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Prime Minister Julia Gillard released the 'Australia in the Asian Century' White Paper in October 2012, describing it as 'a roadmap showing how Australia can be a winner in the Asian Century'. This article provides a review of Australia's progress on engagement with Asia 2 years after the White Paper. It covers the political and performance status of key Asia- related initiatives following the election of the Abbott government. It finds a high level of continuity and support for individual policies and objectives in the White Paper. However, there have been some significant changes in policy, emphasis and approach and emerging areas of underperformance. [ABSTRACT FROM AUTHOR]

This paper examines the intellectual contributions of Professor W. M. ('Max') Corden to Economics. We focus on three main fields: trade theory and practice, especially his pioneering work on the theory of effective protection; open economy macroeconomics, including exchange rate policy, the international monetary system, Dutch Disease and economic crises; and Australian economic policy. We emphasise Max's motivation for working on these topics, as he sought to understand real‐world economic issues and challenges and to employ economic theory and expositional clarity in search of policy reform. We also draw attention to his personal life history, and how it has shaped his thinking on major economic and political questions. [ABSTRACT FROM AUTHOR]

Compared with similar research mainly focusing on the Belt and Road Initiative (BRI) in Australian mainstream media using discourse analysis, this paper explores the reasons for the narrative shift by conducting semi-structured interviews with leading and well-known Australian narrative producers. This paper takes two conditions as a given. Firstly, the BRI narratives in Australian mainstream media shifted in tone from mostly positive to highly critical. Secondly, the Australian mainstream media's increasingly negative attitudes towards the BRI are essentially not just about the BRI but the Chinese government. Based on my analysis and interviews, this paper makes contributions by filling in the gap of finding out reasons to explain this narrative shift. More concretely, this paper finds out that while mainstream media is influential in many areas of national policy making, mainstream media reporting on foreign affairs is less so. By comparison, the Australian government's BRI or China policy has a significant impact on Australian mainstream media reporting. This narrative shift has been driven by international politics and Australia's China policy, influenced by Australian audiences' preference of local news and their local position, and its democratic responsibilities. Meanwhile, the vagueness and constant changing characteristics of the BRI do not help the understanding of the BRI in Australian media. [ABSTRACT FROM AUTHOR]

Examines the key propositions and recommendations of the Australian Green Paper entitled 'Restoring Full Employment,' released by the Committee on Employment Opportunities in December 1993. Expansion in labor market program spendings; Use of wage subsidies to be implemented by public sector job creation programs; Economic growth maximization.

This research examines three political moments in the Australian theatre sector as turning points in contemporary understanding of the sector's financial foundations. Socio-cultural and economic conditions leading to the establishment of The Australian Elizabethan Theatre Trust in 1954, the instigation of the Industries Assistance Commission Inquiry in 1976, and the commissioning of the Major Performing Arts Inquiry in 1999, and their impact on the theatre sector, are reviewed in this paper. These political moments took place against changing economic policies in Australia. By reviewing the economic transition from Keynesian 'welfare' to economic rationalism, the interventionalist nature of these policy moments and their effect on the artistic vibrancy of the sector is understood. This paper reveals a tension between the sector's Keynesian foundations, which underpinned the Trust's intentions to establish a financially sustainable sector, and the now dominant economic rationalist model which restricts the performing arts' capacity to flourish. Through analysing secondary documents and scholarly discussion, this research reconsiders the legacy of the Trust as a key policy landmark. It proposes that The Trust succeeded in delivering artistic outcomes, but failed in its financial objective to establish a sustainable sector. The role of the Trust is often misconstrued in scholarly and professional discussions about the necessity of arts funding, and by reconceptualising these political moments as interventions of policy, a new perspective of the foundation of Australian arts funding can be appreciated. [ABSTRACT FROM AUTHOR]

For nearly four decades, Australia's domestic and international economic policies were anchored by the promotion of open, transparent, and rules-based market exchange. This was considered the best way to increase both Australia's prosperity and its security, and that belief guided Canberra's approach to economic statecraft. However, emerging concerns about the vulnerabilities arising from economic interdependence, and the increasingly blurry line between economics and security amid great power rivalry between China and the United States, have placed Australian policy orthodoxy in a difficult position. In this paper, we investigate how these dynamics are shaping change and continuity in Australia's economic statecraft, and in doing so offer three contributions. First, to advance the emerging comparative economic statecraft research agenda, we propose a modified concept of economic statecraft that captures a wider range of activities undertaken by non-great powers and a distinction between state-based and market-based actions which allows for within- and cross-case comparisons. Second, empirically, we sketch the historical evolution of Australia's approach and examine three salient domains in which it has recently pursued new economic statecraft initiatives. Finally, in evaluating recent change and continuity, our third contribution is to identify new variables that may illuminate the conditions under which states adapt their prevailing approach to economic statecraft. [ABSTRACT FROM AUTHOR]

When Douglas Copland of the University of Melbourne was about to go abroad in 1933, a leading Australian businessman, Herbert Gepp, hailed him as the ' Keynes of the Commonwealth'. Gepp was referring to Copland's contributions to Australian economic policy, not that of the British Commonwealth, but there were similarities between Copland and John Maynard Keynes. In full flight, Copland impressed his compatriots with his prodigious work ethic, networking skills, persuasive powers with policy-makers, and practice of popularising economics in order to effect stabilisation policy. For a short time, there were two Keynes, one at the centre, the other at the periphery. [ABSTRACT FROM AUTHOR]

This article traces Australia's evolving position on the Belt and Road Initiative (BRI) from 2016 to 2020, and its interrelated justifications for rejecting the BRI. The authors demonstrate that debate over the BRI disrupted a long-standing consensus about the centrality of free trade and investment to Australian foreign economic policy. They argue that the BRI signifies Australia's shift from an enthusiastic support for global free trade in the past to a more qualified security-sensitive approach. [ABSTRACT FROM AUTHOR]

This paper examines the long‐run relationship between residential property prices and economic policy uncertainty (EPU) in seven Australian capital cities. Using the panel nonlinear autoregressive distributed lag model, we analyse the asymmetric effect of EPU on Australian house and apartment (unit) prices over the period 2001–2021. The EPU is found to affect property prices negatively; however, the effects of the positive changes in EPU are larger than those of the negative changes in EPU. The evidence of asymmetric effects is particularly strong for unit prices. Our results reveal that interest rates, construction costs and housing loans also drive the long‐run price trends. [ABSTRACT FROM AUTHOR]

Housing, employment and economic conditions in many nations have changed greatly over the past decades. This paper explores the ways in which changing housing markets, economic conditions and government policies have affected vulnerable individuals and households, using Australia as a case study. The paper finds a substantial number and proportion of low income Australians have been affected by housing and employment that is insecure with profound implications for vulnerability. Importantly, the paper suggests that in Australia the economic gains achieved as a consequence of mining-related growth in the early 2000s were translated as greater employment security for some on low incomes, but not all. Enhanced access to employment in this period was differentiated by gender, with women largely missing out on the growth in jobs. For the population as a whole, employment gains were offset by increased housing insecurity as accommodation costs rose. The paper finds low income lone parents were especially vulnerable because they were unable to benefit from a buoyant labour market over the decade 2000–2010. They were also adversely affected by national policy changes intended to encourage engagement with paid work. The outcomes identified for Australia are likely to have been mirrored in other nations, especially those that have embraced, or been forced to adopt, more restrictive welfare and income support regimes. [ABSTRACT FROM AUTHOR]

The article discusses the release of a working paper about tax in Australia by the Productivity Commission. It states that the paper highlights the tax reform options of the Australian government. It outlines the particular taxes of the federal government, state governments and local governments in the country.

This paper revisits the matter of attracting students to study economics, an issue that faces every Australian university economics department. While the Australian economy has been in a boom phase for some period it has not led to a relative increase in economic degree enrolments for local universities. While some of the Go8 universities have seen a steady increase in economics degree enrolments between 1995 and 2007, the national picture, taken over a longer period, reveals that economic degree enrolments as a percentage of the overall student population is still falling. The paper concludes with the shy hope that, apart from improvement to the syllabus and teaching methodologies, the marked economic slowdown might elicit an increase in student interest in economics. The paper closes by suggesting that now might be an appropriate time for the regimen of the ideal economics degree offered by Australian universities to be re-examined. [ABSTRACT FROM AUTHOR]

The existence of a valid long-run money demand function is still important for the conduct of monetary policy. It is argued that previous work on the demand for money in Australia has not been very satisfactory in a number of ways. This paper examines the long- and short-run determinants of the demand for broad money employing the Johansen cointegration technique. Using quarterly data for the period 1976:3–2002:2, this paper finds,inter alia, that the demand for broad money is cointegrated with real income, the rate of return on 10-year Treasury bonds, the cash rate and inflation. It appears that a disequilibrium in the demand for money can affect the efficacy of interest rate policy in the long run via its impact on future output growth and output gap. [ABSTRACT FROM AUTHOR]

Great Britain established the colony of South Australia (SA) in 1834, requiring that revenues from colonial land sales be used to subsidize passage for emigrants to SA. Their immigration contract required the SA government to provide emigrants unable to find private sector work with employment on public works. We use new data on the compensation of relief workers and private sector workers to examine how the SA unemployment system functioned before and after a major economic crisis began in August 1840. We conclude that the unemployment system provided highly compensated relief employment to a small number of migrants prior to the crisis. As the number of migrants claiming relief employment soared between August 1840 and October 1841, the government drastically cut relief compensation. The cuts occurred in tandem with the release of newly surveyed rural lands, which together provided incentives and opportunities for workers to move to rural areas to seek employment. Finally, a comparison of the SA employment relief program with a temporary employment relief program in New South Wales (NSW) shows that the NSW program neither guaranteed relief employment nor provided jobs for all assisted migrants without work in NSW during the 1843–1845 period. [ABSTRACT FROM AUTHOR]

Abstract: Since 2013, Australian aid has been reduced and increasingly focused on delivering benefits to Australia. Motivated by these changes, this paper fills three gaps in the existing literature on public opinion about aid. It provides the only recent detailed study of Australians' opinions about aid. It studies specific policy questions in addition to the broader questions typical of international research. And it studies views on the purpose of aid, an area not previously researched. Although Australians are generally supportive of aid, most backed major aid cuts in 2015. However, most Australians think the purpose of Australian aid should be helping people in poor countries, not bringing benefits to Australia. There is a clear left–right divide in responses to all questions; however, some variables correlated with support for aid fail to explain variation in views about aid's purpose. The paper concludes by discussing ramifications for those who seek to change aid policy. [ABSTRACT FROM AUTHOR]

This paper examines the impact of economic policy uncertainty (EPU) on the Australian firm investment activity. We find a significant positive relationship between the EPU and the firm investment over 2002 to 2017 period. Our main results remain unchanged after several endogeneity tests. Further analysis reveals that this relationship becomes pronounced for firms if their headquarters located in small states, firms with more tangible assets, higher operating cash flows and cash holdings, higher profits and leverage, but firms with fewer dividend payouts. Our paper sheds lights on the unique attribute of the impact of the EPU on the Australian firm investment activity and offers important policy and managerial implications. [ABSTRACT FROM AUTHOR]

This paper describes a fiscal database for Australia including measures of government spending, revenue, deficits, debt and various sub‐aggregates as initially published and subsequently revised. The data vintages are collated from various sources and provide a comprehensive description of the Australian fiscal environment as experienced in real time. Methods are described which exploit the richness of the real‐time data sets, and they are illustrated through an analysis of the extent to which stated fiscal plans are realised in practice and through the estimation of fiscal multipliers which draw a distinction between policy responses and policy initiatives. We find predictable differences between plans and actual fiscal policy and a larger multiplier for policy initiatives than for implementation errors. [ABSTRACT FROM AUTHOR]

The Economic Society of Australia has made the decision to stop producing hard copies of its journals in an effort to reduce paper and plastic usage and cut costs. Starting in January 2024, all financial members of the society will have free access to the journals through the society's website. The article also mentions that the 52nd Australian Conference of Economists will be held in July 2024 at the University of Adelaide, with Professor Leonardo Bursztyn as one of the keynote speakers. Additionally, the text pays tribute to the late Professor Max Corden, a highly respected economist known for his contributions to international economics and Australian economic policy. The first part of the text provides an overview of Max Corden's career and his impact on Australian public policy. The second part is an obituary for Brian Parmenter, a colleague of the author, highlighting his personality and contributions to economic modeling. The author also shares personal experiences working with Brian and describes his coaching and mentoring abilities. The text concludes with a summary of Brian's employment history. [Extracted from the article]

Governments frequently develop policies that are strategic in nature. Strategic issues at the national level are those requiring long timeframes for impact, coordinated approaches across multiple tiers of government, are cross-sectoral, and require systemic approaches to design and implementation. Yet the process of how national strategic polices are developed and implemented in Australia is unclear, and largely unattended in the literature. This paper provides a foundation to understanding the characteristics of strategic polices and approaches to their development. Five national policies are compared (National Competition Policy, National Strategy for Ecologically Sustainable Development, the Strategic Roadmap for Australian Research Infrastructure, Australia in the Asian Century, and the National Food Plan) and discussed. An analytical framework is constructed and key attributes of strategic policy identified. [ABSTRACT FROM AUTHOR]

This paper explores the Industry Assistance Commission's (IAC's) 1974 and 1981 reports on Australia's automotive industry. Although it is sympathetic with the Commission's pursuit of freer trade, it illustrates how the IAC's reports exemplified important foibles of economic expertise. As bureaucratic and political enthusiasm for trade liberalisation grew from the late 1960s on, the free trade versus protection dichotomy crowded out the significance of intra-industry trade for designing the transition to freer trade. The paper argues that in it's failure to properly consider intra-industry trade, the IAC and the professional milieu it embodied was not the simple product of technical inadequacies of economics at the time. Rather it was driven by the uncompromising failure of the conversation it conducted. The paper concludes with a postscript on developments since the Commission's 1981 report. [ABSTRACT FROM AUTHOR]

This paper develops the concepts of the climate discourse complex, and national climate policy regime, in order to analyse significant patterns in Australian national climate politics over the twenty-five years from 1988 to 2013. Six major discursive fields - scientific, ethical, economic, technological, political/legal, and 'everyday life'- contribute to the ensemble of discourses that constitute a climate discourse complex. The climate discourse complex in turn serves to frame and discipline climate debate and the articulation of a national climate policy regime. The composition of Australia's climate discourse complex has been dominated by the economic discursive field. Debates over 'old' and 'new' economic discourses have been the key drivers of and constraints on the trajectory of Australia's climate policy regime for much of the period under consideration. These debates have diminished and sometimes marginalized the influence of scientific, ethical and other discourses, contributing to Australia's weak mitigation ambition. The paper also suggests that significant changes in Australian climate discourses and Australia's climate discourse complex have largely been initiated by factors external to Australia, with the major shift occurring in the period 2006/2007. [ABSTRACT FROM AUTHOR]

This article discusses recent research on the macroeconomic effects of fiscal policy—the theme of the 2018 edition of the Melbourne Institute Macroeconomic Policy Meeting. We review recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal‐monetary policy mix are also considered. We conclude by outlining a few research avenues that are particularly relevant from a policy standpoint. [ABSTRACT FROM AUTHOR]

This paper draws upon the 2001 census to examine the impact of national economic reform on the growth of regional cities. The paper argues that regional cities in Australia have taken on new roles within both their region and the national economy. It argues that deregulation of the economy has contributed to the growth of some regional cities and especially those that have been able to deepen their economies. Through the use of regression analysis, the paper suggests that regional centres that have witnessed an increase in the level of specialisation within their economy have, on average, grown more quickly than other cities. The paper concludes with a discussion of the implications for our understanding of the evolution of urban systems. [ABSTRACT FROM AUTHOR]

This paper examines the evolution of Australian fiscal policy and the fiscal policy framework over the past quarter-century. Following the early 1980s recession, a sustained fiscal consolidation saw the general government budget balance (for all levels of government) move from a deficit of 3 1/2 per cent of GDP in 1983/4 to a surplus of 1 3/4 per cent 5 years later in 1988/9. A severe recession in the early 1990s interrupted this process, and the budget returned to sizeable deficits which peaked at 4 3/4 per cent of GDP in 1992/3. The second half of the 1990s saw a repeat of the experience a decade earlier, with the budget returning to surplus in 1997/8. In contrast to the 1980s experience, however, the general government sector (for all levels of government) has recorded surpluses for the subsequent 8 years to the present. The paper outlines Australia's macroeconomic experience over this time and argues that there have been two significant medium-term factors motivating the extended periods of fiscal consolidation. The first factor, relevant since the mid-1980s. has been the large Australian current-account deficits since that time, and the associated build-up of net foreign liabilities. The second factor, which entered the public debate more recently, is a desire to provide fiscal policy flexibility to respond to the ageing of the population and the projected rising public cost of health services--both influences that are likely to be of increasing importance over the next generation or so. The paper discusses the introduction and evolution of Australia's medium-term fiscal framework which has been put in place to respond to these challenges. [ABSTRACT FROM AUTHOR]

Since the late 1990s, many developed states and customs territories have been seeking out preferential trade deals. This article examines this trend, which has been especially evident in the Asia-Pacific, and focuses specifically on Australia as a leading exponent of preferentialism in the region. The article has two distinct aims. First, to shed light on the thinking behind Australia's foreign economic policy and, specifically, to examine the motivations for moving away from multilateral and non-discriminatory means of advancing its free trade agenda in the region. Second, it aims to examine the developing dynamics of regional economic co-operation in the Asia-Pacific given the stasis of existing institutional efforts. This paper begins with a brief examination of the regional context and Australia's approach to trade policy. It then considers the nature of Australia's preferential bilateralism and its aims and motivations. The article shows that Australian policy-makers believe that preferential agreements can provide trade creation through market access, as well as broader benefits which derive from market expansion. Australia is motivated to pursue preferentialism by concern about existing institutions, by the technical appeal of bilateral agreements, and by the broader trend toward preferentialism in the international system, as well as shifts in its own domestic politics. The paper concludes with a short examination of the character of regionalism in the Asia-Pacific in the light of burgeoning regional bilateralism. [ABSTRACT FROM PUBLISHER]

This paper explores the place of gender in relation to labour and transition in regional development. A 'gendered lens' is applied to planning documents relating to the region of Gippsland, Australia. While previous research highlights the importance of accounting for gender in regional development, gendered analyses outside Europe are scarce. We argue that an apparent gender neutrality in planning documents in effect privileges masculinised elements of the economy. It means that current approaches to regional development, at best, reproduce the gendered status quo and, at worst, further re-entrench gender inequality in the region, with consequences for regional labour policy. Our findings have flow on effects for gender relations, and specifically for women, and economic policy in regions undergoing transition in Gippsland. We conclude that any regional policy that does not account for gendered realities and the lived experiences of women, ultimately fails the region. [ABSTRACT FROM AUTHOR]

In the last 15 years the term 'restructuring' has been used by scholars from a wide range of disciplines to explain the economic and social changes experienced within Australia and other Western nations. While these analyses have been productive in accounting for restructuring in terms of the historical structural relations between fractions of capital and the state, this paper argues for an understanding of the more subtle ways through which programmes of economic reform are assembled at the state level. Using the Foucauldian-inspired literature on governmentality, the paper draws attention - through a historical analysis of the emergence in Australian political discourse of formal managerial skills - to the specific rationalities and technologies of governing that enable particular forms of 'restructuring' to be constituted and assembled into a programmatic form. The emergence of farm business management, as a means of improving agricultural productivity, is conceptualized as embedded within a series of problematizations of governing. These problematizations sought to constitute the national economy as in a state of crisis, and previous forms of governing as failing to enhance the capacities of farmers to compete internationally. On this basis, the managerial capacities of farmers emerged as the proper sites through which to pursue 'reform'. [ABSTRACT FROM AUTHOR]

The weight of evidence suggests a positive correlation between income and subjective wellbeing, particularly at lower income levels. This correlation can be used as a policy lever to influence behaviour. This relationship has not been analysed, however, for Aboriginal and Torres Strait Islander (Indigenous) Australians - a policy-relevant population sub-group. This paper finds that the correlation between income and two measures of wellbeing, while positive for nonremote Indigenous males, is weaker for non-remote Indigenous females and virtually non-existent for remote Indigenous males and females. If wellbeing is not based on income, income-based incentive programmesmay be less effective. [ABSTRACT FROM AUTHOR]

Understanding the determinants of changes in welfare caseloads is an important, but little studied, topic in Australia. This paper evaluates the role of labour market conditions in explaining the changes in the Australian welfare caseload since the late 1990s. The paper employs a stock-flow approach to better control for persistence in welfare receipt and includes different specifications to deal with measurement error in labour market data. The results suggest that the labour market is an important determinant of movements on and off welfare, accounting for the majority of the caseload decline during 1997-2005. The results also highlight the importance of robustness checks when data are measured with error. [ABSTRACT FROM AUTHOR]

This paper compares a number of ethical management practices of firms in two different economies. The recent behaviour of firms, described in terms of industry, size, international involvement and ownership, in a developed, western economy (Australia) are contrasted with the behaviour of similar firms in an emerging, eastern economy (Sri Lanka). This paper extends an earlier empirical study by Batten, Hettihewa and Mellor (1997) on the relationship between key firm-specific variables and firm ethical management practices in Australia by drawing on similar survey data from Sri Lanka to facilitate an international comparison. The importance of this study is that it provides a valuable insight into the impact the level of economic development may have on ethical management behaviour and practice. [ABSTRACT FROM AUTHOR]

This paper reports on the findings of an in-depth genealogical study of the discourse of quality in Australian Early Childhood Education and Care (ECEC) policy. Quality reform has become the foremost global policy agenda for ECEC due to assumptions about the economic potentials of quality services. In Australia, the recent National Quality Framework elevated early childhood policy in Australia from the margins as the lynchpin of a broader economic reform agenda. However, quality ECEC - what it is and does - is a complex, contestable notion that could be considered problematic for the sector to execute, particularly through market models of provision. Drawing on Foucauldian notions of discourse as the ‘already said’, the truth assumptions that have underpinned policy uses of quality ECEC in Australia are identified and critiqued. It is shown that the discourse of quality has been tactically deployed in Australian ECEC policy to realign quality ECEC outcomes with educative outcomes, as a means for government to selectively grow and govern human capital. This positions quality as a high-stakes reform discourse for early childhood stakeholders, entwined with the expanded reach and intensification of selective, performance-related standards and incentives. [ABSTRACT FROM AUTHOR]

ABSTRACT: This article discusses macroeconomic policies in a low interest rate environment, the central theme of the 2017 edition of the Melbourne Institute Macroeconomic Policy Meeting. After reviewing possible causes of the decline in interest rates observed since the 1990s, we present and discuss some of the challenges that monetary and fiscal policy face in a ‘new normal’ environment characterised by a real natural interest rate close to zero. Proposals by leading researchers on how to operate in such an environment are presented and discussed. We conclude by outlining some research questions that are highly relevant from a policy perspective. [ABSTRACT FROM AUTHOR]

The article presents information on infrastructure spending and unemployment in Australia. The Australian government's policy package had several components. The first was a recognition that high economic growth was required if significant inroads into unemployment were to be achieved. Given the government's beliefs about the likely outcomes for labour productivity and the labour force participation rate, it was thought that a real growth rate of 4.8 per cent would be required to achieve the target unemployment rate of 5 per cent by 2001. The Green Paper and the subsequent White Paper were pretty vague as to exactly how such a long stretch of high economic growth was to be achieved, placing a lot of faith on microeconomic reform and improving the quality of labour through training reform. However, it was also recognised that high growth by itself was not sufficient, and that a policy of active labour market programs directed at the long-term unemployed and those at high risk' of becoming long-term unemployed would be necessary to reduce long-term unemployment. The Job Compact was an extensive raft of active labour market programs which included an expanded wage subsidy scheme, training programs and case management of the chronically unemployed and which placed an obligation on targeted individuals to participate in the scheme to retain unemployment benefits.

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This paper considers an alternative teacher certification pathway known as Teach for Australia (TFA) that is currently operating in the Australian state of Victoria. A discursive approach informed by critical theory is used in the paper to critically examine the specific case of TFA as an alternative teacher certification pathway charged with improving student learning outcomes and reducing educational disadvantage. The problematization of educational programmes such as TFA, including specific terms and statements found in TFA documentation, features prominently in the paper alongside the political and economic policy context of public education. The argument and central contention of the paper is that TFA will not overcome educational disadvantage; nor will it over time improve student learning outcomes. [ABSTRACT FROM AUTHOR]

This paper argues that an income contingent loan (ICL) should be considered for tertiary student living costs as a supplement to existing income support policy in Australia. It is shown that income support remains insufficient despite recent improvements to policy, and that as little as $1500 per annum could result in improved participation and educational outcomes for many existing and prospective students. The case for an ICL is put forward and advantages and disadvantages are discussed, including observations from proponents and critics of ICL policy. The key features for consideration in policy design are described, including eligibility criteria to mitigate adverse selection. Implicit taxpayer subsidies are calculated for a hypothetical scheme under both a loan surcharge and real loan indexation arrangements. It is argued that a surcharge may be more attractive to students, and cross-subsidisation from higher earning to lower earning graduates would reduce the costs to taxpayers. [ABSTRACT FROM AUTHOR]

Australia's cities, and in particular the suburban areas, are car dependent and vulnerable to higher oil prices. This paper examines the policy and planning responses to this emerging problem. It does this by reviewing relevant plans and policies at the local, regional/metro, state and national levels. The analysis suggests that there are a number of contradictions in these plans and policies. There appears to be a vertical disconnection between national policy development and that occurring at the local and metropolitan levels. In addition there is a horizontal disconnection/contradiction between oil vulnerability mitigation and other policy areas, such as transport. At present, policy and planning prescriptions are inadequate to meet the challenges of an oil constrained future. [ABSTRACT FROM AUTHOR]

The global recession of 2008-09 brought Keynesian countercyclical budgeting back into vogue - conveniently for governments of the Left such as the incoming Rudd Labor government in Australia. This paper reviews some of the key moments of 20th century macroeconomic policy to assess the reasons and rationale for this revival and concludes that the lessons of those experiences are not always what they seem to be. The paper argues that: (1) Keynesianism is often confused with a narrow focus on fiscal, rather than monetary, policy and an emphasis on full employment at any cost; (2) the return of Keynesianism in Australia has only been made possible by an unusual, if not unprecedented, convergence of conducive conditions; (3) the 'automatic stabilisers' significantly reduce the necessity for discretionary fiscal policy; and (4) policy achievements must be seen in the light of Australia's external economy. [ABSTRACT FROM AUTHOR]

Dungey and Pagan (2000) present a SVAR model of the Australian economy which models macroeconomic outcomes as transitory deviations from a deterministic trend. In this paper we extend that model in two directions. First, we relate it to an emerging literature on Dynamic Stochastic General Equilibrium modelling of small open economies. Second, we allow for both transitory and permanent components in the series and show how this modification has an impact on the design of macroeconomic models. [ABSTRACT FROM AUTHOR]

In this paper we provide a new 31-year time series of the level of protection in the Australian manufacturing sector. The index used is an estimate of the partial equilibrium form of the Trade Restrictiveness Index recently developed by the World Bank. This is the theoretically correct welfare based average of levels of nominal protection. The paper outlines the index and its properties. Some comments are made on the insights gained from the new series and on the record of the Labor and coalition governments in making reforms to industry assistance. [ABSTRACT FROM AUTHOR]

Privatization and corporatization of ports in Australia has meant the transfer of government-owned monopolies to privately owned monopolies. This has required the introduction of a regulatory regime to protect the interests of users as in some cases the privatized terminal owner or operator is also a customer of that facility. A complex regulatory regime for ports at the commonwealth and state government levels has, as a result, been created. This has meant that pricing policies and reinvestment strategies are constrained by the regulator. Inefficiencies and disruptions are likely to occur. This paper examines the regulatory regimes in place - the role of the state government regulator, the Queensland Competition Authority, and that of the Australian Competition and Consumer Commission, the national regulator. It will examine the impacts and constraints these have imposed on coal terminal expansion and operations. Recommendations have been made suggesting the transfer of state government ports to a single national regulator. This paper examines whether the proposed regulatory overhaul will resolve the dilemma of the Goonyella coal supply chain. It will argue that while regulation rationalization and overhaul will expedite the complex regulatory process, the solution lies with an integrated approach to the entire supply chain rather than the port focus. [ABSTRACT FROM AUTHOR]

This paper adds to the well-documented puzzle of the forward bias of exchange rates. While the exchange rate of a small commodity-exporting economy, such as Australia, can be closely tied to commodity prices, this paper demonstrates empirically that a portfolio of commodity futures exhibits little, if any, bias. A microfounded small open economy model is developed in which the exchange rate depends on export commodity prices. This is used to demonstrate how systematic expectation errors about the monetary process could cause the bias in exchange rate forwards when there is an absence of bias in commodity futures. [ABSTRACT FROM AUTHOR]

This paper examines discourses and developments of the knowledge economy and learning society in Australia and New Zealand. It outlines the international context of the rise of the knowledge‐based economy and sets the New Zealand and Australian debates against this backdrop. A current heightened emphasis on education and learning in both countries is closely aligned with the key imperatives of economic development and competitiveness. Older models of the learning society based more on cultural and humanistic aspirations remain evident and competitive with economic models. Prospects for further innovative development in education and learning across the life course, and across a broader population in democratic societies are considered. The paper concludes that notwithstanding the current influence of singularly economic discourses shaping conceptions of the learning economy and society there is no definitive or triumphant model of the learning society prevailing in Australia and New Zealand. [ABSTRACT FROM AUTHOR]

The establishment of Free Trade Agreements (FTAs) has become an integral part of Australia's current trade policy. Australia has signed FTAs with Singapore, Thailand and the US. Possibilities for similar agreements with the Association of South East Asian Nations (ASEAN), China, and Japan are being explored. This paper examines the effects of FTAs on the Australian economy and on the trading partners, drawing lessons from simulations of a number of free trade agreements. The simulations are undertaken using the Global Trade Analysis Project (GTAP) model. By simulating the GTAP multi-country computable general equilibrium (CGE) model, the paper provides quantitative evidence concerning the welfare impact of FTAs with special reference to trade creation and trade diversion. Examining responses of various production sectors identifies the structural changes that may take place in the economy over the long run. The findings may shed light on the debate over the potential incentives to participate in multilateral trade liberalization. [ABSTRACT FROM AUTHOR]

This paper utilizes Bourdieu’s conceptual frame to examine the mediatized effects of policy processes concerned with the growth and support of knowledge industries in Australia. These policies span education, science, research and other knowledge industries (such as venture capital firms and intellectual property law). The paper argues that some policy processes are best represented as temporary social fields. The nature of these fields can be described by the kinds of cross‐field effects that they produce. A case study of an Australian knowledge economy policy, The chance to change , and associated policy processes demonstrates the broad analytic capacities of Bourdieu’s conceptual frame for policy analysis, when combined with the concepts of cross‐field effects and temporary social field developed here. [ABSTRACT FROM AUTHOR]

Many central banks often focus on underlying measures of inflation when assessing inflation trends. This paper compares the accuracy of underlying measures of inflation relative to the headline rates by using Australia data. It is found that the underlying measures did have smaller errors in predicting the long-term trend in inflation than the quarterly headline rate due to the volatility in the headline rate. As compared to the year-ended headline rate, the statistical test results, however, support only the measure of market prices excluding volatile items, not the others. There is some weak evidence of the weighted median measure outperforming the headline rate in the sub-period after 1993. With respect to directional accuracy, the test statistics cannot reject the null hypothesis of an equal probability correctly predicting the moving direction of the inflation trend, though the headline rates have a higher probability. [ABSTRACT FROM AUTHOR]

This paper describes FEDERAL-F, a large-scale general-purpose multiregional computable general equilibrium model. The model is dynamic and can be used for forecasting, policy analysis and historical analysis. Large-scale CGE models are commonly used in Australia and play a central role in policy analysis. In this paper we provide an overview of the core of FEDERAL-F's equations via a stylized representation that expresses the model's equations in functional form. An illustrative application demonstrating the power of the model is undertaken. It demonstrates that a feasible state government fiscal policy to halt Tasmania's declining share of national GDP does not exist. [ABSTRACT FROM AUTHOR]