Reforming Fiscal Responsibility Legislation

Kirchner, SI

Reforming Fiscal Responsibility Legislation

Kirchner, SI

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Publisher:: Economic Society of Australia
Publication Type:: Journal Article
Citation:: Economic Papers, 2011, 30 (1), pp. 29 - 32
Issue Date:: 2011-01

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Field	Value	Language
dc.contributor.author	Kirchner, SI	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	Economic Papers, 2011, 30 (1), pp. 29 - 32	en_US
dc.identifier.issn	0812-0439	en_US
dc.identifier.uri	http://hdl.handle.net/10453/18871
dc.description.abstract	Monetary and fiscal rules are complementary. Whereas monetary policy and monetary institutions have been reformed in line with developments in modern macroeconomics, fiscal policies and institutions have not kept pace with these developments. Murrays (2008) review of Australias existing fiscal responsibility legislation, the Charter of Budget Honesty, has pointed out significant shortcomings. This paper outlines a proposal by Carling and Kirchner (2009) to reformAustralias fiscal responsibility legislation. It proposes three fiscal policy rules that are designed primarily to tie-down expectations in relation to the long-run path of the Commonwealth governments net debt. It also proposes the establishment of an independent Fiscal Commission to monitor and enforce compliance with the rules and to improve the transparency, independence and accountability of the federal budget process. The proposal aims to give politicians the commitment technology they need to address the fiscal challenges posed by an aging population and innovations in the terms of trade.	en_US
dc.publisher	Economic Society of Australia	en_US
dc.relation.ispartof	Economic Papers	en_US
dc.title	Reforming Fiscal Responsibility Legislation	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	30	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
utslib.for	1402 Applied Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.issue	1	en_US
pubs.volume	30	en_US

Abstract:

Monetary and fiscal rules are complementary. Whereas monetary policy and monetary institutions have been reformed in line with developments in modern macroeconomics, fiscal policies and institutions have not kept pace with these developments. Murrays (2008) review of Australias existing fiscal responsibility legislation, the Charter of Budget Honesty, has pointed out significant shortcomings. This paper outlines a proposal by Carling and Kirchner (2009) to reformAustralias fiscal responsibility legislation. It proposes three fiscal policy rules that are designed primarily to tie-down expectations in relation to the long-run path of the Commonwealth governments net debt. It also proposes the establishment of an independent Fiscal Commission to monitor and enforce compliance with the rules and to improve the transparency, independence and accountability of the federal budget process. The proposal aims to give politicians the commitment technology they need to address the fiscal challenges posed by an aging population and innovations in the terms of trade.

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http://hdl.handle.net/10453/18871