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Tony Makin

Policy report

The MMT hoax

Economic history teaches us that sharply deteriorating macroeconomic conditions create a vacuum for alternative policy-oriented frameworks to emerge. This paper evaluates the macroeconomic worth of Modern Monetary Theory (MMT) and concludes that adhering to the policy prescriptions of MMT would lead to disastrous macroeconomic consequences...
Policy report

Lower company tax to resuscitate the economy

This paper argues that ongoing policy initiatives focused on governments borrowing in order to stimulate the economy, particularly through consumer spending, will fail to revitalise the long-term productive capacity of the Australian economy.
Policy report

A fiscal vaccine for COVID-19

This paper argues that Australia's fiscal response to the COVID-19 pandemic leaves an economically threatening legacy of high budget deficits and public debt.

The effectiveness of federal fiscal policy: a review

Australia has experienced one of the fastest rises in public debt in the world since the Global Financial Crisis (GFC) and federal budget deficits have persisted for longer than previous fiscal stimulus episodes in the 1980s and 1990s. This paper briefly introduces a range of...