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Monday, 13 February 2017
Page: 645

Charter of Budget Honesty

To the Honourable the Speaker and Members of the House of Representatives

Labour wastage, unemployment, labour casualisation, excessive private debt, erosion of social services, poor educational outcomes, rising inequality, soaring suicide rates, indigenous inequality, environmental destruction by heavily polluting industries, privatisation of essential services and widespread wage stagnation are all the result of a focus on "sound financial policy" which sees the government trying to reduce spending to produce a "balanced budget" or "surplus". The "efficiencies" promised by economic rationalism, small government, deregulation and privatisation have not materialised and we are seeing the same story played out all over the world as a result of decades of neoliberalism.

We therefore ask the House to do all in its power to ensure that the Charter of Budget Honesty be modified to include the maintenance of full employment through a Job Guarantee which offers anyone unable to find work in the private sector a good job at a socially inclusive minimum wage. We also request that the reference to "sound fiscal policy" be removed and replaced by "functional finance policy". This recognises that, as a monetary sovereign, the Australian Federal government does not need to "finance" spending through taxation and borrowing. Rather, it can run deficits indefinitely so long as total spending does not exceed the capacity of society to produce goods and services. The clearest indicator of spare capacity is the presence of involuntarily unemployed people and a Job Guarantee will not present inflation risk. The charter in question can be found here:

from 170 citizens