VUMR modelling reference case 2009-10 to 2059-60
Staff working paper
This paper by Owen Gabbitas and Umme Salma was released on 28 November 2016. The paper describes a dynamic reference case that can be used in running the Victoria University Multi Region (VUMR) model, which is a state-based model of the Australian economy. The paper outlines the general assumptions adopted, the basis on which these assumptions are made and the model projections of their impact. The modelling reference case updates that used to support the Economy-wide Modelling of Impacts of COAG Reforms: Business Regulation and VET (PC 2012).
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- VUMR Modelling Reference Case, 2009‑10 to 2059‑60 (PDF - 2970 Kb)
- VUMR Modelling Reference Case, 2009‑10 to 2059‑60 (Word/Zip - 2845 Kb)
The role of the reference case in assessing the economic impacts of policy is outlined in the Framework report for the 2012 study. It provides a simplified general counterfactual or indicative projection of the economy over time based on ‘business as usual’ policy settings and parameters against which the impacts of potential policies can be assessed. That is, the impact of a change will be measured as the difference between the modelling scenario and the reference case scenario. The reference case abstracts from short‑ to medium‑term variation in economic activity, as it makes the assumption that the variables will move smoothly towards their longer‑term projections from their values in the base year. The modelling reference case is therefore a simplified projection of the progression of the economy, and not a forecast of the size and composition of the economy into the future.
The reference case documented in this paper was developed to support a number of Commission inquiries, including Migrant Intake into Australia (2016), Workplace Relations Framework (2015) and Australia's Automotive Manufacturing Industry (2014).
You may also be interested in
- Migrant Intake into Australia - A public inquiry into the greater use of charges relative to quotas and qualitative criteria to determine the intake of temporary and permanent entrants into Australia.
- Workplace Relations Framework - Public inquiry into the performance of the workplace relations framework and identify improvements to maximise outcomes for Australian employers, employees and the economy.
- Australia's Automotive Manufacturing Industry - The Australian Government asked the Commission to undertake an inquiry into public support for Australia's automotive manufacturing industry.
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Impacts of COAG reforms: Business regulation and VET
At its March 2008 meeting, the Council of Australian Governments (COAG) decided that the Productivity Commission would be requested to report to COAG on the impacts and benefits of COAG's reform agenda every two to three years. Terms of Reference for this commissioned work stream were released by the Australian
The research report of the Commissioned study into Impacts and Benefits of COAG Reforms: Reporting Framework released on 19 January 2011.