Transcript

Credlin | 12 August · Credlin

0:02
Speaker 1: Peter Krendland live on sky Ning's Australia.
0:08
Speaker 2: Good evening. Welcome to Credlin. Steve Price with you sitting
0:10
Speaker 2: in for Peter. Here's what's coming up on Credlin tonight.
0:14
Speaker 2: The Reserve Bank concludes its two day board meeting with
0:17
Speaker 2: one point twenty five percent rate.
0:18
Speaker 1: Cut, the third this year.
0:20
Speaker 2: Big question now, though, will and how quickly will the
0:23
Speaker 2: big banks pass that break cut onto you. Sally Tindall
0:27
Speaker 2: from Canstar will join us to tell us that twenty
0:30
Speaker 2: four hours on from the Albanezy government's decision to recognize
0:33
Speaker 2: the non existent state of Palestine, it has been widely
0:37
Speaker 2: slammed as a naive move that will, if it hasn't already,
0:41
Speaker 2: severely damage our alliance with Israel. Political editor Andrew Clenell
0:46
Speaker 2: coming up shortly plus tonight. How has this recognition decision
0:50
Speaker 2: gone down in Israel itself? We will test the political
0:54
Speaker 2: temperature on the ground in Israel and we will get
0:58
Speaker 2: the parents view on the panel's view on Donald Trump's
1:02
Speaker 2: loss of patients with crime, drug use and homelessness in Washington.
1:07
Speaker 2: Threatening to use the National Guard to clean up the
1:10
Speaker 2: capital might be an idea for some of our own
1:13
Speaker 2: capital cities wouldn't be a bad idea at all. First though,
1:17
Speaker 2: twenty four hours on from the Australian Government announcing that
1:20
Speaker 2: on your behalf, the Prime Minister will go to New
1:23
Speaker 2: York next month to attend the United Nations and add
1:26
Speaker 2: Australia's name to a growing list of nations arguing for
1:29
Speaker 2: recognition of Palestine. Presumably Anthony Albanezi, his Foreign Minister Penny Wong,
1:35
Speaker 2: and the Department of Foreign Affairs all believe the caveat
1:38
Speaker 2: loaded announcement of yesterday.
1:40
Speaker 1: Will actually work.
1:41
Speaker 2: If that's the case, they are all at odds with,
1:45
Speaker 2: in no particular order, the United States Donald Trump and
1:48
Speaker 2: his Secretary of State Marco Rubio, and the US State Department.
1:52
Speaker 2: There are at odds with every senior foreign affairs commentator
1:55
Speaker 2: in Australia, including the highly respected Paul Kelly and his
1:59
Speaker 2: colleague Get The Australian and Credlin regular Greg Sheridan.
2:03
Speaker 1: Now Paul Kelly called the.
2:05
Speaker 2: Move a Labor Party project in fraud and fantasy that
2:09
Speaker 2: was on page one of The Australian Today. Greg Sheridan
2:12
Speaker 2: labeled the Palestine recognition a shocking mistake designed not around
2:17
Speaker 2: the politics of Gaza City, but aimed at voters in Marrickville, Liverpool,
2:21
Speaker 2: Northcote and broad Meadows. Three of Australia's biggest selling newspapers
2:26
Speaker 2: had screaming page one headlines today. The Herald Son said
2:30
Speaker 2: a win for Harmas, The Australian PM all the way
2:35
Speaker 2: with PA and the Daily Telegraph our gift to Hamas
2:39
Speaker 2: on the Australian heading referring to the PA the Palestinian Authority.
2:43
Speaker 2: Here is what Minister Penny Wong told Kieran Gilbert on
2:47
Speaker 2: Sky today.
2:48
Speaker 3: The Palestinian people don't like the authority poll after Pole
2:54
Speaker 3: says they think they're corrupt. That's how they ended up
2:57
Speaker 3: with Hummas in the first place. Is the PA right
3:00
Speaker 3: body to work with?
3:02
Speaker 4: There is a lot of reform for the Palace in
3:03
Speaker 4: the authority which is required. We are clear eyed about that.
3:07
Speaker 4: Success is not guaranteed, but success never comes from just
3:11
Speaker 4: doing the same thing over and over again and hoping
3:13
Speaker 4: for a different outcome.
3:17
Speaker 1: A lot of reform.
3:19
Speaker 2: So we're recognizing a state that doesn't exist, relying on a.
3:21
Speaker 1: Political entity that is corrupt, led by.
3:24
Speaker 2: An eighty nine year old in macmoud Abbas, that has
3:27
Speaker 2: no presence in Gaza and hasn't held an election since
3:30
Speaker 2: two thousand and six.
3:32
Speaker 1: Makes sense of that? Seriously?
3:33
Speaker 2: Is our government so desperate to be part of the
3:36
Speaker 2: left wing National government club instruct the international stage, pretending
3:41
Speaker 2: we make any difference whatsoever? Well, it seems so. The
3:44
Speaker 2: Prime Minister was out selling this craziness this morning, first
3:48
Speaker 2: at the MCG for a cross to the Today Show.
3:50
Speaker 2: Why the MCG. I'm not entirely sure what the biggest
3:54
Speaker 2: sporting stadium in Australia has got anything to do with this,
3:56
Speaker 2: and clearly under immense pressure, he managed to use you
4:00
Speaker 2: won't believe this a rugby league analogy to explain the situation.
4:05
Speaker 5: I look, there are people on both sides of this
4:08
Speaker 5: debate who want conflict to continue, who want to think
4:14
Speaker 5: that it's like a football game between you know, South
4:19
Speaker 5: and the Broncos, and you got to back in your term,
4:22
Speaker 5: you to back him in. What we need is a
4:25
Speaker 5: win win.
4:29
Speaker 1: Now.
4:29
Speaker 2: I know he's under tremendous pressure, but he's at the
4:31
Speaker 2: front of the home of the AFL. What the hell
4:33
Speaker 2: was the Prime Minister thinking talking about rugby league and
4:37
Speaker 2: using a rugby league analogy? Anyway, that's a sideshow. What
4:41
Speaker 2: is that I did was divide Australia badly. The Jewish
4:45
Speaker 2: community has been after almost two years of rampant anti Semitism,
4:50
Speaker 2: with fire bombings of synagogues, ugly graffiti attacks on Jewish
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Speaker 2: suburbs in Sydney and Melbourne, and hatefield pro Palestine marches
4:59
Speaker 2: on a weekly in our capital cities. And what a
5:02
Speaker 2: price to pay for a hollow decision that will have
5:05
Speaker 2: no impact on the actions of Israel, no impact on
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Speaker 2: the brutal terror group i'm us, no impact on helping
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Speaker 2: the innocent people of Gaza. Even our closest neighbor, New Zealand,
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Speaker 2: led by a conservative government, chose not to jump into
5:19
Speaker 2: this hollow gesture. Let's head to camera now for tonight's
5:27
Speaker 2: political headlines with Sky News political reporter Trudy Macintosh.
5:31
Speaker 6: Relief for borrowers as the Reserve Bank cuts interest rates
5:34
Speaker 6: the cash rate down to three point six percent. It's
5:37
Speaker 6: the third cut this year and there could be more
5:40
Speaker 6: to come.
5:40
Speaker 7: The forecasts imply that the cash rate might need to
5:43
Speaker 7: be a bit lower than it is today to keep
5:45
Speaker 7: inflation low and stable and employment growing, but there is
5:48
Speaker 7: still a lot of uncertainty.
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Speaker 8: These rate cuts won't solve every problem that we have
5:54
Speaker 8: in our economy, but they will certainly help.
5:56
Speaker 7: This is some slight belief, but still they are copying
6:00
Speaker 7: it every day. Australians are becoming poorer and poorer under
6:06
Speaker 7: this government.
6:07
Speaker 6: And it's been a big day of fallout after Australia's
6:09
Speaker 6: historic decision to recognize a Palestinian state, and.
6:13
Speaker 5: The international community is saying enough is enough.
6:17
Speaker 6: The Prime Minister says Israel's Benjamin net Yahoo is in
6:20
Speaker 6: denial about the consequences of the war in Gaza. That
6:23
Speaker 6: assessment is part of the reason for recognition that.
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Speaker 5: Hasn't produced an outcome.
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Speaker 9: What it's produced is.
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Speaker 5: A lot of innocent lives, tens of thousands of innocent
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Speaker 5: lives being Lofstoke.
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Speaker 3: It makes no sense to recognize a Palestinian state when
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Speaker 3: you have terrorists on the border of Israel.
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Speaker 6: Australia insists terror group of mass can have no role
6:48
Speaker 6: in a future state in its place. Hope is being
6:51
Speaker 6: pinned on a reformed Palestinian authority, but there are significant
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Speaker 6: concerns about its ability to deliver. Trudy Macintosh Sky News Canberra.
7:00
Speaker 1: Let's stick with Camberra politics.
7:02
Speaker 2: We're joined for some sharp analysis by creditin Regular and
7:05
Speaker 2: Sky Political letter to Andrew Clanell. Great to see you, Andrew.
7:10
Speaker 2: I just want to put this little theory past you.
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Speaker 2: We had an election in May Anthony Albaneze. He won
7:15
Speaker 2: a thumping majority. He can pretty much do what he
7:18
Speaker 2: wants for the next three years. He got hammered today
7:21
Speaker 2: by the major media outlets, The Australian, the Daily Telegraph,
7:26
Speaker 2: the Herald Son, people like Greg Sherid and people like
7:29
Speaker 2: Paul Kelly saying this was a disaster and a gift
7:32
Speaker 2: to Hamas would he care about that coverage?
7:37
Speaker 10: Well, you always care a bit, but not too much,
7:40
Speaker 10: I don't think. And I think he's been largely spurred
7:43
Speaker 10: on by Keir Starmer and Emmanuel Macron and what he's
7:46
Speaker 10: done here. I don't think a few weeks ago he
7:48
Speaker 10: was going to do this or necessarily going to do this,
7:52
Speaker 10: But they've spoken to him and they've helped talk him
7:54
Speaker 10: into it, and Penny Wong's probably for it as well.
7:57
Speaker 10: So he's gone the way he's gone. And yeah, I
8:00
Speaker 10: think he do expect some of this coverage because they
8:02
Speaker 10: timed it a few weeks out from the US visit,
8:07
Speaker 10: which I think significant.
8:08
Speaker 11: If he wants to get on with Donald Trump.
8:09
Speaker 10: But also the day before we expected a rate cut,
8:12
Speaker 10: so I do feel that he thought I can get
8:15
Speaker 10: this out there, get it out of the way, and
8:18
Speaker 10: then we can move on to the rate cut as
8:21
Speaker 10: the main issue in the media and sort of change
8:24
Speaker 10: the subject.
8:27
Speaker 1: Well.
8:27
Speaker 2: Greg Sheridan, who you and I am greatly, has been
8:31
Speaker 2: the foreign editor of The Australian for a very long time.
8:34
Speaker 2: He said, Todan, I want to get you'll be on
8:36
Speaker 2: this because you know New South Wales politics better than anyone.
8:40
Speaker 2: He said, this call has little to do with politics
8:42
Speaker 2: in the Middle East, plenty to do with domestic landscape.
8:45
Speaker 2: He even named suburbs with large Islamic populations in Melbourne
8:51
Speaker 2: and Sydney.
8:51
Speaker 1: Is he right.
8:54
Speaker 10: Domestic politics always is a consideration, always plays a part.
8:58
Speaker 10: But I think it's a bit big to say it's
9:00
Speaker 10: just about domestic politics. I think, you know, Anthony Albanesian,
9:05
Speaker 10: Penny Wong actually think this can make a difference and
9:07
Speaker 10: I don't think it can. So I disagree with them.
9:10
Speaker 10: I have to say as an analyst, like I'm happy
9:13
Speaker 10: to be proven wrong, but I just think you can
9:16
Speaker 10: go on about recognizing in Palestinian state or even recognize it.
9:19
Speaker 11: It doesn't stop the war.
9:22
Speaker 10: It doesn't stop Palestinian kids starving, it doesn't stop hostages
9:27
Speaker 10: being held, it doesn't stop a mass And you know,
9:31
Speaker 10: what role does Australia really have in this anyway? And
9:34
Speaker 10: you know before the election the government took the view
9:36
Speaker 10: and I think it was based on polling. Most Australians
9:39
Speaker 10: didn't want to know about this conflict. It's a problem
9:42
Speaker 10: far far away. It's awful, don't get me wrong. It
9:46
Speaker 10: was interesting. Notice the Jerome Laxa and Sky the other
9:49
Speaker 10: day the Benelong MP is saying it started to be
9:52
Speaker 10: raised by his constituents. So maybe that's played a role
9:56
Speaker 10: in the sort of change of government on it. But
9:59
Speaker 10: I just see this recognition step is pretty meaningless because
10:03
Speaker 10: we're recognizing it, but we don't want hamas involved.
10:05
Speaker 11: Okay, so how's that going to happen? What does it
10:07
Speaker 11: even mean?
10:09
Speaker 10: You know they've always been for a two state solution,
10:11
Speaker 10: both sides of politics have. Are we any closer today?
10:15
Speaker 10: Because of what Anthony Albanez he said to a two
10:17
Speaker 10: state solution, I severely doubt it.
10:21
Speaker 2: Yeah, we're dealing I mean, he thinks we're going to
10:23
Speaker 2: deal with matm Abbats, then the Palace in the authority
10:27
Speaker 2: who has said to be corrupt, and they haven't had
10:31
Speaker 2: an election since two thousand and six. It's going to
10:34
Speaker 2: be very difficult to deal with that sort of an organization.
10:38
Speaker 2: You're going to be in the US for that, I
10:40
Speaker 2: presume for that un YES address or meeting that Anthony
10:44
Speaker 2: Albanese's attending. So the focus he is now going to
10:47
Speaker 2: change isn't it to what has this done any damage
10:50
Speaker 2: to our US alliance? And when you're here, Marco Rubio Andrew,
10:56
Speaker 2: you've got to think that internally in the inner circle
10:59
Speaker 2: of Ronald.
11:00
Speaker 1: Trump, they're not that happy about what we've done here.
11:04
Speaker 11: They wouldn't be.
11:05
Speaker 10: I mean, Trump threatened Canada over tariffs if they said
11:09
Speaker 10: they'd recognize Palestine. But that's why I said in an
11:12
Speaker 10: interview with Penny Wong a couple of weeks ago, Steve,
11:15
Speaker 10: have you picked up the phone to Mark A. Rubio
11:17
Speaker 10: if you're so concerned about Gaza, see the way that
11:21
Speaker 10: this cease fire, you know, and it wouldn't necessarily occur anyway,
11:27
Speaker 10: is through the US. It's the greatest hope, it really is.
11:31
Speaker 10: You could are you also the Arab States and that
11:35
Speaker 10: point's been made in recent times. They're trying to work
11:38
Speaker 10: towards it. But from our perspective, the biggest thing that
11:42
Speaker 10: Australia can do is not team up with the Britain
11:44
Speaker 10: and France and Canada and so forth. It's to get
11:48
Speaker 10: onto the US and work with the US to try
11:52
Speaker 10: and produce a cease fire.
11:53
Speaker 11: If that if that's such.
11:54
Speaker 10: An important goal for us, and you know, it really
11:58
Speaker 10: sort of surprised me that any Wong hadn't called Rubio
12:01
Speaker 10: until she finally did the other day, And even she
12:05
Speaker 10: said in that interview Steve, the greatest hope to cease
12:08
Speaker 10: fire is clearly the US, because look at.
12:10
Speaker 11: What they've been able to do with Israel and Iran.
12:13
Speaker 11: No one else can do that.
12:15
Speaker 10: So it's a very important meeting if Albaneze does meet
12:20
Speaker 10: Trump in terms of at least pressing some of the
12:23
Speaker 10: hopes for a ceasefire there apart from our own considerations,
12:26
Speaker 10: top of the list being August, then tariffs. But I
12:30
Speaker 10: just don't see how working without the US on this
12:35
Speaker 10: has any effect whatsoever.
12:39
Speaker 1: What happens if he doesn't get a meeting with Trump.
12:42
Speaker 10: Well, he gets a whole bunch of headlines saying he
12:44
Speaker 10: still can't get a meeting with Trump. Look, that's not
12:47
Speaker 10: the important part right. In fact, it doesn't really matter
12:50
Speaker 10: if Anthony Albanese he doesn't meet Trump for three years.
12:54
Speaker 10: The issue is does AUCUST get dumped? That's the issue.
13:00
Speaker 11: Now.
13:01
Speaker 10: The thing is I was all for he has to
13:03
Speaker 10: meet Trump, and I still believe he does. But we
13:07
Speaker 10: didn't have our tariff salted, right, So the real question
13:11
Speaker 10: is around UCAS and that is the primary issue. So
13:16
Speaker 10: if he doesn't meet Trump, embarrassing headlines, If he doesn't,
13:20
Speaker 10: if the US then whether he meets him or not
13:23
Speaker 10: dumps orcus with this review on, Well, that's a much
13:27
Speaker 10: bigger issue. That's a much greater moment. That means we've
13:30
Speaker 10: wasted fifteen years not getting submarines when we're an island nation,
13:37
Speaker 10: which would be crazy. So my biggest fear for Australia
13:41
Speaker 10: is that UCUST falls over, not really whether or not
13:44
Speaker 10: Anthony Albanez he meets Donald Trump.
13:48
Speaker 1: Yeah, I think we all hope that won't happen.
13:49
Speaker 2: The other big story today, of course, is the rate
13:51
Speaker 2: cut now sitting at three point sixty three rate cuts
13:54
Speaker 2: in a row. I think if you listen to Michelle
13:56
Speaker 2: Bullet today on Sky you would have heard her talking
14:00
Speaker 2: about maybe another one. Some people say there might be
14:02
Speaker 2: another two. Jim Chalmers looks pretty happy with himself, but
14:06
Speaker 2: he goes into next week, which we'll cover in some
14:09
Speaker 2: detail next week, the round table, where productivity is in
14:13
Speaker 2: the toilet, people's wages are going nowhere, there's redundancies all
14:17
Speaker 2: over the joint. The economic the treasure doesn't have a
14:22
Speaker 2: great economic story to take to his round table.
14:25
Speaker 10: While he's got low inflation, low on employment. That's what
14:28
Speaker 10: you usually look for. The issue is economic growth and productivity,
14:32
Speaker 10: and that's the argument for more rate cuts, but also
14:35
Speaker 10: you know tax cuts in the which can help business.
14:39
Speaker 11: That's what we need.
14:41
Speaker 10: I'm concerned about this reliance on either government creator jobs
14:46
Speaker 10: or government jobs, whether it be the NDIS or through
14:50
Speaker 10: government subsidies to childcare or even through Medicare or whatever.
14:54
Speaker 10: That's the corner of the economy's turning, which is of
14:57
Speaker 10: the biggest concern. The low inflation at the moment, low
15:00
Speaker 10: unemployment is a good story, and you know interest rates
15:06
Speaker 10: coming down is a good story. But the challenger head
15:09
Speaker 10: is to make sure that we don't become some sort
15:11
Speaker 10: of Commander Gotomy Steve and I'm not sure the government
15:15
Speaker 10: has any answers to that.
15:18
Speaker 1: No, probably not.
15:19
Speaker 2: Look, I always like to end our little chats with
15:21
Speaker 2: a bit of cheekiness, So before you go the PM today,
15:25
Speaker 2: he did his breakfast crosses to Breakfast Television from Melbourne
15:31
Speaker 2: from outside the MCG.
15:34
Speaker 1: I don't know why.
15:35
Speaker 2: There was nothing to do with the MCG or the AFL,
15:38
Speaker 2: but he was there. You and I both from AFL states.
15:42
Speaker 2: Why the hell would anybody in their right mind mention
15:46
Speaker 2: rugby league when they're outside the MCG. Have a look
15:49
Speaker 2: at this where the Prime Minister is standing there talking
15:54
Speaker 2: about the Rabbit O's and the Brisbane Broncos.
16:00
Speaker 5: There are people on both sides of this debate who
16:05
Speaker 5: want conflict to continue, who want to think that it's
16:10
Speaker 5: like a football game between you know, South and the Broncos,
16:15
Speaker 5: and you got to back in your team and you
16:17
Speaker 5: back him in. What we need is a win win.
16:21
Speaker 2: Why would you do that when you're at the MCG,
16:24
Speaker 2: the home of Ossie Rules.
16:25
Speaker 11: Well, I don't know.
16:26
Speaker 10: I know he did the AMCG crosses the day of
16:31
Speaker 10: the election and so maybe you liked doing them, so
16:34
Speaker 10: he did it. But look, in fairness to the PM,
16:39
Speaker 10: he actually does. There's been a bit of controversy about
16:41
Speaker 10: which AFL team he supports, but he is a follower
16:45
Speaker 10: of AFL as well. He's been to something like fifteen
16:49
Speaker 10: or twenty Grand finals. Steve, so nearly as much the
16:53
Speaker 10: many as you, Steve with your Richmond support. But in
16:58
Speaker 10: fact you and I met up for a bit at
17:00
Speaker 10: one I recall. But look, so he does. He does
17:05
Speaker 10: get into the AFL. But yeah, he's absolutely obsessed with
17:08
Speaker 10: the Rabbits and they've had a shocker of a year.
17:10
Speaker 10: But yeah, I mean, is he Hawks or is he
17:12
Speaker 10: Sydney Swans or is he something else? I still can't
17:14
Speaker 10: work it out. He claims to be Hawks out to
17:16
Speaker 10: the ol Greater Western Giants. He's well call Paul eating.
17:20
Speaker 10: One's had a picture of taking we wearing a Collywood jumper, so.
17:28
Speaker 1: Really he wouldn't have a clue, mate, Andrew, thank you
17:31
Speaker 1: very much, season cheers. Yeah, good fun with Andrew.
17:37
Speaker 2: WHI is After the break, I'll get an economist take
17:40
Speaker 2: on today's rate cut and could there be more on
17:42
Speaker 2: the horizon? Plus will take you live to tell VI
17:45
Speaker 2: for how the Prime Minister's Palestine Paul has gone down
17:49
Speaker 2: on the ground in Israel.
17:50
Speaker 1: That's next.
17:55
Speaker 2: Welcome back to price with you. I'll take you to
17:57
Speaker 2: Israel in just one moment. Well as addicted the Reserve
18:00
Speaker 2: Bank cut interest rates today. I mean, obviously, if you've
18:04
Speaker 2: got a mortgage, it's going to be good news for you.
18:06
Speaker 2: If you're an older, retired Australian with an account in
18:10
Speaker 2: the bank relying an interest probably not such good news.
18:12
Speaker 2: That's a third cut after July's shock. Hoold, that was
18:16
Speaker 2: something no uswill coming so here to tell us what
18:19
Speaker 2: this impact might have. But more importantly, when you might
18:22
Speaker 2: get this interest rate cut is data insights director at Canstar,
18:26
Speaker 2: Sally Tindall. Sally, great to see you again. Is this
18:30
Speaker 2: the kind of cut that you're actually going to go
18:35
Speaker 2: to your bank and say, right, I've held on for
18:37
Speaker 2: the previous two this is number three. My cost of
18:40
Speaker 2: living has not got any better. I think I need
18:43
Speaker 2: to pull my interest rate back to put some money
18:46
Speaker 2: in my pocket.
18:47
Speaker 12: Oh look, Steve, I think certainly some people will relook
18:50
Speaker 12: at their monthly repayments and think, okay, I might pair
18:53
Speaker 12: them back a little. What I'd be great to see
18:56
Speaker 12: is that some people look at their monthly repayments and
18:58
Speaker 12: don't drop to the absolute minimum, but just get a
19:01
Speaker 12: little bit of relief into their budget so that they
19:04
Speaker 12: can pay the other bills. Interestingly, when you look at
19:06
Speaker 12: the big bank data that's come through in the last
19:09
Speaker 12: two cuts, you know, the vast majority of Australians with
19:12
Speaker 12: a variable rate mortgage, particularly for those banks where they
19:15
Speaker 12: don't automatically drop your minimum monthly payments, they're actually opting
19:19
Speaker 12: to stay on higher payments. They're getting ahead on their mortgage.
19:22
Speaker 12: They're building up a buffer in that mortgage and hopefully
19:25
Speaker 12: kicking their mortgage to the curb years earlier if they
19:29
Speaker 12: keep that up. Time will tell, though, because cost of
19:32
Speaker 12: living pressures. You know, inflation might be decelerating, but prices
19:36
Speaker 12: are not coming down. Cost of living pressures is still
19:39
Speaker 12: very real.
19:42
Speaker 2: So there's actually data that can show you how many
19:45
Speaker 2: people stay on the rate that they existing rate and
19:49
Speaker 2: don't pull it back, and I guess if they do,
19:51
Speaker 2: if enough people do that, it doesn't then add to
19:53
Speaker 2: the inflation figure, does it. I means this is a
19:56
Speaker 2: really tricky roundabout, but if you can possibly afford it,
20:00
Speaker 2: do it.
20:01
Speaker 12: It is a tricky roundabout, especially for the RBA that's
20:04
Speaker 12: trying to actually encourage a little bit more spending in
20:06
Speaker 12: the economy, but no buy and large Australians are choosing
20:09
Speaker 12: to pocket those savings for those that have a mortgage.
20:12
Speaker 12: But we actually see it on the other side of
20:14
Speaker 12: the coin, where people with savings accounts, they're actually putting
20:17
Speaker 12: money in the bank still as well money in the
20:19
Speaker 12: bank from households. It's that a record high money in
20:22
Speaker 12: offsets also at a record high extra payments are elevated
20:26
Speaker 12: because Australians have been through a wild rollercoaster of the
20:30
Speaker 12: last three years. And what we know is it's so
20:34
Speaker 12: important to have your finances in the best shape possible.
20:37
Speaker 12: It is actually fantastic to see from where I sit
20:40
Speaker 12: because we are laser focused on continuing to keep our
20:43
Speaker 12: finances in shape rather than spending that extra cash at
20:46
Speaker 12: the shops.
20:49
Speaker 2: Watching Ross greenou this afternoon, and I think a lot
20:51
Speaker 2: a lot of people understand that there's no compunction on
20:55
Speaker 2: the banks to actually pass this on. But last time,
20:58
Speaker 2: in the last rate cut, I think they did it
21:01
Speaker 2: within minutes or within a couple of hours. Certainly a
21:04
Speaker 2: couple of days has anyone moved. Yet you were always
21:07
Speaker 2: the one that has the first news on any of
21:09
Speaker 2: these banks who were moving quickly.
21:12
Speaker 12: Well, let me tell you, Steve, it did take a
21:14
Speaker 12: little bit longer than previous announcements for the big four
21:18
Speaker 12: banks to step up and announce it. But that yes,
21:20
Speaker 12: they have now confirmed that all four are passing this
21:24
Speaker 12: cash rate cut on in full to their variable rate borrowers.
21:27
Speaker 1: That is as it should be.
21:29
Speaker 12: I guess there was a little bit of interesting change
21:31
Speaker 12: there with NAB because you've got CBA and A and
21:34
Speaker 12: Z passing it on in ten days time that's what
21:37
Speaker 12: they typically do, Westpac passing it on in fourteen days time.
21:41
Speaker 12: That's what they typically do on the way up and
21:44
Speaker 12: on the way down. NAB, changing its strategy, used to
21:47
Speaker 12: be passing it on in ten days time, is now
21:50
Speaker 12: taking thirteen days to pass that variable rate cut onto
21:53
Speaker 12: its borrowers. I think that'll just frustrate a few customers.
21:57
Speaker 12: Three days. I mean, what's three days in the scheme
21:59
Speaker 12: of a thirty year mortgage. But it's enough to just
22:01
Speaker 12: annoy customers.
22:02
Speaker 2: Right, absolutely annoy them, and you need to contact your bank.
22:08
Speaker 2: Though it doesn't automatically go get cut taken off you.
22:13
Speaker 2: It doesn't automatically come down, does it. You've actually got
22:15
Speaker 2: to either get online on your banking app or go
22:18
Speaker 2: to your bank and say right to I want to
22:20
Speaker 2: bring it back to what the cash rate is right now.
22:23
Speaker 12: Yeah, that's exactly right. So when the big when the
22:25
Speaker 12: bank announces that they're passing on the cash rate cut
22:28
Speaker 12: your interest rate, that will automatically drop in ten days
22:31
Speaker 12: or fourteen days time, whatever your bank has is it's settings.
22:34
Speaker 12: But three of the big four banks do not automatically
22:37
Speaker 12: reduce your minimum monthly repayments when you're on a direct debit.
22:41
Speaker 12: They actually keep it at the same amount unless you
22:45
Speaker 12: contact them. Now, I think when looking at the statistics
22:48
Speaker 12: where the vast majority of variable borrows from those banks,
22:52
Speaker 12: you know I opt in to keep their monthly repayments
22:55
Speaker 12: the same. I think some of them don't realize that
22:57
Speaker 12: they actually need to contact their bank in order to
22:59
Speaker 12: get that relief into their bank account rather than their
23:02
Speaker 12: home low It's sometimes it's for CBA, A and Z
23:06
Speaker 12: and NAB, and it sometimes as easy as just pressing
23:10
Speaker 12: a couple of buttons on the app. Certainly that's the
23:12
Speaker 12: case for CBA, and NAB is introducing that feature from
23:16
Speaker 12: this rate cut onwards. But again I don't know that
23:20
Speaker 12: every borrower from those banks knows that that's what they
23:24
Speaker 12: actually have to do to see the relief in their
23:26
Speaker 12: bank account rather than the relief going into their mortgages
23:29
Speaker 12: and extra payment.
23:32
Speaker 2: Now we're down to this rate three cuts so far
23:35
Speaker 2: this year, most economists and I'll get your view on
23:38
Speaker 2: it in a sec thinking there might be another one
23:41
Speaker 2: or maybe two this year. Is that going to be
23:44
Speaker 2: enough to stimulate the market, as in young people thinking right, oh,
23:50
Speaker 2: it's not going to get much better than this, because
23:51
Speaker 2: I think traditionally we're at about the rate where it
23:54
Speaker 2: normally sits. I mean, we had that unusual situation you
23:58
Speaker 2: know during COVID where we got down to basically zero,
24:01
Speaker 2: but we're at about the historical normal rate. So if
24:05
Speaker 2: anyone's got the deposit, is this the time where they
24:08
Speaker 2: should be putting their hand up and saying to their bank, right,
24:11
Speaker 2: I'm ready to go.
24:12
Speaker 12: I think a lot of people will. I think that
24:14
Speaker 12: this third cash rate cut will put a spring in
24:16
Speaker 12: the step of lots of woodbe buyers out there that think, okay,
24:20
Speaker 12: time to take myself off the shelf and back into
24:22
Speaker 12: the property market. Unfortunately, what it does is then fuel
24:26
Speaker 12: property prices because people's maximum borrowing capacity gets a very
24:31
Speaker 12: small boost on the back of each rate cut. It's
24:34
Speaker 12: about for the average person on an incut, sorry, a
24:37
Speaker 12: person on the average income, it's about twelve thousand dollars
24:39
Speaker 12: per cut, but it's all the same. That means that
24:43
Speaker 12: they then can go to an auction and put their
24:45
Speaker 12: hand up and bid a little bit more. And you know,
24:47
Speaker 12: the likely person that's going to benefit from those cash
24:50
Speaker 12: rate cuts is probably the person selling the property. So
24:53
Speaker 12: there's no perfect time for people to be jumping back in,
24:56
Speaker 12: but I do think some people will be encouraged that
24:59
Speaker 12: the tough days of significantly higher interest rates are now
25:03
Speaker 12: behind us.
25:04
Speaker 13: Now.
25:04
Speaker 12: The RBA there was extensive discussion today at its post
25:08
Speaker 12: meeting press conference about the neutral cash rate, whether the
25:11
Speaker 12: current the new setting of three point six percent was
25:14
Speaker 12: restrictive or whether it was sitting near neutral. The RBA
25:18
Speaker 12: governor would not really be drawn by all of this chatter.
25:22
Speaker 12: She said that the neutral cash rates sat anywhere between
25:25
Speaker 12: one percent and four percent. Well, that's a huge range. Ultimately,
25:30
Speaker 12: they don't know whether we'll see more cash rate cuts,
25:33
Speaker 12: but the door is most certainly open. Should all the
25:37
Speaker 12: forecasts remain on track and inflation continues to track down
25:41
Speaker 12: to that midpoint of the target band at two point
25:43
Speaker 12: five percent, I think, look, you would say it's highly
25:47
Speaker 12: likely that we'll see at least one more cash rate
25:49
Speaker 12: cut this year. That's certainly what all for big bank
25:52
Speaker 12: economic teams are forecasting. Their prediction is November, which makes
25:56
Speaker 12: sense because that's when that's the meeting after round of
26:00
Speaker 12: quarterly inflation data falls.
26:05
Speaker 1: Great Staffsel, thank you very much for joining us. Appreciate
26:07
Speaker 1: it very much. Now I want to go to.
26:09
Speaker 2: Yesterday's decision by Anthony Alberanzi to obviously join the nations
26:13
Speaker 2: in recognizing Palestine. It's been massive news across Australia. As
26:17
Speaker 2: I said at the beginning of the program, the Prime
26:18
Speaker 2: Minister has been largely criticized in all of the major
26:22
Speaker 2: papers by commentators during the day. Now he'll go to
26:25
Speaker 2: the UN the next meeting and he will join Australa
26:29
Speaker 2: up with I think it's now something like one hundred
26:31
Speaker 2: and forty five other nations. This was always on the cards.
26:34
Speaker 2: The Prime Minister defended his decision this morning.
26:37
Speaker 5: Here he is we have seen too many innocent lives
26:42
Speaker 5: being lost. If we continue to do the same thing,
26:46
Speaker 5: you will get the same outcomes.
26:50
Speaker 2: Emily Jian is an author at the Zius Federation of
26:53
Speaker 2: Australia and joins US now. I'm pleased to say from Israel, Emily,
26:57
Speaker 2: great to have you on the program. How widely reported
27:01
Speaker 2: in Israeli? Has that announcement by Australia been.
27:07
Speaker 14: Incredibly way we reported?
27:09
Speaker 13: It was all over the news yesterday, basically one of
27:13
Speaker 13: the headline stories on every news bulletin, and it's been
27:18
Speaker 13: a big story also just following on, as he said,
27:20
Speaker 13: from the fact that they've joined other nations and joined
27:23
Speaker 13: other big nations including France, Britain and Canada. So it's
27:30
Speaker 13: been really big news here.
27:34
Speaker 2: We saw Benjaminette and Yahoo mentioned Australia in one of
27:38
Speaker 2: his media conferences about forty eight hours ago, and he
27:42
Speaker 2: talked about how it was crazy for Australia to go
27:44
Speaker 2: down this track.
27:46
Speaker 1: The media in Israel.
27:48
Speaker 2: Are they criticizing Australia given our close relationship with Israel
27:53
Speaker 2: because our government's taken that decision.
27:58
Speaker 14: I think so, And I think it also has some
28:00
Speaker 14: to do with the fact that Australia, unfortunately has been
28:03
Speaker 14: in the news in Israel a lot over the two years,
28:07
Speaker 14: more so than I would ever imagine I would hear
28:10
Speaker 14: in terms of the rising anti Semitism, the fire bombing
28:13
Speaker 14: of synagogues.
28:15
Speaker 13: You know, an attack on an Israeli restaurant, the rally
28:20
Speaker 13: last week at the Harvard Bridge, which was got enormous
28:24
Speaker 13: coverage here.
28:24
Speaker 14: It's just been this.
28:26
Speaker 13: Gradual increase of incidents that are happening in Australia, and
28:32
Speaker 13: so it's become unnecessarily and quite embarrassingly in the news
28:37
Speaker 13: a lot here, and this is just seems like an extra,
28:40
Speaker 13: you know, the final thing coming from, you know, the
28:43
Speaker 13: highest level of the government.
28:48
Speaker 2: Emily experts that I've spoken to before on the program
28:52
Speaker 2: say that, you know, once upon a time when they
28:54
Speaker 2: were in Israel and somebody they were talking to realize
29:00
Speaker 2: were from Australia, conversation would turn to Bondi beach in Kangaroos.
29:04
Speaker 2: These days, the query is more likely to be, what
29:07
Speaker 2: the hell is happening in your country to our Jewish community?
29:12
Speaker 14: You have no idea how true that is. It used
29:14
Speaker 14: to be, well, are You're from Australia?
29:16
Speaker 13: Always had great things to say. Now I've literally had
29:20
Speaker 13: like a bereaved wife of somebody that was killed in
29:23
Speaker 13: October seven. Reach out to me and ask me if
29:27
Speaker 13: I'm doing okay and if my family is doing okay
29:29
Speaker 13: because of everything that's happening in Australia, Let's find that
29:32
Speaker 13: so shameful and so unnecessary. We have such a beautiful
29:37
Speaker 13: country and it feels like it's just been eroded over
29:40
Speaker 13: the past two years.
29:44
Speaker 2: So the relationship between the Australian government and israel government,
29:47
Speaker 2: it's probably at its lowest level ever, and so that's
29:51
Speaker 2: going to cause even more issues. The idea that Anthony
29:58
Speaker 2: Albanezei has prosecuted that we can somehow deal with the
30:02
Speaker 2: Palestinian authority Magmat Abass, the eighty nine year old, the
30:08
Speaker 2: bloke who's not had an election since two thousand and six.
30:12
Speaker 2: You know, I talked about being corrupt. I mean, that's
30:15
Speaker 2: just it's fanciful, isn't it. It's not going to happen.
30:20
Speaker 13: Look, you know, we've said that recognizing a Palestinian state
30:25
Speaker 13: obviously hands comes a state at the moment, and there
30:29
Speaker 13: seems to be a lot of things that need to
30:31
Speaker 13: be done beforefore this state can be recognized. And I
30:34
Speaker 13: feel like Australia really missed an opportunity here because they
30:37
Speaker 13: could have been really courageous and said, look, our other
30:40
Speaker 13: allies are recognizing at Palestine at Palestinian State September's coming up,
30:45
Speaker 13: but you know, we have this really bold plan that
30:48
Speaker 13: we want to help with what happens the day after recognition,
30:52
Speaker 13: and nobody's talking about that.
30:54
Speaker 14: We want to make sure.
30:55
Speaker 13: That the Palestinians are in the best physician to be
30:59
Speaker 13: a successful And that could have been something really courageous
31:02
Speaker 13: that the Australians could have joined the Americans and been
31:05
Speaker 13: a part of. And I feel like that's a real
31:07
Speaker 13: mistake as an ally and as somebody that you know,
31:12
Speaker 13: we keep talking about Israel, so we should try to
31:14
Speaker 13: make ourselves more more important in the conversation and not
31:19
Speaker 13: just you know, he said in that click that you
31:21
Speaker 13: had at the top, that you know, we can't do
31:23
Speaker 13: what we've always done. We need to try something different.
31:25
Speaker 13: But that's not something different. The Palestine authority needs to reform.
31:31
Speaker 13: I must needs to be gone. And if he had
31:33
Speaker 13: have stood up and said, you know, first and foremost,
31:36
Speaker 13: we need to release the hostages, I must needs to
31:39
Speaker 13: disarm and then we can start talking about the day after.
31:42
Speaker 14: I just feel like it would be a lot more powerful.
31:46
Speaker 2: Yeah, which is pretty much what the United States has said.
31:49
Speaker 2: It's pretty much what New Zealand said today. I know
31:52
Speaker 2: the Israeli ambassador to Australia, who I'm sure you're aware
31:55
Speaker 2: Ami my mom, has slammed the recognition. He says that
31:58
Speaker 2: the general consensus in Israel is that it's just simply
32:02
Speaker 2: not going to work. So he's agreeing with you. How
32:07
Speaker 2: is this going to impact on Israel do you believe?
32:10
Speaker 2: And its actions in Gaza, because I mean Benjaminette now
32:14
Speaker 2: who's made it very clear that he's going to continue
32:16
Speaker 2: to go into Gaza. He wants the hostages back. He
32:19
Speaker 2: doesn't want to have anything to do with Hamas they
32:21
Speaker 2: have to be destroyed. So none of this, none of
32:24
Speaker 2: this sort of signaling by France and the UK, Canada
32:28
Speaker 2: and now Australia is going to make no impact on
32:30
Speaker 2: what's actually going to happen on the ground.
32:34
Speaker 14: Actually need to be honest. It's made it worse because
32:36
Speaker 14: we were almost on the.
32:37
Speaker 13: Tust possibly of a hostage deal, and then France made
32:41
Speaker 13: their announcement, Britain made their sort of bribery announcement of
32:45
Speaker 13: we won't if Israel agrees to seats fire. We're no
32:49
Speaker 13: closer to that at the moment. So it's actually, you know,
32:54
Speaker 13: it's given Hamas Hammas is no incentive to negotiate, no
32:58
Speaker 13: incentive to.
32:59
Speaker 1: End the war.
33:00
Speaker 13: This war cannot end just with Israel. This war has
33:03
Speaker 13: to end with the release of the hostages. It has
33:06
Speaker 13: to end with the disarming of Hamas. And statements by
33:09
Speaker 13: Australia and symbolic statements by any countries in the world
33:12
Speaker 13: isn't helping. It's not helping Israelis, and it's absolutely not
33:16
Speaker 13: helping Palestinians on the ground.
33:21
Speaker 2: Just before you go, you're on the ground there in Israel.
33:24
Speaker 2: I mean, what's the feeling of support, continued support for
33:30
Speaker 2: the IDF and what they're doing in Gaza.
33:33
Speaker 1: Can you get a handle on that. It's really mixed.
33:37
Speaker 13: As always they always say two people and three opinions.
33:41
Speaker 13: You know, there are people that want that have this
33:43
Speaker 13: idea of total victory, being that you know that the
33:48
Speaker 13: war ends and the hostages are returned and Ramas is
33:53
Speaker 13: not in power, And I suppose it's a different opinion.
33:57
Speaker 13: Difference of opinion of how they're going to get to that.
34:00
Speaker 1: I think everybody's exhausted.
34:01
Speaker 13: It's been nearly two years.
34:06
Speaker 1: Nobody wants a war.
34:07
Speaker 13: You know, like the there's this idea that israelis and
34:13
Speaker 13: it's all over the world that Israeli's just want war.
34:15
Speaker 1: And we don't. We want this to end. And at
34:18
Speaker 1: the end of this, we want to.
34:19
Speaker 13: Live in peace with our neighbors. We don't want from
34:22
Speaker 13: us on our border and we need that's the most
34:26
Speaker 13: important thing right now to get rid.
34:28
Speaker 1: Of from us. Emily. Thanks for joining us from Israel.
34:33
Speaker 1: I appreciate it very much.
34:34
Speaker 2: Now, coming up after the break, as the Victorian government
34:37
Speaker 2: pushes to make work from home.
34:38
Speaker 1: Can you believe this nonsense? Are legal? Right? Two days
34:41
Speaker 1: a week?
34:42
Speaker 2: The Victorian Treasurer admits, Well, public servants are ignoring my
34:46
Speaker 2: orders to return to the office anyway. So what does
34:49
Speaker 2: it actually mean for business confidence and Melbourne's spiraling office
34:54
Speaker 2: vacancy rates. That's up next, Welcome back reminder Andrew Bold
35:01
Speaker 2: coming up straight after us. I'll get to our panel
35:03
Speaker 2: shortly as well, but I'm going to go to the
35:05
Speaker 2: latest on the Victorian government's crazy push to allow people,
35:09
Speaker 2: public servants and general workforce to work from home two
35:14
Speaker 2: days a week. They want to legislate this. The Premier
35:17
Speaker 2: announced that at the ALP conference two weekends ago. She
35:20
Speaker 2: got a round of applause. Obviously a lot of union members,
35:24
Speaker 2: there are a lot of labor supporters. But the treasure
35:27
Speaker 2: at Jacqueline Simes might beld the cat today where she
35:30
Speaker 2: has admitted that many public servants, Victorian public servants who
35:34
Speaker 2: are paid for by Victorian taxpayers and work for the
35:37
Speaker 2: Victorian government are ignoring the government's requirement to return to
35:42
Speaker 2: the office three days a week, despite that being the
35:45
Speaker 2: official policy. Now this comes, of course, as Melbourne notches
35:48
Speaker 2: up the highest office vacancy rate in the nation, joining us.
35:52
Speaker 2: Now Chief executive officer at the Australian Industry Group in
35:56
Speaker 2: a swillot's good to see you, my friend again. If
36:00
Speaker 2: the Victorian state government can't get their own public servants
36:04
Speaker 2: to go to work when they're told to go to
36:06
Speaker 2: the work, what hopes anybody got.
36:08
Speaker 9: Well, it might actually get more productivity out of the
36:11
Speaker 9: Victorian public service if they did have to turn up
36:14
Speaker 9: byce a week by legislation. But the fact is the
36:18
Speaker 9: Victorian government has no legal.
36:20
Speaker 15: Right to meddle in this.
36:23
Speaker 9: They have no authority to order public private sector workers
36:27
Speaker 9: back to work. They just simply can't do it. Victorious
36:31
Speaker 9: seated their powers and responsibilities to the Commonwealth in nineteen
36:35
Speaker 9: ninety five when it comes to workplace relations. So they've
36:38
Speaker 9: got nowhere to go here, and it's hard not to
36:41
Speaker 9: think this just isn't a political stunt rather than a
36:44
Speaker 9: serious exercise. In fact, it isn't a serious exercise at all.
36:49
Speaker 9: It's a little bit of stakehol peddling here by the
36:52
Speaker 9: Premier and her cabinet. They're offering a pipe dream to
36:57
Speaker 9: what they hope is valible people. They simply can't do this,
37:01
Speaker 9: and if they were able to do it, the consequences
37:04
Speaker 9: for workers would be enormous. It would be a legislative
37:08
Speaker 9: regime that companies would who've decided to stay in Victoria,
37:13
Speaker 9: would have to implement. There have been huge insurance costs
37:16
Speaker 9: and rises for business. It would also mean that businesses
37:19
Speaker 9: would absolutely, under legislation, have to come into your house
37:23
Speaker 9: and have your house turned into a workplace with all
37:26
Speaker 9: the goes with that, and you would probably end up
37:28
Speaker 9: paying for that. So, look, it's not going to get
37:31
Speaker 9: off to starting blocks. But if it did, the consequences
37:34
Speaker 9: for workers and the Victorian economy are huge.
37:39
Speaker 2: I don't know what's worse in this, whether the fact
37:41
Speaker 2: that the Premier stood up there and announced that she
37:45
Speaker 2: was going to legislate something she has no power to legislate,
37:49
Speaker 2: or whether it is just again, you know what we
37:52
Speaker 2: saw under Daniel Andrews when he decided he was going
37:54
Speaker 2: to have a comwealth games in every country town around
37:57
Speaker 2: Victoria and had no intention of doing it, and then
38:00
Speaker 2: blew it up costs six hundred million dollars because they
38:02
Speaker 2: wanted votes. I mean, is this just Cinda Allen simply
38:05
Speaker 2: with an eye on November twenty twenty six, young people,
38:09
Speaker 2: working mothers and you know, sort of copying what happened
38:13
Speaker 2: when Peter Dutton deared out of the words work from
38:15
Speaker 2: home during the last election campaign.
38:18
Speaker 9: Well, it's hard not to think that the eyes are
38:20
Speaker 9: firmly on November twenty six with the Victorian government here
38:24
Speaker 9: and they're trying to basically suck people in, as I said,
38:27
Speaker 9: the gullible, make them think that there's some hope here
38:30
Speaker 9: that they will be able to work from home two
38:33
Speaker 9: days a week. The fact is that businesses now work
38:36
Speaker 9: that out routinely. With their workforce. They work it out
38:39
Speaker 9: every day and different workplaces have different arrangements depending on
38:44
Speaker 9: the needs.
38:45
Speaker 15: Of the business.
38:47
Speaker 9: And that's what the Fair Work Commission works by the
38:49
Speaker 9: federal law, that's what business is doing, that's.
38:51
Speaker 15: What employees are doing.
38:53
Speaker 5: Now.
38:53
Speaker 9: This is a solution in search of a problem. There
38:58
Speaker 9: is no problem here. It is is obviously an attempt
39:03
Speaker 9: to try to get people on board to enshrine work
39:06
Speaker 9: from home legally, which is the exact opposite of what's
39:09
Speaker 9: happening not just around the rest of the world but
39:12
Speaker 9: also the rest of the country. And it's been interesting
39:14
Speaker 9: to see Victorian government is alone like Robinson Crusoe here
39:19
Speaker 9: among other states. If you've had the South Austraate and Premiere,
39:21
Speaker 9: the New South Wales Premier all saying oh, this is
39:24
Speaker 9: great for them, because they're going to come and pick
39:26
Speaker 9: off Victorian businesses and attract them to their states. And
39:29
Speaker 9: that's the big risk that we fear here. Victoria is
39:33
Speaker 9: already the highest taxing state for business, it's the worst
39:37
Speaker 9: compliance state for business. And that's what this sends out
39:41
Speaker 9: is a message that Victoria is not open for business,
39:44
Speaker 9: that it's closed for business. It's lasting the state needs.
39:47
Speaker 9: It's lasting, the country needs. You've seen the Reserve Bank
39:50
Speaker 9: today talk about productivity and downgrading its productivity out forecasts.
39:55
Speaker 9: And if this sort of decision goes ahead, things are
39:58
Speaker 9: just going to get worse.
40:00
Speaker 15: We're going to be talking.
40:00
Speaker 9: About declining living standards, not about improving things. And it's
40:04
Speaker 9: a huge risk here for the national economy, but particularly
40:07
Speaker 9: for Victoria. It's a bit of a sham and a
40:09
Speaker 9: shambles quite frankly.
40:12
Speaker 2: You mentioned productivity. Jim Chalmers talked about that today and
40:15
Speaker 2: we saw at Michelle Bullock talking about it as well.
40:17
Speaker 2: Most of the questions in her media conference in US
40:20
Speaker 2: were about productivity. I presume you're going to the Economic
40:24
Speaker 2: Roundtable in Canberra next week. This is going to have
40:28
Speaker 2: to be a core discussion, is it not. Because the
40:31
Speaker 2: economy's flatlining in terms of people's wages and business activity,
40:38
Speaker 2: it really needs something done to give it a spark.
40:45
Speaker 9: Well, we need a shot in the arm to get
40:48
Speaker 9: the economy moving again. It's in sort of terminal decline
40:52
Speaker 9: or flat line at the moment. And what the RBA
40:55
Speaker 9: did today was really a reflection of the reality of
40:58
Speaker 9: the data and the neecdotes that we give them every
41:02
Speaker 9: month about how business is faring, and business.
41:05
Speaker 15: On the whole is not faring well.
41:07
Speaker 9: This is not some sort of business navanna that we're
41:10
Speaker 9: in at the moment that can afford for people to legislative.
41:13
Speaker 9: We work from home two days a week. But the
41:17
Speaker 9: economy is doing poorly. It's in poor shape. I think
41:21
Speaker 9: everyone recognizes that. The federal government recognizes that. That's why
41:25
Speaker 9: we're having this summit or around table next week to come
41:30
Speaker 9: up with ideas to boost the economy, to drive it.
41:33
Speaker 15: Forward, and we hope out of that we get some clear.
41:35
Speaker 9: Direction about how to increase investment, how to increase living standards,
41:40
Speaker 9: how to increase competitiveness and innovation and jobs within the economy.
41:46
Speaker 9: We're going through massive transformation at the moment, think of
41:49
Speaker 9: technological change and the light that's going to have big
41:53
Speaker 9: impacts on workplaces, and we want as businesses workers to
41:57
Speaker 9: be able to come along with that. Going to take
42:00
Speaker 9: a huge effort right across the board to do that,
42:03
Speaker 9: or else we'll go from not being the twelfth biggest
42:06
Speaker 9: economy in the world or now the fourteenth, we'll be
42:08
Speaker 9: dropping out of the top twenty if we keep going
42:11
Speaker 9: at this rate. So this is a legacy moment for
42:14
Speaker 9: the country and for this government to try to turn
42:17
Speaker 9: things around and get us pointed back in the right direction.
42:21
Speaker 9: And we go with optimism and we hope that next
42:24
Speaker 9: week we'll see some good decisions or directions taken by
42:27
Speaker 9: the government to get things moving again and we desperately
42:30
Speaker 9: need it.
42:32
Speaker 1: Yeah, I know you're a natural optimist. Good luck next week.
42:35
Speaker 2: We'll try and talk to you after that roundtable wraps
42:37
Speaker 2: up in os Willocks.
42:38
Speaker 1: There.
42:38
Speaker 2: That is going to be the big story next week.
42:40
Speaker 2: Don't you worry about that? We have to get the
42:42
Speaker 2: economy going after the break. Is deploying National Guard to
42:46
Speaker 2: crack down on crime in Washington.
42:47
Speaker 3: D C?
42:47
Speaker 2: The right call or an overreach by President Donald Trump?
42:51
Speaker 2: Plus is Snoop Dog really the best the AFL can
42:55
Speaker 2: come up for for entertainment at this year's Grand Final.
42:58
Speaker 2: The panel next, welcome back Andrew boll coming up shortly. Now,
43:06
Speaker 2: let's get stuck into our panel. CEO of Page of
43:08
Speaker 2: the Page Research Center, Jared Holland and Scott his contributor
43:13
Speaker 2: Terry Barnes. Welcome to you both. Now, President Donald Trump,
43:16
Speaker 2: I want to start with the Trumpster. He's cracked the
43:19
Speaker 2: whip in Washington, DC overnight, deploying the National Guard to
43:23
Speaker 2: clean up the streets. He said he's had enough. Have
43:26
Speaker 2: a listen to the president and how he's going to
43:28
Speaker 2: do it.
43:29
Speaker 16: I'm announcing a historic action to rescue our nation's capital
43:35
Speaker 16: from crime, bloodshed, bedlam, and squalor and worse. This is
43:41
Speaker 16: Liberation Day in DC, and we're going to take our
43:44
Speaker 16: capital back.
43:45
Speaker 15: We're taking it back.
43:48
Speaker 2: He went on Terry to say that he's going to
43:50
Speaker 2: clean it up. He's going to round up homeless people.
43:52
Speaker 2: If they're illegal migrants, you'll get him out of the country.
43:56
Speaker 2: I sat there and watched a lot of that media conference,
44:00
Speaker 2: and I thought to myself, rightly or wrongly, where's our
44:03
Speaker 2: Trump to clean up our cities that have exactly the
44:06
Speaker 2: same sort of problems that he's talking about Washington having.
44:09
Speaker 15: That's a very good point, given that you and I
44:11
Speaker 15: both live in Beldon.
44:13
Speaker 8: But certainly Donald Trump doesn't do anything by hearts, does he?
44:17
Speaker 15: And here he is doing it again.
44:18
Speaker 8: It's actually a version of what he wanted to do
44:21
Speaker 8: in la a couple of months ago in terms of
44:23
Speaker 8: deploying National Guard, but in the district of Columbia he
44:27
Speaker 8: actually has the legal power to do it under the
44:29
Speaker 8: self government legislation the Constitution may have in the DC,
44:34
Speaker 8: the President can actually intervene like that, and he's actually
44:37
Speaker 8: doing it.
44:38
Speaker 15: And if anybody's been to.
44:40
Speaker 8: Washington, it's not all those marble buildings in the White House,
44:45
Speaker 8: Smithsonian and the Capitol.
44:46
Speaker 15: I mean, it's around it. The neighborhood's pretty sleazy.
44:49
Speaker 8: They're full of clime, they're full of poverty, and they
44:52
Speaker 8: do need cleaning up.
44:53
Speaker 15: And it's been talked about for years, but nothing has happened.
44:57
Speaker 15: And even the DC mayor is prepared to let it happen.
44:59
Speaker 15: She's press it up as a Democrat and saying, well, I.
45:02
Speaker 8: Don't want to get away, but really she's desperate to
45:05
Speaker 8: have anything done that proves the rate of crime.
45:08
Speaker 15: On the streets in Washington, DC.
45:11
Speaker 2: Yeah, well, we do have problems in our major cities,
45:14
Speaker 2: but we don't have any leadership like that might try
45:16
Speaker 2: and clean it up. Jared, I want to talk about
45:19
Speaker 2: this protest that's organized. I think it's for a couple
45:22
Speaker 2: of weeks time now. It's across Australian capital cities and
45:28
Speaker 2: it's called a protest to protect our culture, our heritage,
45:32
Speaker 2: our way of life and put an end to mass immigration.
45:35
Speaker 2: Now you can argue whether we should be having a
45:38
Speaker 2: protest like that. I'm suspect of how many people will
45:41
Speaker 2: actually turn up in March.
45:44
Speaker 1: What do you think of what you know about this?
45:47
Speaker 17: Well, I don't know too much about the organizers, but
45:50
Speaker 17: when I first read this, I sort of read this
45:52
Speaker 17: as not a protest against any other country. It's not
45:55
Speaker 17: about any specific individual or specific people. But it's a
45:59
Speaker 17: protest again a system that has seen over a million
46:02
Speaker 17: people come to this country in the last two years alone,
46:05
Speaker 17: at the same time that we've had the biggest drop
46:07
Speaker 17: of living standards in the OECD. At the same time
46:10
Speaker 17: we've seen a housing crisis with the lowest home ownership
46:13
Speaker 17: rates for under thirty five in the last eighty years.
46:16
Speaker 17: We've seen increasing social breakdown across our major cities, be
46:20
Speaker 17: that in crime or be that sort of inter ethnic
46:23
Speaker 17: tribal conflict. And so I think Australia are saying we're
46:26
Speaker 17: fed up. We didn't get to put this on the
46:28
Speaker 17: ballot box at the last election. We haven't had an
46:30
Speaker 17: outlet to vent this frustration, and really we need to
46:33
Speaker 17: start gathering in, uniting and sharing a common voice, a
46:37
Speaker 17: united voice around. This isn't the kind of decline that
46:39
Speaker 17: we want Australia to go down. And time will tell
46:42
Speaker 17: what kind of attention it gets. But I hope that
46:45
Speaker 17: if they do have a large presence, and I would
46:47
Speaker 17: encourage people who care about our country to get down there,
46:49
Speaker 17: that it remains peaceful and that actually can be a
46:52
Speaker 17: really show of strong patriotic Australian spirit and what we
46:55
Speaker 17: can be as a country.
46:56
Speaker 15: And just enough is.
46:57
Speaker 1: Enough concerned with it? Terry.
47:01
Speaker 2: You like the pro Palestine rallies that we've seen, they
47:06
Speaker 2: get hijacked by radicals. I mean, that's what happened with
47:09
Speaker 2: some of these pro Palestine rallies. You get the Socialist Alliance,
47:13
Speaker 2: particularly in Melbourne, they insert themselves in there, they bait police,
47:17
Speaker 2: spit and shout at the coppers in their faces and
47:20
Speaker 2: refuse to move. You'd want to hope that the sort
47:23
Speaker 2: of neo Nazi types, and we saw a bunch of
47:25
Speaker 2: them march through Melbourne at two in the morning last
47:28
Speaker 2: Saturday morning with black masks on their faces. How do
47:32
Speaker 2: you prevent them getting involved in something like that.
47:35
Speaker 8: I'm not convinced that you can see and certainly I think,
47:38
Speaker 8: as we know in Melbourne from other protests that have happened,
47:41
Speaker 8: you never can tell when the nazis.
47:44
Speaker 15: A gay turn up. But look, I think the other
47:46
Speaker 15: thing about all.
47:47
Speaker 8: Of this is, and it goes to what Derek was saying,
47:50
Speaker 8: is that we don't really know that you organized.
47:52
Speaker 15: I'd like to know. I'd like to be assured that
47:55
Speaker 15: we are talking.
47:55
Speaker 8: About mainstream people who are getting behind this, not ringe groups,
48:00
Speaker 8: not potentially in theo NASI. So I think we don't
48:04
Speaker 8: want the extreme right taking advantage of the grievances and
48:08
Speaker 8: the concerns of the mainstream, just as we don't want
48:11
Speaker 8: the extreme let do that as well.
48:16
Speaker 2: Yeah, that's right. I mean, who knows how many people
48:18
Speaker 2: are going to turn up? These things rules very difficult
48:20
Speaker 2: to actually predict. Thank you both for joining us, Jared
48:23
Speaker 2: and Terry. Good on you coming up, Andrew Bolt, I
48:26
Speaker 2: was going to talk about Snoop Dogg, but I mean, seriously,
48:29
Speaker 2: the AFL I think have pulled the wrong rain. Why
48:33
Speaker 2: would you want this bloke who's a pretty nasty rap
48:36
Speaker 2: artist to be performing in front of kids at the
48:38
Speaker 2: AFL Grand Final.
48:39
Speaker 1: I'll talk about that tomorrow night. Andrew's up next.