A tale of two crises: reflections on macroeconomic policy responses to the GFC and the pandemic. Presented by Dr Steven Kennedy PSM.
Wednesday 27 July, 5.30pm – 7pm.
About this event
A Sir Leslie Melville Lecture
The Sir Leslie Melville Lecture is an annual public lecture hosted by The Australian National University Research School of Economics. The public lecture series, held in honour of the late Sir Leslie Melville, was established in 2002 as part of the celebration of his 100th birthday (1902-2002), and to mark more than half a century of his distinguished public service in the fields of monetary policy and higher education. This lecture seeks to reflect the legacy of the late economist and his critical contributions to public and official affairs.
The 2022 Sir Leslie Melville Lecture by Dr Steven Kennedy PSM
Australia avoided calamitous outcomes during the Global Financial Crisis and the pandemic due to the scale and speed of policy response – the scarring costs foregone are large. The response to the pandemic was tailored to the nature of the shock, but lessons learnt from the GFC (and the recession of the 1990s) were important in shaping the tone and character of the economic response. There was effective coordination between fiscal and monetary policy in both crises, with the pandemic notable for the primacy of fiscal policy instruments. Looking ahead, fiscal policy may play a more prominent role than monetary policy in responding to future crises but the form it takes will depend upon the nature of the crisis.
About our presenter
Dr Steven Kennedy PSM commenced as Secretary to the Treasury in September 2019.
Prior to his appointment, Steven was Secretary of the Department of Infrastructure, Transport, Cities and Regional Development between September 2017 and August 2019.
During his 30 years in the public service, Steven has held other senior positions including Deputy Secretary at the Department of the Prime Minister and Cabinet; Deputy Secretary at the Department of Industry, Innovation and Science; Deputy Secretary at the Department of the Environment; Deputy Secretary at the Department of Climate Change and Energy Efficiency, and the Head of Secretariat of the Garnaut Climate Change Review – Update 2011.
Steven began his public service career in 1992 as a cadet at the Australian Bureau of Statistics. Prior to joining the public service, he trained and worked as a nurse.
Steven has served on a number of boards and is a member of the Reserve Bank Board, Council of Financial Regulators, Trans-Tasman Council on Banking Supervision, Board of Taxation, New Zealand Treasury Board, the Sir Roland Wilson Foundation and the Centre for Market Design Advisory Board.
Steven was awarded a Public Service Medal in 2016 for outstanding public service in the area of climate change policy.
Steven holds a PhD and a Masters in Economics from the Australian National University, and a Bachelor of Economics (First Class Honours) from the University of Sydney.
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Refreshments will be provided following the lecture.
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