EP#224 ~ How do economists influence policy inside and outside of government?

Small Biz Matters: People, Policy, Purpose ~ Episode #224

Broadcast date: 27th February 2024

Host: Alexi Boyd, Small Business Advocate & Policy Advisor

Guest: Stephen Walters, Chief Economist Business Council of Australia (BCA)

There is a group of boffins who wield influence and power in Canberra and across the state and local governments too. And it is just as well since they know the effect of policy and politics on businesses and the economy as a whole.  But the big question we’re going to ask today is how well do they understand and reflect the needs of small business in their research and policy work? We are, after all, the backbone of that economy!

We welcome to the show Stephen who as the previous Chief economist for NSW Treasury and Chief Economist with the Australian Institute of Company Directors (AICD) and J.P. Morgan. He’s passionate about ensuring all stakeholders in the economy have a better knowledge of how macro economics shapes the real world we all live in and that which small businesses thrive.

PEOPLE – Tell us about your role as NSW Chief Economist during the pandemic. How have economists become so influential in the media and advocacy work and critical in the decision making process?

POLICY – How and which macro-economic factors most influence policy makers when designing that which so greatly impacts small business

PURPOSE Behind closed doors, what data really matters as opposed to the limited stats we hear about in the media? Does this between state and federal governments?

Stephen Walters is Chief Economist for the Business Council of Australia (BCA), based in Sydney.

He previously was Chief economist for NSW, based in NSW Treasury. Before joining Treasury, Stephen was Chief Economist with the Australian Institute of Company Directors (AICD) and, for 14 years, was Chief Economist for investment bank J.P.Morgan. Stephen previously was Senior Economist with Access Economics in Melbourne and International Economist with Norwich Union and Alliance Capital in the United Kingdom. He also spent seven years as an Economist with the Treasury in Perth.

Stephen holds a Bachelor's degree in economics from the University of Western Australia and a Master's degree in applied finance from the University of Melbourne. He also has qualifications in journalism and graduated from the AICD's Company Directors Course in 2017. Stephen has published two books, with a third to be published soon.

Stephen is chair of the Executive Committee of the Australian Business Economists (ABE) and is a member of the Australian Statistics Advisory Council (ASAC).

To find out more go to: Business Council of Australia