This paper traces the evolution of the Australian financial system from 1788 to the current day showing how institutions have evolved to meet the changing needs of the economy. Governors in the earliest periods struggled with an inappropriate legal and regulatory structure; and the economy...

Major infrastructure projects pose inherent difficulties because of the size of the investments and the range of risks involved. At first glance government is best placed to develop major infrastructure itself, because of its deep pockets, ability to spread risk, and portfolio of potentially...

Australia's payment card regulations are similar to those used in a variety of countries around the world. However, as we argue below, they are complex, open to gaming and have failed to win support from consumers.In this paper, we present an alternative approach to regulation involving direct...

Banks use a mix of wholesale and deposit funds to finance lending. If a country is a net importer of wholesale funds, then a financial crisis in a foreign country can 'infect' the banking system by raising the cost of wholesale funds. Indeed, countries such as Australia imported a crisis through...

The Australian model of free-to-air (FTA) broadcasting is stuck in the 1950s. This paper reviews the existing Australian approach to FTA broadcasting which provides incumbent networks with complete control over the available spectrum albeit tied down by a range of regulatory constraints. We...

The Australian financial sector has grown rapidly in recent decades and now looks big by global standards. The paper suggests that most of the growth has been driven by outward shifts in the demand for financial services driven by household preferences, by the availability of a wider range of...