Date: Thursday 18th February 2021
Time: 12:00 PM – 01:00 PM AEDT
Location: Online via Zoom
Cost: Free


Modern Monetary Theory (MMT) has gained prominence in the last few years. MMT brings together several long-standing elements of economic theory about how financial flows work, leading to the argument that because a government issues its own currency it has no financial constraints, so budget deficits don’t matter.

MMT contrasts considerably with the mainstream (neoclassical) view dominating current economic debate. While some commentators accept that MMT may have some valid arguments when it comes to the role of budget deficits, opposition to it has been strong.

The response by governments around the world to the global COVID-19 recession has seen both monetary and fiscal stimulus through the lens of the mainstream economic view, but some comment has linked it to MMT.

This webinar will outline the key tenets of MMT and the policy recommendations that result, discuss the criticisms of MMT from mainstream economics, and provide a view on where MMT may have an influence on current policy.

About The Speaker

Independent board member and consultant

Phil is an independent member of the State Investment Advisory Board in Queensland and a consultant to AustralianSuper. He has extensive experience in investment management, financial markets and economic policy, including in asset allocation (both strategic and dynamic), portfolio construction and manager selection across a broad range of sectors.

Phil studied economics at university and worked as an economist in economic policy with the Reserve Bank of Australia, and in business with the ANZ Banking Group for a total of 18 years. Phil then transitioned into investment management in 1999, and worked with the Queensland Investment Corporation and Access Capital Advisors before joining Mercer in 2007, where he was Senior Portfolio Strategist and Deputy Chief Investment Officer until August 2018.

Phil is actively involved with the CFA Institute. He is a past-President of the CFA Society of Melbourne and was the Presidents Council Representative for the CFA Asia Pacific North and Oceania region in 2015-19.

Phil’s academic qualifications include a Bachelor of Arts (Economics) with Honours from Macquarie University, a Master of Commerce (Finance) with Honours from the University of Melbourne and the CFA (Chartered Financial Analyst) qualification. He is also a graduate of the Australian Institute of Company Directors course.

Global Passport

CFA Societies Australia has determined that this program qualifies for 1 Professional Learning credit hour under the guidelines of the CFA Institute Continuing Education Program. If you are a CFA Institute member, login to your profile to record your CE credit for your participation in this presentation.