If Barnaby Joyce is found to be a foreign citizen, the government loses it’s slim 1 seat majority.
Australia is among countries with the highest growth in income inequality in the world over the past 30 years, according to the IMF. Vitor Gaspar, the IMF’s director of fiscal affairs, reports the Guardian, has told an audience at the launch of the IMF’s latest fiscal monitor that Austrlia’s income inequality growth has been similar to the US, South Africa, India, China, Spain and UK since the 1980s. Scott Morrison, the treasurer, said that income inequality was not getting worse in Australia. Mr Morrison told the Business Council of Australia in late September that Treasury and the Reserve Bank had found, in specific analysis of current wage fundamentals, that Australian wages were growing slowly across most regions of the country, so that the slow growth was evenly shared. He would not however, release the Treasury analysis. Vitor Gaspar said that IMF staff had used the Organisation for Economic Co-operation and Development’s income distribution darabase, Eurostat, and the World Banks Povcalnet data to calculate that income inequality had increased in nearly half of the world’s countries in the past three decades, and Australia had experienced a ‘large increase’ in that time.
Trevor Khan, a member of the NSW upperhouse condemned Matt Canavan for his calls for gay and lesbian Australians to “grow a spine” in the face of homophobia, he also condemned Senator Canavan’s assertion that same sex marriage advocates were using suicide statistics as “blackmail” to bully people into voting yes. The Sydney Morning Herald reports that in a late night speech on Wednesday, Mr Khan accused his federal colleague of ignorance and cruelty, and said that he needed to be reminded of the facts regarding LGBTI people’s mental health. Mr Khan said that he was “saddened” by colleague Senator Canavan’s interventions in the same sex debate, particularly as he was one of the “bright lights” in the federal party room.
”Not only is that ill-informed, it is cruel. Quite simply, it is not the time for hyper-masculinity or bravado- it is a time for empathy.”
Treasurer Scott Morrison has moved to reassure US investors – as well as Australian mums and dads reports the Sydney Morning Herald– that Australia is not headed towards a housing market crash, arguing house prices are high but their value is still “real”. In a speech in New York to investors overnight, Mr Morrison the treasurer pushed back at a recent warning from the International Monetary Fund about particularly high levels of household debt in Australia by pointing to a series of measures taken by prudential regulator APRA to constrain access to credit. Mr Morrison reported the Sydney Morning Herald, outlined three major risks to the Australian economy – household debt; a rise in Chinese debt and a subsequent slowing of growth in that country; and the risk of high levels of federal government debt. The Treasurer, Mr Morrison renewed his push for tax cuts for companies with a turnover of more than $50 million a year – which was blocked by the Senate – arguing that,
“across the globe, the principle of cutting business taxes to drive growth and investment is the emerging economic consensus”.
The Turnbull government will re-introduce its company tax plan to Parliament next week.
Mr Morrison the treasurer acknowledged that household debt in Australia was high, with about 80 per cent of Australia’s $2.1 trillion in household debt tied up in mortgages. Mr Morrison said:
“Australian housing values, while high, are still real. ‘Safe as houses’ still broadly means something in Australia.”
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