 | Author's Name: Markus Brueckner Date: Tue 04 May 2021 |
Markus Brueckner
Professor Markus Brueckner
Markus Brueckner is Professor in the Research School of Economics of the Australian National University. He is an Australian Research Council Future Fellow. In 2020 he received the Young Economist Award from the Economic Society of Australia.
Markus has broad research interests in macroeconomics. His primary research field is economic growth and development; secondary research fields are international economics and political economy. Markus has published widely in leading international journals and regularly acts as a referee in the peer review process of these journals. Markus's endeavor is to conduct research that provides a bridge between academics and policy makers; combines empirical analysis with theory; and stimulates the interests of a broad audience of students in Economics.
Through his publications, Markus has made a significant impact on the profession. In REPEC he has been consistently ranked among the top 5 authors worldwide in the 2010 PhD cohort during the past 5 years. His publications have been referenced in all of the leading journals of his fields, as well as all of the leading general interest journals, including American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics, and Review of Economic Studies.
Markus has been engaged in numerous consulting projects for the International Monetary Fund and the World Bank. He has advised these institutions on a wide range of issues relating to economic growth in developing economies. Markus provided advice on both general issues such as, what is the role of state ownership on the impact that natural resources have on economic growth; as well as country- and region-specific issues relating to economic growth in Latin America and the Carribean, the Russian Federation, Middle East and North Africa, East Africa, and South-East Asia.
Markus has also been engaged with Australia's Commonwealth Departments. He was a Macroeconomic Advisor in the Macroeconomic Modelling and Policy Division of the Australian Treasury. As a member of a team put together by the Australian Department of Foreign Affairs and Trade in a joint project with the IMF, he gave lectures on the macroeconomic management of natural resources at the Africa Training Institute in Mauritius.
Responses (20)
Housing Reform
Poll 65
Panellists are unanimous in believing Australia’s housing market is in crisis.
Offered a choice of 14 measures identified by the Economic Society of Australia as likely to restrain prices for buyers and renters, none of the 49 leading economists polled picked: “do nothing, the market will determine appropriate prices”.
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Ease planning restrictions, Fast-track immigration of home-builders
Budget 2024
Poll 64
Panelists were asked to comment on two questions:
Is the budget likely to achieve its aim of getting inflation back within the RBA target band by the end of this year and back to 2.75% by mid next year?
And
On May 14, the government delivered a budget designed, in the Treasurer's words, to "focus on fighting inflation in the near term and then growth in the medium term " - What grade would you give the budget, given that objective? A, B, C, D, E or F
Wes Mountain/The Conversation, CC BY-ND https://creativecommons.org/licenses/by-nd/4.0/
NOT SURE A significant part of inflation in Australia is determined by events overseas (such as what happens to monetary policy in major economies such as the United States and Eurozone, and shocks to supply chains and oil). Inflation has come down in the US significantly, but it remains to be seen how events in the Middle East and geopolitical fragmentation develop in the future.
B
Western Australian GST deal
Poll 63
April Poll - panellists were asked about the GST deal with Western Australia. The following two questions were posed:
"Is the long-standing arrangement broadly the best method of distributing the nationally-collected GST revenue?" and "Should the 2018 changes be kept or scrapped?"
YES -
Kept
Reintroduction of the Carbon Price
Poll 61
Worried economists call for a carbon price, a tax on coal exports, and ‘green tariffs’ to get Australia on the path to net zero
Introduce an economy-wide cap and trade carbon price
Increase the carbon price presently paid by big polluting facilities via the safeguard mechanism
We can and should keep unemployment below 4%, says our survey of top economists
Poll 60
Australia’s leading economists believe Australia can sustain an unemployment rate as low as 3.75% – much lower than the latest Reserve Bank estimate of 4.25% and the Treasury’s latest estimate of 4.5%.
increasing enrolments in tertiary education, reducing taxes and regulations facing businesses, relaxing industrial relations regulation to allow for greater "flexibility" (as defined by employers)
Budget 2023
Poll 59
Our panellists were asked the following 2023 budget question: "On May 9, the government delivered a budget designed, in the Treasurer's words, to strike a balance between relief, repair and restraint'. What grade would you give the budget, given that objective: A, B, C, D, E or F?"
Wes Mountain/The Conversation, CC BY-ND - https://creativecommons.org/licenses/by-nd/4.0/
Overall rating: F - Keeping inflationary pressures in check: F
F
How economists would raise $20 billion per year
Poll 58
When panellests were asked to find an extra A$20 billion per year to fund government priorities like building nuclear submarines and responding to climate change, Australia’s top economists overwhelmingly back land tax, increased resource taxes, an attack on negative gearing and extending the scope of the goods and services tax.
Photo credit by Joshua Hoehne on Unsplash
Efficiency picks: Introduce inheritance taxes Equity picks: Introduce inheritance taxes
Leading economists back Federal Government action to curb rising gas and electricity prices
Poll 57
Australia’s top economists have overwhelmingly endorsed intervention to restrain gas and electricity prices, with only three of the 47 leading economists surveyed believing the best thing the government can do is to leave things to the market.
Photo credit: Wes Mountain/The Conversation, CC BY-ND
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Government should not intervene
Is education or immigration the answer to our skills shortage? We asked 50 economists
Poll 56
Investing in Australians’ education is far more important than immigration in resolving the nation’s skills shortages, according to leading economists surveyed in the lead-up to this week’s jobs and skills summit.
The 50 top Australian economists polled by the Economic Society of Australia and The Conversation are recognised by their peers as leaders in their fields, including economic modelling, labour markets and public policy.
Wes Mountain/The Conversation, CC BY-ND
Education and skills Broader reforms to promote productivity Macroeconomic policy
'It’s important not to overreact’: Australia’s top economists on how to fix high inflation
Poll 55
Australia’s top economists are divided about how to tackle ballooning inflation of 6.1% that’s forecast to climb to a three-decade high of 7.75% by the end of the year.
Wes Mountain/The Conversation, CC BY-ND
Wind back government spending
8%
Prioritising issues for the incoming Government
Poll 54
Panellists were asked:
"From this list, please pick the three issues you think will be the most important for the incoming government and should be the most important in the election".
Wes Mountain/The Conversation, CC BY-ND
.
Intake of permanent migrants
Poll 52
"What do you think the intake of permanent migrants should be in coming years"
Australia’s leading economists have overwhelmingly endorsed a return to the highest immigration intake on record, saying Australia should aim for at least 190,000 migrants per year as it opens its borders, up from the target of 160,000 per year set ahead of COVID.
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
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190,000 is not enough
Top Economists see no prolonged high inflation, no rate hike next year (Q4)
Poll 51
Our panellists were asked whether rate hikes would be necessitated in the United States, Britain and Australia.
Despite appearances – especially in the United States – the era of high inflation isn’t set for a comeback in the view of Australia’s leading economists, and most see no need for the Reserve Bank to lift interest rates next year.
Question 4
"Following the next Federal election, the incoming Federal Government should commission an independent Review of the Reserve Bank of Australia."
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
Agree
Top Economists see no prolonged high inflation, no rate hike next year (Q3)
Poll 51
Our panellists were asked whether rate hikes would be necessitated in the United States, Britain and Australia.
Despite appearances – especially in the United States – the era of high inflation isn’t set for a comeback in the view of Australia’s leading economists, and most see no need for the Reserve Bank to lift interest rates next year.
Question 3
"The Reserve Bank has, over the past 5 years, effectively used the tools available to it to achieve its goals of "maintaining the stability of the currency, ensuring full employment and furthering the 'economic prosperity and welfare of the people of Australia'."
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
Agree
10
Top Economists see no prolonged high inflation, no rate hike next year (Q2)
Poll 51
Our panellists were asked whether rate hikes would be necessitated in the United States, Britain and Australia.
Despite appearances – especially in the United States – the era of high inflation isn’t set for a comeback in the view of Australia’s leading economists, and most see no need for the Reserve Bank to lift interest rates next year.
Question 2
"When do you expect the Reserve Bank of Australia to next lift its cash rate?"
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
.
5
2022
Top Economists see no prolonged high inflation, no rate hike next year (Q1)
Poll 51
Our panellists were asked whether rate hikes would be necessitated in the United States, Britain and Australia.
Despite appearances – especially in the United States – the era of high inflation isn’t set for a comeback in the view of Australia’s leading economists, and most see no need for the Reserve Bank to lift interest rates next year.
Question 1
"The current combination of Australian fiscal and monetary policy poses a serious risk of prolonged above-target inflation."
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
Agree
5
Australia’s top economists back carbon price, say benefits of net-zero outweigh cost
Poll 50
Ahead of November’s Glasgow climate talks, our panellists were asked
"Australia would likely benefit overall from the national economy transitioning to net-zero emissions by 2050"
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
An economy-wide carbon price (either via a cap-and-trade scheme or an emissions tax)
Agree
Promoting vaccination uptake in Australia
Poll 49
"What measures should Australian governments adopt to promote demand for vaccination once supply is no longer a constraint?"
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
Mandatory vaccination for higher risk occupations;Cash incentives for vaccination;Vaccine passports for higher-risk settings (eg. flights, restaurants, major events);National advertising campaigns
Policies to deliver higher wage growth
Poll 48
Our panellists were asked
"Higher wages growth is now a top priority of the RBA in its efforts to sustain stronger economic growth. Please identify the three of these government policies you think would best help deliver higher wages growth".
Photo credit "Wes Mountain/The Conversation, CC BY-ND"
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Measures to boost productivity growth;Measures to boost business investment;Cutting taxes in order t
The Federal Budget May 2021
Poll 46
"On May 11, the government delivered a budget designed, in the Treasurer's words, to 'secure Australia's economic recovery and build for the future'. What grade would you give the budget given that objective, A, B, C, D, E, F?"
Photo credit Wes Mountain/The Conversation, CC BY-ND
.
A