Macro-Economic Policy

In Reset, renowned economist Ross Garnaut shows how the COVID-19 crisis offers Australia the opportunity to reset its economy and build a successful future – and why the old approaches will not work.

Garnaut develops the idea of a renewable superpower, he calls for a basic income and he explores what the ‘decoupling’ of China and America will mean for Australia.

In the wake of COVID-19, the world has entered its deepest recession since the 1930s. Shocks of this magnitude throw history from its established course – either for good or evil. In 1942 – in the depths of war – the Australian government established a Department of Post-War Reconstruction to plan a future that not only restored existing strengths but also rebuilt the country for a new and better future. As we strive to overcome the coronavirus challenge, we need new, practical ideas to restore Australia. This book has them.

For information about book events or to purchase RESET please visit the Black Inc. website here.

Information for the RESET webinar series can be found at the bottom of this page.

Book Events and Media

The Economic Society of Australia, In conversation with Ross Garnaut,  8 November 2021

There’s an Elephant in my Paddock Podcast. The rural economic solution that politics has turned it’s back on. Tuesday 6th April.

CityTalks. A green led recovery. Tuesday 30th March.

Roaring Stories Bookshop. In conversation with Richard Aedy. Monday 29th March 2021.

Melbourne University Climate Futures. Driving the Change. Tuesday 23rd March 2021.

Nucleus Wealth. In conversation with David Llewellyn-Smith. Thursday 18th March.

Innovation Talks Radio Northern Beaches. Talk #96 RESET with Professor Ross Garnaut. Monday 15th March 2021.

3CR Community Radio. Australia the Carbon Pariah. Monday 15th March.

Mandarin Talks. Reset: Ross Garnaut in Conversation with Chris Johnson. Thursday 11th March.

University of Melbourne. RESET launch with Ross Garnaut & Rod Sims with Abigail Payne. Wednesday 10th March.

Pearls & Irritations. Michael Keating. In our hands: Will we ‘Reset’ or return to the Dog Days? Monday 8th March 2021.

Hawke Centre, University of South Australia. In conversation with Tory Shephard. Thursday 4th March 2021.

The Age. Ross Gittins. The real reason to worry about MMT is not the theory but the practice. Monday 1st March 2021.

730 Report. Laura Tingle. What will the post-COVID economy look like?.  Thursday 25th February 2021.

ABC. Gareth Hutchens. Economics professor Ross Garnaut says Australia voluntarily keeps hundreds of thousands unemployed. Thursday 25th February 2021.

Australian National University. Ross Garnaut in-conversation with Dr Steven Kennedy. Wednesday 24th February 2021.

The Australia Institute. Economics of the Pandemic: Webinar Series. Wednesday 24th February 2021.

Sydney Morning Herald. Ross Gittins. Our pollies are woefully unimaginative, but Ross Garnaut has a new plan for lifting Australia above mediocrity. Wednesday 24th February 2021.

Eureka Report. Alan Kohler. Australia’s opportunity to reset its economy. Tuesday 23rd February 2021.

Australian Financial Review. Craig Emerson. Goodbye to all that complacency. Monday 22nd February.

The Guardian. Ross Garnaut. The prize for Australia’s post-Covid restoration is large. But fairness must be integral. Monday 22nd February 2021

ABC Radio National Breakfast with Fran Kelly. Leading economist Ross Garnaut argues a universal basic income is key to Australia’s post-pandemic recovery. Monday 22nd February 2021. Recording here.

Smart Company. Ross Garnaut. Returning the economy to where it was pre-COVID-19 is nowhere near good enough: Ross Garnaut. Monday 22nd February 2021.

The Conversation: The reset to lift us out of the COVID recession has to be bold: returning to where we were is nowhere near good enough. Friday 19th February 2021.

Scotch College Adelaide. RESET: How Dealing with the Climate and Energy Transition Helps After the Pandemic Recession. Thursday 11th February 2021.

The RESET Webinar series

1/ The Pandemic and the Great Crash of 2020 (Wednesday 20th May 2021). Recording available here.

2/ Dog Days. Why going back to 2019 won’t work (Wednesday 27th June 2021). Recording available here.

3/ Restoring Prosperity (3rd June 2021). Recording available here.

4/ Equity to support Productivity-Raising Reform (10 June 2021). Recording available here.

5/ Building the Superpower of the Low Carbon World Economy (17 June 2021). Recording available here.

6/ Restoring International Cooperation (Wednesday 24 June 2021)

Each webinar is moderated by Professor A.Abigail Payne, Director and Ronald Henderson Professor, Melbourne Institute: Applied Economic & Social Research.


Prime Minister Kevin Rudd’s speech at the launch of The Great Crash of 2008 – Canberra, October 2009

Great Crash of 2008 – Ross Garnaut in conversation with Ian MacFarlane (Audio Podcast) – The Lowy Institute for International Policy October 2009

Great Crash of 2008 Australian National University Panel Discussion with Ross Garnaut, David Gruen, Stephen Grenville, Andrew MacIntyre and Hal Hill (Audio Podcast) – October 2009

The Great Crash of 2008 by Ross Garnaut with David Llewellyn-Smith

(Melbourne University Publishing, 2009)

The Great Crash.indd

As the world enjoyed the prosperity of an unparalleled boom, an economic earthquake was looming, and then struck abruptly. Bastions of finance collapsed, long-standing policy beliefs were abandoned, and governments charged into the rubble without time to watch their steps. But for those who were looking, the faultlines that ran beneath the boom had been apparent for years.

In The Great Crash of 2008, Ross Garnaut and David Llewellyn-Smith take us through the imbalances that led to the global financial crisis, tracing the cracks that were appearing within the modern economy and presenting a whole-world view of reasons for the downturn. They assess the implications of the global financial crisis and offer hope for finding order in the wreckage, in restoring development and building a stronger and more sustainable world.