Stephen Kirchner


Featured Publication

  • Eight Housing Affordability Myths 10 July 2014 | IA146
    Australians are conflicted in their attitude to this long-run change in real house prices because they are both investors in housing as an asset class and consumers of housing services. This conflicted attitude on the part of the public is…...
    Australians are conflicted in their attitude to this long-run change in real house prices because they are both investors in housing as an asset class and consumers of housing services. This conflicted attitude on the part of the public is…
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Media & Commentary

  • What the RBA really said about renting versus buying 25 July 2014
    A Reserve Bank Research Discussion Paper on whether Australian housing is over-valued attracted considerable media attention. The bottom-line was that Australian housing is currently fairly valued, but that the average household might be better off renting now if, 'as many…
    A Reserve Bank Research Discussion Paper on whether Australian housing is over-valued attracted considerable media attention. The bottom-line was that Australian housing is currently fairly valued, but that the average household might be better off renting now if, 'as many…
    read more
  • Australia mustn't jump the gun on macro-prudential policy 25 July 2014 | Business Spectator
    The Financial System Inquiry’s interim report recognised that the Reserve Bank and the Australian Prudential Regulatory Authority have considerable scope to manage risks to financial stability without greater reliance on so-called macro-prudential policies. It noted that the effectiveness of such…
    The Financial System Inquiry’s interim report recognised that the Reserve Bank and the Australian Prudential Regulatory Authority have considerable scope to manage risks to financial stability without greater reliance on so-called macro-prudential policies. It noted that the effectiveness of such…
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  • Improving housing affordability begins at home 11 July 2014
    Australia's capital house prices rose 10% last financial year, with an even stronger rise of 15% in Sydney. While seemingly a dramatic increase, it is important to look through the short-run variability in house prices to longer-run trends. On an…
    Australia's capital house prices rose 10% last financial year, with an even stronger rise of 15% in Sydney. While seemingly a dramatic increase, it is important to look through the short-run variability in house prices to longer-run trends. On an…
    read more
  • Foreign investors not to blame for high house prices 10 July 2014
    Government policies have increased demand for housing without tackling regulatory and tax barriers to new housing supply, according to a new report from The Centre for Independent Studies. 'Australia has enjoyed strong incomes, population growth and lower mortgage rates, and…
    Government policies have increased demand for housing without tackling regulatory and tax barriers to new housing supply, according to a new report from The Centre for Independent Studies. 'Australia has enjoyed strong incomes, population growth and lower mortgage rates, and…
    read more
  • Scapegoating investors won’t slow up house prices 10 July 2014 | The Australian Financial Review
    Australia’s capital house prices rose 10 per cent last financial year, with an even stronger rise of 15 per cent in Sydney. While seemingly a dramatic increase, it is important to look past the short-run variability in house prices to longer-run trends.…
    Australia’s capital house prices rose 10 per cent last financial year, with an even stronger rise of 15 per cent in Sydney. While seemingly a dramatic increase, it is important to look past the short-run variability in house prices to longer-run trends.…
    read more

Publications

  • Budget 2014-15: Fiscal responsibility or savage cuts? 16 May 2014 | SP13
    The CIS analyses the Abbott government’s crucial first budget, including significant changes in the key policy areas of health, tax measures, welfare and education.        
    The CIS analyses the Abbott government’s crucial first budget, including significant changes in the key policy areas of health, tax measures, welfare and education.        
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  • Submission to the National Commission of Audit 01 April 2014 | T30.08
    The federal government’s Commission of Audit (CoA) was established in 2013 to review the performance and role of government. This publication is an edited version of the CIS submission to the CoA listing practical solutions aimed at cutting government expenditure. The government should adopt a dual approach to its review…...
    The federal government’s Commission of Audit (CoA) was established in 2013 to review the performance and role of government. This publication is an edited version of the CIS submission to the CoA listing practical solutions aimed at cutting government expenditure. The government should adopt a dual approach to its review…
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  • Strengthening Australia’s Fiscal Institutions 12 December 2013 | T30.06
    The deterioration in the federal government’s fiscal position reflects a failure to adhere to a rules-based framework for fiscal policy to guide spending and tax decisions. Fiscal policy has been distracted by the pursuit of macroeconomic stabilisation objectives that are inconsistent with the institutional design of Australia’s overall macroeconomic policy…...
    The deterioration in the federal government’s fiscal position reflects a failure to adhere to a rules-based framework for fiscal policy to guide spending and tax decisions. Fiscal policy has been distracted by the pursuit of macroeconomic stabilisation objectives that are inconsistent with the institutional design of Australia’s overall macroeconomic policy…
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  • Time to Dump Australia’s Anti-Dumping System 05 June 2013 | IA141
    Customs Act This report argues that Australia should instead scrap its anti-dumping and countervailing system, in addition to other forms of trade protection and industry assistance....
    Customs Act This report argues that Australia should instead scrap its anti-dumping and countervailing system, in addition to other forms of trade protection and industry assistance.
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  • Compulsory Super at 20: Libertarian Paternalism’ Without the Libertarianism 04 December 2012 | PM132
    Australia’s approach to retirement incomes policy has three pillars: means-tested age pension, compulsory superannuation, and voluntary saving. The key issue for public policy is whether compulsory super is the best way of improving retirement incomes and reducing future demands on the federal budget from an ageing population compared to alternative policy…...
    Australia’s approach to retirement incomes policy has three pillars: means-tested age pension, compulsory superannuation, and voluntary saving. The key issue for public policy is whether compulsory super is the best way of improving retirement incomes and reducing future demands on the federal budget from an ageing population compared to alternative policy…
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  • Future Funds or Future Eaters? The Case Against a Sovereign Wealth Fund for Australia 20 February 2012 | PM126
    This paper considers the arguments for and against greater use of a sovereign wealth fund in Australia. It argues that the existing Future Fund is unnecessary and that greater use of a sovereign wealth fund would harm Australia’s future prosperity. Robert Carling is a Senior Fellow at The Centre for…...
    This paper considers the arguments for and against greater use of a sovereign wealth fund in Australia. It argues that the existing Future Fund is unnecessary and that greater use of a sovereign wealth fund would harm Australia’s future prosperity. Robert Carling is a Senior Fellow at The Centre for…
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  • Taxploitation II: Tax Reform for Incentive,Productivity and Economic Growth 13 July 2011 | R12
    This volume brings together papers on different aspects of tax reform published by the CIS over the past five years. In part, these papers review developments in tax reform since the publication of a similar volume – Taxploitation – by the CIS in 2006. The general finding is that against…...
    This volume brings together papers on different aspects of tax reform published by the CIS over the past five years. In part, these papers review developments in tax reform since the publication of a similar volume – Taxploitation – by the CIS in 2006. The general finding is that against…
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  • Why Does Government Grow? 13 April 2011 | PM117
    This paper examines some of the stylised facts in relation to the growth of government in the Western world generally, and Australia in particular. It then reviews some of the main theories advanced to explain long-term growth in the size of government. Existing theory and evidence provide only partial explanations…...
    This paper examines some of the stylised facts in relation to the growth of government in the Western world generally, and Australia in particular. It then reviews some of the main theories advanced to explain long-term growth in the size of government. Existing theory and evidence provide only partial explanations…
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  • Shooting the Messenger: The Ban on Short Selling 01 February 2010 | PF19
    In September 2008, governments around the world instituted bans on the short sale of equity securities.  In Australia, the ban went further and lasted longer than in other comparable countries.  These papers explore the pros and cons on short selling in the Australian context.  Short selling promotes marker liquidity and…...
    In September 2008, governments around the world instituted bans on the short sale of equity securities.  In Australia, the ban went further and lasted longer than in other comparable countries.  These papers explore the pros and cons on short selling in the Australian context.  Short selling promotes marker liquidity and…
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  • Reforming Capital Gains Tax: The Myths and Reality behind Australia’s Most Misunderstood Tax 12 November 2009 | PM103
    Capital gains tax (CGT) has been a feature of the Australian tax system since 1985. The reforms instituted by the Ralph Business Taxation Review in 1999 sought to alleviate one of the world’s highest capital gains tax burdens that resulted from Australia’s then internationally anomalous taxation of capital gains at…...
    Capital gains tax (CGT) has been a feature of the Australian tax system since 1985. The reforms instituted by the Ralph Business Taxation Review in 1999 sought to alleviate one of the world’s highest capital gains tax burdens that resulted from Australia’s then internationally anomalous taxation of capital gains at…
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  • Fiscal Fallacies : The Failure of Activist Fiscal Policy 14 October 2009 | PF18
    The global financial crisis that emerged in 2007 has turned into a major, worldwide economic downturn more serious than any since the Great Depression of the 1930s. The financial and economic crisis has seen considerable debate about its origins and consequences, as well as the responses of policymakers. The crisis…...
    The global financial crisis that emerged in 2007 has turned into a major, worldwide economic downturn more serious than any since the Great Depression of the 1930s. The financial and economic crisis has seen considerable debate about its origins and consequences, as well as the responses of policymakers. The crisis…
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  • Bubble Poppers: Monetary Policy and the Myth of ‘Bubbles’ in Asset Prices 28 March 2009 | PM 93
    Since the boom and bust in technology stock prices around the turn of the century, there has been growing debate about the role of asset prices in the conduct of monetary policy. This debate has become even more salient in the wake of the recent boom and bust in the…...
    Since the boom and bust in technology stock prices around the turn of the century, there has been growing debate about the role of asset prices in the conduct of monetary policy. This debate has become even more salient in the wake of the recent boom and bust in the…
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  • Capital Xenophobia II 23 November 2008 | PM88
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  • Government Intervention in Mortgage Finance: The Case Against 'AussieMac' 08 September 2008 | IA99
    The sub-prime mortgage crisis in the United States that began in August 2007 has had far-reaching consequences for global capital markets. For a small and open economy like Australia’s, the price of capital is largely determined in these global markets, so wholesale funding costs for Australian financial intermediaries have increased…...
    The sub-prime mortgage crisis in the United States that began in August 2007 has had far-reaching consequences for global capital markets. For a small and open economy like Australia’s, the price of capital is largely determined in these global markets, so wholesale funding costs for Australian financial intermediaries have increased…
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  • Reforming Central Banking 01 March 1997 | PM36
     
     
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