Tom Storey

That's a wrap! After almost four years, more than 700 shows, 6 different hosts, daily market podcasts, and many updates about the Aussie Dollar, it's the end of my time on Money News. Thanks to everyone who has helped along the way, both on air and off.

Two ways gov can help get Aust inflation down 1/slow grth in administered prices (utilities,council rates, etc) as they are running ~6%yoy 2/cut public spending (now a record 28% of GDP) back to more normal levels (22.5% avg in 1990-2019) to make room for private sector spending

CANBERRA, WE HAVE A PROBLEM The cost forecasting in the budget is getting a lot worse. How bad is it? The budget update issued just ahead of Christmas added another $47.8bn to government spending. That is the equivalent of doubling last year’s NDIS costs. We’re talking really big bucks here. That $47.8bn wasn’t because the economic or revenue forecasts had been revised. The cost estimates are separately updated for new forecasts for jobs and joblessness, prices and wages, interest and exchange rates, and also for new GST estimates (because any changes there are passed onto the states). And nor was it because of new policies – they’re also separately accounted for. Rather, the extra $47.8bn that we’re spending is simply because existing policies are now expected to be more expensive than earlier thought. The cost forecasts of the feds used to be pretty accurate. In the six years before COVID these revisions averaged $0.7 billion. Then COVID threw a spanner in the works. Every time the government updated the budget, it added an average of $3.0 billion to expected costs. Still, the ravages of COVID are long since in the rearview mirror, so you’d hope those forecasting errors shrunk again. But, as the chart shows, they didn’t. There have been seven budget updates since late 2022, and they’ve revealed errors that average $18.4 billion. And now the latest cost revision has weighed in at $47.8 billion more than had been expected at the 2025-26 budget. The bottom line? It is long past time for an overhaul of our budget rules, reporting and forecasting. They are all being badly abused: we’re being taken for mugs. And unless and until we hold our politicians to a higher standard, then maybe we deserve to be …

Praying for all those attending Christmas lunch with ovens going and no AC today.

Blind Freddie could see that coming.

RT @nswpolice: Police are responding to a developing incident at Bondi Beach and are urging the public to AVOID the area. Anyone at the sce…

Only Wolves could score all 3 goals & lose 😭 #wwfc

Flight attendant comes over intercom: “your flight is oversold, I need two volunteers to take a flight this afternoon for a $300 voucher.” I spring into action. I was born for these moments. This is why I studied game theory. Literal tingles. I pull out my megaphone and address our boarding gate: “guys, they absolutely must off board at least two passengers or this bird isn’t taking off. Every 3 minutes they will increase their bid by $200. If we all hold out for 45 more minutes, 2 of us can make nearly 5 grand each. Textbook prisoners dilemma, this is (3,3) in its most visceral representation. I’m not even going to give up my ticket but I know value when I see value. Let’s make Nash proud ladies and gentlemen. Do not acquiesce. Do not defect.” Anyhow 2 people immediately accepted $500 and I called them retards on my megaphone and was placed in a detention room by airport police. This is why we study game theory.

Absolutely incredible. Also illustrates how labor may become more valuable.

St Kilda Football Club has reported an operating profit of $2,781,945 for the financial year ending 31 October 2025, reflecting another year of strong growth across membership, revenue and commercial performance. 📝 saints.com.au/news/1936497/s…

@cmkusher Also the switch to now wanting us to pay attention to the trimmed mean. 6 months ago it was all about looking at the headline figure!

You have been in Government for more than one term, stop talking about the former Government.

Yeesh.

THE PUBLIC SERVICE JOB OUTLOOK – BY THE NUMBERS For those playing along at home, the budget forecasts imply a loss of about 7,000 jobs a year (or 28,000 by the fourth year) How so? The government forecasts its wage bill to stay steady. But wage growth is around 3½% a year So, if the wage bill isn’t changing but wages are, then the number of jobs has to go down at the same pace that wages go up – that is, by around 3½% a year Given direct Australian public service numbers of around 200,000 people, that says job losses of about 3½% of that – or 7,000 a year To be clear, these are exactly the types of things that a second term government with a huge majority and a collapsing opposition should do If you’re gonna be a long term government, then you have to take tough decisions as well as popular ones

Rating agency Moody’s has downgraded Tasmania’s credit rating from Aa2 (negative) to Aa3, primarily due to “sharp and sustained increases in Tasmania’s debt and interest burdens”. Moody’s rating update places Tasmania equal worst with the Northern Territory @7tasnews #politas

Great summary from @AlanKohler here.

Can the politicians please give the settings so that people prioritise business investment over property? youtu.be/VEjnN4hYq2Q?si…

I miss my dog.

I was a producer for Richo for a brief period at Sky News. He lit up whenever the camera was on and he got to lay down his thoughts. A great mind, but very generous to me as a person too. He will be missed. share.google/NoFb4ebK6tf4fq…

Lured in by a 5% deposit backed by government and now it's looking increasingly as if there won't be any more interest rate relief. Feel for those FHB, that's why these policies are misguided they don't make housing affordable they enable people to enter the market at high prices

Ouch 😬 That doesn't look good