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Impact of the carbon tax on the Australian economy and markets
Key points
• The macro economic impact from the Government's Clean Energy Future plan is unlikely to be large. The price effects will probably be minor, at around 1% and the Reserve Bank of Australia (RBA) is likely to look through them. There might be a slight near-term, negative impact on growth as a result of continuing uncertainty, but this is likely to be reversed next year as compensation payments are received. Longer-term, the impact on economic activity is expected to be minor as the economy adjusts and the clean energy industry grows in importance.
• It's hard to see major investment implications at an asset class level. However, carbon pricing will have a significant impact at the sectoral and stock specific level in the share market. A company's level of carbon emissions are becoming an additional factor investors can't ignore.
To read more please click on the link below
Oliver's Insights Edition 19 - 15 July 2011
The Euro-zone public debt crisis (again)
Key points
• The spreading of the European debt crisis into Italy and Spain is worrying given their greater size. It is clear the crisis is a long way from being resolved, and seems to be following a course like the Asian crisis of 1997-1998 or the US subprime crisis of 2007-09.
• Fortunately the emerging world is strong and the US is likely to introduce further quantitative easing if the outlook darkens too much, but European debt issues will likely
remain a threat and a source of volatility for a while to come.
To read more please click on the link below
Oliver's Insights Edition 20 - 20 July 2011 
