Economics Explored

Gene Tunny
  • 4.7 (11)
  • Business
  • Updated Biweekly

Hard-headed economic analysis applied to important economic, social, and environmental issues.

  1. 1d ago

    Gig Economy Pay Rises, Café Closures and the Zero-Sum Fallacy

    When the award-winning Springfield café  Screamin’ Beans announced its closure, Gene Tunny saw it as a symptom of a bigger problem: wage and regulatory costs rising faster than many small businesses can absorb. In this episode, Gene looks at a landmark Australian Fair Work Commission decision that could reshape pay for gig economy delivery drivers, and shares a conversation with John Humphreys of the Australian Taxpayers’ Alliance on why the net benefit of a minimum wage rise to a worker is often very different from the gross headline number. Drawing on Thomas Sowell's concept of the "zero-sum fallacy" and a recent dispute at BHP's Port Hedland, Gene makes the case for weighing the trade-offs of labour market regulation rather than assuming good intentions guarantee good outcomes. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why economists argue that higher minimum wages involve important trade-offs. How new Fair Work Commission decisions could affect gig economy workers, consumers and businesses. What economists mean by the "zero-sum fallacy." Why workplace regulation can sometimes reduce employment opportunities despite good intentions. Timestamps Closing of Screaming Beans Café  (0:06) Impact of Wage Increases on Businesses (2:58) Fair Work Commission Decision on Gig Economy (4:53) Discussion with John Humphreys on Minimum Wage Increases (10:01) Economic Theory and Regulation of the Gig Economy (17:34) Conclusion and Call to Action (24:39) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 9 July, “Greens set to keep balance of power || #49”: https://www.youtube.com/live/_snxV9CzvRk?si=DXVtaaXhu3cqL8O7 Gene Tunny's CIS paper: Closing Opportunities, Not Closing Loopholes: https://www.cis.org.au/publication/closing-opportunities-not-loopholes/ Thomas Sowell’s Economic Facts and Fallacies: https://www.hachettebookgroup.com/titles/thomas-sowell/economic-facts-and-fallacies/9780465022038/?lens=basic-books   CIS’s Michael Stutchbury: “We’re punching ourselves in the face”: https://www.cis.org.au/commentary/opinion/were-punching-ourselves-in-the-face/ Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    27 min

  2. Jun 27

    How Good Tax Policy Gets Made and How It Doesn't: GST vs Capital Gains Tax in Australia

    Most tax debates focus on the what: rates, base, and who pays. This episode is about the how: the process by which economic policy gets made. Drawing on his time in the Australian Treasury, host Gene Tunny argues that the latest changes to capital gains tax and negative gearing reflect a breakdown in good policymaking. They were announced on budget night without the consultation, published modelling, or public mandate that major reform deserves. As a contrast, Gene revisits the Howard government's GST process of the late 1990s: a detailed white paper, published modelling, and a policy taken to an election for a fresh mandate. With clips from a recent Death and Taxes livestream featuring co-host John Humphreys and guest Derek Francis, the episode asks a question that reaches well beyond Australia: what does good policy process look like, and what does it cost us when governments skip it? Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why good policy process is critical for successful economic reform. How the GST was developed through extensive modelling, consultation and public scrutiny. Why inadequate consultation can lead to unintended consequences. The role Treasury plays in providing economic advice to government. How poor policy design can affect investment, productivity and public trust. Timestamps Economic Policy Episode Introduction (0:06) Relevance of Policy Process to Other Countries (4:53) The Howard Government's GST Policy Process (8:11) Current Government's Policy Changes and Issues (13:10) Derek Francis' Criticism of Treasury (22:12) Treasury's Handling of Cigarette Excise Tax (23:17) Derek Francis' Theory on Treasury's Decline (26:49) Home Guarantee Scheme Modelling Issues (37:49) Conclusion and Call for Improvement (41:33) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 25 June, “Labor's new tax disaster, with Derek Francis || #47”: https://www.youtube.com/live/vqz_hEVyg70?si=F8DS2GxdUz_-PkmJ Previous episode on capital gains tax, “Taxing Capital More in a Productivity Slump? Perverse Policy in Australia”: https://economics-explained.simplecast.com/episodes/taxing-capital-more-in-a-productivity-slump-perverse-policy-in-australia Howard Government White Paper on “A New Tax System”: https://treasury.gov.au/sites/default/files/2019-03/Whitepaper.pdf Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    44 min

  3. Jun 20

    Dams, Development & Hyper Australia w/ Senator Matt Canavan, National Party Leader

    Housing affordability, congestion and rising living costs are putting pressure on Australia's major cities. Could stronger regional development provide part of the solution? Gene Tunny shares highlights from a recent discussion with Nationals leader Senator Matt Canavan on his "Hyper Australia" agenda. They explore regional infrastructure, public investment, economic concentration, GST distribution and the case for decentralisation, while asking an important economic question: do regional development projects pass the cost-benefit test? Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why Australia's economy is unusually concentrated in a small number of capital cities. The potential benefits and drawbacks of decentralising population and economic activity. How infrastructure projects such as irrigation dams are justified by proponents of regional development. Why regional Australians may face different cost-of-living pressures than residents of major cities. How reforms to federalism, public service locations and state boundaries could influence economic development. Timestamps 00:00 Introduction to Hyper Australia 03:00 Why Australia's economy is concentrated in capital cities 07:00 Regional cost-of-living pressures and data gaps 10:15 GST distribution and public transport subsidies 13:15 The economics of dams and regional infrastructure 18:25 Relocating public servants to regional Australia 22:00 New states and competitive federalism 27:50 Gene's assessment of the Hyper Australia proposal  Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 18 June, “Future of the Nationals, with Matt Canavan || #46”: https://www.youtube.com/live/D0Xpho1mxsk?si=1IWFiDOKZpTIdjNy Senator Canavan’s website: https://mattcanavan.com.au/ Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    33 min

  4. Jun 13

    Taxing Capital More in a Productivity Slump? Perverse Policy in Australia

    Australia has endured nearly a decade of weak productivity growth, and living standards are under pressure. In this episode, Gene Tunny and John Humphreys explore the common thread connecting several major economic debates: investment and incentives. They discuss Australia's productivity slump, the Federal Government’s proposed capital gains tax changes, Brisbane’s Olympics infrastructure plans, and the challenges facing the National Disability Insurance Scheme (NDIS). Along the way, they explain why economists place so much emphasis on incentives and what current policy settings could mean for Australia's future prosperity. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  What You’ll Learn from This Episode Why productivity growth is the ultimate driver of long-run living standards. How savings, investment and innovation contribute to economic prosperity. The economic arguments for taxing capital gains differently from labour income. Whether Brisbane’s Olympic infrastructure spending is likely to address existing bottlenecks. Why economists place so much importance on incentives when designing public policy. Timestamps Introduction to episode on Capital Gains Tax policy change and Productivity Slump (0:00) Economic Performance and Productivity (4:55) Capital Gains Tax Proposals (14:24) Economic Theory and Capital Taxation (24:28) Olympics Infrastructure and Public Investment (29:37) National Disability Insurance Scheme (NDIS) (38:22) Investment and Incentives in Government Programs (44:12) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 11 June, “Tax blunders & shrinking economy || #45”: https://www.youtube.com/live/K1Fsnjeg3mM?si=jKrxraJJlT0DzLfd Richard Holden’s opinion piece “There is no economic case for taxing work and investment the same” (paywalled): https://www.afr.com/policy/economy/there-is-no-economic-case-for-taxing-work-and-investment-the-same-20260528-p601ke Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    46 min

  5. Apr 25

    Debt and Deficits: Have We Lost Discipline? w/ Sinclair Davidson & John Humphreys

    Debt and deficits used to be political dealbreakers. So why don’t they seem to matter anymore? In this episode, Gene Tunny explores the concept of fiscal illusion with John Humphreys and Professor Sinclair Davidson. They examine whether Australia is “sleepwalking” into a more precarious fiscal position, and what could happen if a crisis hits. A thought-provoking discussion on debt, accountability, and economic literacy. Sinclair Davidson is Professor of Institutional Economics in the School of Economics, Finance and Marketing at RMIT University. John Humphreys is Chief Economist at the Australian Taxpayers’ Alliance.  Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways Governments use various budget measures that can obscure the true fiscal position (“fiscal illusion”). Off-budget spending and government “investments” may not appear in key budget figures, even when they worsen debt. Growth in national debt may be the clearest indicator of underlying fiscal reality. Public attitudes toward debt and deficits have softened, reducing political pressure for fiscal discipline. Debt may not be an immediate crisis, but it represents a slow-burning risk that could become serious over time.  Timestamps Public Debt and Its Implications (0:00) Off-Budget Spending and Fiscal Risks (4:17) Complexities of Budget Reporting (6:29) State Debt and Federalism (12:17) NDIS and Government Spending (42:50) Economic Literacy and Public Perception (54:40) Alternative Solutions and Policy Reforms (56:46) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 23 April, “New Taxes and Rising Debt”: https://www.youtube.com/live/6sc7wU8vKpo?si=QG4tmu8ntyb6dspL Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    57 min

  6. Apr 17

    Have We Gone Too Far on Free Trade?

    Free trade has long been a cornerstone of economic thinking, but is it still fit for purpose in a more dangerous and uncertain world? Gene Tunny is joined by Dan Ryan and John Humphreys to debate tariffs, industrial policy, and economic resilience. They explore whether Australia has gone too far in opening its economy, the risks of fragile global supply chains, and the perceived trade-offs between efficiency and national security.  Dan Ryan is Executive Director of the National Conservative Institute of Australia, and John Humphreys is Chief Economist at the Australian Taxpayers’ Alliance.  Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways Free trade generally boosts living standards but may also introduce vulnerabilities in a geopolitically unstable world. Tariffs can protect domestic industries, but they also raise prices and risk economic inefficiency. Supply chain resilience is emerging as a key policy concern, alongside cost efficiency. Deindustrialisation is driven not just by trade, but also by automation and energy costs. There may be a middle ground: limited, targeted trade restrictions for national security rather than broad protectionism. Timestamps 00:00 – Introduction: Free trade under pressure 02:45 – Why Australia lost refining capacity 03:40 – Supply chains and geopolitical risk 05:40 – What does “cheapest” really mean? 07:30 – Do tariffs encourage local production? 10:35 – Automation vs trade in deindustrialisation 13:05 – Energy costs and competitiveness 15:15 – Is reindustrialisation realistic? 18:15 – What tariffs would actually look like 20:30 – Dan’s case for a 10% tariff baseline 22:15 – Can tariffs replace income taxes? 25:10 – Historical tariffs in Australia 27:30 – Are tariffs just another tax? 28:25 – Would tariffs really bring jobs back? 30:50 – Technology vs trade: what matters more? 33:15 – Tariffs, revenue, and economic trade-offs 36:00 – Final reflections: trade vs national security Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 16 April: https://www.youtube.com/live/fyukScFysDs?si=FwDjygolodDUQVRz Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    39 min

  7. Apr 11

    Housing Crisis: Supply, Demand, or Both? w/ John Humphreys and Tom Switzer

    What happens when geopolitical tensions collide with domestic economic pressures? In this episode, Gene Tunny is joined by John Humphreys and Tom Switzer to unpack the economic fallout from escalating tensions with Iran. The conversation then turns to Australia’s housing affordability crisis—examining whether government policies, population growth, or supply constraints are to blame. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  Takeaways Housing affordability remains a major challenge in many advanced economies, with strong demand outpacing limited supply. Policies like Australia's 5% deposit scheme can boost prices by increasing demand in an already constrained market. Both supply and demand matter—increasing construction and managing population growth are key levers. International examples (such as Canada) suggest that policy changes can influence housing outcomes. Timestamps Iran Nuclear Tensions and Market Reactions (0:00) Impact of the 5% Deposit Scheme on Housing Affordability (6:02) Supply and Demand Dynamics in Housing (7:51) Proposed Solutions and Policy Reforms (14:50) Long-term Factors Contributing to Housing Affordability (18:55) Final Thoughts and Call to Action (24:08) Links relevant to the conversation Australian Taxpayers’ Alliance livestream, Thursday 9 April: https://www.youtube.com/live/hoRKqJhBhUQ?si=_1uHKUG6zCO7vBP1 Tom Switzer’s show, Switzerland: https://www.youtube.com/@TomSwitzerMedia Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    25 min

  8. Mar 27

    Fuel, Fertiliser, and Fear Down Under - ep314

    Are fears of fuel shortages in Australia overblown—or are we underestimating the risks? Gene Tunny is joined by Dr John Humphreys and farmer Peter Rothwell to explore how rising diesel prices, fertiliser shortages, and supply chain stress could ripple through the economy. From supermarket prices to farm viability, this episode breaks down how a global energy shock could hit households and businesses—and whether markets can cope. Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com.  About the Guests Dr John Humphreys is Chief Economist at the Australian Taxpayers’ Alliance and an experienced economist with a background spanning academia, government, consulting and think tanks, including roles at the Australian Treasury, the Centre for International Economics and the Centre for Independent Studies. He holds a PhD in economics from the University of Queensland, where he has lectured in advanced microeconomics, and has also taught in Cambodia, where he founded an education charity and research institute. John is the founder of the Australian Libertarian Society and the Liberal Democrats (Libertarian Party), and has published widely on tax, welfare, public finance and international trade. He was awarded a knighthood in the Cambodian Royal Order of Moniseraphon for his contributions to education. Peter Rothwell is a farmer and former Liberal Democrats candidate based in regional New South Wales. He has contested the federal seat of Parkes, covering much of western NSW including Dubbo and surrounding areas. Peter describes himself as having grown up on the land and as an “old school Liberal,” entering politics out of concern about national economic challenges including high government debt, inflation and rising interest rates. Takeaways Markets help—but aren’t perfect: Prices usually allocate scarce fuel efficiently, but panic buying and logistics can still create short-term shortages. Diesel is critical infrastructure: It powers transport, farming, mining, and supply chains—making it far more economically important than petrol. Energy shocks are stagflationary: Higher fuel prices raise costs and reduce economic activity at the same time. Agriculture is highly exposed: Fertiliser shortages and higher diesel costs could reduce yields and farm profitability. Policy trade-offs are tough: Governments face difficult choices on fuel taxes, spending, and how to respond to a supply-side shock. Timestamps 0:00 – Intro: fuel shock fears and “Mad Max” scenarios 2:40 – Oil prices surge and diesel costs spike 9:00 – Are we underestimating the risks? 12:50 – Fertiliser shortages and farming realities 25:00 – Food supply vs distribution challenges 29:00 – Why diesel is the critical constraint 41:50 – Fuel excise debate and policy responses 52:50 – Final reflections and listener call-out   Links relevant to the conversation ATA livestream “Real situation in rural Australia”: https://www.youtube.com/live/MczcHEBXXIY?si=cLVJ3EWjserUeXNU Charts that Gene talks about: https://drive.google.com/file/d/1siZwkNV7QLF1PXdeg6mZJt_uomZuRpZN/view?usp=sharing Lumo Coffee promotion 10% of Lumo Coffee’s Seriously Healthy Organic Coffee. Website: https://www.lumocoffee.com/10EXPLORED Promo code: 10EXPLORED

    54 min
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Ratings & Reviews

4.7
out of 5
11 Ratings

About

Hard-headed economic analysis applied to important economic, social, and environmental issues.

Information

  • Creator
    Gene Tunny
  • Years Active
    2019 - 2026
  • Episodes
    323
  • Rating
    Explicit
  • Copyright
    © 2023 Gene Tunny, Economics Explored
  • Show Website
    Economics Explored

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