to reduce the top marginal tax rate dramatically, for instance. The Australian National University report found almost 30,000 pensioners were in homes worth more than $2m. The biggest asset most people own is excluded from the eligibility test for the Age Pension.

No one begrudges success but the government needs to prioritise who receives scarce tax dollars. The 707 pensioners in Perth’s Dalkeith (median dwelling value $1.5m) or 429 in Sydney’s Vaucluse (median $2.7m) should be lower down the list than families struggling to buy a home facing marginal tax rates of 39c in the dollar.

These well-off people have about triple the wealth of the median household. Pensioners are allowed to have financial assets up to $864,000 before they lose the part-pension, and the array of medical and transport discounts that goes with it.

The biggest red herring is that people would have to move out of their homes if their net wealth were counted in the eligibility test for the Age Pension. That is nonsense, however rhetorically convenient. Financial products called reverse mortgages exist that allow retirees with significant equity in their homes to remain there in comfort without drawing on taxpayers…

The Henry tax review sensibly recommended starting to withdraw Age Pension payments once recipients’ principal residence exceeded $1.2m in value. The Commission of Audit suggested $750,000. Every dispassionate analysis comes to the same conclusion. It’s hard not to.

Perhaps the silliest argument against including the principal residence is that retirees can’t help it if the values rose. Oh, what a burden…

We’ve ended up with a system that taxes labour income at high rates while asset speculation is taxed lightly or not at all.

Adam Creighton is right of course. It’s ridiculous that younger Australians facing the prospect of never owning a home (or being enslaved in mortgage debt) are being called upon to pay ever-rising taxes to subsidise retirees that are far better-off financially than they will ever be.

The policy solution that MB advocates is to:

  1. Including one’s principal place of residence in the assets test for the Aged Pension at some point in the future (e.g. 1 July 2022), thus allowing current retirees and prospective retirees adequate time to make arrangements; and
  2. Significantly raising the overall pension asset test threshold as well as the base rate.

Under this solution, house-rich pensioners choosing to remain in place could continue to receive an income stream as they do now under the Aged Pension via the Pension Loans Scheme (the federal government’s official reverse mortgage scheme), but with less drain on the Budget and on younger taxpayers. But they would similarly be incentivised to move as the family home would no longer be a tax free shelter.

Poorer retirees that do not own a dwelling would also be made better-off via the increase in the overall assets test (thus allowing greater financial assets to be held without cutting-off access to the pension), as well as the increase in the base rate.

It’s a solution that would greatly improve equity and ensure that Australia’s welfare system is better targeted towards those in genuine need.

It would also ensure that the pension system evolves alongside the structural reduction in home ownership rates, by making the system more neutral towards property ownership and financial assets.

Younger people should be particularly anxious to end this inheritance protection racket, especially those who won’t inherit much at all. Picture: iStock

Photo: The Australian

SOURCE: https://www.macrobusiness.com.au/2019/11/aged-pension-an-economically-costly-inheritance-preservation-scheme/

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Franking Credits: Government wins as bank payouts fall, but Labor …?

MICHAEL WEST REPORTS on a bizarre regime of cash hand-outs for wealthy share market investors

Labor can cap the pay-outs to protect poorer retirees

RELATED ARTICLE: Franking Credits: How Good is Free Money?

https://caanhousinginequalitywithaussieslockedout.com/2019/05/29/franking-credits-how-good-is-free-money/

Franking Credits: Government wins as bank payouts fall, but Labor …?

by Michael West — 12 November 2019 — FeaturedMarketsThe Economy

Franking Credits: Government wins as bank payouts fall, but Labor …?

Right policy, wrong tack. Labor leader Anthony Albanese

If Labor hoists the white flag and dumps its franking credits policy, it endorses a bizarre regime of cash hand-outs for wealthy share market investors. 

Michael West reports on the bank profit season, welfare for the wealthy and the winner from plunging bank payouts – Government.

Despite Dick Smith’s public post-election dismay at receiving his $250,000 franking credits hand-out from the Government – the year before that it had been half a million dollars

Labor’s capitulation on franking credits looms.

Will they cave in fear of Liberal scare campaigns, strive to become a small target?

For its part, the mainstream media is yet to come to grips with what franking credits actually are, a straight-out payment rather than a refund that is; still swallowing the Government’s “retiree tax” lie rather than the truth, that is that abandoning franking credits amounts removing a subsidy rather than imposing a tax.

Yes, not all franking credit hand-outs go to the wealthy. A policy to protect less wealthy retirees could be easily introduced, a cap.

Amid the Labor Party’s endless hand-wringing over the election loss however, the paradox of franking credits has been put in stark relief by the big banks.

Last week’s falling dividends and franking credits payouts have actually benefitted the Government.

Shareholders’ losses have been government’s gain.

*The less the banks pay out, the more the Government gets to keep. And the numbers are large.

Each of the three major banks to report in recent days has reduced the amount of franking credits “released” this November (compared to last November):

  • ANZ: 30% fewer
  • WBC: 15% fewer
  • NAB: 16% fewer

*We will get to the detail in due course, but it is worth noting how intertwined are the Government and the banks are; and, in a sense, how government is privatising economic decision-making.

*One, it is the directors of the large banks which set both the dividend payout ratio and and size of dividend which, in turn, determine how much tax government gets from the banks.

Bank directors therefore determine how much tax the Government gets to keep.

*Two, the latest farm-debt relief policy will likely ensure that farmers simply pay out their high-interest bank loans with the zero-interest money they get from the Government.

Given the drought, it is unlikely much of the funding will go to planting new seed or developing new herds. Yet, the banks are sure-fire winners from the program because it will allow them to “derisk” their portfolios, lower their exposure to farm debt. Will they lend any more? Probably not.

*Three, quantitative easing (QE). Although the recent spike in wholesale interest rates (bond yields) lowers the likelihood the Government will print money to revive the economy (QE is effectively printing money), if QE were to proceed though, it would also be a boon for the banks, allowing them to decide who got the loans, rather than the Government.

*QE is akin to outsourcing economic management to the banks.

How bank results are a win for government

ANZ went first in reporting season. It was the first of the Big Four banks not to pay 100% franked dividends, winding down the tap to 70% franking.

Westpac was next, keeping the franking at 100pc but reducing its dividend from 94c to 80c (-15%). That’s a 14c per share reduction which leads to a 6c per share reduction in franking credits a reduction in total benefits from 134c per share to 114c.

NAB then emerged with its news on Thursday. It’s shares fell 2.8% as it dropped the dividend from 99c to 83c (-16%) while maintaining 100% franking.

That’s a reduction of 16c per share in the dividend leading to a reduction of 7cps reduction in franking credits.

Overall, the reduction in benefits went from from 141cps to 119cps.

*Rather than succumbing to Liberal Party scare campaigns, Labor should stick to its guns on franking credits, cap the pay-outs to protect poorer retirees, and educate the media about what franking credits really are, cash payouts rather than refunds.

There are not many Dick Smiths about, those prepared to publicise the freakish policy of middle class welfare subsidised by ordinary taxpayers. People naturally tend to keep this sort of lurk to themselves.

*As the payouts rise in future years however and more come to understand what they are – a great big subsidy rather than a “great big retiree tax”, they will eventually have to be abandoned.

Beating a retreat from a retreat is not an enticing prospect for the Opposition.

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SOURCE: https://www.michaelwest.com.au/franking-credits-government-wins-as-bank-payouts-fall-but-labor-anthony-albanese-big-four-banks-dividends-dick-smith/?fbclid=IwAR0qqr28FMAHRMlpP3v7uDTmG_6BnPA1sf5mjAmAyDUpWdhwo0DQo-hrUa0

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RECESSION pushes Australia down economic rankings

KEY POINTS …

Howard Government opened immigration flood gates in the early-2000s

-our economy in per capita term, has been on a downward trajectory

-with stellar population growth we have to share what we produce with far more people

Australia’s GDP per capita has lifted by 6 per cent since 2012

-Spain has climbed by 15.3 per cent; New Zealand by 8.5 per cent

-the gap underperformance has worsened materially over the Coalition’s term in government

-turbo population growth at the expense of productivity, amenity, housing affordability, and wage growth

Spain - where the economy contracted for five consecutive years - has moved ahead of us.

Spain – where the economy contracted for five consecutive years – has moved ahead of us. CREDIT:SHUTTERSTOCK

Recession pushes Australia down economic rankings

By Unconventional Economist in Australian Economy

November 12, 2019 | 19 comments

*Ever since the Howard Government opened the IMMIGRATION flood gates in the early-2000s:

*Australia’s economy, as measured in per capita terms, has been on a downward trajectory:

As shown above, real GDP per capita growth has been falling for around 15 years, with the Australian economy experiencing its first annual fall in per capita GDP since the Global Financial Crisis.

*The slump in Australia’s growth has also seen Australia slide down the global economic rankings, according to Fairfax’s senior economics correspondent, Shane Wright:

*Australia, despite its growth, has simply not been growing fast enough. And, because of our stellar population growth (which in itself is accounting for much of our economic expansion), we have to share what we do produce with far more people.

*To put that in some perspective. Australia’s GDP per capita (in Australian dollars) has lifted by 6 per cent since 2012.

*In Spain (measured in euros), it’s climbed by 15.3 per cent. In New Zealand (in Kiwi dollars) it’s lifted by 8.5 per cent.

France, the Netherlands, South Korea, the UK, Germany and the United States are among a host of other countries where GDP per capita in their own currencies has lifted at a quicker clip than in Australia.

On the global rankings of GDP per capita, Australia is still a top-10 nation but is slipping rather than rising.

The below charts highlight Wright’s point.

Australia’s real per capita GDP growth has underperformed all major economies and regions this decade, as illustrated below using OECD data:

*The gap underperformance has also worsened materially over the Coalition’s term in government:

Of course, it is not just per capita GDP that is in recession, but household incomes too.

Real per capita household disposable income (HDI) has fallen by 0.5% over the past seven years:

Worse, Australia’s real per capita HDI growth was the lowest among OECD nations over the five years to 2019:

No matter which way you cut it, Australian households are experiencing recessionary conditions.

*And it is only Australia’s turbo-charged population growth that is keeping the economy from experiencing a ‘technical recession’, even though this is coming at the expense of productivity, amenity, housing affordability, and wage growth.

For Australian businesses and policy makers, it is much easier to import migrants and report headline GDP growth than earning it the hard way through rising productivity and living standards.

There's one big lesson from three decades of micro-economic reform.

SOURCE: https://www.macrobusiness.com.au/2019/11/recession-pushes-australia-down-economic-rankings/

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‘OK BOOMER’ … The latest offensive weapon in generational warfare

THERE are Boomers that negatively gear rental properties, collect capital gains and Franking Credits … but do they predominate?

SHARE WITH MILLENNIALS GEN X AND Z!

WHAT and WHO are behind this generational warfare?

STOP and ask yourself why are Millennials wages so low? Why do so many have insecure work … or unable to achieve their career goals?

WHY did the housing market skyrocket beyond their means?

WHY have government policies it appears have been worked against them?

WAS it Business and the Harbourside Huxters that set all this up? Cough … cough …

-the FIRB Ruling allowing developers to target the overseas market 100% to sell ‘new homes’

-the May 2017 Budget Regulation that maintains the overseas 100% sell off for housing projects of 49 dwellings or less

-Real Estate Gatekeepers excluded from Anti-Money Laundering Laws in October 2018

.prior, the second tranche of the AML Legislation had been shelved for more than 12 years

-foreign buyers particularly from China have been able to gain a ‘Permanent Resident Visa’ following real estate purchase

-1.6 Million Visa Workers in Australia competing for jobs; accept low wages and lesser conditions with a view to gaining a ‘Permanent Resident Visa’

SEARCH CAAN WEBSITE to find the facts!

-permanent resident visa

-visa manipulation

-real estate gatekeepers exemption from AML Laws

-FIRB Ruling allowing the 100% ‘new homes’ sell off overseas

OCTOBER 2018 … REAL ESTATE AGENTS, LAWYERS AND ACCOUNTANTS TO AVOID MONEY LAUNDERING LAWS

HAMISH MACDONALD INTERVIEWS SHADOW MINISTER FOR EMPLOYMENT & WORKPLACE RELATIONS BRENDAN O’CONNOR 

‘OK Boomer’: The latest offensive weapon in generational warfare

ok-boomer-tshirt

‘OK Boomer’ is the latest in a long line of terms used to establish generational divides. Photo: Supplied

Matt Johnson

Matt Johnson@matte_johnson

COMMENT

If you have set foot anywhere near the internet over the last fortnight, chances are you have encountered a riposte currently empowering Generation Z and, increasingly, millennials.

It’s sparked endless memes, inspired viral videos, and even entered the hallowed halls of parliament to be recorded for eternity in Hansard.

And, as The New York Times declared, it signals the end of “friendly generation relations” as we know it.

To the uninitiated, welcome to the world of “OK Boomer.”

Younger generations are generally using the pejorative to reject dismissive attitudes of baby boomers — those born in the postwar period between 1946 and 1964. But it can refer to anyone older than them.

rachel syme@rachsyme

the reason “ok boomer” is such a great generational marker is it cleaves so neatly: boomers hate it, gen x will mock it, millennials will enthusiastically use it to the point of exhausting it without actually inventing it, and gen z has already moved on and thinks we are all nobs26.4K12:20 PM – Nov 4, 2019Twitter Ads info and privacy2,989 people are talking about this

Caitlin Fisher, author of The Gaslighting of the Millennial Generationtold NBC News that while the phrase may seem new, it’s been years in the making.

“Millennials have faced extraordinary levels of student loan debt only to be told that they need to take unpaid internships or cobble together a living wage with part-time work, [and] when we dare to complain, the boomers tell us that in their day, they put in their time,” Ms Fisher said.

In other words, the youth of today finally have a reliable, bruising comeback when someone says: “Kids have it so much better these days”.

We know, that’s frightening reading.

So how did we end up at this new frontier of intergenerational warfare, and more importantly — will it ever stop?

The ‘slur’s’ origins are on TikTok

‘Tik—what?’, we hear you exclaim?

TikTok is a social media video-sharing app where its users — a vast majority under the age of 20 — document skits, lip syncs and more mundane moments of their lives in 15 seconds or less.

And it’s popular. More than one billion people globally have the app installed on their phones.

With that explained, the trend ignited after users began lipsyncing to a song titled ‘ok boomer’, posted to music-sharing platform Soundcloud.

The videos showcase members of Generation Z railing against long-held opinions of their elders. Some of the more popular examples consider the professionalism of tattoos, or the merits of spontaneous purchases.

And, on a larger scale, the trend reflects the ongoing debate over climate change, as teenagers seek inspiration in the defiant attitude of Swedish climate activist Greta Thunberg.

‘OK Boomer’ enters popular culture

The generational rallying cry seeped out of TikTok and into the broader community almost instantly, as more young internet users cottoned on to its usage. And yes, it has been monetised in the form of merchandise.

But the phrase reached its zenith last week when New York Times internet culture reporter Taylor Lorenz charted its rise in a story titled: ‘OK Boomer’ Marks the End of Friendly Generational Relations.

From there, its popularity has risen by the day — almost exponentially.

Celebrities on Twitter have bought into the debate. Some, such as British comedian Ricky Gervais, opted for some friendly banter.

Ricky Gervais@rickygervais

Guys, I think I have to leave Twitter. Someone with a pink cartoon unicorn as their avi just called me a Boomer. I’m strong, but not that strong.76.7K9:21 PM – Nov 5, 2019Twitter Ads info and privacy7,499 people are talking about this

However, others took exception to having the moniker bestowed on them. Star Trek‘s William Shatner found himself embroiled in an hours-long Twitter war after believing he was incorrectly targeted.

William Shatner@WilliamShatner

😘

Sweetheart, that’s a compliment for me. https://twitter.com/ICouldLiveNHope/status/1192087025773621248 …Billie E.@ICouldLiveNHopeReplying to @WilliamShatnerOk Boomer1,9581:32 AM – Nov 7, 2019Twitter Ads info and privacy293 people are talking about this

OK Boomer’s aforementioned usage among the political class occurred during heated debate in New Zealand’s parliament over the newly-passed Zero Carbon Bill.

Chloe Swarbrick, a 25-year-old MP from the Green Party, was mid-speech in declaring: “In the year 2050, I will be 56 years old … yet, right now, the average age of this 52nd parliament is 49 years old.”

However, that’s when heckles began raining down from an older MP.

Cue the retort, which — predictably — has since gone viral.

Bloomberg TicToc@tictoc

WATCH: 25-year-old NZ Green Party MP @_chloeswarbrick responds to older MPs who heckled her speech about climate change with “OK boomer”4734:00 AM – Nov 7, 2019Twitter Ads info and privacy173 people are talking about this

Boomers, should you be worried?

Conservative US radio host Bob Lonsberry decried ‘OK Boomer’ as a slur equivalent to “the n-word of ageism” in a since-deleted tweet. But is the phrase as vicious as it sounds?

The Guardian‘s Bhaskar Sunkara writes that widening the generational divide in offensive ways is counter-productive, and efforts should be focused on “harnessing the wisdom of our working-class elders.”

However, the LA Times‘ Mary McNamara says this is simply another example of a generation making itself known — akin to baby boomers embracing the hippie movement.

“Come on, boomers, stop being snowflakes. You are OK, you’re just getting old,” McNamara writes.

So our advice: if you find yourself the receiving end of an “OK Boomer”, let it bypass you — unless you want to encourage hundreds more.

SOURCE: https://thenewdaily.com.au/life/relationships/2019/11/08/ok-boomer-intergenerational-war/?utm_source=Adestra&utm_medium=email&utm_campaign=Saturday%20News%20-%2020191109

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About the Harbourside Hucksters …

LET’s be more specific ...

WITH the HARBOURSIDE HUCKSTERS … isn’t that where our problem lies?

-the FIRB Ruling allowing PROPERTY DEVELOPERS to target the overseas market 100%

-the Real Estate Gatekeepers exclusion from Anti-money Laundering Laws (Scomo Govt OCTOBER 2018)

The main players that we believe are behind this push for ‘generational divide’ are those that benefit the most … starting with the ‘Harbourside Huxters’ who pulled off the STING!

SEARCH CAAN WEBSITE to find out more about how Wages have been crushed; Visa Manipulation … the lure of a ‘Permanent Resident Visa’ from real estate purchase; AML Legislation shelved for more than 12 years!

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Photo: Harry’s pad Vaucluse: Macro Business

Sydney Harbour's Point Piper, in Australia's highest paid postcode.

Sydney Harbour’s Point Piper, in Australia’s highest paid postcode. Photo: AAP

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AN OPPORTUNITY … too good to pass up!

IT’s been made easy for you … just click on the links …

THEN SHARE!

SCOMO’s UNION BUSTING LAWS


Within the next few weeks Scott Morrison will attempt to pass his union busting laws.

Can you reach out to the Senators who will decide whether this law passes?

This is about silencing working people and making it harder for all workers to win pay rises.

These laws are fundamentally unfair.

They would not apply to business, not apply to banks and not apply to politicians, despite their serious unethical conduct. 

If a Company Executive submits a form late they face an $80 fine but that same mistake could see a union shut down or union officers disqualified.

The right to come together, the Freedom to Associate, is a fundamental human right, at the heart of our democracy.

Australia already has one of the most restrictive set of regulations on workers’ organisations among democratic nations. 

This extreme new law would place Australia even further outside the rest of the world and more aligned with authoritarian, undemocratic countries.




Please reach out to Senators on social media and tell them to block Scott Morrison’s union busting laws.

SENATOR/TWITTER/FACEBOOK

Jacqui Lambie
@jacquilambie

Jacqui Lambie

Rex Patrick
@Senator_Patrick


Rex Patrick

Pauline Hanson
@PaulineHansonOz

Pauline Hanson

Malcom Roberts
@mrobertsqld

Malcolm Roberts

Stirling Griff
@stirling_gStirling Griff

Stirling Griff

To balance the power of corporations and governments, people need the right to form unions free from interference.

We must stand together against Scott Morrison’s union busting laws.

In unity,

Michele O’Neil
ACTU President
http://www.australianunions.org.au/

Authorised by S. McManus, ACTU Secretary. Australian Unions · L4 365 Queen St, Melbourne, Victoria 3000, Australia
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