INSIGHTS 6 – ELEPHANT IN THE ROOM: Impacts of Economy Only Narrow Perspective (without Systems Thinking)

ON “EVERYTHING IS THE ECONOMY OR ECONOMIC MANAGEMENT” (NARROW)PERSPECTIVE, SOLVING WICKED PROBLEMS, SOCIAL JUSTICE AND LEADERSHIP ISSUES

On International Women’s Day, why do we ignore mothers? Is “Everything is about economic development or management perspective” losing its steam day by day? Shouldn’t we be more conscious and open-minded? Shouldn’t we pay attention to human development aspects? Is economic development going to magically produce human development?
Be Good, Wall Street Now Demands(Much needed “social responsibility” dimension of organisations getting a boost from Wall Street! (at least now, rather than later). This could be a starting point towards achieving elusive social sustainability. “Wall Street has long been accused of short-termism and focusing only on profits, so having a mammoth icon of the industry embrace corporate responsibility as an investing metric could have ramifications for leaders worldwide.” “The concept of socially-responsible companies has been around for decades, but this week it got a $6 trillion Wall Street ally. Asset management giant BlackRock told the companies in which it invests that to prosper over time, “every company must not only deliver financial performance but also show how it makes a positive contribution to society.”” “the move could have a trickle downeffect as well, enhancing the voice of other firms pushing for corporate social responsibility and influencing how leaders are chosen and boards are structured. There would be talent implications as well, with leaders ultimately needing a workforce that includes individuals who can deliver more than just profits. And firms would need to come up with metrics on their societal impact along with ways to measure how they are doing.”)
Where the money laundering buck stops, the CBA faces record fines (Interestingly the same old wisdom – everything is related everything else or simply the connectedness of this universe. Senior management decisions on mere profit increases devoid of holistic views/sustainable development to the use of high tech for automation to turning a blind eye to regulatory body advice/warning to creating money laundering opportunities to creating avenues for funding terrorism to inflicting employee redundancies/layouts to pursue ever-increasing profits despite economic downturns. Where are the solutions for these so entangled problems? Shouldn’t our education systems provide a starting point for possible solutions at the grassroots? Shouldn’t our education systems take initiatives to promote “whole person” development instead of a single-sided, narrow focus? With a “whole person” development approach, we would be in with a chance to produce leaders with broader visions leading to social sustainability.)
On Revolutionary Mindfulness and Restorative Justice(The insightful CONNECTION between MINDFULNESS and SOCIAL JUSTICE – intriguing!”Navigating the intersection of contemplative education and SOCIAL JUSTICE can be deeply challenging. It taps PAINFUL histories of OPPRESSION and MARGINALISATION, challenges WORLDVIEWS, and illuminates our BLIND SPOTS to SUFFERING, PRIVILEGE, and the co-optation and misrepresentation of contemplative practices themselves. The conference resonated with an urgency and passion for work that asks us to be present with painful truths and experiences to “cultivate more LIBERATORY ways of being with one another.” Rhonda Magee, PROFESSOR of LAW at the UNIVERSITY of SAN FRANSISCO, and Fania Davis, co-founder and director of Restorative Justice for Oakland Youth (RJOY), shared keynotes replete with both research and personal stories that were instructive and hopeful. “We need to BUILD CAPACITY to have DIFFICULT CONVERSATIONS,” said Rhonda Magee, in response to a question during her keynote address, “Revolutionary Mindfulness,” acknowledging the challenging terrain of personal, institutional, and societal CHANGE.”)
A mother’s love for her baby isn’t a barrier to work. The problem is more complex than that(Interesting discussion on giving care to children! Does GDP/economic growth mean everything to a country? When we blindly pursue this target what are the negative by-products we get? Until very recently, we were targetting cognitive skills development of our children. But now the focus has started to shift to whole-person/holistic/ whole-brain-child development. Similarly, it is not just the GDP figure that matters but developing sustainable societies. “However 39 per cent of the women who reported childcare as the main barrier to work also confessed that they actually preferred to look after their children. Shock, horror.” “The child is hardwired to its mother’s smell, and the sound of her voice. The mother becomes responsive to her infant’s face, its vocalisations and its touch. Because a child needs to be attached to someone to survive, evolution has led it to be programmed from before birth to attach to a caregiver as soon as it hits the deck. But this evolutionary necessity does not suit the modern world. It does not suit the neo-liberal world view of economic growth as the key driver of all actions and public policy.”)
Time to Forget the Old Models of Leadership(When old models (of leadership) do not work, what next? “If we ever thought that the old models of leadership, the old ways of thinking about how we influence, the old ways of thinking about how we manage these complex institutions that we’re all a part of, if what we thought we knew ever was good enough, it’s not good enough today.”)
We’re starting to give up on the ideal of Australia as a nation of equals( How are practices of economics related to inequality and how lack of ethical foundations distort markets- an insightful discussion! “Economics as a discipline — and the market as a tool — were originally conceived of as means for increasing the stock of common good. Smith had no time for a kind of dog-eat-dog, let-it-rip economy. He championed a free market that depended on the maintenance of solid ethical foundations. He denied the legitimacy of those who lie, cheat or use power oppressively because all such vices distort the market. Furthermore, the market was supposed to be an arena in which all could transact as equals — not in terms of outcome but in terms of opportunity. Despite this idea being written into competition legislation, we seem to be a long way from realising Smith’s ethical ideal. Technically, the market is “open” and “free”. In reality, too many people are denied the basics in education, health, civic infrastructure, etc. to be on a genuinely equal footing.”)
The GDP myth: The planet’s measure for economic growth is deeply flawed and outdated(GDP (Gross Domestic Product) and its usefulness (or lack of it) in measuring the progress of a country – is it only a very narrow view of measuring merely a short-term economic progress? It is indeed great to see that some visionaries getting to sniff the value of health and well-being and happiness of individuals , human development/learning/education, wealth distribution (inequality) – all parts of social sustainability – and environmental sustainability into the equation of measuring a country’s true progress/development.” As Cambridge University economics professor …Diane Coyle says, economic growth is more than important — it is a MORAL imperative.”Growth is driven by INNOVATIONS that ultimately improve and lengthen people’s lives and WELL-BEING, reduce infant mortality, and create FULFILLING WORK for more people,””A growing economy is one where people have a sense of possibility for the future, of HOPE.”..the increase in GDP — as defined now — this year, or this quarter is quite a NARROW measure ….”GDP may have had its uses, …, a statistical framework established around 70 years ago is NO LONGER AN ADEQUATE measure of ECONOMIC GROWTH.’BETTER ALTERNATIVES/WORTHY CONSIDERATIONS:”Human Development Index & Inclusion Development Index:””Happiness Index:”)

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The Commonwealth’s top Execs hit with a pay cut over money laundering allegations(Interesting discussions and views on bank money laundering allegations! It is very interesting to wait and see where all these will end.)
NAB may join CBA in AUSTRAC’s sights over money laundering and counter-terrorism breaches(Another one of top 4 banks (in Australia) to join the club of money laundering and counter terrorism breaches! Where are we heading to?)
NAB sacks 20 bankers for selling 2,300 ‘liar’ home loans(More revelation of high profit yielding banking industry (Australia) issues/malpractices! This time liar loans! As per some investigations, these loans can add up to 1/3 of the home loans. Is this the tip of the iceberg?)
Tip Top drivers being ‘worked to death’ as families call for greater responsibility(An example that illustrates that health and well-being is very important (especially at the work place), if not THE most important requirement. Especially, chronic sleep deprivation can have fatal consequences.)
Why you’re about to pay through the nose for power(Why is it so important that our leaders take decisions leading to sustainability! How can a decision that appears so convincing, albeit narrowly, becomes a disaster at another time? How can we improve our decision-making capacities? How can we be mindful in our decision-making using creativity and critical thinking to avoid pursuing vested interests? )
CBA admits money laundering breaches; faces new AUSTRAC charges(Commonwealth Bank of Australia (CBA- the largest bank in Australia) saga continues with its admission of money laundering allegations along with some additional/amended allegation being introduced by the regulator. With the possible penalty is summing up to over 900 billion dollars, where would this go/end?)
Should Caring be a New Currency?(What is lacking in narrow perspectives of traditional economic models devoid of long-term sustainability- “Caring Economics!”. For instance, children’s education is very competitive and achievement-oriented which reflects our “survival of the fittest” view. If we use the Caring Economics model in schools instead, we could teach valuing relationships, trust, fairness, and so on as much as being the best and achieving higher and higher goals. New economic models and associated views on human nature could not only have huge implications for governance systems but also for how we design institutions like banks, our health system and schools. Rather than solely maximizing individual gains and optimizing monetary outcomes, we would replace that with an approach that achieves optimal gains for the common good that also includes trust, kinship and care. “)
Legal loophole allowing vast mark ups on investment properties(The absence of regulatory control on real estate industry causing vast (unreasonable) markups on investment properties in Australia trapping unquestioning buyers.)
Leaders Seeking Wisdom Need An Ethical Dimension (When professional decisions are at odds with one’s ethical principles! ” It goes to the heart of what he and his colleagues refer to as “wise leadership”. In particular, they see the lack of an ethical dimension as a potential threat to sustainable business success. Given that talking about sustainability is second nature to just about every executive these days, this is not something to be taken lightly.”)
From Davos: 3 Lessons in Purpose(Solving World’s Wicked Problems Towards Social Sustainability – Something Positive As We Have Started Paying Attention At Least Now (Rather Than Later) “Creating a Shared Future in a Fractured World.” “There is a much greater awareness among leaders than ever before that solving the complex and unique challenges of the future requires harnessing 100% of the world’s potential,” ” Davos agenda seems designed to help businsses move away from short-term profitability towards having positive, long-term impact for the communities in which they operate.” “Standing Up for Social Progress” and “what future role will employment play in terms of community identity, personal livelihood, and societal purpose,”)
ASIC slams banks, insurers over conflicts and poor financial advice(Bank-owned financial advisors pushing customers against their best interests!! We are revisiting the phenomena of corporate social responsibility (CSR), which appears to be non-existent in a short-term profit-based corporate thinking. It gives some explanations as to how Australian major banks were able to get bumper profits even during economic downturn times across the world and in many other industries.)
Why many big companies don’t pay corporate tax(How can we justify that many large companies (in Australia) pay zero tax for years? Is that related to fraudulent behaviour or loop-holes in the tax system? Whichever is the reason, where is the highly talked-about notion of CORPORATE SOCIAL RESPONSIBILITY being practised? Is this the LEADERSHIP organisation getting commonly. In these circumstances, how can our societies get directed to sustainability? Can we rely on old leadership/economic models to achieve sustainability?)
As AI Makes More Decisions, the Nature of Leadership Will Change(How would (and should) the notion of leadership change in the era of AI (Artificial Intelligence)? Interesting and insightful! “Certain qualities, such as deep domain expertise, decisiveness, authority, and short-term task focus, are losing their cachet, while others, such as humility, adaptability, vision, and constant engagement, are likely to play a key role in more-agile types of leadership. ” How is the notion of humility (as mentioned above) is defined? “Humility – In an age of rapid change, knowing what you don’t know is as valuable as knowing what you do. Unfortunately, leaders are often shielded from learning about new developments by the sheer volume and variety of new information that is captured daily. Leaders in the AI age need to be willing to learn and be open to seeking input from both inside and outside their organizations. They also need to trust others to know more than they do. This knowledge may well come from someone 20 years younger or three levels down the organizational hierarchy. In the AI age, an effective leader understands that someone having lower status or less experience doesn’t mean they cannot make a key contribution.”)
There’s no case for a corporate tax cut when one in five companies don’t pay it(A beautifully presented argument with facts/evidence that tax cuts won’t necessarily impact on wages growth/ investments/GDP growth etc.Especially when there are many organisations (in Australia) do not pay any tax and many others pay a very low effective tax rate (for Australia 10.4%). We need to be aware that old economic/leadership models (trickle down economics/low tax-high investment(innovations)/short-term economy is the only perspective etc) are not going to work always for current problems in their exact forms – there are many perspectives to these problems than ever before in a highly integrated world/society.)
A focus on responsible lending will uncover huge problems for the banks(Liar loans and responsible lending issues in Australia – how significant a problem is this? “The free and loose lending standards that banks have demonstrated, particularly over the last decade through the use of benchmarking tools and interest only loans, has the potential to be catastrophic for the Australian economy,” Maurice Blackburn lawyer Josh Mennen said.” )
‘We’ve done an abysmal job’: Australia is struggling to handle its swelling population(An interesting and important matter in relation to the Australian society (its struggle to handle high population growth) put forth in a compelling manner. Another example highlighting the lack of systems thinking on the part of decision makers. It shouldn’t be narrowly focused everything is the economy only perspective. There is a whole system out there. High migration rate keeps the economic figures in a good shape. But infrastructure building must be on par with the population growth – better transport plans and infrastructure, more school and hospitals. Otherwise, the overall productivity of operation will continue to decline and causing major economic and other problems in the longer run.)
Evidence of widespread fraud at first day of Banking Royal Commission( We are getting to hear about the roots of widespread banking issues/fraudulent behaviour through the Royal Commission currently taking place in Australia. It is good that it happens at least now rather than later.)
NAB admits broker incentives contributed to fraud in “litany of control issues”( One of top 4 banks in Australia (NAB) admits (in the Royal Commission inquiry) that its remuneration structure encouraged staff/mortgage brokers to engage in fraudulent behaviour such as falsifying customer income documents, forging customer signatures and accepting cash bribes (possible because the liability of paying back the loan lies with the customer mostly). From what we have heard in the past, this appears to be a very common practice in the whole banking industry and there is no wonder Australian house prices on average are one of the highest in the world. )
After an epic property boom, here’s the youth homelessness figures(A concerning trend in homelessness figures in Australia despite years of an unprecedented property boom. What are the causes and where are the solutions coming from? )
Mortgage brokers in the spotlight at the banking royal commission( Royal Commission into banking industry misconduct continues. Mortgage brokers have naturally/instinctively pushed borrowers to have larger loans for longer periods as the higher the loan amount, the higher the commission they get and also throughout the loan period (pushing them to encourage borrowers to extend the loan period). A very interesting scenario – brokers get COMMISSIONS for the lifetime of the loan, banks get INTERESTS for the same period and even more interestingly, the customers get the LIABILITY to pay the loan. Another clear example how the remuneration system in banks pushed staff/employees/brokers for engaging in malpractices/fraud such as falsifying documents, forging signatures etc. )
10 years after the financial crisis, have we learned anything?( What have we learned 10 years after the GFC – an important question and discussion? Are we heading back to history?“We’re sitting here, 10 years later, with a short-term memory that doesn’t seem to recall how we got into that mess,” Taylor says. “We got into that mess because of the lack of regulation, and now we’re talking about making banks less accountable. It makes no sense whatsoever.”“CNNMoney is taking a look back at the 10 years following the financial meltdown that stretched around the globe — and signs that something similar might again be on the horizon, as Congress and regulators begin to loosen some of the rules they put ” )
Facebook’s stock tumbles again. Data scandal wipes away nearly $50 billion( Influence of social media on democracy – when selecting political leaders among many other influences. New revelation put Facebook in a challenging situation. )
Facebook founder Mark Zuckerberg admits the company needs regulating( Social media and Big Data influence on democracy – electing political leaders, sometimes with false/misleading information spreading. Where are we heading? Should we simply blame the technology or the way we use it?)
Financial advice sector to face heat at Royal Commission( Banking Royal Commission enters into financial planning territory – are we in for more shocks or just another revelation of the harsh reality/status quo?)
AMP reputation in tatters after Royal Commission admissions(he corporate culture of Wealth Management icon AMP is confronted at the Banking Royal Commission in Australia. Are we hearing anything new/surprising or just the harsh realities prevalent? – AMP has lied to the corporate regulator ASIC around 20 times and they put shareholders’ interests ahead of the customers. Do we have real solutions to issues like this? Where are they coming from?)
AMP customers charged for financial advice they never received(By having a Royal Commision on Banking and Finance sector in Australia, despite many oppositions from various parties including at top levels, has raised many eyebrows in the last couple of months. Now the question that comes up is why didn’t we have it much earlier to have stopped a massive social destruction over the years. Another intriguing question that erupts is how would it so happen that some hypersensitive people (whistleblowers), who are able to sniff these harsh realities, have to undergo so much psychological and social stress in getting to terms with large-scale crimes/malpractices. In light of all these, we may ask, is widening INEQUALITY in so many parts of the world is a consequence of these crimes/malpractices of these large organisations/institutes and the leaders involved? )
Widespread, shocking, unconscionable,’ Allan Fels says of banking royal commission findings(Some appropriate words to describe the status quo of Australian Banking and Finance industry – “Widespread, shocking, unconscionable” that one could have ever predicted. Where to from here – could possibly be better answered by answering How did we get here? )
Australian Government should be ashamed of past performance on banking sector(How can many of us including high profile leaders so oblivious/mindless to many deep-rooted issues in our societies? How much pain and destruction our societies have to undergo because of it? How could it be possible 75-90% of industries in many parts of the world were finding it tough as that happened during and immediately after the GFC, Australian Banks were making unstoppable bumper profits in a dramatic mismatch situation? Now we have the answers to question “How did that happen?”)
Budget repair less urgent than raising dole payments, leading economist Chris Richardson says( When a leading, well-respected economist (not a social scientist) talks about the dire need of raising the social security payment/dole amount (in Australia), there must be something special/severe about it. “”That combination says we here in Australia don’t have a dole-bludger problem — what we have is a society that is unnecessarily cruel,” Mr Richardson said.” “”That’s a lot of money, but it’s a lot of money because we have to catch up to the wrongs of the past,” he said.” “We make trouble for ourselves if we let the poorest of the poor get poorer,” Mr Richardson said.)
Banking royal commission: Does this prove banks are not an ethical investment?( What are the options available for investors concerned about more than just profits in the presence of the dramatic revelations from the currently ongoing Banking Royal Commission of Australia? An interesting discussion. “In the world of “ethical” investing, corporate social responsibility looms large.” We may also raise the issue of individual social responsibility (as opposed to corporate social responsibility) on where to invest so that our investments do not come back/ boomerang in a harsh way to severely damage us and our societies? ” “Ethical” funds don’t just look at profits, but also whether a company is making a positive contribution to people, animals, and the environment. At the banking royal commission, it’s been anything but.” “Fees for no service, lying to the regulators, doctoring so-called independent reports and so it goes on,” “And while the royal commission has highlighted serious misconduct in the banks, including fraud and bribery, for “ethical” investors, the fossil fuel issue is at least as important.”)
ASIC chairman slams banks for creating “trust deficit”(“Trust Deficit” in Australian corporate world and more specifically in the finance sector by focusing purely (by hook or crook) on maximising profits – how could the trust be rebuilt towards sustainability and productivity?)
Hospitality workers forced to chase millions in unpaid superannuation(How serious could be the impact of cash-in-hand worker exploitations (below the minimum legal amount/rate, without tax and superannuation payments) on the broader economy? One thing that is clear is that the impact (of illegal/unethical/unjust behaviours like this from the part of any organisation/individual)is not just on the respective employee but on the broader economy of the country and therefore indirectly on every citizen/resident either in short-term or long-term. These actions will take our societies thousands of steps away/backwards from sustainability.)
A second day of grilling for Westpac(Banking Royal Commission in Australia reveals more unconscionable lending (this time for small businesses) based on form-filling rather than substance relying on an asset is available waiting if the loan cannot be repaid. Further damages to the reputation of Big 4 Banks! The saga continues!)
Victorian Government vows to crack down on wage theft, with penalties of up to 10 years in jail(It is indeed encouraging to see that worker exploitation/underpayment (hospitality industry one of top culprits) is getting due attention at the top governmental level with an understanding of “underpaying worker is theft/crime”. A small positive step towards social sustainability in the longer run. It is great to see governments are seeing/focusing strategically beyond their elected term/just getting elected again in the next term. “”The simple fact is underpaying workers is theft and it’s time it’s treated like that in our laws.” “”The announcement came as the Fair Work Ombudsman launched investigations against some of Melbourne’s most well-known food venues for allegedly underpaying staff.” )
RBA says productivity the key to wages growth, but is more productivity what we need?(We are back to the old adage of “lies, damn lies and then STATISTICS”. The need to have the measure of PRODUCTIVITY as a HOLISTIC one as opposed measurable outputs/number of hours. An individual cannot be made highly productive just by making him/her work long hours even at the expense of his/her overall WELL-BEING that will have negative impacts on others who have close associations with him/her and indirectly on the broader economy as well. “Mandating a higher ratio of early childhood educators to pre-schoolers probably reduces productivity in that sector statistically, even though outcomes for the children have improved by more than the increased investment in labour.” “Consider the aged care facility that has 100 patients and 20 staff. If you get rid of 10 staff, but still charge the hundred patients the same price for their care then there’s a good chance the statisticians will conclude productivity has doubled.” “That could mean a “productive” nursing home is one where patients languish for hours in their own excrement or choke on a meal with no staff around to save them.” “I’m sure you get the picture, and its not a pretty one for the economics profession and its unhealthy obsession with certain statistics.”)
I was a ‘puppet’: Former financial planner claims AMP pressured him to sell inferior products (The dire need to improve on these SICKENING and unconscionable CORPORATE/ORGANISATIONAL CULTURES to develop SUSTAINABLE/HEALTHY societies! We need the TRANSFORMATION to begin at the grassroots at the personal/individual levels that would radiate to BROADER societies. “A former AMP planner has described the financial services giant as a “dictatorship”, claiming he was pressured to sell in-house products, including to a client who would have been left thousands of dollars a year worse off.” This is an EXAMPLE of how many of us get ENTRAPPED in many situations in so much NEGATIVELY INTEGRATED environments and find ourselves in some MORAL DILEMMA of making a means of living and be JUST, FAIR and ETHICAL in a broader sense. )
Profit vs Purpose: The Duel Begins (CORPORATE STRATEGIES moving away from mere PROFITS to a HIGHER PURPOSE – a great trend emerging in the BUSINESS WORLD! “…a letter from BlackRock, one of Wall Street’s BIGGEST INVESTORS, addressed to the CEOs of all the companies in which the asset manager holds stakes. “Companies must benefit ALL OF THE STAKEHOLDERS, including shareholders, EMPLOYEES, CUSTOMERS and the COMMUNITIES in which they operate,” the letter stated. “Without a SENSE OF PURPOSE, no company, either public or private, can achieve its FULL POTENTIAL.”” “there has been immense pressure on corporate leaders to make delivering PROFITS the ONLY PRIORITY “MAXIMIZING shareholder value” is the MANTRA drilled into MBA candidates worldwide;EVERYTHING ELSE is SECONDARY. There’s no question that the attitude has helped investors—just look at what stocks have done since the 1980s. But critics contend that it has put CEOs under incredible pressure to deliver consistently improving financial results AT NEARLY ALL OTHER COSTS. Sometimes that has meant LAYING PEOPLE OFF or FORGING LONG-TERM projects. In the worst cases, it has led leaders to CONDONE less-than-exemplary BEHAVIOR by their employees just to MAKE MONEY in the short term.”)
CEO pay can be linked to slow wage growth, but does that make it theft? (A very IMPORTANT issue to discuss and REFLECT on! This SINGLE DIMENSION/PERSPECTIVE approach of BUSINESS MANAGEMENT (economy/SHORT-TERM PROFIT ONLY) seems to be driving our societies to UNSUSTAINABILITY. Business operations are essentially social operations and must meet ALL STAKEHOLDER REQUIREMENTS 9 including that of CUSTOMERS, EMPLOYEES ETC.) NOT JUST SHAREHOLDERS in order to sustainable, just and fair. “It seems then that in 2017, ASX200 CEOs shared in Australia’s economic growth. But is this SPIKE IN EXECUTIVE PAY while WAGES GROWTH IS STATIC actually “WAGES THEFT”, with executives as the favoured few enjoying the benefits of improved company and share price performance?”)
Earnings are up but your pay packet isn’t. Here’s where the money goes instead (Can we afford to SHARE the PROFITS purely among INVESTORS/SHAREHOLDERS at the EXPENSE of other stakeholders such as EMPLOYEES and CUSTOMERS? Is this practice SUSTAINABLE? Are the businesses/corporations being SOCIALLY RESPONSIBLE and FAIR? Do we need urgent POLICY CHANGES in WORKPLACE RELATIONS to put us on a sustainable path?)
Narcissistic CEOs Can Mean Big Legal Bills ( Where would organisations head to when EXECUTIVES are not EMOTIONALLY INTELLIGENT?”…some of the same traits that we exalt in visionary business executives also are characteristics of narcissists. In that personality disorder, a sense of superiority and overconfidence are accompanied by low empathy and a tendency to take advantage of others.””“Narcissists like and want admiration,” O’Reilly explains. “There’s evidence that they seek out positions where they can demonstrate to others how great they are.””)
10 years on since the GFC – but have lessons been learnt? (TEN YEARS ON, have we learned lessons from the GLOBAL FINANCIAL CRISIS (GFC)? Will there be a DAY OF RECKONING as a result of HIGH GOVERNMENT/CORPORATE debt (resulted from record-low interest rates for a prolonged period), a HARD-LANDING of CHINA (influenced by TRADE-WARS) or a POTENTIAL CORRECTION OF the TECH BOOM on WALL STREET?)
Banking royal commission interim report released; blames greed for misconduct (Banking Royal Commission – Interim Report.The extent to which the Australian BANKS went DEEP DOWN in GREED! The INTRIGUING QUESTION would be – Are banks only a portrait of many other similar organisations/institutes/industries? Aren’t GREED and actions resulting from it WIDESPREAD social phenomena in a CONTEMPORARY WORLD?”Too often, the answer seems to be GREED — the pursuit of SHORT-TERM PROFIT at the expense of BASIC STANDARD OF HONESTY,” he wrote.”How else is charging continuing advice fees to the dead to be explained?”Commissioner Hayne observed that from the executive suite to the front line, staff PERFORMANCE WAS MEASURED and REWARDED based on PROFIT and SALES.””However, the commissioner does not sheet home blame solely to the financial institutions, with the REGULATORS also failing to check their greed.”When MISCONDUCT was revealed, it either went UNPUNISHED or the consequences did not meet the seriousness of what had been done,” Commissioner Hayne wrote.”)
Banking royal commission key findings from Kenneth Hayne’s interim report (EYE-OPENING words used by the HEAD of Australian BANKING ROYAL COMMISSION to describe the INDUSTRY’S STATUS QUO: GREED, AVARICE, DISHONESTY in the pursuit of PROFIT: The BIG QUESTION is: Isn’t this just a SAMPLE of BROADER STAUS QUO OF the SOCIETY? Isn’t this STATUS QUO ( INDUSTRY/ ORGANISATION/ INDIVIDUAL BEHAVIOURS) indirectly or directly a PRODUCT of our EXISTING EDUCATIONAL SYSTEMS over many years?
“commissioner ..blown a hole in ..EXCUSE ..used by SENIOR BANK EXECUTIVES…”just a few rotten apples”.

“PREVENTING IMPROPER conduct (and PROMOTING DESIRABLE ..) is a central TASK OF MANAGEMENT, at EVERY LEVEL IN AN ENTITY: ..MOST JUNIOR SUPERVISOR to the MOST SENIOR EXECUTIVES and THE BOARD.”

“.major banks, ..smaller lenders, ..ROUTINELY BREACHING RESPONSIBLE LENDING LAWS when …approve home loans — credit cards .. car loans too.”

“big threat … MORTGAGE BROKING .. WHO WORKERS REALLY WORK FOR, given ..PAID BY LENDERS WHOSE LOANS THEY SELL.”

“COMPLIANCE ..RELEGATED to a COST OF DOING BUSINESS.”

“conduct ignores BASIC STANDARDS OF HONESTY.”

“require consideration ..of CULTURE, REGULATION and STRUCTURE.”

“heart of ..bad behaviour is CONFLICTED REMUNERATION…”

“Sales staff ..REWARDED by COMMISSION; ADVISORS ..not.”)

Telstra shareholder revolt (Stakeholders are REVOLTING against EXECUTIVE PAY. BOARD MEMBERS are FORCED to take action. Is this EMERGING from TELSTRA (the major TELECOM company in AUSTRALIA) just the TIP OF THE ICEBERG? GREAT to see we (shareholders, unions, and other stakeholders including customers) are getting to our REAL SENSES albeit significantly BELATEDLY!)
“Arrogant and controlling” Cricket Australia slammed in review (Great RECOMMENDATIONS coming out from a TRULY INDEPENDENT REVIEW of the matters of Cricket Australia that led to ball tampering by players in South Africa! There could be many other BUSINESS ORGANISATiONS that should take these RECOMMENDATIONS on board.The issues identified include:”Win at any cost” similar to “profit at any cost””Machine that’s fine-tuned for the sole purpose of winning” similar to making/training robots (with no emotions) instead of human beingsPlayers as living in “gilded cages.” similar to living disconnected from the rest of the communities and world. Rewarding players only on the cricketing ability totally disregarding “character” (or sportsmanship, on/off behaviour or coming down to the old adage of “it is not the win or loss that matters but how one played the game” etc.) similar to have a narrow view instead of a broader, systems view)
Why company boards reward mediocrity with bonuses for executives(The chaotic social impact when MEDIOCRITY is REWARDED as of HIGH PERFORMANCE!”In a celebration of mediocracy, if CBA rises to between 5th and 10th out of 20, up to 100 per cent of the bonus ..received””Theoretically, a 10th-placed performance by CBA will entitle Mr Comyn to a bonus of $1,170,000.””In a year when Telstra’s profits and share price have tanked and the dividend has been slashed, Mr Penn received “bonuses” which virtually doubled his salary.It is a big part of why Telstra’s remuneration report received the biggest ‘first strike’ on record, with 62 per cent of shareholders voting against it””..the median pay for a top 100 chief executive rose 12.4 per cent last year to $4.4 million, at a time when workers struggle to get pay rises of around 2 per cent.””At a time when public trust in business is at a low ebb and wages growth is weak, board decisions to pay large bonuses just for hitting budget targets rather than exceptional performance, are especially tone-deaf,””Telstra’s John Mullen has suggested scrapping the bonus system in favour of a fixed salary that reflects the difficulty of the job.It makes sense and could stop the endless grief around executive pay.The big question is, will anyone be brave enough to be first to do it?”)
Wage theft stripping almost $2.5 billion from Queensland economy each year, report finds (WAGE THEFT – not just an ISOLATED issue relevant to the EMPLOYEE being TARGETED, rather a BROADER ECONOMIC ISSUE to the SOCIETY!”Wage theft includes underpayment..unpaid superannuation, withholding entitlements, ..”sham contracting” or misclassifying employees as independent contractors to avoid employer responsibilities.””the committee overwhelmingly heard wage theft was imposing significant costs on Queensland workers, their families, businesses and the economy.
“wage theft is costing Queensland workers up to $1.22 billion in lost wages and $1.12 billion in lost superannuation every year,”

“Combined with an estimated $100 million reduction in consumer spending and $60 million in lost federal tax revenue, the overall economic loss could amount to almost $2.5 billion stripped from the Queensland economy every year.””

“businesses ..adopting non-compliant practices to remain competitive”.

In some sectors.. it has become part of the business model, exposing workers to systemic and sometimes severe exploitation.

“competition was driving down prices and “business owners desperate to stay in business have to cut expenses to match revenue”.

“The easiest target is to cut wages through underpaying the employees or non-payment of superannuation,” “)

Foodora loses unfair dismissal case and is ordered to pay former delivery rider $16,000 (GIG ECONOMY and WAGE THEFT, along with BROADER ECONOMIC IMPACTS on SOCIETY – applying SYSTEMS THINKING to the operations of the GIG ECONOMY!

“At a creditors meeting on Friday, Foodora’s parent company offered to pay all its creditors a total of $3 million, which is less than half of what it owes.

The Australian Taxation Office claims the collapsed delivery company owes $2.1 million in unpaid taxes and Revenue NSW is seeking more than $550,000.

Meanwhile, Victoria and Queensland Revenue are potentially seeking an estimated $400,000.

In addition to its sizeable tax debts, the group to which Foodora owes the most money is its former workers.

Foodora’s administrators Worrells estimated former workers were underpaid by $5.5 million because “more likely than not … the delivery riders and drivers should have been classified as casual employees instead of contractors”.”)

Forget GDP – for the 21st century we need a modern growth measure (The need for a BETTER MEASURE of SOCIETAL PROGRESS than (OUTDATED )GDP to gauge SUSTAINABLE SOCIAL DEVELOPMENT! Also to avoid DOG-EAT-DOG trends/societies.

“Unfortunately, our radar to track progress is far from satisfactory. Countries still use a 20th-century metric to measure wellbeing: Gross Domestic Product, or GDP.

GDP provides measurements of output, income and expenditure quite well, and these are needed to understand and devise fiscal and monetary policies. But this measure flatly fails when it comes to wellbeing. Its founder, Simon Kuznets, cautioned half a century ago that it is useful mainly in tracking income. More recently, other economists suggest knowing change in per capita wealth of all types is key to monitoring sustainability.

Hence growing international interest in a tool that still captures financial and produced capital, but also the skills in our workforce (human capital), the cohesion in our society (social capital) and the value of our environment (natural capital).

Work has advanced on some of these elements. The UN Environment Programme-led Inclusive Wealth Index shows the aggregation through accounting and shadow pricing of produced capital, natural capital and human capital for 140 countries. “)
Whistleblower Jeff Morris says ‘culture of bonuses’ behind corrupt practices at banks (Australia’s BANKING ROYAL COMMISSION continues into the final phase. The CORRUPT REMUNERATION/BONUS CULTURE WRECKING HAVOC in the midst of TOOTHLESS REGULATOR! The BULLYING CULTURE that FORCES lower-level employees to do the UNCOMFORTABLE. Continuing to do the WRONG THING/MALPRACTICES (despite being aware of them) in FEAR of losing the MARKET SHARE to the OTHER WRONGDOERS! Do we need to continue with this DOG-EAT-DOG CULTURE – we should ask ourselves?)
Carlos Ghosn’s arrest shows that even visionaries need oversight (CORRUPTIONS and MISCONDUCT at the TOP LEVELS of the GLOBE – where is our PLANET heading to?”ULTIMATE POWER CAN ULTIMATELY CORRUPT,” said Bill Klepper, a management professor at Columbia University.”Ghosn, who was arrested on Monday over what Nissan called “significant acts of misconduct,” served as both the CEO and chairman of Nissan until last year. And he holds both those titles at Renault, the French auto giant. Shares of both companies plunged on the loss of their ..leader.””The board’s primary job is to hire and fire the CEO. And the board is run by the chairman. When those two roles are combined, it can present an awkward situation,””Over his 40-year career, Ghosn became one of the most influential executives in the auto industry. He was the architect behind the global alliance of Nissan, Renault and Japan’s Mitsubishi. The three companies employ nearly half a million people in almost 200 countries.Nissan said on Monday that following a whistleblower complaint it launched an investigation that found Ghosn and board member Greg Kelly had been underreporting Ghosn’s compensation. “Numerous other significant acts of misconduct have been uncovered, such as personal use of company assets,” Nissan said.”)
The CBA top brass play the Royal Commission blame game (“TEMPER YOUR SENSE OF JUSTICE” – the advice given by the CEO of Australia’s NO 1 Bank to the Head of Retail Section of the Bank. Where would the BRODER SOCIETY STAND or WHERE COULD THEY ESCAPE TO when SUCH INSTRUCTIONS are coming from THE VERY TOP of the BUSINESS/INDUSTRY SECTOR? To rub salt on the issues, the SAME BANK disregards ANTI MONEY LAUNDERING REGULATIONS/COMPLIANCE despite being WARNED MANY TIMES by the regulator, thus indirectly supporting TERRORISM, DRUG DEALING etc. We may ask ourselves, how could these operations be possible in a first world country?)
CBA chairman says bank executives ignored money laundering crisis (Banking Royal Commission further interrogates Australia’s No 1 Bank!How trivial could MONEY LAUNDERING CHARGES be to the No 1 bank? APPROVING Maximum BONUSES to EXECUTIVES at a time when MONEY LAUNDERING CHARGES are being INVESTIGATED!)
Banking royal commission exposing Australia’s business leaders aren’t operating on a higher plane(Is UNQUESTIONING ULTIMATE POWER bestowed on LEADERS making them REFUSING to LEARN from MISTAKES?”Watching the most senior business leaders in Australia in the witness box this week, I’m stung by the weakness, the timidity and the lack of clear thought exposed in their answers.”
“Let’s focus on the biggest bank in the nation, the Commonwealth Bank of Australia, which has been engulfed in scandals in recent years.”

“Why did it keep happening? Because they just put out the nearest flaming pile, gave money back to those affected and moved on. Or, as chief executive Matt Comyn was forced to admit, there was “a culture of us not learning from issues of misconduct in the past””

“Customers weren’t prioritised and executives were too timid to call out bad behaviour. Mr Comyn called it “too much fragility … to hear criticism”.

“Australians know what this means — the standard you walk past is the one you accept.”)
What the bank bosses had to say at the royal commission, in language you can understand (LOWLIGHTS EMERGING from the AUSTRALIAN BANKING ROYAL COMMISSION that is completed pending the final report next February!”WE COULD HAVE FIRED EVERYBODY I SUPPOSE” – KEN HENRY – NAB CHAIRMAN”The ‘Introducer’ program rewarded people for referring customers to its home loans, encouraging mortgage mis-selling, loan fraud and even bribes.NULIS, owned by NAB, attempted to justify taking millions of dollars of fees for no service by retro-fitting a “service” to meet the legal requirement for the fee already taken.””TEMPER YOUR SENSE OF JUSTICE” IAN NAREV- CBA FORMER CEO”Fee Dead People: millions of customers have been charged without a service provided. Australia’s biggest bank took it to the next level, taking money from customers who’d been dead for up to a decade, all while delaying reporting the matter to the regulator.A Commonwealth Bank executive admitted the bank put off compensating overcharged small business customers so that he could avoid being grilled about it at a parliamentary hearing.”)
TIME FOR HAPPINESS – Why the pursuit of money isn’t bringing you joy — and what will (If TIME (is equal to) HAPPINESS and HAPPINESS (is not equal to) MONEY, can we afford to buy TIME using MONEY (aka move away from DOING MODE as much as possible towards BEING MODE) to generate HAPPINESS, HEALTH and WELL-BEING? a great notion! “Time poverty exists across all economic strata, and its effects are profound. Research shows that those who feel time-poor experience lower levels of happiness and higher levels of anxiety, depression, and stress. They experience less joy. They laugh less. They exercise less and are less healthy. Their productivity at work is diminished. They are more likely to get divorced. ” “We consistently find that people who are willing to give up money to gain more free time — by, say, working fewer hours or paying to outsource disliked tasks — experience more fulfilling social relationships, more satisfying careers, and more joy, and overall, live happier lives.” “f there’s one resolution that you keep this year, it should be to focus on making choices based on time, not money. It’s not easy; our entire world and even our brains are rigged to make us value money first. But it can be done”)
In the studio with Ian Verrender and Daniel Ziffer (Three POSITIVE outcomes emerging from the Banking Royal Commission in Australia – forcing MORTGAGE BROKERS to work for the BEST INTEREST OF THE CUSTOMERS rather than their own/ removing the COMMISSION-BASED PRACTICE (most likely making the broking industry untenable), adding a WEIGHT OF LAW/ACCOUNTABILITY behind the CODE OF CONDUCT defined by the banks themselves and, making the EXECUTIVES ACCOUNTABLE for their ACTIONS (as much as the PAYMENTS they get).)
Historian Rutger Bregman explains why taxes matter (Dutch historian’s candid speech on the FAIR SHARE OF TAX (ahead of philanthropy) at Davos 2019 appeared to have upset almost everyone present at the Annual ECONOMIC FORUM. A classic example of our a clear lack of openness/non-judgemental awareness in facing the realities as is and challenging the status quo in order to start comprehending and finding solutions to PROMINENT REAL PROBLEMS (the elephant(s) in the room) of the world. We repeatedly encounter this situation in which the decision-makers/problem-solvers/the privileged/the powerful do, in fact, attempt to solve the problems, but in a CONSTRAINED MANNER in which they WHOLEHEARTEDLY(most likely to be unconsciously) ATTEMPT TO MAINTAIN THE STATUS QUO that in most cases lacks SYSTEMS THINKING/CONNECTEDNESS OF THE SYSTEMS IN THE UNIVERSE/SUSTAINABILITY FACTOR, without being open with clear minds to understand that in order for TRUE SOLUTIONS TO EMERGE, significant/paradigm changes need to be introduced by CHALLENGING/DISRUPTING THE STATUS QUO (aka engaging in PERSPECTIVE TAKING/NON-JUDGEMENT (PURE) AWARENESS).)
Protecting your relationship is one of the best financial investments you can make (The BEST INVESTMENT! RELATIONSHIPS as an INVESTMENT decision and BREAKDOWNS as a loss of an INVESTMENT! Nicely presented as five LESSONS.”According to the most recent AMP NATSEM report, For Richer, For Poorer, Divorce in Australia:Divorced parents aged 45-64 have 25 per cent less assets than their married counterpartsSuper balances for divorced mothers are 68 per cent lower than married mothersDivorced fathers aged 45-64 have 60 per cent less superannuation than married fathers five years after a marriage breakdownHome ownership rates are lower for divorced men and women than those who remain married, even more than five years after the break-up20 per cent of newly divorced mothers struggle to afford basic items for their children, such as school uniforms or excursions”)
Aged care stocks taking a Royal Commission hit (et another ROYAL COMMISSION, yet another example of NARROW ECONOMY ONLY FOCUS from the MANAGEMENT’s/LEADERSHIP’s perspective at the EXPENSE of SYSTEMS THINKING that is required for SOCIAL SUSTAINABILITY/HARMONY. Can we expect lasting and meaningful solutions to these wicked problems without a SYSTEMS THINKING (with an understanding of the connectedness of diverse systems, sometimes even unimaginable ones) approach and without developing EMPATHIC/COMPASSIONATE individuals/learners at the grassroots (and thereby organisations) with SOCIAL RESPONSIBILITY, citizenship with inclinations for THE GREATER GOOD?)
Sixty-nine millionaires paid zero tax in 2016-17 (Can the FAIRNESS of a SOCIETY be ANY LOWER? Increasing numbers of MILLIONAIRES paying ZERO TAX, by means of MILLIONS of tax DEDUCTIONS. Are we heading towards SUSTAINABILITY?”The data shows in 2016-17, 60 people who declared total incomes above $1 MILLION reported TAXABLE INCOMES BELOW $6001, two posted taxable incomes between $6,001 and $10,000, and eight declared taxable incomes between $10,001 and $18,200, putting them all below the tax-free threshold.””NOT ONE of them paid the MEDICARE LEVY.””Sixty-nine of them reduced their tax bill to zero, each claiming MILLIONS IN DEDUCTIONS, primarily for the “cost of managing TAX AFFAIRS”, but also for “GIFTS OR DONATIONS”. This was up from 62 who paid NO TAX the year before.”)Su Lin Ong, Andrew Charlton and Jarrod Ball speak to The Business (An OPEN DISCUSSION on the budget, PREDICTIONS and future of Australia’s economy in terms of how REALISTIC THE ASSUMPTIONS MADE/ SHORT-TERM/LONG-TERM nature of the decisions made in the POLITICAL ARENA are.)The Psychology Behind Unethical Behavior (Causes/THINKING PATTERNS of UNETHICAL BEHAVIOUR (especially from LEADERS/EXECUTIVES)!”This scene encapsulates three psychological dynamics that lead to crossing ethical lines. First, there’s omnipotence: when someone feels so aggrandized and entitled that they believe the rules of decent behavior don’t apply to them. Second, we have cultural numbness: when others play along and gradually begin to accept and embody deviant norms. Finally, we see justified neglect: when people don’t speak up about ethical breaches because they are thinking of more immediate rewards such as staying on a good footing with the powerful.”
“Many moral lapses can be traced back to this feeling that you are invincible, untouchable, and hyper-capable, which can energize and create a sense of elation. To the omnipotent leader, rules and norms are meant for everyone but them. Crossing a line feels less like a transgression and more like what they are owed. They feel they have the right to skip or redraw the lines.”

“The same kind of “moral capture” takes place in companies, not overnight, but gradually. Psychologically, you’re making a trade-off between fitting into the culture and staying true to what you value.”)
Sally Auld speaks to The Business (After years of EMERGENCY LEVEL ECONOMIC POLICIES of MONEY PRINTING/QUANTITATIVE EASING around the globe after the Global Financial Crisis (GFC), 10 years on, we are back to the same SITUATION of VIGOROUS INTEREST RATE CUTS around the globe. What is the underlying message in this? Did MONEY PRINTING/QUANTITATIVE EASING produce a STRATEGIC/LASTING OUTCOME? Or was it a TEMPORARY/SHORT-TERM PATCH-UP? Did we kick the can down the road? Where to from here? Who can possibly predict it?)
Reserve Bank must consider quantitative easing, economists argue — so what is it? (The PARADOX OF from a close to THIRTY-YEARS of RECESSION FREE economy straight to MONEY PRINTING/QUANTITATIVE EASING! How can this situation be explained? Are we seeing an illusion- living in a dream (away from reality)? A REAL OPPORTUNITY MISSED? In a period that we had a once-in-lifetime MINING BOOM and an UNPRECEDENTED POPULATION GROWTH, have we improved on the measures of PRODUCTIVITY, INEQUALITY, UNEMPLOYMENT/UNDEREMPLOYMENT/EXPLOITATION, worker ENGAGEMENT/HEALTH and WELLBEING/HAPPINESS, HOMELESSNESS/AFFORDABILITY/SOCIAL JUSTICE etc. Most likely not! Are we WAKING UP from the DREAM that NARROWLY/SIMPLISITICALLY relied on the ONEDIMENSIONAL measure of ECONOMIC GROWTH, disregarding what it essentially needed to serve-SOCIAL ASPECTS?”Reserve Bank…mentioned the possibility of QUANTITATIVE EASING…an option if CUTTING INTEREST RATES NO LONGER has the DESIRED EFFECTS…boosting..economic growth””with..money printing, the Reserve Bank and the Federal Government NEEDED to KEEP LOOKING at ways to BOOST PRODUCTIVITY among workers””That..was sorely MISSING from the POLICY CONVERSATION””it is SIGNALLING to the MARKET that there is SOME SERIOUS ISSUE,” associate director of economics…said”)The RBA – hoping for the best, preparing for the worst (Is Australia’s ECONOMY at an EMERGENCY LEVEL with a RECORD-LOW-interest rate- unprecedented in the five-decade history of Reserve Bank of Australia (RBA)? Why would STRUCTURAL CHANGES with a STRATEGIC FOCUS be ESSENTIAL at a time when RBA’s monetary policy has increasingly LESS CONTROL over the economy? Can these STRUCTURAL changes come outside the traditional domains of business and economics such as through a SOCIAL TRANSFORMATION with a focus on developing EMOTIONALLY INTELLIGENT personal and societies by making use of all our EDUCATIONAL SYSTEMS?)
Australia has got a $9 billion-a-year drug problem. (LAX MONEY LAUNDERING and REPORTING laws related to REAL ESTATE AGENTS, LAWYERS and ACCOUNTANTS(unlike many other developed countries including New Zealand) promoting 9 billion dollars worth of ILLEGAL BUSINESSES in AUSTRALIA, including real estate businesses that have caused an unprecedented HOUSE PRICE BOOM. Another good example of VESTED INTERESTS getting in the way of SUSTAINABLE SOCIAL DEVELOPMENTS and causing a MASSIVE DESTRUCTION all around. The question needs answering is “Who is RESPONSIBLE/ACCOUNTABLE to take REMEDIAL ACTIONS”.)

The unexpected growth in commercial vacancies sparked by the boom in apartments (A CLASSIC REAL LIFE EXAMPLE of lack of SYSTEMS THINKING in important DECISION-MAKING! Can our societies EVER move towards SUSTAINABILITY with such NARROW focuses/VESTED INTERESTS avoiding continuous DETERIORATION?

Very large high-to-medium rise building approvals on over-promised values to investors by the developers + banks not willing to take the rental values down as the amount owners need to pay increases + commercial buildings of years (2-4) of vacancies/no occupancy + at a time increased online retailing while decreasing the demand for brick and mortar retailing + increasing threats of vandalism/crimes on empty buildings in the associated areas.

Builders wanted to build and sell, banks wanted to lend and earn high interests, investors wanted to invest with an expectation of a good return (with increasing property value + tax deductions) but RENTERS/RETAILERS are NOT INTERESTED to rent at the RATES ADVERTISED (likely to WEAK ECONOMIC CONDITIONS-low wage/GDP growth etc.) to meet the demands of the other STAKEHOLDERS – creates an INCOMPLETE CYCLE of satisfaction/agreement that results in the current situation of increased vacancies. How long will this situation continue? Where are the solutions coming from?)

‘Slaughter’ house: The scandal inside ANZ (The UNSURPRISING CULTURES prevailing at FINANCIAL INSTITUTES (as revealed by the BANKING ROYAL COMMISSION of Australia as well)! Can we (as CUSTOMERS as well as GENERAL PUBLIC who are impacted significantly by the behaviours of these INFLUENTIAL organisations) expect a positive CULTURE change REALISTICALLY in the NEAR FUTURE? Can the LEADERSHIP of these ORGANISATIONS as well the POLITICAL LEADERSHIP of the environment take the VISIONARY and BOLD decisions to take the implicated SOCIETIES towards SUSTAINABILITY instead of towards DESTRUCTION/CHAOS?)
10 years later, America’s booming economy still bears scars of the Great Recession (10 YEARS ON after the GREAT RECESSION (GFC) – have we fully recovered, following years of LIFE-SUPPORT LOW-INTEREST RATES and MONEY PRINTING/ QUANTITATIVE EASING? SYSTEMS THINKING/ THEORETIC aspects of a SOLUTION – have we addressed them? Interestingly, it appears the MORE the QUANTITY of MONEY CIRCULATING, the LOWER the QUALITY of LIFE of MANY/in GENERAL.”As the United States nears its longest economic expansion on record, it’s tempting to proclaim that all the problems brought about by the Great Recession have been fixed.””That would be wrong.””Despite the currently healthy economic figures, from unemployment to foreclosure rates, under the surface the country still bears bruises from the financial crisis. Some of them may never heal without a targeted treatment plan.”)
Telstra facing investigation over selling ‘unaffordable contracts’ to vulnerable Australians (We probably can get TELSTRA LIABLE for the EXPLOITIVE SALES PRACTICES targeting the VULNERABLE. But a far BETTER STRATEGIC SOLUTION following SYSTEMS THEORY would be, additionally to identify who/what caused/made the exploited to be VULNERABLE? Can the MAINSTREAM EDUCATION SYSTEM provide a better service in giving them important LIFESAVING SKILLS and COMPETENCIES to be used in the real, day-to-day life?”In a rare move, the Australian Competition and Consumer Commission (ACCC) confirmed it was looking into whether Telstra breached consumer law — something that carries fines and penalties in the millions of dollars.”
“Financial counsellors say the mis-selling of phone contracts is “rife” and want the telco to be forced to run the same credit checks as banks.”

“The ABC has learned of dozens of examples across Australia of Telstra customers on Centrelink benefits being sold contracts costing as much as $250 a month.”)

A nation making coffee not cars (Why a MERE INCREASE in the number of LOW-PAYING SERVICES-SECTOR jobs in Australia won’t contribute to higher PRODUCTIVITY/INNOVATION?)

Professor Warwick McKibbin speaks to Elysse.( A PRAGMATIC/OPEN-MINDED view of the state of the AUSTRALIAN ECONOMY! – The need to improve PRODUCTIVITY and INNOVATION to come out of the ongoing NEGATIVE TREND.)

More banking ‘dirty banking’ laundry to be aired (The Banking Royal Commission of Australia completed a few months ago does not appear to be the end of the story on MALPRACTICES/CRIMES by FINANCIAL INSTITUTES – more DIRTY LINEN to be washed in public, this time by Australian Financial Complaints Authority (AFCA).)
Time To Claim ‘Human’ Back In Human Resources | Sesil Pir | DisruptHR Talks Health (The future of HUMAN RESOURCES MANAGEMENT (HR) (or DISRUPTIVE HR)- PEOPLE FIRST (employees and customers ahead of technology and processes)!)
Stress Makes It Harder to Recognize Danger (Thriving under STRESS? True/False? Or is it LIFE-THREATENING? True/False? Can we AVOID STRESS or Do we have to MANAGE STRESS (Using measures such as EMOTIONAL INTELLIGENCE-EI)?)
Private health insurers heading towards crisis as thousands drop cover (UNSUSTAINABLE PRIVATE HEALTH INSURANCE INDUSTRY at a TIPPING POINT in Australia! The challenge is to overhaul the system (las required in many other systems) to make the system more EFFICIENT(improving business processes), CUSTOMER-FOCUSED (that is giving TRUE/GENUINE value for the CUSTOMER) while MINIMISING COSTS. The NEED of the moment would be NEW WAYS of thinking about the INSURANCE BUSINESS (just as required in many other businesses though not immediately).)
Private health insurers heading towards crisis as thousands drop cover (UNSUSTAINABLE PRIVATE HEALTH INSURANCE INDUSTRY at a TIPPING POINT in Australia! The challenge is to overhaul the system (las required in many other systems) to make the system more EFFICIENT(improving business processes), CUSTOMER-FOCUSED (that is giving TRUE/GENUINE value for the CUSTOMER) while MINIMISING COSTS. The NEED of the moment would be NEW WAYS of thinking about the INSURANCE BUSINESS (just as required in many other businesses though not immediately).)
Telstra dividend slashed (LOWER PROFITS + LOWER DIVIDENDS + 25% STAFF CUTS/REDUNDANCIES = HIGHER EXECUTIVE SALARY (decided by the BOARD) – A fascinating/complex equation used by TELSTRA – the main TELECOMMUNICATION service provider of AUSTRALIA! It is interesting find out where and how (positive/negative in what quantities) TRUST (of stakeholders)/INTEGRITY (of decision-makers) fit into this equation?)
Bank and financial services customers may have lost up to $201b due to misconduct, study finds (QUANTIFYING how the AUSTRALIANS were EXPLOITED/ MISLEAD by FINANCIAL INSTITUTES – $201 BILLION (in JUST LAST 5 YEARS)! “We knew that lots of people were affected by MISCONDUCT, but ONE in TWO is EXTRAORDINARY.” “ANZ CHIEF EXECUTIVE Shayne Elliott was FORCED TO ADMIT that while there would be some double-counting of accounts, the number of his bank’s customers who PAID FEES FOR NO SERVICE was almost ONE-EIGHTS of the ENTIRE ADULT population.” “More than a QUARTER of RESPONDENTS said they did NOT TRUST FINANCIAL INSTITUTES or ADVISORS, leaving them less likely to seek expert financial advice.”)Building expert commissioned to investigate industry warns ‘I wouldn’t buy a new apartment’ (Why wouldn’t BUILDING INDUSTRY EXPERTS buy a NEWLY-BUILT APARTMENT in AUSTRALIA? “The CO-AUTHOR of a LANDMARK REPORT on how to FIX Australia’s BUILDING INDUSTRY has declared she would NOT BUY a NEWLY BUILT APARTMENT, given the SCAL OF THE PROBLEMS.” “If I was going to be investing in an apartment, I’d BUY AN OLDER one. It’s COMMON SENSE, isn’t it? It’s just LOGICAL,” Bronwyn Weir told a Four Corners INVESTIGATION into AUSTRALIA’S BUILDING INDUSTRY.” “”Probably the PREVALENCE of NONCOMPLIANCE has been PARTICULARLY BAD, I would say in the last say 15 to 20 YEARS. It’s GOTTEN WORSE over that period. And that means there’s a LOT OF EXISTING building stock that has DEFECTS in it.” “[The new reforms] WON’T IMPROVE EXISTING BUILDING STOCK unfortunately. So there’ll be LEGACY ISSUES for some time and I suspect there’ll be legacy issues that we’re NOT even FULLY AWARE of yet.””)
Narcissism 101 ()The significantly NEGATIVE impact of NARCISSISM on our SOCIETIES!”NARCISSISTIC young ADULTS are MORE LIKELY to end up in SUPERVISORY jobs… “suggesting that SELFISH, ARROGANT individuals are REWARDED with more POWERFUL ORGANISATIONAL ROLES,”””People can also have VARYING LEVELS of each of NARCISSISM’S three main facets, with effects ranging from good to BAD to UGLY. The three main facets are:
“LEADERSHIP: EXTRAVERSION, high self-esteem, a strong persistence toward goals, and a desire to lead. By itself, this can be a very healthy trait, particularly in work and social situations.”

“VANITY: Taking EXCESSIVE PRIDE in one’s appearance and ACHIEVEMENTS, wanting to be the center of ATTENTION, and harboring GRANDIOSE FANTASIES of success.”

“ENTITLEMENT: Interpersonally TOXIC tendency to DISAGREE a lot and DEVALUE others, to use them as pawns for PERSONAL GAIN, to feel ABOVE everyone else, and an extreme need for ADMIRATION and affirmation. At its worst, this is the UGLIEST facet of narcissism.”

“Young adults with the highest levels of VANITY were found to be more prone to UNSTABLE RELATIONSHIPS and more likely to be divorced in middle age”

Banking royal commission head Kenneth Hayne attacks political slogans that ‘sell, not persuade’ (A concise description of the ESSENCE of the STATUS QUO and possible WAY OUT of it from the eyes of a former HIGH COURT JUDGE of Australia!

“”It will take HONESTY to recognise that SLOGANS MAY SELL, they DO NOT PERSUADE,” Mr Hayne said.”

“It will take COURAGE to RECOGNISE that SLOGANS SELL BY APPEALING TO EMOTION, NOT THOUGHT or REASON.”

“It will take COURAGE, in the WORLD as WE NOW KNOW it, to ENGAGE WITH FACTS and ISSUES RATHER THANpursue the PATH TO POPULISM.””

“”And POLITICAL RHETORIC now RESORTS to the LANGUAGE OF WAR, seeking to PORTRAY OPPOSING VIEWS as presenting EXISTENTIAL THREATS to society AS WE NOW KNOW it,” he said in July.”)

Driving growth out of the global slow lane (Why would #TRADITIONAL MEASURES (lowering interest rates, cutting tax, industrial reforms, stamp duty on properties) become #INEFFECTIVE to tackle LOWERING #GDP/#ECONOMIC GROWTH in Australia! Why do we need #INNOVATIVE THINKING in #PROBLEM-SOLVING taking measures to develop an INNOVATIVE #CULTURE (the #EDUCATION SYSTEM would be vital here) to face the CHALLENGING #FUTURE, possibly at the expense of SHAKING UP the stagnated #STATUS QUO (for the benefit of the common good/the greater good).

Alternatively, why would it matter IMPROVING #PRODUCTIVITY in MAJOR INDUSTRIES such as EDUCATION AND #HEALTHCARE (together that adds up to over 280 BILLION dollars)? 5% #HOSPITAL ADMISSION REDUCTION is found to save 3 BILLION dollars, the impact of which would be significant in the face of #AGING POPULATION.)

Home owners left high and dry while their building crumbles around them (Unintended consequences of a #HOUSING #BOOM of a #LIFETIME in Australia (primarily in SYDNEY and MELBOURNE)! The OUTCOMES of mass-scale #CONSTRUCTION/SALE of buildings within a #DEFICIENT #REGULATORY SYSTEM is #MASS-SCALE BUILDING #DEFECTS that threaten #HUMAN LIVES and SOCIAL #SUSTAINABILITY!)
Winning the first home buyer lottery (According to MANY #EXPERTS another BAD DAY for Australia’s #HOUSING #AFFORDABILITY #CRISIS, with the introduction of another UNCONVINCING SCHEME!)
Home truths for the RBA and rate cuts (How can we explain Australia’s ECONOMIC woes? In a nutshell, RIGIDLY, NARROWLY (and thereby DISTORTEDLY) and so INGRAINED MANNER defining SUCCESS (HAPPINESS) = merely ECONOMIC STATUS/ GROWTH for individuals and organisations alike, NEGLECTING the MULTIDIMENSIALITY nature of success as per TRUE HUMAN NATURE/ CAPACITIES explained DEEPLY and CLEARLY in the literature of ANTHROPOLOGY, HUMAN EVOLUTION and HUMAN DEVELOPMENT etc.
We may ask ourselves the SIMPLEST of QUESTION for the HIGHEST CLARIFICATION. Why is that RECORD-LOW INTEREST RATES in the history ONLY DRIVING UP HOUSE PRICES ACROSS THE COUNTRY? Money/savings are only finite and they can only be used for limited uses, not for everything. When everyone is only dreaming of GETTING ON THE PROPERTY LADDER, as a measure of single-dimensional view of success, they spend less on RETAIL ITEMS, food etc. Where is the DIVERSIFICATION OF this society? Where are TRUSTED GENUINE INNOVATIONS coming from for people/organisations invest? Everyone has only one TRUSTED INVESTMENT agenda, irrespective of how accurate that perception is (only time will tell)- REALESTATE MARKET! How can we raise AWARENESS that SUCCESS/ HAPPINESS/WELL-BEING has a MULTIDIMENSIONAL PERSPECTIVE beyond mere ECONOMICS?)/expand]