Writer
Michael Keating
Michael Keating is a former Secretary of the Departments of Prime Minister and Cabinet, Finance and Employment, and Industrial Relations. He is presently a visiting fellow at the Australian National University.
-
Monetary Policy: How far will interest rates need to rise and how fast?
In response to higher inflation since the beginning of May the Reserve Bank has aggressively increased interest rates, albeit from an exceptionally low level. From here on, however, a more cautious approach is needed. Continue reading »
-
A way forward with Labor’s climate change legislation
Effective action against climate change requires Labor’s legislation. Hopefully the compromise necessary to pass this legislation can be achieved if the target set is for the minimum reduction in carbon emissions required. Continue reading »
-
Rising interest rates – will there be a soft landing?
Inflation is outside the target zone in all developed economies. Central banks are responding by increasing interest rates. But the critical question is whether monetary policy can bring inflation down without causing a recession. Continue reading »
-
The Outlook for Living Standards: Part 3
Previously Part 1 of this article assessed the impact on living standards from surging prices relative to wage growth, and rising interest rates. Yesterday, Part 2 considered what the new Labor Government can do to lift the rate of wage growth relative to prices. Today, Part 3 discusses how best to respond to the two Continue reading »
-
The Outlook for Living Standards: Part 2
Yesterday Part 1 of this article assessed the impact on living standards from surging prices relative to wage growth, and rising interest rates. Today, Part 2 will consider what the new Labor Government can do to lift the rate of wage growth relative to prices, and tomorrow Part 3 will consider how best to respond Continue reading »
-
Michael Keating-The Outlook for Living Standards: Part 1
A critical challenge facing the new Labor Government is its response to the upsurge in inflation and the threat to living standards. In Part 1 today this article discusses the dimensions of this challenge. Parts 2 and 3, tomorrow and the next day, will consider possible government responses. Continue reading »
-
The future budget outlook
As the Treasury Secretary, Steven Kennedy, made clear last week the future Budget outlook is exceptionally difficult. He noted the “pressures to raise more revenue over time” and saw no scope to lower taxes in future. Continue reading »
-
A comparison of Labor and the Coalition’s policies to assist first home buyers
Australia has a problem of housing affordability, but it is mainly concentrated among the poorest young families. Labor’s housing policies are better directed to improving their equality of access, but neither of the major political parties’ policies are adequate to the task. Continue reading »
-
Why this election campaign is so disappointing
Proposals for policy reforms in this country are most often hamstrung by the lack of government revenue required to implement them. Unless this impediment is overcome, many very worthwhile proposals for reform will continue to be ignored. Continue reading »
-
Wages and the cost of living
An increase in the wages of the lowest paid employees, so that they can keep pace with the cost of living, is unlikely to lead to higher unemployment. Instead, it may well help improve overall economic outcomes. Continue reading »
-
Government Integrity and an ICAC
There is a legislated process prescribing how government grants should be administered, but it clearly is not being followed and we need an integrity commission to enforce it. Continue reading »
-
The Coalition is guaranteeing essential services and lower tax. We can’t have both
In the midst of Labor’s campaign about the cost of living, the Coalition has zeroed in on one of those costs – taxes – and guaranteed to stop them rising. Continue reading »
-
The funding of essential services
The key purpose of a government’s budget is to propose the spending on essential government services and how that spending will be financed. Judged by this standard, the latest Budget is completely inadequate and belies the claims of the Morrison Government to be competent economic managers. Continue reading »
-
How competent is Scott Morrison as a manager of government business?
Scott Morrison wants the election to be about competence, but an examination of his record suggests that he is not capable of delivering good government. Continue reading »
-
The deterioration in housing affordability and its impact on living standards
The huge increase in dwelling prices was made possible by ultra-low interest rates. Now the prospective rise in interest rates is likely to have a much bigger impact on many borrowers future living standards than previously experienced, and the demand for rental accommodation is also likely to increase faster than in the past. Continue reading »
-
Stagnating living standards under Morrison
Living standards have stagnated since the Coalition was elected to government, but in the Budget it is now forecasting an improved performance. How likely is this? Continue reading »
-
Whither the Australian federation
In the absence of Commonwealth leadership, our federation is not working well. That comes at a cost to good government, and is impeding service delivery and any future reform agenda. Continue reading »
-
The Grattan Institute’s policy priorities – what do they cost?
The Grattan Institute’s proposed policy priorities deserve wide support. However, how to pay for them is not adequately addressed, and their implementation would require the incoming government to raise additional revenue. Continue reading »
-
What we can expect from the coming Budget
It is to be feared that the forthcoming budget will be a mixture of spending bribes and unsustainable tax cuts. This is not what is needed to restore economic stability and the provision of essential government services. Continue reading »
-
This election needs policies that address cost of living, not just unemployment
Scott Morrison wants us to believe that low unemployment means the economy is fine, but there are other structural economic issues at play too. Continue reading »
-
With a tricky Budget challenge coming up, winning an election may be easy part
Whether it likes it or not, the party that wins the election will most likely be forced to raise additional taxation revenue not long afterwards. Continue reading »
-
How modern technology could bring democracy to a crossroads
Advances in technology have resulted in employment and wage dislocations that are polarising society and undermining trust in political institutions. Continue reading »
-
Morrison government fiddles as the economy stagnates
The government’s economic forecasts are highly questionable and the uncertain budget outlook raises doubts about the future funding of essential services. Continue reading »
-
Obsession with secrecy pervades the Morrison government
The Prime Minister and his department’s evasion of Freedom of Information regarding the minutes of the national cabinet should disturb all Australians. Continue reading »
-
Increasing wealth inequality: how should the government respond?
Even if flaws in the retirement support system are addressed, there would still be a good case for an inheritance tax on the largest transfers. Continue reading »
-
It’s about opportunity: a lesson on capitalism for the party of capitalism
Morrison’s theme that can-do capitalism beats don’t-do government is nonsense. Labor can respond by exalting government’s role, writes Michael Keating. Continue reading »
-
The unspoken lesson from the government’s climate modelling
The government’s modelling leaves some legitimate concerns unanswered, but it does suggest a more ambitious emissions reduction target for 2030 is viable. Continue reading »
-
How Scotty from Marketing seeks to deceive about climate change
The Morrison government’s proposed response to the threat of climate change tries to reconcile different interests by deceiving them both. Continue reading »
-
How Australia could halve carbon emissions by 2030
Australia needs to cut its emissions by 45-50 per cent by 2030. Australia can realise this near-term target and grasp the opportunities that it also presents. Continue reading »
-
Why we should halve carbon emissions by 2030
Net zero for carbon emissions in 2050 is meaningless without an ambitious target to halve these emissions in the next decade. In a two-part article, Michael Keating sets out why we need a more dramatic target. Continue reading »
