Researcher Profiles Tom Cusbert

Tom is head of the Research and Modelling Hub of the Financial Markets Group. Prior to this, he held roles in the Economic Research and Economic Analysis Departments. His recent research has focused on housing, including the effects of interest rates and credit conditions. He was one of the developers of the MARTIN model, and has worked on models of inflation expectations, the NAIRU, and asset prices. Tom holds a PhD from the University of Sydney (thesis: Essays on Asset Pricing in Incomplete Markets).

Research Papers

• Cusbert T (2023) ‘The Effect of Credit Constraints on Housing Prices: (Further) Evidence from a Survey Experiment’ RBA Research Discussion Paper No 2023-01.
• Ballantyne A, T Cusbert, R Evans, R Guttmann, J Hambur, A Hamilton, E Kendall, R McCririck, G Nodari, DM Rees (2020) ‘MARTIN Has Its Place: A Macroeconometric Model of the Australian Economy’ Economic Record, 96(314), pp 225–251.
  Also released as RBA Research Discussion Paper No 2019-07.
• Cusbert T and T Rohling (2013) ‘Currency Demand during the Global Financial Crisis: Evidence from Australia’ RBA Research Discussion Paper No 2013-01.

Policy Publications

• Ballantyne A and T Cusbert (2025) ‘The NAIRU Under Anchored Inflation Expectations’ Australian Economic Review, 58(3), pp 224–235.
• Cusbert T and E Kendall (2018) ‘Meet MARTIN, the RBA's New Macroeconomic Model’ RBA Bulletin, March
• Cusbert T (2017) ‘Estimating the NAIRU and the Unemployment Gap’ RBA Bulletin, June
• Cusbert T, J Jääskelä and N Stenner (2013) ‘Korea's Manufacturing Sector and Imports from Australia’ RBA Bulletin, December
• Cusbert T and S Black (2010) ‘Durable Goods and the Business Cycle’ RBA Bulletin, September