Fresh Economic Thinking

We also take a deeper look at the issues with a new Credit Suisse report that is getting headlines claiming that Australians are the richest people in the world because of our expensive houses. One of the big issues with such reports is the way certain assets are counted by others are not.

In the barney of the week, we look at how New South Wales has refused to cooperate with Queensland’s new land tax laws. Note that the news today (after recording) is that the Queensland government has reversed these announced changes.

We also talk about effective marginal tax rates, a pet interest of mine.

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We change the pace a little this week and discuss Jonathan’s political dilemma — he has no one to vote for who represents his range of views. Perhaps the way around this is via more direct democracy, whereby you vote directly for each policy rather than voting for a political representative. Or maybe we skip the voting altogether and randomly draw our politicians from the general public, just like we do with juries.

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In our barney of the week, we talk about queuing for rentals in Ireland. A viral photo triggered widespread blame on local tenancy law changes. But hot rental markets are a common trend globally in 2022 as all markets readjust from the COVID years.

We talk about Mr 283, the whinging landlord with 283 properties who thought it wise to call talkback radio to complain about a proposed rent freeze. What’s that all about?

Also, we reflect on that time Paul Keating said that the superannuation system can’t function as a national insurance system for the elderly and proposed a better age pension. What the?

Don’t miss this recent substack post about income smoothing referred to in this conversation.

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Hot off the presses, Rigged is the second edition of Game of Mates. To mark the book’s release on 2 August 2022, we chat about the new bits which includes hypochondriac level largesse to the pharmaceutical industry. And in our barney of the week, an economist writes a paper for Uber and gets payed $100,000. Economists say there is no wayyy he did it for the money.

Rigged: How networks of powerful mates rip off everyday Australians

 

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https://twitter.com/DrCameronMurray

https://twitter.com/JonoLooseCannon

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What Singapore has that Australia does not is high and growing home ownership and… a public housing developer. Cameron argues instead of fiddling around with arcane schemes like we are now, we should just have the government build homes like they do in Singapore. Cameron’s proposal is called HouseMate. He also confronts myths about rent control in the barney of the week.

https://fresheconomicthinking.substack.com/p/how-to-get-land-into-the-housemate

https://www.abc.net.au/news/2022-02-06/could-australia-learn-from-singapore-to-make-housing-affordable/100801082

 

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Wouldn’t it be nice if the government didn’t give away our resources for nothing to their big business friends? Cameron weighs in on the gas supply crisis as an example of a ‘game of mates’. We talk more broadly about corruption in poor countries compared to rich countries. In the Barney of the Week, Cameron says ‘meh’ to the excitement over getting rid of stamp duty.

Canberra Times article by Ebony Bennett

Australia is about to get ripped off by the gas industry, and it's not the first time

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Cameron challenges some of the core beliefs of crypto enthusiasts and economic libertarian types who are into Bitcoin and gold as solutions to inflation. And... should we be terrified of central bank digital currencies that will control what we can buy? 

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In the barney of the week, Cameron gets  Twitter blocked by progressive economist John Quiggin over covid disagreements. Then the topic of the week is why waste - plastic bags or food - isn't such a bad thing.

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In this first episode, Cameron talks about a stoush he's having with right-wingers who think regulation is behind high property prices. Then he explains why superannuation is a scam and why the left's support of it is so dumb.

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As we emerge from the election, it's time for a significant announcement on a change in direction for the podcast.

Some of you will remember our first episode last year was with Dr Cameron Murray.

@DrCameronMurray is an economist who challenges lots of conventional wisdoms, the co-author of Game of Mates, now publishing alot on his own growing substack Fresh Economic Thinking and getting increasing attention in the media for his questioning of sacred cows like the superannuation system or housing, or covid lockdowns.

So... Cameron and Jonathan are going to pioneer a Fresh Economic Thinking podcast. Same name as the Substack. A place to canvass Cameron's latest writing and also enjoy some banter about the latest Twitter argument he's embroiled in.   Kind of different - and if this is not to your taste, understood. But if you would give it a  chance - there will be some fun podding and hopefully we will be 'mainstreaming' some controversial ideas.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.fresheconomicthinking.com/subscribe