Transcript

Sharri | 10 August · Sharri

0:00
Speaker 1: Live on News twenty four if you're watching Sharry Good Evening.
0:07
Speaker 2: In Breaking News Tonight, Japan formally raised Anthony Albanese's crude
0:12
Speaker 2: melon's joke in a diplomatic cable. The pressure now mounting
0:16
Speaker 2: on the Prime Minister to apologize they.
0:19
Speaker 3: Were insulting in the Prime Minister should make a personal apology.
0:24
Speaker 2: Albanese's hand picked commissioner, Virginia Bell, refuses to call Josh
0:28
Speaker 2: Friedenberg to give evidence of the Royal Commission. James Patterson
0:33
Speaker 2: once answers, and he'll join me live and it is
0:36
Speaker 2: a big show Tonight, Ray Hadley, Steve Price, Mike Kelly,
0:40
Speaker 2: and prominent head fund manager Russell Pillmer. A lot to
0:43
Speaker 2: get to, but first to the breaking news that Albanese's
0:47
Speaker 2: crude and sexist Melon's joke has caused a diplomatic incident.
0:52
Speaker 2: Japan formally raised Albanese's podcast remarks about Japanese Prime Minister
0:57
Speaker 2: Sunai Takeichi her gift of melon in a diplomatic cable.
1:02
Speaker 2: In a highly unusual move. The Japanese government sent a
1:05
Speaker 2: memo to the Prime Minister's department on July thirteen, raising
1:09
Speaker 2: the issue. Dennis Shanahan Tonight reports in The Australian that
1:14
Speaker 2: in the memo there was official concern that the references
1:18
Speaker 2: to smuggling melons into Australia suggested Miss Takaichi's gift of
1:23
Speaker 2: initially two Japanese melons and later four melons had breached
1:27
Speaker 2: Australia's laws. It was made clear to Albanese's department that
1:31
Speaker 2: the melons, which can be legally imported into Australia following
1:36
Speaker 2: a trade agreement, had been procured locally in Australia and
1:40
Speaker 2: presented as an official gift. The Japanese officials reassured Albanesi
1:47
Speaker 2: that Japan would take no official action over this incident,
1:51
Speaker 2: or it would be good to know how the Prime
1:53
Speaker 2: Minister responded to this memo and whether he offered an
1:57
Speaker 2: explanation for his sexist remarks, because let's be clear, this
2:03
Speaker 2: memo is Japan formally putting on the record that it
2:06
Speaker 2: was aware of that undignified podcast where Albanezi said this.
2:13
Speaker 1: The Japanese Prime Minister brought a melon. She she smuggle it.
2:17
Speaker 1: I don't know. I got a couple of melons. She
2:21
Speaker 1: brought two she brought to as you do.
2:24
Speaker 2: The former Japanese ambassador to Australia. Shingo Yamagami wrote in
2:29
Speaker 2: The Australian that it is a time for tolling and
2:32
Speaker 2: not for crude jokes at another's expense. So Prime Minister,
2:36
Speaker 2: please enjoy Japan's sweet and juicy melons without thinking about
2:41
Speaker 2: a woman's anatomy and instead focus on what our two
2:45
Speaker 2: countries must do together. But this shows the Prime Minister's
2:50
Speaker 2: recklessness and carelessness around such an important bilateral relationship. Antonia
2:57
Speaker 2: plebsex attempted spin this morning on Sunrise was embarrassing.
3:02
Speaker 4: I completely disagree with that interpretation of what the Prime
3:07
Speaker 4: Minister was saying.
3:08
Speaker 2: I completely disagree, but she can't spin this. Clearly senior
3:14
Speaker 2: figures in Japan have been insulted. Understand and believe so.
3:20
Speaker 2: And remember how the Labor ministers all came out against
3:24
Speaker 2: Tony Abbott and Scott Morrison claiming they had a women problem,
3:29
Speaker 2: but neither of them, as Prime ministers, would ever have
3:32
Speaker 2: mimicked juggling a woman's breasts. And now our position leader
3:38
Speaker 2: Angus Taylor is demanding Albanezi apologize as he should. The
3:46
Speaker 2: Royal Commission has heard from over two hundred witnesses, including
3:50
Speaker 2: controversial pro Palestinian activists and Muslim clerics, but they've refused
3:56
Speaker 2: to hear testimony from the highest ranking Jewish strae Alien
4:00
Speaker 2: government minister in history, Josh Fridenberg. The former Treasurer, made
4:06
Speaker 2: it clear he wanted to be called as a witness,
4:09
Speaker 2: but he was told on Friday he would not be
4:12
Speaker 2: called to testify. This is despite the Royal Commission hearing
4:17
Speaker 2: from controversial figures like Sarah Schwartz, Shadi A. Suliman, Yasmin Johnson,
4:24
Speaker 2: and doctor Ali Assamal, among others. Now Yasmin is the
4:29
Speaker 2: National co Coordinator of Students for Palestine, and during her
4:34
Speaker 2: appearance at the Commission, she tried to justify violence of
4:38
Speaker 2: the Second Interfada.
4:41
Speaker 5: I don't hold movements for the justice of the oppressed
4:46
Speaker 5: to a standard that says there can never be any violence.
4:49
Speaker 5: And I think in a context and we're facing massive
4:57
Speaker 5: oppression in Gaza and the expansion of settl and so
5:00
Speaker 5: on in the West Bank, that that inter Fada was
5:03
Speaker 5: also a legitimate, active resistance by a people under occupation.
5:09
Speaker 2: The Intervada was terrorism. Then there's Muslim leader Shady Arsuliman,
5:15
Speaker 2: who was on Friday invited to give evidence of the Commission,
5:19
Speaker 2: and he was questioned about Shake de Dooon's remarks that
5:23
Speaker 2: the October seven attacks were a day of courage annihilation.
5:28
Speaker 6: Given that there was an ongoing suffering of the Palestinian people.
5:32
Speaker 6: Thousands of Palestinians, innocent Palestinians, women and children were massacred
5:38
Speaker 6: and killed. And we agree with the general sentiment of
5:43
Speaker 6: this statement, having said that it was not a nik
5:47
Speaker 6: that led the drafting of this statement.
5:51
Speaker 2: But that statement that he refers to says that Shake
5:54
Speaker 2: do dooone's comments had been taken out of context by
5:57
Speaker 2: the media. And then just today doctor Ali Usamele gave
6:02
Speaker 2: evidence a man who, according to the Telegraph, has previously
6:06
Speaker 2: urged worshipers to rail against federal labor and peace, including
6:10
Speaker 2: Home Affairs Minister Tony Burke for the Albanezy government's listing
6:15
Speaker 2: of Hamas and Hezbollah as terrorist organizations. And today at
6:21
Speaker 2: the Commission he was questioned about those morning ceremonies held
6:26
Speaker 2: here in Australia for the late Ayatola Ali Kamene.
6:32
Speaker 7: Can you explain whether, well how we as a society,
6:41
Speaker 7: if you like, doctor Alsa Male out of reconcile a
6:48
Speaker 7: display of mourning in those circumstances.
6:53
Speaker 8: So the morning was for a religious leader, a leader
6:56
Speaker 8: in jurisprudence and theology, aside from any political or I
7:03
Speaker 8: guess authority positions that he held.
7:08
Speaker 2: And then there's Palestinian activist Sarah Schwartz, who was also
7:11
Speaker 2: called to give evidence at the commission. So the Commissioner,
7:15
Speaker 2: Virginia Bell is happy to hear from all of these
7:18
Speaker 2: people and others, but not Josh Friedenberg. Not only is
7:24
Speaker 2: he the most senior Jewish minister in Australian parliamentary history,
7:29
Speaker 2: but he's shown incredible leadership on anti Semitism over the
7:32
Speaker 2: past few years. He made a documentary with US here
7:36
Speaker 2: at News twenty four then Sky News very early on
7:40
Speaker 2: in the antisemitism crisis.
7:49
Speaker 9: Thank you, thank you, Thanks for your thank you for
7:55
Speaker 9: your strength.
8:05
Speaker 2: He also created the Door Foundation to fight anti Semitism
8:09
Speaker 2: through education, and when the terror attack at Bondi happened,
8:14
Speaker 2: he gave the single most extraordinary speech, one of the
8:20
Speaker 2: greatest orations of our time, where he laid out the
8:23
Speaker 2: path forward and many have compared it to Lincoln's Gettysburg Address.
8:28
Speaker 10: The greatest massacre in Australia's history is no hoax.
8:33
Speaker 1: It's no joke.
8:39
Speaker 10: It's a horrible, evil crime. So make no mistake, I
8:50
Speaker 10: am here. We are here to fight for the soul
8:55
Speaker 10: of Australia and to fight for the survival of the
9:00
Speaker 10: Australian Jewish community that has been here since the arrival
9:05
Speaker 10: of the first fleet. And this is how our government
9:11
Speaker 10: repays us.
9:14
Speaker 2: Yeah, it was from the heart, it was brilliant. And
9:18
Speaker 2: in that speech Josh called for a royal commission. This
9:22
Speaker 2: was on Wednesday, the seventeenth of December, just three days
9:26
Speaker 2: after the massacre.
9:29
Speaker 10: No wiffs, no butts, no equivocations, no distractions. You must
9:38
Speaker 10: call a royal commission into what has happened here and
9:42
Speaker 10: into the rise of anti Semitism in our country.
9:50
Speaker 2: But as you know, Albanezi refused to call one, and
9:54
Speaker 2: Fridenburg went on to lead the campaign for a royal
9:56
Speaker 2: commission until eventually the Prime Minister relented on the eighth
10:01
Speaker 2: of January. But it's very clear that there would be
10:05
Speaker 2: no current royal commission without Freedenberg's mobilizing of the community,
10:11
Speaker 2: and yet he is now shockingly being excluded from giving
10:16
Speaker 2: evidence will High profile Australians have today spoken out about this,
10:21
Speaker 2: including former ASIO Director General Dennis Richardson, University of Western
10:26
Speaker 2: Sydney Vice Chancellor, Jennifer Westercott, Shana Gutnick, whose father was
10:31
Speaker 2: killed at Bondi, Ruven Morrison, and former Labor Minister Mike Kelly,
10:36
Speaker 2: who'll be on the show shortly now. Westercott said in
10:40
Speaker 2: her comments in The Australian Today, it is extraordinary and deeply,
10:44
Speaker 2: deeply distressing that he is not called. This is the
10:48
Speaker 2: most prominent political Jewish leader we've had in our history.
10:54
Speaker 2: And by the way, all of this advocacy has come
10:56
Speaker 2: at an incredible personal cost to Josh, particularly when it
11:01
Speaker 2: comes to his security now. In his submission to the
11:05
Speaker 2: Royal Commission, Friedenberg outlines what must be done to tackle antisemitism,
11:11
Speaker 2: and he writes this. He says, what is required now
11:14
Speaker 2: is a policy of zero tolerance for antisemitism and hate
11:19
Speaker 2: to drive it back to the fringes of society where
11:22
Speaker 2: it belongs. And ultimately it's very detailed, but ultimately his
11:27
Speaker 2: plan does boil down to seven steps. This includes banning
11:32
Speaker 2: the hate preachers, banning the extremist organizations, prosecuting those who
11:38
Speaker 2: incite violence and hate, stopping the hateful protests, investing in
11:44
Speaker 2: education on immigration, screening out those with anti democratic views
11:50
Speaker 2: and having hard security. Now on this topic, I might
11:56
Speaker 2: mention in passing that I also haven't been called to
12:00
Speaker 2: give evidence at the Commission, despite my almost singular focus
12:04
Speaker 2: on anti Semitism since October seventh, my coverage from Israel,
12:09
Speaker 2: my documentary on the bond Ai terror attack, my upcoming
12:12
Speaker 2: book written with Alex Ritchin, and the anti Semitism summit
12:17
Speaker 2: we organized together. I was advised that the Commissioner personally
12:21
Speaker 2: had my submission, but I was never called to give evidence.
12:26
Speaker 11: Were given.
12:26
Speaker 2: The Commission of Virginia Belle has heard from more than
12:29
Speaker 2: two hundred witnesses, including, as I said, pro Palestinian activists.
12:35
Speaker 2: There is speculation in the Jewish community that the only
12:38
Speaker 2: explanation for the decision not to hear testimony from Josh
12:44
Speaker 2: Friedenberg or me is that it was politically motivated, owing
12:49
Speaker 2: to our criticism of the Albanese government's lack of leadership.
12:54
Speaker 2: What other explanation can there be? And it also explains
12:59
Speaker 2: why political leader responsible for the handling of these issues
13:04
Speaker 2: like Anthony Albanezi, Penny Wong and Tony Burke haven't been
13:08
Speaker 2: caught to the witness stand and it makes you wonder
13:14
Speaker 2: if this Royal Commission is running a protection racket for
13:18
Speaker 2: the Albanzi government. And joining me now is Shadow Defense
13:26
Speaker 2: Minister James Patterson, live from cambrid James, great to see
13:29
Speaker 2: you tonight, and a lot of news to get through.
13:32
Speaker 2: I want to start with the breaking news story that
13:34
Speaker 2: Japan did raise this podcast in a diplomatic cable. James,
13:40
Speaker 2: do you think this shows that they were aware and
13:43
Speaker 2: concerned about those sexist comments made by the Prime minister.
13:49
Speaker 12: From the excerpts that I've read of the diplomatic cable
13:52
Speaker 12: from Japan to Australia, it's very clear that they don't
13:55
Speaker 12: want this to be a public controversy, that they don't
13:57
Speaker 12: want to talk about it. Frankly, I don't want to
13:59
Speaker 12: talk about every time I see that footage or hear
14:02
Speaker 12: that footage again. It is one of the most cringe
14:04
Speaker 12: worthy things I've ever seen an Australian Prime minister say
14:08
Speaker 12: about any other political figure, let alone the leader of
14:11
Speaker 12: one of our closest and most important allies. But the
14:14
Speaker 12: reality is it is out in the public, it is
14:17
Speaker 12: being talked about. It has become a source of irritation
14:20
Speaker 12: in our relationship as we've seen from the comments today
14:23
Speaker 12: via the former ambassador of Japan to Australia, and we've
14:27
Speaker 12: also seen comments from former advisor to Shinzo Abe previous
14:31
Speaker 12: Japanese Prime minister commentary in Japanese media. So this is
14:36
Speaker 12: a problem. It's a problem of the prime ministers. I'm
14:38
Speaker 12: making He put himself in that situation, he made those comments,
14:41
Speaker 12: he made that crude gesture, he raised his eyebrows in
14:44
Speaker 12: the most cringe inducing way. He's the only body, only
14:48
Speaker 12: person who can fix this, and he should fix it
14:50
Speaker 12: by making a clear and contrite apology.
14:53
Speaker 2: Do you think there's also a level of hypocrisy from
14:56
Speaker 2: Labour figures, including Tanya Plubisek.
15:00
Speaker 12: We'll just ask yourself, Shari, if a male Liberal leader
15:04
Speaker 12: made any sort of equivalent comments about any other female
15:07
Speaker 12: political leader, let alone one of our closest and most
15:11
Speaker 12: important allies, what do you think Pennywong would say about it?
15:14
Speaker 12: When do you think the Labor Party would let go
15:16
Speaker 12: of that? When you think they would let that slide.
15:18
Speaker 12: They would never let that slide. They would rigorously prosecute
15:21
Speaker 12: that until there was a formal and groveling public apology. Frankly,
15:26
Speaker 12: they prosecuted things far less controversial than this.
15:29
Speaker 2: I just want to return to the Royal Commission, which is,
15:31
Speaker 2: as you just heard, declined to hear testimony from Josh Friedenberg.
15:35
Speaker 2: Do you think there should be an explanation from the
15:38
Speaker 2: commissioner about this?
15:40
Speaker 12: Yes, I think the bare minimum is there needs to
15:42
Speaker 12: be an explanation as to why Josh Friedenberg, our most
15:45
Speaker 12: prominent political leader from the Jewish community, and someone whom
15:50
Speaker 12: without there would never have been a Royal Commission because
15:53
Speaker 12: of his leadership, has not been called. I'm also concerned
15:56
Speaker 12: Chari to learn that you have not been called. Unfortunately,
15:59
Speaker 12: both you and Josh understand the consequences of antisemitism in
16:03
Speaker 12: Australia because you have personally experienced it, and I think
16:07
Speaker 12: that would be powerful testimony. But I also agree with
16:09
Speaker 12: another comment you made in your opening editorial, which is that,
16:13
Speaker 12: maybe even more importantly, we need the Prime Minister to
16:16
Speaker 12: appear before the Royal Commission. We need the Home Affairs
16:18
Speaker 12: Minister to peer for the Royal Commission. We need the
16:20
Speaker 12: Attorney General on the Foreign Minister to appear before the
16:22
Speaker 12: Royal Commission. They should be cross examined about what they
16:25
Speaker 12: did and what they didn't do. To combat antisemitism and
16:29
Speaker 12: the lead up to the horrific terrorist atrocity at Bondai,
16:32
Speaker 12: And if that doesn't happen, well, then I think it'll
16:34
Speaker 12: be very difficult to take this Royal Commission seriously. And
16:38
Speaker 12: I would urge the Commissioner to reflect not just on
16:40
Speaker 12: what the people who appointed her will think of the
16:43
Speaker 12: work that she does, but what history will judge of
16:46
Speaker 12: this Royal Commission. History will be watching, history will judge,
16:49
Speaker 12: God forbid if they're in a further atrocities targeting the
16:52
Speaker 12: Jewish Committe in the future of our country. I wouldn't
16:55
Speaker 12: want to lead a Royal Commission process that wasn't the most.
16:58
Speaker 1: Thorough, robust searching.
16:59
Speaker 12: Examiner of that and made the best and strongest recommendations
17:03
Speaker 12: to make sure it never happen again.
17:05
Speaker 2: Yeah, really strong comments there, and I think you're spot
17:08
Speaker 2: on that these political leaders do need to be called
17:12
Speaker 2: to give evidence.
17:13
Speaker 11: James.
17:13
Speaker 2: This also comes a week after pro Palestinian activists were
17:16
Speaker 2: able to cross examine David Ossip, an Australian Jew, over
17:20
Speaker 2: the alleged actions of Israel and Gaza. So taking that
17:24
Speaker 2: into account, are you concerned also about the direction of
17:27
Speaker 2: the Commission and some of the decisions it's making.
17:31
Speaker 12: In my view, it wasn't appropriate for an Australian Jewish
17:34
Speaker 12: community leader to be cross examined at length about Israel's
17:39
Speaker 12: military actions. David Ossip is an Australian jew He's not
17:42
Speaker 12: an Israeli. He's not a spokesman for the Israeli government,
17:44
Speaker 12: he's not a spokesman for the IDF. And I also
17:47
Speaker 12: don't understand how it's consistent with the terms of reference
17:50
Speaker 12: of the Royal Commission, which are not to examine Israel's
17:53
Speaker 12: conduct in Gaza or decisions of Israeli government or operations
17:57
Speaker 12: of the IDF. They to examine anti Semitism in a Stustralia.
18:00
Speaker 12: And so I understand the arguments made by some in
18:02
Speaker 12: defense of the Royal Commission that this was a matter
18:04
Speaker 12: of procedural fairness. But procedural fairness should not allow a
18:08
Speaker 12: Royal Commission to be diverted from its core business of
18:11
Speaker 12: combating and investigating anti Semitism, and I think that was
18:14
Speaker 12: an error. I hope it doesn't happen again with future witnesses.
18:18
Speaker 2: Well said James. I want to move on to reports
18:20
Speaker 2: in the Australia today that the Albanese government collectively paid
18:25
Speaker 2: three media outlets, controversial media outlets, over half a million dollars,
18:30
Speaker 2: and it's reported that they've previously promoted a problematic Islamic teacher.
18:35
Speaker 2: The Sydney preacher Mohammad Hoblass, is banned from Germany also
18:39
Speaker 2: the Netherlands over concerns about his ideology. Do you think
18:44
Speaker 2: this is a sign that hasn't been proper vetting before
18:48
Speaker 2: handing out taxpayer funded grants.
18:51
Speaker 12: It certainly is shari and unfortunately it's not a first
18:53
Speaker 12: defense from the Albanese government or I'm sorry to say
18:56
Speaker 12: the Department of Home Affairs, because last term, when I
18:58
Speaker 12: was the Shadow Minister for Home f we exposed social
19:02
Speaker 12: cohesion grants which went to organizations that were undermining social
19:06
Speaker 12: cohesion by promoting antisemitism and glorifying terrorism on their social
19:10
Speaker 12: media accounts. It's even worse in some ways that they've
19:12
Speaker 12: made this mistake, this error again clearly failing to do
19:16
Speaker 12: their due diligence. Only the Albanese government would think you
19:19
Speaker 12: promote social cohesion by subsidizing antisemitism, and that's exactly what's
19:24
Speaker 12: happened with these media grants. It's appalling. They should be
19:27
Speaker 12: rescinded and new processes should be put in place before
19:31
Speaker 12: another dollar goes out the door to any further extremists like.
19:35
Speaker 11: This before you go.
19:37
Speaker 2: We learned on the weekend employment data showing that the
19:40
Speaker 2: number of public servants the public sector has grown under
19:44
Speaker 2: the Albanese government to nearly two hundred thousand staff. I mean,
19:49
Speaker 2: how is this sustainable? I mean this is a productivity issue,
19:53
Speaker 2: certainly a budgeting issue as well.
19:56
Speaker 13: Well.
19:56
Speaker 12: The only kind of employment growth we're really seeing in
19:58
Speaker 12: our economy right now in the public service or in
20:02
Speaker 12: closely related social care sectors like the NDAs and health
20:06
Speaker 12: and age care and education. Now, that's important and worthy work,
20:10
Speaker 12: but it cannot be the only source of economic growth
20:12
Speaker 12: and jobs growth in our country. That's not sustainable, it's
20:15
Speaker 12: not productive, and it will ultimately lead to a poor Australia.
20:18
Speaker 12: What we need is a private sector led growth agenda.
20:21
Speaker 12: We need the private sector out there hiring, putting on staff.
20:24
Speaker 12: But they're not and it's no wonder with the economic
20:27
Speaker 12: policies of this government.
20:28
Speaker 2: Right Senator James Pattison, really appreciate your time live from
20:32
Speaker 2: Canberra in a sitting week. Thank you.
20:36
Speaker 6: All right.
20:36
Speaker 2: Well, in other News Now our support for the Albanezy government,
20:39
Speaker 2: according to today's News poll, has plunged to its lowest
20:42
Speaker 2: level since Julia Gillard was in office over a decade ago.
20:47
Speaker 2: Today's News poll shows the government has plunged to twenty
20:50
Speaker 2: nine percent, tying with One Nation, still well ahead of
20:53
Speaker 2: the Coalition though, which sits on eighteen percent. And joining
20:57
Speaker 2: me to discuss tonight's Panel News twenty four host Steve
21:00
Speaker 2: Price and former Labor Minister Mike Kelly. Great to see
21:04
Speaker 2: you both well. Steve, seems Albanize is now as unpopular
21:08
Speaker 2: as Julia Gillard was.
21:11
Speaker 3: Yeah, and look what happened to Julia Gillard. They got
21:14
Speaker 3: rid of it, didn't they and they went back to
21:15
Speaker 3: Kevin Rudd. So it's not surprising that they are getting
21:18
Speaker 3: very nervous about One Nation. And when you look at
21:20
Speaker 3: those numbers of the Labor Party and One Nation both
21:23
Speaker 3: sitting on twenty nine, it really is a major worry,
21:26
Speaker 3: particularly I think for the Labor Party in the outer
21:30
Speaker 3: suburban seats in places like Melbourne, in the northern suburbs
21:34
Speaker 3: and the western suburbs. You looked at some of the
21:36
Speaker 3: numbers last week in another pole around Newcastle in New
21:40
Speaker 3: South Wales and one nation is doing extremely well, but
21:43
Speaker 3: the other really disturbing figure. There must be causing sleepless
21:48
Speaker 3: nights for Angus Taylor to have that primary vote sitting
21:52
Speaker 3: at eighteen percent.
21:53
Speaker 1: That is just death zone country.
21:55
Speaker 3: I don't know what the Liberal Party are going to do,
21:58
Speaker 3: but he's in all sorts of trouble.
22:00
Speaker 2: M Well, unless you can lift it is, that's for sure, Mike.
22:05
Speaker 2: I mean you obviously used to be colleagues when you
22:07
Speaker 2: were a minister in the last Labor government. With many
22:11
Speaker 2: of the people now running the country, what do you
22:13
Speaker 2: think is causing this loss in support for the Albanezy government.
22:18
Speaker 4: Well, as Steve's just pointed out, this is a real
22:21
Speaker 4: crisis for the public confidence in the major parties, in
22:24
Speaker 4: the traditional structures of our political system. And I guess
22:28
Speaker 4: we've seen this playing out internationally where a lot of
22:31
Speaker 4: people don't feel the system has served their interests, that
22:34
Speaker 4: have looked after their grievances, and so they lash out
22:37
Speaker 4: and want to break the system. And this I think
22:40
Speaker 4: is also a reflection of some of the more specific
22:43
Speaker 4: issues that we have in Australia, part of which is
22:46
Speaker 4: what you've been talking about, is where people are deeply
22:50
Speaker 4: concerned about Islamist extremism and terrorism, and their One Nation
22:56
Speaker 4: has been conflating that with immigration, and there's some aspects
22:59
Speaker 4: of that that that are legitimate grievances. You know, are
23:02
Speaker 4: we properly vetting people, Are we managing to do our
23:06
Speaker 4: due diligence well, like I think our agencies and the
23:11
Speaker 4: border force and people responsible for managing our borders and
23:14
Speaker 4: not being properly served with the state of the art
23:17
Speaker 4: technology that would help them do that. And particularly when
23:20
Speaker 4: we're talking about converting people from temporary to permanent visas,
23:24
Speaker 4: unless you're doing your due diligence in that space, you're
23:27
Speaker 4: not serving the country properly. So these are legitimate grievances
23:31
Speaker 4: that are out there in the community, and it's just
23:33
Speaker 4: wrong to sort of just dismiss this as one nation
23:37
Speaker 4: in the same way as Hillary Clinton got it wrong
23:39
Speaker 4: when she talked about the basket of deplorable supporting Trump.
23:42
Speaker 4: You identify the grievances. This is the issue now, and
23:46
Speaker 4: both major parties have this challenge at the moment, and
23:49
Speaker 4: I'm really disturbed about it because, you know, one nation
23:52
Speaker 4: is not going to be the answer to a lot
23:54
Speaker 4: of our problems. We need to see a stronger coalition.
23:57
Speaker 4: A strong opposition is really important in it democracy and
24:01
Speaker 4: you know this needs to be addressed though with a
24:03
Speaker 4: serious policy debate.
24:05
Speaker 2: Well, it seems like one nation is becoming the opposition
24:08
Speaker 2: and the government is reacting to one nation. I mean
24:10
Speaker 2: they're about to release their immigration strategy, Tony Burkis, so
24:15
Speaker 2: you know it is effectively now the opposition. I want
24:18
Speaker 2: to turn to other news now, the Herald Sun today
24:21
Speaker 2: revealing that court staff could be allowed to work from
24:24
Speaker 2: home in Victoria. That great headline bludge and jury Now, Steve,
24:29
Speaker 2: I mean this working from home situation in Victoria is
24:32
Speaker 2: beyond a joke. Now court staff and Steve, I mean
24:36
Speaker 2: we're told this is apparently the latest bright spark to
24:40
Speaker 2: reduce backlogs and delays across the justice system. I mean,
24:43
Speaker 2: how does allowing people to work from home reduce delays
24:47
Speaker 2: across the court system?
24:49
Speaker 14: Well?
24:49
Speaker 1: I wouldn't have thought it could.
24:50
Speaker 3: And latest figures to March show that there are seven
24:54
Speaker 3: thousand cases seven thousand in a backlog in the court
25:00
Speaker 3: system they just can't get to. And so one of
25:04
Speaker 3: the social issues that we've got here is that people
25:07
Speaker 3: kept getting bail, and people go, well, how come this
25:09
Speaker 3: person who's been accused of a violent crime gets bail. Well,
25:12
Speaker 3: it's because if they put them on remand, they're going
25:15
Speaker 3: to spend six months to ten months on remand.
25:18
Speaker 1: And there's been another.
25:19
Speaker 3: Development on this working from home this afternoon, with the
25:23
Speaker 3: Age reporting that the Coalition is actually going to cave
25:27
Speaker 3: in and back to center Allen's plan to allow you
25:30
Speaker 3: to demand that you work from home two days a week.
25:34
Speaker 3: It's going to be actually mandated. And the coalition said, okay,
25:37
Speaker 3: we've got seven amendments we'd like to put into the legislation.
25:41
Speaker 1: But if you.
25:41
Speaker 3: Agree to that, this thing could be law by Thursday,
25:45
Speaker 3: and it's going to be in place, Shari and Mike
25:48
Speaker 3: by September one. And we've got small businesses saying, well,
25:52
Speaker 3: we can't cope with that, and you've got the large
25:55
Speaker 3: business organizations today saying you would bomb Victoria back into
25:59
Speaker 3: the Priust gauge if you let this thing happen. So,
26:03
Speaker 3: I don't know what the coalition's playing at. It must
26:05
Speaker 3: there's only one reason. They must think it's electrically popular. Exactly, Well,
26:10
Speaker 3: he'll get the votes during a campaign, exactly.
26:13
Speaker 2: But it's dangerous to support it because you know already
26:17
Speaker 2: businesses are finding it so tough in this current economic climate.
26:21
Speaker 2: This will make it even more difficult.
26:23
Speaker 11: I don't know how.
26:23
Speaker 2: Businesses survive in Australia. Quite frankly, it's just ridiculous, Mike.
26:29
Speaker 2: I want to turn to your neck of the woods
26:30
Speaker 2: in the act and this kind of funny bit. I's
26:35
Speaker 2: a worrying story about the camera opposition leader, a liberal,
26:38
Speaker 2: Mark Parton, who was forced to defend himself after he
26:42
Speaker 2: admitted texting someone f my job is boring during Senate
26:48
Speaker 2: estimates last week. Here's his defense of that text.
26:53
Speaker 15: I've got a an off the Kufflarican communications style. We're
26:59
Speaker 15: also people have the ability to send messages to people
27:04
Speaker 15: on their private devices that have got nothing to do
27:06
Speaker 15: with the public realm.
27:08
Speaker 2: I mean, Mike, this is the first time this bloke
27:10
Speaker 2: is hitting the news. If he thinks his job boring,
27:12
Speaker 2: maybe you shouldn't do it.
27:14
Speaker 4: Yeah, I mean, you know, I guess everybody has their
27:16
Speaker 4: reflections on their jobs all the time. But what's kind
27:20
Speaker 4: of disturbing to me is how did we access these
27:23
Speaker 4: private communications. It's a deeper concern that I have, and
27:27
Speaker 4: look you know, I know Mark, he is a knock
27:29
Speaker 4: about bloke.
27:30
Speaker 9: You know.
27:31
Speaker 4: I think some of these other aspects, you know, their
27:33
Speaker 4: matters for you know, to for him to resolve privately
27:37
Speaker 4: or whatever. But yeah, I mean, if you're not passionate
27:41
Speaker 4: about the job, then you don't want to hang around
27:43
Speaker 4: in it. But but yeah, we all have our moments,
27:47
Speaker 4: so I wouldn't hold that against him.
27:49
Speaker 2: I think if you're sitting in senate hearing, there's always
27:52
Speaker 2: and you're texting, there's always people around you who can
27:54
Speaker 2: see your phone. Unless you've got one of those black
27:55
Speaker 2: screens that stops people on the side seeing your phone.
27:58
Speaker 2: I've got to get one of those. Not that I
28:01
Speaker 2: ever say anything appropriate, I certainly wouldn't say.
28:03
Speaker 11: My job is boring. It is never boring.
28:05
Speaker 2: I love the job, that's for sure, Steve. The AFL
28:09
Speaker 2: world just has blown up today after the Geelong Cats
28:12
Speaker 2: managed to get a player who was vulnerable to concussions
28:15
Speaker 2: to actually sign a contract absolving them of any future
28:19
Speaker 2: responsibility if he had brain trauma. I mean, this was
28:22
Speaker 2: such a serious issue the clubs had an emergency meeting
28:26
Speaker 2: about it this morning.
28:28
Speaker 1: Yeah, and they're going to come out and make a
28:30
Speaker 1: statement tomorrow.
28:31
Speaker 3: The complicating factor here is that one of the board
28:35
Speaker 3: members when this deal was done with this player, Colla Jasny,
28:39
Speaker 3: that you know if he got another concussion, he wouldn't
28:41
Speaker 3: have a claim against the club. Well, his name's Craig Drummond.
28:45
Speaker 3: He happens now to be the AFL commissioner. He's in
28:48
Speaker 3: charge of the whole circus and so I don't know
28:52
Speaker 3: how he's going to deal with this. You've got the
28:55
Speaker 3: CEO at Geelong. He has come out and said, oh, well,
28:59
Speaker 3: it's nothing really to see here. Well, this is really
29:02
Speaker 3: a very serious issue. It's probably the biggest AFL issue
29:06
Speaker 3: that they've had since the Essendon drug scandal. I don't
29:09
Speaker 3: know how anybody at the top level that knew about
29:12
Speaker 3: this can survive.
29:13
Speaker 1: It will find out tomorrow.
29:15
Speaker 3: Geelong is always a club that seems to escape getting
29:18
Speaker 3: the right sort of penalties that they should get. They're
29:20
Speaker 3: out of town a little bit and they seem to
29:22
Speaker 3: get government money every time there's an election because they're
29:25
Speaker 3: on a marginal seats. So we'll see what happens. But
29:28
Speaker 3: our thoughts are with that player. He obviously is young,
29:31
Speaker 3: he wanted to keep playing, but they should not have
29:34
Speaker 3: offered someone who has a history of concussion with an
29:37
Speaker 3: opportunity to keep playing if he was in danger.
29:40
Speaker 2: Yeah, it can be really dangerous with the risks to DEMANCHI,
29:43
Speaker 2: I guess the way you're speaking about Gelong, it's obviously
29:45
Speaker 2: not the team that you support Steve, you bet critical
29:48
Speaker 2: of him.
29:48
Speaker 1: No, it is certainly not Mike.
29:51
Speaker 2: Very quickly, before we go, I just want to get
29:54
Speaker 2: your thoughts. I mean, you gave some comments to the
29:56
Speaker 2: Odds today, but why do you think the Royal Commission
29:59
Speaker 2: is excluding Josh Fridenberg.
30:03
Speaker 4: It's a complete mystery to me, and there's no question
30:06
Speaker 4: in my mind that he should be called. I mean,
30:08
Speaker 4: Josh I know very well, and I'm privileged to be
30:11
Speaker 4: working with his mother, Erica, who's an amazing woman in
30:14
Speaker 4: her own right with deep expertise in psychology. She's just
30:18
Speaker 4: written a fantastic book about the Holocaust experience of the
30:22
Speaker 4: Fredenberg family, Do Not Forget Me Street, and it's a
30:27
Speaker 4: really fantastic read. People should read it if they want
30:29
Speaker 4: to understand some of these things. But the Freedenburg family
30:32
Speaker 4: was devastated in the Holocaust, many of them executed in Auschwitz.
30:37
Speaker 4: Erica herself survived being hidden in Budapest and Hungary as
30:43
Speaker 4: a Holocaust survivor and came here, you know, destitute refugees.
30:47
Speaker 4: The story of these generational anti Semitism experiences is deeply
30:54
Speaker 4: enmeshed in the Fredenberg family experience and that informed his
30:58
Speaker 4: policy initiative to fun and Holocaust institutions around Australia, including
31:03
Speaker 4: the one that I'm working on at the moment, the
31:05
Speaker 4: National Holocaust Memorial Education Center, and Eric is helping us
31:09
Speaker 4: with that. But he's also been a leader of the
31:12
Speaker 4: Jewish community. Because of his background, people look to him
31:16
Speaker 4: and I know, particularly in the Melbourne community, so he
31:19
Speaker 4: can bring all of that to the table and the
31:22
Speaker 4: political experience of the security aspects of managing these things, etc.
31:27
Speaker 2: But do you think it's political? Why wouldn't he be called?
31:30
Speaker 2: We've got to go, but just quickly.
31:32
Speaker 4: I just don't know and don't understand why he wouldn't
31:36
Speaker 4: be called. And there's time, there's time. I know, there's
31:39
Speaker 4: one more block. But the Royal Commission can deal with this,
31:42
Speaker 4: and I hope they do, all right.
31:44
Speaker 2: Mike Kelly, Steve Price. Great to see. We'll still to
31:47
Speaker 2: calm show favorite Ray Hadley back on the desk to
31:50
Speaker 2: rip into Labour's cover up over tax changes. That's after
31:54
Speaker 2: the break. Welcome back, and I'm Joe now by Radio.
31:59
Speaker 2: A legend and show favorite. Ray Hadley, who okay, I
32:02
Speaker 2: reading the papers, is set to give evidence this week
32:05
Speaker 2: against Alan Jones in that bumbshell trial. But we can't
32:08
Speaker 2: talk about it.
32:09
Speaker 11: Because it's before the courts.
32:10
Speaker 16: Yeah no, well, just a slight correction.
32:13
Speaker 1: It's not this week.
32:15
Speaker 16: In fact, when I heard it was this week, I
32:17
Speaker 16: started to get a bit worried because I hadn't had
32:18
Speaker 16: any provisions to go this week. But I will be
32:21
Speaker 16: required to give evidence probably in two or three weeks.
32:23
Speaker 2: All right, that's correct, all right, we can't talk about it,
32:26
Speaker 2: as I said, it's before.
32:26
Speaker 1: The course obviously.
32:28
Speaker 2: So let's move on to alban Easy government minister Jenny McAllister.
32:34
Speaker 16: Here's another failure with it's a race to the bottom,
32:39
Speaker 16: and you've got Tony Burke, you've got cashingover Bowen. Now,
32:42
Speaker 16: Jenny and Andrew Klanel I have great, great.
32:47
Speaker 11: Great journal.
32:48
Speaker 16: Well it's a great Jenna, good fella, and but I
32:51
Speaker 16: really admire his patience.
32:52
Speaker 2: Well let's have a look at how Bickni was.
32:56
Speaker 9: As it led to a decline in house process this year.
32:59
Speaker 17: Look, we see range all factors weighing on the housing market.
33:02
Speaker 17: Market and interest rates are obviously part of that.
33:05
Speaker 9: Andrew, has it led to a decline in house prices
33:07
Speaker 9: this year?
33:08
Speaker 17: Look, we are seeing adjustments in the market, and that
33:11
Speaker 17: occurs from time to time. It happened in twenty seventeen
33:14
Speaker 17: to twenty nineteen.
33:15
Speaker 9: Oh, yes, they're a no, minister.
33:17
Speaker 17: Look, I mean, I think the data around house prices
33:20
Speaker 17: is there for people to see. But the Treasury modeling
33:23
Speaker 17: was that our changes would see house prices continue to
33:25
Speaker 17: grow in the median term.
33:28
Speaker 9: Do you think the text changes this year have led
33:31
Speaker 9: to a decline in house prices or not.
33:34
Speaker 17: Look, I think I've answered your question, Andrew.
33:37
Speaker 11: Oh no, but she had it five times.
33:39
Speaker 16: Ray, She wouldn't answered, Verry, Jenny, you didn't answer the question.
33:43
Speaker 16: We're still left lamenting. Look, it's a very simple thing
33:45
Speaker 16: that we've been through here, as Andrew has been through,
33:49
Speaker 16: and they knew about it. Treasury officials knew that negative
33:52
Speaker 16: equity would fall into place when they were talking about
33:55
Speaker 16: the five percent deposit. So now matter where you're listening,
33:58
Speaker 16: let's pick a figure, a million dollar fifty thousand dollars
34:01
Speaker 16: deposit you a nine hundred and fifty thousand dollar your
34:03
Speaker 16: mortgage with the slump because of capital gains tax and
34:07
Speaker 16: negative gearing changes and an obvious increase in mortgage rates
34:11
Speaker 16: because of the inep display of the federal government. The
34:14
Speaker 16: house that was worth nine hundred and fifty, or the
34:16
Speaker 16: property is now worth between eight to fifty and nine hundred,
34:19
Speaker 16: youa nine to fifty. It's called negative equity. However, because
34:22
Speaker 16: of the system, if you do tumble and we don't
34:24
Speaker 16: want people to tumble, and you can't pay the mortgage,
34:27
Speaker 16: the government fills in the gap. They've guaranteed any losses
34:31
Speaker 16: to the financial institutions. And it's not of course, you
34:35
Speaker 16: can be earning six or seven hundred thousand dollars. It's
34:38
Speaker 16: not means tested. It's I mean, ranks stupidity. And then
34:43
Speaker 16: for a minister to sit there and say, at the
34:45
Speaker 16: end of that rather convoluted conversation, I've answered your question, Andrew.
34:50
Speaker 16: She mustn't have heard the question because she didn't answer it.
34:53
Speaker 2: I mean, what they've done to the economy and to
34:56
Speaker 2: the housing market is almost inexplicable.
35:01
Speaker 16: Well, they must have had some idea that was going
35:04
Speaker 16: to have the impact. And one of the things that's
35:06
Speaker 16: annoying at the moment for people, particularly in Sydney, where
35:09
Speaker 16: Western Sydney and Piece are saying, Oh, isn't it wonderful
35:13
Speaker 16: the prices are coming down, the young ones can get
35:16
Speaker 16: in there and have their first home. No, you've got
35:19
Speaker 16: to have confidence if you're a home buyer. And do
35:23
Speaker 16: we know yet in the capital cities, whether it's Brisbane,
35:26
Speaker 16: Sydney or Melbourne, whether the market has plateaued, has it
35:29
Speaker 16: bottomed out, And we won't know if it's bottomed out
35:31
Speaker 16: until it starts to come up again. So those young
35:34
Speaker 16: people who are then taking the punt on buying a
35:36
Speaker 16: property with the five percent deposit, they may be entering
35:39
Speaker 16: negative beckery as well because it might have bottomed out
35:41
Speaker 16: the market yet it might have full the full effects
35:44
Speaker 16: of this stupidity of the government may not have taken
35:47
Speaker 16: impact yet.
35:47
Speaker 2: And ray Albow's under virtually no pressure over any of this.
35:52
Speaker 2: I mean he should be families. I mean, the cost
35:55
Speaker 2: of living crisis is worse than it's ever been, Inflation
35:58
Speaker 2: is still above target bound level, three interest rate rises
36:01
Speaker 2: and where's the pressure on the PM.
36:03
Speaker 16: Well, that's because he surrounded himself with a group of
36:05
Speaker 16: adults who were inept and top of the list, of
36:08
Speaker 16: course Burke and Casnova Bowen, and so the pressure's off him.
36:13
Speaker 16: He lets them make all the running, and they appear
36:16
Speaker 16: to be stupid, and he allows them to be stupid
36:19
Speaker 16: because it takes the pressure off him. If he was
36:21
Speaker 16: any sort of leader, if he's a sort of statesman,
36:24
Speaker 16: he's certainly not statesman. Like he'd ended the fray, he'd say, look,
36:27
Speaker 16: we've made a blue here, we've made a blue. We're
36:29
Speaker 16: sorry we made a blue. We didn't do it intentionally
36:31
Speaker 16: thought the opposite would happen. It hasn't happened. So we're
36:34
Speaker 16: going to change things around. But he just keeps digging
36:36
Speaker 16: in and digging in and digging.
36:37
Speaker 2: In out of that whole cabinet table. None of them
36:41
Speaker 2: have ever owned a business. None of them probably have
36:44
Speaker 2: ever owned shares. I mean, they've got no real world experience.
36:49
Speaker 16: Well, they own plenty of properties between them.
36:51
Speaker 2: Yeah, the properties, at least their house. In any case,
36:56
Speaker 2: they've probably have taken advantage of negative guarantee.
36:59
Speaker 16: We couldn't use them doing that, that'd be wrong.
37:02
Speaker 2: All right, Well, let's have a quick look at the
37:03
Speaker 2: University of Sydney.
37:05
Speaker 16: Oh no, please, do you do you have to do this? Honestly,
37:08
Speaker 16: the ULCO was going down, the blood pressures under control.
37:12
Speaker 2: I'm just worried about the diagnosis from your doctor. He's
37:14
Speaker 2: going to say you've got to stop going on Shari's show.
37:16
Speaker 2: It's not good for your house.
37:17
Speaker 16: Well, he has given me extra blood finners.
37:19
Speaker 1: Maybe that's something to do with it.
37:21
Speaker 2: So the students at the University of Sydney are outraged
37:24
Speaker 2: because there was a Coca Cola stand on campus.
37:28
Speaker 18: If you're a usage student, you might have seen this
37:31
Speaker 18: huge Coca Cola stand here at Welcome First this year.
37:34
Speaker 18: Coca Cola is also one of the companies that are
37:37
Speaker 18: listed on the Boycott Diverse and Sanctioned list, specifically for
37:40
Speaker 18: their complicity in Israeli illegal occupation of all the West Bank.
37:47
Speaker 2: Yeah, I mean demanding a boycott.
37:48
Speaker 1: Ray Look.
37:51
Speaker 16: I mentioned my old mate Vince ready number of times.
37:53
Speaker 16: He did a tour last year called I'm Offended. I'm
37:56
Speaker 16: sick of people being offended. They're offended by everything. And
38:01
Speaker 16: the university students that young lady included, need to pull
38:04
Speaker 16: their head in because we're looking for Wood. I mean
38:06
Speaker 16: to get offended by something really important, not that Coca
38:10
Speaker 16: Cola have some sort of standard of supporting the university faculty.
38:14
Speaker 16: I mean, for goodness sake, it's a soft drink.
38:17
Speaker 2: It's ridiculous. It's ridiculous, all right, Well, before you go,
38:20
Speaker 2: Kyle Sundalans, I mean he used to be on another
38:22
Speaker 2: radio show to you, not quite a rival, but another.
38:25
Speaker 16: Show of battles.
38:28
Speaker 2: He had his first news show today and he had
38:31
Speaker 2: the premier, Chris Mins on, but he was kind of
38:34
Speaker 2: having a blow up as the premier walked in and
38:37
Speaker 2: it was a little bit awkward for poor old Chris Mins.
38:39
Speaker 19: Have a look, I need to hear what we're putting
38:53
Speaker 19: under the radio.
39:11
Speaker 11: Ben's was just trying to speak away.
39:13
Speaker 16: I feel his pain. I have to admit that during
39:16
Speaker 16: my forty years, that happened to me a number of times.
39:19
Speaker 16: And it's very hard to restrain yourself when you're talking
39:22
Speaker 16: to a microphone and nothing's coming out at the other end.
39:24
Speaker 16: I remember once at four BC in Brisbane, I was broadcasting.
39:28
Speaker 16: The phone stopped working, the internet stopped working. The only
39:32
Speaker 16: thing that was live was the microphone and I was
39:34
Speaker 16: there for three hours. This happened fifty minutes of the program,
39:37
Speaker 16: and there are techs running around everywhere, pulling things in,
39:40
Speaker 16: pulling things out, and it is I feel his pain.
39:43
Speaker 16: Eventually what happened to me? And you've got to keep
39:45
Speaker 16: this one in your back pocket. Troy Cassadelli's mother in
39:50
Speaker 16: law was listening to the program and she rang Laurel,
39:53
Speaker 16: his wife, and said, raising strife at four BC. So
39:56
Speaker 16: Troy turned up with a guitar and saying for two
39:59
Speaker 16: and a half, my also got smaller. And the listeners
40:04
Speaker 16: were thoroughly detained by Australia's leading country music artist Ray.
40:07
Speaker 2: I don't believe you would have had a second of
40:11
Speaker 2: silent air.
40:12
Speaker 11: You can talk hours and hours an.
40:14
Speaker 16: End underwater with a mouthful of marbles.
40:16
Speaker 11: As they say, as they say, very hardly. Great to
40:18
Speaker 11: see you.
40:19
Speaker 2: Good, all right, still to come. How the housing crunch
40:21
Speaker 2: is hitting the big four banks? That's next with fund
40:25
Speaker 2: manager Russell Pilmer.
40:30
Speaker 18: Well.
40:30
Speaker 2: Westpac's results came out today and it wasn't good news.
40:34
Speaker 2: Mortgage applications slumped eleven percent in the Dune quarter, with
40:38
Speaker 2: all evidence pointing to a housing crunch caused by Labour's
40:41
Speaker 2: tax changes. For more Pegana Capital CEO Russell Pilmer joins
40:45
Speaker 2: me now in studio. Well, Russell, these results are obviously terrible.
40:51
Speaker 2: Is this a reflection of what the government has done
40:55
Speaker 2: to the housing market? Also combined with the interest rates
40:57
Speaker 2: coming down? Yes, sorry, interest rates going up?
41:01
Speaker 4: Going up?
41:02
Speaker 13: If only coming down only exactly so share, I think
41:06
Speaker 13: it absolutely is the result of policy. And I think
41:10
Speaker 13: time and time again governments don't learn their lessons that
41:13
Speaker 13: it's never a good idea to play with the economic
41:16
Speaker 13: settings in order to achieve political outcomes, and wealth redistribution
41:22
Speaker 13: is the classic case, and so I think the key
41:25
Speaker 13: issue for governments is they don't understand the second order
41:29
Speaker 13: and third order effects of what they do. So it
41:31
Speaker 13: sounded like a great idea, Let's make it really difficult
41:34
Speaker 13: for investors to buying to housing and therefore homeowners can
41:38
Speaker 13: pick up the slack and by things cheaper. Sounds great,
41:43
Speaker 13: but what actually happens is in a falling market, there's
41:47
Speaker 13: no confidence from prospective homeowners. You don't want to be
41:51
Speaker 13: buying and only to find out that you've got negative
41:54
Speaker 13: equity value in your home. So investors stop buying, homeowners
41:59
Speaker 13: stop buying, and then on the other side of the equation,
42:03
Speaker 13: existing owners don't want to sell because they've seen higher
42:07
Speaker 13: prices and that I want to be now selling at
42:08
Speaker 13: lower prices. So the market freezes up, and we've seen
42:12
Speaker 13: this in auction clearance rates. And then I think what
42:16
Speaker 13: we'll see is a third order effects as well. So
42:19
Speaker 13: for instance, Westpac is in everybody's investment portfolios, superannuation funds.
42:25
Speaker 2: A lot of moment dad yeah.
42:26
Speaker 13: Yeah, and the other banks as well, and they'll all
42:29
Speaker 13: get hit like this, and therefore, you know what's going
42:32
Speaker 13: to happen is people will feel poorer and it's a
42:35
Speaker 13: bit bit to be a vicious cycle. So this is
42:38
Speaker 13: not a good situation.
42:39
Speaker 1: To be in.
42:39
Speaker 2: So it was I mean, the Albanizi government was trying
42:41
Speaker 2: to correct you know, what it saw is inequality, but
42:46
Speaker 2: obviously that has far reaching consequences.
42:48
Speaker 13: This is just another one of those involvements that should
42:52
Speaker 13: go into the dustment of failed attempts at wealth registributions.
42:56
Speaker 2: Yeah, if I only with the rest of the Albanesi government,
42:59
Speaker 2: all right. I wanted to turned to this story that's
43:01
Speaker 2: making global headlines. It's a twenty four year old Leopold
43:06
Speaker 2: Ashen Browner. He built a forty five billion dollar AI fund,
43:11
Speaker 2: as I understand it. But then just in a few
43:14
Speaker 2: weeks time, I mean, there was this catastrophic loss. He
43:17
Speaker 2: lost thirty five billion dollars in July, in just a
43:22
Speaker 2: few weeks. So Russell, why is this getting so much publicity?
43:26
Speaker 11: And how did a twenty four year old firstly to have.
43:30
Speaker 2: Come to have a forty five billion dollar fund and
43:32
Speaker 2: how did it all go so wrong for him?
43:34
Speaker 13: Yeah, so this is better than any Hollywood movie. Leopold
43:39
Speaker 13: two years ago was a relatively lowly worker at Open AI,
43:43
Speaker 13: which is the maker of Chatchibt, and Leobold left under
43:48
Speaker 13: a bit of a cloud. He wrote an essay and
43:52
Speaker 13: in that essay he described how the value of chip
43:55
Speaker 13: makers is very understated and he predicted that they will
43:59
Speaker 13: go up rapidly over the coming years, as well as
44:02
Speaker 13: some other AI infrastructure providers. He got a nars little
44:06
Speaker 13: stake in Anthropic, which is were very valuable, and through
44:12
Speaker 13: the essay and the stake in Anthropy, he was able
44:14
Speaker 13: to raise some money. He raised about two hundred million
44:16
Speaker 13: dollars and he performed extraordinarily well. The market for chip
44:19
Speaker 13: makers has done fantastically. Leopold wasn't satisfied just to get
44:24
Speaker 13: the underlying returns from these stocks. He wanted more, and
44:28
Speaker 13: so what he did is he took out margin loans,
44:30
Speaker 13: or he geared up his fund and that worked out
44:34
Speaker 13: fantastically in a rising market, when you put gearing on,
44:37
Speaker 13: your returns are even higher. And so he attracted more
44:39
Speaker 13: and more investors and got more and more gearing. This
44:42
Speaker 13: was all going fantastically well until several weeks ago when
44:47
Speaker 13: these chip maker stocks had a bit of a stumble,
44:49
Speaker 13: and that wasn't a massive stumble compared to how much
44:52
Speaker 13: they've grown over the last few years, but was quite
44:54
Speaker 13: a significant as stumble, and Leopold's margin loan went into
44:59
Speaker 13: default yet didn't have enough margin the banks. He could
45:03
Speaker 13: either pay in cash or the banks could take control
45:05
Speaker 13: of the portfolio and sell it, and that's what they did.
45:08
Speaker 13: He didn't have the cash. And what happened is you'll
45:11
Speaker 13: be amazed to know that at the top end of
45:13
Speaker 13: the market, information flows quite freely, so everybody knew that
45:18
Speaker 13: Leopold had a problem. Everybody knew that these stocks were
45:21
Speaker 13: going to hit the market, and there were a lot
45:22
Speaker 13: of them, and so the prices started going down and
45:25
Speaker 13: down because people were shorting the stocks and positioning themselves
45:29
Speaker 13: for this stock to flood the market. This was nobody
45:32
Speaker 13: wanted to buy the stocks because we have this expression
45:35
Speaker 13: and finance markets about catching a falling knife, and so
45:38
Speaker 13: nobody wanted to catch that. And this all change needed
45:42
Speaker 13: to be a circuit breaker, and one night Ken Griffin
45:45
Speaker 13: from Citadel, which is one of the biggest hedge fund
45:47
Speaker 13: managers in the world. Ken Griffin went and bought almost
45:51
Speaker 13: the entire portfolio from the banks at a ten percent
45:54
Speaker 13: discount to their value. By the next day, the market
45:58
Speaker 13: became aware that the crisis was over and the shocks
46:01
Speaker 13: the stocks rocketed back up again. Ken Griffin made four
46:05
Speaker 13: and a half or three four four I think something
46:08
Speaker 13: where four to four and a half billion dollars on
46:11
Speaker 13: the trade. One of the greatest trades ever. Wow and
46:13
Speaker 13: Leopold his find went down from forty five billion to
46:18
Speaker 13: ten billion.
46:19
Speaker 2: Massive. I mean, perhaps, I don't know if it's a
46:20
Speaker 2: warning to those investing in AI. I mean, most people
46:23
Speaker 2: don't raise two hundred million dollars and grow a forty
46:25
Speaker 2: five billion dollar stock, but it's.
46:26
Speaker 1: Yeah, look, I don't style.
46:28
Speaker 13: I don't think it was systematic it was really reflective
46:32
Speaker 13: of the gearing that he put into the fund. I mean,
46:35
Speaker 13: Leopold amazingly is not down and out at all. You know,
46:38
Speaker 13: three days after he lost thirty five billion, he got
46:41
Speaker 13: married to a lady who is one of the key
46:44
Speaker 13: people at Anthropic, so presumably she has lots of Anthropic stock.
46:49
Speaker 13: And then last week he made his most audacious move ever.
46:53
Speaker 13: He put four hundred million dollars into a new startup
46:56
Speaker 13: that's only one year old.
46:58
Speaker 2: So I'm sure where only here just the start of him.
47:01
Speaker 2: Then all right, Russell Pillman, thank you so much for
47:03
Speaker 2: your time. Really appreciate the insights as always. All right,
47:07
Speaker 2: still to come. How Anthony Fauci could face prison if
47:10
Speaker 2: he's found to have deleted records on his mobile phone.
47:14
Speaker 2: That's next. Welcome back and joining me now News twenty
47:20
Speaker 2: four contributor Kosha Gada, Kosha, great to see you. Look,
47:23
Speaker 2: I want to start with Michigan democrat Abdel al Sayed.
47:27
Speaker 2: I mean, he was only just elected as this socialist nominee.
47:31
Speaker 2: He's already inter feud with President Trump. Trump posted this
47:35
Speaker 2: photo comparing the two.
47:38
Speaker 11: He then el said.
47:40
Speaker 2: Then went on CNN with this rant.
47:44
Speaker 9: And actually Sara and I like each other.
47:45
Speaker 8: I don't know about the first Lady and the President,
47:47
Speaker 8: but from what I've heard, it's a bit of a
47:49
Speaker 8: rocky road.
47:51
Speaker 2: What do you think of this spat now playing out?
47:56
Speaker 14: Al said is a political challenge. I will see it
47:59
Speaker 14: as I'm said before dismiss him, I'm Dani. People like
48:02
Speaker 14: that at your own peril, because even though they are
48:04
Speaker 14: extremely radical in their positions and all the rest of it,
48:08
Speaker 14: they are talented communicators. They know how to control media cycles,
48:11
Speaker 14: and one fail safe way to do that is to
48:14
Speaker 14: create a spat or at least respond or amplify to
48:17
Speaker 14: a spat with President Trump, and here he is all
48:20
Speaker 14: around the international news cycle. I think what they do, also,
48:22
Speaker 14: these talented communicators, is they'll pick at something that maybe
48:26
Speaker 14: a sizeable or non insignificant portion of the world believes
48:29
Speaker 14: might be true. You know, rumors spread all the time
48:31
Speaker 14: about relationships of public figures, and Trump is obviously very controversial.
48:37
Speaker 14: So plucking at that and giving it credence, I think
48:39
Speaker 14: is exactly his strategy. And he knows what he's doing.
48:42
Speaker 2: Yeah, worrying figure both of them, Elsid and ma'm Dannie
48:46
Speaker 2: with their communist terrorist sympathies as well des Christ Anthony Fauci.
48:51
Speaker 2: He could be in serious strife Kosher. The Senate investigating
48:54
Speaker 2: his actions. They've got a copy of his phone and
48:56
Speaker 2: they're looking at whether he might have deleted anything.
49:01
Speaker 14: Yes, so this saga obviously continues. One of the most
49:05
Speaker 14: infamous people who received a presidential pardon in history, obviously
49:08
Speaker 14: very polarizing figure. So where this legally is going to
49:11
Speaker 14: wind up is how much of what he has done
49:14
Speaker 14: in his conduct that they're going after folds within the
49:17
Speaker 14: pardon and wherebat his part in shields him, which is
49:19
Speaker 14: from twenty fourteen up until January of twenty twenty six.
49:22
Speaker 14: So the question is if he deleted anything after January
49:25
Speaker 14: twenty twenty six, which is what they're investigating. There are
49:27
Speaker 14: statutes there that that would be obstruction of justice or
49:30
Speaker 14: deleting federal property, or the states can also go after him,
49:34
Speaker 14: because the pardon is only applicable to at the federal
49:37
Speaker 14: level and not at.
49:37
Speaker 8: The state level.
49:38
Speaker 14: But I think the real thing is does anybody have
49:40
Speaker 14: the political will to really do it? Because he is
49:43
Speaker 14: polarizing and while millions of people really despise Anthony Fauci,
49:47
Speaker 14: there are millions who still revere him, or at least
49:49
Speaker 14: pretend to. And I'm not sure that the Republicans are
49:51
Speaker 14: going to have the stomach to go all in for that,
49:54
Speaker 14: but there are some Ron Johnson Ran Paul who seem
49:57
Speaker 14: to not be letting go of this.
49:59
Speaker 2: So we shall see.
50:00
Speaker 11: Yep.
50:00
Speaker 2: No, Rand Paul is doing a great job, that's for sure,
50:03
Speaker 2: very quickly. Kosha Benjamin Ettina, who rejecting Trump's backed plan
50:08
Speaker 2: for Gaza, I mean, he has every right to do this.
50:11
Speaker 2: On the one hand, if Hamas isn't properly disarmed.
50:16
Speaker 14: He does absolutely have the right to do this for
50:18
Speaker 14: his country, and we know that this is always going
50:21
Speaker 14: to be a tough negotiation. He's doing it, of course,
50:23
Speaker 14: against the backdrop of a trickier and stickier court of
50:26
Speaker 14: public opinion that he personally is facing, and that Israel
50:29
Speaker 14: is facing as this continues, this war, and the biggest
50:32
Speaker 14: and strongest ally the US. As we know, it's not
50:35
Speaker 14: popular at all back home. So he's juggling public opinion
50:38
Speaker 14: with this opportunity that he has to really do damage
50:41
Speaker 14: into internet regions, something that has not been done at
50:44
Speaker 14: this level for decades.
50:46
Speaker 11: Gosh, I got it. Thank you.
50:47
Speaker 2: So much as always, and I'll see you tomorrow at night.
50:49
Speaker 2: And he is Paul Mari