The Economy, Stupid

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.

Loyalty programs in the airline industry have evolved into significant financial assets, affecting consumer behavior since the 1980s. Discover how airlines monetize points and the psychological appeal driving customer loyalty. Dive into the complexities of Qantas and Velocity, and explore savvy strategies for maximizing rewards. There's also a focus on the implications of data privacy, examining how airlines harvest consumer information and the potential risks. Join experts as they highlight the need for clearer regulations and consumer awareness.

Guests Peggy Hollinger, a Space Industry Editor, Professor Anna Moore from a prominent space research institute, and Ryan Brukardt, a consulting expert, dive into the booming space economy projected to hit $1.8 trillion. They discuss the construction of the Lunar Gateway and how advancements in satellite technology are revolutionizing agriculture and disaster response. The conversation also touches on the urgent need for regulations to manage space congestion and debris, as well as the geopolitical dynamics of revitalized lunar ambitions.

The Paris Olympics were designed to be 'infrastructure light' to avoid outlandish construction costs,  yet the overspend is estimated at $US1 billion. Since the 2016 Rio Olympics' budget overrun by 352 per cent, many cities withdrew their bids in the face of strong public opposition.  So should Olympic Games be held in one permanent location every four years?  And how are plans for Brisbane's 2032 Olympic Games progressing? Andrew Zimbalist, Professor of Economics at Smith College, Massachusetts. Author of Circus Maximus and Boston Olympics: How and Why Smart Cities Are Passing on the TorchMichael Bleby, Deputy Property Editor at the Australian Financial Review