The Atlantic ran a piece recently titled The Most Important Economic Stories of 2013 – in 44 graphs. I thought it might be interesting to recreate the graphs using Australian data, where possible. I’ve taken the US graphs, selected by a range of economists and economics writers in the US, and tried to recreate them the best I can using the Australian data I have to hand. The first instalment is below – I’ll try and post the rest soon.
I thought this was a particularly interesting sentence in today’s mini-Budget, in light of the anti-carbon pricing campaign over the past couple of years:
The removal of the carbon tax is expected to lower headline and underlying inflation by less than 1/4 of a percentage point in 2014-15, relative to the 2013 PEFO, which had factored in the previous Government’s policy of moving to a carbon trading system.
I have a new comment piece in Guardian Australia. I argue that the large personal income tax cuts of the mid-2000s were a big factor in creating the structural deficit, and that any attempt to wind back this deficit should start with those tax cuts. At the very least, bracket creep should be allowed to do its thing. Please read it!
I appeared on a panel about a month ago at the Progressive Australia conference in Sydney, organised by the Chifley Research Centre. Although this wasn’t a stand-alone presentation (I was speaking in response to a keynote speech by Patrick Diamond), I thought my slides might be of interest.
After reaching an all-time high of 65.8% in November 2010, the proportion of people aged 15+ who are either in work or actively looking for work has declined sharply, hitting 64.8% in October this year. An important question for policy makers is this: is the participation rate declining because people are being discouraged from looking for work, or is it declining as a natural consequence of the ageing of the population?