Australia must have a new macroeconomic framework
Three key areas of economic policy â fiscal, monetary, and climate change â must all be made to talk to each other.
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The outbreak of the COVID-19 pandemic has been a significant shock to the global economy. There will be ongoing significant structural change and macroeconomic stress in all countries due to the pandemic. In addition to these disruptions, the primary greenhouse-gas-emitting countries will be undertaking significant global action on climate change.
The pandemic was an unexpected shock. Climate change and climate policy are known shocks that can have an even more substantial impact on economic structures and macroeconomic stability.