Author: abul-jalaluddin

NSW Budget 2018-19: An election entreat to entice voters

The budget has established a NSW Generations Fund to guard against intergenerational budgetary pressures with a capital of $3 billion. The fund will grow through future contributions and investment returns. Half the returns from this fund will go to My Community Dividend, a NSW state initiative which will provide funds to local projects worth between $20,000 and $200,000. This budget has a surplus of $3.9 billion, being the last one before the next election in March 2019. Health There will be $8 billion over four years to fund 40 new and upgraded hospitals, including $740 million to transform Liverpool...

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Royal Commission on Banking and Financial Service Providers

The Governor-General of the Commonwealth of Australia established a Royal Commission on 14 December 2017 for an inquiry into the conduct of banks, insurers, financial services providers and superannuation funds. It will also consider how well equipped Australian regulators are to identify and address misconduct in the industry. The Commission is tasked to submit its interim report no later than 30 September 2018 and the final report of the inquiry with recommendations no later than 1 February 2019. Australia has one of the strongest and most stable financial systems in the world and hence, the outcome is expected to...

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Inconsonance of free trade agreements with economic theory

The contemporary free trade agreements including recently resurrected Trans-Pacific Partnership (TTP) are subject to multiple protectionist clauses or special deals which impede competition based comparative advantages and hence, in disagreements with economic theory. No wonder why these free trade agreements do not generate reasonably equal economic benefits for all partnering countries. Economists’ advocacy on “free trade agreement” is premised on the Theory of Comparative Advantage discovered by David Ricardo, a British economist, in 1815. As we all benefit from specialising in an occupation we are good at or trained in, similarly exchanging goods and services with people of other...

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Potential market and products for Islamic investment in Australia

Preamble Islamic finance is a large industry, operating in the Middle-east, Asia and Europe including the UK. This industry operates in over 70 countries. The size of the Islamic financial services industry was US$ 1.9 trillion in 2016. The major segments of the Islamic investment market are Islamic banking (78.9%), Sukuk or Islamic securitisation market (16.8%), Islamic funds (3.0%) and Takaful or Islamic insurance (1.3%). The key regions of the Islamic Investment market are Asia, Gulf Cooperation Council- GCC (Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman), Middle East and North Africa- MENA (Algeria, Bahrain, Djibouti,...

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Government spending on Indigenous Australians

The Council of Australian Governments in 2009 vowed to Close the Gap between Indigenous and non-Indigenous Australians on health, education and employment. It’s hardly surprising that Indigenous spending has grown over the years to cater for this initiative. Indigenous Expenditure Report 2017 by Productivity Commission estimates that Federal and State spending on Aboriginal and Torres Strait Islanders was more than $33 billion in 2015-16 which was a real increase of 24 per cent since 2008-09. In dollar terms, this amounts to an annual spending of $44,900 per Indigenous Australian, twice the equivalent spending per person on the rest of...

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