mja blog

  • Macroeconomics is a long word

    Gross domestic product, inflation, unemployment, business cycle, recession, government policy. Macroeconomics zooms out to view the economy on the scale of an entire country.

    We are so lucky in Australia, touch wood, to have been relatively unaffected by the current global health crisis and my heart goes out to the people who have lost loved ones, lost their job. What is going on in India and other parts of the world right now is heartbreaking.

    But studying economics right now, in the midst of this global ‘event’, is interesting. Our Australian economy is kind of fascinating. We’ve had low wages growth, low inflation, relatively low unemployment for many years. Then COVID hit our shores and suddenly no more travel, tourism or hospitality. Massive job losses, but the pain of this has been cushioned by government stimulus. At the same time there is a continuing boom in housing and construction (more stimulus).

    According to an Australian economist John Adams, in a Youtube video, this is a recipe for disaster. I can see his point with the housing market and prices going up, and people able to borrow more than ever. When interest rates go back up, or household income is impacted by underemployment, people will have difficulty servicing their debt.

    John says the reason for this is lack of macroeconomic system checks in our institutions. Housing prices are not considered when the Reserve Bank of Australia adjusts interest rates. Not considered in the consumer price index (used to measure inflation). Not our problem, say APRA, who regulate the banks.

    Apparently the Kiwis have just introduced a measure to avoid this risk. The Reserve Bank of New Zealand looks at the price of housing before altering rates. John comments that New Zealand is ahead of Australia in this respect. Perhaps not for much longer.

    ABC News, April 2021 – Housing boom may be halted by regulators or economic trends, analysts warn.

    ABC News, September 2020 – Australian recession confirmed as COVID-19 triggers biggest economic plunge on record.

    The New Daily, March 2021 – Alan Kohler: The economic recovery is a work in progress

  • Walks after work

    My workplace is across the road from a lovely park and has a nice view of the city. I go there toward the end of my work day and let my mind wander as I follow the paths, admiring the view and glorying in nature’s wonders.

  • Updated Credits

    Getting a clearer idea of my study plan now, with updated credits from UTAS. After a couple of changes, they have finally granted:

    • BFA103 Accountability and Accounting
    • BMA101 Introduction to Management
    • BFA104 Accounting Context and Method
    • 5 electives

    BFA103 is a core unit, BMA101 is one of the Management units and BFA104 is an an Accounting unit. I’m not studying accounting, so I guess I can nominate this as further elective unit.

    Currently studying BEA111 Introduction to Markets and the Economy. Enrolled in BEA140 Data Analysis for Business in late May.

    Course info from B3A Bachelor of Business – Courses & Units – University of Tasmania, Australia (utas.edu.au)

    Recommended enrolment pattern (full-time student):

  • First Aid Ankle

    First week back at work after a break, even a short one, is always busy but the past few days have been especially so. Greater Brisbane went into another lockdown due to a further community transmission of COVID-19. Touch wood, it seems to have been contained.

    On Wednesday I had the class based delivery of my First Aid course. Surprised it continued during the lockdown, but made sense when I got there – all of us worked in the health industry. The instructor was excellent. A Scot and retired paramedic with a no-nonsense approach. Had to listen carefully to understand through his accent (and his mask). He turned previous training on its head by pointing out the really important things to remember, and explaining why they were important. Said that chances are, we would be carrying out CPR at home, on someone we loved, and we were the only chance for that person’s survival. That hit home.

    Danger
    Response
    Send for help
    Airway – vitally important, don’t tilt head until you know airway is clear!
    Breathing check for rise and fall of chest, ear close to mouth
    CPR – fingers off ribs avoids breakage, count out loud, keep head tilted
    Defibrillation – increases chances of survival significantly, use if you have it

    CPR is 30 chest compressions followed by two breaths, repeated until the paramedics arrive or casualty responds.

    Recovery position – on side, mouth downward to keep airway clear

    Choking – only a minute to act or they die!! Five back thrusts, five front thrusts, against a wall if necessary, with speed, alternating until the obstruction is forced out.

    Broken bones – making the casualty comfortable more important than putting the injured limb into a mobility sling.

    So, ankle. Talk about irony. After the class I was walking back to where I’d parked, looked away from the footpath just as it dipped, checking for traffic. Rolled my ankle and fell heavily to the ground. Ouch! After a few minutes (and some tears – it really hurt!) I drove myself back to work and applied first aid:

    Rest
    Ice
    Compression
    Elevation.

    Had to laugh, my boss had a point when she remarked on my dedication to putting first aid theory into practice!

  • Hinterland

    Almost finished the workshop exercises for Week 5, around economic surplus and government intervention. Some of the lecture material seemed almost political, the effect of government taxes, subsidies and even the minimum wage on competitive markets. It has given me an interesting insight into why governments step in, and who benefits.

    I left Portobello yesterday as scheduled. Despite the rain, the power blackout and the stairs, I had enjoyed the simplicity and convenience of the little apartment. It had been an idyllic few days, although I missed sharing the highlights with H. I am sure he would have enjoyed the coastal walks, the swim in the sea, and the nearby coffee houses and Asian-style restaurants.

    I wanted to go for another swim before I left the Sunshine Coast, but being perfect weather, and a Friday (when nobody works?) the beaches were packed. I managed to squeeze into the car park at Shelly Beach, where there was a school group studying the rock pools. I went for a quick dip further along the beach, where I noticed a couple of other people. The surf there was a bit too strong for me and I made the sensible decision not to venture too far or too long in it.

    Leaving Caloundra, I skipped the Bruce Highway exit and took the longer inland route home via Kilcoy. Stopped at Maleny Botanic Gardens, photos below. The Glasshouse Mountains are a stunning backdrop, and the feature of several different vantage points from the terraced gardens.

  • Blue Skies

    Yesterday was a glorious day, not a cloud in the sky. I ventured out mid-morning for a break and a reward for finishing my First Aid theory work. I returned mid-afternoon after getting through my economics reading, this time went for a swim. The water was wonderful.

    Today is my last day at Portobello, check-out time is 10am. I am up early to get a little more study done. Looks like another perfect day ahead.

    Swim between the flags
    Ship on the horizon