Michael McLaren has unpacked a vicious cycle, as it becomes clearer every day that the days of low interest rates are long over.

He says Jim Chalmers is Australia’s equivalent of the evil stepmother from Snow White, and his poisoned apple is the deficits projected to last long into the 2060s.

“The average Australian is now poorer and less productive than they were a decade ago. It almost defies logic. But I guess that’s inflation for you,” he said.

Listen to more highlights from Afternoons below:

Image: Hilary Wardhaugh/Getty Images