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Welcome to QETA Newsletter 16 2015.
The first requisite of a sound monetary system is that it put the least possible power over the
quantity or quality of money in the hands of the politicians. - Henry Hazlitt
QETA 2016 CALENDAR OF EVENTS
28 February
7 March
7 March
8 March
9 March
10 March
10 March
31 March
11 April
14 May
11 July
21 July
22 July
25-29 July
25-29 July
12 September
3 October
12 October
2016 Subscription Due
RBA Seminar 1 Cannon Hill Anglican College 11am
RBA Seminar 2 Brisbane Girls Grammar School 4pm
RBA Seminar 3 Toowoomba Grammar School 9am
RBA Seminar 4 Gold Coast 9.30am - venue to be advised
RBA Seminar 5 Cavendish Road State High School 7am
RBA Seminar 6 Marist College Ashgrove 9.30am
Final date for discounted memberships
Econopak 1 Published
QETA Conference – venue to be advised
Econopak 2 Published
UQ Student Day
QUT Student Day
UQ Student Economics Competition
Economics Week
UQ Student Economics Competition Presentation of Prizes
Econopak 3 Published
AGM
QETA NEWS
1. HOLIDAYS
QETA wishes all its members a happy holiday season. No doubt you have had a busy year and are looking
forward to the extended break. Have a Merry Christmas and a Happy New Year, and QETA looks forward
to seeing you next year!
2. MEMBERSHIP
Don’t forget that you can rejoin QETA at any time. Simply log in using your email and password and
REJOIN following the steps. The alternative is that an invoice will be automatically emailed to you in
January.
RESOURCES
1. FROM THE ABS
5302.0 Decrease in current account deficit (Media Release), Sep 2015
http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/1BC434D146B7F511CA257EB2001
133A1?OpenDocument
8731.0 Building Approvals, Australia (Media Release), Oct 2015
http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/B4669E44CACBB1D5CA257E38001
BDFC5?OpenDocument
5302.0 Balance of Payments and International Investment Position, Australia, Sep 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/5302.0?OpenDocument
5519.0.55.001 Government Finance Statistics, Australia, September Quarter 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/5519.0.55.001?OpenDocument
8731.0 Building Approvals, Australia, Oct 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/8731.0?OpenDocument
6321.0.55.001 Industrial Disputes, Australia, Sep 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/6321.0.55.001?OpenDocument
5206.0 Australian economy grows 0.9 per cent (Media Release), Sep 2015
http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/1AB7DE51F7FCAA46CA257E58001
49A70?OpenDocument
5206.0 Australian National Accounts: National Income, Expenditure and Product, Sep 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/5206.0?OpenDocument
5302.0 Balance of Payments and International Investment Position, Australia, Sep
2015 (Additional Information)
http://www.abs.gov.au/ausstats/[email protected]/mf/5302.0?OpenDocument
8501.0 Retail Trade, Australia, Oct 2015
http://www.abs.gov.au/ausstats/[email protected]/mf/8501.0?OpenDocument
2. FROM THE IMF
IMF Survey: Chinese Renminbi to Be Included in IMF’s Special Drawing Right Basket The Chinese
currency renminbi (RMB) is to be included in the basket of currencies which make up the IMF’s Special
Drawing Right, or SDR.
http://www.imf.org/external/pubs/ft/survey/so/2015/new120115a.htm
Finance and Development -- December 2015: Powering the Planet
This issue looks at the challenges of balancing the massive demand for sufficient energy to power
economic growth and development with the urgent need to sharply reduce carbon emissions, a chief
contributor to climate change.
 Despite the tensions between growth and a more sustainable mix of energy sources, Nicholas Stern
of the London School of Economics argues the twin challenges of fighting poverty and climate
change are not mutually exclusive.
 The ILO’s Peter Poschen and Worldwatch Institute’s Michael Renner say we need not choose
between green and jobs.
 IMF economist Ian Parry argues now is an opportune time to set a price for carbon that reflects its
true costs.
 An analysis of the four major declines in oil prices in the past 30 years finds the most recent
collapse may portend a long period of low prices.
Elsewhere in this issue, Paul Collier and coauthors look at the costs of treating and preventing HIV/AIDS in
Africa. F&D examines the high penalty countries pay when they default on sovereign debt; the negative
effect elections have on intelligent decision making about public investment; the increasingly common
practice of offering citizenship “for sale;” how a shortage of sand is hindering development; and China’s
investment in Africa. F&D’s People in Economics series profiles LSE’s Richard Layard, who says economics
has strayed too far from its original purpose of promoting happiness and maximizing well-being, and Back
to Basics explains game theory.
http://www.imf.org/external/pubs/ft/fandd/2015/12/index.htm
IMF Survey : Monetary Policy in Developing Countries: The Way Forward Many low- and lowermiddle income countries are seeking to implement modern monetary policy frameworks that better anchor
inflation and promote macroeconomic stability and growth, according to a new study from the
International Monetary Fund.
http://www.imf.org/external/pubs/ft/survey/so/2015/pol120315a.htm
3. FROM WORLD BANK
COP21: Leaders Declare Support for Carbon Pricing
In a remarkable show of unity on the first day of the climate talks in Paris, six heads of state and
government and the leaders of the World Bank Group and the International Monetary Fund today called on
companies and countries to follow up on their ambitions for Paris by putting a price on carbon to drive
investment for a cleaner, greener future. Read More »
$500 Million to Boost Climate Action | Development Banks Vow to Mobilize Resources | Reducing Weather
Risks | TerrAfrica Boosts Land Resilience | Saving Tunisia’s Oases
OPINION
Keep Climate Change from Impoverishing Millions
4. FROM THE RBA
The Reserve Bank of Australia issued the Index of Commodity Prices for November 2015. You can view
this statistical release at:
http://www.rba.gov.au/statistics/frequency/commodity-prices/2015/icp-1115.html
The outcome of the Reserve Bank Board meeting is now available on the Bank’s home page at:
http://www.rba.gov.au/
The Reserve Bank of Australia has released the December 2015 issue of the Chart Pack.
You can view the Chart Pack at:
http://www.rba.gov.au/chart-pack/index.html
An address delivered by Glenn Stevens, to an Australia-Israel Chamber of Commerce (WA)
breakfast event in Perth, is available on the Reserve Bank website.
http://www.rba.gov.au/speeches/2015/sp-gov-2015-12-02.html
5. FROM THE BUSINESS SPECTATOR
OECD eyes Australia's light tax burden
4 Dec 2015 | 12:56 AM | AAP
Report says tax system relies too much on personal and corporate taxes, urges shake-up.
Solid GDP, but a rate cut is coming
2 Dec 2015 | 4:19 PM | Shane Oliver
The economy is finding sources of growth to offset the slump in mining investment, but it will likely need
more help from monetary easing next year.
A blueprint for Australia’s economic future
3 Dec 2015 | 11:11 AM | Peter Bradd
Australia urgently needs to create an innovation workforce.
How to design a fair GST increase
7 Dec | 9:26 AM | & Wood & Parsonage
Raising or broadening the GST is one of the least economically damaging ways to boost revenue
collections, but its regressive impact is a sticking point.
Aust manufacturing less competitive
7 Dec 2015 | 12:31 AM | AAP
Deloitte says industry could continue to get less productive over the next five years.
How globalisation has hemmed in the central banks
4 Dec | 5:23 PM | Claeys & Guntram B. Wolff
Increasing integration of the global economy is acting as a drag on inflation and constraining central
banks' ability to assert control over monetary policy outcomes.
Why DFAT is wrong on the opportunity cost of FTAs
4 Dec | 11:34 AM | Leon Berkelmans
When weighing the benefits of signing up to trade agreements, Australian policymakers are making a
fundamental mistake.
6. FROM ECONOMY WATCH
Indian Economy Continues to Make Progress
According to official data, the Indian economy grew 7.4 percent year-on-year in the previous quarter,
surging past China, according to AFP. This marks the third quarter in which India posted growth above 7
percent, outperforming China within each quarter.
Read More
7. FROM POPULATION MATTERS
Population awareness
Our Chief Executive Simon Ross has written an article published in Chinadialogue on the link between high
birth rates and carbon emissions. Simon emphasized the link between coal usage and increasing
population, both of which are contributors to high levels of greenhouse gas emissions
8. FROM THE WEALTH ACADEMY
Head burying regarding personal finance
A recent Huffington Post article Finance Tips for 20s, 50s and beyond stated that Australians are said to
have a not-so-hidden talent at ‘head burying’ when it comes to being savvy in the world of personal
finance.
Read more
9. FROM MANNKAL FOUNDATION
Australia's Middle Class Welfare Problem
The IPA's Dr Mikayla Novak explains Australia's welfare problem. From the $307 billion spent on social
services and welfare, $23 billion is awarded to the top 20% of income earners. This is further impeding
Australia's deficit issues. MORE> > >
10. FROM GAPMINDER
Don't Panic, extreme poverty can be eradicated in 15 years!
The United Nations just announced their boldest goal ever: To eradicate extreme
poverty for all people everywhere by 2030.
Has the UN gone mad in thinking that this is possible?
Watch the newly released documentary Don't Panic - End Poverty to understand
how billions of people have already managed to leave extreme poverty - and how
billions more can do the same in the coming decades.
Don't Panic - End Poverty ©Wingspan Productions for BBC, 2015.
Come and see how everybody lives!
Around the world, people live very different lives. But when it comes to how they
organize their homes, their income level is much more important than where they
live.
By comparing photos and videos of families on different continents, and from
different income levels, you can see that the ways of cooking, the tools for
toothbrushing, the beds where you sleep and even the building material correlates
with income level much more than geography or culture.
Gapminder is systematically collecting photos and videos of 200 household objects from homes around the
world. The result is Dollar Street - a new visual teaching framework for understanding how everyone lives.
Anna Rosling Rönnlund presents the project in her new TED Talk - Aha! Now I Get How Everybody Lives!
Soon you will be able to add your own home to these global comparisons - Stay tuned to
https://www.facebook.com/gapminderdollarstreet
Gapminder Answers
A fact-based worldview starts with getting the big picture right. In the project
Gapminder Answers we ask and answer basic questions about global issues and
macro trends - in less than 90 seconds. Check it out at www.gapminder.org/answers
We're creating videos, slideshows, exercises and visualizations that can be easily
adapted and translated. The link above leads to our pilot material.
Gapminder Answers is a part of the free school material that we're developing in
order to systematically fight ignorance about the world and help all students to
leave school with a fact-based world view.
You are part of this mission! So please spread this material in any way you want and feel free to give us
your opinion by writing to [email protected].
11. FROM TUTOR2U
Blog | Climate Change Summit - a chance for some Quantitative Methods!
You may have already read Ruth's blog this morning on COP21 and, of course, you will see it mentioned in
many news broadcasts over the coming days. Teachers of A Level Economics will know that pollution and,
particularly global warming created by greenhouse emissions, is the single biggest example of negative
externalities that a student can use. Pollution and global warming is a common theme, particularly in AS
exams as the only real way of dealing with the problem is full government intervention just as is occurring
this week (with a perfect opportunity to discuss government failure at the same time!). The reason why it
so important, in terms of attempting to keep global warming at the internationally recognized 2 degrees
above the natural temperature can be viewed in the video below. I also thought that this was an ideal
opportunity to re-iterate my frequent piece of advice for teachers about looking for ways of discussing and
using quantitative methods in your classes at every opportunity given that 15% of marks are for use of
such skills (20% for the full A level). The resource below is a quick exercise in just that - working out the
mean, median and mode from some statistics regarding the 10 largest emitters of greenhouse gases. The
exercise is very quick but does give teachers a chance to discuss externalities and then check a decent
understanding of the mathematical terminology. Click here to download the activity sheet 'Global Climate
Change Summit.doc'.
Read more →
Blog | Zambia strives to turn natural wealth into human wealth
Posted by on 22 November, 2015
This is a truly superb resource on the patterns of exports and imports for each country in the world.
Zambia features heavily in the F585 case study as an exemplar of a country seeking to move beyond
heavy dependence on copper mining and sustain higher levels of per capita income and development. How
best can it turn resource wealth into human wealth?
Read more →
Blog | Joseph Stiglitz | The State of the Market Explained
In this video Nobel laureate Joseph Stiglitz discusses the importance of finding the right balance between
the state and the market, the discussion on governance as well as the role of economists in development
debate.
Read more →
Blog | Human Development | The Last 30 Years and the Next 30
In this short and very accessible interview Frances Stewart, University of Oxford, discusses the past,
present and future of human development through her research on the subject.
Read more →
Blog | Climate Change | The Last 30 Years and the Next 30
In this interview Channing Arndt explores how developing countries will undergo the development process
amid the threat of climate change. Furthermore he discusses the potentials for the creation of a panAfrican energy grid using renewable energy.
Read more →
Blog | International Trade Infographics
There are some super graphics that provide a stimulating insight into the pattern of international trade
from The Economist.
Read more →
Blog | Productive Efficiency: How Amazon gets packages to you
Amazon's investment in robots to improve efficiency at many of their hub distribution centres in the USA
and overseas is emphasised in this superb two minute video clip - a perfect lesson accompaniment when
discussing logistics.
Read more →
Doug Cave
QETA Secretary/Treasurer
[email protected]
http://www.qeta.com.au
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