FFS: fossil fuel subsidies cost Australia $30,000 a minute

You’re meant to tax things you want less of and subsidise things you want more of – yet Australian governments are handing out $16.3 billion in fossil fuel subsidies this financial year.

Elinor is back but Greg is away, so Matt Grudnoff jumps in to talk about Australia’s absurd fossil fuel subsidies, fuel security in the wake of the US-Israel war on Iran, and why the AI bubble will probably burst, even if the technology turns out to be a win overall.

This discussion was recorded on Thursday 12 March 2026.

What we owe the water: It's time for a fossil fuel treaty by Kumi Naidoo, is available now for just $19.95. Use the code 'PODVP' at checkout to get free shipping.

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Host: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Australian fossil fuel subsidies growing faster than NDIS, hitting $16.3 billion in 2025-26, the Australia Institute (March 2026)

New Analysis: Mid-East war’s hit to Australian economy, how to reduce its impact, the Australia Institute (March 2026)

Debugging the Productivity Commission’s claim that AI will boost Australia’s GDP by $116 Billion by Matt Saunders, The Point Live (March 2026)

Labor must stop juicing house prices and make buying a home the Australian dream – not negatively gearing one by Greg Jericho, Guardian Australia (March 2026)

Theme music: Blue Dot Sessions

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