The Economy, Stupid
Formerly The Money, The Economy, Stupid is your weekly guide to the world of business, economics and finance. Every Thursday, economist Peter Martin is joined by a team of sharp young thinkers for a fresh conversation about the financial stories making headlines and how they might affect you.
Episodes
Should we fear the bond market?
“Bond vigilantes” are making governments around the world nervous. But what are bond markets, and why do they wield such power?
Has Australia hit its immigration speed limit?
Migration helped build modern Australia. But are we now growing faster than the economy can handle?
'Sledgehammer with a nail in it': Do interest rate rises hurt the wrong people?
The RBA's efforts to cool the economy will hit recent home buyers and workers hardest. Could the pain be better shared?
Australians will live longer in 2066, but in what kind of world?
Despite optimistic forecasts of an economy transformed by technology, a worrying picture emerges in the latest intergenerational report.
Can we cut red tape without cutting corners?
Rules are meant to protect us. But sometimes they get in the way of doing good things. Is there a better way to regulate?
One Nation wants to allow early access to super. Is it a good idea?
Many younger Australians are in financial freefall - has superannuation become a parachute that opens too late?
What is your digital life worth?
We don't measure our social media activity in GDP. But what would happen if we did? And are we richer or poorer because of consumer tech?
How abusive partners turn the tax system into a weapon
The government has promised to crack down. But victims can still be left owing debts they never created.
What can save the NDIS?
How did a world-leading disability fund find itself in peril? And what can be done to save it?
This is what worries Australians most about the economy
Consumer sentiment remains at fifty year lows. The Reserve Bank has surveyed Australians to find out why.
Will AI really take our jobs?
The first computer revolution was supposed to bring mass unemployment but didn't. Is this time really different?
What can convict Australia tell us about the manosphere?
Australia's early settlements were radical experiments in almost exclusively male societies. Their impact is still felt today.
Harbour views and the full pension
Australia's social safety net is designed for those most in need - but increasingly the benefits are flowing to the wealthiest households.
Why not tax wealth, and why not start with billionaires?
California is seeking to introduce a tax on the wealth of billionaires. Is it time we did the same?
The tricks they use to stop us getting cheaper petrol
You're driving around looking for petrol, and you notice station after station charging exactly the same price.That could be because they are competing fiercely, and have cut prices to the point where they can't cut them anymore.Or it could be because they've coordinated. Professor David Byrne examined 1.6 million prices in order to find out.Guests:David P. Byrne, Ritchie Chair o
Home prices are heading down, but how far?
Home prices are falling for the first time in more than three years. Is Labor's housing policy starting to work? And if prices come down, who wins and who loses? We unpack what's really driving the market, whether the budget's tax changes will make it easier to buy a home, what they mean for renters, and why Australia's housing affordability crisis can't be explained by immigrati
Is tax reform even possible anymore?
Now that the dust is beginning to settle, what has happened to Labor's tax reform? And what does the way the debate played out tell us about the limits to what governments can do in the future?
How to avoid a world on fire
We are reliving the 1930s, according to author Viktor Shvets. Is there a peaceful way out?
Is bracket creep saving us from ourselves?
If Australian taxpayers were given the choice, would we be willing to pay for the services we need?
Australia is in a 'vibecession' - is a recession next?
The latest economic figures suggest we're not in a recession. But new ABS data shows our overall life satisfaction is in decline. So which numbers should we trust?
Australia's $200 billion budget secret
For decades, governments have spent billions in hidden tax concessions that largely favour the ultra-wealthy. How did they get there?
How to end the tobacco wars
Would cutting tobacco tax weaken a dangerous black market - or reverse decades of progress in reducing smoking deaths?
Could Labor's budget narrow the wealth gap?
This week Labor touched the third rail of Australian politics: wealth and tax. Can it survive the backlash?
The budget and housing — a fix?
What does the federal budget really do for Australia’s housing crisis? Peter Martin from The Economy, Stupid joins Anthony Burke from By Design to examine whether changes to tax settings will make it any easier to buy a home.Peter Martin is an economist and the host of The Economy, Stupid, a weekly guide to the world of business, economics and finance. Listen to The Economy, Stup
Interest rate rises are designed to hurt. But how much is too much?
When RBA governor Michele Bullock announced the third consecutive interest rate rise this week, she acknowledged the real-world suffering that would result.But just how much pain is too much? And is there a better way?
Inflation’s jumped again - is another rate rise coming?
Inflation has surged to its highest level in years, driven by soaring fuel prices, higher energy costs and global instability.For households already squeezed by rate rises, the pressure is mounting. Is this a short‑term shock the Reserve Bank can look through or the start of another prolonged inflation fight?What happens next for interest rates, wages, jobs, and the economy as a
Australian gas is booming. But who benefits?
Australians might expect to benefit from the global rush on our natural gas resources. But will we?
Why we still can’t quit petrol even as prices soar
Petrol prices are up, car use is down, public transport and electric cars are booming, yet Australians are buying petrol more often than ever. Bank data shows panic topping‑up, driven by fear, not need. In this episode of The Economy, Stupid, we explain why fuel demand barely shifts with price and what it will take to finally break our dependence on petrol and diesel.Guests:Adam
What could be in the budget?
You know what they say about a crisis, suddenly, all sorts of things become possible. During the COVID crisis, the government doubled Newstart, paid wage bills, and allowed access to super - things that had almost no chance of happening. Right now, with the budget just weeks away in the midst of a crisis almost anything is on the table. What may that include?Guests:Tom Crowley, A
Australia’s baby bust: what happens when a nation stops replacing itself?
Australia’s birth rate is collapsing, heading for a record low next year, well below the level needed for the population to replace itself. Fewer couples, fewer kids, and a world where ageing societies reshape everything from innovation to taxes. Why is this happening everywhere at once, and what does it mean for your future?Guests: Viva Hammer, ANU population researcher and tax
Stagflation is about to push unemployment higher: here's what to expect
What happens when the economy stops playing by the rules?We’re taught that inflation and unemployment move like a seesaw, one goes up, the other goes down. But sometimes the seesaw snaps. Prices climb and people lose jobs at the same time. It happened dramatically in the 1970s, and with oil prices surging again and global tensions rising people are whispering the word Stagnation
Did the RBA just choose recession?
The Reserve Bank says it’ll do whatever it takes to crush inflation, even if it means Australia falls into recession. But for millions of Australians, the pain is already here with petrol prices soaring and mortgage repayments climbing. So did the RBA really have no choice but to lift rates again? Or is this a risk the Bank didn’t need to take?Guests: Gianni La Cava, Former Senio
Navigating a global energy crisis
From food security to fuelling our air force, the global oil crisis threatens far more than the cost of driving a car. So what happens next?
War boosts GDP. But should it?
GDP is meant to measure economic progress, yet even war can make it rise. So what exactly is it measuring?
WA’s Special Deal: Fair Reward or Billion‑Dollar Rort?
What happens when the nation’s wealthiest state gets extra funding on top of a needs‑based system? Since 2019, Western Australia has received a special billion‑dollar boost that no other state gets, and now the deal is under review. WA wants it to stay. The rest of the country is paying for it. So is the arrangement justified, or overdue for a rethink?Guests:Saul Eslake, Economic
The Most Explosive Tax Debate in Australia Is Back
Australia does something a bit weird: if you make money selling a house or shares, you get taxed at half the rate you’d pay on your actual job. Nice if you’re the one pocketing the profit… not so great if you’re trying to buy your first place and keep getting outbid by investors.People have argued about this discount for years; it’s political TNT. Bill Shorten tried to change it
A Carbon Tax Comeback?
Spending is outpacing revenue, and the budget gap isn’t closing.At the same time, Australia is drifting off track on its emissions targets for 2030, 2035 and 2050.The Superpower Institute has a proposal: a revamped carbon pricing model it says could help fix both.Australians rejected carbon pricing more than a decade ago.The question now is whether the country is ready to reconsi
Will this be the last rate hike?
The Reserve Bank has lifted rates, and if you’ve got a mortgage, you’ll feel it fast. A typical borrower on a $600,000 loan is up around $90 a month for a single hike, and if more follow, the hit multiplies. Is inflation really back, or is the Bank overreacting? And what would more hikes do to jobs and house prices?Guests: Michael Pasoe, writes for Michael West MediaCherelle Murp
Interest rates set to rise: what does that mean for you?
The Reserve Bank looks set to lift interest rates after a year of cuts - adding around $90 a month to a typical $600,000 mortgage. If there are three hikes, that’s an extra $3,200 a year. What does it mean for you?
Will house prices go up in 2026?
A year ago, we were told the housing market was about to cool, but it didn’t. What’s in store for us in the year to come? Guests: Amy Auster, director of Policy Institute AustraliaBen Phillips, principal Research Fellow at the ANU Centre for Social Research and Methods
The price of mental illness
Australia’s mental health system is costly — and full of cracks. What would it take to fix it?
What would it take to house a nation?
The Australian housing dream is no longer guaranteed. Is it too late to turn things around?
Could we really become a superpower?
Some economists say Australia could become a clean-energy superpower — massively rich, world-leading. But how would we get there?
Why we don’t shop around (and why companies count on it)
How do companies keep us paying more, and can we fight back?
Superannuation: Are We Saving More Than We Need?
Most Australians die with more money than they retired with. Are we squirrelling away too much into super — and if so, who benefits?
Every revolution starts with a bubble. AI is no different
Economic bubbles inevitably burst, but often leave behind a better world. Can we hope the same for AI?
The 'weird' number running the country
Does GDP still capture the truth about Australian life?
Is corporate social responsibility dead?
From sunscreen recalls and childcare failures to tech overreach, the corporate social contract is in crisis
How COVID changed Australian jobs
After a historic shock, Australia’s jobs market rebounded. But work has changed
An Uninsurable Future
Floods, fires and spiralling premiums are pushing millions of Australians out of insurance. Can the system itself survive?
But what if the AI bubble doesn’t burst?
The Reserve Bank has paused rate cuts amid rising uncertainty, while investors pour trillions into AI — with consequences that could reshape jobs, markets and society
Why the official inflation rate feels wrong
Inflation’s jumped to 3.2% — but for many of us, it feels even higher
Australia is 'freaking amazing' - will that last?
Australia is an economic success story. But can the institutions that built it survive an uncertain world?
'Sexually transmitted tax debt'
Hidden debts, coercive control — and why the tax system can punish people most in need of help.
The great Australian wealth gap
The rich keep getting richer while millions are falling behind. What future awaits us all?
Superannuation: Are We Saving More Than We Need?
Most Australians die with more money than they retired with. Are we squirrelling away too much into super — and if so, who benefits?
Each Generation Better Off?
Every Australian generation has expected to be more prosperous, healthier and safer than the last. But the latest national wellbeing data tells a more complicated story.
Australia's 2035 Climate Target: Economic Hit or Miss?
Is the government's "responsible" approach sensible politics, or a missed economic opportunity?
When Trade Wars Hit Home
From postage costs to small business exports, new US trade barriers are disrupting daily life. How bad will it get?
The Economy is Growing - But Will You Be Better Off?
The latest economic figures show Australia's GDP climbing, but does that translate into more money in your pocket or a better life?
Can We Really Trust the Banks Again?
After the Royal Commission exposed widespread misconduct, how did the banks pull off their reputation revival - and can we really trust them?
Why Has Australia's Economic Progress Stalled?
For decades, life in Australia seemed to move in one direction - forward. But now the promise of progress feels less certain.
Who Should Pay More Tax in Australia?
Treasury has warned that Australia’s tax base is shrinking - and without reform, wage earners will carry more of the burden. So, who should pay more tax: workers, wealthy retirees, or big business?
How $1 Billion in Retirement Savings Vanished
This week on The Economy, Stupid: the biggest superannuation scandal in Australian history — and who should have stopped it.
Inflation is down, so why is uncertainty rising?
Australians are still in work, and inflation is coming down, yet economic uncertainty is far higher now that it was during the peak of COVID.So why are so many of us feeling uneasy?
The End of Cash?
If you're not carrying any hard cash on you right now, you're not alone - and that might be a problem.This week we look at Australia’s crumbling cash system: why it’s costing millions to keep it alive, who’s footing the bill, and how close we really are to the end of cash.
What's With Trump and Tariffs?
In 2017, Donald Trump reportedly scrawled “trade is bad” in the margins of a speech — a blunt rejection of economic orthodoxy that has transformed global politics. Economists tend to see international trade as good for everyone - a rising tide that lifts all boats. So why do so many voters, in the U.S. and elsewhere, feel like they’re being left behind?
A divided RBA
This week the Reserve Bank kept interest rates on hold, that was a shock for the industry, but the most surprising thing? For the first time, they told us the board didn’t agree. Six said hold, three said cut. Why does that matter? Because we know the room is divided and that changes everything. Guests:Nicki Hutley - Senior economist and chief economist at all manner of financia
Won't Somebody Think of the Millionaires?
What if you could earn over $1 million and pay nothing in tax? Turns out some Australians already do. Is it time to rethink the rules?
How To Fix Tax?
If you could fix the tax system, how would you do it? The Treasurer is looking for ideas, and on Radio National's The Economy, Stupid, we have them. Guests:Miranda Stewart - Director of Tax Law at the University of Melbourne Law SchoolBen Phillips - Principal Research Fellow at the ANU Centre for Social Research and MethodsGet in touch: We read all of your emails, and appreciate
Can We Build It? Embracing Abundance
Treasurer Jim Chalmers thinks Ezra Klein's book, Abundance, is a ripper. Building things directly and sweeping away red tape could soon be part of a productivity measure. An investment arm of the United Arab Emirates wants to buy Australia's Santos. Should the Treasurer impose conditions on approving Australia's biggest-ever resource takeover? Plus, a 'GST Guarantee' for the West
Productivity, Climate and a Room Full of Ideas
From Hawke’s 1983 economic summit to Rudd’s 2020 vision, big gatherings have sometimes sparked big reforms. Now Anthony Albanese wants to try again - this time to tackle Australia’s stagnating productivity. Within months, the Australian government will have to present the United Nations climate convention with an updated target for 2035. How are we doing with the target we’ve got
Wages are up, GDP growth is down, what’s going on
This week we heard GDP growth has dropped, yet we’ve just given ourselves a pay rise. Does it really matter if the economy isn’t growing as much as we would like and is GDP the best measure anyway? What will this mean for inflation? This week we give the economy a health check and look at what this all means for the future of jobs.
How to spot the tricks suppliers use to stop us getting a better deal
This week, the chair of the Australian Energy Regulator, Claire Savage, advised us to “shop around” for a better deal as energy prices are set to rise by almost ten per cent, in some places. But how easy is it to shop around? And what happens when supplies don’t make it an even playing field for consumers?
Rates are falling. Inflation is steady. So what now?
The Reserve Bank has cut interest rates. Inflation is under control, unemployment is low, and the forecasts say ‘steady as she goes.’ What do we do when everything works out the way we’ve planned? Guests:Myriam Robin - Senior Writer for the Australian Financial ReviewTom Crowley - ABC federal political reporter and previously an economist with the federal treasuryGet in touch: We
Is monopsony worse than monopoly?
Welcome to the world of monopsony - where sellers, not buyers, get the raw deal.So, how does this impact me as a consumer?Then, the link between productivity and a pay increase. Guests:Emilia Terzon - ABC national business reporterMatthew McKenzie - Energy and economics reporter with the West Australian Get in touch: We read all of your emails, and appreciate each one. Please kee
Reform ready: What Albanese could do now
With a strong second-term mandate, Prime Minister Anthony Albanese has a rare chance to drive real change. From tax to housing to climate policy, the moment is ripe for long-term reform that could shape Australia’s future for decades. But where to begin? Plus, listener Alex challenges the narrative around government debt and household budgets. Guests:Aruna Sathanapally - Chief ex
Inflation is down so why do we keep going on about the price of eggs?
Australia’s inflation rate is now firmly in the RBA’s target band, but groceries, rent, and daily essentials still feel painfully expensive. Why is there a disconnect between the data and what we think is our lived reality? The Opposition leader, Peter Dutton, says he wants to cut Australia’s permanent migration program. Is such a cut possible? And could it stem the total net ove
What exactly is a recession?
It's more than job losses. It's dreams deferred and careers that never get off the ground. Why do the scars last a lifetime?Then, why does the Justice Department want to break up Google? Plus, penalty rates are under the spotlight again, but do they really cost the economy jobs? Guests:Dan Ziffer - ABC national business reporter Rachel Clayton - Business reporterGet in touch: We
TikTok vs Louis Vuitton: How China's revenge tariffs are crashing the luxury market
What do luxury handbags and kids’ colouring books have in common? They're both caught up in the latest economic crossfire. Then, we unpack the economic chaos of an election campaign full of promises, including a $1,000 no-questions-asked tax deduction. Plus, Australia’s very own Future Fund fantasies: who's really winning, and are you one of them?Guests:Megan Flamer - Innovation
