Hope Springs Eternal - The Stan Kelly Lecture
Craig Emerson Craig Emerson

Hope Springs Eternal - The Stan Kelly Lecture

It is an honour to have been asked to deliver the Stan Kelly lecture. Not because I knew Stan Kelly, but because I support his worldly philosophy – his advocacy of tariff reductions and open trade.

Read More
Craig Emerson Craig Emerson

Economic Note: The RBA has done (more than) enough tightening

Having lifted the cash rate 11 times in the last 12 months, the RBA risks triggering a recession if it continues on its tightening path. The sharp lift in inflation as the economy roared back to life following the COVID-19 pandemic warranted a series of cash-rate increases. But the main source of inflation at that time was not excess demand but supply shortages, which could be expected to ease of their own accord, without needing to squeeze money out of the economy to drive down demand.

Read More
Craig Emerson Craig Emerson

Economic Note: Petroleum Resource Rent Tax (PRRT) Reform

The PRRT as currently designed allows gas companies to claim 50 per cent of the value of gas delivered to market as its unprocessed value and 50 per cent of its value is caused by liquefying the gas. That is, the expenses associated with transforming unprocessed natural gas into liquefied natural gas (LNG) can be deducted from the price of LNG sold into the international market.

Read More
Will groupthink persist at the RBA?
Craig Emerson Craig Emerson

Will groupthink persist at the RBA?

A nine-person Monetary Policy Board of trained economists is welcome. But there is a risk the RBA will slavishly persist with the monetarist thinking that results in higher unemployment.

Read More