The Economy, Stupid

What happens when the economy stops playing by the rules?
We’re taught that inflation and unemployment move like a seesaw, one goes up, the other goes down. But sometimes the seesaw snaps. Prices climb and people lose jobs at the same time. 
It happened dramatically in the 1970s, and with oil prices surging again and global tensions rising people are whispering the word Stagnation once more. 
Guests: 
Professor Bob Gregory, one of Australia’s most influential economists, who watched the original outbreak of stagflation unfold and later sat on the Reserve Bank board during another era of economic upheaval.
Gareth Hutchens, ABC business and economics reporter who has spent years examining how these big economic shocks ripple through everyday life.

The Reserve Bank says it’ll do whatever it takes to crush inflation, even if it means Australia falls into recession. But for millions of Australians, the pain is already here with petrol prices soaring and mortgage repayments climbing. So did the RBA really have no choice but to lift rates again? Or is this a risk the Bank didn’t need to take?
Guests: 
Gianni La Cava, Former Senior Research Manager at the Reserve Bank of Australia; now Senior Economist at the e61 Institute.
Cherelle Murphy, Oceania Chief Economist, EY

From food security to fuelling our air force, the global oil crisis threatens far more than the cost of driving a car. So what happens next?

GDP is meant to measure economic progress, yet even war can make it rise. So what exactly is it measuring?

What happens when the nation’s wealthiest state gets extra funding on top of a needs‑based system? Since 2019, Western Australia has received a special billion‑dollar boost that no other state gets, and now the deal is under review. WA wants it to stay. The rest of the country is paying for it. So is the arrangement justified, or overdue for a rethink?
Guests:
Saul Eslake, Economic consultant and former chief economist for ANZ and Bank of America Merrill Lynch in Australia
Matt McKenzie, Economics writer for The West Australian