6-figure job you\u2019ve probably never heard of<\/a><\/p>\nIn Australia the Reserve Bank (RBA) had faced the \u201cabsolute capitulation and humiliation\u201d of having to hike rates higher than Covid as inflation spiked even before the Iran war, he said.<\/p>\n
\u201cIn the RBA\u2019s defence, when inflation smacked them in the face, they said \u2018we\u2019re going to lift rates\u2019. So all power to them,\u201d he said.<\/p>\n
But he said Australia had a bigger problem with inflation compared to the US because it was \u201cnot being driven by all this private sector growth, it\u2019s being driven by government spending\u201d.<\/p>\n
\u201cThe other dynamic is immigration \u2026 if you dump half a million people a year on Sydney and Melbourne, we just can\u2019t cope,\u201d he said.<\/p>\n
\u201cBecause we don\u2019t have that much rental accommodation, we don\u2019t have that much capacity to transport this population shock efficiently.<\/p>\n
\u201cSo the Aussie economy has been artificially inflated by immigration and by government spending, not by businesses \u2026 in fact the private sector is in a per capita income recession and has been since 2023.\u201d<\/p>\n
Mr Joye said while the private sector was shrinking, the government part of the economy was the biggest since World War II, labelling it \u201cstealth socialism\u201d.<\/p>\n
Data from the Australian Bureau of Statistics showed there were almost 2.6 million public servants in June 2025, up 3.3 per cent on the year before.<\/p>\n
Mr Joye believed Australians had become \u201caddicted to the idea that the Dan Andrews of the world will bail them out\u201d.<\/p>\n
\u201cAccording to the Centre for Independent Studies, one-in-two Australians now drive more than half their income from government and related sectors,\u201d he said.<\/p>\n
\u201cSo this means we have an economy built on fake growth, an economy with a lot of cost pressure, built on debt and immigration.<\/p>\n
\u201cIf you talk to mums and dads, they\u2019re like, \u2018I\u2019m working my arse off, and why are rates rising and why is my cost of living rising? How am I contributing to these problems?\u2019.<\/p>\n
\u201cYou\u2019re not, it\u2019s got nothing to do with you, mate. It\u2019s got everything to do with politicians and population.\u201d<\/p>\n
Treasurer Jim Chalmers has rebuked commentary that government spending was fuelling inflation, saying economic data had shown \u201ca resurgence in the private sector\u201d.<\/p>\n
He has, however, flagged cuts in next month\u2019s budget with the government announcing major reforms to funding for the National Disability Insurance Scheme as one example.<\/p>\n
Australia\u2019s debt is predicted to hit $1 trillion in 2026, with interest payments rising to $36.7 billion in four years\u2019 time.<\/p>\n
Dr Chalmers said this month that war in the Middle East and the major shocks running through the global economy had unwound recent local progress.<\/p>\n
\u201cThe Australian economy is, in lots of ways, hostage to those developments and those decisions (in Tehran and Washington),\u201d he said.<\/p>\n
The government has also said migration was falling after post-Covid highs, with the Treasury forecasting net overseas migration figures of 300,000 people per year \u2013 down from 429,000 a in 2024 and 661,000 in 2023.<\/p>\n
Mr Joye said Australians were dealing with declining income per capita, falling living standards and shrinking prosperity, which he argued would have political consequences.<\/p>\n
\u201cI think that galvanises or catalyses the change in the political Zeitgeist. Whoever wins government, I think you\u2019re going to see big policy changes,\u201d he said.<\/p>\n
\u201cThis is my prediction; we\u2019re going to see Australia for pretty much the first time in history without any population growth.\u201d<\/p>\n
He said the country was stuck in a \u201cbit of a time warp\u201d and was \u201cvery disconnected on leading analysis on what\u2019s happening in the world\u201d.<\/p>\n
\u201cAustralia today just looks very different to what it did to what it did 30 to 40 years ago, and it is very different,\u201d he said.<\/p>\n
\u201cAnd that\u2019s a good thing because we\u2019re the most multicultural country in the OECD (Organisation for Economic Co-operation and Development) \u2026 so that brings with it lots of positives but is also brings with it challenges.<\/p>\n
\u201cAnd one of those challenges is a massive, basically amongst the world\u2019s highest inflation rates and highest cost of living.\u201d<\/p>\n
Mr Bouris, reflecting on his interview with Mr Joye, said one of the things that stood out to him was \u201cthe concept of \u2018why don\u2019t Australians want to work as hard as we used to work?\u2019.<\/p>\n
Both men said taxes were too high for workers, with Mr Joye saying the best and brightest were attracted overseas, where they kept more of what they earned.<\/p>\n
\u201cWhen I go back to when I was a kid watching my parents, and even me growing up working, hard work generally speaking was pretty much rewarded,\u201d Mr Bouris said.<\/p>\n
\u201cWe weren\u2019t sort of sitting here thinking \u2018I’ll work hard and someone takes all my taxes and I have to donate half my money that I earned \u2026 to the government.<\/p>\n
\u201cAnd then a whole lot of that money gets wasted on a whole lot of government policies, government initiatives which, by the way, I never voted for and a lot of you never voted for.<\/p>\n
\u201cAnd there really is a sense of frustration in our community today.<\/p>\n
\u201cAnd I know lots of different parties are talking about it, and I hear the current government is trying to address this the next budget coming up. And they\u2019re trying to stop wastage.<\/p>\n
\u201cBut what happened to our country? How did we get into this state \u2026 I\u2019m not looking for anyone to blame, I just want to know how it happened.<\/p>\n
Mr Bouris said Australians needed to ask if it that was what they wanted their country to be.<\/p>\n
\u201cOr would we rather be a country where taxes were lower, governments could raise enough money because taxes are low we actually felt encouraged to work harder, therefore we earn more money \u2026 overall we paid more tax but not as much per dollar,\u201d he said.<\/p>\n
\u201cAnd therefore made Australia a richer country.<\/p>\n
\u201cLike, look at our resources \u2026 we have in our country, yet at the same time, here we\u2019re are worried about importing petrol and gas into Australia.<\/p>\n
\u201cI don\u2019t know, something\u2019s happening in this joint and \u2026 we need a solution. Because it is the greatest country in the world and we\u2019re just not operating that way.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"One of the nation\u2019s leading finance minds lamented how Australia has gone from the lucky country to \u201clazy…\n","protected":false},"author":2,"featured_media":637936,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[308799,2095,1724,64,63,689,169,13464,447,308788,308789,308802,93856,88746,2490,134,308787,308798,93412,82211,20309,308805,88173,308794,44356,5575,42086,308803,308796,308785,248755,647,63415,308786,673,2041,2067,677,13576,199371,308807,308797,25347,41940,183404,308806,16776,308795,12540,308801,670,308790,308800,5574,308793,308791,308792,308804,2614,660,90107,3601],"class_list":["post-637935","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrities","tag-absolute-capitulation","tag-america","tag-asia","tag-au","tag-australia","tag-australia-and-new-zealand","tag-australian-bureau-of-statistics","tag-australian-economy","tag-celebrities","tag-christopher-joye","tag-coolabah-capital","tag-coolabah-capital-investments","tag-cost-pressure","tag-dan-andrews","tag-donald-trump","tag-entertainment","tag-fake-growth","tag-falling-living-standards","tag-government-initiatives","tag-government-policies","tag-government-spending","tag-highest-inflation-rates","tag-immigration-policies","tag-income-recession","tag-inflation-pressures","tag-iran","tag-jim-chalmers","tag-jonah-mclachlan","tag-lazy-land","tag-leading-finance-minds","tag-lucky-country","tag-melbourne","tag-national-disability-insurance-scheme","tag-natural-resource-endowments","tag-new-south-wales","tag-north-america","tag-northern-america","tag-oceania","tag-oecd","tag-organisation-for-economic-co-operation-and-development","tag-overseas-migration-figures","tag-policy-changes","tag-population-growth","tag-private-sector","tag-private-sector-growth","tag-rental-accommodation","tag-reserve-bank","tag-shrinking-prosperity","tag-southern-asia","tag-stealth-socialism","tag-sydney","tag-tax-change","tag-tax-settings","tag-tehran","tag-time-warp","tag-top-finance","tag-top-finance-expert","tag-top-finance-guru","tag-united-states-of-america","tag-victoria","tag-warren-hogan","tag-washington"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/637935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=637935"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/637935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/637936"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=637935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=637935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=637935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}