The Treasury’s website is
http://www.treasury.gov.au. It includes past issues of the Economic Roundup. Some of the other items posted on the website in the past three months that may be of interest to Roundup readers are listed below.
Working papers
2006-01: A primer on the macroeconomic effects of pandemics (February 2006)
Steven Kennedy, Jim Thomson and Petar Vujanovic
Interest in pandemics has increased dramatically in recent times with the emergence of Avian Influenza and conditions conducive to a global flu outbreak. While understandably most of the focus is on public health policies that might prevent or ameliorate the effects of a pandemic, there is often reference to the possible economic effects. This paper discusses the pathways through which a pandemic might affect the Australian economy. The Treasury macro econometric model (TRYM) is used to illustrate these pathways. The paper finds that confidence effects and the (large) short term withdrawal of labour are probably the dominant mechanisms through which a pandemic adversely affects the economy. The macroeconomic policy implications flow naturally from these potential economic effects. In particular, policies that restore confidence and consumption, support business in the short term, and promote a quick return to work are likely to be most effective in offsetting the adverse economic consequences of a pandemic.
Conference volume
Macroeconomic Policy and Structural Change in East Asia (December 2005)
The volume includes background papers, keynote addresses and summaries of discussion from a conference held in Sydney on 24 and 25 February, 2005. The conference is to be a biennial event as part of Australia’s ongoing efforts to support policy dialogue and to promote economic growth and security in East Asia. Policymakers discussed medium-term economic policy issues facing governments in Asia and beyond, such as international dimensions to domestic macroeconomic policy and adjustment; domestic dimensions to policy and change; and domestic institutions supporting policy and change.
Discussion paper
Regulation of discretionary mutual funds and direct offshore foreign insurers (December 2005)
This discussion paper explores options for the implementation of the key findings of the Review of Discretionary Mutual Funds and Direct Offshore Foreign Insurers, headed by Mr Gary Potts. The key findings of that review are available at www.dmfreview.treasury.gov.au.
Pocket brief
Pocket brief to the Australian tax system (February 2006)
The brief provides notes on the breakdown between Commonwealth Government, State and Local Government tax revenue, the tax breakdown, major tax expenditures, history of tax instruments, income tax rates, GST and excise rates.
Budget papers
Mid-Year economic and fiscal outlook (December 2005)
The MYEFO provides updated information to allow the assessment of the Government’s fiscal performance against its fiscal strategy. Consistent with these requirements it discusses the domestic and international economic forecasts that underpin the budget estimates, the budget outlook and the factors explaining variations in the operating statement, balance sheet and cash flow statement since the 2005-06 Budget.