Latest posts.
Essays and analysis without the noise. Markets, economics, and what's actually beneath the headlines.
The inflation tax won't go away until the spending does
14 Sept 2026Inflation is sticky because public spending is too high.
We should worry about the jobs AI won't eliminate
8 Sept 2026The biggest threat from AI is too little disruption, not too much.
The race to zero
4 Sept 2026AI inference is getting cheap. Will anyone pay for the rest?
How not to tax AI
1 Sept 2026Bill Gates' proposed AI tax fails the politics, the public finance, and the targeting.
The enshittification of Australian credit cards
28 Aug 2026There are no solutions, only trade-offs.
The anti-data centre hysteria
26 Aug 2026Data centres are the new nuclear power.
Canada should open up
23 Aug 2026How Carney can lose the trade war but win the decade.
Competition is a tough weed
20 Aug 2026The trillion-dollar valuations for frontier AI companies may be a mirage.
Cricket Australia's quiet life
18 Aug 2026The loss to Bangladesh stems from a chummy selector, an ageing side, and a monopoly that answers to no one.
Tomago or data centres
14 Aug 2026Australia is spending $2.5 billion to prop up a 20th-century aluminium smelter, when letting it close would instantly free up enough grid capacity to power 20 hyperscale AI data centres.