IMF, World Bank and Australian Government must address inequality

IMF, World Bank and Australian Government must address inequality

A letter from ACTU President Ged Kearney to Treasurer Scott Morrison calls on the Turnbull Government to support recommendations from the International Trade Union Confederation (ITUC) that the World Bank and IMF shift their focus to address inequality.

The ACTU also calls on the Turnbull Government to apply these recommendations to its own economic policy.

Inequality caused by over 30 years of failed neo-liberal economic policies is a problem for working people in every country.

The ACTU is supporting the ITUC call for the IMF and World Bank to turn the focus of their efforts from promoting failed neo-liberal economics to addressing inequality, but action from these institutions must be matched by the Turnbull Government.

The proposed changes would place a stronger emphasis on addressing low wage growth, unemployment and underemployment and financial and gender inequality.

Quotes attributable to ACTU President Ged Kearney:

“The IMF and World Bank have been major drivers behind decades of failed neo-liberal economics and the Australian government has been in lock-step with them. This has resulted in workers around the world facing rampant inequality with low wages and rising unemployment and underemployment.”

“The recommendations from the ITUC would shift the focus of domestic and international economic policy to creating quality jobs, expanding universal social protection and transitioning to a low-carbon future and reducing inequality.”

“We need to change the rules for working people and move on from the failed economic policies of the last 30 years. The international financial institutions have a role to play in that transition and we call on the Turnbull Government to consider these recommendations.”