By Ross Gittins
An updated and down-to-earth creation to the foremost financial matters that form our global - the fundamental instruction manual for an individual who desires to know the way economics affects on our daily lives through Ross Gittins, economics editor (and guru) of the Sydney Morning usher in and The Age.
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Additional resources for Gittins' Guide to Economics
Unions will be prevented from engaging in ‘pattern bargaining’—seeking identical collective agreements at a range of enterprises—though there’ll be nothing to prevent employers negotiating identical AWAs with each individual. Put it all together and it’s clear the government is seeking to discourage collective bargaining and hasten the spread of its AWA brand of individual contracts. The award system and the Industrial Relations Commission worked to strengthen unionised workers, but also to protect workers who weren’t in the union.
It’s straight demand-and-supply. When demand is growing fast and suppliers are having trouble keeping up, their natural response is to raise their prices. So dampening demand helps to keep prices from rising too much. 25 percentage points? They won’t be. Such small changes are usually part of a series. So why doesn’t the Reserve Bank do the whole lot in one go? Because it’s never sure how much will be needed, because it doesn’t want to scare the pants off us and because it’s hoping it won’t need to do all that much.
What are ‘official interest rates’? How does the Reserve Bank change them? And how does a change in official interest rates lead to a change in the banks’ interest rates? There is, in fact, only one ‘official’ interest rate. Its real name is ‘the cash rate’ and it’s the cost of borrowing ‘cash’ overnight in the short-term money market. That little word ‘cash’ doesn’t mean what you think it means. It’s a nickname for the reserves or ‘exchange settlement funds’ the banks keep in their exchange settlement accounts with the Reserve Bank.