Economics Seminar Day, Pymble Ladies’ College, Friday, June 13, 2014The mangers of the macro economy have various economic policy objectives. They also have various instruments, or tools, available to use to meet those objectives. So they have to decide which instruments are best-suited to use to achieve which objectives. This choice of ‘policy mix’ is fairly settled, but does change over time in line with changing circumstances...
Friday, June 13, 2014
Wednesday, June 11, 2014
Budget shows Abbott's true priorities and values
Tony Abbott has turned out to be a chameleon. Before the election, he
took the guise of a populist, opposed to all things nasty and in favour
of all things nice. Since the election, he's revealed himself to be a
hard-line ideologue, intent on reshaping government to suit the
interests of big business and high-income earners.
Before the
election, he was the consummate vote-seeking politician. Since the
election, he has...
Monday, June 9, 2014
Why Hockey's budget is unsustainable
Coalition governments have been banging on about the need for "smaller
government" since Malcolm Fraser started echoing Maggie Thatcher and
Ronald Reagan. They've talked without doing anything. Until now.
Few
have noticed, but the goal of this budget is to reduce government
spending by 1.1 per cent of gross domestic product (GDP), from 25.3 per
cent this financial year to 24.2 per cent in 2024-25.
If that
doesn't impress...
Saturday, June 7, 2014
Mining hides news of non-mining recovery
And the smarties told you the resources boom was finito. Now it's being
given most of the credit for this week's news that the economy grew by a
rip-roaring 1.1 per cent in the March quarter and by an above-trend 3.5
per cent over the year to March.
The boom is far from finished. It
will be adding to - and subtracting from - the growth in real gross
domestic product for several years yet.
Media reports that "the
mining...
Thursday, June 5, 2014
RECENT DEVELOPMENTS IN AUSTRALIA’S EXTERNAL SECTOR
UBS HSC Economics Day, Sydney, Thursday, June 5, 2014Australia’s external sector – measured by the balance of payments, the current account deficit and exports and imports – is an important part of the syllabus and, indeed, the economy. Australia would be a very much poorer country if we had no trade with the rest of the world or no flows of capital to and from the rest of the world. And yet with the exception of discussion of...
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