Meme of the Year

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Clarence Valley regional economy tops $2.13 billion in 2018-19

Clarence Valley Independent, 18 December 2019:

Clarence Valley is outperforming the rest of regional NSW, according to the latest gross regional product figures for the year ending June 30, 2019.

“Gross regional product (GRP) is the equivalent of gross domestic product (GDP), but for a smaller area,” the .idcommunity demographic resources update states on Clarence Valley Council’s (CVC) website.

The CVC local government area’s GRP was $2,134m as of June 30, 2019.

The valley’s GRP grew by 3.1 per cent, which followed 1.3 per cent growth in 2018; whereas regional areas of NSW, overall, went backwards by 0.5 percent in both 2018 and 2019 – another national study, released this week by SGS Economics and Planning, rates GRP for the NSW regions as falling by 0.3 per cent......

In 2019 there were 18, 854 jobs in the valley, up by 3.1 per cent on 2018’s 18,288 jobs.

However, it is likely that the infrastructure builds in the valley have inflated that figure.....

Read the full article here.

The 2019-20 financial year may be a different story come end of June 2020, as bushfires have devastated much of the Clarence Valley's natural assets which attract a high number of visitors to the region and prolonged drought has bitten deeply, with the entire local government area impacted by drought & just over 88 per cent by intense drought as the year ends.

Facebook Inc. agrees to pay News Corp millions annually for news service content

Australian Newspaper History Group Newsletter, No 105, December 2019, p.6:

105.2.1 Facebook’s news service

The launch of Facebook’s news service is a “powerful precedent that will echo around editorial departments”, News Corp chief executive Robert Thomson has declared (Australian, 28 October 2019). Thomson said it had been a difficult decade for journalism, but Facebook’s service was an important step. He said, “Great journalism will only be sustainable at scale if there is a fundamental change to the digital ecosystem. This announcement is an important step on the road.”

News Corp’s deal with Facebook — which covers the New York Post and Dow Jones publications such as the Wall Street Journal, MarketWatch and Barron’s — will generate licence fees reaching into the double-digit millions of dollars a year, people familiar with the agreement said. “Of itself, it begins to change the terms of trade for quality journalism, both in establishing the principle of payment, and in allowing news organisations a clearer opportunity to generate advertising revenue on their terms,” Thomson said. He has led a global battle against Facebook and Google over issues including opaque algorithms, digital advertising dominance and a failure to pay for journalists’ work.....

Facebook’s news service launched with a test audience of 200,000 US users, but the platform plans to roll it out beyond the US early next year. A date for launch in Australia has not been announced.

Level 1 water restrictions now in place for Clarence Valley

As of Friday 13 December 2019 Shannon Creek Dam had fallen to 82.3 % of its total capacity.

So from 16 December 2019 Level 1 water restrictions apply in addition to existing permanent water conservation measures.

So:

• No outside garden watering between 9am and 4pm
• No sprinklers or unattended hoses
• Water efficient drip or spray systems – 15 minutes every 2 days*
• Hand held hoses - 1 hour every 2 days*
• No restriction on commercial/industrial use

* If your house address is an even number you can water on even numbered days. If your house address is an odd number you can water on odd numbered days.

NOTE: Breaching water restrictions is an offence under Section 637 of the Local Government Act.  Action may be undertaken against consumers who are detected breaching water restrictions in accordance with Council’s Enforcement Policy. Fines can apply to such breaches.

Fightback against Australian Morrison Government's attempt to scuttle effective global climate change action

The Morrison Coalition Government's use of 'carbon credits' as an accounting trick to cover failure to reduce Australian greenhouse gas emissions since 2014 will put the international goal of limiting global warming to 1.5C out of reach - thus plunging the world into catastrophic climate change - is being resisted by thirty-one other sovereign nations.

Media Release, 14 December 2019:

Leading countries set benchmark for carbon markets with San Jose Principles

MADRID – As UN climate talks in Madrid near its closing, a group of leading countries are working together to secure an ambitious outcome is delivered on the Article 6 negotiations. 

To make that happen, they have agreed on a set of principles, known as the San Jose Principles for High Ambition and Integrity in International Carbon Markets, that constitute the basis upon which a fair and robust carbon market should be built.

Known as the Unconventional Group, these countries (see the list below) have been working since the Pre-COP25 in San José, Costa Rica, to increase the level of ambition in talks dealing with carbon markets. 

The group presented the Chilean COP Presidency a set of principles (see attached) that outline what a successful outcome could look like in this Article, in the hope that this will support the Presidency’s efforts in creating an ambitious outcome.

Parties include (updated December 14, 11:45pm, CET)

1. Costa Rica
2. Switzerland
3. Belize
4. Colombia
5. Paraguay
6. Perú
7. Marshall Islands
8. Vanuatu
9. Luxembourg
10. Cook Islands
11. Germany
12. Sweden
13. Denmark
14. Austria
15. Grenada
16. Estonia
17. New Zealand
18. Spain
19. Ireland
20. Latvia
21. The Netherlands
22. Norway
23. Slovenia
24. Belgium
25. Fiji
26. Portugal
27. France
28. United Kingdom
29. Italy
30. Finland
31. Trinidad and Tobago

Quotes from country representatives

Carlos Manuel Rodriguez, Minister of Environment and Energy of Costa Rica, said, “This is a definition of success on Article 6. Anything below these San Jose principles won’t create a fair and robust carbon market. The diverse group of countries supporting these principles know we need a just outcome to keep the 1.5C target within reach. The principles keep the door open for 1.5C, while ensuring the highest possible ambition in mitigation and adaptation. We encourage other parties to join our efforts in creating a basis upon which a fair and robust carbon market should be built”

Franz Perrez, Head of Delegation of Switzerland, said, “If markets are to increase ambition, the rules have to be as robust as the San Jose Principles”

Ambassador Janine Felson of Belize said, “An ambitious Article 6 outcome will create a new architecture for markets that moves beyond zero-sum offsetting approaches to accelerate the reduction of global greenhouse gas emissions. This is a key principle for members of my group and that is why these San Jose Principles are important”

Ricardo Lozano, Minister of Environment and Sustainable Development of Colombia, said “Colombia, as a highly vulnerable country that has supported an effective implementation of the Paris Agreement will apply these environmental San Jose Principles to guide its participation in the carbon market and ensure our efforts will help to build the basis for a robust system that promotes the highest climate ambition”

Svenja Schulze, Minister for Environment, Nature Conservation and Nuclear Safety of Germany, said, “Art. 6 can be a very important part of implementing the Paris Agreement but it must be designed to increase ambition. The San José Principles lay out the essence of a robust mechanism which ensures environmental integrity”

Isabella Lövin, Minister for Environment and Climate, and Deputy Prime Minister of Sweden, said, “The San Jose Principles provide an important foundation for the architecture of Article 6. Robust accounting that ensures environmental integrity and avoids double counting is key for Article 6 to deliver on climate mitigation and raising ambition.”

Dan Jørgensen, Minister for Climate, Energy and Utilities, Denmark, said, “Denmark supports the San José principles. The world is counting on us to secure a robust system that fosters ambition”

Hon. James Shaw, Minister for Climate Change, New Zealand, said, “If we are to prevent the climate crisis, it is critically important for countries to work to the highest possible standards. This is why New Zealand supports the San Jose Principles on Article 6 of the Paris Agreement”

Eric Wiebes, Minister of Economic Affairs and Climate Policy of the Netherlands said, “If we want real emission reductions, we should be absolutely firm on the environmental integrity of the multilateral system. Without proper accounting, our climate action will be meaningless. We can show flexibility on certain issues, but not on the San Jose Principles for international carbon markets.”

Minister Alain Maron, Minister of  the Government of the Brussels-Capital Region, responsible for Climate Change, Environment, Energy and Participatory Democracy of Belgium, said, “We need robust and comprehensive rules for Article 6 so that markets can help drive ambition towards the PA goals and so that its environmental integrity and the SDGs are protected. We also need such rules to facilitate a global level playing field and to provide a signal of trust to all market actors.”

Ola Elvestuen, Norwegian Minister of Climate and Environment, said, “We all need to increase ambition. Carbon markets can have an important role for us to do more together. If we follow the San Jose Principles we are promoting robust markets with environmental integrity.”

Mrs. Camille Robinson-Regis, Hon. Minister of Planning and Development of the Republic of Trinidad and Tobago, said,"The importance of environmental integrity and overall mitigation are essential and critical elements of the market rules under Article 6 of the Paris Agreement. The market must be governed by robust rules to inspire the confidence of the private sector  and state and non state entities to participate fully and so ensure that operational and effective market mechanism under Article 6 of the Paris Agreement. To do otherwise would undermine the utility of the market mechanism to contribute to the achievement of the objectives of the Paris Agreement. Trinidad and Tobago supports such a robust system of rules.”

---

San Jose Principles for High Ambition and Integrity in International Carbon Markets

At the Pre-COP, a large number of participants shared their expectations on what is needed to deliver a robust and ambitious outcome for Article 6. 

They were of the view that the implementation of the Paris Agreement must be firmly grounded in what the best available science tells us is necessary to deliver on the long-term temperature goal of the Agreement: the highest possible ambition in mitigation and adaptation.

As the end of the second commitment period of the Kyoto Protocol approaches, there is an urgent need for clarity with regard to the future international framework for use of market-based approaches towards international climate goals.

They expressed support to the COP presidency, and to work together with others to secure an ambitious outcome in Madrid to deliver the following principles, through an Article 6 rule book that at minimum:

• Ensures environmental integrity and enables the highest possible mitigation ambition
• Delivers an overall mitigation in global emissions, moving beyond zero-sum offsetting approaches to help accelerate the reduction of global greenhouse gas emissions
• Prohibits the use of pre-2020 units, Kyoto units and allowances, and any underlying reductions toward Paris Agreement and other international goals
• Ensures that double counting is avoided and that all use of markets toward international climate goals is subject to corresponding adjustments.
• Avoids locking in levels of emissions, technologies or carbon-intensive practices incompatible with the achievement of the Paris Agreement’s long-term temperature goal.
• Applies allocation methodologies and baseline methodologies that support domestic NDC achievement and contribute to achievement of the Paris Agreement’s long-term temperature goal
• Uses CO2-equivalence in reporting and accounting for emissions and removals, fully applying the principles of transparency, accuracy, consistency, comparability and completeness
• Uses centrally and publicly accessible infrastructure and systems to collect, track, and share the information necessary for robust and transparent accounting
• Ensures incentives to progression and supports all Parties in moving toward economy-wide emission targets.
• Contributes to quantifiable and predictable financial resources to be used by developing country Parties that are particularly vulnerable to the adverse effects of climate change to meet the costs of adaptation
• Recognizes the importance of capacity building to enable the widest possible participation by Parties under Article 6

They further recognize the importance of Article 6.8 in supporting Parties in the implementation of their NDCs through non-market approaches.

They invited other countries, multi-national and sub-national entities and multinational institutions to join us in the full operationalization of all the above principles, to support the highest possible ambition and environmental integrity.

ENDS

State of the Australian economy as it enters 2020

On 16 December 2019 Australian Treasurer and Liberal MP for Kooyong, Josh Frydenberg, put out a glowing media release concerning the health of the national economy which bears little resemblance to data his own department released on that same day.

Treasury on behalf of the Morrison Coalition Government informed Australia that it now has less income than was anticipated just prior to the 2019 federal election and, that economic growth is now slower.

Total receipts have been revised down by about $3.0 billion in 2019-20 and $32.6 billion over the four years to 2022-23.

These falls are due to less money coming into Treasury from individuals taxes, company tax and superannuation tax, as well as less dollars being collected through the tax on goods & services (GST) and lower non-tax income.

Federal government net debt is expected to be $392.3 billion in 2019-20 (19.5 per cent of GDP). Gross debt now stands at over $560.8 billion.

Slower economic growth is explained as due in part to decreased production and lower export levels in the farming sector, a decline in iron ore prices, softer wages growth, diminished business confidence & investment uncertainty.

Gross Domestic Product (GDP) nominal growth is 3.25 per cent but is expected to fall to 2.25 per cent in the coming financial year.

Wages growth is still under performing at 2.5 per cent and, there is no guarantee that the revised projection of 3 per cent wage growth by 2022-23 is achievable.

Unemployment is beginning to rise.

The number of people who had jobs fell by 19,700 individuals between the May federal election and October 2019. Employment numbers are projected to fall over the next 5 years in Agriculture, Forestry & Fishing, Manufacturing and Information, Media & Technology.

Cost of living (CPI) is not coming down. CPI rose 1.7 per cent through the year to the September 2019 quarter. This followed a through the year rise of 1.6 per cent to the June 2019 quarter. Retail prices, particularly for clothing, footwear, meat, dairy, bread and cereal products, have risen.

As for the much lauded budget surplus for 2019-20, it has shrunk from $7.1 billion to $5 billion. While the rubbery figures in forward estimates see the expected surplus for 2020-2021 reduced from $11 billion to $6.1 billion, then from $17.8 billion down to $8.2 billion in 2021-22, with the fiscal year after that supposed to bring in a surplus of only $4 billion instead of the projected $9.2 billion.

One can almost hear Morrison ordering a funding red pen through even more health, disability and welfare services/programs in a vain attempt to avoid intensifying the economic squeeze his flawed political ideology is imposing on the nation.

Notes:

* Australian Treasurer Josh Frydenberg 16 December 2019 media release at 

http://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/2019-20-mid-year-economic-and-fiscal-outlook

* Mid-Year Economic and Fiscal Outlook (MYEFO) December 2019 at https://budget.gov.au/2019-20/content/myefo/download/MYEFO_2019-20.pdf

* Pre-Election Economic and Fiscal Outlook (PEFO) April 2019 at https://treasury.gov.au/publication/2019-pefo

* Australian Office of Financial Management (AOFM) federal government debt updates at https://www.aofm.gov.au/

* Cost of Living data at https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/6401.0Media%20Release1Sep%202019?opendocument&tabname=Summary&prodno=6401.0&issue=Sep%202019&num=&view=

* Labour Market Information Portal, “Industry Projections – 5 years to 2024” (Excel) at http://lmip.gov.au/PortalFile.axd?FieldID=2787734&.xlsx