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Fed unveils task forces to review monetary policy
Federal Reserve Chair Kevin Warsh on Thursday announced the members of five new task forces that will review key aspects of the United States central bank's monetary policy framework, bringing together leading economists, business executives and former central bank officials. Warsh first revealed plans for the review last month, saying the task forces would assess the Federal Reserve's communications, balance sheet, economic data, productivity and employment, and its approach to inflation. The review will also examine how emerging technologies, including artificial intelligence, could influence future policymaking. "The Federal Reserve's commitment to price stability and maximum employment is unwavering. As is our resolve to pursue our mandate with rigor," Warsh said in a statement. "The U.S. economy has changed significantly over the last generation, and never more so than right now. Each task force will carefully consider whether policymakers' means and methods, analytical tools and policy approaches can be improved upon." Warsh said he was honoured that experts from a broad range of disciplines had agreed to participate, adding that the goal was to ensure the Federal Reserve remained well positioned to fulfil its
Reforms
US housing bill faces rift over investor limits
The push by United States President Donald Trump to curb large institutional investors’ role in the housing market is emerging as a central obstacle to a bipartisan U.S. housing reform bill, threatening to complicate passage of legislation that analysts claim could materially expand the supply of affordable homes. The U.S. Senate on March 12 passed the 21st Century ROAD to Housing Act with an 89–10 vote, an unusually strong bipartisan margin for a bill targeting housing affordability and supply. The legislation combines more than 40 provisions spanning zoning, financing and environmental rules, aimed at accelerating construction and lowering costs. However, a provision restricting investor purchases of single-family homes has divided lawmakers as the bill returns to the House of Representatives, where a narrower version passed in February without those limits. At issue is whether institutional investors should be barred from buying newly built single-family homes if they already own at least 350 properties. The Senate bill includes a carve-out allowing such investors to build and rent homes, but requires them to sell those properties to individual buyers after seven years. The restriction has drawn support from f
Reforms
WAxit debate reignites in Australia’s resource-rich west
Talks of succession from America’s dystopian 50-state union are no means the exclusive domain of Texas, California and Hawaii, with fresh impetus emerging for Western Australia (WA) to operate as an independent nation with enough natural resources to fuel half the world’s industry. Admittedly, talk of WA’s secession from Australia’s six-state and two-territory commonwealth is far from new. Despite 66.2% of sand gropers – the colloquial nickname for residents of WA - voting in favour of secession in a 1933 referendum, the British Parliament at the time ruled it had no legal power to grant the request without the consent of the Australian Federal Government. Fast forward the best part of a century, and while WA’s constitution still allows for unilateral withdrawal - through a state referendum and legislation - there still doesn’t appear to be any unilateral mechanism for a state to leave the Commonwealth. In short, the state's hands appear to be tied, just as they are in a growing number of U.S. states where the ranks of voters eager to leave the union are also growing. However, that reality hasn't stopped the notion of WA’s secession from becoming popular again.WAxitDubbed WAxit, a new push for WA secession has recen
Reforms
US regulators prepare to scale back bank buffers
Wall Street banks are poised to secure a regulatory reprieve after the United States Federal Reserve signalled plans to ease proposed capital rules that had threatened to significantly increase the buffers lenders must hold against potential losses. Speaking at the Cato Institute in Washington on Thursday, Michelle Bowman, the Federal Reserve’s vice chair for supervision, said regulators will soon release revised proposals to scale back elements of the so-called Basel “endgame” framework. The adjustments would modestly reduce overall capital requirements for large U.S. banks compared with earlier drafts, marking a sharp shift from the tougher regime proposed in 2023. The move represents a significant victory for the banking industry, which mounted an extensive lobbying campaign against the original proposal. That plan, introduced by Bowman’s predecessor Michael Barr, would have raised capital requirements for the largest lenders by roughly 16% on average, with some banks warning the increase could approach 20%. Capital requirements determine how much equity and liquid assets banks must hold to absorb potential losses during economic stress. The framework under review forms the final stage of the international Bas
Reforms
Trump’s Big Beautiful Bill: Big promises, bigger gaps
United States President Donald Trump went to Davos with a familiar sales pitch: brassy slogans, sweeping claims and a mountain of numbers designed to sound transformative. Standing before the world’s corporate elite, he boasted about his so-called “big beautiful bill” and declared an economic miracle powered by tax cuts, tariffs and American muscle. But strip away the branding, and what’s left is not a revolution in prosperity—it’s a risky, expensive experiment built on half-truths and wishful thinking. Trump is trying to sell the idea that America can cut trillions in taxes, bully global trade partners with tariffs, strong-arm central bankers, and somehow emerge richer, cheaper and more stable all at once. It’s a fantasy that plays well on stage but collapses in broad daylight. Start with the headline promise Trump loves to repeat: “no tax on tips, no tax on overtime, no tax on Social Security.” However, these measures are temporary, limited and heavily caveated. They don’t erase taxes outright; they offer deductions that phase out for higher earners and do nothing for workers who already owe little or no federal income tax. In other words, millions of low-income Americans hear “no tax” and get nothing, a

Reforms
US pledges $20bn swap line to support Argentina
The United States is in talks to provide Argentina with a US$20 billion (A$30.27 billion) swap line and stands ready to extend further financial support to stabilise the South American economy, Treasury Secretary Scott Bessent said on Wednesday. In a post on X, Bessent confirmed that Washington is negotiating with Argentina’s central bank and is prepared to purchase U.S. dollar-denominated bonds from the country as conditions require. He added that significant standby credit could be made available through the Treasury’s Exchange Stabilization Fund (ESF). Bessent noted, “Under President Milei, Argentina has taken important strides toward stabilisation. He has achieved impressive fiscal consolidation and a broad liberalisation of prices and restrictive regulations, laying the foundation for Argentina’s historic return to prosperity.” "Argentina has the tools to defeat speculators, including those who seek to destabilise Argentina's markets for political objectives," Bessent said. "I will be watching developments closely and the Treasury remains fully prepared to do what is necessary." The move comes as Argentine President Javier Milei faces mounting market pressure following his party’s heavy defeat in a recent pr
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US offers support for Argentina's economy
The United States has offered to help stabilise Argentina’s volatile economy, according to President Donald Trump and Treasury Secretary Scott Bessent. Trump said Argentina is unlikely to need a financial bailout after meeting with Argentina President Javier Milei today, though Bessent said the U.S. is “ready to do what is needed”. “All options for stabilisation are on the table,” wrote Bessent. “These options may include, but are not limited to, swap lines, direct currency purchases, and purchases of U.S. dollar-denominated government debt from Treasury’s Exchange Stabilization Fund.” Argentina’s peso rose by 6% on Monday after Bessent’s pledge, its first gain in eight days. The peso’s value has plummeted over the past week as investors pulled their money from the country, with Milei saying the markets were “in panic mode”. Argentina’s central bank spent $1.1 billion of its reserves to buy pesos last week, and its government has temporarily suspended agricultural export tariffs to encourage sales. Milei is an ideological ally of the current U.S. administration, with Trump endorsing Milei’s re-election bid today ahead of midterm legislative elections next month. The World Bank also said today that it would
Reforms
Australia commits $500m to boost green iron industry
Australia took a major step closer to becoming a green iron manufacturing powerhouse following revelations last week that iron ore companies can, from next month, apply for a share of major funding the federal government is stumping up to help kickstart commercial green steel projects. The federal government is throwing A$500 million to help turbocharge Australia’s green iron sector through the launch of the National Development Stream of the Green Iron Investment Fund (NDSGIIF). Iron ore companies have been invited to start throwing their hats in the ring for a slice of the funding on offer ahead of the NDSGIIF’s official launch on 28 October.Sprint for global dominance in green ironAccording to Federal Industry and Innovation Minister Tim Ayres, funding under NDSGIIF – together with Australia’s natural resources and know-how - will underpin Australia’s sprint for pole position as the world pivots towards developing a global green steel sector. Based on the Department of Industry, Science and Resources numbers, global demand for green iron could reach more than 850 million tonnes by 2050 in a net-zero scenario. While green iron proposals are currently under consideration around the country to capture the growing globa
Reforms
US Senate narrowly passes 'big beautiful' spending bill
United States Republicans’ tax and spending bill has narrowly passed the Senate amid widespread opposition, paving the way for major tax cuts and reductions to social welfare programs. The bill passed with 50 votes in favour and 50 votes against, with Vice President JD Vance breaking the tie. It would cement major tax cuts into law, including many for high earners, as well as slash funding for Medicaid and allocate billions of dollars for deportation efforts. “Almost all of our Great Republicans in the United States Senate have passed our ‘ONE, BIG, BEAUTIFUL BILL.’ It is no longer a ‘House Bill’ or a ‘Senate Bill’. It is everyone’s Bill,” wrote U.S. President Donald Trump on Truth Social. The bill will now return to the House of Representatives for another vote, with Trump calling for the House to pass the bill by 4 July. The tax and spending bill, formerly known as the One Big Beautiful Bill Act, includes US$4.5 trillion in tax cuts. It stands to make the 2017 tax cuts imposed during Trump’s first term permanent, which significantly lowered taxes on the wealthy. It would allocate US$45 billion to Immigrations and Customs Enforcement for detention facilities and $14 billion for deportation operations, as the agency co