Last week, the Australian Energy Market Operator (or AEMO) suspended the National electricity spot market after it became ‘impossible to operate’ amid projected energy shortfalls. On today's episode, we're unpacking how we got here, and how to fix it.
This was recorded on 21st June 2022 and things may have changed since recording.
The Australia Institute // @theausinstituteHost: Ebony Bennett, Deputy Director, Australia Institute // @ebony_bennettGuest: Mark Ogge, Principal Advisor, Climate & Energy program at the Australia Institute // @MarkOggeProducer: Jennifer Macey // @jennifermaceyEdited by: Holly ForrestTheme Music: Pulse and Thrum; additional music by Blue Dot Sessions

<div>Last week, the Australian Energy Market Operator (or AEMO) suspended the National electricity spot market after it became ‘impossible to operate’ amid projected energy shortfalls. On today's episode, we're unpacking how we got here, and how to fix it.</div><div> </div><div>This was recorded on 21st June 2022 and things may have changed since recording.</div><div> </div><div><a href="http://australiainstitute.org.au/" target="_blank">The Australia Institute</a> // <a href="http://twitter.com/theausinstitute" target="_blank">@theausinstitute</a></div><div>Host: Ebony Bennett, Deputy Director, Australia Institute // <a href="http://twitter.com/ebony_bennett" target="_blank">@ebony_bennett</a></div><div>Guest: Mark Ogge, Principal Advisor, Climate &amp; Energy program at the Australia Institute // <a href="https://twitter.com/MarkOgge" target="_blank">@MarkOgge</a></div><div>Producer: Jennifer Macey // <a href="https://twitter.com/jennifermacey" target="_blank">@jennifermacey</a></div><div>Edited by: Holly Forrest</div><div>Theme Music: Pulse and Thrum; additional music by Blue Dot Sessions</div>

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Economics and politics explained in plain English

Follow The Money

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Economics, politics and policy explained in plain English.

Economics, politics and policy explained in plain English.

Last week, the Australian Energy Market Operator (or AEMO) suspended the National electricity spot market after it became 'impossible...

A Gas-Led Catastrophe

There is no reason our societies can’t change radically, to produce more of what we need and less of the things that are sowing the seeds of our own destruction, says Yanis Varoufakis.

On this episode of Follow the Money, we bring you highlights from the recent Australian tour of economist and author Yanis Varoufakis, with contributions from a cast of very special guests. Across live events in Adelaide, Sydney and Melbourne, they discuss misogyny, political power, the erosion of Palestinian rights, and Yanis’ latest book, Raise Your Soul: A Personal History of Resistance.

Become an Australia Institute supporter today.

Guest: Yanis Varoufakis, economist & author // @yanisvaroufakis

Guest: Clare Wright OAM, Professor of History and Professor of Public Engagement, La Trobe University // @clarewrighthistorian

Guest: Randa Abdel-Fattah, Future Fellow in Sociology, Macquarie University // @RandaAFattah

Guest: Richard Denniss, co-Chief Executive Officer, the Australia Institute // @richarddenniss

Guest: Emma Shortis, Director, International & Security Affairs, the Australia Institute // @emmashortis

Guest: Louise Adler AM, former Director, Adelaide Writers’ Week

Guest: Leanne Minshull, co-Chief Executive Officer, the Australia Institute // @leanneminshull

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Raise Your Soul: A Personal History of Resistance by Yanis Varoufakis, Penguin Books (November 2025)

A Time for Bravery: What happens when Australia chooses courage?, Australia Institute Press (December 2025)

What’s the Big Idea? 32 Ideas for a Better Australia, Australia Institute Press (December 2024)

Naku Dharuk The Bark Petitions: How the People of Yirrkala Changed the Course of Australian Democracy by Clare Wright, Text Publishing (October 2024)

Discipline by Randa Abdel-Fattah, UQ Press (September 2025)

Theme music: Pulse and Thrum; additional music by Blue Dot Sessions

We’d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to podcasts@australiainstitute.org.au. Subscribe to Follow the Money on Apple Podcasts, Spotify, Pocket Castsor wherever you get your favourite podcasts.

There is no reason our societies can&rsquo;t change radically, to produce more of what we need and less of the things that are sowing the seeds of our own destruction, says Yanis Varoufakis.
On this episode of Follow the Money, we bring you highlights from the recent Australian tour of economist and author Yanis Varoufakis, with contributions from a cast of very special guests. Across live events in Adelaide, Sydney and Melbourne, they discuss misogyny, political power, the erosion of Palestinian rights, and Yanis&rsquo; latest book, Raise Your Soul: A Personal History of Resistance.
Become an <a href="https://nb.australiainstitute.org.au/donate">Australia Institute supporter</a> today.
Guest: Yanis Varoufakis, economist &amp; author // <a href="https://bsky.app/profile/yanisvaroufakis.bsky.social">@yanisvaroufakis</a>
Guest: Clare Wright OAM, Professor of History and Professor of Public Engagement, La Trobe University // <a href="https://www.instagram.com/clarewrighthistorian/">@clarewrighthistorian</a>
Guest: Randa Abdel-Fattah, Future Fellow in Sociology, Macquarie University // <a href="https://x.com/RandaAFattah">@RandaAFattah</a>
Guest: Richard Denniss, co-Chief Executive Officer, the Australia Institute // <a href="https://bsky.app/profile/richarddenniss.bsky.social">@richarddenniss</a>
Guest: Emma Shortis, Director, International &amp; Security Affairs, the Australia Institute // <a href="https://bsky.app/profile/emmashortis.bsky.social">@emmashortis</a>
Guest: Louise Adler AM, former Director, Adelaide Writers&rsquo; Week
Guest: Leanne Minshull, co-Chief Executive Officer, the Australia Institute // <a href="https://bsky.app/profile/leanneminshull.bsky.social">@leanneminshull</a>
Host: Ebony Bennett, Deputy Director, the Australia Institute // <a href="https://bsky.app/profile/ebonybennett.bsky.social">@ebonybennett</a>
Show notes:
<a href="https://www.penguin.com.au/books/raise-your-soul-9781529970210">Raise Your Soul: A Personal History of Resistance</a> by Yanis Varoufakis, Penguin Books (November 2025)
<a href="https://australiainstitute.org.au/store/a-time-for-bravery">A Time for Bravery: What happens when Australia chooses courage?</a>, Australia Institute Press (December 2025)
<a href="https://australiainstitute.org.au/store/whats-the-big-idea">What&rsquo;s the Big Idea? 32 Ideas for a Better Australia</a>, Australia Institute Press (December 2024)
<a href="https://www.textpublishing.com.au/books/naku-dharuk-the-bark-petitions-the-extraordinary-story-of-how-the-people-of-yirrkala-changed-the-course-of-australian-democracy">Naku Dharuk The Bark Petitions: How the People of Yirrkala Changed the Course of Australian Democracy</a> by Clare Wright, Text Publishing (October 2024)
<a href="https://www.uqp.com.au/books/discipline">Discipline</a> by Randa Abdel-Fattah, UQ Press (September 2025)
Theme music: Pulse and Thrum; additional music by Blue Dot Sessions
We&rsquo;d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to <a href="mailto:podcasts@australiainstitute.org.au">podcasts@australiainstitute.org.au</a>. Subscribe to Follow the Money on&nbsp;<a href="https://podcasts.apple.com/au/podcast/follow-the-money/id1078781512">Apple Podcasts</a>,&nbsp;<a href="https://open.spotify.com/show/0JOrvYNuhHOwaFuZ7PlW1d?si=e9265dc6a04d40b3">Spotify</a>,&nbsp;<a href="https://pocketcasts.com/podcast/follow-the-money/2aeecbb0-b36a-0133-2e57-6dc413d6d41d">Pocket Casts</a> or wherever you get your favourite podcasts.

There is no reason our societies can’t change radically, to produce more of what we need and less of the things that are sowing the seeds of our own destruction, says Yanis Varoufakis.

Yanis Varoufakis on misogyny, resistance and why everything could be different

Why oil prices are so high

Why some fuel stations have run low

Will Australia see fuel rationing?

Fuelling inequality

Australia's missed opportunities

Cutting the fuel excise

Taxing gas ISN'T a diplomatic risk

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely. 

Matt Grudnoff and Ebony Bennett discuss Australia’s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison’s 2021 claim about an electric vehicle policy putting an “end to the weekend” now looks even more absurd than it did at the time.

This episode was recorded on Tuesday 31 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

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

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Fuel costs and RBA hikes equal to a 90 basis point rate rise: 'this is brutal' by Greg Jericho, The Point (March 2026)

Fuelling inequality: The brunt of a global crisis should not be borne by people in poverty by Kristin O’Connell, The Point (March 2026)

The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)

Theme music: Pulse and Thrum; additional music by Blue Dot Sessions

We’d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to podcasts@australiainstitute.org.au. Subscribe to Follow the Money on Apple Podcasts, Spotify, Pocket Castsor wherever you get your favourite podcasts.

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely.&nbsp;
Matt Grudnoff and Ebony Bennett discuss Australia&rsquo;s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison&rsquo;s 2021 claim about an electric vehicle policy putting an &ldquo;end to the weekend&rdquo; now looks even more absurd than it did at the time.
This episode was recorded on Tuesday 31 March.
You can <a href="https://nb.australiainstitute.org.au/gas_export_tax_b">sign the Australia Institute&rsquo;s petition</a> calling on the federal government to make gas exporters pay their fair share.
Guest: Matt Grudnoff, Senior Economist, the Australia Institute // <a href="https://bsky.app/profile/mattgrudnoff.bsky.social">@mattgrudnoff</a>
Host: Ebony Bennett, Deputy Director, the Australia Institute // <a href="https://bsky.app/profile/ebonybennett.bsky.social">@ebonybennett</a>
Show notes:
<a href="https://thepoint.com.au/news/260326-fuel-costs-and-rba-hikes-equal-a-90-basis-point-rate-rise-this-is-brutal">Fuel costs and RBA hikes equal to a 90 basis point rate rise: 'this is brutal'</a> by Greg Jericho, The Point (March 2026)
<a href="https://thepoint.com.au/opinions/260331-fuelling-inequality-the-brunt-of-a-global-crisis-should-not-be-borne-by-people-in-poverty">Fuelling inequality: The brunt of a global crisis should not be borne by people in poverty</a> by Kristin O&rsquo;Connell, The Point (March 2026)
<a href="https://thepoint.com.au/explainers/260323-the-case-for-a-gas-export-tax-explained">The case for a gas export tax, explained</a> by Richard Denniss, The Point (March 2026)
Theme music: Pulse and Thrum; additional music by Blue Dot Sessions
We&rsquo;d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to <a href="mailto:podcasts@australiainstitute.org.au">podcasts@australiainstitute.org.au</a>. Subscribe to Follow the Money on&nbsp;<a href="https://podcasts.apple.com/au/podcast/follow-the-money/id1078781512">Apple Podcasts</a>,&nbsp;<a href="https://open.spotify.com/show/0JOrvYNuhHOwaFuZ7PlW1d?si=e9265dc6a04d40b3">Spotify</a>,&nbsp;<a href="https://pocketcasts.com/podcast/follow-the-money/2aeecbb0-b36a-0133-2e57-6dc413d6d41d">Pocket Casts</a> or wherever you get your favourite podcasts.

Petrol and diesel prices are sky high because of the illegal US-Israel war on Iran, but major fuel shortages in Australia are very unlikely. 

Prices skyrocket but major fuel shortages "very unlikely"

Energy markets in a crisis

The 25% gas export tax

Export vs windfall profits tax

NSW ban on new coal mines

A 25% gas export tax would drive down gas prices for Australians and collect billions of dollars that can be used to provide better, cheaper health and education services. 

On this episode of Follow the Money, Rod Campbell and Ebony Bennett discuss the case for a 25% gas export tax and the New South Wales government’s ban on new coal mines.

This episode was recorded on Tuesday 24 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

Guest: Rod Campbell, Research Director, the Australia Institute // @rodcampbell

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)

Tax gas exports, invest in health/aged care – new polls, the Australia Institute (March 2026)

What the Middle East war means for Australians and gas companies, the Australia Institute (March 2026)

'No new coal or gas is a slogan, not a policy': Bowen, ABC Radio National (March 2023)

SUMMER SPECIAL | President Anote Tong, Follow the Money, the Australia Institute (January 2017)

What we owe the water: It's time for a fossil fuel treaty by Kumi Naidoo, Australia Institute Press (February 2026)

Theme music: Pulse and Thrum; additional music by Blue Dot Sessions

We’d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to podcasts@australiainstitute.org.au. Subscribe to Follow the Money on Apple Podcasts, Spotify, Pocket Castsor wherever you get your favourite podcasts.

A 25% gas export tax would drive down gas prices for Australians and collect billions of dollars that can be used to provide better, cheaper health and education services.&nbsp;
On this episode of Follow the Money, Rod Campbell and Ebony Bennett discuss the case for a 25% gas export tax and the New South Wales government&rsquo;s ban on new coal mines.
This episode was recorded on Tuesday 24 March.
You can <a href="https://nb.australiainstitute.org.au/gas_export_tax_b">sign the Australia Institute&rsquo;s petition</a> calling on the federal government to make gas exporters pay their fair share.
Guest: Rod Campbell, Research Director, the Australia Institute // <a href="https://bsky.app/profile/rodcampbell.bsky.social">@rodcampbell</a>
Host: Ebony Bennett, Deputy Director, the Australia Institute // <a href="https://bsky.app/profile/ebonybennett.bsky.social">@ebonybennett</a>
Show notes:
<a href="https://thepoint.com.au/explainers/260323-the-case-for-a-gas-export-tax-explained">The case for a gas export tax, explained</a> by Richard Denniss, The Point (March 2026)
<a href="https://australiainstitute.org.au/post/tax-gas-exports-invest-in-health-aged-care-new-polls/">Tax gas exports, invest in health/aged care &ndash; new polls</a>, the Australia Institute (March 2026)
<a href="https://australiainstitute.org.au/report/what-the-middle-east-war-means-for-australians-and-gas-companies/">What the Middle East war means for Australians and gas companies</a>, the Australia Institute (March 2026)
<a href="https://www.abc.net.au/listen/programs/radionational-breakfast/-no-new-coal-or-gas-is-a-slogan-not-a-policy-bowen/102061144">'No new coal or gas is a slogan, not a policy': Bowen</a>, ABC Radio National (March 2023)
<a href="https://australiainstitute.org.au/post/summer-special-president-tong/">SUMMER SPECIAL | President Anote Tong</a>, Follow the Money, the Australia Institute (January 2017)
<a href="https://australiainstitute.org.au/store/what-we-owe-the-water-vantage-point-issue-4">What we owe the water: It's time for a fossil fuel treaty</a> by Kumi Naidoo, Australia Institute Press (February 2026)
Theme music: Pulse and Thrum; additional music by Blue Dot Sessions
We&rsquo;d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to <a href="mailto:podcasts@australiainstitute.org.au">podcasts@australiainstitute.org.au</a>. Subscribe to Follow the Money on&nbsp;<a href="https://podcasts.apple.com/au/podcast/follow-the-money/id1078781512">Apple Podcasts</a>,&nbsp;<a href="https://open.spotify.com/show/0JOrvYNuhHOwaFuZ7PlW1d?si=e9265dc6a04d40b3">Spotify</a>,&nbsp;<a href="https://pocketcasts.com/podcast/follow-the-money/2aeecbb0-b36a-0133-2e57-6dc413d6d41d">Pocket Casts</a> or wherever you get your favourite podcasts.

A 25% gas export tax would drive down gas prices for Australians and collect billions of dollars that can be used to provide better, cheaper health and education services.

A Gas-Led Catastrophe

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