Recently National Accounts data released by the Australian Bureau of Statistics revealed that real net disposable income continues to fall. This has its repercussions on other sectors of the economy. Home values are appreciating at five times the rate of wage growth, which makes it increasingly difficult for new aspirants to break into the housing market. To provide a mechanism to taper the housing boom trajectory, while still allowing properties to appreciate in value, will be far more equitable for Australian society as a whole. If, as Malcolm Turnbull claims, fairness is a fundamental criterion of any economic reform, it makes sense that negative gearing needs to be modified. Compelling economic evidence shows that, in its present form, it distorts the housing market, allowing those who own multiple properties to vie in the same playing field as those who are still trying to buy their first home.  While leading Australian economists recognise that negative gearing causes real estate dissonance, it will take more than slogans, such as housing values will be “smashed”, to convince the people otherwise.

Frank Carroll

According to Federal Labor, its recently launched Your Child. Our Future education plan will address Australia’s falling school standards, ‘ensuring that every Australian school – and every Australian child – will benefit’.

Labor is deeply concerned that schooling is falling behind Australia’s international competitors, presenting a significant threat to the nation’s future prosperity.

In 2000, only one country out-performed Australia in reading and maths, and only two countries out-performed Australia in science.

Today, 16 countries are out-performing Australia in maths; nine countries out-perform us in reading; and seven countries are ahead in science.

Labor believes that its policy will reverse the slide in ranking. The policy recognises that education is a key driver in economic growth and the capacity to innovate. Labor promises that when next in government, the policy will provide the necessary resources and investment to ensure Australia’s future prosperity.

Labor’s Your Child. Our Future education plan enshrines:
• A strong focus on each child’s needs;
• More individual attention for students;
• Better trained teachers – and more of them;
• Better equipped classrooms; and
• More support for students with learning needs.

The new plan, according to Labor, will drive opportunity, innovation and the economy through education.

Your Child. Our Future will see an additional investment in our education system of $4.5 billion over the school years 2018 and 2019 and a total provision of $37.3 billion for the package over the decade.

The policy recognises that, by 2030, if we equip all Australian high school graduates with the skills needed in a global economy, it will be the equivalent of adding 2.8 per cent to our GDP today.

You can read more about the Your Child. Our Future plan here.