Treasury Guest Lecture: Fiscal Policy for the Future Series - Sebastian Barnes

About this presentation Fiscal policymakers will face powerful currents from higher interest rates, ageing, climate and security in the years ahead. Using the experience of the first decade of the Irish Fiscal Advisory Council, Sebastian Barnes (OECD) will present how independent fiscal councils work and what they can do to help navigate through these challenges. Beyond the textbook role of helping to enforce budgetary frameworks, the experience shows that fiscal councils can help to deepen analysis of budgetary policy and promote a more informed and transparent public debt around fiscal policy choices. About the presenter Sebastian Barnes is a Head of Division in the OECD Economics Department, where he has worked on a wide range of economies including the Euro Area, Ireland, Italy, Poland, the United States, Australia and China, and was formerly Counsellor to the Chief Economist. He was a founding member of the Irish Fiscal Advisory Council from 2011 and its Chairperson from 2020 to 2023. Sebastian began his career at the Bank of England. He studied Philosophy, Politics and Economics at the University of Oxford, and holds Masters degrees from the LSE and the College of Europe (Bruges). About this seminar series New ideas, innovative concepts, research evidence and expert advice are all crucial to stimulate and inform the Treasury’s economic analysis and advice. Our current theme for guest lectures - Fiscal Policy for the Future - explores the role of stabilising, sustainable and effective fiscal policy. Speakers provide insights into how fiscal policy can be designed to support government to meet its current and future objectives and obligations while adapting to changing circumstances and delivering value to the New Zealand public. Fiscal policy has a stabilising role in helping to smooth the business cycle, while sustainability in fiscal policy is foundational for resilience to both shocks and longstanding challenges, such as climate change, technological advancements and demographic trends. Ensuring effective and value for money expenditure is important so that fiscal policy contributes to the living standards of New Zealanders, both now and in the future. Please note that the views, opinions, findings, and conclusions expressed in the Treasury Guest Lecture Series are those of the individual presenters. They do not necessarily reflect the views of the New Zealand Treasury or the New Zealand Government. For updates and our latest research visit www.treasury.govt.nz/