26 September 2024

Government-run bank, poverty summit and rates freeze proposed in Canberra Decides election debate

| Oliver Jacques
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Row of panellists

Debate participants: the Greens’ Rebecca Vassarotti, Liberals’ Ed Cocks, Independents for Canberra’s Dr Vanessa Picker, moderator Genevieve Jacobs, Labor’s Yvette Berry and expert panellists Archie Tsirimokos, Professor Chris Wallace and Dr Devin Bowles before the start of the Canberra Decides debate. Photo: Michelle Kroll.

The creation of an ACT Government-run bank, holding a poverty summit and freezing rates were proposed to combat the rising cost of living at the third of three Region Canberra Decides election debates held at the Lonsdale St Studio on Wednesday night (25 September).

Independents for Canberra candidate in Brindabella Dr Vanessa Picker, ACT Greens Deputy Leader and Kurrajong candidate Rebecca Vassarotti, Liberals Murrumbidgee MLA Ed Cocks and Deputy Chief Minister and Ginninderra MLA Yvette Berry mostly stuck to party talking points in a discussion that rarely got feisty.

However, some left-field suggestions on how to tackle the affordability crisis from expert panellist Professor Chris Wallace of the University of Canberra enlivened the evening.

ACT Greens’ Rebecca Vassarotti: “We need to look at what are the essential services that government should be in the business of doing.” Photo: Michelle Kroll.

Throughout the debate, the rising cost of rent and mortgages were given as a key reason some Canberrans were now choosing between “heating and eating”.

Professor Wallace noted we used to have ‘state banks’ in Australia, where governments ran financial institutions themselves and offered loans to low-income earners at lower than market rates. She asked the participants if the ACT Government should get into the banking businesses.

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Rebecca Vassarotti loved the idea.

“I think we need to look at nationalisation of services and universal services. It’s a really good idea,” she said.

“I think people have an obsession with credit ratings. It seems that we are held hostage to credit ratings, which means we haven’t provided essential infrastructure.”

She kept coming back to government intervention as a solution.

“We don’t think provided vouchers and coupons is the way to go. We need to look at what are the essential services that government should be in the business of doing.”

Ed Cocks speaking among three women

Canberra Liberals’ Ed Cocks: “I would love to slash rates, but we have to take a fiscally responsible step of controlling them and keeping them under inflation.” Photo: Michelle Kroll.

While no other participant gave a clear endorsement of the state bank concept, all four agreed with another of Ms Wallace’s ideas – that a poverty summit be held in Canberra after the election.

“I think nearly all of you used the term ‘doing it tough’. What I want to ask, is that a shockingly unhelpful euphemism about that’s going on in Canberra?

“Should we start talking about Canberrans living in poverty? Is there a case post-election for having a poverty summit in Canberra, really seeing and naming the problem?” Professor Wallace asked.

“Why not? There are too many people living in poverty now,” Mr Cocks responded, with the other three politicians giving similar answers.

Moderator Genevieve Jacobs also asked candidates if they’d support a shorter-term remedy to rising household bills – freezing local government rates. Nobody gave clear support for this proposal.

“What we’ve done to address [cost of living] is announcements like $800 off energy bills for people who are on low incomes… we have transparency where people can see where their rates go, they see it’s going to health and education,” Ms Berry said.

Dr Vanessa Picker

Independents for Canberra’s Dr Vanessa Picker: “There seems to be a black box in terms of where rates have been going.” Photo: Michelle Kroll.

Dr Picker challenged this assertion.

“We need to address the root causes of problems. Temporarily [freezing rates] could be a good thing, but … it’s not about what we’re doing with rates as the figure. I’d pull back on [Ms Berry’s claims on] transparency. I’m in Brindabella. There seems to be a black box in terms of where rates have been going.”

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Mr Cocks gave a nuanced answer.

“If it were up to me and we had all the money in the world, I would love to slash rates, but we have to take a fiscally responsible step of controlling them and keeping them under inflation … we have to get into government and look behind the scenes and understand what the real picture of the territory budget is before we can fix things,” he said.

Like Mr Cocks, Dr Picker blamed government for contributing to cost-of-living problems.

“We have a lot of headline-grabbing and sometimes quite bizarre policies. We need to go to the evidence. We need independents to bring about accountability … we can’t ignore the elephant in the room that there has been an awful lot of waste over the last 23 years that has come about through a lot of ineffective and inefficient policies,” she said.

Yvette Berry

Yvette Berry: “What we’ve done to address [cost of living] is announcements like $800 off energy bills for people who are on low incomes.” Photo: Michelle Kroll.

An online poll found 49 per cent of viewers believed Labor’s Yvette Berry gave the best up-front pitch on Canberra’s future, well ahead of her nearest rival, the Liberals’ Ed Cocks (29 per cent).

By the end of the debate, 50 per cent of respondents said they’d vote for the Canberra Liberals, 21 per cent Labor, 14 per cent for the Independents and 11 per cent for the Greens.

All three Region Canberra Decides election debates are available to watch on Region’s YouTube channel.

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J a c k d a w11:26 am 28 Sep 24

“… asked the participants if the ACT Government should get into the banking businesses.
Rebecca Vassarotti loved the idea.
“I think we need to look at nationalisation of services and universal services. It’s a really good idea,” she said.
“I think people have an obsession with credit ratings. It seems that we are held hostage to credit ratings, which means we haven’t provided essential infrastructure.” “

There you have it – out of her own mouth – not just the ACT creating a Bank – OH NO ! – let the Green eyed ACT Government NATIONALISE a Bank.

The Federal Labor Government might have an over-riding view on that socialistic dream.

Good on you for Outing yourself, or your revealing your total lack of any sensible economic Policy, Green MLA Vassarotti.

What on Earth motivated UC “expert” Professor Chris Wallace in her asking that Question ?
Was it primarily a (Green) Dorothy Dix, or was it simply an open invitation to reveal one’s fiscal fantasies ?

UC Quote – Professor Chris Wallace works in modern and contemporary political history and public policy with special reference to leadership, gender, transnational lives, and transformational change and the information strategies underlying it. Wallace is also the academic director of UC’s Centre For A Better Canberra (FAB CBR).
source – https://researchprofiles.canberra.edu.au/en/persons/chris-wallace

Reading that source, It seems that Professor Doctor W might not be considered a mainstream Economist ?
Yes indeed, “.. some left-field suggestions ..”

It wasn’t a good day for the Liberals yesterday with negative media reporting of offensive behaviour perpetrated by some of the party’s candidates.

Despite all of this however, the debate was a good diversion. Ed Cocks, one of the Liberal party’s most conservative candidates, was disappointing. I do wonder whether he is the most boring man that has ever been elected to our Assembly! Lacking charisma, it is hard to imagine him ever smiling or having a jolly thought!

The questioning was very good from all of the panellists, particularly Chris Wallace who always asks probing and thoughtful questions. I was pleased to see the always chirpy Genevieve Jacobs questioning Mr Cocks on what plans the Liberals have to fund their promised rates and tax cuts. Rates and tax cuts remain very important to the Liberals at every election and sits at the top of their promise list should they ever win government. The party’s infantile young Liberal movement are usually out and about in their ridiculous tax truck poking fun at Andrew Barr and the Labor party, which is a highlight for them at most elections. Remaining very straight faced and dull despite Ms Jacobs’ chirpiness and prodding, Mr Cocks flip flopped around and refused to get to the crux of answering the question.

This is a very important question for those like me who can’t seem to get answers and don’t want to see funding for health, education and all of those other very important and critical services reduced to fund rates and tax cuts should the Liberals win this year’s election!

Do you like having the highest rates in all of Australia (by far)..?

… a taxation and rates system that makes it easier for young people to get into the housing market and own their own homes mjnyc! A transformed and simplified taxation system that has been praised by both sides of politics. Small and large businesses earning under $2 million annually are also benefiting by not paying payroll taxes, the highest threshold in the country.

Capital Retro1:44 pm 26 Sep 24

“Professor Wallace noted we used to have ‘state banks’ in Australia, where governments ran financial institutions themselves and offered loans to low-income earners at lower than market rates. She asked the participants if the ACT Government should get into the banking businesses.”
I have been in banking and finance most of my working life and I am not aware of the “state banks” offering loans to low-income earners at concessional rates. In fact, the state banks of Victoria and South Australia met their demise by giving huge amounts to corporate cowboys at “mates rates and tiny terms.”
Professor Wallace has a great sense of humour suggesting the ACT Government get into the banking business. I am surprised that she didn’t also suggest they name it Rhodium Bank.

Definitely a black box for where the the ACT government is investing its annual Rates charges.

The City Renewal Authority has well over a hundred million in projects but raises a tiny fraction of that through their property tax in city businesses.

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