Luci Ellis, Assistant Governor in Economics at The Reserve Bank of Australia recently gave a speech at the Stan Kelly Lecture in Melbourne.
The impressive economist discussed how the Australia of today is less inward-looking and more flexible in the face of the considerable shocks that can occur. Lucie believes that by the removal of the tariff wall and the associated regulatory restrictions has enabled higher living standards and made the economy more resilient. As a nation, is far better off for it.
However, she did identify challenges, which are present for any small, open economy. Around the world, the policy conversation is turning to issues of inequality and inclusion. And rightly so: liberalisation and reform are not ends in themselves. The focus must be on the end goal, the welfare of the population. If a specific reform doesn't deliver that, it ought to be modified, whether through explicit safety nets or other means.
Her speech included a discission on the Kellys' legacies, parallels with the current situation and growth in the aftermath of the mining investment boom.
Read Luci's full speech from the Stan Kelly Lecture here.
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