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The Wrap with Greg Jericho

It is easy for progressives to find things to complain about. It’s not because we are miserable, but unfortunately, we are too aware of the realities of life for many who never get a voice, aware of the crisis of climate change, and aware of the inequalities in the system that prevent a better society.

So, when a government does a good thing, we should take a moment to celebrate – especially when it means a long and hard-fought fight has been won.

The Australia Institute first attacked the possibility of a capital gains tax discount back in August 1999 – a month before the Howard government made the change.

The topic has never been far from our minds.

On this episode of Dollars & Sense, Greg and Elinor discuss the federal budget, the latest wages data, and why the government is making Australian workers wait-o for the WATO.

This discussion was recorded on Thursday 14 May 2026.

Visit The Point for research, analysis, explainers and factchecks from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Australian workers have been hard done by and tax reforms in the budget only begin to return some fairness by Greg Jericho, Guardian Australia (May 2026)

The original design of the NEM assumed that private markets and price signals could not only guide investment in generation, networks and retail, but also accommodate changing environmental requirements.

Experience has shown that this is not the case. The NEM now operates as a hybrid in which reliability and investment are secured through administrative intervention and long-term contracting, while emissions reductions are driven by a set of overlapping federal and state policy instruments.

The analysis makes several recommendations to fix the NEM:

• Split the Australian Energy Market Operator into two bodies, a rule-bound market operator and a national grid authority with responsibility for reliability, transmission integration, long-term contracting and emissions integration.
• Consolidate transmission under public ownership within the grid authority.
• Operate generation under a mixed public–private model.
• Reforming distribution, while keeping public ownership available as a long-term option.
• Retaining retail competition, but default pricing should be treated as a public obligation linked to system costs.

“Australia’s transition to a low-emissions electricity system has exposed the structural weaknesses of the National Electricity Market.” said Professor John Quiggin, Professor of Economics at The University of Queensland and author of the report.

“After decades of patchwork reform, the elegant design of the original NEM is almost invisible under all those tweaks.

On this episode of Follow the Money, Matt Grudnoff and Ebony Bennett discuss the government’s important changes to negative gearing and the capital gains tax discount, its “brutal” cuts to the National Disability Insurance Scheme (NDIS), and why some “broken promises” may not be such a big deal in the eyes of Australians.

This episode was recorded on Wednesday 13 May.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Budget 2026: What the government’s housing tax changes mean for first home buyers and housing affordability by Matt Grudnoff, The Point (May 2026)

On the 100th episode of After America, Dr Emma Shortis and Angus Blackman discuss new Australia Institute polling on Australians’ views of Trump, the deadlock between the United States and Iran in the Strait of Hormuz, and what it might take for the Australian government to get out of the AUKUS submarine deal.

This episode was recorded on Monday 11 May.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Host: Angus Blackman, Executive Producer, the Australia Institute // @angusrb

Show notes:

It’s not me, it’s you – Australians ready to break up with Trump’s America, the Australia Institute (May 2026)

Our gas export research was everywhere this month, from the Senate to news bulletins across Australia, and that’s just the beginning!

Here’s a brief snapshot of our media impact in April.

The post April 2026 Media Highlights appeared first on The Australia Institute.

Home ownership is simply beyond the reach of many, rent is surging, and homelessness continues rising. It seems likely the Treasurer Jim Chalmers will implement changes to the 50 per cent capital gains tax discount and negative gearing in Tuesday’s budget, two policies which have worked together to push house prices up and up and up.

Which means for the first time in decades, this federal budget may stop making Australia’s housing affordability worse.

If Australia doesn’t do something to fix the problem, we will only become more unequal and more divided between the haves and have-nots.

As Alan Kohler said in his brilliant Quarterly Essay piece on the housing divide: “Education and hard work are no longer the main determinants of how wealthy you are; now it comes down to where you live and what sort of house you inherit from your parents. It means Australia is less of an egalitarian meritocracy. Material success is now largely a function of geography, not accomplishment.”

If working hard isn’t enough to buy you a stable roof over your head, what next?

Australia will be a poorer and less stable nation if home ownership becomes unaffordable for ordinary people.

We don’t want to become a society where the only way young people can dream of owning a home is if they are fortunate enough to inherit one. That’s why these tax reforms are so important.

On this episode of Dollars & Sense, Greg and Elinor discuss the rationale for the Reserve Bank’s third interest rate hike for 2026 and how changing the way trusts are taxed could reduce inequality.

This discussion was recorded on Thursday 7 May 2026.

Visit The Point for research, analysis, explainers and factchecks from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

In this budget, all eyes are on CGT. But Labor’s rumoured family trust tweaks might also help fight tax inequality by Greg Jericho, Guardian Australia (May 2026)

On this episode of Follow the Money, journalist and writer Nick Feik joins Ebony Bennett to discuss the NACC’s handling of its Robodebt investigation, its decision not to hold public hearings so far, and concerns about the legal experience required of some senior leaders.

This episode was recorded on Tuesday 5 May and some things may have changed.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: Nick Feik, journalist and writer // @nickfeik

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Built to fail? NACC: the integrity body undermined from the start by Nick Feik, Michelle Fahy & Elizabeth Minter, The Point (April 2026)

While the policy provides clear proof that Australia never had a ‘gas shortage’ and has been suffering from excessive gas exports, a gas reservation policy won’t change the sad fact that Australia is giving away more than half of the gas it exports for free.

Dr Richard Denniss, co-CEO of The Australia Institute, says the policy is a distraction after the government caved into the gas lobby and appeared to rule out a gas export tax in next week’s federal budget.

“The government is trying to shift attention away from its determination to keep giving more than half the gas Australia exports away for free,” Dr Denniss said.

“The Albanese Government wants Australians to think it’s doing something about gas, but instead of collecting $350 million per week from a gas export tax, it is pursuing a new policy that won’t raise a cent.”

“Labor has the numbers in parliament. It has the support of unions, crossbenchers and, most importantly, voters. One nation voters want a gas export tax. Clive Palmer supporters want a gas export tax. Labor voters want a gas export tax.”

Dr Denniss has branded a gas reservation as the “wrong solution” to a problem which has been deliberately engineered by the gas industry, which has created fake fears of shortages in Australia while it was exporting vast  quantities of Australian gas overseas.

The YouGov poll of 1502 people found more than more than twice as many (59%) Australians now believe Australia’s interests are better served by a more independent foreign policy rather than a closer alliance with the United States (23%). Just one in eight (13%) Australians believe the US is a “very reliable” security ally.

The poll shows a further erosion of confidence in the US under President Trump. A year ago, a similar poll found that 31% of Australians believed Trump was a greater threat to world peace than Putin (27%) and Xi (27%).

Now, 52% feel that Trump is a bigger threat than Putin (17%) and Xi (16%).

Key findings:

• More One Nation voters (35%) believe Trump is a bigger threat to world peace than Putin (18%), and about the same number think Xi is the biggest threat (32%).

• One third (33%) of Australians now believe the AUKUS security agreement is not in Australia’s best interests.

• 68% of Australians, including 53% of One Nation voters, oppose Australia’s involvement in the US and Israel’s war on Iran.

“This poll represents a seismic shift in the way Australians think about the United States,” said Dr Emma Shortis, Director of The Australia Institute’s International & Security Affairs Program.

The RBA today lifted the cash rate from 4.1% to 4.35%, back to its highest point in 15 years, effectively undoing the three rate cuts which were delivered last year.

“Today the RBA made the wrong decision,” said Matt Grudnoff, Senior Economist at The Australia Institute.

“Higher interest rates will do nothing to open the Strait of Hormuz. Higher interest rates cannot change the world price of oil and bring down fuel prices.

“All this does is heap more pain on already stretched households.

“The only tool the RBA has to fight inflation is to change interest rates. But interest rates are ineffective at stopping inflation caused by supply shocks.

“It has chosen to do something, even if that will make things worse, rather than risk being accused of doing nothing.

“Higher fuel costs and now a third interest rate increase this year is likely to impact economic growth and push unemployment higher. This will have real negative impacts on Australian households and businesses.

“If the RBA goes too hard with interest rate increases, it risks pushing the Australian economy into recession. It will then be forced to rapidly lower interest rates to stimulate the economy, which would be a humiliating backflip.

On this episode of After America, Allan Behm and Dr Emma Shortis discuss the Trump administration’s withdrawal of troops from Germany, why the United States is losing its war on Iran, and the Supreme Court’s gutting of the Voting Rights Act.

This episode was recorded on Monday 4 May.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: Allan Behm, Advisor, International & Security Affairs, the Australia Institute

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Show notes:

Hegseth’s ‘paranoia’ of being replaced explains purge of top general — as ally emerges for Army secretary’s role by Steven Nelson, New York Post (April 2026)

Rising interest rates and a long-running cost-of-living squeeze have left mortgage holders struggling, yet the banks are milking more than ever from their home loan customers.

The research reveals that while home buyers tightened their belts last financial year, the banks’ profits grew to a massive $43 billion, $16.9 billion of which came straight from owner-occupiers with a mortgage.

Key points:

The Wrap with Ebony Bennett

Every week Australia delays introducing a 25% gas export tax is costing us $350 million. It’s a lot of lost revenue to ignore when your government has announced it will cut 160,000 people from the NDIS ahead of the federal budget.

Yet, when the Prime Minister visited Perth this week, he seemed to kick the can down the road on a gas export tax in this budget, reassuring the mining industry that it “will not undermine existing contracts on gas exports”.

It’s a safe bet the political pressure to tax gas fairly will not diminish – the public supports it from Greens to One Nation voters, and it’s an issue that unites everyone from the head of the ACTU to the head of the Commonwealth Bank. As the political pressure will only keep growing, so too will the economic cost of not doing introducing a gas export tax, it will only become more obscene and more unfair as the weeks drag on.

Unfairness was as the heart of the Global Progressive Mobilisation I recently participated in in Barcelona, convened by Spanish Prime Minister Pedro Sánchez. The contrast between the unashamed call to arms for bold progressive action there, and the aggressive commitment to incremental centrism at home could not be starker.

Read more >>

On this episode of Dollars & Sense, Greg and Elinor discuss the latest inflation figures, which are the first to include the impact of the war in Iran, and why the RBA should take a step back and look at all the data, before they meet to assess interest rates next week.

This discussion was recorded on Thursday 30 April 2026.

Visit The Point for research, analysis, explainers and factchecks from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Another RBA rate rise won’t fix inflation – it will just smash households already hit by soaring fuel costs, by Greg Jericho, Guardian Australia (April 2026)

On this episode of Follow the Money, Senator Larissa Waters, leader of the Australian Greens, joins Ebony Bennett to discuss the causes of Australia’s housing crisis, making gas exporters pay their fair share, and the Greens’ new ‘tax the 1%’ campaign.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: Larissa Waters, Australian Greens leader and Senator for Queensland // @larissawaters

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)

Prices for groceries, rent, insurance, gas bills are up and the cost of petrol is through the roof, and wages aren’t keeping up with rising prices. While many Australians are finding it harder to make ends meet, there has been an explosion in the wealth of the super-rich. Australia taxes wealth very lightly, it’s time that changed.

“Billionaires have the lowest effective tax rate of all social groups everywhere”, according to French economist Gabriel Zucman.

“There is a legitimate debate to have about the proper degree of tax progressivity … But nobody should accept a situation where the super-rich can pay less than the middle class. It’s a basic violation of the fundamental principle of equality before the law, which stands at the heart of our social contract.”

Taxing wealth fairly is not just important for the economy, it’s important for our democracy. As the federal budget approaches, we’re about to hear a lot about what Australia ‘can’t afford’. We can’t afford for so many people to access the National Disability Insurance Scheme, for example. We ‘can’t afford’ to increase the unemployment benefit above the poverty line. But somehow we can afford $368 billion for nuclear submarines we may never receive, and we can afford to give away half of our liquid natural gas royalty-free.

In 2014, Noel Pearson delivered an eulogy for Gough Whitlam. Professor Tom Clark wrote about it for The Conversation and said “Pearson came to praise Caesar on Wednesday, certainly not to bury him” as he listed the achievements of one of Australia’s greatest reformers.

Pearson said he was speaking to “this old man’s legacy with no partisan brief” but named the Racial Discrimination Act as one of the most important acts of Whitlam’s prime ministership, saying “without this old man the land and human rights of our people would never have seen the light of day”.

“Only those who have known discrimination truly know its evil,” Pearson said on that day.

He later described the Whitlam government as the “textbook case of reform trumping management”.

On this episode of After America, Dr Emma Shortis reflects on yet another appalling yet unsurprising act of political violence in the United States, before Mother Jones journalist James West joins the show to discuss the midterm elections and whether real fractures are emerging in the MAGAverse.

This episode was recorded on Thursday 23 April Australian time.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: James West, Executive Editor, Mother Jones // @jamespwest

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Show notes:

Shorter America: Madman theory, continued; Deeper derangement; International solidarity by Emma Shortis, The Point (April 2026)

On this episode of Dollars & Sense, Greg and Elinor discuss the case for a 25 per cent gas export tax, why global foreign aid spending has plummeted, and the likelihood of the government announcing reforms to housing investor tax concessions ahead of the May federal budget.

This discussion was recorded on Wednesday 22 April 2026.

Visit The Point for research, analysis, explainers and factchecks from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Capital gains tax changes are on the table, and yet Armageddon has not arrived. Has the tide on housing turned at last? by Greg Jericho, Guardian Australia (April 2026)

On this episode of Follow the Money, Senator David Pocock and Dr Richard Denniss join Leanne Minshull to discuss the case for a 25 per cent gas export tax, why Australians currently get so little in return for the country’s finite resources, and how the gas industry wields power in parliament.

This episode was recorded live at the Australia Institute’s Politics in the Pub event on Wednesday 15 April. Subscribe now to find out about more live events from the Australia Institute.

Guest: David Pocock, Independent Senator for the Australia Capital Territory // @davidpocock

Guest: Richard Denniss, co-Chief Executive Officer, the Australia Institute // @richarddenniss

Host: Leanne Minshull, co-Chief Executive Officer, the Australia Institute // @leanneminshull

Host: Glenn Connley, Senior Media Advisor, the Australia Institute // @glennconnley

Show notes:

On this episode of After America, nuclear policy expert Jon B Wolfsthal and Dr Emma Shortis discuss the US-Iran negotiations, the risks of this conflict metastasising, and how Trump is continuing to break down the guardrails around the use of nuclear weapons.

This episode was recorded on Friday 17 April.

The latest Vantage Point essay, Rich Kid Poor Kid: The Battle for Public Education by Jane Caro, is available now for $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

Guest: Jon B Wolfsthal, US Nuclear Policy Fellow, PAX sapiens // @jonatomic

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Show notes:

Shorter America: The consequences of not caring; The enemy of your enemy is not your friend; Visions for the future by Emma Shortis, The Point (April 2026)

What Is the Iran Nuclear Deal?, Council on Foreign Relations

New Australia Institute research published today shows that the Japanese Government makes more revenue taxing its imports of Australian gas than the Australian Government makes from the export of our gas.

Key findings:

• Japan has imposed a tax on oil and gas imports since 1978, expanding the tax to cover coal in 2003.
• Over the last five years, Japan’s energy import tax has delivered an average of AUD $8 billion per year to the Japanese Government.
• On average, every year, $1.8 billion of Japan’s energy import tax comes from gas imports, substantially more than the $1.4 billion raised by the Australian Government’s Petroleum Resource Rent Tax (PRRT).

“It’s hard to believe how badly Australians have been ripped off by gas export companies,” said Dr Richard Denniss, co-CEO of the Australia Institute.

“Japan, a country with no gas, oil or coal reserves of its own collected almost $40 billion over the last five years while the Australian PRRT provided only $7 billion to Australians.

“Not only has Australia been literally giving more than half of the gas we export away for free, we now learn that the same Japanese Government that is opposed to us putting a tax on our gas and coal exports, has been raking in billions of dollars per year via their own tax on gas and coal imports.

From our speaking tour with Yanis Varoufakis at the start of the month to multiple press conferences, TV appearances, and launching our Gas Giveaway Tracker, it’s been an eventful month. And that’s just the beginning!

The post March 2026 Media Highlights appeared first on The Australia Institute.

The Wrap with Greg Jericho

The middle of April each year is always when the pre-Budget noise gets louder, and the Government begins to frame the narrative. This year the stakes are as high as any budget in recent memory.

The United States’ and Israel’s attacks on Iran and the subsequent closing of the Strait of Hormuz have very much highlighted to Australians just who benefits from an international oil crisis. While Australians saw their petrol prices rise, and worries about a recession permeated, one industry was laughing.

Photo: AAP Image/Mick Tsikas

Keep reading

— Greg Jericho is the Chief Economist at The Australia Institute.

On this episode of Dollars & Sense, Greg and Elinor discuss the International Monetary Fund (IMF)’s latest World Economic Outlook report, its forecast for Australia, Angus Taylor’s Trumpy immigration policy announcement, and why immigration isn’t causing the housing crisis.

This discussion was recorded on Thursday 16 April 2026.

Visit The Point for research, analysis, explainers and factchecks from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

The IMF refuses to name the cause of this global chaos. It starts with ‘Donald’ and ends in ‘Trump’ by Greg Jericho, Guardian Australia (April 2026)

World Economic Outlook: Global Economy in the Shadow of War, International Monetary Fund (April 2026)

On this episode of Follow the Money, Dr Emma Shortis and Ebony Bennett discuss Trump’s genocidal threats against Iran, his efforts to subvert US democracy, his administration’s growing isolation from long-time allies, and why it’s time for the Australian government to reassess its relationship with the United States.

This episode was recorded on Monday 13 April.

Guest: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

After America: Australia and the new world order by Emma Shortis, Australia Institute Press (May 2025)

Vance joyless as US-Iran negotiations fall apart, After America, the Australia Institute (April 2026)

Shorter America This Week: Ceasefire?; Madman theory; Group hugs in space by Emma Shortis, The Point (April 2026)

On this episode of After America, Allan Behm and Dr Emma Shortis discuss the consequences of failure in US-Iran negotiations, the oxymoron of Trump administration “diplomacy”, the future of NATO, and what this all means for Australia.

This episode was recorded on Friday 10 April.

Guest: Allan Behm, Advisor, International & Security Affairs, the Australia Institute

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Show notes:

Shorter America This Week: Ceasefire?; Madman theory; Group hugs in space by Emma Shortis, The Point (April 2026)

LIAR, LIAR, CEASE ON FIRE! PEP with Chas & Dr Emma Shortis, Planet PEP on YouTube (April 2026)

The Wrap: A missed opportunity to face reality by Emma Shortis, The Point (April 2026)

Photo: The White House/Flickr (U.S. Government work)

The US is supposed to be Australia’s “closest ally, and our principal economic and strategic partner”, but it is clearer than ever that US President Donald Trump represents a direct threat to our security, our economy and our stability, unleashing a global energy crisis. But in politics, you should never waste a crisis – will Anthony Albanese seize the moment?

It is no exaggeration to say the world was preparing itself for the worst last week, up to and including the threat of nuclear war.

“A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” Trump said in a post on Truth Social, threatening the existence of the roughly 90 million people who live in Iran if the country refused to reopen the Strait of Hormuz.

Trump did not wipe out civilization in Iran, but it still does not feel beyond the realm of possibility, given his past behaviour and pronouncements. Together, the US and Israel have killed many civilians by targeting civilian infrastructure in Iran and Lebanon, the latter of which is not part of the ceasefire agreement agreed to after Trump threatened to annihilate Iran. First Trump sparked a global energy crisis and then he criticised other countries for not helping to fix the mess he and Netanyahu created.

From the department of foreign affairs own website the “G20 brings together the world’s major and systemically important economies.

“Its members represent 85 per cent of global GDP, 75 pr cent of international trade and around 80 per cent of the world’s population”.

Australia has the 15th largest economy in the world. We are “the 12th largest contributor to the UN regular and peacekeeping budgets, held the first presidency of the Security Council and sent the first UN peacekeepers to Indonesia in 1947.

All this to say that in the post war period, Australia isn’t – and hasn’t – been powerless.

We are not a small nation with no agency. We’ve proven that time and time again.

So you have to wonder why our government goes to such extraordinary lengths to present Australia as being powerless against the United States, a passive player at the mercy of Donald Trump’s tempests.

Even if you believe, as former DFAT, Defence and ASIO boss Dennis Richardson told the Sydney Morning Herald late last week that – “the Australian government is not paid by the taxpayer to let fly and give them five seconds of warm inner glow by saying things that wreck the relationship with the US … The idea they should be calling Trump out is just rubbish”– the idea that Australia has no power is a very strange development in modern times.

After the Australian government shamelessly abandoned morality and international law to back Israel and the United States’ illegal war on Iran, Australia is now experiencing the inevitable consequences, and successive federal governments have failed to plan for those too.

Cowardly abandoning the international rules-based order when our so-called allies wage illegal wars makes all Australians less safe and less secure. But higher petrol prices and higher gas prices will mean a lower standard of living for most Australians, and that is where the federal government is really in trouble.

“This is the biggest threat to energy security in history,” International Energy Agency (IEA) chief Fatih Birol told ABC’s 7.30 this week. It’s no exaggeration. In response to being attacked by Israel and the United States, Iran closed the Strait of Hormuz, resulting in an estimated 20 per cent of the world’s gas and oil exports grinding to a halt, sending petrol prices skyrocketing here and around the world.

Iran also retaliated against US-aligned Gulf states like Qatar, bombing its LNG facilities and wiping out almost 20 per cent of global LNG supply. These twin energy crises have major implications for Australia; let’s start with petrol and Australia’s liquid fuel security.

It was the right that derailed Australia’s energy transition, that prioritised fossil fuels above the nation, that fought reality and convinced a slew of Australians it was common sense to put their faith in a finite resource that was not only contributing to killing the planet, but causing harm to millions in the fights over who controlled it.

It is a fantasy to think that any nation that does not control its energy supply has security. Australia could have been well on its way to securing its energy, if John Howard and his ilk hadn’t had a tantrum over a changing world, and succumbed to their desires to keep everything the same.

The Morrison government gave instant tax write-offs to encourage the take-up of big dumb utes, while fighting against vehicle emission standards and delaying the take-up of EVs.

The agriculture industry was not encouraged to move away from its reliance on diesel. A general ennui swept middle Australia, lulled by the right into fighting for its own interests.

Nor is Labor blameless. Instead of fighting for science and for the future, it took defeats over the carbon price and emissions trading scheme and assumed the only way to beat them was to join them.

Neither party has seen fit to unhook Australia from US foreign policy, and Anthony Albanese was one of the first leaders in the world to throw his support behind the American and Israeli decision to bomb Iran, despite not knowing of it in advance, its justification, its legality or even its objectives.

On this episode of Dollars & Sense, Greg and Elinor discuss Trump’s horrific threats against Iran, whether Australians should be concerned about a recession as a result of the global uncertainty the US president is causing, Matt Canavan’s plans for an economic revolution, and why land values have skyrocketed while the value of the dwellings on the land hasn’t changed much at all.

This discussion was recorded on Thursday 9 April 2026.

Visit The Point for research and analysis from experts at the Australia Institute and beyond.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Is Australia headed for a recession? I hope not – but the RBA should be more worried by Greg Jericho, Guardian Australia (April 2026)

After America, the Australia Institute

On this episode of Follow the Money, we bring you highlights from the recent Australian tour of economist and author Yanis Varoufakis, with contributions from a cast of very special guests. Across live events in Adelaide, Sydney and Melbourne, they discuss misogyny, political power, the erosion of Palestinian rights, and Yanis’ latest book, Raise Your Soul: A Personal History of Resistance.

Become an Australia Institute supporter today.

Guest: Yanis Varoufakis, economist & author // @yanisvaroufakis

Guest: Clare Wright OAM, Professor of History and Professor of Public Engagement, La Trobe University // @clarewrighthistorian

Guest: Randa Abdel-Fattah, Future Fellow in Sociology, Macquarie University // @RandaAFattah

Guest: Richard Denniss, co-Chief Executive Officer, the Australia Institute // @richarddenniss

On this episode of Dollars & Sense, Greg and Elinor discuss the prime minister’s national address on the impacts of the US-Israel war on Iran, policy responses to fuel price hikes, Australia’s gas giveaway and Greg’s visit to a gas conference.

This discussion was recorded on Thursday 2 April 2026.

Check out our Australia’s Gas Giveaway live tracker.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Prices skyrocket but major fuel shortages “very unlikely”, Follow the Money (April 2026)

Australia’s land value has gone through the roof. Where does that leave young people who want to buy a home? by Greg Jericho, Guardian Australia (April 2026)

The Wrap with Dr Emma Shortis

What a missed opportunity.

Last night, the Australian Prime Minister had the chance to face reality. His address to the nation was a recognition that Australians are deeply worried about the state of the world – as they should be. Our world is in real trouble, and there is every indication that the trouble is going to get worse.

What the prime minister did not say is that this trouble lies at the feet of the President of the United States.

Photo: AAP Image/Lukas Coch

Keep reading

— Dr Emma Shortis is Director of The Australia Institute’s International & Security Affairs Program.

Matt Grudnoff and Ebony Bennett discuss Australia’s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison’s 2021 claim about an electric vehicle policy putting an “end to the weekend” now looks even more absurd than it did at the time.

This episode was recorded on Tuesday 31 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

Guest: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Fuel costs and RBA hikes equal to a 90 basis point rate rise: ‘this is brutal’ by Greg Jericho, The Point (March 2026)

On this episode of After America, Dr Emma Shortis and Angus Blackman discuss the situation with the Strait of Hormuz, Israel’s invasion of Lebanon, why airport security workers in the US aren’t getting paid, and why, despite plenty of evidence suggesting it’s a terrible deal, some Australian policymakers remain committed to the bit with AUKUS.

This episode was recorded on Monday 30 March.

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Host: Angus Blackman, Executive Producer, Podcasts, the Australia Institute //  @angusrb

Show notes:

Shorter America This Week: Maximum Lethality; Everything has a history; Don’t fly with me by Emma Shortis, The Point (March 2026)

Trump is impotently railing against the US’s allies. Albanese is right to avoid the president’s global catastrophe by Allan Behm, The Point (March 2026)

Our research has been everywhere in February! From Parliament, to TV, to Radio, and social media, watch just a few examples of our impact in February 2026.

The post February 2026 Media Highlights appeared first on The Australia Institute.

On this episode of Dollars & Sense, Matt and Elinor discuss how profits are driving inflation, why the Australian Competition and Consumer Commission doesn’t have the power to take on price gouging properly, and why migration is not causing Australia’s housing crisis. Then, the wheels come off talking about the meat industry.

This discussion was recorded on Thursday 26 March 2026.

What we owe the water: It’s time for a fossil fuel treaty by Kumi Naidoo, is available now for just $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

You can also subscribe to the Vantage Point series to get four essays a year on some of the most pressing issues facing Australia and the world.

Host: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

On this episode of Follow the Money, Rod Campbell and Ebony Bennett discuss the case for a 25% gas export tax and the New South Wales government’s ban on new coal mines.

This episode was recorded on Tuesday 24 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

Guest: Rod Campbell, Research Director, the Australia Institute // @rodcampbell

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)

Tax gas exports, invest in health/aged care – new polls, the Australia Institute (March 2026)

An Australia Institute submission to the inquiry has found that asking artists to beg for more money from donors ignores the much bigger issue of chronic underfunding of the arts.

The arts sector was devastated by the COVID pandemic and has never truly recovered. Once-iconic music festivals have been cancelled. Venues have closed. Artists are living in poverty.

The long-running cost-of-living crisis has left Australian consumers with very little money to spend on artistic pleasures like a trip to a gallery, buying a book, watching a movie or seeing a band.

The submission concludes that “this is a critical time for supporting Australian arts and culture”.

Key points:

• In real terms, arts funding is at its lowest point since 2017/18
• Australia has the 7th-lowest arts spending in the OECD
• Despite the cost of living crisis, arts spending has been cut by more than half a billion dollars a year
• While Australia-wide employment has grown by 13% since the end of the COVID pandemic, the arts sector has only just returned to pre-pandemic levels

“Artists, authors, musicians and other creatives have a huge impact on Australian culture, how Australians see themselves, and how the world sees Australians,” said Skye Predavec, Researcher at The Australia Institute.

“Australia’s arts and culture cannot be produced overseas, and cannot be moved offshore. It must be made here.

On this episode of After America, Dr Emma Shortis and Angus Blackman discuss the war on Iran and how American sanctions are creating a humanitarian crisis in Cuba, before Professor James Laurenceson joins the show to talk about the impact of the conflict on China and the postponed Trump-Xi summit.

This episode was recorded on Friday 20 and Monday 23 March.

Guest: James Laurenceson, Professor and Director, Australia-China Relations Institute, University of Technology Sydney // @j-laurenceson

Host: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Host: Angus Blackman, Executive Producer, Podcasts, the Australia Institute //  @angusrb

Show notes:

Shorter America This Week: History sighs, repeats itself; Surprise: Trump doesn’t need allies; A bloodthirsty White House by Emma Shortis, The Point (March 2026)

The attacks on Iran hurt us all by Allan Behm, The Point (March 2026)

A national poll of 1502 voters, conducted by YouGov, found more than three in five Australians support a flat 25% tax on gas exports.

Separate polls in the seats of Kooyong, Mackellar, Wentworth and Farrer, conducted by uComms, found that more than two out of three voters support a flat 25% tax on gas exports.

Voters were told such a tax could raise around $17 billion a year. An overwhelming majority said that money should be spent improving health and aged care services.

In the national poll, a gas export tax was most popular among One Nation and Greens voters.

Key points:

• In the national poll, 61% of voters agreed gas export companies should pay a 25% gas export tax. 5% disagreed.
• In the seats of Kooyong, Mackellar, Wentworth and Farrer, between 68% and 75% of voters agree gas export corporations should pay a 25% gas export tax. Between 7% and 16% disagree.
• In all polls, the most popular choice for where revenue from a gas export tax should be spent was health/aged care.

“It’s clear Australians think that making foreign owned gas companies pay for our gas isn’t an issue of left or right, but a simple issue of fairness,” said Dr Richard Denniss, co-CEO of The Australia Institute.

“As petrol and electricity prices rise, the idea that gas export companies will make enormous windfall profits while Australians struggle with higher energy prices and interest rates is as untenable as it is unnecessary.

The Wrap with Louise Morris

There’s a shift happening in Australian politics right now.

And it runs straight through the gas industry.

For years, the idea of properly taxing gas exports has been treated as politically untenable – something governments approached dismissively, if at all. But as global conflict pushes up energy prices and gas company profits surge, that dismissiveness is starting to look like negligence.

Image: AAP/Rebecca Le May

Keep reading

— Louise Morris is an Advocate at The Australia Institute.

The Big Stories

The PM requests modelling on a potential new gas tax

In breaking news on Friday 20 March, the prime minister’s department has asked for modelling on a potential new gas tax.

New Australia Institute research shows that, if a 25% gas export tax was introduced in 2022, it would have raised more than $63 billion by now.

On this episode of Dollars & Sense, Greg and Elinor discuss the economic impact of the US and Israel’s war on Iran, the Reserve Bank’s decision to raise interest rates, and why changes to the capital gains tax discount might finally be on the way.

This discussion was recorded on Thursday 19 March 2026.

What we owe the water: It’s time for a fossil fuel treaty by Kumi Naidoo, is available now for just $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

You can also subscribe to the Vantage Point series to get four essays a year on some of the most pressing issues facing Australia and the world.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

On this episode of Follow the Money, Rod Campbell and Ebony Bennett discuss why it’s time to call out the idea that governments can’t afford to support Australians in need yet still dish out $16.3 billion on fossil fuel subsidies in 2025-26 alone.

This episode was recorded on Tuesday 17 March.

What we owe the water: It’s time for a fossil fuel treaty by Kumi Naidoo is available now for just $19.95. Use the code ‘PODVP’ at checkout to get free shipping.

You can also subscribe to the Vantage Point series to get four essays a year on some of the most pressing issues facing Australia and the world.

Guest: Rod Campbell, Research Director, the Australia Institute // @rodcampbell

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Fossil fuel subsidies in Australia 2026 by Matt Grudnoff and Rod Campbell, the Australia Institute (March 2026)

Senior Economist at The Australia Institute, Matt Grudnoff, says the RBA Monetary Policy Board’s decision to lift the official cash rate from 3.85% to 4.10% is a case of “all pain, no gain” for Australians.

He says while skyrocketing fuel prices will push up inflation, they are the result of a supply shock caused by the war in the Middle East. The RBA has previously stated it should not respond to a supply shock by lifting rates.

“The Reserve Bank Monetary Policy Board has made the wrong decision to increase interest rates today,” said Matt Grudnoff, Senior Economist at The Australia Institute.

“Inflation caused by a supply shock cannot be brought down by increasing interest rates. How can increasing Australian interest rates open the Strait of Hormuz?

“The increase in fuel prices is already acting to reduce demand in the Australian economy. Higher petrol and diesel prices mean people have less to spend on other things, and as these fuels are largely imported, all the extra revenue is flowing overseas.

“All this increase in interest rates will do is heap more misery on Australian mortgage holders who are already being hurt by higher fuel prices.

“The RBA needs to be honest with the Australian people that nothing it can do will reduce inflation caused by a world oil price shock.

“At a time of great economic uncertainty, now is not the time for the RBA to be tapping the breaks, trying to slow the economy down.”

If the federal government implemented a 25% tax on gas exports, which is supported by the ACTU, WELD Australia,  The Australia Institute and many others, Australians would finally get a fair return for their resources.

“Ordinary Australians are being pummelled by skyrocketing petrol prices and, as their household bills go through the roof, the gas industry continues to get a free ride,” said Dr Richard Denniss, co-CEO of The Australia Institute.

“The conflict in Iran is both driving up the cost of fuel for Australians and flooding multinational gas companies with windfall profits. Meanwhile, the Australian government is doing nothing to make sure Australians get a fair return for their resources that are being shipped overseas.

“It is a failure of public policy that the government has given so much of this country’s gas, which belongs to the Australian people, away to multinational companies for free. The continued refusal to tax these companies properly has left us poorer as a nation.