The Economy, Stupid The Economy is Growing - But Will You Be Better Off?
Sep 4, 2025
Australia's GDP is climbing, but is that making life better for everyday citizens? The podcast digs into the gap between economic metrics and personal experiences. It critiques traditional measures like GDP and GNI, exploring their real implications on well-being. Global trade is surprisingly resilient against tariffs, raising questions about future economic literacy. Geopolitical tensions with the US and China pose unique challenges, while the discussion on well-being indicators urges caution in interpreting market trends.
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GDP Versus What We Actually Keep
- GDP measures production but not who keeps the returns, so it can overstate domestic benefit.
- GNI subtracts foreign returns and better reflects income Australians can spend.
Hidden Household Work Inflates GDP
- National accounts omit household production like childcare, eldercare and volunteering.
- Moving tasks from home to paid services raises measured GDP even if real wellbeing barely changes.
Digital Gains Aren't In GDP
- Technology and free online information deliver real value not captured by GDP.
- Access to digital knowledge enriches lives despite little reflection in national accounts.