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Increasing Jobseeker Payments Is Sustainable (Read 2127 times)
whiteknight
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Increasing Jobseeker Payments Is Sustainable
Jul 5th, 2020 at 1:03pm
 
Increasing JobSeeker payments is ‘sustainable’, new study reveals
July 3 2020 New Daily
New modelling from the Bankwest Curtin Economics Centre shows increasing JobSeeker payments by $100-a-week would be easily affordable.

Increased payments would also flow back into the economy, stimulating business and creating much-needed jobs to soak up rapidly growing unemployment.

Alan Duncan, director of the Bankwest Curtin Economics Centre (BCEC) told The New Daily a $200-a-fortnight increase to the base JobSeeker rate – currently $565.70 a fortnight – will cost government $3.77 billion over six months.

Over a full year, taxpayers would spend approximately $7.75 billion more.

On the surface that sounds like a lot of money, but Mr Duncan noted it represents only a 4 per cent increase on budgeted social security and welfare expenditures for the 2020-21 financial year.

What’s more, that money is not “going into a black hole,” he said.


New modelling shows government can afford a $100 a week JobSeeker boost.
“In the context of committed spending in other areas of welfare support these sorts of figures are sustainable, and of course you get a return,” he said.

“One should not think of an increase to JobSeeker as putting money down a hole – it’s not.

“It cycles around and alleviates pressure in other areas of support services that might be burdened now by the number of people in difficult financial circumstances.”

Buying out of a longer recession
Grattan Institute household finances program director Brendan Coates agreed the additional spending would be affordable in the near term.

In the longer term, Mr Coates said, putting more money in the hands of unemployed Australians will even help reduce the overall unemployment rate.

That’s because the money is immediately pumped back into the economy to pay for essentials, rather than being hoarded in savings accounts.

“At a period when aggregate demand is very weak and the economy is running well below its potential capacity because households and businesses aren’t spending, it will have the effect of stimulating the economy and boosting GDP,” he said.

As a rough rule of thumb, Mr Coates said every 1 per cent increase in GDP above expectation will bring unemployment down 0.4 per cent.

The official unemployment rate hit 7.1 per cent in May, but this data only reflects out-of-work Australians still looking for jobs.


Unemployment has skyrocketed.
Generous but temporary support programs (including a supplement for JobSeeker recipients which effectively doubles their fortnightly payments) are believed to have distorted those figures.

More recent data from Roy Morgan suggests the real rate of unemployment is closer to double the ABS data – with 14.5 per cent of the workforce now unemployed.

“JobSeeker is going to cost government a lot more than it normally would have even if we don’t raise the rate because unemployment’s gone through the roof,” Mr Coates said.

The coronavirus supplement only inflates that cost further, but Mr Coates said this is partly offset by the extra tax receipts government will earn through heightened consumer spending.

“This isn’t self-funding stimulus, the deficit will be larger,” he said.

“But in the long run it doesn’t mean substantially higher debt or unsustainable debt because the interest rate is very low.

“And as former IFM chief executive Olivier Blanchard said, you shouldn’t worry about debt sustainability provided interest rates are below the rate of growth in the economy.”

That’s because if interest rates are less than the economy’s growth rate, debt falls as a share of GDP over time.
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juliar
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #1 - Jul 5th, 2020 at 2:39pm
 
Keep putting the Union and GetUp! propaganda out there and you never know. Socialists don't care who pays for it.
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Baronvonrort
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #2 - Jul 5th, 2020 at 3:42pm
 
whiteknight wrote on Jul 5th, 2020 at 1:03pm:
Increasing JobSeeker payments is ‘sustainable’, new study reveals


Why should taxpayers give dole bludgers more sit down money?

The dole was never meant to be a lifestyle choice if you want more money get a job the minimum wage is nearly $20 hour

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Leftists and the Ayatollahs have a lot in common when it comes to criticism of Islam, they don't tolerate it.
 
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whiteknight
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #3 - Jul 5th, 2020 at 5:13pm
 
Unemployment has skyrocketed.   Sad
Generous but temporary support programs (including a supplement for JobSeeker recipients which effectively doubles their fortnightly payments) are believed to have distorted those figures. 

More recent data from Roy Morgan suggests the real rate of unemployment is closer to double the ABS data – with 14.5 per cent of the workforce now unemployed. 
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juliar
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #4 - Jul 5th, 2020 at 8:05pm
 
Don't tell a Socialist they don't deserve to get endless handouts.
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0ktema
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #5 - Jul 5th, 2020 at 9:16pm
 
juliar wrote on Jul 5th, 2020 at 2:39pm:
Keep putting the Union and GetUp! propaganda out there and you never know. Socialists don't care who pays for it.


Pathetic partisan rhetoric Juliar, is that all your good for?

Calls for an increase in Jobseeker payment to be sustained above Newstart levels has broad support.

Quote:
John Howard        OM, AC, former PM, 2018“I was in favour of freezing [Newstart] but I think the freeze has probably gone on too long.”

Jennifer Westacott       Business Council of Australia, 2017“We need a robust and targeted welfaresafety net that ensures displaced workersdon’t fall into poverty while finding their feet.This could include increasing the inadequateNewstart allowance.”

Dr Ken Henry       National Australia Bank, 2018“There remain real questions about the adequacy of the unemployment benefit.”

Chris Richardson       Deloitte Access Economics, 2018“What Australia has failed to do with unemployment benefits for virtually a quarter of a century now is verging on a national embarrassment.”

Heather Ridout AO       Australian Super, 2018“There are single people out there on their own who don’t get enough support from government and they are living in poverty.”

John Hewson       AM, 2017“Genuine reform must include a willingness to increase the base Newstart and pension benefits to at least an accepted poverty line.”

Liberal MPs Dean Smith and Russell Broadbent are also calling for the unemployment payment to be lifted

Barnaby Joyce says Newstart is so low recipients may need to sell drugs to survive

Reserve Bank governor Philip Lowe suggests Newstart increase would be 'good for the economy'
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juliar
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Re: Increasing Jobseeker Payments Is Unsustainable
Reply #6 - Jul 5th, 2020 at 9:24pm
 
A Japanese Socialist at work "justifying" more handouts ?
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« Last Edit: Jul 6th, 2020 at 9:00pm by juliar »  
 
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0ktema
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #7 - Jul 5th, 2020 at 10:04pm
 
Yes, beside being adept at empty partisan rhetoric, your also good for a bit of Ad hominem when you have no argument.

So would you like to display anymore of your well seasoned intellectual skills or is that currently it?
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #8 - Jul 6th, 2020 at 12:50am
 
Paying those who actually live here and who spend that money back into the economy is better than feeding Offshorites who pay no tax while taking it Offshore, or funding fat cats who hoard it into black holes that pay no tax or use it to fund Offshore investments or to take an Offshore holiday every year.....

Took 'em long enough to work that out.... now how long have I been saying this??

The well paid poor are one driver of the economy and social security is a predictable flow of cash into the economy and thus of return via taxation strands.  'Economists' know that every fortnight Joe Bloggs on SS will put it all back in food, fuel, and a few luxuries.... but that Fat Fred will sink it into investments that pay no tax or into a new pool or into a holiday or purchase Offshore that returns nothing to Oz.

I started down that track in 1983.... someone must have dug up my dissertation on that issue...
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #9 - Jul 6th, 2020 at 12:51am
 
0ktema wrote on Jul 5th, 2020 at 10:04pm:
Yes, beside being adept at empty partisan rhetoric, your also good for a bit of Ad hominem when you have no argument.

So would you like to display anymore of your well seasoned intellectual skills or is that currently it?


What's ad hominem, you turkey-shucking phagocyte?  Wink  Grin Grin  Grin
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Valkie
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #10 - Jul 6th, 2020 at 6:03am
 
Baronvonrort wrote on Jul 5th, 2020 at 3:42pm:
whiteknight wrote on Jul 5th, 2020 at 1:03pm:
Increasing JobSeeker payments is ‘sustainable’, new study reveals


Why should taxpayers give dole bludgers more sit down money?

The dole was never meant to be a lifestyle choice if you want more money get a job the minimum wage is nearly $20 hour



EXACTLY,  my taxes were not meant to pay some lazy assholes to sit on their arses all day while I work.

I think we need to toughen the system up.

The dole should only last 12 months and then cut off.

No matter who you are, what race, creed or colour you are.

Especially if you are a refugee.

12 months and then, you are on your own.
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Sir Spot of Borg
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #11 - Jul 6th, 2020 at 6:28am
 
Valkie wrote on Jul 6th, 2020 at 6:03am:
Baronvonrort wrote on Jul 5th, 2020 at 3:42pm:
whiteknight wrote on Jul 5th, 2020 at 1:03pm:
Increasing JobSeeker payments is ‘sustainable’, new study reveals


Why should taxpayers give dole bludgers more sit down money?

The dole was never meant to be a lifestyle choice if you want more money get a job the minimum wage is nearly $20 hour



EXACTLY,  my taxes were not meant to pay some lazy assholes to sit on their arses all day while I work.

I think we need to toughen the system up.

The dole should only last 12 months and then cut off.

No matter who you are, what race, creed or colour you are.

Especially if you are a refugee.

12 months and then, you are on your own.


Would you hire a refugee?

Spot
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juliar
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Re: Increasing Jobseeker Payments Is Unsustainable
Reply #12 - Jul 6th, 2020 at 9:09am
 
Socialists (even Japanese!!) are desperately campaigning for MORE HANDOUTS.

But who pays for all this Welfare rorting ?  The Socialists quickly look the other way.

Start big WWII style huge infrastructure projects to create more jobs than we know what to do with. Snowy 2 is already on the go - now where are the others like the modified Bradfield scheme ?

Restart manufacturing here by gutting the unions who sabotage everything here in Australia. No doubt the Chinese are bribing them to do this. The LIMA Declaration is alive and well in Labor and the unions as they rush to send Australian jobs overseas.

Down in Victoria Labor is inviting the Chinese to come in and take over!!!!!  Talk about a breach of National Security!!!!
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« Last Edit: Jul 6th, 2020 at 9:01pm by juliar »  
 
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0ktema
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Re: Increasing Jobseeker Payments Is Sustainable
Reply #13 - Jul 6th, 2020 at 8:15pm
 
With government borrowing rates just about as low as they can go, spending big on infrastructure is a no-brainer and one thing I can definitely agree with you on. A perfect time to invest in the development of a hydrogen economy.

If the LNP (backed by the resource sector greed) hadn't stupidly torpedoed carbon trading in 2009 and 2014 we would have had years of market certainty and maturing investments in pumped hydro, solar and gas fired power. 

Power prices would likely have stabilized and then fallen, bringing the cost of power for manufacturing to a competitive level and the development hydrogen economy would have been the icing on the cake.

LNP stupidity in picking favorites has put us in a difficult position as far as energy costs for manufacturing go.

   
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juliar
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Re: Increasing Jobseeker Payments Is Unsustainable
Reply #14 - Jul 6th, 2020 at 8:16pm
 
This is not Japan. Silly Greeny propaganda is just rubbish.
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« Last Edit: Jul 6th, 2020 at 9:00pm by juliar »  
 
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