Latest / Best of Business / Murray Olds: Australian correspondent on the RBA warning the Middle East could have economic impacts

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Murray Olds: Australian correspondent on the RBA warning the Middle East could have economic impacts · Best of Business

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  Speaker 1: You're listening to a podcast from News Talk zed B.
• 0:12
  Speaker 1: Follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Marie Old's Australia corresponding with us now Hamas Afternoon to Heather.
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  Speaker 2: So we have public displays of mourning as well, do we.
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  Speaker 3: We do in Sydney? Yes, and denounced by the premiere
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  Speaker 3: of New South Wales, Chris Men's atrocious. A number of
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  Speaker 3: Sheit mosques and Islamic institutions in Sydney and Melbourne. We're
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  Speaker 3: planning to hold memorials and prayer sessions today for comin Ay.
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  Speaker 3: He of course, died on the weekend. One shea Heite
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  Speaker 3: leader in Sydney. I heard him say on the news
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  Speaker 3: late yesterday that Jamine, far from being a lowlight swine
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  Speaker 3: that most of the world seemed to think he was,
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  Speaker 3: he was, in fact a renowned scholar, a global scholar.
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  Speaker 3: Men's this morning city was simply an evil man. He
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  Speaker 3: won't be missed by most people, thousands skilled only your weeks,
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  Speaker 3: only a few weeks ago, of course, for daring to
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  Speaker 3: oppose the regime. One boy of eleven or twelve, According
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  Speaker 3: to the premiere, I've not seen this anywhere else but
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  Speaker 3: men's are saying there was one boy eleven or twelve
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  Speaker 3: years old who was put to death on suspicion he
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  Speaker 3: was gay, God forbid. This is in Iran, so not
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  Speaker 3: too many tears shed for this guy. But in Islamic
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  Speaker 3: Center in Sydney South it did invite members to special
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  Speaker 3: prayers today to honor him. It SEMs deleted that post
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  Speaker 3: that declared that Hezbollah is the victory in all of this.
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  Speaker 3: So look, there's some nasti stuff going on in terms
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  Speaker 3: of people, you know, wanting to mourn the loss of
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  Speaker 3: this man, But as far as certainly the Prime Minister
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  Speaker 3: here and the Premier music South Wales, no tears for
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  Speaker 3: that fellow at all.
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  Speaker 2: It doesn't sound like it now. The trouble, of course
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  Speaker 2: for the rest of us, even as far away as
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  Speaker 2: we are, is that this potentially affects our cash rights,
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  Speaker 2: doesn't it?
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  Speaker 3: Oh No, kidding absolutely right. Reserve Bank governor over here,
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  Speaker 3: Michelle Bullock was out to saying it's look, it's too
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  Speaker 3: early to know what impact this war, how long it is,
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  Speaker 3: the intensity of it, how disruptive it's going to be.
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  Speaker 3: So it's impossible to say right now how impactful it's
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  Speaker 3: going to be on the Australian economy. But we're warning
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  Speaker 3: here today economists that petrol prices could rise by forty
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  Speaker 3: cents a liter. Of course, it's going to add to inflation.
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  Speaker 3: Oil prices are up ten percent. It's going to flow
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  Speaker 3: through to local fuel prices make up about two to
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  Speaker 3: three percent of headline inflation. We're currently three point eight percent,
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  Speaker 3: well outside the target range of our Reserve Bank over here.
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  Speaker 3: And indeed airline fuel prices are set to soar as well,
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  Speaker 3: and that means ticket prices go up. I was staggered
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  Speaker 3: to learn from the Foreign Minister Penny Wong. There's one
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  Speaker 3: hundred and fifteen thousand Australians caught up in the Middle
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  Speaker 3: East right now. They're traveling or they're living up there.
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  Speaker 3: Now that's the population of Lower Heart or Dunedin. I mean,
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  Speaker 3: it's a staggering number of people who are now caught up,
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  Speaker 3: and of course they've got nobody way of getting home
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  Speaker 3: because airspace is closed and the flights out are very
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  Speaker 3: very few and far between. So it's a mess and
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  Speaker 3: getting worse by the minute.
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  Speaker 2: So is the Australian government at the stage making moves
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  Speaker 2: to get them back.
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  Speaker 3: Well, they can't. There's no ability to fly planes in
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  Speaker 3: and out of the region. In fact, Penny One was
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  Speaker 3: asked this twenty four hours ago. She said, make the
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  Speaker 3: best way. I mean, given that number of people, there's
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  Speaker 3: no way known the Australian government could get a couple
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  Speaker 3: of aging hercules up there, lumbering up to the golf
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  Speaker 3: and back and the need about four hundred trips. She said,
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  Speaker 3: the best way you can get home is on a
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  Speaker 3: commercial flight, So just keep hassling an airline and as
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  Speaker 3: soon as airspace opens up, no doubt the airlines want
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  Speaker 3: to move these people for sure.
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  Speaker 2: Mazz how excited is Melbourne about the Formula.
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  Speaker 3: One by jumping out of their skin because it's the
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  Speaker 3: first race of the season oscopyashtri He was dudded cry
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  Speaker 3: all the Australian F one fans. He was dunded by
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  Speaker 3: Bluddy mclara, which, of course his name for Bruce McLaren,
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  Speaker 3: wasn't it. But of course there's the circus is getting
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  Speaker 3: your town in dribs and drabs. We just spoke about
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  Speaker 3: flights in and out of the Middle East. Apparently the
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  Speaker 3: F one crowd has charted a number of planes that
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  Speaker 3: will actually get down to Melbourne via Aircurity, a Securitus route.
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  Speaker 3: They don't have to go to the Middle East. So
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  Speaker 3: all the cars are going to be on the grid.
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  Speaker 3: But here's the news from Ashton Martin. The only team
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  Speaker 3: this season is going to have a Honda engine, and
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  Speaker 3: all the engines are new and apparently Aston Martin and
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  Speaker 3: Honda have had a shocker. The car simply shakes to
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  Speaker 3: bits when they put the hammer down, and there's not
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  Speaker 3: you know, it's just been really very very poor. There's
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  Speaker 3: battery problems as well, and so what they're going to
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  Speaker 3: do is apparently qualify, which they have to qualify and
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  Speaker 3: then run for a couple of three laps and then
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  Speaker 3: pull out because if they don't, they're going to be
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  Speaker 3: fined massive, massive fines or legal action or even the
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  Speaker 3: loss of an entry slot for the team for the
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  Speaker 3: rest of the season or certainly some races. This was
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  Speaker 3: reported this morning on the nine television network. Over here.
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  Speaker 3: There's something that I didn't know called the one hundred
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  Speaker 3: and seven percent rule. You need to meet this to qualify.
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  Speaker 3: It's a safety rule designed to make sure all the
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  Speaker 3: cars are basically heather fast enough. They're all sort of
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  Speaker 3: vaguely competitive, and they're going to be safe. Now. In
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  Speaker 3: the first phase of qualifying, any driver or car that
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  Speaker 3: doesn't set a lap time within one hundred and seven
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  Speaker 3: percent of the fastest time can be barred from starting.
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  Speaker 3: So look, it's terribly complicated, but make no mistake, they
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  Speaker 3: are absolutely pumping down in Melbourne, redheads from all over
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  Speaker 3: the country. You are going to be down there. I wish
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  Speaker 3: I was there myself.
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  Speaker 2: Oh good stuff, Marz, thanks very much. Marry OL's Australia corresponds.
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