Tom Crowley

I don't think it's necessarily any easier to solve the problem now than it was in the 1970s.

I mean, stagflation, things look a little bit different, but the 70s period that we were talking about was the term stagflation referring to that high unemployment and high inflation at the same time.

It's a slightly different kind of economic problem this time because I think it's,

It's high inflation, low growth, but actually pretty low unemployment that we've had recently, and then also low productivity.

And I think that is important because I think that if the government's thinking about policy responses, if there's any lesson, it's probably...

Work on the supply side.

Productivity, not the most glamorous subject, but if you can get serious about increasing the capacity of what we can do here in Australia and some of these recent AI steps that the government's been taking this week, but some of the conversations they're having about

efficiency in the building sector.

Martin Parkinson at the Press Club yesterday talking about skills recognition of people who are here, have qualifications overseas, they're doctors or they're engineers, but they can't work because their skills aren't recognised.

There are all of these things that economists have been saying for a long time, hey, this is really worthy and this will help you to take pressure off inflation because it actually means that your economy can sustain a higher level of activity.

And at the same time, it's creating jobs.

So if anything, maybe that is the one magic solution, if you like, to a period of stagflation is actually to really double down.

every one of these crises is going to leave us in a worse and worse position.

Pleasure, Carrington, and I will see you, but perhaps not speak to you on Radio National Breakfast again next week.

Have a wonderful Easter.