Australia's last great act of economic courage — Peter Costello
About this episode
Peter Costello discusses his experience as Australia's Treasurer and the challenges of implementing significant economic reforms.
Peter Costello is the longest-serving Treasurer of Australia (1996–2007). He led the most complex overhaul of Australia's tax system in the postwar era: introducing the Goods and Services Tax (GST) — a value-added consumption tax — while abolishing a range of indirect taxes (notably wholesale sales tax) and cutting income-tax rates. I wanted to learn from Peter what it actually takes to achieve a reform at that scale — and why we haven’t managed anything like it since. In this conversation, we discuss: GST implementation war stories; lessons on how to get big things done in government; why major reform became so much harder after 2000; why Peter would sometimes hide revenue estimates even from the prime minister; and the baby bonus (introduced in 2004), which led to an uptick in Australia's total fertility rate — making Australia one of the only western countries to increase (albeit temporarily) its TFR since the demographic transition began. Episode sponsor: Vanta: helps businesses automate security and compliance needs. For a limited time, get one thousand dollars off Vanta at vanta.com/joe . Use the discount code " JOE ". See…
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