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Latest posts.

Essays and analysis without the noise. Markets, economics, and what's actually beneath the headlines.

Australia's labour market is becoming like its housing market

11 Mar 2026

By treating labour like a durable capital stock, Australia is legislating its workforce into the same rigid corner as its housing market.

How not to respond to a supply shock

9 Mar 2026

Allegra Spender's windfall tax idea would blunt price signals at exactly the moment you need them the most.

Oil shocks don't cause inflation

6 Mar 2026

The Iran war won't cause inflation unless central banks let it.

Australia's cockroach problem

4 Mar 2026

Domestic inflation never came close to target during the RBA's easing cycle, and just like cockroaches, it's back again.

Housing's favourite villain

2 Mar 2026

Australia is obsessed with taxing the supposed villains of the housing market while ignoring the restrictive zoning laws that actually lock people out.

Going nowhere, fast

26 Feb 2026

Australia's latest high-speed rail dream is a fast track to fiscal ruin.

Nobody "trains" a human

24 Feb 2026

Sam Altman's analogy comparing training AI to raising a child tells you more about his business strategy than OpenAI's energy use.

Another bump on the tariff rollercoaster

22 Feb 2026

The US Supreme court may have struck down Trump's tariffs, but don't expect them to go away.

The RBA keeps making the same mistake

10 Feb 2026

From running too tight to cutting too early, the Reserve Bank of Australia keeps making the same monetary mistake.

Japan's risky bet

8 Feb 2026

Japan's ruling party won a supermajority promising massive stimulus and tax cuts, but the yen's slide to near all-time lows suggests markets are sceptical the debt math works.