The Stutchbury Sessions

As much as anything, the Centre for Independent Studies’ first 50 years has been dedicated to restraining the growth in the size, reach and financing of government to provide room for private enterprise and individual choice.  Now, as in the mid-1970s, the size of government has been ratcheted up. And politicians are increasing taxes to pay for it.   This week, CIS senior fellow Robert Carling has delivered an important corrective to the mantra that taxes aren’t really much of a burden in Australia.  Read more here: https://www.cis.org.au/publication/high-taxing-australia-how-we-measure-up/ 

Grim reality of the NDIS leviathan “It will start big and get bigger and grow to become the new leviathan of the Australian welfare state,” CIS scholar Andrew Baker further predicted of Labor’s National Disability Insurance Scheme in his 2012 policy monograph. Even the Productivity Commission failed to pick the looming NDIS fiscal disaster from the worthy goal of providing support to permanently and significantly disabled Australians... 👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/   

The hard lesson of Australia’s protectionist past is that propping up uncompetitive and high cost industries invariably poses a burden on other sectors, including on the mining, gas and farm exporters that actually support our prosperity.   👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

Donald Trump’s threats to destroy the ‘whole civilisation’ of Iran this week jarringly contrasted with the out-of-this world American achievement of sending a four-member crew as far from Earth as any humans had gone.  👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

Australia’s new economic decline is colliding with the breakdown of the liberal rules-based orders for global trade and security. The post-pandemic and oil shock push for more sovereign capability and supply-chain self-reliance will eat into national income just as living standards are under pressure. Resolving this tension will require more, not less, of the pro-market —or neo-liberal — policy agenda of the Hawke-Keating and Howard-Costello era to reboot productivity and economic growth. 👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

I was in Canberra this week, in part to hear International Energy Agency head Fatih Birol warn that today’s oil price shock will rival the twin Middle East energy shocks of the 1970s.  The 1973 and 1979 shocks promoted using smaller and more fuel-efficient vehicles. And it prompted a wave of nuclear energy development in Japan, Europe and North America. Today’s oil price shock will have comparable repercussions, Birol predicts.   Here’s the four take outs I picked up at a National Security College conference, where I was on a panel, and the annual Minerals Council of Australia Minerals Week Conference, where I moderated a session:   👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

RBA governor Michele Bullock has jacked up her cash rate by 25 basis points for the second month in a row because of two words that can strike fear into the heart of central bankers: “inflation expectations”.  What does this mean for you?  👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

The criticisms and characterization of the 50% capital gains tax discount over many years have been full of misunderstandings, myths and distortions in the conventional narrative on how capital gains tax works, how it compares with the capital gains tax that it replaced in 1999, and the economic consequences of making the capital gains tax burden heavier. The myths and distortions are biasing the public discussion towards increased taxation. 👉 Support CIS Research: 🔹 Become a member:  https://www.cis.org.au/membership-2-step-1/  🔹 Make a donation: https://www.cis.org.au/support/donate/today/  🔹 Learn more: https://www.cis.org.au/  👉 Further reading:  Why We Should Not Increase Capital Gains Tax: https://www.cis.org.au/publication/why-we-should-not-increase-capital-gains-tax/ 10 CGT Myths Busted: https://www.cis.org.au/publication/10-cgt-myths-busted/

Shortly before 7pm on Sunday, a Hanukah celebration on Sydney’s Bondi Beach was attacked by two alleged gunmen, believed to be a father and son. At the time of recording, 16 people aged between 10 and 87 are confirmed dead, including one of the alleged attackers, and at least 42 others are being treated in hospital for their injuries. In this episode of The Stutchbury Sessions, Michael Stutchbury talks with Peter Kurti about the tragedy at Bondi, the politicial leadership failures and rising antisemitism in Australia.  👉Relevant writings:  🔹 Australia’s complacency and the Bondi beach shooting: https://www.cis.org.au/commentary/opinion/australias-complacency-and-the-bondi-beach-shooting/  🔹 Reframing an Ancient Hatred: the intersection of left-wing antisemitism and anti-Zionism: https://www.cis.org.au/publication/reframing-an-ancient-hatred-the-intersection-of-left-wing-antisemitism-and-anti-zionism/  🔹 The Darkest Path: The Puzzling Resilience of Antisemitism. Acton Lecture 2025: https://www.cis.org.au/publication/the-darkest-path-the-puzzling-resilience-of-antisemitism-acton-lecture-2025/  🔹 Fractured Loyalties. Australian citizenship and the crisis of civic virtue: https://www.cis.org.au/publication/fractured-loyalties-australian-citizenship-and-the-crisis-of-civic-virtue/  👉 Support our work to combat Antisemitism in Australia: 🔹 Become a member:  https://www.cis.org.au/membership-2-step-1/   🔹 Make a donation: https://www.cis.org.au/support/donate/today/   🔹 Learn more: https://www.cis.org.au/   #auspol #bondi

In this episode of The Stutchbury Sessions: Michael Stutchbury examines Senator Andrew Bragg’s provocative event at CIS on the future of housing policy — a speech that openly challenged the Liberal Party’s long-standing comfort with rising house prices and called for an unapologetic YIMBY agenda to win back younger voters.  👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

 In this episode of The Stutchbury Sessions: Are the Liberals sabotaging their path back to government by walking away from net zero? Or are they facing reality about Australia’s costly clean-energy transition? In this episode, we dissect whether the Coalition’s internal divisions on climate and energy policy are overshadowing Labor’s failure to retain Australia’s traditional cheap energy advantage. Net-zero targets remain popular in the urban seats the Liberals must win back, so why pick this fight now? 👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

Is the 2020s an echo of the 1970s for classical liberalism? In this episode of The Stutchbury Sessions, Michael Stutchbury recaps the CIS Consilium, exploring how free enterprise, free trade, and limited government are under assault from both the left and the populist right. Featuring insights from Andrew Neil on the plight of mainstream conservatism and Dave Rubin on the liberal side of MAGA, Stutchbury discusses globalization, immigration, tariffs, big government deficits, and the future of western liberal values amid rising populism. 👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

Subscribe to The Stutchbury Sessions on Apple, Spotify, Amazon, iHeartRadio, PlayerFM or listen in your browser.   Where is the line between risk and regulation? In this episode of The Stutchbury Sessions, Fred Roeder from the Consumer Choice Center dives into how consumers should stand against overregulation and embrace technological innovation for a more prosperous and free future. Michael Stutchbury and Fred Roeder discuss everything from ride sharing platforms to life and death medical innovations.  The Consumer Choice Center is an independent, non-partisan consumer advocacy group championing the benefits of freedom of choice, innovation, and abundance in everyday life.  Watch this content here: https://youtu.be/_2XkdpUSHGg  👉 Join CIS: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/ 

Subscribe to The Stutchbury Sessions on Apple, Spotify, Amazon, iHeartRadio, PlayerFM or listen in your browser.   In this episode of The Stutchbury Sessions, host Michael Stutchbury reflects on his recent conversation with Sir Frank Lowy — the 95-year-old founder of the Westfield shopping centre empire and one of Australia’s most successful 20th-century immigrants. Speaking from his Sydney home ahead of returning to Israel, Sir Frank offered a rare and emotional perspective on the country that gave him refuge and opportunity — and the unease he now feels about the rise of antisemitism in Australia. “I am 95 years old and came here when I was 21, and I prospered, and people prospered with me,” he said. “Now I am at an absolute loss to describe what has happened to Australia.” To learn more about our research in this area, please click here: https://www.cis.org.au/publication/the-new-intolerance-antisemitism-and-religious-hatred-in-a-fracturing-civic-compact/ 

Australia’s “renewables honeymoon” is ending and the energy bill is coming due. In this episode of The Stutchbury Sessions, we unpack the myth that government planning can fix every problem, from the $52 billion NDIS blowout to Labor’s net zero ambitions. Drawing on Friedrich Hayek’s timeless warning against the “conceit of planners,” Michael Stutchbury explores how Australia’s big-spending policies, from the NBN to Gonski and now the renewables transition, have delivered diminishing returns, rising costs, and lost productivity. Stutchbury also covers: Why Australia’s decarbonisation plan may never meet 2030 or 2050 targets The real reason power prices keep rising despite “free” solar and wind How subsidies and political conceit mask the true costs of energy policy Why a new political bargain — including nuclear and gas — may be inevitable This is a must-listen for anyone interested in energy policy, economic reform, Hayekian economics, and the future of net zero in Australia. Research mentioned: The Renewable Energy Honeymoon: starting is easy, the rest is hard: https://www.cis.org.au/publication/the-renewable-energy-honeymoon-starting-is-easy-the-rest-is-hard/  The New Leviathan: A National Disability Insurance Scheme: https://www.cis.org.au/publication/the-new-leviathan-a-national-disability-insurance-scheme-3/  Gorillas In The Mist. How government obscures its spending: https://www.cis.org.au/publication/gorillas-in-the-mist-how-government-obscures-its-spending/  Subscribe to The Stutchbury Sessions on Apple, Spotify, Amazon, iHeartRadio, PlayerFM or listen in your browser.  

Iron, Ideas, and Abundance: Supply Side Mistakes and Lessons  This week on The Stutchbury Sessions, Michael reflects on his recent visit to Western Australia, the engine room of the nation’s prosperity.  From the billion tonnes of iron ore dug out of the Pilbara to the decades-long export ban that once kept Australia poor, this episode revisits how lifting restrictions unlocked one of the greatest booms in our history. It’s a lesson in abundance: when governments get out of the way, entrepreneurs and investors unleash prosperity. Read our recent productivity research:  Addressing Australia’s Productivity Problem. CORE Blueprint to Unshackle Productivity: https://www.cis.org.au/publication/addressing-australias-productivity-problem-core-blueprint-to-unshackle-productivity/  The Productivity Problem. Australia’s Growth Slump Is Undermining Prosperity: https://www.cis.org.au/publication/the-productivity-problem-australias-growth-slump-is-undermining-prosperity/  👉 Help Solve Australia's Productivity Problem: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/  

Why are Australians voting for bigger government? In this episode of The Stutchbury Sessions, we explore the paradox of a wealthy nation choosing more handouts, higher spending, and larger public debt. From cost-of-living subsidies to universal childcare, Australians are increasingly embracing policies that expand the welfare state, even as they fuel deficits and weaken productivity. Drawing on CIS research from Robert Carling and recent remarks by Liberal leader Sussan Ley, we unpack the rise of “voting for a living,” where more than half of Australians now rely on government for most of their income. What does this mean for future taxpayers, younger workers, and Australia’s long-term prosperity? Join us as we tackle the culture of dependency, the risks of a $1 trillion public debt, and the political challenge of saying no to endless handouts. Read or listen to Robert Carling's Research: https://www.cis.org.au/publication/leviathan-on-the-rampage-how-the-growth-of-government-is-draining-australias-economic-vitality/ 👉 Help Shrink the Government: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/

Feed your intelligence with policy research and commentary designed to enhance our liberal democracy. Join Michael Stutchbury and guests every Thursday for your 10 minute briefing.  In Australia, a growing sense of polarisation is erupting, evident in the recent 'March for Australia' rallies, where tens of thousands voiced concerns over mass migration's impact on housing, infrastructure, and wages, only to see their protests co-opted by far-right extremists and white nationalists. This mirrors the earlier pro-Palestinian marches, where genuine compassion for Gaza was tainted by support for Iran's theocratic regime. These divisions reflect a world grappling with identity, immigration, and geopolitical upheaval. Australia’s success as an immigrant nation is undeniable, yet mismanaged housing policies have fueled misdirected anger toward migrants. As global powers like Putin, Xi, and Kim Jong-un challenge the liberal order, Australia must counter these cultural rifts with honest, fact-based debate to preserve our cohesion and shared future. Michael Stutchbury is the former Editor-in-Chief of The Australian Financial Review, a role he held from 2011 until 2024, when he became the masthead's Editor-at-Large. With a career in journalism spanning several decades, and including a stint as a Washington correspondent, he is widely respected for his expertise in economic and public policy issues and his engagement with business issues. Before leading the Financial Review, he served as Economics Editor and later as Editor of The Australian, where he played a key role in shaping national discourse on fiscal policy, industrial relations, and economic reform. His career has consistently demonstrated a strong grasp of the interplay between government policy and market dynamics, making him a prominent voice in debates over taxation, regulation, and productivity. Relevant Research: The Future of Australian Multiculturalism: https://www.cis.org.au/publication/the-future-of-australian-multiculturalism/ Fractured Loyalties. Australian citizenship and the crisis of civic virtue: https://www.cis.org.au/publication/fractured-loyalties-australian-citizenship-and-the-crisis-of-civic-virtue/ Reconciling value pluralism and national identity: https://www.cis.org.au/publication/the-ties-that-bind-reconciling-value-pluralism-and-national-identity-in-australia/ 👉 Help Australia: 🔹 Become a member: https://www.cis.org.au/membership-2-step-1/ 🔹 Make a donation: https://www.cis.org.au/support/donate/today/ 🔹 Learn more: https://www.cis.org.au/

In this inaugural edition, CIS Executive Director and former Editor-in-Chief of the Australian Financial Review, Michael Stutchbury, outlines how Australia once enjoyed extraordinary prosperity, built on bipartisan reforms of the 1980s and 1990s that liberalized markets, cut tariffs, and opened the economy to global competition. Yet, since prosperity peaked in 2011–12, signs of decline have mounted: stagnant productivity, shrinking real incomes, persistent deficits, mounting debt, weak business investment, soaring energy costs, and a lower growth potential as estimated by the RBA. The problem is not simply cyclical, Stutchbury says. As politics shifted from creating wealth to redistributing it, spending grew while reform stalled. New entitlements and universal programs have expanded government outlays, crowding out private investment. To restore prosperity, Australia must pursue the four reforms outlined in this episode. Australia has reinvented itself before; it must find the courage to do so again.

Join Michael Stutchbury, former Editor-in-Chief of the Australian Financial Review, in his brand-new show The Stutchbury Sessions. Don’t navigate Australia’s economic turbulence alone. Get ready for razor-sharp analysis backed by data and logic. Don’t miss an episode. Policies evolve, and opportunities vanish, so here’s your chance to stay ahead of the pack. Subscribe to The Stutchbury Sessions on your favourite platform today.