Explore every episode of the podcast Inside the Economist’s Mind

In this episode, we explore the fundamentals of time series analysis with insights from the Australian Bureau of Statistics. Learn the difference between stock and flow series, and how data collected over time is broken down into trend, seasonal, and irregular components. We’ll unpack why seasonal adjustment is key to uncovering real patterns, and dive into decomposition models—additive, multiplicative, and pseudo-additive—that help make sense of complex datasets. Plus, find out how tools like SI charts help identify seasonal effects and irregularities. Whether you're a data enthusiast or just curious, this is your guide to understanding how time shapes statistics.

In this episode, we dive into the Australian Government's latest guidance from the Office of Impact Analysis (OIA) on using cost-benefit analysis (CBA) to shape smarter, more accountable policy decisions. Discover the nine essential steps to conducting a robust CBA—from identifying policy options to valuing future impacts—and learn how to navigate common challenges like quantifying intangible effects and ensuring intergenerational equity. Whether you're a policymaker, analyst, or curious citizen, this conversation unpacks why CBA is a cornerstone of good governance and how it helps deliver better outcomes for communities and the economy.

In this episode, we dive into Westpac's latest analysis of global and Australian economic trends as of May 2025. We unpack the impact of US tariff policies, global market volatility, and the varied economic outlooks across regions including Australia, China, the US, and Europe. Learn about key forecasts for GDP, inflation, interest rates, and currency movements, and discover how central banks are juggling growth, inflation, and currency stability. We also spotlight the shifting dynamics in commodity markets—where rising gold prices contrast with weaker oil and iron ore performance. A must-listen for anyone tracking the pulse of the global economy.

In this episode, we unpack the key insights from the Australian Dwelling Finance Bulletin for Q1 2025, which reveals the first major drop in dwelling finance approvals in two years. We explore the sharp decline in owner-occupier loans—especially those tied to construction—and what this signals for the broader housing market. Join us as we analyse state-level trends, possible drivers behind the lending slowdown, and what it could mean for borrowers, builders, and policymakers in the months ahead.

Source: Westpac

In this episode, we break down the April 2025 economic report from the New South Wales Treasury Corporation, focusing on the ripple effects of U.S. trade policies across global and Australian markets. Discover how tariff announcements sparked financial market volatility, drove down growth forecasts, and raised fresh recession concerns. We also explore how consumer and business confidence is shifting, the complex balancing act facing central banks amid stagflation risks, and how key asset classes—equities, bonds, currencies, and commodities—are reacting to the uncertainty. A must-listen for anyone tracking economic policy and market movements.

Source: NSW Treasury

In this episode, we explore new research on how leading labor market indicators—like job advertisements, vacancies, and consumer unemployment expectations—can improve forecasts of the unemployment rate. You'll hear how combining data sources such as ABS vacancies, ANZ-Indeed job ads, and Westpac-Melbourne Institute surveys helps create a powerful summary indicator that outperforms traditional models. We also discuss the value of these tools in the Reserve Bank of Australia's forecasting framework and what they reveal about the health of the labor market. Perfect for anyone interested in economic forecasting, policy planning, or the dynamics behind employment trends.

Source: RBA

In this episode, we unpack the key differences between cryptocurrencies and Central Bank Digital Currencies (CBDCs). You'll learn how cryptocurrencies like Bitcoin operate on decentralized blockchains, why their values are so volatile, and the policy concerns they raise—from criminal use to speculative bubbles. We also explore CBDCs as a government-backed alternative, offering more stability and potential improvements to the payment system. Whether you're curious about mining, monetary policy, or the digital future of cash, this episode breaks it all down in clear, accessible terms.

Source: RBA

In this episode, we explore the profound economic impacts of the COVID-19 pandemic on Australia from 2020 to 2021. We discuss how public health restrictions triggered a sharp downturn in GDP and employment, and examine the historic scale of government and Reserve Bank interventions to stabilize the economy. As restrictions eased and vaccines rolled out, we track the path to recovery—highlighting the sectors that bounced back, those that lagged behind, and the ongoing challenges like supply chain disruptions and changing consumer habits. A timely reflection on resilience in the face of crisis.

Source: RBA

In this episode, we unpack the Global Financial Crisis of 2007–2009—how it began in the U.S. housing market and quickly rippled through the global financial system. We examine the key drivers, including excessive risk-taking, high leverage, and regulatory shortcomings, and trace the collapse that led to major institutional failures and a worldwide recession. We also explore the policy responses—like interest rate cuts, fiscal stimulus, and tighter financial regulation—and discuss why Australia weathered the storm better than most. A compelling look at one of the most significant economic events of our time.

Source: RBA

In this episode, we explore how banks operate behind the scenes—specifically how they manage the balance between funding costs and lending rates. Discover how banks source their funds through deposits and debt securities, and what drives their funding costs, from the cash rate to broader monetary policy tools. We also unpack the key factors that influence the interest rates banks charge borrowers, including competition and credit risk. If you've ever wondered why loan rates change or how monetary policy affects your mortgage, this episode breaks it down in clear, practical terms.

Source: RBA

In this episode, we demystify bonds and the yield curve—two foundational concepts in financial markets. We explain what bonds are, how yields work, and why bond prices move inversely to yields. You'll also learn how the yield curve illustrates returns across different maturities and what its different shapes—normal, inverted, and flat—can reveal about economic expectations. Finally, we explore the crucial role the yield curve plays in monetary policy and how shifts in it can signal changes in the broader economy. A must-listen for anyone keen to understand market dynamics and interest rate trends.

Source: RBA

In this episode, we dive into the balance of payments—an essential tool for understanding a country’s economic relationship with the rest of the world. Learn how it's structured into the current account and the capital and financial account, what each component measures, and how the double-entry accounting system keeps the books balanced. We’ll also explain the role of net errors and omissions and why the current account balance is always offset by movements in the capital and financial account. Perfect for students and economics enthusiasts looking to grasp the big picture of international finance.

Source: RBA

In this episode, we unpack the fundamentals of exchange rates and why they matter for an open, trade-driven economy like Australia. We explore key concepts including bilateral exchange rates, cross rates, and the Trade-Weighted Index (TWI). You'll also learn about the different exchange rate regimes—floating versus pegged—and how these systems influence economic stability and international trade. Whether you're a student, economist, or curious listener, this episode offers a clear and practical guide to the world of exchange rates.

Source: RBA

Exchange rates do more than just affect your holiday budget—they shape the entire Australian economy. In this episode, we unpack how exchange rates function and why their movements matter. From influencing the prices of imports and exports to shaping inflation, employment, and economic growth, you'll learn how currency appreciation and depreciation ripple through trade, investment, and the balance of payments. We also explore the time-lagged impacts on foreign debt and income. Whether you're a student, investor, or curious mind, this episode will give you a solid grasp of how currency shifts affect real economic outcomes.

Source: https://www.rba.gov.au/education/resources/explainers/

Ever wondered why the value of the Australian dollar rises and falls? In this episode, we dive into how Australia's floating exchange rate works and the key factors that drive it—from long-term influences like interest rate differentials, commodity prices, and trade balances, to short-term pressures like global risk sentiment and market speculation. We also explore the role of the Reserve Bank of Australia in stabilizing the currency when markets go off track. Tune in to get a clearer picture of how global forces shape the Aussie dollar and what it means for the economy.

Source: https://www.rba.gov.au/education/resources/explainers/

Can unemployment ever be too low? In this episode, we explore the Non-Accelerating Inflation Rate of Unemployment—or NAIRU—a key economic concept used to gauge how low unemployment can go without triggering rising inflation. You'll learn how the NAIRU helps central banks like the RBA make informed monetary policy decisions, and why it's central to debates about full employment and price stability. We also unpack the many forces that influence the NAIRU, from globalisation and technology to worker bargaining power and long-term unemployment. This episode is perfect for anyone wanting to understand the balance between jobs and inflation in a modern economy.

Source: https://www.rba.gov.au/education/resources/explainers/

Unemployment is more than just a headline figure—it’s a window into the health of the labour market and the economy. In this episode, we break down how the unemployment rate is measured in Australia by the ABS, and what it tells us about who's working, who's not, and why. We explore the key types of unemployment—cyclical, structural, and frictional—and explain related concepts like underemployment, hidden unemployment, and seasonal trends. Whether you're a student or simply curious about how labour markets work, this episode will help you understand the real stories behind the statistics.

Source: https://www.rba.gov.au/education/resources/explainers/

What exactly is productivity, and why does it matter so much in economics? In this episode, we demystify productivity by exploring its two key forms—labour productivity and multifactor productivity (MFP)—and explain how they’re measured using real-world methods from the ABS. Learn how economists calculate output and inputs, the challenges involved in productivity measurement, and the crucial role of efficiency and innovation in driving growth. We also dive into how productivity gains translate into higher wages, lower prices, and stronger economies. A must-listen for economics students and policy enthusiasts alike.

Source: https://www.rba.gov.au/education/resources/explainers/

What causes economies to boom and bust? In this episode, we break down the business cycle—its phases, causes, and consequences—and explore what defines a recession versus a depression. We examine different ways recessions are identified, including the technical definition and the broader NBER approach, and look at historical examples from Australia. You'll also learn about the long-term impacts of economic downturns and how policymakers attempt to smooth out the ride. Perfect for students, economists, or anyone curious about the forces shaping our economy.

Source: https://www.rba.gov.au/education/resources/explainers/

What drives a nation's economy forward? In this episode, we take a deep dive into the concept of economic growth, focusing on Gross Domestic Product (GDP) as the key measure of progress. You'll learn how GDP is calculated through the production, income, and expenditure approaches, and why adjusting for inflation with real GDP is crucial. We explore the dynamics of aggregate demand—from household spending to net exports—and the supply-side factors like labour, capital, and productivity. Plus, we break down the business cycle, explaining the phases of economic upswing and downturn. This episode is your guide to understanding the engine behind economic performance.

Source: https://www.rba.gov.au/education/resources/explainers/

What exactly is inflation, and how do we measure it? In this episode, we dive into the Consumer Price Index (CPI)—Australia’s main tool for tracking inflation. We explain how the Australian Bureau of Statistics (ABS) builds the CPI using a basket of goods and services, how item weights reflect household spending, and how prices are collected. You'll also learn about underlying inflation measures like the trimmed mean and weighted median, which help filter out short-term volatility. Plus, we unpack the limitations of the CPI, including issues like substitution bias and its shortcomings as a true measure of the cost of living. A must-listen for anyone curious about how inflation is really tracked.

Source: https://www.rba.gov.au/education/resources/explainers/

What’s behind Australia’s 2–3% inflation target—and why does it matter? In this episode, we break down the Reserve Bank of Australia's inflation target, how it's measured using the Consumer Price Index (CPI), and why keeping inflation within this range helps ensure price stability and full employment. We explore how the RBA uses monetary policy, like adjusting the cash rate, to respond to inflationary pressures and manage the economy. You’ll also learn why this specific target range was chosen and the risks of aiming too high or too low. A clear and practical guide to understanding one of the most important tools in Australia’s economic policy.

Source: https://www.rba.gov.au/education/resources/explainers/

In this episode, we unpack the key causes of inflation and explore how rising prices can stem from different sources. We delve into the three main types of inflation: demand-pull, cost-push, and inflation expectations, and explain how shifts in supply and demand, production costs, and consumer sentiment all play a role. We also examine how imported inflation via exchange rate changes can impact domestic prices, and why anchored inflation expectations are critical for central banks. Finally, we touch on the complex challenge of stagflation—when inflation and economic stagnation occur together. This episode is a must-listen for anyone looking to understand what really drives inflation in modern economies.

In this episode, we explore the evolving role of central banks when traditional tools no longer suffice. While conventional monetary policy typically relies on adjusting interest rates to steer economic activity, crises like the Global Financial Crisis and the COVID-19 pandemic forced central banks to think outside the box. Join us as we unpack key unconventional monetary policy tools—such as forward guidance and large-scale asset purchases—and examine how they’ve been deployed globally. We also take a closer look at the Reserve Bank of Australia’s unique response during the COVID-19 pandemic, providing insights into the tools it used to stabilize the economy and financial markets when interest rates hit the lower bound.

Source: https://www.rba.gov.au/education/resources/explainers/

In this episode, we take a deep dive into how the Reserve Bank of Australia (RBA) implements monetary policy, focusing on its primary pre-pandemic tool: the cash rate target. We unpack how the cash market functions, looking at the role of Exchange Settlement (ES) balances, the policy interest rate corridor, and how these mechanisms help keep the cash rate aligned with the RBA's target. We also explore the shift in strategy during the COVID-19 pandemic, when the RBA introduced unconventional monetary policy tools like forward guidance, asset purchases, and the Term Funding Facility. Finally, we look ahead to the RBA’s future direction as it transitions to an ample reserves system. This episode is essential listening for students, economists, and anyone curious about how central banking adapts in a changing world.

Source: https://www.rba.gov.au/education/resources/explainers/

In this episode, we explore how monetary policy decisions by the Reserve Bank of Australia (RBA) ripple through the economy, shaping interest rates, economic activity, and ultimately, inflation. We break down the two key stages of the monetary policy transmission process and highlight the crucial role inflation expectations play in this complex mechanism. Why do wage demands rise when inflation is anticipated to increase? How does the RBA use its inflation target to anchor expectations and maintain economic stability? Join us as we demystify these critical economic concepts and explain why confidence in the future matters just as much as the policy decisions made today. Perfect for economics students, policy enthusiasts, and anyone curious about how Australia's economy really works.

Source: https://www.rba.gov.au/education/resources/explainers/

This podcast explores monetary policy in Australia, focusing on the role of the Reserve Bank of Australia (RBA). It delves into the RBA's key objectives: achieving price stability, specifically aiming for consumer price inflation between 2 and 3 per cent , and maintaining full employment where people available and wanting to work can find jobs. The RBA primarily implements monetary policy by setting a target for the official interest rate, known as the cash rate target. The podcast also covers how these crucial monetary policy decisions are made by the Monetary Policy Board, highlighting the principles of central bank independence from the government and the RBA's commitment to transparency and accountability in explaining its actions. Finally, it touches upon the transmission of monetary policy, explaining how changes in the cash rate influence other interest rates and, consequently, economic activity, employment, and inflation.

Source: https://www.rba.gov.au/education/resources/explainers/

Economists are often portrayed in the media as forecasters of financial markets or inflation predictors. While those roles do exist, the real work of economists is far broader, deeply analytical, and spread across diverse sectors. This overview provides an in-depth look at the variety of career paths available to economists.