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Created
Tue, 22/11/2022 - 22:30

New research shows Australian workers are on average working 6 weeks unpaid overtime per year, costing over $92 billion dollars in unpaid wages across the economy. The average worker is losing over $8,000 per year or $315 per fortnight due to what researchers have branded “time theft”. 23 November 2022 marks Go Home on Time

The post Australians Working 6 Weeks Unpaid Overtime, Costing Economy Over $92 Billion: Go Home on Time Day Report appeared first on The Australia Institute.

Created
Tue, 22/11/2022 - 10:52

This year’s election had the lowest turnout for a century. For the first time since compulsory voting was introduced for the 1925 federal election, turnout fell below 90%.

The post Voter turnout in the 2022 federal election hit a new low, threatening our democratic tradition appeared first on The Australia Institute.

Created
Tue, 22/11/2022 - 10:44

This food timeline started as a way to explore the revolution in Australian food that has occurred during the baby-boomers’ lifetime, but has since expanded to include more about the previous decades (and century) as well. Also included are overseas events and trends that had an impact here. The entries are brief, but there are lots of links if you want more information.

Redcycle soft plastics recycling bins

Created
Tue, 22/11/2022 - 06:00

Marta Russell (1951-2013), the US based writer, activist and leading critical thinker, argued that disability was not a medical condition or impairment, but a ‘socially created category derived from labor relations, a product of the exploitative economic structure of capitalist society’. Disabled bodies are useful only to the extent that they create value. Capitalist social norms both demarcate who is and is not disabled in contemporary society, and at the same time oppress the disabled body. It is productivity and profits that dictate restrictions on the disabled, as well as what limited adjustments may be facilitated for the disabled to better ‘fit’ social structures. Disabled bodies are viewed as a problem. In relation to work, Connor and Coughlin argue that they are often an ‘inevitable part of the “surplus” population, not quite fully human, unable to participate in society, at best a burden and at worst a drain’.

Created
Mon, 21/11/2022 - 23:00
When the Federal Open Market Committee (FOMC) wants to raise the target range for the fed funds rate, it raises the interest on reserve balances (IORB) paid to banks, the primary credit rate offered to banks, and the award rate paid to participants that invest in the overnight reverse repo (ON RRP) market to keep the fed funds rate within the target range (see prior Liberty Street Economics posts on this topic). When these rates change, market participants respond by adjusting the valuation of financial products, of which a significant category is deposits. Understanding how deposit terms adapt to changes in policy rates is important to understanding the impact of monetary policy more broadly. In this post, we evaluate the pass through of the fed funds rate to deposit rates (that is, deposit betas) over the past several interest rate cycles and discuss factors that affect deposit rates.