Macroeconomic and Financial Modelling in an Era of Extremes. This project aims to develop methods to allow workhorse models in economics and finance to better reflect tail events--low probability extreme events, such as the Global Financial Crisis and the COVID-19 pandemic. It intends to address fundamental technical challenges in the estimation of such models, develop a coherent framework for counterfactual analysis of these models and propose methods to apply these models in a big-data environ ....Macroeconomic and Financial Modelling in an Era of Extremes. This project aims to develop methods to allow workhorse models in economics and finance to better reflect tail events--low probability extreme events, such as the Global Financial Crisis and the COVID-19 pandemic. It intends to address fundamental technical challenges in the estimation of such models, develop a coherent framework for counterfactual analysis of these models and propose methods to apply these models in a big-data environment. Expected outcomes include new insights into the transmission of tail risks in the global economic and financial system. This should provide significant benefits, including guidance to Australian and international policymakers charged with maintaining stability in the face of extreme events.Read moreRead less
Towards a superannuation system fit for the future. Towards a superannuation system fit for the future. This project aims to develop a stochastic superannuation model and propose alternative post retirement solutions, using data-led understanding of savings habits. Funding for the increasing cost of the growing older population will, if not modelled, forecast and managed adequately, swamp all other welfare and state funded costs. To manage older age costs adequately, governments need to encourag ....Towards a superannuation system fit for the future. Towards a superannuation system fit for the future. This project aims to develop a stochastic superannuation model and propose alternative post retirement solutions, using data-led understanding of savings habits. Funding for the increasing cost of the growing older population will, if not modelled, forecast and managed adequately, swamp all other welfare and state funded costs. To manage older age costs adequately, governments need to encourage people to save and provide ways people can save—but need to better understand how people save money for their old age. This research is expected to enable the “superannuation change“ necessary for the superannuation system to remain sustainable and fund retirees to live well.Read moreRead less
Nowcasting and Interpreting the Australian Economy. This project aims to investigate methods for nowcasting and interpreting the Australian economy. This is determining the current state of the economy and the factors contributing to it.
This project expects to generate new knowledge on how unconventional, new, data sources and innovative methods can be used to in nowcasting and how the Australian economy can be modelled.
The expected outcomes include timely new indicators of the state of the ec ....Nowcasting and Interpreting the Australian Economy. This project aims to investigate methods for nowcasting and interpreting the Australian economy. This is determining the current state of the economy and the factors contributing to it.
This project expects to generate new knowledge on how unconventional, new, data sources and innovative methods can be used to in nowcasting and how the Australian economy can be modelled.
The expected outcomes include timely new indicators of the state of the economy, and the factors contributing to it. This should provide significant benefits through informing the conduct of Australian macroeconomic policy, as the appropriate policy response depends not only on knowing the current state of the economy but understanding the economic factors underlying it.
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Building Australia's next-generation ocean-sea ice model. Ocean and sea ice models are used for predicting future ocean and climate states, and for climate process research. This project aims to bring the next generation of ocean-sea ice models to Australia and configure the models for our local priorities. The ultimate goal is to create a new coupled ocean-sea ice model for Australia that includes surface waves and biogeochemistry. The model will be optimised and evaluated on Australian facilit ....Building Australia's next-generation ocean-sea ice model. Ocean and sea ice models are used for predicting future ocean and climate states, and for climate process research. This project aims to bring the next generation of ocean-sea ice models to Australia and configure the models for our local priorities. The ultimate goal is to create a new coupled ocean-sea ice model for Australia that includes surface waves and biogeochemistry. The model will be optimised and evaluated on Australian facilities, and released for community use. These developments underpin future ocean state forecasts, sea ice forecasts, wave forecasts, decadal climate prediction and climate process studies. The project will benefit search and rescue, Defence and shipping operations, and will enhance future climate projections.Read moreRead less
ARC Centre of Excellence for Climate Extremes. This Centre aims to transform understanding of past and present climate extremes and revolutionise Australia’s capability to predict them into the future. Climate extremes cost Australia up to $4 billion a year and will intensify over coming decades. This Centre’s blue-sky research will discover processes that explain the behaviour of present and future climate extremes. It will use its researchers, data, modelling, collaboration, graduate programme ....ARC Centre of Excellence for Climate Extremes. This Centre aims to transform understanding of past and present climate extremes and revolutionise Australia’s capability to predict them into the future. Climate extremes cost Australia up to $4 billion a year and will intensify over coming decades. This Centre’s blue-sky research will discover processes that explain the behaviour of present and future climate extremes. It will use its researchers, data, modelling, collaboration, graduate programme and early career researcher mentoring to transform Australia’s capacity to predict climate extremes. This research is expected to make Australia more resilient to climate extremes and minimise risks from climate extremes to the Australian environment, society and economy.Read moreRead less
Southern Ocean aerosols: sources, sinks and impact on cloud properties. This project aims to provide fundamental process-level understanding of atmospheric aerosol processes over the Southern Ocean, a region that has a profound influence on the Australian and global climate and where climate models perform poorly. Comprehensive observations during 3 Southern Ocean voyages and land-based measurements will enhance our knowledge of aerosols and cloud formation in that region and provide much-needed ....Southern Ocean aerosols: sources, sinks and impact on cloud properties. This project aims to provide fundamental process-level understanding of atmospheric aerosol processes over the Southern Ocean, a region that has a profound influence on the Australian and global climate and where climate models perform poorly. Comprehensive observations during 3 Southern Ocean voyages and land-based measurements will enhance our knowledge of aerosols and cloud formation in that region and provide much-needed data for improving global climate models. Expected outcomes include more accurate seasonal and latitudinal representations of Southern Ocean aerosol populations, properties and sources. The main benefit includes improvements in weather forecasting and future climate projection for Australia and the Southern Hemisphere.Read moreRead less
Ocean heat content change and its impact on sea level. This project aims to improve projections of possible sea level changes. Sea level rise is among the most significant potential impacts of transient climate change around the world. Poor understanding of the way in which heat is absorbed at the sea surface and distributed by ocean circulation is a leading source of uncertainty in projections of global surface temperature and regional sea level rise by the end of this century. This project aim ....Ocean heat content change and its impact on sea level. This project aims to improve projections of possible sea level changes. Sea level rise is among the most significant potential impacts of transient climate change around the world. Poor understanding of the way in which heat is absorbed at the sea surface and distributed by ocean circulation is a leading source of uncertainty in projections of global surface temperature and regional sea level rise by the end of this century. This project aims to apply novel observational methods, complimented by numerical modelling, to quantify the drivers of recent change. This project expects to transform our ability to predict how ocean temperature and sea level will change in the future.Read moreRead less
ARC Centre of Excellence for the Weather of the 21st Century. ARC Centre of Excellence for the Weather of the 21st Century. This Centre aims to determine how Australia’s weather is being reshaped by climate change. Through a fusion of innovative analyses of observations and fundamental science advances, alongside the development of ultra-high resolution climate models, the Centre looks to address climate science’s grand challenge in anticipating the likely weather patterns of a warmer world. The ....ARC Centre of Excellence for the Weather of the 21st Century. ARC Centre of Excellence for the Weather of the 21st Century. This Centre aims to determine how Australia’s weather is being reshaped by climate change. Through a fusion of innovative analyses of observations and fundamental science advances, alongside the development of ultra-high resolution climate models, the Centre looks to address climate science’s grand challenge in anticipating the likely weather patterns of a warmer world. The Centre strives to transform climate research by focussing on what matters most to making critical adaptation and mitigation decisions – weather change. The Centre aspires to provide Australia with the knowledge, technology, and human capital for robust evidence-based decision-making in response to future weather changes in our region and to harness weather as a resource.Read moreRead less
Nature futures: mapping pathways to prosperity for people and nature. Population growth, consumption and trade are direct socio-economic drivers of land use change and climate change, which determine where species can persist. The UN Sustainable Development Goals and national policies acknowledge the dependence of people on nature and the impact of socio-economic drivers on nature. However, few analyses of impacts on nature explicitly incorporate socio-economic drivers. Utilising a novel modelli ....Nature futures: mapping pathways to prosperity for people and nature. Population growth, consumption and trade are direct socio-economic drivers of land use change and climate change, which determine where species can persist. The UN Sustainable Development Goals and national policies acknowledge the dependence of people on nature and the impact of socio-economic drivers on nature. However, few analyses of impacts on nature explicitly incorporate socio-economic drivers. Utilising a novel modelling framework and high-performance computing we will integrate economic, land use and biodiversity models to evaluate: (i) policies and incentives for increasing national vegetation cover for carbon sequestration and habitat, and (ii) global risks to nature posed by land use change under future geopolitical scenarios.Read moreRead less
Spanning ten billion scales from millimetre turbulence to global circulation. This project aims to explain the role of convection in the ocean. Convection is a key climate process yet it remains one of the most poorly understood mechanisms in the ocean and is crudely represented in climate models, leading to uncertainties in predictions of heat transport, climate change, polar ice loss and sea level rise. Using a unique turbulence-resolving approach and high-performance computing, the project wi ....Spanning ten billion scales from millimetre turbulence to global circulation. This project aims to explain the role of convection in the ocean. Convection is a key climate process yet it remains one of the most poorly understood mechanisms in the ocean and is crudely represented in climate models, leading to uncertainties in predictions of heat transport, climate change, polar ice loss and sea level rise. Using a unique turbulence-resolving approach and high-performance computing, the project will determine both the global role of buoyancy-driven convection in the broad ocean circulation and the local turbulence controls on melting rates of Antarctic ice-shelves. This will contribute to the formulation of better climate models and keep Australia at the forefront of oceanography and environmental fluid dynamics.Read moreRead less