10 May 2023
AUSTRALIAN BUDGET 2023: Flexing the arm of government
Richard Yetsenga |
The Australian Federal government has dealt itself in for another round of fiscal policy but the game is about to get even more exciting.
About Richard Yetsenga
Richard Yetsenga is Chief Economist and Head of Research at ANZ, based in Sydney. He leads the Bank's global research team, which focuses on Australia, New Zealand and Asia.
Richard joined ANZ in 2011 from HSBC in Hong Kong, where he was Managing Director of Emerging Market Strategy. Prior to his seven years at HSBC, Richard held economics roles with Deutsche Bank and the Australian Government.
Richard publishes on issues of broad economic relevance, including climate change, technology, inequality and the benefits of diversity.
The ANZ Research team has been recognised with more than 40 top-three rankings in major industry surveys across Australia, New Zealand and Asia in the past six years, alongside numerous industry awards.
Richard regularly appears on CNBC, Bloomberg TV and other regional media, his work has been published by the Lowy Interpreter, and he is an editorial contributor in the Australian Financial Review, The Australian, The Wall Street Journal, Hong Kong Economic Journal, Singapore’s The Business Times and Japan's Nikkei.
articles by Richard Yetsenga
11 Apr 2023
China: Innovate or stagnate?
Richard Yetsenga | Chief Economist, ANZ
The “China miracle” is not over but it is evolving. And productivity improvement is central to that change.
03 Apr 2023
Liquidity: it’s dangerous going down
Richard Yetsenga | Chief Economist, ANZ
Chances are we can avoid losing our economic foothold as we climb down from a peak in global liquidity.
07 Mar 2023
Great barrier breached
Richard Yetsenga | Chief Economist, ANZ
Holding back women in the workforce means holding back society. Change is evident but more needs to be done.
09 Feb 2023
India: already risen and rising
Richard Yetsenga | Chief Economist, ANZ
With a GDP per capita of USD2,500, ranking 185th in the world, India’s growing economic scale is something to watch.
23 Jan 2023
The recovery the world needs
Richard Yetsenga | Chief Economist, ANZ
China will be reopening as the world economy slows and its signs of recovery provide further insurance against a global recession.
26 Oct 2022
YETSENGA: Budget 2022, reframing the narrative
Richard Yetsenga | Chief Economist, ANZ
ANZ Chief Economist explains how the ALP government has taken advantage of its first Budget to reset the parameters, the narrative and the framework of Australia’s economic story.
04 Aug 2022
Higher Rates and inflation: ending Australia’s decade in the economic doldrums
Richard Yetsenga | Chief Economist, ANZ
With the Reserve Bank of Australia hiking interest rates, how much of those increases will be permanent?
07 Jul 2022
China economy: a gradual shift, more suddenly
Richard Yetsenga | Chief Economist, ANZ
Structural economic shifts in China may have fundamental and far-reaching implications for the population.
07 Jun 2022
Yetsenga: data lessons from Warhol to the Wisdom of Crowds to Winning Friends
Richard Yetsenga | Chief Economist, ANZ
ANZ Chief Economist outlines his eight guidelines for working with data – from David Beckham to a can of Coke.
23 May 2022
Election aftermath: a new era of policy
Richard Yetsenga | Chief Economist, ANZ
ANZ Chief Economist Richard Yetsenga examines the issues that will dominate the economic agenda post-election.
29 Mar 2022
Budget 2022-23: tightening policy to transition sustainably
Richard Yetsenga | Chief Economist, ANZ
ANZ Chief Economist outlines the aspects of the Budget which caught his eye. And what this means for the shape of the nation.
08 Mar 2022
IWD 2022: does a rising tide lift all boats?
Richard Yetsenga | Chief Economist, ANZ
Australia is, stubbornly, still a long way from equality. Enabling female opportunity and participation is one way to improve outcomes.
03 Mar 2022
Monitoring the economic damage of crisis
Richard Yetsenga | Chief Economist, ANZ
The ongoing conflict in Ukraine shouldn’t have a major global economic impact outside of Europe. For now.
23 Nov 2021
COP26: time to walk the talk
Richard Yetsenga | Chief Economist, ANZ
Businesses and governments may have formed a plan for a sustainable future at the recent COP26 conference. Now they need to deliver on the plan.
29 Jul 2021
China policy: shifting the spotlight from tech
Richard Yetsenga | Chief Economist, ANZ
Policy shifts in China appear to be pulling away from ‘barbaric growth’ in the technology sector.
12 May 2021
VIDEO: the return of fiscal policy
Richard Yetsenga | Chief Economist, ANZ
Speaking on video, the ANZ Chief Economist says budget pushes the fiscal boundaries – and is right to do so.
06 May 2021
Post-crisis investment evolves
Richard Yetsenga | Chief Economist, ANZ
The economic aftermath of the COVID-19 crisis looks very different to historical cycles.
06 Apr 2021
Economic growth: full steam ahead
Richard Yetsenga | Chief Economist, ANZ
The economic cycle has powered through the recovery phase post-COVID and is now tracking steadily into expansion and growth.
08 Mar 2021
Opening up to gender blindness in economic policy
Richard Yetsenga | Chief Economist, ANZ
Through the COVID-19 recession, it was those with the least who have ended up losing the most. Specific economic policy is needed to recover.
09 Nov 2020
Return to normal programing – or growth - won’t solve equity problem
Richard Yetsenga | Chief Economist, ANZ
The United States may have a new President-elect but the challenges for equity and growth remain.
06 Oct 2020
Budget 2020: the new era of fiscal leadership
Richard Yetsenga | Chief Economist, ANZ
Speaking on video, the ANZ Chief Economist scores the Federal Budget on three fronts.
06 Oct 2020
The new fiscal reality
Richard Yetsenga | Chief Economist, ANZ
The modern fiscal world is radically different from any before it. What does the mean for the post-COVID recovery?
11 Jun 2020
Abstract climate change ends with pandemic
Richard Yetsenga | Chief Economist, ANZ
COVID-19 has forced the world to pause and consider what aspects of “normal” need to return once the crisis passes if another existential crisis is to be averted.
05 Mar 2020
IWD2020: equal economic ecosystems
Richard Yetsenga | Chief Economist, ANZ
If economic policy is designed with men in mind, no wonder women feel left behind.
15 Nov 2019
Monetary policy: reaching the bottom of the barrel
Richard Yetsenga | Chief Economist, ANZ
As monetary policy’s impact on credit diminishes, secular stagnation is beginning to take hold.
07 Nov 2019
Asia growth: a missed opportunity
Richard Yetsenga | Chief Economist, ANZ
Value chains and business models in Asia are being adjusted in the wake of changes to the global trade environment, says ANZ Chief Economist.
24 Sep 2019
Climate change: shifting the economy
Richard Yetsenga | Chief Economist, ANZ
The impact of climate change on global economies is reaching boiling point.
29 Jul 2019
Positive reform driving India
Richard Yetsenga | Chief Economist, ANZ
Strong reform mandates set by the Indian government should lead to positive long-term growth for the nation.
11 Jun 2019
Waiting on China’s ascendance
Richard Yetsenga | Chief Economist, ANZ
China’s private sector is facing a make-or-break scenario as the region’s access to credit hangs in the balance.
24 Apr 2019
VIDEO: it’s a steep learning curve on yield
Richard Yetsenga | Chief Economist, ANZ
Assessments of the US yield curve risk being too dogmatic, says ANZ Chief Economist.
10 Apr 2019
Global economy: should survive the horse trading
Richard Yetsenga | Chief Economist, ANZ
Tariffs and trade tensions are not about to bring down the economy, says ANZ’s chief economist.
03 Apr 2019
FEDERAL BUDGET 2019: reaching peak budget
Richard Yetsenga | Chief Economist, ANZ
Structural changes occurring in Australia are starting to impact the budget more forcefully, particularly demographic changes.
08 Mar 2019
IWD2019: the benefits of difference
Richard Yetsenga | Chief Economist, ANZ
Diversity is good for the economy (although diversity in economics is still lacking).
04 Feb 2019
Aus house prices: what else are they telling us?
Richard Yetsenga | Chief Economist, ANZ
There are deeper implications of the largest fall in Australian house prices since the GFC.
15 Jan 2019
New year, new outlook
Richard Yetsenga | Chief Economist, ANZ
2019 is shaping up to be a less stressful year than 2018 for global markets, says ANZ Research.
08 Jan 2019
More than robotaxis: the tech revolution and productivity
Richard Yetsenga | Chief Economist, ANZ
We still don’t have an answer to a fundamental question: what will the tech revolution do to the nature of jobs?
30 Nov 2018
Why Chinese exports are not going to collapse
Richard Yetsenga | Chief Economist, ANZ
The US-China relationship (or lack thereof) continues to make headlines with trade and tariffs a key focus.
29 Oct 2018
Australia's China exposure is overexposed
Richard Yetsenga | Chief Economist, ANZ
Australia is exposed to China but not singularly exposed.
08 Aug 2018
Japan’s point of no return
Richard Yetsenga | Chief Economist, ANZ
There’s a laundry list of countries hoping Japan has a winning game plan for its ageing population.
28 Jun 2018
Let’s not waste time on the why
Richard Yetsenga | Chief Economist, ANZ
As the spotlight falls on the US yield curve, ANZ Research looks at what this means for credit risk.
12 Jun 2018
Is China the only light at the end of the tunnel?
Richard Yetsenga | Chief Economist, ANZ
With global growth at its peak, China’s liquidity policy looms as an increasingly important factor for the world.
18 May 2018
Australia – what’s the plan?
Richard Yetsenga | Chief Economist, ANZ
Missing from the 2018 budget was an overall sense of narrative – something the country will need amid coming uncertainty.
09 May 2018
BUDGET 2018: does no harm
Richard Yetsenga | Chief Economist, ANZ
Australia’s better-than-expected tax revenues haven’t failed to disappoint, ANZ’s Chief Economist says on video.
20 Apr 2018
LONGREAD: tech shock > China shock
Richard Yetsenga | Chief Economist, ANZ
Technology is challenging the economic order far more than China ever did.
09 Mar 2018
Trump’s self-inflicted trade problem
Richard Yetsenga | Chief Economist, ANZ
The US is caught in a pincer movement of its own making on trade.
18 Jan 2018
Is this as good as it gets for the economy?
Richard Yetsenga | Chief Economist, ANZ
Let’s welcome the global recovery and take advantage of it - but the chances of further improvement are minor.
11 Jan 2018
India, the elephant in the shadow of the dragon
Richard Yetsenga | Chief Economist, ANZ
India’s rise is too often compared to those which came before it, rather than on its own merits.
08 Dec 2017
Will the pillars of growth hold in 2018?
Richard Yetsenga | Chief Economist, ANZ
Growth has strengthened in 2017 but we expect some moderation throughout the New Year.
02 Nov 2017
RBA should hold the line on rates
Richard Yetsenga | Chief Economist, ANZ
Inflation may give the RBA the cover it needs to hike next year.
10 Oct 2017
Why GDP and welfare are parting company
Richard Yetsenga | Chief Economist, ANZ
Something is up with wage growth around the world – and that something could be technology.
02 Oct 2017
INFOGRAPHIC: Growth, above trend but modest
Richard Yetsenga | Chief Economist, ANZ
A brief glance at the key points for markets and the global economy in calendar Q4.
10 Aug 2017
Wages, tech and the other half of the chessboard
Richard Yetsenga | Chief Economist, ANZ
We need to face the possibility tech has changed the fundamentals of growth.
18 Jul 2017
The danger of jumping the recovery gun
Richard Yetsenga | Chief Economist, ANZ
Growth is somewhat above trend in many economies, but where is the pricing power?
26 Jun 2017
Five reasons a demographic time bomb is not looming
Richard Yetsenga | Chief Economist, ANZ
You can’t predict the future reading demographics alone, in a new report ANZ Research look into whether the ageing global population is sign of an alarming old age dependency ratio.
31 May 2017
China’s not the worry – but Australia is
Richard Yetsenga | Chief Economist, ANZ
Don’t get fixated on China. Australia’s issues are more home grown.
10 May 2017
VIDEO: the key to Budget2017
Richard Yetsenga | Chief Economist, ANZ
The Australian Government has attempted an ambitious budget tonight and should be welcomed.
10 May 2017
Budget2017: growth ambition
Richard Yetsenga | Chief Economist, ANZ
The federal budget tries to balance spending with a creative search for revenue.
03 May 2017
The not-so-simple housing story
Richard Yetsenga | Chief Economist, ANZ
In her excellent and challenging book Happiness for All, Carol Graham uses the analogy of being stuck in traffic, with the lane next to you moving and yours not.
13 Jan 2017
Globalisation in the rear-view mirror in 2017
Richard Yetsenga | Chief Economist, ANZ
To understand the logic of US President-elect Donald Trump’s sharp breaks with Republican orthodoxy—threats of tariffs on US companies moving jobs abroad, treating the decades-long One China policy as a bargaining chip—you need to remember how technology enabled a very specific passion for the past to become kingmaker in US politics.
30 Nov 2016
A visit to China: beyond excess credit
Richard Yetsenga | Chief Economist, ANZ
Escalating RMB volatility, mismanaged equity market reforms causing gyrations in local and global asset prices - 2016 began with Chinese governance squarely in the spotlight.
25 Nov 2016
India: it’s time to look west
Richard Yetsenga | Chief Economist, ANZ
We often hear India is a country of great potential. But what is really being said is India has the resources, people and raw materials for success – if only it could get its act together. Finally that appears to be happening.
11 Nov 2016
You can’t predict the weather – or politics
Richard Yetsenga | Chief Economist, ANZ
Brexit. An independent dependent Australian senate. Trump. The predictions were all wrong. Why? There is much discussion of growing inequality but an underlying force is social media. By giving voice to those previously without one, social media may have forced fundamental change.
04 May 2016
Australian Commonwealth Budget 2016-17: it’s a balancing act
Richard Yetsenga | Chief Economist, ANZ
With constrained public finances, hovering ratings agencies, and an interest rate cut emphasising economic fragilities, this year’s Australian Commonwealth Budget was always going to be a difficult balancing act. For the most part, it is a reasonable document.
10 Mar 2016
How Eight-One-One changed China
Richard Yetsenga | Chief Economist, ANZ
China's decision to devalue the renminbi (RMB) in late 2015 has led to a significant change in the way the country views itself economically and the broader outlook for the direction of its currency. Having just returned from China and a series of meetings with investors, corporates, regulators and commentators, I noted a stark shift in attitudes compared with my last visit six months ago.