NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Wilson Au-Yeung

Langton Crescent
Canberra ACT 2600, Australia
Australia

E-Mail: ayw@treasury.gov.au
Institutional Affiliation: Australian Treasury

NBER Working Papers and Publications

October 2007Australian Government Balance Sheet Management
with Jason McDonald, Amanda Sayegh
in Fiscal Policy and Management in East Asia, Takatoshi Ito and Andrew K. Rose, editors
June 2006Australian Government Balance Sheet Management
with Jason McDonald, Amanda Sayegh: w12302
Since almost eliminating net debt, the Australian Government%u2019s attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation. Australia will be developing a significant financial asset portfolio in the %u2018Future Fund%u2019 to smooth the financing of expenses through time. This raises the significant policy question of how best to manage the government balance sheet to reduce risk. This paper provides a framework for optimal balance sheet management. The major conclusions are that: %u2013 fiscal sustainability depends on both the expected path of future taxation and the risks around that path; %u2013 optimal balance sheet management requires knowledge of how risks affect the balance sheet (and therefore volatility in tax rates);...

Published: Ito, Takatoshi and Andrew K. Rose (eds.) Fiscal Policy and Management in East Asia, NBER-East Asia Seminar on Economics series, vol 16. Chicago and London: University of Chicago Press, 2007.

 
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