In 2015, Australia's Commonwealth income tax reached its first century. The Income Tax Assessment Act No. 34 of 1915 and accompanying Income Tax Act No. 41 of 1915 were assented to on 13 September 1915, enacted “by the King's Most Excellent Majesty, the Senate, and the House of Representatives...

We study the implications of alternative monetary targeting procedures for real interest rates and economic activity. We find that countercyclical monetary policy rules lead to higher real interest rates, higher average tax rates, lower output but lower variability of tax rates and consumption...