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October 29, 2020

Why governments should ‘think big’ – how GDP growth figures can be misleading

By Paul Dennis

29 October

House prices have risen in many Australian cities due to Covid, and the home ownership rate has dipped to its lowest in 60 years, making it even harder for younger people to own a house.

Andrew Leigh, member of the Australian house of representatives and a former economics professor, shared an article on how today’s crises demand bigger thinking by parliament.

He tweeted that at the end of the World War II, federal governments aimed to lower unemployment rates and increase house ownership, and this strategy worked for Australia.

He further adds that a white paper produced in 1945 focused on the need for high-skilled jobs, ways to increase productivity, and ensuring that workers received a fair share of the output.

Leigh further emphasised the need for the government to focus on full employment to overcome the damages inflicted by the coronavirus pandemic, especially on inequality.

Leigh believes that Australian leaders will have to think bigger to reduce inequality in the rebuild, by improving access to universities, provide funding to universities, and improving the quality of schools.

Meanwhile, Fabio Ghironi shared a tweet by Ben Casselman on how Q3 US GDP growth figures could be misleading.

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