One Nation's economic thought bubbles have little substance – except for one | Greg Jericho
News Source
•Wed, 15 Jul 2026 15:01:00 GMT
📰 What Happened
Greg Jericho analyzes One Nation's economic proposals under new Treasury spokesperson Barnaby Joyce, finding most lack substance but noting one idea — a 'people's bank' to compete with Australia's big four banks — has merit. Joyce, who previously confused millions with billions as shadow finance spokesperson, has proposed giving the Reserve Bank power to call for spending cuts.
🔍 The Backstory
Barnaby Joyce has been appointed as One Nation's Treasury spokesperson after a turbulent political career that included confusing 'millions with billions' at the National Press Club and coining the baffling term 'net gross public and private debt.' One Nation leader Pauline Hanson has been overseas meeting with far-right figures. Joyce's proposal to give the RBA power to demand spending cuts has been criticized as making the central bank more political, not more independent. However, the 'people's bank' idea — a publicly-owned banking alternative — has been previously floated by the Greens and addresses genuine concerns about the oligopoly power of Australia's big four banks, which hold more than two-and-a-half times the home loans of the rest of the banking sector combined.
🎯 Why It Matters
The analysis cuts through the noise of populist economic proposals to identify a genuinely useful policy idea, showing how even marginal political parties can sometimes stumble onto meaningful reforms. The dominance of Australia's big four banks remains a pressing economic issue affecting mortgage holders and small businesses across the country.
Greg Jericho analyzes One Nation's economic proposals under new Treasury spokesperson Barnaby Joyce, finding most lack substance but noting one idea — a 'people's bank' to compete with Australia's big four banks — has merit. Joyce, who previously confused millions with billions as shadow finance spokesperson, has proposed giving the Reserve Bank power to call for spending cuts.
Barnaby Joyce has been appointed as One Nation's Treasury spokesperson after a turbulent political career that included confusing 'millions with billions' at the National Press Club and coining the baffling term 'net gross public and private debt.' One Nation leader Pauline Hanson has been overseas meeting with far-right figures. Joyce's proposal to give the RBA power to demand spending cuts has been criticized as making the central bank more political, not more independent. However, the 'people's bank' idea — a publicly-owned banking alternative — has been previously floated by the Greens and addresses genuine concerns about the oligopoly power of Australia's big four banks, which hold more than two-and-a-half times the home loans of the rest of the banking sector combined.
The analysis cuts through the noise of populist economic proposals to identify a genuinely useful policy idea, showing how even marginal political parties can sometimes stumble onto meaningful reforms. The dominance of Australia's big four banks remains a pressing economic issue affecting mortgage holders and small businesses across the country.