Transcript

Credlin | 5 May · Credlin

0:01
Speaker 1: Peter Krandler live on Sky News Australia.
0:06
Speaker 2: Good evening, welcome to the program. Here's what's coming up
0:09
Speaker 2: tonight on Kredlin as a Reserve Bank today warned against
0:12
Speaker 2: spending that is fuelly inflation. More budget leaks with the
0:16
Speaker 2: governments set to spend billions on cash handouts. Now we
0:19
Speaker 2: know the government's stupid, but they must think that you
0:21
Speaker 2: are too to buy this nonsense. Big Government's not the
0:25
Speaker 2: answer here, they are the problem. Speaking of budget chaos,
0:28
Speaker 2: Victoria a sea of reading today, two hundred billion dollars
0:33
Speaker 2: in debt as the state budget is brought down. Opposition
0:36
Speaker 2: leader Jess Wilson will join me to respond, plus will
0:40
Speaker 2: cross into Aubury for the latest on the ground in
0:43
Speaker 2: the pharaoh Bye election. We've got the pub test tonight
0:46
Speaker 2: and we're going to hear from you putting questions directly
0:50
Speaker 2: to candidates, including the Clayton's Independent. That Tale Michelle Milthorpe
0:55
Speaker 2: has more employed Hanson's possible move to the Lower House
0:59
Speaker 2: and mortgage rates rise again today as Jim Chalmers refuses
1:03
Speaker 2: to take responsibility for inflation.
1:06
Speaker 3: We know that Australians are paying a hefty price for
1:09
Speaker 3: this war in the Middle East.
1:10
Speaker 4: With the recent cashrat increases have been to address the
1:13
Speaker 4: excess demand that existed in the economy prior to the
1:16
Speaker 4: Middle East conflict.
1:18
Speaker 2: Yeah, competing versions of the truth there, because the more
1:22
Speaker 2: we learn about next week's federal budget, the more it
1:24
Speaker 2: looks like a bill shortened budget featuring all the new
1:28
Speaker 2: taxes that shortened took to the twenty nineteen election and
1:31
Speaker 2: that you voted against. There's the renters tax, the changes
1:35
Speaker 2: to negative gearing, of course, that will make rental housing
1:37
Speaker 2: more expensive. And then we've got the wealth tax, the
1:41
Speaker 2: changes to the capital gains tax discount that will reduce
1:45
Speaker 2: returns on investment. Now, how democratic is that? Bringing in
1:50
Speaker 2: new taxes that were rejected the only other time they
1:54
Speaker 2: were taken to the people. Now, if that wasn't bad enough,
1:57
Speaker 2: today we learn it will get it works. The Reserve
2:01
Speaker 2: Bank this afternoon increasing the cash rate up twenty five
2:05
Speaker 2: basis points to four point three five percent, in part
2:08
Speaker 2: because government can't stop spending, and it's its spending that's
2:13
Speaker 2: fueling inflation and labor we find out. Of course, I've
2:16
Speaker 2: got another handout on the way. The Austrain reports today
2:20
Speaker 2: in a leak that the centerpiece of next week's budget,
2:23
Speaker 2: naturally dressed up as cost of living relief, will be
2:27
Speaker 2: a cash splash of up to three hundred dollars for
2:30
Speaker 2: every worker. Presumably that's what the PM means when he
2:34
Speaker 2: says that the budget will be full of labor values.
2:38
Speaker 5: Voters can expect that there'll be a budget that's consistent
2:42
Speaker 5: with labor values. And I've said consistently that the two
2:48
Speaker 5: themes that characterize my government are no one left behind
2:52
Speaker 5: and no one held back.
2:54
Speaker 2: But this is what labor really means in terms of
2:57
Speaker 2: labor values. When it comes to your money, and the taxman.
3:02
Speaker 6: Well fuel in facial inflation, will give with one hand
3:05
Speaker 6: and then take even worse and harder with another.
3:08
Speaker 2: Absolutely, Now, given that almost every respectable economist is warned
3:12
Speaker 2: against news spending, this looks like a sugarhat from a
3:16
Speaker 2: government that thinks the only way to impress voters is
3:19
Speaker 2: to bribe them. And it's not just the economists. Here
3:23
Speaker 2: was the IBA government today on the risk of yet
3:26
Speaker 2: more government spending.
3:28
Speaker 1: The Australian newspaper Today reported that the government is going
3:33
Speaker 1: to inject a big bunch of stimulus into the economy.
3:37
Speaker 2: Can you explain to Australians.
3:39
Speaker 7: How these sort of policies may help or hinder your
3:44
Speaker 7: fight against inflation.
3:46
Speaker 4: Sure, to the extent that the government is demanding goods
3:51
Speaker 4: and services of the economy, so in the variety of
3:54
Speaker 4: ways that they do, whether it's direct expenditure or giving
3:58
Speaker 4: money to households to spend on goods services in the
4:00
Speaker 4: private sector, that adds to demand. All I'm saying is
4:04
Speaker 4: that the extent to which government make up the shortfalls
4:11
Speaker 4: for households by giving them more money, it makes it
4:15
Speaker 4: harder to damp and demand. The bottom line, though, on
4:20
Speaker 4: all of this is this shocks. It's an real income
4:24
Speaker 4: shock for Australia and the world. Australians are poorer.
4:28
Speaker 2: Poorer, You feel poorer, says a Reserve Bank governor, because
4:33
Speaker 2: you are and yet alb and easy. Ever, the student
4:36
Speaker 2: socialist is still driven by a class or hatred of
4:40
Speaker 2: anyone he considers as rich. It doesn't matter that not
4:44
Speaker 2: so long ago he bought himself a four million dollar
4:46
Speaker 2: beach house. He's coming after your investment property. Despite the fact,
4:51
Speaker 2: though confirmed by Treasury, but two out of three people
4:54
Speaker 2: with a negative le geared investment property are on less
4:58
Speaker 2: than average weekly earnings and the last time labor was
5:01
Speaker 2: stupid enough to scrap negative gearing when Paul Keating was treasurer.
5:06
Speaker 2: The hit on renters meant it was then reversed within
5:09
Speaker 2: eighteen months. Today, a property expert said that ending negative
5:13
Speaker 2: gearing could put up rents by twenty percent or one
5:17
Speaker 2: hundred and sixty dollars a week in Sydney. Plus there's
5:20
Speaker 2: over a million households with negatively geared property who on
5:24
Speaker 2: average are getting a tax benefit of some three thousand
5:28
Speaker 2: dollars a year, meaning that not too many of these
5:31
Speaker 2: you know we're talking teachers and tradees on modest incomes
5:35
Speaker 2: will be impressed at losing three grand and just then
5:39
Speaker 2: to get three hundred back from Jim Chalmers on Tuesday night.
5:44
Speaker 2: Given the impact of bracket creep that hurts people on
5:49
Speaker 2: average by about two thousand a year, plus this withdrawal
5:53
Speaker 2: of negative gearing, plus today's height to mortgage costs and
5:56
Speaker 2: of course power bills that we can't jump over, this
5:59
Speaker 2: is chaking up to be a horror budget for workers.
6:03
Speaker 2: Then there's the sneaky withdrawal of the private health insurance
6:06
Speaker 2: rebate for retirees. Effectively, now that's a tax increase on
6:10
Speaker 2: our seniors, and it was thrown into that NDIS announcement
6:15
Speaker 2: last week. But I know, seniors, you've been in touch
6:17
Speaker 2: with me, you have picked this up. This will cost
6:21
Speaker 2: a couple with private health insurance somewhere of fifteen hundred
6:25
Speaker 2: to two thousand dollars a year. Now, there's nothing at
6:29
Speaker 2: all in these budget leaks that show Labor has a
6:31
Speaker 2: vision for our economy. There are no genuine reforms, is
6:34
Speaker 2: nothing to lift productivity or boost economic efficiency. Instead, it
6:39
Speaker 2: reflects Labour's class war instincts to punish anyone who wants
6:43
Speaker 2: to work hard to get ahead. And Albinez's misplaced belief
6:48
Speaker 2: that somehow you can tax and spend your way to
6:51
Speaker 2: prosperity is written all the way through what they're planning
6:55
Speaker 2: to do. Now, you can't tax and spend your way
6:59
Speaker 2: to prosperity.
7:01
Speaker 8: Remember this weak economy week leadership.
7:05
Speaker 7: It won't be easy under alban easy authorized by a
7:08
Speaker 7: host liberal camera.
7:10
Speaker 2: There you go. That was twenty twenty two. If only
7:13
Speaker 2: Australians had listened now, years and years ago. When I
7:20
Speaker 2: was growing up in Victoria, the license plates carried the
7:23
Speaker 2: slogan Victoria the Garden state then Jeff Kennet changed that
7:28
Speaker 2: to Victoria on the move as he tried to bring
7:31
Speaker 2: back confidence after the disastrous mess of the Kane Kurner
7:35
Speaker 2: era under labor. Given today's budget fiasco, surely Victoria's license
7:40
Speaker 2: plates all to now read Victoria the basket case or
7:42
Speaker 2: Victoria please bail us out, because honestly, that's where the
7:46
Speaker 2: state's headed in bringing down the Victorian state budget. Today,
7:50
Speaker 2: the Treasurer Jacqueline Simes confirmed that the books are worse
7:54
Speaker 2: than ever, that even the most pessimistic economists had expected
8:00
Speaker 2: debt to a record high of one hundred and ninety
8:02
Speaker 2: nine point three billion dollars. That's net debt, by the way,
8:06
Speaker 2: gross debt is a whopping two hundred and forty seven billion.
8:10
Speaker 2: Interest payments, well, they're blowing out from the current seven
8:13
Speaker 2: billion a year to almost twelve billion a year by
8:16
Speaker 2: twenty nine thirty as the government, just like the rest
8:19
Speaker 2: of US, is hit by higher interest rates on borrowings.
8:23
Speaker 2: Now that works out to be thirty three million dollars
8:26
Speaker 2: a day on interest payments alone two hundred and thirty
8:32
Speaker 2: million dollars a week, and interest is dead money, as
8:36
Speaker 2: anyone with a mortgage nose. The budget books in Victoria,
8:40
Speaker 2: they are a sea of red, and yet they still
8:43
Speaker 2: can't stop spending. We learn today that Labour's earmarks some
8:47
Speaker 2: seventy billion dollars for election giveaways and we don't know
8:51
Speaker 2: what they are yet, but that money is in a
8:54
Speaker 2: little bucket and just sent to Allen is going to
8:56
Speaker 2: use it to try and cling onto office. Already the
9:00
Speaker 2: agencies or they are circling, and they're circling as they should.
9:05
Speaker 2: And on this when we spoke with Peter Costello recently,
9:08
Speaker 2: he was scathing.
9:10
Speaker 1: I actually think the rating agencies have been very easy
9:13
Speaker 1: on some of these states. And the reason the states
9:17
Speaker 1: haven't been downgraded more than they have is that they
9:23
Speaker 1: assume that somehow the Commonwealth government's going to come in
9:26
Speaker 1: and rescue these states. If the ratings agency looked at
9:30
Speaker 1: the state of Victoria as a standalone operation and said
9:34
Speaker 1: it can't rely on a Commonwealth guarantee, I think it's
9:38
Speaker 1: rating would be significantly lower than it currently is. But
9:42
Speaker 1: they think to themselves, oh, comonwth government wouldn't let Victoria
9:47
Speaker 1: go with it?
9:48
Speaker 2: Too big to fail?
9:49
Speaker 1: Too big to fail.
9:52
Speaker 2: If you think those comments a bad enough, just listen
9:54
Speaker 2: to this because despite business fleeing the state, labor can't
9:58
Speaker 2: help but hire more. Are more public servants to do
10:02
Speaker 2: what you ask, will other than work from home on
10:04
Speaker 2: the big salaries. I've got no idea. The Department of
10:07
Speaker 2: Premier in Cabinet, that's just just one example. Well, it's
10:11
Speaker 2: increased it's expenditure by a whopping twenty three percent last year.
10:16
Speaker 2: Mostly that's more advisors and staff, but it's also the
10:21
Speaker 2: huge cost of indigenous programs brought on by the state's
10:25
Speaker 2: controversial new Aboriginal Treaty. All the while, we've got police
10:29
Speaker 2: stations standing empty in the midst of a crime crisis,
10:33
Speaker 2: and forty million wasted on bins to collect machetes from
10:37
Speaker 2: good people while the criminals, well, they kept using them
10:41
Speaker 2: to break into homes or wheeled on the street. Now,
10:44
Speaker 2: it might sound like a joke, but it's not not
10:47
Speaker 2: unless the joke's on the poor old Victorian taxpayer. Today
10:55
Speaker 2: there was a core proceeding involving the man charged with
10:58
Speaker 2: the murder of a five year old girl allegedly abducted
11:02
Speaker 2: from an Alice Springstown camp last week. He did not
11:06
Speaker 2: appear either in person or by video link in court
11:10
Speaker 2: today and he was remanded in custody. And just like
11:13
Speaker 2: for cultural reasons, I'm told I can no longer use
11:17
Speaker 2: the little girl's legal name, even though that is what
11:20
Speaker 2: will be on her death certificate, and it'll be the
11:23
Speaker 2: name that is used in a court case. Should her
11:26
Speaker 2: alleged killer, Jefferson Lewis Dan Trill, I can't now tell
11:31
Speaker 2: you much more about him either. Worse still, I can't
11:36
Speaker 2: even tell you why. I can't tell you this is
11:40
Speaker 2: a state of so called justice in this country. If
11:42
Speaker 2: you are an Aboriginal girl allegedly murdered by an Aboriginal man,
11:47
Speaker 2: it absolutely stinks it is wrong. Now, this is the
11:52
Speaker 2: famous statue of Lady Justice. You often see it outside
11:56
Speaker 2: courts in Western country such as ours, thesonification of the
12:01
Speaker 2: moral force in our legal system. In her hands are
12:05
Speaker 2: the scales and a sword, and she is blindfolded. Now,
12:09
Speaker 2: the scales so that evidence is properly weighed and tested.
12:14
Speaker 2: The sword is there because justice is meant to be
12:17
Speaker 2: swift and final. And that blindfold is because our legal
12:21
Speaker 2: system justice is supposed to be blind, blind to power, wealth, sex, race,
12:29
Speaker 2: or any other attribute. Now, if only that was true
12:33
Speaker 2: in Australia, today because the only one wearing the blindfold
12:37
Speaker 2: here is us, you, the viewers, deliberately kept in the
12:42
Speaker 2: dark by a justice system that is supposed to be transparent.
12:50
Speaker 2: As I said, that stinks. That's got to camper. Now
12:53
Speaker 2: for the headlines, Sky is a political reporter.
12:56
Speaker 9: Trudy Macintosh grim news for borrowers. Interest rate increase for
13:00
Speaker 9: the third time this year. The Reserve Bank lifted the
13:04
Speaker 9: cash rate by twenty five basis points from four point
13:07
Speaker 9: one to four point three five percent.
13:09
Speaker 4: But we must get on top of inflation now so
13:11
Speaker 4: that it doesn't get away from us.
13:13
Speaker 9: The three rate hikes wipe out the three rate cuts
13:16
Speaker 9: last year. Someone with a seven hundred thousand dollars mortgage
13:19
Speaker 9: will now pay nearly three hundred and twenty dollars a
13:22
Speaker 9: month extra in repayments. Inflation pressures had been building before
13:26
Speaker 9: the war, the fuel shock now making it worse. Underlying
13:30
Speaker 9: inflation is not expected to return to the target band
13:32
Speaker 9: until December next year.
13:34
Speaker 3: And the Australian economy is getting absolutely pummeled by this
13:38
Speaker 3: war in the Middle East, and Australians are paying the
13:41
Speaker 3: price for that.
13:41
Speaker 6: And Australian households are paying the price because of Jim
13:45
Speaker 6: Charmer's active inflation agenda, and.
13:48
Speaker 9: Next week federal budget looks set to include a new
13:51
Speaker 9: tax offset for millions of working Australians. Leak details in
13:55
Speaker 9: The Australian reveal it's set to be worth between two
13:58
Speaker 9: hundred and three hundred dollars per person. The one off
14:00
Speaker 9: tax offset would only apply it to money earned through wages,
14:03
Speaker 9: not investments.
14:05
Speaker 5: Voters can expect that there'll be a budget that's consistent
14:09
Speaker 5: with labor values.
14:11
Speaker 10: We see a thought bubbler day, so I will wait
14:14
Speaker 10: and see what comes out in the budget.
14:15
Speaker 9: Economists warn the offset risks making the inflation fight harder.
14:19
Speaker 10: But this government's really shown no ability to just not
14:25
Speaker 10: throw money at these cost of living problems.
14:28
Speaker 4: And that's inflation, the extent to which government make up
14:34
Speaker 4: the shortfalls for households by giving them more money. It
14:38
Speaker 4: makes it harder to damp and demand.
14:41
Speaker 9: Trudy McIntosh Sky News canbra.
14:45
Speaker 2: All right, let's bring in our Sky News political editor
14:47
Speaker 2: Andrew Clonel Andrew CGT. The changes there that are on
14:51
Speaker 2: the table. Clearly the government's are no longer trying to
14:54
Speaker 2: dance around, and we know they're on the way. Changes
14:57
Speaker 2: to negative gearing as well. It wasn't that long ago.
15:01
Speaker 2: The twenty nineteen election. This was basically a package of
15:04
Speaker 2: reforms or so called reforms, put on the table by
15:07
Speaker 2: Bill Shortens. Australians had a look at it, they voted against.
15:10
Speaker 2: It's gott Morrison had his miracle win, and here we
15:13
Speaker 2: are now about to bring them in next Tuesday. Despite
15:17
Speaker 2: back in May at the last election. Albanez is saying no,
15:20
Speaker 2: none of this would happen now. When John Howard changed
15:24
Speaker 2: his mind famously on the issue of a GST, he
15:27
Speaker 2: took the GST to an election in ninety eight, he did. Surely,
15:32
Speaker 2: if Labour's changing their mind here, this has all got
15:35
Speaker 2: to go to an election.
15:37
Speaker 11: Well you think so, it's only been a year since
15:39
Speaker 11: the last one. They could do that, of course, they
15:40
Speaker 11: did that with the super tax proposal. They could say
15:43
Speaker 11: this comes into effect in the middle of twenty twenty eight.
15:46
Speaker 11: They could announce that budget night, but I'm not sure
15:50
Speaker 11: they will.
15:52
Speaker 8: It's courageous.
15:53
Speaker 11: I mean, it might be the most courageous budget since
15:56
Speaker 11: the twenty fourteen budget.
15:58
Speaker 8: We know how that ended up.
15:59
Speaker 11: Peter Kredlins, So that was like a Medicare charge and
16:02
Speaker 11: all the rest the co payment. Of course, people ended
16:05
Speaker 11: up paying for half the doctor bills anyway. But it's
16:08
Speaker 11: that sort of thing, isn't it. But what you would
16:10
Speaker 11: have to say, particularly the way these guys operate, Albanesi
16:14
Speaker 11: and the National Secretary, pol Erics and the rest, they
16:17
Speaker 11: would have focused grouped the life out of this, so
16:19
Speaker 11: they'd be confident, with the biggest group of voters being
16:22
Speaker 11: millennials going forward, they can get away with this. What's
16:25
Speaker 11: happened today though, is interesting, with the Australian getting this leak,
16:28
Speaker 11: and I think it sounds right. I mean I first
16:30
Speaker 11: got onto this Sunday a gender I was interviewing Daniel
16:32
Speaker 11: Molino and I.
16:33
Speaker 8: Went, well, hang on, is there a tax cut to here?
16:35
Speaker 11: How can you put in all these taxes and not
16:37
Speaker 11: have something for people? And he wouldn't answer it, And
16:41
Speaker 11: then camera and asked Jim Charms the same thing, and
16:43
Speaker 11: he wouldn't answer it. The Australian Matthew Cranston's got on
16:46
Speaker 11: the tour three undred dollar tax offset. I see Intrudy's
16:48
Speaker 11: report there as twenty six twenty seven, so that means
16:51
Speaker 11: you don't get it presumably until July twenty twenty seven.
16:55
Speaker 11: By the way, it's not like you get it, you know,
16:57
Speaker 11: in six weeks. But then they could say, well, and
17:00
Speaker 11: it doesn't contribute to inflation, but two hundred bucks doesn't
17:03
Speaker 11: even touch the side, so these days doesn't loo.
17:05
Speaker 8: Can you get for two hundred bucks these days?
17:07
Speaker 11: So I think it's I think it's very interesting, and
17:11
Speaker 11: I know the headlines will pan the budget.
17:14
Speaker 8: You just know that because they have to.
17:17
Speaker 11: Any newspaper editor worth their salt will go, well, this
17:19
Speaker 11: is crazy. You know, you could have taken this to
17:22
Speaker 11: the last election, and if you had, you might have
17:24
Speaker 11: lost ten less seats, but you probably STI would have one.
17:27
Speaker 11: It's cheeky to do this now, but it really is
17:30
Speaker 11: whether they can get away with it. And when I
17:32
Speaker 11: say get away with it, get away with it again,
17:34
Speaker 11: I mean Stage three tax cuts. They did exactly the
17:36
Speaker 11: same thing because that hit the higher income earners politically,
17:40
Speaker 11: they got away with it. So that's a test. But
17:42
Speaker 11: this lead to the odds would have spoilt the story
17:45
Speaker 11: a bit, Peter. They would have been hoping Budget night
17:48
Speaker 11: to pull out this big surprise payment and that's been revealed.
17:53
Speaker 2: Well, it's not a big surprise. I mean two to
17:55
Speaker 2: three hundred dollars. Let's call it five hundred, because I'll
17:58
Speaker 2: they'll have let the leak co out it a lower number.
18:00
Speaker 2: They'll announce a higher number on Tuesday. Let's say it's
18:03
Speaker 2: five hundred dollars. If your mortgage has gone up and
18:06
Speaker 2: on average you're paying eighteen thousand dollars more. If you
18:09
Speaker 2: are someone and we know it's usually modest incomes that
18:11
Speaker 2: have got a rental property and you're going to lose
18:14
Speaker 2: that three or four thousand dollars a year and your
18:17
Speaker 2: negative gearing tax break, if you're paying higher money for
18:20
Speaker 2: your pharmaceuticals or whatever it is in life. If your
18:23
Speaker 2: power bill, let's say, getting three hundred dollars from Jim Chalmers,
18:28
Speaker 2: is nowhere near what he is costing you by spending
18:32
Speaker 2: so much that, as a reserve bank governor says today,
18:34
Speaker 2: he is driving inflation. And of course this three hundred
18:37
Speaker 2: dollars will go to Gina Reinhart, it will go to
18:40
Speaker 2: Peter Credit, or go to Andrew Clennel, It'll go to
18:42
Speaker 2: absolutely everybody across the country. This is not targeted money.
18:47
Speaker 2: This is a waste money when we're already under inflation repressure.
18:52
Speaker 11: Negative gearing The proposal of pretty firm is grandfather. So
18:56
Speaker 11: there'll be a date by which you've got to buy
18:58
Speaker 11: your property and start need to gearing or you don't
19:00
Speaker 11: get it. Probably July one, I guess, I don't know,
19:03
Speaker 11: unless they do do it in twenty twenty eight, but
19:05
Speaker 11: it'll be grandfather.
19:06
Speaker 8: But otherwise, I mean, like very good point.
19:09
Speaker 11: I mean, you would typically expect to get at least
19:12
Speaker 11: three and possibly five grand in tax back from a
19:15
Speaker 11: negatively geared property, the average one I reckon certainly. I
19:19
Speaker 11: mean I'm talking Sydney something like that, right, So Sydney Melbourne.
19:23
Speaker 11: So yeah, just two hundred bucks back up for five grand,
19:26
Speaker 11: not really, But the thing is what they're doing, and
19:28
Speaker 11: this is a problem for them because they don't get
19:29
Speaker 11: enough revenue out of it. So it's almost like an
19:32
Speaker 11: exercise in politics really to say to young people we
19:34
Speaker 11: care about you, doesn't get you any extra supply. Everyone
19:38
Speaker 11: already on the system is still on the same tax break.
19:41
Speaker 11: It's people going forward, but yeah, I mean potentially for
19:44
Speaker 11: people going forward.
19:46
Speaker 8: Yeah, go.
19:48
Speaker 2: Just just on the young person. Though. If the landlord
19:50
Speaker 2: loses a negative gearing break and if interest rates are
19:54
Speaker 2: going out, the landlord's going to jack up the weekly rent.
19:58
Speaker 2: So the young person who's trying to say, is it
20:01
Speaker 2: paying more on rent so less ability to save and
20:03
Speaker 2: get into their own home. I can't see how it
20:06
Speaker 2: helps them. And we know when Keeping tried this, it
20:09
Speaker 2: reduced the available stock of rental properties. Again, we've got
20:13
Speaker 2: an issue with supply here at the moment in Australia.
20:15
Speaker 2: They're not bringing down the migration numbers, and certainly a
20:19
Speaker 2: hell of a lot more than we're coming in in
20:20
Speaker 2: the Keating era. I just can't see the economic sense
20:24
Speaker 2: in any of this.
20:26
Speaker 11: Well, yeah, I don't think it's about economics. I think
20:27
Speaker 11: it's about politics. To be blunt, and the only thing.
20:31
Speaker 2: They do three hundred dollars buys people off. I just
20:33
Speaker 2: don't think.
20:34
Speaker 11: Angus Taylor was on with me this afternoon of politics.
20:36
Speaker 2: Now.
20:36
Speaker 11: It was interesting because I said, well, hang on, if
20:39
Speaker 11: I'm not going out to invest with a negative gearing break,
20:41
Speaker 11: isn't that giving a first homeowner a place right? And
20:44
Speaker 11: Angus's response was quick and it wasn't bad. It was like, yeah,
20:47
Speaker 11: but that kicks a renter out. So he goes, yeah,
20:51
Speaker 11: so that's not a bad line because he's saying we'll
20:53
Speaker 11: get on to supply and the other thing. I mean,
20:55
Speaker 11: the housing market right now is frankly depressed. That's not
20:59
Speaker 11: the time to bring in a property tax in my experience.
21:01
Speaker 11: I saw it here in New South Wales with the
21:03
Speaker 11: vendor tax about two thousand and three four around then,
21:07
Speaker 11: So it's not the right time. There might be a
21:10
Speaker 11: time to bring this in. I'm not sure it's the
21:12
Speaker 11: right time, but yeah, it's going to be really exciting
21:17
Speaker 11: to see how this plays out.
21:19
Speaker 2: Another one quickly before I go. Paul Enhanson them. We
21:22
Speaker 2: got it last night from James Ashbury here that she
21:24
Speaker 2: had an open mind. He said, for running in a
21:27
Speaker 2: lower house seat. I know people have talked about Oxley,
21:30
Speaker 2: but I'm thinking about right, the seat of right. Scottie
21:33
Speaker 2: Buckoltz's LNP. He holds that seat, It's been there for
21:36
Speaker 2: some time. I suspect he would be the most nervous.
21:39
Speaker 2: Do you think she'll do it?
21:41
Speaker 11: Oxley's Melton Dick the speaker, correct me if I'm wrong.
21:43
Speaker 11: I think so it's a labor seat. I think you
21:46
Speaker 11: might have more chance in a coalition seat, so I
21:48
Speaker 11: think you're probably right. But she'd have a decent chance
21:50
Speaker 11: in any seat at the moment. What I found interesting
21:52
Speaker 11: about that was Barnaby Joyce came on Sunday Agenda and
21:55
Speaker 11: I said, look, if you're Winn Farah, would that make
21:58
Speaker 11: you more inclined to stay lower House run New England again?
22:00
Speaker 11: He said yeah, because there'd be a whole bunch of
22:02
Speaker 11: MPs who I would then be mentoring or leading downstairs.
22:06
Speaker 11: Now not a day after that or a day after that,
22:09
Speaker 11: James Ashby comes on with you and says, oh, paul
22:11
Speaker 11: A might run downstairs, And I find that very interesting.
22:14
Speaker 11: I don't think that Pauline would have liked the Barnaby
22:17
Speaker 11: statement he was going to be the leader downstairs. I
22:21
Speaker 11: don't think that would have been to her liking. So
22:23
Speaker 11: she's jumped in and said she might do it now.
22:25
Speaker 11: But look it makes sense and particularly our age Pauline
22:29
Speaker 11: just to go victory or death at this point and
22:31
Speaker 11: the way the polls are most likely victory.
22:35
Speaker 2: Well, we watched this one with interest. As I said,
22:37
Speaker 2: I think Scottie Buckoltz will be the most nervous member
22:40
Speaker 2: in the House of Reps at the moment. Thank you, Andrew.
22:43
Speaker 2: Let's go now to the decision today by the RBA
22:46
Speaker 2: Governor Michelle Bulloker. Everybody I know looks for that number
22:49
Speaker 2: to come out at half past two, but and we
22:51
Speaker 2: wait for the press conference because it is insightful. Here
22:55
Speaker 2: is the trend graph as rates will hike today by
22:58
Speaker 2: twenty five basis points to four point three five percent.
23:01
Speaker 2: That's the third such rise this year. Joining me for
23:04
Speaker 2: his insights, former Treasury Assistant Secretary David pearl Well four
23:08
Speaker 2: point three five percent. David today talk of three Maybe
23:13
Speaker 2: God forbid four hikes for the latter part of the year.
23:16
Speaker 2: The Governor, well, she was clear, crystal clear, the government
23:20
Speaker 2: spending is making a bad situation worse. She said, it
23:24
Speaker 2: is not all about Iran. It is not all about Iran.
23:31
Speaker 6: No, she did make that crystal clear today. Michelle Bullock today,
23:36
Speaker 6: as you know, has been very reluctant to say anything
23:41
Speaker 6: on fiscal policy and government spending unless she get an
23:43
Speaker 6: angry phone call from Jim Chalmers. But today, by her standard,
23:48
Speaker 6: she took the gloves off and she made it abundantly
23:51
Speaker 6: clear that cash handouts at this time are not helpful
23:56
Speaker 6: for the RBA. So I thought it was a big
23:59
Speaker 6: turning point for her.
24:01
Speaker 2: Well, we saw the Australian headlines though they're talking about
24:05
Speaker 2: and they're not means tested two to three hundred dollars
24:08
Speaker 2: next week, announced on Tuesday night. I think it'll be
24:10
Speaker 2: a little bit more. They like to undersell, but it'll
24:14
Speaker 2: be cash straight into the economy. Everything she says do
24:17
Speaker 2: not do government.
24:21
Speaker 6: Well, I don't know why we're so surprised about Jim
24:24
Speaker 6: Chalmers and Anthony Albanese's upcoming budget. The clear task facing
24:31
Speaker 6: fiscal policy now is to take demand out of the
24:34
Speaker 6: economy at a time when inflation is out of control,
24:39
Speaker 6: and that would obviate the need further potentially recessionary interest
24:43
Speaker 6: rate increases. So what they're doing instead is to run
24:47
Speaker 6: a completely diversionary budget based on the false flag of
24:52
Speaker 6: intergenerational welfare, which is just a rebadging of Bill Shorten's
24:56
Speaker 6: twenty nineteen class war, totally fake cuts to the NDS,
25:01
Speaker 6: which I'm surprised people are taking seriously, and the cash
25:05
Speaker 6: flop splash.
25:08
Speaker 2: You know, I don't take those NDIS cuts seriously. I
25:11
Speaker 2: think it's just so that they've got a better position
25:14
Speaker 2: to book in the forward estimates, maybe year three, maybe
25:17
Speaker 2: year four, to make it look better than it really is,
25:20
Speaker 2: and of course we'll never see them. But all this talk, David,
25:23
Speaker 2: I want you to explain to people at home, all
25:26
Speaker 2: this talk about savings, and then the treasure always has
25:30
Speaker 2: to sort of run in with a footnote gross savings.
25:34
Speaker 2: Gross savings are not savings. If you end up pulling
25:37
Speaker 2: this much out as a gross saving but spending way.
25:40
Speaker 6: More, well, a few or your listeners go back to
25:46
Speaker 6: budget speeches delivered by real treasurers Peter Costello and Paul
25:50
Speaker 6: Keating when we did have an inflationary problem in the past.
25:54
Speaker 6: They would get up on the disk before the dispatch
25:57
Speaker 6: box and say we will cut spending growth over the
26:02
Speaker 6: next two three four years, and they delivered on that.
26:04
Speaker 6: Jim Chalmers does not use that language. He says he
26:07
Speaker 6: will save, there will be savings in the budget. Budgets
26:11
Speaker 6: are eighty billion dollars a year. It's very easy for
26:15
Speaker 6: a government to identify one hundred or two hundred million
26:18
Speaker 6: dollars of programs that may be coming to an end.
26:22
Speaker 6: Charmers never says there will be a cut in real
26:26
Speaker 6: spending growth across the board to take pressure off the economy.
26:30
Speaker 6: And he also does not have a balanced budget target.
26:34
Speaker 6: He saw that Wayne Swan never delivered a surplus, and
26:37
Speaker 6: he said to Treasury after he became Treasurer, I don't
26:41
Speaker 6: want to set tests that I'll fail to meet.
26:46
Speaker 2: What about all this talk of a recession. You've got
26:48
Speaker 2: the NAB CEO Andrew Irvine saying yeah, it's possible, and
26:53
Speaker 2: the Westpac Chief executive Anthony Miller also not ruling it out.
26:56
Speaker 2: Have a listen.
26:57
Speaker 12: At the moment, we don't forecast recession. But you know,
27:01
Speaker 12: people who talk with absolute certainty today in this environment,
27:04
Speaker 12: I think are misinformed because it's an unusual environment which
27:08
Speaker 12: we're in.
27:10
Speaker 6: David, absolutely, economic forecasting, as I've said to you, and
27:18
Speaker 6: I know you agree, Peter, is a dubious practice. At
27:21
Speaker 6: the best of times, when we have an unfolding supply shock,
27:25
Speaker 6: no economist can forecast beyond his nose, so anybody making
27:30
Speaker 6: hard and fast predictions shouldn't be listened to. That said,
27:33
Speaker 6: the risk of a recession is alarmingly high. I'm not
27:37
Speaker 6: predicting it. Let's see what happens in the Gulf, but
27:41
Speaker 6: we are raising interest rates in the teeth of an
27:44
Speaker 6: oil crisis. That is a recipe for policy over each
27:47
Speaker 6: and a potential recession. The US FED and the Bank
27:50
Speaker 6: of Canada met last week. Peter, they didn't raise rates
27:54
Speaker 6: because inflation is under control of those countries. The RBA
27:57
Speaker 6: under Michelle Bullock, and I don't like to say this
28:00
Speaker 6: dropped the ball on inflation last year and so they're
28:02
Speaker 6: playing catch up at the risk of a recession when
28:06
Speaker 6: you don't want to see central banks doing that.
28:10
Speaker 2: I got to get a comment quickly from you in
28:11
Speaker 2: relation to the Victorian state budget, because we focus on
28:14
Speaker 2: federal government spending, but the states are spending, and we
28:17
Speaker 2: know in the case Victoria, they're heavily in debt two
28:19
Speaker 2: hundred billion dollars. What was instructive in the budget papers
28:23
Speaker 2: is she's put aside about seventy billion dollars for an
28:27
Speaker 2: election spending spree. That's going to make it harder to
28:31
Speaker 2: get inflation down.
28:35
Speaker 6: Well, the Victorian physical disaster is a product of three things.
28:39
Speaker 6: Peter politicized bureaucracy, which ceased providing legitimate advice to governments
28:46
Speaker 6: a decade ago under Dan Andrews, labor monopoly with an
28:50
Speaker 6: opposition that's never been able until recently to pose any
28:54
Speaker 6: kind of challenge, and an implicit guarantee from the Commonwealth
28:59
Speaker 6: the Commonwealth. It is assumed by the rating agencies will
29:02
Speaker 6: bail out Victoria before it goes bankrupt. So those three
29:06
Speaker 6: things explain the mess in Victoria. Ultimately, if it's not corrected,
29:12
Speaker 6: it's going to land on the Comwell's desk and it's
29:15
Speaker 6: going to affect all of us around the nation.
29:18
Speaker 2: That's why you should care about it as much in
29:20
Speaker 2: Queensland and wa as you should as a Victorian voter.
29:24
Speaker 2: David Pearl, thank you after the break. If you think
29:26
Speaker 2: young people are struggling to save, now, wait till their
29:30
Speaker 2: rents start to skyrocket. Plus the glaring hypocrisy in a
29:34
Speaker 2: recent meeting with the Japanese PM right, welcome back. We've
29:43
Speaker 2: got lots to get into. But I want to look
29:44
Speaker 2: at those controversial changes to negative gearing and the revelations today.
29:49
Speaker 2: But the Albinezer government will carve out you homes from
29:52
Speaker 2: its changes here. They'll also abolish the fifty percent capital
29:56
Speaker 2: gains tax discount, all set to be unveil in next
30:00
Speaker 2: Tuesday Night's budget, which also includes a crackdown on the
30:04
Speaker 2: use of trusts. That's going to hit our farmers hard.
30:08
Speaker 2: Joining me now is one such farmer. Former Liberal M
30:10
Speaker 2: Pinicov Flint and the deputy executive director at the Institute
30:14
Speaker 2: Public Affairs, Dan Wild Well, I'll tell you what anyone
30:19
Speaker 2: that there is lack of faith in politicians. This goes
30:22
Speaker 2: to an election in twenty twenty nineteen Bill Shorten, he
30:26
Speaker 2: loses because no one wants any of this. Labor goes
30:30
Speaker 2: to then two other elections last year and twenty twenty
30:33
Speaker 2: two and say we will not do this. Then they
30:36
Speaker 2: go and do it anyway. They absolutely are bringing this
30:39
Speaker 2: in next week. And we saw that the last time
30:42
Speaker 2: they did, everything went up in terms of rents and
30:46
Speaker 2: it's stifled housing supply. Dan, So how do they get
30:49
Speaker 2: away with this?
30:51
Speaker 13: Well, they get away with it because they play the
30:52
Speaker 13: game very hard, and you know they are often a
30:55
Speaker 13: very effective political machine when they go about it, and
30:58
Speaker 13: no doubt they've done their focus grouping and everything else
31:01
Speaker 13: to try to get this through. I think you make
31:02
Speaker 13: an important point about trust. You know, if you go
31:05
Speaker 13: back to twenty nineteen, one of the things I've always
31:08
Speaker 13: given Bill Shorten credit for is he did tell people
31:11
Speaker 13: what he would do as Prime minister if they voted
31:13
Speaker 13: for him. Now, I don't agree with most of what
31:14
Speaker 13: he put forward, but at least he did it. At
31:16
Speaker 13: least he was transparent. Now in twenty twenty two, Anthony I.
31:20
Speaker 13: Benez he told us nothing of what he was going
31:22
Speaker 13: to do. He wins the election, he gets up there.
31:24
Speaker 13: Firstly he gives us, of course, an acknowledgment to country.
31:27
Speaker 13: Then secondly he says, guess what we're doing. This thing
31:29
Speaker 13: called voice treated truth. I've never told you about that before,
31:31
Speaker 13: but we're going to do a referendum to divide us
31:33
Speaker 13: by race. Then you go to the next election twenty
31:36
Speaker 13: twenty five, again Labour tells us nothing of what they're
31:38
Speaker 13: going to do other than I'm not Peter Dutton, so
31:41
Speaker 13: just vote for me to keep Peter Dutton. Now, now
31:43
Speaker 13: that could work politically, it obviously did, but we are
31:46
Speaker 13: poorer for it as a democracy because Australias just don't
31:48
Speaker 13: know what they're getting when they go to the ballot box.
31:51
Speaker 13: So look, I think they're going to be fairly, you know,
31:55
Speaker 13: pretty full on in what they do in the budget.
31:56
Speaker 13: I think it's one of the last chances they'll have
31:58
Speaker 13: to ram through their agenda before the ex election, and
32:00
Speaker 13: I think they're going to.
32:01
Speaker 2: Do it because they've got ninety three seats, they're so
32:05
Speaker 2: far in front. They look at the Libs and they
32:08
Speaker 2: see that there's this accretion of the vote from one nation.
32:12
Speaker 2: They're all over the shop. They're losing badly at a
32:15
Speaker 2: state level, they're all over the shop still federally as well.
32:18
Speaker 2: They're not sure, you know, whether they've got to lean
32:20
Speaker 2: to the left or lean into the right, and they
32:22
Speaker 2: decided the Buggat they're just going to go for broke absolutely, Peter.
32:28
Speaker 14: But also as Dan has just said, they're playing the
32:31
Speaker 14: politics hard here. They are one hundred percent appealing to
32:36
Speaker 14: the millennials, all of the young ones who feel that
32:39
Speaker 14: they can't get ahead, not just feel that they can't
32:41
Speaker 14: get ahead, but aren't getting ahead. So we're seeing that
32:44
Speaker 14: they are disgracefully targeting our retirees with the private health
32:50
Speaker 14: insurance rebate change, people who are on fixed incomes, and Peter,
32:54
Speaker 14: I know you've had a lot of feedback about that,
32:56
Speaker 14: so Aby it is absolutely disgraceful. That's just going to
32:59
Speaker 14: put more pressure on us hospital system and hurt people
33:03
Speaker 14: who have worked incredibly hard and asked for nothing in
33:05
Speaker 14: their lives. But also, as you've already pointed out, the
33:08
Speaker 14: CGT changes in particular punish people who usually only have
33:12
Speaker 14: one investment property. So this is all This is all politics,
33:17
Speaker 14: This is all smoke and mirrors, This is all pretending
33:20
Speaker 14: that they are making changes to help the younger generations
33:24
Speaker 14: whilst actually hurting them. Because, as you've already pointed out
33:27
Speaker 14: in the past, when Keating did this, rents went up
33:32
Speaker 14: and it hurt the very people that Labor were allegedly
33:35
Speaker 14: trying to assist.
33:38
Speaker 2: Just on that point, then Dan, how's the two or
33:41
Speaker 2: three hundred dollars rebate next week? Get to touch the
33:43
Speaker 2: sides when your mortgage is going up, when you're losing
33:46
Speaker 2: your negative gearing because you're a nurse and you've just
33:48
Speaker 2: got one property. You're not a sophisticated investor. Let's say
33:51
Speaker 2: you're not in the share market. You like to touch
33:53
Speaker 2: and feel a little flat. That's your retirement there, and
33:56
Speaker 2: now you won't have negative gearing. Two hundred dollars or
34:00
Speaker 2: three hundred dollars makes no difference at all. How's that
34:04
Speaker 2: going to get them popular support out in the electro Well, I.
34:07
Speaker 13: Think they depended upon carving it up. I mean, Labor
34:09
Speaker 13: is a very sectional party. They always have been a
34:12
Speaker 13: sectional party. So what they're I think trying to do
34:14
Speaker 13: I guess with the politics is to say, well, this
34:16
Speaker 13: cohort is going to be better off, this cohort is
34:18
Speaker 13: going to be worse off, and hope that people don't
34:20
Speaker 13: notice that the net effect, which may well be the case.
34:24
Speaker 2: But just one other quick point.
34:25
Speaker 13: I think with the with the budget, for all of
34:27
Speaker 13: the problems it's going to have, it's still not going
34:29
Speaker 13: to deal with the fundamentals. Right We've got two percent growth,
34:32
Speaker 13: not three or four. We've got mass immigration destroying our economy,
34:35
Speaker 13: dead at a trillion dollars. The government isn't serious about
34:37
Speaker 13: fixing any of these problems at all.
34:40
Speaker 2: And it's only though, if the opposition steps up do
34:43
Speaker 2: you have a contest. And too often the opposition just
34:46
Speaker 2: wants to be a little, you know, a little less
34:48
Speaker 2: bad as labor as opposed to going for broke in
34:51
Speaker 2: terms of conviction. I've got to ask you about the
34:54
Speaker 2: visit by the Japanese Prime Minister to Australia, first female
34:58
Speaker 2: ever in the job, in one one of our close
35:01
Speaker 2: emerging I won't say they're an Ali yet, but certainly
35:04
Speaker 2: we're on the same page when it comes to the
35:06
Speaker 2: South China Sea and many other things, and obviously the
35:09
Speaker 2: quad they made such a solemn dance about the woman
35:12
Speaker 2: from the EU and she addresses Parliament. Suna Takichi is,
35:17
Speaker 2: as I say, the first female prime minister there. But
35:19
Speaker 2: she woned an enormous landslide. But because our bloke is
35:23
Speaker 2: so scared of Beijing, we basically had to put her
35:27
Speaker 2: in a broom covet in camera and hope she gets
35:28
Speaker 2: on a plane and gets out of here pretty quickly.
35:33
Speaker 14: Well, Peter, what a difference a week makes. So, first
35:40
Speaker 14: of all, the Japanese Prime Minister is clearly the wrong
35:43
Speaker 14: kind of woman. Prime minister doesn't want women like this
35:47
Speaker 14: standing next to him, let alone holding him to account.
35:50
Speaker 14: They call her the Iron Lady because she is standing
35:53
Speaker 14: up to China as she as she should for her country.
35:58
Speaker 14: But also, Peter, it was just last week that we
36:02
Speaker 14: had a new Defense secretary and the only thing that
36:06
Speaker 14: the Prime Minister really wanted to tell us was that
36:08
Speaker 14: she was a woman.
36:09
Speaker 2: So here we have what should be celebrated.
36:13
Speaker 14: The very first prime Minister of Japan popularly elected. She
36:17
Speaker 14: is an incredible person who's getting rave reviews pretty much worldwide.
36:23
Speaker 14: And as you've just pointed, out labor, hide her in
36:26
Speaker 14: a broom cupboard because because they are still appeasing China,
36:30
Speaker 14: as they always will, they want to pretend that she's
36:33
Speaker 14: not here.
36:35
Speaker 2: Just quickly. Big farmers will be a bit nervous about
36:38
Speaker 2: this talk of going after trusts. Oh, of course they will.
36:43
Speaker 14: It's a pretty common family family planning, succession planning structure
36:49
Speaker 14: in terms of farming. And again, Peter, I just I
36:53
Speaker 14: don't understand how there's any confidence left in the Australian
36:56
Speaker 14: business market, let alone the private an individual investment market
37:02
Speaker 14: because of the constant stream of changes we hear labor
37:07
Speaker 14: announcing and then running away from or they're actually going
37:11
Speaker 14: to implement. So on top of record high diesel prices,
37:17
Speaker 14: high fertilizer prices, shortages of both interest rates going through
37:22
Speaker 14: the roof, they've killed live sheep export there is zero sorry,
37:26
Speaker 14: and then of course the renewables that are destroying prime
37:28
Speaker 14: agricultural farming land all.
37:30
Speaker 2: Over a Stadia.
37:31
Speaker 14: There's no confidence in agriculture. And if you don't have
37:34
Speaker 14: a successful agricultural sector, our economy is pretty well stuffed.
37:41
Speaker 2: You're not wrong, absolutely not wrong. I'll leave it there,
37:43
Speaker 2: thank you both. We'll cross live to the Victorian Parliament.
37:46
Speaker 2: Ark's to break labor is selling a big election year budget,
37:50
Speaker 2: but it's just big debt thirty three million a day
37:54
Speaker 2: on debt interest alone. I'll go back. We check in
38:02
Speaker 2: with my mate Paul Murray up in Aubrey to night.
38:05
Speaker 2: Of course we've got the pub test, but I'll be
38:07
Speaker 2: interested in these observations on the ground in Farah. But
38:10
Speaker 2: let's go back now to the Victorian state budget brought
38:13
Speaker 2: down this afternoon. The Allen government has had to rely
38:17
Speaker 2: on a back room one point one billion dollar lotter
38:20
Speaker 2: deal to inflate its finances and deliver a operating surplus.
38:25
Speaker 2: I don't think it's real, and also deal with the
38:28
Speaker 2: debt set to hit two hundred billion by twenty thirty. Now,
38:33
Speaker 2: usually these licensed deals for lotto are done every ten years.
38:37
Speaker 2: What they've done here is they've done a forty year
38:39
Speaker 2: extension to bring in the money. So see this for
38:43
Speaker 2: what it is. And that debt, as I say, it'll
38:45
Speaker 2: keep going up and up and up. Indeed, thirty billion
38:48
Speaker 2: dollars will be added to the debt just over the
38:51
Speaker 2: next four years alone. By that time, Victorians will be
38:54
Speaker 2: playing close to twelve billion a year in interest charges
38:58
Speaker 2: thirty two billion a DA two hundred and thirty million
39:02
Speaker 2: over the week. This is extraordinary here to discuss this
39:06
Speaker 2: and a few other things. Opposition leader, the Liberal Jess Wilson, Jess,
39:09
Speaker 2: thank you for your time. I've got to be really
39:14
Speaker 2: frank here. It's all about Donald Trump. It's all about
39:18
Speaker 2: the Iran war. This is the excuses we're getting from
39:21
Speaker 2: the government, not just for the debt but also the
39:24
Speaker 2: economic volatility in the economy in Victoria. And then you've
39:29
Speaker 2: got this ten year deal on Lotto stretched out to
39:33
Speaker 2: forty I mean, I go through the budget of papers.
39:36
Speaker 2: I don't think it's worth the paper it's printed on.
39:41
Speaker 7: Well, good evening, Peter, and I think you're spot on
39:43
Speaker 7: when it comes to this is a budget full of
39:46
Speaker 7: excuses and no solutions to deal with the financial crisis
39:50
Speaker 7: we find ourselves in Victoria after more than a decade
39:53
Speaker 7: of Labour's financial mismanagement. You spoke about the lotto deal. Now,
39:58
Speaker 7: this is a deal that should have been done for
40:00
Speaker 7: the next ten years, but instead we're seeing a deal
40:02
Speaker 7: done for forty years. And there are serious questions for
40:06
Speaker 7: Justin Alan to answer here in terms of why did
40:09
Speaker 7: this not go out to a public tender. Why is
40:11
Speaker 7: this such a secret deal. We know that the company
40:14
Speaker 7: that has been given the deal is a donor to
40:16
Speaker 7: the Labor Party. There are serious questions to answer whether
40:20
Speaker 7: taxpayers have got value for money, but also the fact
40:23
Speaker 7: that this deal is clearly just a prop up the
40:26
Speaker 7: budget bottom line. We see that into Alan today and
40:29
Speaker 7: the Treasurer are talking about their operating surplus. Yet when
40:33
Speaker 7: it comes to the cash position of the budget, when
40:35
Speaker 7: it takes into account spending on infrastructure, spending on schools, roads, hospitals,
40:41
Speaker 7: we see a seven point seven billion dollar deficit. That
40:44
Speaker 7: is the reality of Labour's budget. When you look at
40:47
Speaker 7: the largest infrastructure project in this state's history, the suburban
40:50
Speaker 7: rail loop, there still is a TBC in the line item.
40:54
Speaker 7: In terms of future expenditure. This budget isn't worth the
40:58
Speaker 7: paper it's printed on. And Victorians once again are being
41:01
Speaker 7: lied to by this premier and this Labor government.
41:05
Speaker 2: And we all know Jesse that interest payments are dead money.
41:08
Speaker 2: It's like it is when it's a your mortgage at home.
41:11
Speaker 2: It's no different when you're running a government. We've got
41:14
Speaker 2: the shrine, you know, We've got that Veterans Memorial on
41:17
Speaker 2: Sint Kilda Road in Melbourne that has had to open
41:20
Speaker 2: its doors and take in cocktail parties in hospitality to
41:23
Speaker 2: try and meet an operating budget when they want sort
41:25
Speaker 2: of three to four million a year. Well, Victorians are
41:29
Speaker 2: paying that in interest, are paying two hundred and thirty
41:31
Speaker 2: million every single week. Imagine what you could do with
41:36
Speaker 2: two hundred and thirty million dollars.
41:41
Speaker 7: Your spot on when it comes to the opportunity cost
41:44
Speaker 7: of the interest for payments next year, the interest bill
41:47
Speaker 7: could fund Victoria Police Ambulance, Victoria and all of Victoria's
41:52
Speaker 7: kindergartens combined and leave a billion dollars on the bank afterwards.
41:57
Speaker 7: Like that is the opportunity cost. Every single hour in
42:00
Speaker 7: the next financial year, Victorians will be paying more than
42:03
Speaker 7: a million dollars in interest for payments just to service
42:07
Speaker 7: the debt. Every single hour.
42:09
Speaker 2: We could hire.
42:10
Speaker 7: Ten additional police officers, We could hire nine paramedics, eleven teachers.
42:15
Speaker 7: That is the opportunity cost of not managing the budget.
42:18
Speaker 7: And I think what we see from Premier Allen today
42:20
Speaker 7: the Treasurer is once again a failure to take responsibility,
42:25
Speaker 7: blame everybody else, but no plan to actually tackle the
42:28
Speaker 7: rising debt that is going to make it harder and
42:30
Speaker 7: harder to deliver the services the victorians need.
42:35
Speaker 2: Look, I know the other day you announced it you
42:36
Speaker 2: would cap the fat cat salaries for public servants, but
42:39
Speaker 2: again in the budget papers, and I've drawn this to
42:42
Speaker 2: my viewers attention tonight. You've got a twenty three percent
42:45
Speaker 2: increase in expenditure from just the premier's own department alone.
42:51
Speaker 2: How do you justify basically a quarter more spending on
42:55
Speaker 2: public servants and advisors?
43:00
Speaker 7: Continue to see the wage bill increase year on year
43:03
Speaker 7: and far exceed what is usually forecast in the budget.
43:07
Speaker 7: The wages expenses just keep growing under this government. And
43:10
Speaker 7: to your point, since the Labor government came into power
43:13
Speaker 7: in twenty fourteen, we've seen a tripling in the number
43:16
Speaker 7: of executives. Executives in the back office are really looking
43:20
Speaker 7: after those big bill projects, those major projects that see
43:23
Speaker 7: cost blowout after cost blowout. Yet there are no KPIs.
43:27
Speaker 7: You know, if you're working in a private company and
43:30
Speaker 7: you saw your projects blow out by billions upon billions
43:33
Speaker 7: of dollars, you would no longer have your job. That's
43:36
Speaker 7: why we have announced that we would put in place
43:38
Speaker 7: in executive salary cap to bring those salaries back in
43:41
Speaker 7: line with community expectations, because I don't think it's fair
43:45
Speaker 7: that we see executives on the big build being paid
43:47
Speaker 7: more than eight hundred thousand dollars at a time we
43:50
Speaker 7: don't have enough police on the beat, or that graduate
43:52
Speaker 7: nurses cannot get jobs in hospitals despite the taxpayer funding
43:56
Speaker 7: their degrees. This is a government that just has its
43:58
Speaker 7: priorities all wrong.
44:01
Speaker 2: Just quickly, just congratulations on the nap and went on
44:04
Speaker 2: the weekend. But I think some of your colleagues have
44:07
Speaker 2: got their heads up their backside because they still don't
44:09
Speaker 2: see the threat that one nation is. I see that
44:12
Speaker 2: you understood that very clearly in your comments on Monday.
44:15
Speaker 2: You've got to you know, twenty five percent of the
44:17
Speaker 2: primary vote going to a competitor, and you will not
44:21
Speaker 2: win the election if that is what happens in November.
44:25
Speaker 2: So are you getting that message across to your colleagues.
44:31
Speaker 14: Oh?
44:31
Speaker 7: Look, what I'm really focused on, Peter, is learning the
44:33
Speaker 7: lessons out of Nepean. And I've been really upfront with
44:36
Speaker 7: voters that we do have to listen to voters, and
44:39
Speaker 7: we do have to listen to their concerns and take
44:41
Speaker 7: the lessons out of that by election result. I stood
44:44
Speaker 7: on pre poll for ten days. I talked to thousands
44:47
Speaker 7: of voters over the course of the Nepean by election,
44:51
Speaker 7: and what I heard is that they're frustrated.
44:53
Speaker 2: They're sick and.
44:54
Speaker 7: Tired of politicians telling them that everything's going to be okay.
44:57
Speaker 7: They're fed up with politics and politicians spinning. And I
45:01
Speaker 7: get it. And what I said to them is, we
45:03
Speaker 7: have serious challenges in this state and I know you
45:06
Speaker 7: want to see a change of direction. I know you
45:08
Speaker 7: want to see that hope again. I know you believe
45:10
Speaker 7: in this state like I do, and we have to
45:12
Speaker 7: fix it. But we won't be able to fix it overnight.
45:15
Speaker 7: But as your alternative premiere, I'm going to work day in,
45:18
Speaker 7: day out, and whether that's rebuilding the local hospital down
45:21
Speaker 7: in Rosebud, whether that's taking the responsible financial decisions like
45:25
Speaker 7: the billion dollars in savings we will take from scrapping
45:28
Speaker 7: the treaty here in Victoria. These are the decisions that
45:31
Speaker 7: you have to take, the economically responsible decisions so you
45:34
Speaker 7: can deliver those essential services. And we'll continue to outline
45:37
Speaker 7: our plan, our economic plan, our plan to tackle the
45:40
Speaker 7: crime crisis over the coming months to ensure that we
45:43
Speaker 7: drive our primary vote this November.
45:46
Speaker 2: All right, keep pushing your party room, Jess. I'll leave
45:49
Speaker 2: it there. We've got plenty of faith in you. You
45:51
Speaker 2: are doing what you're saying. Others I want to see
45:53
Speaker 2: a bit more effort, Victoria, Come on, Victoria and the rules.
45:56
Speaker 2: All right, after the break, quick break, we're going to
45:57
Speaker 2: go up to Paul Murray. What's it like? Farah will
46:01
Speaker 2: join the big man in a moment. Well, welcome back.
46:07
Speaker 2: Having up at nine o'clock tonight, Paul Murray of course
46:09
Speaker 2: hosting one of his famous pub tests, this one for
46:13
Speaker 2: the Pharah by election. Coming live to us then from Albury,
46:16
Speaker 2: and he's got all the candidates in the room, including me.
46:20
Speaker 2: I want to say she's an Independent issues the teal
46:22
Speaker 2: Michelle Millthorpe, And joining me is the man himself, Paul Murray. Well, hello, handsome,
46:26
Speaker 2: how's Fara treating you? Give us, give us your sense
46:30
Speaker 2: of things on the ground.
46:33
Speaker 10: Yeah, look, I mean obviously I was able to watch
46:36
Speaker 10: from afar when you've been here and the campaign was
46:41
Speaker 10: quite fluid. There was a time when again the bookies
46:44
Speaker 10: told us that the Independent was in front. We now,
46:47
Speaker 10: of course have a scenario where the expectation is that
46:49
Speaker 10: it's one nation that's in front. But I've got to
46:52
Speaker 10: say just even the simple tasting of people and their
46:56
Speaker 10: opinions is they're kind of over it by now, because
46:58
Speaker 10: as you know, it's not just all of the news coverage.
47:01
Speaker 10: It's an endless bombardment of digital advertising. There's so many
47:06
Speaker 10: ways they can come at you, and they come at
47:08
Speaker 10: you with the total intensity of everything that's at staken.
47:13
Speaker 6: Now.
47:13
Speaker 10: Of course, we're not talking about a minority or majority government.
47:16
Speaker 10: We're not talking about a change of government.
47:17
Speaker 8: We're talking about.
47:19
Speaker 10: Who is the shape of the opposition, what is the
47:23
Speaker 10: voice that will end up taking up the fight to
47:26
Speaker 10: the existing government. And my sense of things are that
47:29
Speaker 10: certainly one nation is in front. But but but there
47:32
Speaker 10: was an opinion poll that came out today from Yukom's.
47:35
Speaker 10: It basically shows both the independent and one Nation in
47:38
Speaker 10: and around thirty percent preferences would obviously help one nation,
47:42
Speaker 10: But I think the longer it's gone, it's been not great.
47:45
Speaker 10: Towards the end for one nation.
47:47
Speaker 2: Well, I think it's coming down to Aubrey. I don't
47:49
Speaker 2: think that the independence in any is shot out outside
47:52
Speaker 2: of Aubrey, and that's fifty percent of the vote. Aubrey's
47:55
Speaker 2: where they're playing it really, really hard. And of course,
47:57
Speaker 2: you know she's got hundreds of thousands of dollars of
48:00
Speaker 2: Climate two hundred money. Are you going to put it
48:02
Speaker 2: really on her tonight to talk about it her funding?
48:05
Speaker 2: Because she says, you know, ninety eight percent of my
48:08
Speaker 2: money comes from local donations. But that might be just
48:11
Speaker 2: the number of them, not the quantum of money. You
48:15
Speaker 2: can have a lot of little donations from people in Aubury,
48:17
Speaker 2: but if you're getting hundreds of thousands of dollars out
48:20
Speaker 2: of Sydney, out of Climate two hundred, that's who your
48:22
Speaker 2: backer is.
48:26
Speaker 10: Absolutely, I've got my writing orders, but I will not disappoint.
48:30
Speaker 10: I promise you that that question has to be confronted
48:33
Speaker 10: as well as there's a nuanced position when it comes
48:36
Speaker 10: to fossil fuels, where of course there should be no
48:39
Speaker 10: new oil and gas, but we should be keeping the diesel.
48:42
Speaker 8: Subsidies or all of that.
48:44
Speaker 10: So there's a lot that we'll get into. And most importantly,
48:47
Speaker 10: what I love is not just people being able to
48:49
Speaker 10: ask questions, but that lovely moment where the candidates get
48:51
Speaker 10: to ask each other questions, and I reckon everyone who's
48:54
Speaker 10: not the Independent will be asking a version of what
48:56
Speaker 10: we just talked about.
48:58
Speaker 2: There's a lot you do that I love, but I
49:01
Speaker 2: really love these pub test Paul. So I will be
49:03
Speaker 2: there with my glass of wine at nine o'clock. I
49:05
Speaker 2: will not miss a second. And I want you to
49:08
Speaker 2: really tell her right because I don't think she's telling
49:10
Speaker 2: the electric the truth. Thank you very much. My friend
49:13
Speaker 2: will see you then. All right, that's it for me.
49:15
Speaker 2: Up next is Steve Price.