Inside the Economist’s Mind
Inside the Economist’s Mind is a podcast that gives listeners a look into how economists think, work, and tackle real-world issues. It is aimed at economics students, early-career professionals, and curious minds, exploring the reasoning behind major decisions. The show blends economic theory, data, and modelling with practical insights from the field.
Episodes
Stop Showing Your Work: How to Speak Like a Senior Economist
Are you tired of losing your audience's attention during technical briefings? In this episode, we break down the essential communication skills every economist needs to move from "technical accuracy" to "communication usefulness".We explore why your audience often needs a decision-useful message before a deep dive into your data, and how you can preserve your rigor while re
High-Impact Webinar Strategy for Analysts
This episode explores the following key themes and strategies:Shifting from Reports to Narratives: The discussion emphasizes that webinars for analysts should not be mere "report readings" but structured stories designed to influence decisions and client engagement.Strategic Planning: It covers the importance of the "Core Strategic Question"—defining what the audience should kn
CBA vs. CEA: The Economic Evaluation Tools Shaping Government Decisions
Learn the different economic evaluation methods used to ensure efficient resource allocation. We explore when to use Cost-Benefit Analysis (CBA)—which converts all benefits into dollar values—and Cost-Effectiveness Analysis (CEA)—which calculates outcomes like ‘lives saved’ per dollar spent. Discover how these quantitative methods are applied ex ante to inform funding decisions and ex post to revi
The Subjective Assumptions Shaping CGE Models and Australian Economic Policy
Computable General Equilibrium (CGE) modelling is a central element of economic and policy debate in Australia, used for decisions ranging from tax reform to the approval of major projects. This report takes a deep dive into the surprising, little-known theoretical and design assumptions that fundamentally determine CGE model results and subsequent policy advice. Discover why CGE models often assu
Treasury Modelling Secrets: Macro Forecasts, Tax Policy & CGE/OLG Models
Discover the complex economic models shaping fiscal advice at The Treasury. This review explores the critical recommendation to move away from the current 3-phase forecasting approach and embed a new, high-priority macro-econometric model for projections that must span greatly varying time horizons, from two up to 41 years. We analyze the crucial roadmap for the Revenue Group, focusing on upgradin
DSGE Models: Crisis, Financial Frictions, and the Future of Macro Policy
Dynamic Stochastic General Equilibrium (DSGE) models are the leading, transparent tool for macroeconomic policy assessment. Discover why these models failed to predict the 2008 financial crisis, and how economists are now fundamentally improving them by incorporating crucial elements like financial frictions and addressing the Zero Lower Bound (ZLB). Learn how these complex, data-based models are
Australia's Economic Race: Capacity Constraints, Inflation Targets, and the Path Off the Rail | RBA Outlook
Delve into the Australian economic outlook with insights derived from the speech of Andrew Hauser, Deputy Governor of the Reserve Bank of Australia (RBA). This episode explores the "unusual challenge" facing monetary policy, noting that the GDP recovery began with the highest level of capacity utilisation in over 40 years. We analyze the RBA's decision to maintain a restrictive polic
RBA Rate Hold (3.60%): Australia's Persistent Inflation and Capacity Pressures | Nov 2025 SMP
In this episode of Inside's Economist's Mind, we break down the Reserve Bank of Australia’s (RBA) decision in November 2025 to leave the cash rate target unchanged at 3.60 per cent.Drawing on the latest Statement on Monetary Policy, we analyze the surprising strength of the September quarter inflation data, which was "significantly stronger than expected". Year-ended trimmed mean
Critical Minerals War: US & Australia Challenge China's 'Iron Grip' on Rare Earths Supply Chains
In this episode of "Inside the economist's mind," we dissect the historic United States–Australia Critical Minerals Framework, a strategic partnership signed by Anthony Albanese and Donald Trump designed to challenge China’s near-complete hold, or "iron grip," over the essential materials required for global industries.The 8.5billiondealbetweenthealliesinvolvesacommitmentofatleast∗∗US1 billion fro
The Barossa Billions: Methane Cover-Up, Zero Royalties, and Australia's Looming Gas Export Crisis
This episode dives into the massive, yet highly controversial, Barossa offshore gas project, operated by Santos. Approved amidst an election campaign focused on gas exports, Barossa is one of the most polluting new gas projects under development in Australia.We explore the dual controversies surrounding the project:1. The Darwin Methane Leak Scandal: The Barossa project relies on extending the lif
Australia's Green Hydrogen Collapse: Why High Costs and Uncertain Demand Grounded Major Projects
Australia's green hydrogen transition faces severe setbacks due to high production costs, currently AUD 5−6 per kilogram, which developers cite as making the technology unviable. This cost hurdle, combined with the "chicken-and-egg problem" of uncertain market demand, has led to the cancellation of major projects, including the $12.5 billion CQ-H2 export venture. Further challenges include infrast
The $60 Billion Gold Surge: Why LNG is Ceding Its Place as Australia’s Second Largest Export?
Welcome to Inside the Economist's Mind. In this episode, we deep dive into the Resources and Energy Quarterly (REQ) September 2025 report. We analyze the dramatic shifts reshaping Australia's export landscape.The overall forecast projects that Australian resource and energy export earnings will decline by 5%, falling from $385 billion in 2024–25 to $369 billion in 2025–26. This overall dec
Understanding Australian Petrol Prices: Costs, Taxes & Competition Explained
Discover how Australian petrol pump prices are determined by key factors, including international product costs (like the Singapore MOPS95 benchmark), government taxes (excise and GST), and industry operating expenses. Learn about the impact of supply chain logistics, local market competition, and discounting cycles that influence prices across Australian cities and regions.• Australian petrol pri
The World Ahead 2025
"The World Ahead" is an **annual predictive publication** from The Economist, released every November. It serves as a **forward-looking guide**, offering in-depth analysis, forecasts, and informed speculation across a wide spectrum of global affairs for the upcoming year. The Transformative Impact of Donald Trump's Return: A significant focus is placed on the ramifications of Mr. Tru
ATO Behavioral Questions & STAR Responses- Career Conversations
Welcome to Inside’s Economists Mind—a podcast where economic thinking meets real-world impact.You’re listening to our Career Conversations series, where we explore the journeys, challenges, and strategies that shape the careers of economists in Australia.Today’s episode is all about mastering behavioral interviews at the ATO. If you’re preparing for an Economist or Research Analyst role in the pub
Australia's Q1 2025 GDP Preview: Private Sector Strength
In this episode, we dive into NAB Economics' preview of Australia's Q1 2025 GDP, which forecasts a 0.5% quarter-on-quarter rise. The growth is expected to be led by private sector momentum, particularly through business and dwelling investment, even as consumer spending shows signs of cooling. We'll explore how this outlook aligns with the Reserve Bank of Australia's expectations and what it means
Australia's Population Slowdown and Economic Impacts
Key points:Population growth peaked just above 2.5%yr in Q3 2023 due to a surge following the reopening of international borders, driven by the return of students and arrival of approved permanent residents who were delayed by the pandemic.Similar patterns of population growth surges and corrections have been observed in other countries like Canada, New Zealand, the United Kingdom, and Germany.Whi
Australia & New Zealand Weekly Economic Insight
Australia's population growth surge following the reopening of international borders is now unwinding faster than previously indicated, reaching an annual rate of 1.8% in Q3 2024 and is now assumed to be 1.7% for calendar year 2024 by both Westpac and the RBA. This slowdown is expected to **reduce demand pressure on the housing market** and implies that **rent inflation should slow further**.* The
Building Momentum: Australia’s Q1 Construction Surges in Housing and Renewables
In this episode, we unpack Westpac IQ’s latest report on Australia’s construction sector for Q1 2025. With overall activity holding steady and a 3.5% year-over-year growth, residential construction is leading the charge. We also explore the evolving landscape of engineering construction, where traditional infrastructure takes a backseat to a growing wave of renewable energy projects. Plus, hear in
Tariff Tensions: Trump's EU Threat and the Trade War Tightrope
In this episode, we dive into the rising tensions between the US and the European Union as former President Trump threatens a sweeping 50% tariff on EU goods. Drawing from ING Think’s latest economic analysis, we explore the EU’s counteroffers, the strategic sectors at stake, and what a full-blown transatlantic trade conflict could mean for global markets. Is this brinkmanship or the beginning of
RBA Cuts & RBNZ Waits: Inflation, Budgets & Global Moves
This week on *Westpac’s Australia & New Zealand Weekly*, we unpack the Reserve Bank of Australia’s latest rate cut and what it signals about inflation and domestic demand. We also analyze New Zealand’s newly released Budget and the potential path ahead for the Reserve Bank of New Zealand. With global uncertainties looming, our economists dive into key international developments and preview critica
Deindustrialization: Causes and Consequences
In this episode, we unpack Paul Krugman’s take on deindustrialization in America. Challenging the popular blame placed on globalization and trade deficits, Krugman argues that the decline in manufacturing is part of a broader economic evolution—not a crisis to be reversed. We explore his case for moving beyond nostalgic policies and focusing instead on real solutions to support today’s workers in
Rates, Wages & the Gender Gap: Australia’s Economic Pulse
This episode features highlights from *Dollars and Cents* by The Australia Institute, diving into recent economic developments in Australia. We explore the Reserve Bank's latest interest rate cut, differing expert opinions on monetary policy, and the evolving definition of full employment. Plus, we break down new data on the gender pay gap in both public and private sectors, and consider how globa
Australian Wage Price Index Methodology
In this episode, we take a closer look at the methodology behind the Australian Wage Price Index (WPI). Based on official guidance from the Australian Bureau of Statistics, we break down how wage data is collected, what’s included (and excluded), and how consistent job tracking and statistical weighting ensure the index reflects real wage trends. Learn how seasonal adjustment and trend estimates m
Cash Rate Down: How Global Tariffs Are Shaping Australia's Economy
In this episode, we unpack the Reserve Bank of Australia's May 2025 monetary policy statement. With domestic activity tracking as expected and inflation gradually easing, the RBA has now turned its attention to new global risks. Rising trade tensions, especially following the United States' recent tariff hikes, are casting a shadow over the global and domestic outlook. We explore why the Board cho
Why Attention to Detail Matters in Economics? Career Conversations Series
In this episode, we spotlight the critical role of attention to detail in the world of economics. Through real-world examples and STAR method scenarios, we illustrate how meticulous data analysis, careful model building, and precise communication lead to reliable and impactful outcomes. We also explore why a sharp eye for detail is essential for ensuring data accuracy, avoiding costly errors, and
Monthly Global Economic Update: May 2025
In this episode, we unpack ING’s latest global economic outlook for May 2025. From trade tensions and geopolitical uncertainty to shifting central bank policies, we explore why global markets are stagnating despite early-year momentum. We dive into the impact of US tariffs, revised growth forecasts for key economies, and the evolving stance of central banks on interest rates. Plus, we look at fall
Adaptability- Behavioural Interview Questions- Career Conversations Series
In this episode of our *Career Conversation Series*, we dive into strategies for mastering behavioral interview questions—especially for aspiring economists. We explore the value of the STAR method (Situation, Task, Action, Result) as a clear framework for structuring impactful responses. Listeners will gain tips on researching employers, preparing tailored examples, and demonstrating adaptability
Effective Communication Strategies for Economists- Career Conversations Series
In this episode of Inside the Economist’s Mind, we delve into the art of effectively communicating intricate economic concepts to diverse audiences. Economists often grapple with the challenge of making complex ideas accessible and engaging.We explore key strategies to enhance clarity and connection:Understanding Your Audience: Tailoring your message to the audience's knowledge level and interests
Analytical Skills for Economist- Career Conversations Series
In this episode, we delve into the vital role of analytical skills in the field of economics. Drawing from two insightful sources, we examine how economists can both showcase and sharpen their analytical thinking. Listeners will learn how to effectively respond to behavioral interview questions using the STAR method, with examples that bring real-world economic challenges to life. We also share pr
Economist Conflict Resolution- Career Conversations series
In this episode, we explore why conflict resolution skills are essential for economists striving to excel in their careers. Drawing insights from two key sources, we break down seven critical areas—including emotional intelligence and effective communication—and show how mastering these skills enhances professional relationships and decision-making. Through practical examples using the STAR method
Maximize Team Collaboration in Economics with Diverse Skills-Career Conversations Series
In this episode of *Inside the Economist’s Mind*, we explore strategies for optimizing teamwork among economists with diverse skill sets. Effective collaboration is crucial in economic analysis, where combining varied expertise leads to more robust outcomes.We discuss the importance of clear role definition to prevent overlap and confusion, ensuring each team member understands their responsibilit
Prioritising Economic Analysis Under Tight Deadlines - Career Conversations Series
In this episode of Inside the Economist’s Mind, we delve into the art of managing tight deadlines in economic analysis. Facing pressing timelines is a common challenge for economists, and mastering time management is crucial for delivering impactful insights.We explore effective strategies to prioritize tasks, emphasizing the balance between urgency and importance. Understanding the potential impa
Quarterly Energy Dynamics Q1 2025
Join us as we unpack the key developments in Australia's energy markets for Q1 2025. This episode offers a deep dive into the latest trends in the National Electricity Market (NEM) and the Wholesale Electricity Market (WEM), exploring shifts in energy demand and supply, the growing role of renewables, and the performance of storage technologies like batteries and pumped hydro. We’ll also break dow
Economics of Housing Supply: Concepts and Issues
In this episode, we dive into the nuanced economics of housing supply, challenging the common narrative that more new construction alone can solve housing affordability. Drawing on recent academic research, we explore why the existing housing stock plays a critical—yet often overlooked—role in the market. Learn how local factors, developer behavior, and development costs shape supply responsivenes
Time Series Analysis Basics and Decomposition
In this episode, we explore the fundamentals of time series analysis with insights from the Australian Bureau of Statistics. Learn the difference between stock and flow series, and how data collected over time is broken down into trend, seasonal, and irregular components. We’ll unpack why seasonal adjustment is key to uncovering real patterns, and dive into decomposition models—additive, multiplic
A Guide to Cost-Benefit Analysis
In this episode, we dive into the Australian Government's latest guidance from the Office of Impact Analysis (OIA) on using cost-benefit analysis (CBA) to shape smarter, more accountable policy decisions. Discover the nine essential steps to conducting a robust CBA—from identifying policy options to valuing future impacts—and learn how to navigate common challenges like quantifying intangible effe
Navigating Global Uncertainty: Economic Insights from the Westpac May 2025 Report
In this episode, we dive into Westpac's latest analysis of global and Australian economic trends as of May 2025. We unpack the impact of US tariff policies, global market volatility, and the varied economic outlooks across regions including Australia, China, the US, and Europe. Learn about key forecasts for GDP, inflation, interest rates, and currency movements, and discover how central banks
Housing Finance on the Slide: Q1 2025 Lending Trends in Australia
In this episode, we unpack the key insights from the Australian Dwelling Finance Bulletin for Q1 2025, which reveals the first major drop in dwelling finance approvals in two years. We explore the sharp decline in owner-occupier loans—especially those tied to construction—and what this signals for the broader housing market. Join us as we analyse state-level trends, possible drivers behind the len
Tariffs, Turbulence, and Trends: April 2025 Economic Insights
In this episode, we break down the April 2025 economic report from the New South Wales Treasury Corporation, focusing on the ripple effects of U.S. trade policies across global and Australian markets. Discover how tariff announcements sparked financial market volatility, drove down growth forecasts, and raised fresh recession concerns. We also explore how consumer and business confidence is shifti
Forecasting Jobs: How Leading Indicators Predict Unemployment"
In this episode, we explore new research on how leading labor market indicators—like job advertisements, vacancies, and consumer unemployment expectations—can improve forecasts of the unemployment rate. You'll hear how combining data sources such as ABS vacancies, ANZ-Indeed job ads, and Westpac-Melbourne Institute surveys helps create a powerful summary indicator that outperforms traditional
Crypto vs. Central Bank Digital Currencies: Digital Money and the Future of Finance
In this episode, we unpack the key differences between cryptocurrencies and Central Bank Digital Currencies (CBDCs). You'll learn how cryptocurrencies like Bitcoin operate on decentralized blockchains, why their values are so volatile, and the policy concerns they raise—from criminal use to speculative bubbles. We also explore CBDCs as a government-backed alternative, offering more stability a
COVID-19 and the Australian Economy: From Shock to Recovery
In this episode, we explore the profound economic impacts of the COVID-19 pandemic on Australia from 2020 to 2021. We discuss how public health restrictions triggered a sharp downturn in GDP and employment, and examine the historic scale of government and Reserve Bank interventions to stabilize the economy. As restrictions eased and vaccines rolled out, we track the path to recovery—highlighting t
The Global Financial Crisis: Causes, Collapse, and Lessons Learned
In this episode, we unpack the Global Financial Crisis of 2007–2009—how it began in the U.S. housing market and quickly rippled through the global financial system. We examine the key drivers, including excessive risk-taking, high leverage, and regulatory shortcomings, and trace the collapse that led to major institutional failures and a worldwide recession. We also explore the policy responses—li
How Banks Set Interest Rates: The Hidden Mechanics of Lending
In this episode, we explore how banks operate behind the scenes—specifically how they manage the balance between funding costs and lending rates. Discover how banks source their funds through deposits and debt securities, and what drives their funding costs, from the cash rate to broader monetary policy tools. We also unpack the key factors that influence the interest rates banks charge borrowers,
Bonds & the Yield Curve: Decoding Market Signals
In this episode, we demystify bonds and the yield curve—two foundational concepts in financial markets. We explain what bonds are, how yields work, and why bond prices move inversely to yields. You'll also learn how the yield curve illustrates returns across different maturities and what its different shapes—normal, inverted, and flat—can reveal about economic expectations. Finally, we explore
Breaking Down the Balance of Payments: Tracking Australia's Global Transactions
In this episode, we dive into the balance of payments—an essential tool for understanding a country’s economic relationship with the rest of the world. Learn how it's structured into the current account and the capital and financial account, what each component measures, and how the double-entry accounting system keeps the books balanced. We’ll also explain the role of net errors and omissions
Understanding Exchange Rates: Australia's Global Currency Connections
In this episode, we unpack the fundamentals of exchange rates and why they matter for an open, trade-driven economy like Australia. We explore key concepts including bilateral exchange rates, cross rates, and the Trade-Weighted Index (TWI). You'll also learn about the different exchange rate regimes—floating versus pegged—and how these systems influence economic stability and international tra
Exchange Rates Explained: Why the Dollar Matters to the Economy
Exchange rates do more than just affect your holiday budget—they shape the entire Australian economy. In this episode, we unpack how exchange rates function and why their movements matter. From influencing the prices of imports and exports to shaping inflation, employment, and economic growth, you'll learn how currency appreciation and depreciation ripple through trade, investment, and the bal
Floating or Falling? What Moves the Australian Dollar
Ever wondered why the value of the Australian dollar rises and falls? In this episode, we dive into how Australia's floating exchange rate works and the key factors that drive it—from long-term influences like interest rate differentials, commodity prices, and trade balances, to short-term pressures like global risk sentiment and market speculation. We also explore the role of the Reserve Bank
Chasing Full Employment: Understanding the NAIRU and Inflation Trade-offs
Can unemployment ever be too low? In this episode, we explore the Non-Accelerating Inflation Rate of Unemployment—or NAIRU—a key economic concept used to gauge how low unemployment can go without triggering rising inflation. You'll learn how the NAIRU helps central banks like the RBA make informed monetary policy decisions, and why it's central to debates about full employment and price st
Unpacking Unemployment: What the Numbers Really Mean
Unemployment is more than just a headline figure—it’s a window into the health of the labour market and the economy. In this episode, we break down how the unemployment rate is measured in Australia by the ABS, and what it tells us about who's working, who's not, and why. We explore the key types of unemployment—cyclical, structural, and frictional—and explain related concepts like underem
The Power of Productivity: Measuring What Drives Economic Growth
What exactly is productivity, and why does it matter so much in economics? In this episode, we demystify productivity by exploring its two key forms—labour productivity and multifactor productivity (MFP)—and explain how they’re measured using real-world methods from the ABS. Learn how economists calculate output and inputs, the challenges involved in productivity measurement, and the crucial role
Riding the Waves: Understanding Business Cycles and Recessions
What causes economies to boom and bust? In this episode, we break down the business cycle—its phases, causes, and consequences—and explore what defines a recession versus a depression. We examine different ways recessions are identified, including the technical definition and the broader NBER approach, and look at historical examples from Australia. You'll also learn about the long-term impact
GDP and Beyond: Understanding Economic Growth in Australia
What drives a nation's economy forward? In this episode, we take a deep dive into the concept of economic growth, focusing on Gross Domestic Product (GDP) as the key measure of progress. You'll learn how GDP is calculated through the production, income, and expenditure approaches, and why adjusting for inflation with real GDP is crucial. We explore the dynamics of aggregate demand—from hou
Behind the Numbers: How Australia Measures Inflation
What exactly is inflation, and how do we measure it? In this episode, we dive into the Consumer Price Index (CPI)—Australia’s main tool for tracking inflation. We explain how the Australian Bureau of Statistics (ABS) builds the CPI using a basket of goods and services, how item weights reflect household spending, and how prices are collected. You'll also learn about underlying inflation measur
Why Australia Targets 2–3% Inflation?
What’s behind Australia’s 2–3% inflation target—and why does it matter? In this episode, we break down the Reserve Bank of Australia's inflation target, how it's measured using the Consumer Price Index (CPI), and why keeping inflation within this range helps ensure price stability and full employment. We explore how the RBA uses monetary policy, like adjusting the cash rate, to respond to
Explaining the Causes of Inflation
In this episode, we unpack the key causes of inflation and explore how rising prices can stem from different sources. We delve into the three main types of inflation: demand-pull, cost-push, and inflation expectations, and explain how shifts in supply and demand, production costs, and consumer sentiment all play a role. We also examine how imported inflation via exchange rate changes can impact do
Unconventional Monetary Policy Tools and Impact
In this episode, we explore the evolving role of central banks when traditional tools no longer suffice. While conventional monetary policy typically relies on adjusting interest rates to steer economic activity, crises like the Global Financial Crisis and the COVID-19 pandemic forced central banks to think outside the box. Join us as we unpack key unconventional monetary policy tools—such as forw
Inside the RBA: How the Reserve Bank Implements Monetary Policy?
In this episode, we take a deep dive into how the Reserve Bank of Australia (RBA) implements monetary policy, focusing on its primary pre-pandemic tool: the cash rate target. We unpack how the cash market functions, looking at the role of Exchange Settlement (ES) balances, the policy interest rate corridor, and how these mechanisms help keep the cash rate aligned with the RBA's target. We also
Monetary Policy Transmission in Australia
In this episode, we explore how monetary policy decisions by the Reserve Bank of Australia (RBA) ripple through the economy, shaping interest rates, economic activity, and ultimately, inflation. We break down the two key stages of the monetary policy transmission process and highlight the crucial role inflation expectations play in this complex mechanism. Why do wage demands rise when inflation is
Australian Monetary Policy Explained
This podcast explores monetary policy in Australia, focusing on the role of the Reserve Bank of Australia (RBA). It delves into the RBA's key objectives: achieving price stability, specifically aiming for consumer price inflation between 2 and 3 per cent , and maintaining full employment where people available and wanting to work can find jobs. The RBA primarily implements monetary policy by
What Economists Really Do – An Overview of Career Paths
Economists are often portrayed in the media as forecasters of financial markets or inflation predictors. While those roles do exist, the real work of economists is far broader, deeply analytical, and spread across diverse sectors. This overview provides an in-depth look at the variety of career paths available to economists.
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