Shane Oliver on government spending, the $1 trillion debt and your super

<p>If you heard our full episode on 2 October, you have already had this one. This is Luke&#39;s chat with Shane Oliver on its own, for anyone who just wants the money talk.</p><p><br></p><p>The Reserve Bank lifted the cash rate to 4.60% on 29 September, and AMP chief economist Shane Oliver says that if he had to single out one cause, it&#39;s too much government spending. It now makes up about 28% of the economy, and he explains why cutting it would spread the pain beyond people with a mortgage, and which projects could wait a few years.</p><p><br></p><p>Luke asks who Australia owes its $1 trillion debt to, and who collects the interest. Then Shane weighs up One Nation&#39;s plan to let renters and mortgage holders take 3 of the 12 percentage points of their employer super as cash for three years. He thinks the real problem is that housing costs too much, and he has advice for young buyers in a falling market. Last question: will rates go up again before Christmas?</p><p><br></p><p>Guests: Shane Oliver</p><p><br></p><p>Recorded 30 September 2026, the day after the Reserve Bank lifted the cash rate to 4.60%.</p><p>Shane&#39;s comments are general information, not personal financial advice.</p><p><br></p><p>00:00 The RBA lifts rates to 4.60%</p><p>01:11 Why rates rose: too much demand</p><p>03:19 David Koch&#39;s challenge: is it government spending?</p><p>05:35 Which projects could wait a few years?</p><p>06:40 The public service and the NDIS</p><p>07:49 Who do we owe $1 trillion to?</p><p>09:03 No money put aside for a rainy day</p><p>09:55 Why the interest bill is climbing</p><p>10:53 Should we be in surplus right now?</p><p>11:35 Keating&#39;s 1986 banana republic warning</p><p>12:08 How big is $1 trillion, really?</p><p>13:05 Who gets the interest on the debt?</p><p>13:58 One Nation&#39;s plan to pay some super as cash</p><p>14:48 Why housing is the real problem</p><p>16:33 One Nation&#39;s migration cut: housing and jobs</p><p>17:50 Advice for young people trying to buy a home</p><p>18:31 Another rate rise before Christmas?</p><p><br></p><p>🫶 Join The Bonafide Family</p><p>Get Your Bonafide Merch here: https://bonafidepod.com/en-aud</p><p>Follow Me on Facebook: https://www.facebook.com/LukeBonaThatRadioGuy/</p><p>Catch Up On Instagram: https://www.instagram.com/lukey.bona/</p><p>Subscribe to us on YouTube to stay updated with LIVE SHOWS:</p><p><br></p><p>🎙️ Get Involved</p><p>Leave us a digital voicemail here: https://www.speakpipe.com/Bonafide</p><