The Economy, Stupid

Betsey Stevenson, a Professor of Economics at the University of Michigan, shares insights on the current economic landscape alongside Robert Armstrong from the Financial Times and Christopher Rugaber from the Associated Press. They discuss the paradox of a booming economy contrasted with plummeting consumer confidence. Rising prices and pandemic disparities emerge as key themes, highlighting feelings of exclusion among younger generations. The panel also explores the impact of luxury spending despite economic anxieties, while analyzing political implications as elections draw near.

There's a seismic change heading our way that will drive up electricity and water usage and it has to do with the uptake of generative AI, including Chat GPT. Giant tech companies are investing in nuclear power for their AI-fuelled race, however data centres also need clean, drinking-quality water. Guests:Ben Geman, energy reporter at Axios.com and the author of the daily Axios Generate newsletter, covering the world of energy business and politics.David Berreby, science writer based in New YorkGordon Noble, Research Director, Institute for Sustainable Futures, University of Technology Sydney

Obesity and associated health problems cause a significant burden on health systems, but should weight-loss drugs be offered under our PBS just for weight loss?  In Britain, there is to be a trial of the weight loss drug Mounjaro, that will also seek to measure the economic impact of those benefits.  Britain's Health Minister argues that weight loss drugs will be '"life-changing, help them get back to work and ease the demands on our NHS". Guests:Dr Norman Swan, co-presenter of ABC Radio National's Health Report, and the podcast 'What's That Rash?'Jonathan Karnon, Professor of Health Economics at Flinders UniversityNial Wheate, Pharmaceutical Chemist and Professor of Academic Excellence at Macquarie University And the Albanese Government this week announced a crack down on unfair and excessive card surcharges, promising to get a better deal for Australians and small business.  The declining use of cash and the rise of electronic payments means more Australians are getting hit by often hidden surcharges.  Guest:Brad Kelly, Co-founder of the Independent Payment Forum

In this insightful discussion, William Hartung, Siemon Wezeman, and Dr. Marcus Hellyer dissect the staggering cost of the global arms industry, which hit over $2.44 trillion. They delve into U.S. military spending, particularly the financial implications of aid directed towards Israel and military operations in Ukraine. The conversation highlights Australia’s role as both an arms importer and exporter, examining its reliance on international defense firms and the evolving landscape of global arms trade amidst rising military budgets worldwide.

Paul Seabright, an economics professor at the Toulouse School of Economics, argues that religions function like competing businesses. He discusses how they provide community and meaning, challenging the notion of a universal decline in belief. The podcast explores the story of Grace, a woman sacrificing income for spirituality, and highlights churches as platforms that blend spiritual and material benefits. Seabright also delves into the power of storytelling in both religion and business, and how faith-based institutions act as crucial safety nets during crises.

Brad Kelly, Managing Director of a consulting company, dives into Australia's shift to card payments, which now dominate over 90% of transactions. He reveals how each tap adds hidden costs, piling up to billions annually. Kelly discusses the Reserve Bank's push for lower fees through 'least cost routing,' aiming to ease the burden on small businesses. He also highlights the scrutiny on Coles and Woolworths for misleading pricing claims, as well as upcoming regulations designed to protect consumers and enhance transparency in retail pricing.

In this discussion, Andy Schmulow, an Associate Professor of Law, and Dr. Jason Harris, a Professor of Corporate Law, dive into the critical failures of the Australian Securities and Investments Commission (ASIC). They advocate for splitting ASIC into specialized regulators to enhance corporate oversight and protect consumers. Highlighting ASIC's inefficiency in addressing corporate crime, they stress the urgency for reform to safeguard retirees’ finances. The conversation also touches on the need for a greater emphasis on valuing natural ecosystems within economic frameworks.

John Simon, former Head of Economic Research at the Reserve Bank and now an Adjunct Professor at Macquarie University, shares insights on the Reserve Bank's performance amid rising interest rates. He discusses the ongoing tensions between the government and the RBA, the challenges in assessing its effectiveness beyond inflation rates, and the importance of transparency in economic forecasting. Additionally, he reflects on the role of trust in expert advice and the need for improved governance. The conversation also touches on evolving trends in financial literacy and children's pocket money.

The battle for sports media rights is heating up with tech giants and streaming services entering the fray. Global investments are skyrocketing, especially for leagues like the NBA and NFL. Changes in legislation aim to enhance coverage, particularly for women's sports. Meanwhile, traditional broadcasters are grappling with the influx of competition, adapting their strategies. As personalized advertising gains traction, the future of how we consume sports is rapidly shifting, with significant implications for fan engagement and revenue.

We're almost a quarter of the way into the 21st Century and already it's clear money has changed. It's increasingly mobile. It's (relatively) cheap and more and more digital. Economist Richard Holden is charting the changes. Guest: Richard Holden, Professor of Economics at the University of NSW Business SchoolAuthor of "Money in the 21st Century; Cheap, Mobile, and Digital' published by University of California Press.