Minutes of the Standards Advisory Panel - June 2025
The latest meeting of the Standards Advisory Panel (SAP)
Is the Australian sharemarket headed for a correction? Here’s one way to judge
William West/AFP via Getty ImagesThe Australian sharemarket has had a remarkably strong run since December 2023, when the S&P/ASX 200 index was around 7,000. In recent weeks the index topped 9,000 for the first time, a rise of about 16% on an annualised basis over this 21-month period.
How to help disabled and neurodivergent people flourish while working from home
Gorodenkoff/ShutterstockHome-based working in the UK has been declining since the peak of the COVID pandemic – from 49% of the working population at its height to around
No credit history? No problem − new research suggests shopping data works as a proxy for creditworthiness
No credit history? That need not be a problem for first-time borrowing. AP Photo/Mark HumphreyIf you didn’t know much about someone, would you lend them a whole lot of money? Probably not – and banks are the same way. That’s why people with no credit history often have trouble getting loans. Banks and credit bureaus look at people’s past borrowing to predict how likely they are to repay. And when there’s no history, they tend to assume the worst.
From intention to impact: 3 ways men in leadership can build equitable workplaces that work for everyone
Many top-performing companies say they are committed to supporting women in the workplace, and there’s reason to believe most men want to be better allies to women as well. They just don’t know how.
From intention to impact: 3 ways men in leadership can build equitable workplaces that work for everyone
Many top-performing companies say they are committed to supporting women in the workplace, and there’s reason to believe most men want to be better allies to women as well. They just don’t know how.
Athens seeks talks with Erdogan as Turkey steps up diplomatic activity in region
Athens will seek to overcome the stalemate in its political dialogue with Ankara during a meeting that Greek Prime Minister Kyriakos Mitsotakis is aiming to have with Turkey’s President Recep Tayyip Erdogan in New York.
Controversial migration bill divides government factions
Recently-appointed migration minister Thanos Plevris made his mark with the passage of a bill which makes it easier for Greece to deport failed asylum seekers and restricts the right to residency.
Public debt, iMPCs & fiscal policy transmission
This paper investigates the relationship between public debt and the effectiveness of fiscal policy, presenting evidence of an inverse relationship between government debt and fiscal multipliers. To explain the results, I develop and calibrate a HANK model tailored to the U.S. economy. The model reveals that higher public debt diminishes fiscal multipliers by making households less constrained. Theoretically, I show intertemporal marginal propensities to consume (iMPCs) are sufficient statistics of public debt, influencing fiscal multipliers.
Nonlinearities and heterogeneity in firms response to aggregate fluctuations: what can we learn from machine learning?
Firms respond heterogeneously to aggregate fluctuations, yet standard linear models impose restrictive assumptions on firm sensitivities. Applying the Generalized Random Forest to U.S. firm-level data, we document strong nonlinearities in how firm characteristics shape responses to macroeconomic shocks. We show that nonlinearities significantly lower aggregate esponses, leading linear models to overestimate the economy’s sensitivity to shocks by up to 1.7 percentage points.
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