Penalty rates: Why should Sunday stay special?

Thu, 02 Mar 2017  |  

Click on the link to hear the podcast of me on The Minefield talking Sunday penalty rates, among other things, with Scott Stephens and Waleed Aly.

https://www.abc.net.au/radionational/programs/theminefield/penalty-rates:-why-should-sunday-stay-special/8310496 

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Late last week, the Fair Work Commission handed down its long awaited decision to reduce penalty rates for Sunday workers in fast-food, retail and hospitality.

Federal politicians promptly framed the matter in the predictable terms of the conflict between the interests of Capital and the interests of Labour, and took their sides accordingly. But is the tension between Capital and Labour – the sustainability of small business versus the rights of workers – really what is at the heart of this matter, or is there something deeper at stake?

One of the more conspicuous effects of secular modernity has been to de-sacralise or de-differentiate time: there are no more Sabbaths and no more holy days; leisure is more of an obligatory respite from work than an occasion to enjoy what is of greater worth; time is reduced to an undifferentiated commodity whose sole value resides in its ability to create more value. Within this logic, the very idea of ‘weekends’ cannot finally be anything more than quaint, an illegitimate leftover from a different age.

Questions of economic justice and the relationship between economy and society are, to be sure, central to the current arguments over penalty rates. But unless we revisit the relationship between time and non-economic conceptions of value, it is doubtful that any argument can long withstand the inexorable logic of capitalism.

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THE LATEST FROM THE KOUK

The Australian stock market is a global dog.

Sat, 24 Jun 2017

This article first appeared on the Yahoo7 web page at this link: https://au.finance.yahoo.com/news/1381246-234254873.html 

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The Australian stock market is a global dog.

At a time when stock markets in the big, industrialised countries are zooming to record high after record high, the ASX200 index is going no where. So poor has the performance been that the ASX is around 20 per cent below the level prevailing in 2008.

It is a picture most evident in the last few years. Since the middle of 2013, the ASX 200 has risen by just 10 per cent. The US stock market, by contrast, has risen by 50 per cent, in Germany the rise has been 55 per cent, in Canada the rise has been 20 per cent, in Japan the rise has been 45 per cent while in the UK, with all its troubles, the rise has been 15 per cent.

So what has gone wrong?

Tony Abbott and debt

Fri, 16 Jun 2017

With Tony Abbott and governemnt debt hot news topics at the moment, I thought I would repost this artricle which I wrote in April 2013:

Enjoy, SK

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Here’s a true story. It’s about a man called Tony.

Tony is a hard working Aussie, doing his best to provide for his family. He has a good job, but such is the nature of his work that his income is subject to unpredictable, sharp and sudden changes.

Tony’s much loved and wonderful children go to a private school and wow, those fees that he choses to pay are high. He used to have a moderate mortgage, especially given he was doing well with an income well over $200,000 per annum.

Then things on the income side turned sour.

Tony had a change in work status that resulted in his annual income dropping by around $90,000 – a big loss in anyone’s language.

How did Tony respond to this 40 per cent drop in income?

Well, rather than selling the house and moving into smaller, more affordable premises, or taking his children out of the private school system and saving tens of thousands of after tax dollars, Tony called up his friendly mortgage provider and refinanced his mortgage.

In other words, Tony took on a huge chunk of extra debt so that he could maintain his family’s lifestyle. No belt tightening, no attempt to live within his means, just more debt.