public policy - Economics Students Society of Australia

public policy

A collection of 46 posts

The USSR and Barter Economy: How Pepsi Once Became the Sixth Largest Military in the World

The USSR and Barter Economy: How Pepsi Once Became the Sixth Largest Military in the World

Part one of this series focused on the structure of the USSR’s centrally planned economy and how that contributed to the Soviet ruble becoming worthless as international currency. After the end of Stalin’s rule, Soviet Premier Nikita Khrushchev implemented a doctrine of ‘de-Stalinisation’ which sought to ease the

Is it time for a universal basic income in Australia?

Is it time for a universal basic income in Australia?

Amidst COVID-19, the Australian government used welfare payments to sustain the Australian economy, while workers were displaced from their jobs. However, COVID-19 has forever changed the job market with many industries not regaining pre-pandemic levels of employment.[1] If the government were to provide welfare payments without means-testing, is this

Is a Global Minimum Tax Rate On The Cards?

Is a Global Minimum Tax Rate On The Cards?

Economic policy discussions have long been preoccupied with the reality of tax avoidance by large multinational companies. In the wake of the COVID-19 pandemic, political momentum has only continued to grow behind efforts to address this specific issue. It is within this context that US Treasury Secretary Janet Yellen proposed

Applying Nudge Theory to increase health and wellbeing

behavioural economics

Applying Nudge Theory to increase health and wellbeing

What is Nudge Theory? Thaler and Sunstein, the preeminent experts in Nudge Theory define a nudge as “any aspect of the choice architecture that alters people’s behaviour in a predictable way without forbidding any options or significantly changing their economic incentives”.[1] This evidence-based policy tool has been used

The story of the real Australian economy: Part 4 – The federal budget & the victims of political folly

The story of the real Australian economy: Part 4 – The federal budget & the victims of political folly

“What are the most pressing economic issues the government should be tackling right now?” “Well the current and previous governments are avoiding the obvious problem, they’re not focusing on reducing the deficit!” That is a small excerpt from a conversation I had with someone a few days after the

The story of the real Australian economy: Part 3 – The RBA’s toolkit

australian economy

The story of the real Australian economy: Part 3 – The RBA’s toolkit

In the first two parts of this series, I outlined the circumstances of Australia’s current position and the issues which are underpinning our sub trend growth at the end of the resources boom. This is essentially summarised as high levels of borrowing by our banks and institutions with credit

Spectre of steel

It’s a stretch of steel that completely overbears its surroundings. My train is keeping pace in its advance towards this bulking metallic mass, travelling up a tremendous loop of spiraling railway, a course set along escalating iron stilts. I watch the town shrink below. The train lurches forward, as

The Hanseatic League

Hamburg. The majestic Rathaus imposing at the centre. Just nearby, the leviathan iron canopy of the Haupbahnhof mantling the throng of the Deutsche Bahn trains. Further besides, the deep water Port of Hamburg frilled with brick warehouses lining the angular canals of the Speicherstadt, carving into the city. The nightly

It's time for a land tax

Australian Capital Territory

It's time for a land tax

In 2010, the Henry Tax Review was handed down to the Government. Dr Ken Henry and his team of experts had put together a report consisting of 138 specific recommendations that would provide necessary reform to Australia’s tax system. Amongst the many recommendations was a tax that, if applied

Balance sheet recessions: another economic fallacy?

Financial capital forms an integral part of any modern economy. In an ideal world, banks should act as intermediaries that channel the savings of households and firms to borrowers. These borrowed funds can then be used for many purposes that improve society: purchasing the first family home, funding business expansion,

Pensions: The need for present action to prevent future problems

ageing population

Pensions: The need for present action to prevent future problems

Global pension plans collectively are estimated to sustain a multi-trillion dollar shortfall. Demographic changes, years of political standstill and the great recession have led to pension obligations being underfunded worldwide. If this retirement income crisis is not addressed adequately it will not only have serious economic consequences, but will lead

Super leagues not playing on a level field

Super leagues not playing on a level field

The Australian superannuation industry has been subjected to criticism for charging high fees relative to its international counterparts. The Grattan Institute report Super Sting published in April last year finds that Australian superannuation fees are approximately three times the median rate of developed countries – at 1.2 per cent per

Is competition regulation an oxymoron?

Is competition regulation an oxymoron?

Competition and markets need rules. Without a framework of property rights and ‘contracts’, trade cannot operate. Where trade occurs outside a normal ‘legal’ framework, for example in markets for illicit drugs, norms of trust and rules of participation develop that enable trade to work. Competition regulation, however, goes much further

Ideology ain't dead

Ideology ain't dead

In 1992, political scientist Francis Fukuyama famously declared that humanity had reached the “end of history”. Communism was dead, and modern liberal economics triumphant, with the Western model of democracy and economic freedom universally agreed upon as the future for mankind, or so, at least, the story goes. In Australia,

ageing population

Not so super

In between studying, I work part time at a clothing store. Every week, I receive my payslip, and towards the bottom, I see a (very small) amount of money put into my superannuation. When I retire – many, many years from now – I hope that super will have grown into something

Why the federal budget represents the victory of the Baby Boomers over the ‘Alphabet soup’ generations

Why the federal budget represents the victory of the Baby Boomers over the ‘Alphabet soup’ generations

The 2014 federal budget is aimed at cutting back a range of entitlements. But to understand whose entitlements are being cut, and why, we need to look at Australia’s demographics. There are two groups in Australia who are relevant to the federal budget: the ‘Baby Boomers’ and everyone else.

The transport debate: road versus rail

The main theme of the 2014-15 Victorian Budget is “Building a better Victoria”. A large part of how the government intends to do this is through investment in infrastructure, and particularly transport infrastructure. It has committed to four key transport projects: the Melbourne Rail Link (incorporating the Airport Rail Link)

When the government plays with hidden taxes, we all lose

When the government plays with hidden taxes, we all lose

Governments like to play the political equivalent of a magician ‘pulling a rabbit out of the hat’. They get something for nothing, whether it is national uniform price for telecommunications and postal services or, more recently, cheap gas for Australian industry or a uniform price for national broadband. Cheap gas

Government and the public purpose in Australia

Government and the public purpose in Australia

This article was featured as part of ESSA’s annual Equilibrium publication. Australia is an incredibly affluent nation, enjoying immense prosperity and one of the highest standards of living in history. Such a state of affairs is rare. With the monetary and political capability to address growing inequalities, one would

Applying economics in the so-called ‘real world’

Applying economics in the so-called ‘real world’

This article was featured as part of ESSA’s annual Equilibrium publication. Had anyone told me when I set out on my career in economics that one day I would become an ‘economic regulator’, I would have been somewhat bemused by the apparent tautology. The description, however, is somewhat misleading.

Reflections on Australia’s first public policy case competition

ageing population

Reflections on Australia’s first public policy case competition

This year ESSA, in partnership with the Boston Consulting Group and the Grattan Institute, ran Australia’s first ever public policy case competition. The topic was “Superannuation: Australia’s retirement plan”. The ageing population presents a long-term, complex and challenging policy task for present day Australia. Teams were asked to

Homelessness, housing affordability and unsound public policy - Part 2

australian politics

Homelessness, housing affordability and unsound public policy - Part 2

In my previous article I wrote about housing affordability and the first homebuyer’s scheme as an example of unsound public policy that exacerbates the housing affordability problem. In this article, I shall turn my attention towards tax concessions and consider their impact on housing affordability. What are these tax

Intern Experience at the Department of Treasury and Finance

Intern Experience at the Department of Treasury and Finance

Over the 2013-14 summer break, I interned in the Economic Policy group at the Victorian Department of Treasury and Finance (DTF). Over my three month encounter, I worked with a variety of people on projects mainly across the economic strategy, market design and resources and environment teams. As a passionate

Let's get real

This article was featured as part of ESSA’s annual Equilibrium publication. There’s hardly an issue in contemporary Australia that is as complex and poignant as the condition of Aboriginal Australians. They are the victims of historical atrocities, and now the victims of a current social and policy malaise.

Do we get the politics that we deserve?

Do we get the politics that we deserve?

This article was featured as part of ESSA’s annual Equilibrium publication. The Australian political scene is widely considered as having been particularly tumultuous over the past few years by virtually all political commentators. A federal hung parliament following the 2010 election was set to usher in a new paradigm