TEiQ - Issue 2 2020

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Practice Questions

At this stage of the year, perhaps some open-ended "which would be better" style questions would be more engaging than the generic revision exercises we normally come up with. Here are some ideas.

  1. Which would be a more effective way to reduce income inequality: a universal basic income or a progressive tax system?
  2. Which would be a more effective way to address climate change: a carbon tax or a cap-and-trade system?
  3. Which would be a more effective way to promote economic growth: a policy of free trade or a policy of protectionism?

Stage 3 Tax Cuts | ABC Q&A

Here's a great Q&A clip about the stage three tax cuts in Australia. The video discusses whether or not the tax cuts should go ahead, and if so, whether they should be delayed.

The speakers in the video are Chris Richardson, an economist, and Angus Taylor, the Minister for Finance. Richardson argues that the tax cuts should be delayed because they will be inflationary. Taylor argues that the tax cuts should go ahead because they will help to stimulate the economy.

A poll conducted by the show found that 61% of respondents believe that the tax cuts should not go ahead.

The video concludes with a discussion of the economic circumstances that would need to change in order for the government to change its position on the tax cuts.

RBA chief warns more rate rises possible, amid stubborn 'homegrown' inflation | ABC News

Reserve Bank Governor Michele Bullock has delivered a speech warning that 'persistent' domestic cost pressures could result in further interest rate rises.

A question that has come up in class a few times, from some very enthusiastic and creative thinkers has been along the lines of:

"Sir, could The RBA just tell everyone that they will drastically reduce the cash rate in 6 months time, to try to get everyone to save their money until then. Wouldn't this then bring inflation lower because consumption would surely drop. Could they try to manipulate and leverage the "expectations" aspect of the transmission mechanism."

Interesting question. 

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