Economic Roundup Issue 2, 2011


Issue 2, 2011 of Economic Roundup is the first issue to be published electronically on the Treasury website. There are currently no plans to continue publication of the hardcopy version. Issue 2, 2011 contains four articles prepared by Treasury staff, and four recent speeches by current and former members of Treasury's Executive Board.

The first article considers the factors which explain the relatively strong performance of the Australian economy during the Global Financial Crisis (GFC). The second article examines how the Australian economy evolved during the GFC and quantifies, where possible, the extent to which different factors examined in the first article contributed to this evolution. The third article looks at developments in household savings patterns and discusses the implications of this for the Australian economy. The last article updates analysis conducted in 2010 relating to the calculation of average tax rates across industries.

The first speech was delivered by Dr Ken Henry AC, formerly Secretary to the Treasury. The speech is entitled Australia 2011: opportunities, challenges and policy responses, and was presented at the University of Tasmania on 4 March. The second speech was delivered by Dr Martin Parkinson PSM, his first speech as Secretary to the Treasury. The speech is entitled Opportunities, Challenges and Policy Responses and was presented to the conference of Australian Business Economists at the Westin Hotel on 17 May. The third speech was delivered by Dr David Gruen, Executive Director (Domestic), Macroeconomic Group, entitled The resources boom and structural change in the Australian economy, and was presented at the Committee for Economic Development of Australia Economic and Political Overview 2011 on 24 February. The last speech was delivered by Michael Callaghan, Executive Director (International), Macroeconomic Group, entitled Where are we in terms of heightened regulation and why are we here?, and was presented at the Regional Symposium: Enhancing International and Regulatory Cooperation — Post Global Financial Crisis on 8 March.

A regular report summarising the outcomes of Treasury's Business Liaison Program is also included. Treasury staff held discussions with businesses and industry associations during May 2011. The report outlines the key themes that arose in these discussions.

Issue 2, 2011 also includes the seventeenth in a series of biographies of Australia's Federal Treasurers.