{"title":"Can Australia be a Renewable Energy Superpower?","authors":"Ingrid Burfurd","doi":"10.1111/1467-8462.12582","DOIUrl":"https://doi.org/10.1111/1467-8462.12582","url":null,"abstract":"<p>Current trade patterns reflect the low cost of transporting carbon-intensive fossil fuels. But renewable energy is expensive to transport. In a world moving to net-zero emissions, Australia can capitalise on its abundant renewable energy resource to process and export green minerals and fuels. With the right policy settings, Australia could not only meet its own international commitments to reach net-zero carbon emissions by 2050, but it could make a significant contribution to the global reduction in emissions, and prosper in the process.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"401-412"},"PeriodicalIF":1.0,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12582","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Kimathi Muiruri, Anna Skarbek, Penny Mealy, Cameron Hepburn
{"title":"Sensitive Intervention Points for Australia's Transition to Net-Zero Emissions","authors":"Kimathi Muiruri, Anna Skarbek, Penny Mealy, Cameron Hepburn","doi":"10.1111/1467-8462.12580","DOIUrl":"https://doi.org/10.1111/1467-8462.12580","url":null,"abstract":"<p><i>Australia is not on track to meet its obligations under the Paris Accord. How can action to achieve net zero be accelerated? Here, we apply the concept of ‘sensitive intervention points’ and consider six potential interventions that could have a disproportionate impact on Australia's progress: (i) a national plan to clarify direction; (ii) a national net-zero authority to coordinate efforts; (iii) support for a set of nationally significant projects in particular places; (iv) an industrial policy response akin to the US IRA; (v) a standard for the construction industry; and (vi) a requirement that companies develop net-zero plans. Individually and collectively, we argue that they could plausibly accelerate Australia's trajectory to net-zero emissions</i>.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"387-400"},"PeriodicalIF":1.0,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12580","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143252928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Geoffrey Brooks, Paul H. Jensen, Stephen Petrie, Elizabeth Webster
{"title":"Can Australia Become a Green Iron Powerhouse?","authors":"Geoffrey Brooks, Paul H. Jensen, Stephen Petrie, Elizabeth Webster","doi":"10.1111/1467-8462.12578","DOIUrl":"https://doi.org/10.1111/1467-8462.12578","url":null,"abstract":"<p>As a country with an abundance of renewable resources, Australia has an opportunity to emerge as a global leader in the production of green iron rather than simply extracting and exporting iron ore around the world. While it makes sense to do so in the changing geopolitical environment, and to assist in achieving our commitments to dramatically reduce our carbon emissions, this paper sheds light on the complex technical and economic arguments for the creation of a green iron industry here in Australia. We argue that targeted government intervention coupled with industry commitment to transforming the sector could realistically result in the emergence of a nascent green iron industry in the medium term.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"413-421"},"PeriodicalIF":1.0,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12578","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Decarbonising the Australian Economy Introduction","authors":"Paul H. Jensen, Beth Webster","doi":"10.1111/1467-8462.12579","DOIUrl":"https://doi.org/10.1111/1467-8462.12579","url":null,"abstract":"<p><i>For most of the last 15 years, Australia policy on climate change has been decidedly underwhelming, leaving us behind where we need to be to fulfil our obligations under the Paris Accord. But there are encouraging signs at present that there is an emerging consensus—amongst captains of industry, different levels of government, policy-makers and everyday Australians—that we can achieve our ambitions to live in a world that is far less reliant on carbon</i>.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"384-386"},"PeriodicalIF":1.0,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12579","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Challenges in the Consumer-Side of the Energy Transition","authors":"Andrea La Nauze, Flavio Menezes","doi":"10.1111/1467-8462.12577","DOIUrl":"https://doi.org/10.1111/1467-8462.12577","url":null,"abstract":"<p>The decarbonisation of the Australian economy relies on the transition of the electricity grid from fossil fuel to renewable sources. In this paper, we briefly summarise the logic behind the design of the National Electricity Market, the market servicing 88% of the Australian population. We then explore the challenges facing the National Electricity Market during its transition and emphasise key proposals aimed at reforming the consumer, or demand-side, of the market. We highlight four challenges - whether consumers will be active, whether retail markets can deliver contracts that facilitate efficient transition, whether the wholesale market will operate effectively and whether regulatory barriers can be quickly addressed.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 4","pages":"422-431"},"PeriodicalIF":1.0,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12577","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143253043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Slope of the Phillips Curve and the Optimal Average Inflation Targeting Window","authors":"Denny Lie","doi":"10.1111/1467-8462.12573","DOIUrl":"https://doi.org/10.1111/1467-8462.12573","url":null,"abstract":"<p>The slope of the Phillips curve has been shown to be flatter in recent years, including in Australia. How does this impact the optimal targeting window for a central bank conducting an average inflation targeting policy? This article shows that, in the face of the flattening of the Phillips curve, it is desirable to increase the targeting window. Doing so would lead to lower inflation fluctuations and to a non-trivial welfare gain. In a persistently higher-than-target inflation, high-interest-rate environment, this implies that the central bank should keep the nominal interest rate higher for longer.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 3","pages":"283-293"},"PeriodicalIF":1.0,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12573","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142430221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Phillips Curve in Australia in the Era of Inflation Targeting","authors":"Debdulal Mallick","doi":"10.1111/1467-8462.12576","DOIUrl":"https://doi.org/10.1111/1467-8462.12576","url":null,"abstract":"<p>Australia, like many other countries, experienced an unexpected surge in inflation following the COVID-19 pandemic. This has renewed interest in the Phillips curve because of its important implications for monetary policy. We estimate the price Phillips curve in the post-inflation targeting period using the most recent state-level data. Identification relies on variation in regional demand that policymakers do not aim to stabilize. After controlling for cost-push shocks and equilibrium unemployment, we obtain a modest slope of the Phillips curve and, more importantly, we do not find any steepening of the Phillips curve in the post-COVID period. Without correct identification, the post-COVID Phillips curve would be steeper as documented for other countries including the United States. We also find that the slope gradually decreases with the level of unemployment.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 3","pages":"272-282"},"PeriodicalIF":1.0,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12576","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142430063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Downing Lecture 2024: Where Does Wealth Come From?","authors":"Sandra E. Black","doi":"10.1111/1467-8462.12568","DOIUrl":"https://doi.org/10.1111/1467-8462.12568","url":null,"abstract":"<p><i>Recent decades have seen substantial increases in wealth inequality; this is particularly troubling given the high persistence of this inequality across generations. Yet, we have surprisingly little understanding of how and why wealth is transmitted across generations. Is this persistence driven by innate biological differences across families? Or is it driven by growing up in a different environment with access to different opportunities? In the 2024 Downing Public Lecture, Professor Sandra E. Black discusses the economics research that tries to answer this question, focusing on how one can disentangle the role of nature versus nurture</i>.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 3","pages":"213-223"},"PeriodicalIF":1.0,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12568","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142430062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Introduction to the Policy Forum on the Phillips Curve","authors":"Sarantis Tsiaplias","doi":"10.1111/1467-8462.12574","DOIUrl":"https://doi.org/10.1111/1467-8462.12574","url":null,"abstract":"<p>In the context of the current economic climate in Australia, uncertainty about future economic growth and labour market conditions feeds into uncertainty about inflation, hence the path of future interest rates. There is tension, for example, between reducing interest rates early or maintaining interest rates at a ‘higher for longer’ level. The Phillips Curve is relevant to this tension since it provides information about the sensitivity of inflation to wider economic conditions. The three articles in this forum explore the dynamics of the Phillips Curve, with a particular focus on Australia.</p><p>In the first article, Mallick uses state-level data to estimate the price Phillips Curve for Australia. A novel aspect of the research is that it examines the inflation–unemployment trade-off in Australia during the post-COVID period. Overall, the slope of the Phillips Curve with respect to unemployment is negative, albeit moderately. The article finds little evidence that the slope has steepened in the post-COVID period.</p><p>In the second article, Lie ties the Phillips Curve to monetary policy, examining the importance of the inflation targeting window when the Phillips Curve is relatively flat. Given the Reserve Bank's (RBA) inflation targeting window of 2–3 per cent, Lie argues that the RBA effectively engages in ‘average-inflation-targeting’ (AIT). Given a flat Phillips Curve, Lie presents evidence that there are welfare gains stemming from the adoption of longer targeting windows for AIT. Given current economic conditions, this suggests that it may be appropriate to adopt a slower (monetary policy) responsiveness to news about lower inflation.</p><p>In the third article, Abbas studies the role of the natural rate of interest <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mrow>\u0000 <msubsup>\u0000 <mpadded>\u0000 <mi>r</mi>\u0000 </mpadded>\u0000 <mi>t</mi>\u0000 <mo>*</mo>\u0000 </msubsup>\u0000 </mrow>\u0000 </mrow>\u0000 <annotation> ${<mpadded xmlns=\"http://www.w3.org/1998/Math/MathML\">r</mpadded>}_{t}^{* }$</annotation>\u0000 </semantics></math> on the NKPC. Evidence is provided of significant time variation in <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mrow>\u0000 <msubsup>\u0000 <mpadded>\u0000 <mi>r</mi>\u0000 </mpadded>\u0000 <mi>t</mi>\u0000 <mo>*</mo>\u0000 </msubsup>\u0000 </mrow>\u0000 </mrow>\u0000 <annotation> ${<mpadded xmlns=\"http://www.w3.org/1998/Math/MathML\">r</mpadded>}_{t}^{* }$</annotation>\u0000 </semantics></math>, and t","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 3","pages":"271"},"PeriodicalIF":1.0,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12574","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142429286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The New Keynesian Phillips Curve and \u0000 \u0000 \u0000 \u0000 \u0000 r\u0000 *\u0000 \u0000 \u0000 \u0000 ${r}^{* }$","authors":"Syed Kanwar Abbas","doi":"10.1111/1467-8462.12572","DOIUrl":"https://doi.org/10.1111/1467-8462.12572","url":null,"abstract":"<p>In this article, I argue that shifts in the natural rate of interest provide important insights for the New Keynesian Phillips Curve (NKPC). The deviation of the real interest rate from the natural interest rate (interest rate gap) captures the monetary policy stance, which is important for the dynamics of inflation and the output gap in the wake of persistent and permanent variation in the natural rate of interest. I present the evolution of the estimates of the Taylor-rule consistent- natural interest rate, and thus the associated path of the expectations of future inflation via the Fisherian relationship. The path of these two variables has implications for estimation of the NKPC.</p>","PeriodicalId":46348,"journal":{"name":"Australian Economic Review","volume":"57 3","pages":"294-301"},"PeriodicalIF":1.0,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8462.12572","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142429261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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