Coalition grilled on budget measures – It is my daily must read – theguardian’s Katharine Murphy blog. It updates the significant – and a little bit of the minutiae – so you can follow the day’s political events in Canberra without wasting hours.
The effectiveness of tax rebates as countercyclical fiscal policy – “Governments around the world are searching for macro-stimulation instruments. This column discusses evidence showing that rebate-type payments policies generate substantial increases in demand for goods and services. In particular, a large portion of tax rebates are spent rapidly on arrival.”
Vampire fiction with added Kevin – “I’m a sucker for a book by a political insider and so devoured the latest book from Troy Bramston, a former speechwriter for Kevin Rudd. Rudd, Gillard and Beyond is short — only 165 pages — but is an excellent addition to the genre of books about Labor that Bob Carr calls ‘vampire fiction’. … Another insight comes from the last day of the 2013 election campaign, when Rudd sent out an automated, pre-recorded message of thanks to the national campaign staff saying, ‘we have changed the way election campaigns are run in Australia’.’You’re damn right, Kevin,’ was the reply. ‘We will never run a fucking campaign like this again. It’s been a complete fucking shambles.’
Supreme Court rejects Argentina appeal in bond fight – “The U.S. Supreme Court declined on Monday to hear Argentina’s appeal over its battle with hedge funds that refused to take part in its debt restructurings, an unexpected move that risks toppling Latin America’s No 3 economy into a new default.”
Argentina refuses to submit to ‘extortion’ on debt – “President Cristina Fernández of Argentina has raised the prospect of a sovereign default, saying that her government could not succumb to the “extortion” of a US Supreme Court decision that orders it to repay $1.5bn to “holdout” investors before servicing its restructured debt.”
Fed looks at exit fees on bond funds – “Federal Reserve officials have discussed whether regulators should impose exit fees on bond funds to avert a potential run by investors, underlining concern about the vulnerability of the $10tn corporate bond market.”