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Press Release No. 4 2010 - Treasury Economic Roundup: Issue 2 2010

Date:

Saturday, 3 July 2010

Content ID:

1847

Abstract:

Issue 2, 2010 of the Treasury Economic Roundup contains four recent speeches by members of Treasury's Executive Board and a number of research articles prepared by Treasury staff.

The first three speeches were delivered by Dr Ken Henry AC, Secretary to the Treasury, including; a post‑Budget address on Fiscal policy and the current environment to the Australian Business Economists; a speech on The Australian financial system – emerging from the Global Financial Crisis to the 2010 Count Financial Conference; and an address on The value of the environment to the Environment Business Australia Forum.  The fourth speech was delivered by Mr Jim Murphy, Executive Director, Markets Group, entitled An overview of transport investment and government policy to the Urban Transport World Australia 2010 Conference.

The first article analyses trends in China's growth, urbanisation and mineral resource demand. It compares China’s experience in recent decades with that of other Asian emerging economies over the past half-century, and seeks to put the recent surge in Chinese growth and urbanisation in a longer-term perspective.  The article concludes that, since the convergence of China’s level of economic activity and urbanisation with those of more developed countries is far from complete, China will continue to be a major source of demand for mineral resources for some time to come.

The second article examines tax expenditures considerations for owner‑occupied housing, and discusses the issues involved in modelling and analysing these expenditures. The approach used considers various aspects of owner‑occupied housing, including capital gains, imputed rent, interest deductions and capital works deductions and miscellaneous deductions.

The third article examines disparities in average rates of company tax across industries. The article finds that the average tax rate is relatively high in the finance and insurance industry and relatively low in the most capital‑intensive industries, such as electricity, gas and water, and mining.

A regular report summarising the outcomes of Treasury’s Business Liaison Program is also included. 

The final article is the thirteenth in a series of biographies of Australia's federal treasurers.  James Scullin had the misfortune to become Prime Minister two days before the Wall Street Crash, taking over as Treasurer for some months while Ted Theodore attempted to clear his name of corruption allegations. While supportive of Theodore's proto-Keynesian ideas, Scullin was forced by political realities to agree to the contractionary 'Premiers Plan'.

The contents of the Economic Roundup: Issue 2, 2010  are provided under embargo until 12.01am on Saturday 3 July.

CANBERRA, ACT
3 July 2010

Contact: Leonie Holloway
Domestic Economy Division
Telephone: (02) 6263 3394

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Economic Roundup Issue 2, 2010 - 3/07/2010
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