Latest / The Kenny Report / The Kenny Report | 24 June

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The Kenny Report | 24 June · The Kenny Report

• 0:01
  Speaker 1: Live from the sky New Center. This is the Kenny Report.
• 0:07
  Speaker 2: Well, good evening.
• 0:08
  Speaker 3: I'm Jamie Rogers filling in for Chris Kenny tonight.
• 0:12
  Speaker 2: We're coming up on the program.
• 0:14
  Speaker 3: Inflation is down, but the number that really matters is up.
• 0:18
  Speaker 3: Is that a warning that interest rates could rise again
• 0:20
  Speaker 3: and are we edging closer to stagflation. Snowy Hydro two
• 0:25
  Speaker 3: point zero is under fire after thousands of leaders of
• 0:28
  Speaker 3: sewerage contaminated water was flushed into the environment rather than
• 0:33
  Speaker 3: cleaned up, and reform UK leader Nigel Farage is demanding
• 0:38
  Speaker 3: a general election, arguing any successor to Serkis Starmer would
• 0:43
  Speaker 3: have no mandate from.
• 0:44
  Speaker 2: The British people.
• 0:49
  Speaker 3: Well, Jim Chalmer's got the headline he wanted today, the
• 0:53
  Speaker 3: Reserve Bank got the number it feared. That's the real
• 0:56
  Speaker 3: story behind Australia's latest inflation figures. While the headline invation
• 1:01
  Speaker 3: fell to four percent, thanks in part to the government's
• 1:04
  Speaker 3: temporary fuel excise cup, the RBA's preferred measure of underlying
• 1:09
  Speaker 3: inflation moved the opposite direction, going from three point four
• 1:14
  Speaker 3: to three point six percent. That is the highest level
• 1:18
  Speaker 3: since September twenty twenty four. AMP chief economist Shane Oliver says,
• 1:24
  Speaker 3: this is the number we should be focused on.
• 1:27
  Speaker 4: Well, it's good and bad, but overall I'd say it's bad.
• 1:30
  Speaker 4: The key is what the trip mean or the underlying
• 1:33
  Speaker 4: rate of inflation is doing, and it's going the wrong way.
• 1:36
  Speaker 4: So that is a concern I think a fairly big
• 1:38
  Speaker 4: concern for the Reserve Bank, and I think it's consistent
• 1:41
  Speaker 4: with the need for, unfortunately for more interest rate hikes.
• 1:47
  Speaker 3: And that's the point we thought the worst of inflation
• 1:51
  Speaker 3: was behind us, but.
• 1:52
  Speaker 2: Today's figures suggests the fight is far from over.
• 1:56
  Speaker 3: And look where inflation is proving most stubborn very things
• 2:00
  Speaker 3: Australian can't avoid paying for electricity, housing, construction rent. Electricity
• 2:08
  Speaker 3: prices are up twenty one percent over the year. New
• 2:11
  Speaker 3: dwelling construction costs have risen five point six rents are
• 2:16
  Speaker 3: up another three point six percent. And these aren't luxuries,
• 2:20
  Speaker 3: these are essentials. The Treasurer was us today which of
• 2:23
  Speaker 3: the two measurements he considered more important.
• 2:27
  Speaker 5: Well, we pay close attention to both measures of inflation
• 2:30
  Speaker 5: and all of the constituent parts of the inflation story
• 2:33
  Speaker 5: in our economy for four years now, and inflation has
• 2:37
  Speaker 5: been the primary or one of the key indicators that
• 2:42
  Speaker 5: we watch most closely, so it's not really in either or,
• 2:46
  Speaker 5: but to see headline inflation come down for the second
• 2:48
  Speaker 5: month in a row is a very welcome development.
• 2:52
  Speaker 3: The Treasurer says both inflation metas matter and fair enough,
• 2:56
  Speaker 3: but only one of those numbers determines whether there's an
• 2:59
  Speaker 3: interest rate rise. E Toro Market analyst Josh Gilbert said
• 3:04
  Speaker 3: this leaves the RBA walking a narrow path between doing
• 3:08
  Speaker 3: enough to bring inflation back to the two to three
• 3:10
  Speaker 3: percent target and doing too much damage to households and
• 3:14
  Speaker 3: the jobs market. Shadow Treasurer Tim Wilson asked Jim Chalmers
• 3:19
  Speaker 3: about inflation during question time, and the Treasurer didn't really
• 3:23
  Speaker 3: answer seriously.
• 3:25
  Speaker 5: One of the reasons why the Liberal Party is dying
• 3:27
  Speaker 5: in the arms of the opposition leader is because he's
• 3:29
  Speaker 5: trying to out our nation one nation, and that's increasingly perspective.
• 3:33
  Speaker 5: To be fair to him, mister speaker, there is a
• 3:35
  Speaker 5: second reason why the Liberal Party is dying in his arms,
• 3:38
  Speaker 5: and that's the Member for Goldstein.
• 3:42
  Speaker 3: Now, Jim Chalmers might be all smiles tonight, but if
• 3:46
  Speaker 3: underlying inflation keeps rising, mortgage holders won't be.
• 3:55
  Speaker 6: Well.
• 3:55
  Speaker 3: Australia has a debt addiction. This week the state budgets
• 3:59
  Speaker 3: revealed just how bad it's become. While politicians in Canberra
• 4:03
  Speaker 3: obsess over federal debt, it's state governments that have been
• 4:07
  Speaker 3: quietly running up their own tabs.
• 4:09
  Speaker 2: So what's the result.
• 4:11
  Speaker 3: State debt is now approaching the level of federal debt.
• 4:15
  Speaker 3: The Australian Newspaper exposed today just how big the debt
• 4:19
  Speaker 3: crisis is Western Australia. They're not in the red thanks
• 4:24
  Speaker 3: to their revenue from royalties and a great GST deal.
• 4:27
  Speaker 3: What about everywhere else? Well, the warning lights are flashing.
• 4:31
  Speaker 3: Tasmania's debt is forecast arise from six point eight billion
• 4:35
  Speaker 3: this year to almost ten billion by twenty twenty nine.
• 4:39
  Speaker 3: Victoria's dead is pushing beyond two one hundred billion. New
• 4:43
  Speaker 3: South Wales Treasurer Daniel Mookie handed down a budget yesterday
• 4:47
  Speaker 3: showing spending growth of five point four percent this financial year.
• 4:51
  Speaker 3: Now that's almost double the three percent forecast. That's the
• 4:55
  Speaker 3: highest level of spending growth since Labor came to office.
• 4:59
  Speaker 3: Why couldn't the government keep spending in line with what
• 5:02
  Speaker 3: it promised taxpayers? Because once governments develop a spending habit.
• 5:07
  Speaker 3: It's incredibly hard to break. New South Wales gross debt
• 5:11
  Speaker 3: is now forecast to exceed two hundred billion by twenty
• 5:15
  Speaker 3: twenty seven twenty eight. Yet the Treasurer doesn't seem to
• 5:18
  Speaker 3: think spending is a problem.
• 5:20
  Speaker 2: He said this in Parliament.
• 5:23
  Speaker 7: I know that no small business owner gets out of
• 5:26
  Speaker 7: bed inspired by a reduction in New South Wales spending growth.
• 5:31
  Speaker 7: I am certain that no child dreams of growing up
• 5:35
  Speaker 7: in a state with a lower debt to revenue ratio.
• 5:39
  Speaker 3: Look, maybe not, but I'm equally certain that no child
• 5:43
  Speaker 3: dreams of growing up paying off the debts politicians leave behind.
• 5:47
  Speaker 3: And that's exactly where we're heading. Queensland is facing a
• 5:51
  Speaker 3: similar challenge. The twenty thirty two Olympic Games maybe exciting.
• 5:56
  Speaker 3: We all loved Sydney two thousand. It's often referred to
• 5:59
  Speaker 3: as Pacosustralia, but somebody has to pay for the infrastructure
• 6:03
  Speaker 3: and Queensland taxpayers are discovering just how expensive hosting Olympics
• 6:08
  Speaker 3: can become. Queensland Treasurer David Jenetski spoke about their goals
• 6:12
  Speaker 3: for the budget on am Agenda.
• 6:15
  Speaker 8: We're taking a very different approach we're doing as we
• 6:18
  Speaker 8: promise and when we're open for business and we're driving
• 6:21
  Speaker 8: that certain instability through our economy.
• 6:25
  Speaker 3: Now, what we're seeing isn't just a state problem. This
• 6:27
  Speaker 3: is also a national problem. Treasurer Jim Chalmers spends a
• 6:31
  Speaker 3: lot of time talking about productivity, economic reform, and growth,
• 6:36
  Speaker 3: but perhaps the biggest reform is steering governments in the face,
• 6:41
  Speaker 3: and that is spending. Because debt itself, it isn't always bad.
• 6:46
  Speaker 3: Borrowing to build productive infrastructure, borrowing during a national emergency,
• 6:51
  Speaker 3: borrowing for investments that genuinely strengthen the economy. That borrowing
• 6:55
  Speaker 3: makes sense. But that's not what we're seeing. Too often,
• 6:59
  Speaker 3: governments are borrowing to fund promises designed to win the
• 7:03
  Speaker 3: next election rather than strength strengthen the next generation. For years,
• 7:09
  Speaker 3: we've convinced ourselves that economic growth can be driven by
• 7:13
  Speaker 3: bigger government, bigger budgets and a bigger population. But they
• 7:17
  Speaker 3: cannot spend a nation into success. What concerns me is
• 7:21
  Speaker 3: we've started treating debt as normal. You know, a billion
• 7:25
  Speaker 3: dollars here, ten billion dollars there, a federal debt ceiling
• 7:28
  Speaker 3: heading towards one point two trillion dollars, and now state
• 7:32
  Speaker 3: debt approaching federal debt.
• 7:35
  Speaker 2: We've become numb to the numbers. But the interest bill
• 7:38
  Speaker 2: is real.
• 7:40
  Speaker 3: Every dollar spent servicing debt is a dollar that can't
• 7:43
  Speaker 3: be spent on roads, can't be spent.
• 7:45
  Speaker 2: On hospitals or on schools.
• 7:48
  Speaker 3: It's simply the cost of yesterday's political decisions and at
• 7:51
  Speaker 3: some point somebody has to pay. That's not responsible government.
• 7:57
  Speaker 3: It's intergenerational theft.
• 8:03
  Speaker 2: Or the housing market is wobbling.
• 8:05
  Speaker 3: Auction clearance rates are collapsing, house prices are falling, Investors
• 8:11
  Speaker 3: they're heading for the exits. And the Housing Minister's response relax,
• 8:16
  Speaker 3: it's just a market correction.
• 8:18
  Speaker 9: Look, I think the housing markets cyclical in Australia a
• 8:21
  Speaker 9: very uncontroversial comment. We see periods of very significant house
• 8:25
  Speaker 9: price growth and then we see the market make a
• 8:27
  Speaker 9: correction and that's what we're seeing at the moment.
• 8:29
  Speaker 2: So we're in a market correction now, that's correct.
• 8:31
  Speaker 9: I don't think that's controversial at all. We've just been
• 8:34
  Speaker 9: through what has been extremely high house price growth in
• 8:37
  Speaker 9: the period from COVID basically before COVID to today.
• 8:42
  Speaker 2: Is the Minister serious?
• 8:44
  Speaker 3: Does Clara O'Neil honestly think this is a good thing
• 8:47
  Speaker 3: for everyday Australians whose main asset is the family home
• 8:52
  Speaker 3: and it's going to have thousands of dollars wiped off
• 8:54
  Speaker 3: its value. And Flattery Area Group senior economists acknowledged that
• 9:00
  Speaker 3: auction clearance rates are falling and property prices are weakening.
• 9:05
  Speaker 10: It's been quite a long time, I think, apart from
• 9:08
  Speaker 10: the beginning of the pandemic era when we were seeing
• 9:11
  Speaker 10: a bit of market panic, we haven't really seen clearance
• 9:13
  Speaker 10: rates this low. I think that a bit of context
• 9:16
  Speaker 10: is needed. Though we had seen the clearance rate move
• 9:19
  Speaker 10: lower since the start of the year in response to
• 9:21
  Speaker 10: higher interest rates, but there has been an additional clear
• 9:25
  Speaker 10: drop off in the clearance rate in response to the
• 9:27
  Speaker 10: budget as well.
• 9:29
  Speaker 3: Deputy Liberal Leader Jane Hume said confidence has taken a hit.
• 9:35
  Speaker 11: What we're seeing is a correction caused by uncertainty because
• 9:38
  Speaker 11: of Labour's policies. I mean, let's face it, we've had
• 9:42
  Speaker 11: a housing supply crisis that has gone on now for
• 9:45
  Speaker 11: four years. Every Australian that owns a house wants to
• 9:48
  Speaker 11: see house prices both stabilize and that the money that
• 9:53
  Speaker 11: they have put into their house grows steadily over time.
• 9:57
  Speaker 2: The prices are plummeting.
• 9:59
  Speaker 3: According to the SMH, house prices could fall by one
• 10:02
  Speaker 3: hundred thousand dollars in Sydney and Melbourne. Homeowners will hold
• 10:06
  Speaker 3: on to their most precious asset rather than sell, which
• 10:09
  Speaker 3: will restrict the market even further. Australia is in a
• 10:14
  Speaker 3: housing affordability crisis. But you don't solve a housing shortage
• 10:18
  Speaker 3: by driving investment away. You solve it by building more homes.
• 10:23
  Speaker 3: Make it easier to invest, easier to develop, and easier
• 10:26
  Speaker 3: to build because every rental property starts with an investor
• 10:31
  Speaker 3: willing to take a risk, Every apartment block starts with capital,
• 10:35
  Speaker 3: every new housing estate starts with confidence. And confidence is
• 10:39
  Speaker 3: exactly what this government is damaging. Claire O'Neil can call
• 10:44
  Speaker 3: it a market correction or she likes, but when confidence
• 10:47
  Speaker 3: collapses after you change the rules, Australians are entitled to
• 10:52
  Speaker 3: ask a simple question, was this the plan? Or has
• 10:56
  Speaker 3: the government broken something it doesn't know how to fix.
• 11:05
  Speaker 3: Well after securing the support of the Greens to pass
• 11:07
  Speaker 3: its latest tax changes, the Prime Minister has once again
• 11:11
  Speaker 3: shifted position. Despite previously ruling out any deals with the
• 11:15
  Speaker 3: Greens before the last election, and serious concerns are emerging
• 11:19
  Speaker 3: over the troubled Snowy Hydro two point zero project, with
• 11:22
  Speaker 3: reports thousands of leaders of sewerage contaminated water were discharged
• 11:27
  Speaker 3: into the environment, adding to a growing list of delays,
• 11:30
  Speaker 3: cost blowouts and management failures. Let's bring in Regional Health
• 11:36
  Speaker 3: Minister and Webster and it is great to see you.
• 11:40
  Speaker 3: I want to start with the deal that was done
• 11:42
  Speaker 3: yesterday between Labor and the Greens to get their tax
• 11:45
  Speaker 3: changes passed. Didn't Albanezi say before the last election that
• 11:49
  Speaker 3: he wouldn't do a deal with the Greens?
• 11:52
  Speaker 2: He's just changed his position again.
• 11:55
  Speaker 12: Wow, is anyone surprised anymore? Can anyone believe word that
• 12:00
  Speaker 12: the Prime Minister says, while he repeatedly has told us
• 12:05
  Speaker 12: in the past that his word is his bond And
• 12:08
  Speaker 12: he made many, many promises, some ninety seven times for
• 12:13
  Speaker 12: reduced electricity bills and then fifty times that he wouldn't
• 12:18
  Speaker 12: touch CGT negative gearing. Here we are, here we are
• 12:21
  Speaker 12: and the Greens are in bed with Labor.
• 12:24
  Speaker 2: No surprise there either.
• 12:26
  Speaker 12: So Australia is in a deep trouble with the government
• 12:31
  Speaker 12: who can't tell the truth and who can't make a
• 12:34
  Speaker 12: clear pathway forward. Your upfront piece there, Jamie tells it
• 12:40
  Speaker 12: everything about the housing market. I mean, it is pretty disastrous.
• 12:45
  Speaker 12: And people who've gone in for that five percent helped
• 12:49
  Speaker 12: to buy scheme that Labor set up. What are they
• 12:52
  Speaker 12: thinking when they bought a house at the top of
• 12:55
  Speaker 12: the market and now it's falling and they have got
• 12:58
  Speaker 12: less money invested than they thought. It's not a pretty scenario.
• 13:03
  Speaker 2: No, it really isn't.
• 13:04
  Speaker 3: What did you make of Clara O'Neill's comments today where
• 13:07
  Speaker 3: she just said it's a market.
• 13:09
  Speaker 12: Correction more gas lighting by the Labor government. I've got
• 13:17
  Speaker 12: to tell you, sitting in the House and listening to
• 13:20
  Speaker 12: minister after minister, including the Prime Minister and the Treasurer,
• 13:25
  Speaker 12: tell Australian's porkies in order to look like they've got
• 13:28
  Speaker 12: the whole thing under control nothing to see here is
• 13:32
  Speaker 12: pretty well beyond endurance for those of us on the
• 13:36
  Speaker 12: other side of the house. I can assure you we
• 13:40
  Speaker 12: have so much to say at them, and I think
• 13:44
  Speaker 12: their lowest trick is to come out and make personal
• 13:47
  Speaker 12: attacks on those on our side. And look, honestly, it's
• 13:52
  Speaker 12: a fairly frustrating place to be right now.
• 13:55
  Speaker 3: And I want to talk to you about a story
• 13:58
  Speaker 3: that the Australian has reported of, and it's that the
• 14:01
  Speaker 3: contractor who's building the Snowy Hydro two point zero flushed
• 14:04
  Speaker 3: thousands of leaders of sewerage contaminated water into the environment.
• 14:09
  Speaker 3: And this was instead of just cleaning it up properly.
• 14:12
  Speaker 3: And I look at this and I think, what does
• 14:14
  Speaker 3: that say about the oversight and management of this infrastructure project.
• 14:21
  Speaker 12: Well, clearly it's a disaster. Not only are we seeing
• 14:25
  Speaker 12: the cost of the project go through the roof, and
• 14:28
  Speaker 12: I note this astray and also said that we could
• 14:31
  Speaker 12: be looking at a trillion dollars in terms of network
• 14:34
  Speaker 12: costs into the future. How labor can talk about nuclear
• 14:40
  Speaker 12: and they are in control.
• 14:42
  Speaker 2: Of this kind of mess.
• 14:43
  Speaker 12: And I can almost part wait to hear tomorrow where
• 14:46
  Speaker 12: the government have to say that this is not their fault,
• 14:49
  Speaker 12: this is nothing they have control over, and that these
• 14:53
  Speaker 12: project managers have got away with this kind of behavior
• 14:57
  Speaker 12: is just extraordinary. There's nothing green about that behavior. And
• 15:02
  Speaker 12: what it will cost tax payers further to clean up,
• 15:06
  Speaker 12: if indeed it can be cleaned up into the future.
• 15:09
  Speaker 2: I guess we will wait and see. But when do
• 15:12
  Speaker 2: we get to a point.
• 15:12
  Speaker 3: Where we actually just say, you know what, we've got
• 15:14
  Speaker 3: to pull the pin on this project. It is becoming
• 15:16
  Speaker 3: an absolute money pit with no end in sight.
• 15:22
  Speaker 12: Well look, I look at Victorian projects Suburban rail Loop
• 15:25
  Speaker 12: as well, and it's another disaster. CFMAU fingerprints all over it,
• 15:32
  Speaker 12: potentially fifteen billion or more in corruption and crime. And
• 15:38
  Speaker 12: now we hear that CFMU are going to be helping
• 15:40
  Speaker 12: out at snowy.
• 15:41
  Speaker 2: Two point zero.
• 15:41
  Speaker 1: I can't wait.
• 15:43
  Speaker 2: It's just unbelievable, and.
• 15:46
  Speaker 12: I think that it behooves government to say enough is enough.
• 15:52
  Speaker 12: There is a lot of pride in saying that you
• 15:56
  Speaker 12: have achieved a magnificent project and if it goes well
• 16:00
  Speaker 12: and you are somewhere within it a bull's raw of
• 16:02
  Speaker 12: the price that was set to achieve that and a
• 16:05
  Speaker 12: time frame in which to achieve that, that's great. But
• 16:09
  Speaker 12: you know, you look at snowy two point zero initiated
• 16:13
  Speaker 12: under Malcolm Turnbull, and you look at the Suburban rail Loop.
• 16:17
  Speaker 12: I think that there is a time where Australia should
• 16:20
  Speaker 12: have a voice because ultimately you spoke earlier about debt
• 16:24
  Speaker 12: being passed on to our children. Well absolutely, and the
• 16:29
  Speaker 12: debt's not going to go away, and it's just going
• 16:31
  Speaker 12: to increase. So I think there is a responsible government
• 16:36
  Speaker 12: we'd look at this mess and say, all right, we
• 16:39
  Speaker 12: need to go back to the drawing board. Where are
• 16:42
  Speaker 12: we past the point of no return? And I don't
• 16:45
  Speaker 12: know the answer to that. I have no engineering knowledge
• 16:49
  Speaker 12: per se, and I'm not don't have any eyesight in
• 16:53
  Speaker 12: terms of the project timelines and the costs and all
• 16:56
  Speaker 12: the rest of it. This is the government responsibility, So
• 16:58
  Speaker 12: Labor and Government they need to be looking at this
• 17:01
  Speaker 12: honestly and doing the right thing by the Australian people.
• 17:05
  Speaker 3: And just quickly before I let you go, Independent MP
• 17:08
  Speaker 3: Doctor Helen Haynes and Senator David Pocock, they're calling for
• 17:12
  Speaker 3: students we paid for their prack. And this was actually
• 17:16
  Speaker 3: something that came up a few times during the election
• 17:18
  Speaker 3: campaign where people said, I know how to fix the
• 17:21
  Speaker 3: lacking psychiatrist numbers. Pay students for prack because they're all
• 17:25
  Speaker 3: dropping out because they simply can't afford to live that way.
• 17:29
  Speaker 3: Is this something that the coalition would be open to
• 17:32
  Speaker 3: supporting and doing as well?
• 17:35
  Speaker 12: When Labor brought this bill to the House Paid PRAC
• 17:39
  Speaker 12: Bill in twenty twenty four, August twenty twenty four. When
• 17:43
  Speaker 12: I spoke to that bill, I spoke about eight dollars
• 17:46
  Speaker 12: forty which it was at that time for paid PRAC
• 17:49
  Speaker 12: per hour. Was completely nonsense. I mean, honestly, what does
• 17:54
  Speaker 12: it pay for today? Maybe a cup and a half
• 17:56
  Speaker 12: of coffee, depending on the size. I believe that there
• 18:01
  Speaker 12: need to be models whereby, and particularly in the regions
• 18:05
  Speaker 12: that's my portfolio. I am incredibly passionate about regional health.
• 18:09
  Speaker 12: I want to see people being able to study in
• 18:11
  Speaker 12: the regions and still put food on the table for
• 18:14
  Speaker 12: their families, because that's what ends up happening, is that
• 18:16
  Speaker 12: they can't do both. And you know, I've put forward
• 18:21
  Speaker 12: policies around nursing, for example, where it's half in I'm
• 18:26
  Speaker 12: just going to say half in the hospital, half in
• 18:29
  Speaker 12: the university, so that it's mostly women can put food
• 18:35
  Speaker 12: on the table while achieving their nursing degree and be
• 18:40
  Speaker 12: able to do both and successfully. I think we have
• 18:44
  Speaker 12: to sit out look outside the box, and that includes
• 18:47
  Speaker 12: allied health. I hear what you say about psychiatrists, their
• 18:53
  Speaker 12: need to be creative ways of assisting students but also
• 18:58
  Speaker 12: allowing them to earn something, because there are plenty of
• 19:02
  Speaker 12: jobs that junior nurses, for example, do that they should
• 19:06
  Speaker 12: be paid for.
• 19:07
  Speaker 3: Yeah, you're not wrong there, and Webster, thank you so
• 19:10
  Speaker 3: much for your time. All The Greens have secured changes
• 19:14
  Speaker 3: to Labour's controversial tax package, including restrictions on self managed
• 19:18
  Speaker 3: super funds using borrowed money to invest in property, with
• 19:21
  Speaker 3: critics saying this is an attack on these funds. Inflation
• 19:26
  Speaker 3: may be slightly today, but the underlying figure remains stubbornly high,
• 19:30
  Speaker 3: raising fresh questions about the path of interest rates and
• 19:33
  Speaker 3: whether families can expect any real relief soon. Joining me
• 19:37
  Speaker 3: now is Beaten Zone Venture partner CEO Steve Baxter. Steve,
• 19:41
  Speaker 3: it's great to see you tonight. The Greens have demanded
• 19:44
  Speaker 3: changes to the taxes that self managed super funds can't
• 19:49
  Speaker 3: borrow from your super and then go buy an investment property.
• 19:52
  Speaker 3: Do you think that this is an assault on self
• 19:54
  Speaker 3: managed super funds.
• 19:56
  Speaker 1: I think it's another assault on super in general.
• 19:59
  Speaker 13: I mean, we want to have a stable superannuation slash
• 20:02
  Speaker 13: pension system. Maybe if we leave it alone for a
• 20:05
  Speaker 13: while it would be a good start. So you know,
• 20:07
  Speaker 13: they have some form out of the government with the
• 20:09
  Speaker 13: Greens that they have done some changes as self managed
• 20:12
  Speaker 13: super that they didn't promise before and I think actually
• 20:14
  Speaker 13: explicitly said they wouldn't do so. Yes, this is an
• 20:17
  Speaker 13: assault that they don't like self managed super. They prefer
• 20:20
  Speaker 13: to order union superannuation fund. But you know, it's part
• 20:24
  Speaker 13: of course never standing in the way of a labor
• 20:27
  Speaker 13: or a green person when it comes to a tax.
• 20:30
  Speaker 3: Well, speaking of tax, the AFI reported something today that
• 20:35
  Speaker 3: I found quite concerning actually that if a couple gets
• 20:38
  Speaker 3: divorced or one of them sadly passes away, they will
• 20:43
  Speaker 3: lose the grandfathered exemptions from capital gains and negative gearing.
• 20:47
  Speaker 3: And I thought this is just an example of again
• 20:49
  Speaker 3: the government just changing the rules after people have made
• 20:52
  Speaker 3: financial decisions. But this is also a really tough time
• 20:55
  Speaker 3: in that person's life, if they've lost their loved one
• 20:58
  Speaker 3: and then they're going to lose their grandfathering.
• 21:01
  Speaker 1: Yeah, breeks of death taxes, doesn't it.
• 21:03
  Speaker 13: I suppose that they finally got through the testamentary trust
• 21:05
  Speaker 13: stuff and this is maybe a day leftover, Maybe it's
• 21:08
  Speaker 13: on purpose, maybe it's an unintended consequence at this stage,
• 21:12
  Speaker 13: it's it's definitely something downstream.
• 21:14
  Speaker 1: You know, those periods in people's lives are especially.
• 21:17
  Speaker 13: Tough, Sholding them with further burden is just seems cruel
• 21:23
  Speaker 13: to be honest. If they didn't mean to do it,
• 21:25
  Speaker 13: that's one question. If they didn't, then well, either cruel
• 21:28
  Speaker 13: or clueless, we need to pick one.
• 21:32
  Speaker 3: Well, let's have a look now to the inflation rate
• 21:34
  Speaker 3: which was announced today and it's gone from four point
• 21:37
  Speaker 3: two percent down to four percent. Now, the government's going
• 21:40
  Speaker 3: to be happy with this headline number, but it's the
• 21:43
  Speaker 3: underlying inflation is still heading in the wrong direction.
• 21:46
  Speaker 2: How much of a concern is that for you?
• 21:50
  Speaker 13: Oh, look, inflation's bad. It's that sort of hidden tax,
• 21:52
  Speaker 13: isn't it. And I think it's not just a federal
• 21:55
  Speaker 13: government to blame. At the same time, we had the
• 21:58
  Speaker 13: recently released Queensland budget that's time which is still increasing debt,
• 22:02
  Speaker 13: which is increasing spending. So you know, inflation is caused
• 22:05
  Speaker 13: by too much money chasing too few goods. So governments
• 22:08
  Speaker 13: are the ones spending at the moment. They're the large
• 22:10
  Speaker 13: drivers in the economy. So you know, if all the
• 22:13
  Speaker 13: lifting is only to be left to the Reserve Bank
• 22:15
  Speaker 13: to hit home owners with extra mortgage payments, and that's
• 22:19
  Speaker 13: potentially really really ignoring the root course of this, and
• 22:22
  Speaker 13: the root course of this is excess spending out of
• 22:24
  Speaker 13: the public sector at a federal end state government level.
• 22:29
  Speaker 2: And are we, in your opinion, at risk of a stagflation.
• 22:34
  Speaker 13: I'm not the economist on this one, to be honest,
• 22:36
  Speaker 13: so I can repeat what others have said, but I
• 22:40
  Speaker 13: hope you know you want someone with a bit more
• 22:42
  Speaker 13: clue than that. I'm not the world's biggest genius and
• 22:44
  Speaker 13: not the world's biggest expert in around that. I understand
• 22:47
  Speaker 13: what it is, but I don't understand the drivers for it,
• 22:50
  Speaker 13: so I prefer I'd probably prefer at the comment I'll
• 22:54
  Speaker 13: stick to defense and tech startups.
• 22:56
  Speaker 1: If you don't, well.
• 22:57
  Speaker 2: We'll go back to the spending.
• 22:59
  Speaker 3: Who does We're talking about spending and I was talking
• 23:02
  Speaker 3: about at the start of the program as well, And
• 23:04
  Speaker 3: we appear to have just a spending addiction.
• 23:07
  Speaker 2: Right across all levels of government. And if a.
• 23:10
  Speaker 3: Startup burn through cash the way the governments do, surely
• 23:14
  Speaker 3: investors would just pull the plug. And it just makes
• 23:17
  Speaker 3: me think, why do we as tax payers tolerate this
• 23:19
  Speaker 3: level of spending from Canberra?
• 23:22
  Speaker 13: Well, most startups do death through money like the government does,
• 23:25
  Speaker 13: but they do it with the full support of their investors,
• 23:27
  Speaker 13: and there's a big difference here. So yeah, look, I
• 23:31
  Speaker 13: think in general, businesses that operated like the government does
• 23:34
  Speaker 13: with the respect of that are in for trouble. One
• 23:37
  Speaker 13: thing that startup investors in board women is don't tolerate
• 23:39
  Speaker 13: is poor discipline inside those companies. So they'll have a
• 23:42
  Speaker 13: disciplined plan to spend a lot of money to burn
• 23:45
  Speaker 13: through cash, but it's a part of a plan. What
• 23:48
  Speaker 13: annoys me is unfunded, underfunded or uncapped government programs and
• 23:52
  Speaker 13: the big elephant the rooms the NDOS and there's delays
• 23:55
  Speaker 13: in that the Greens have gotten an NDOS concession out
• 23:58
  Speaker 13: of the government for the sport is wholerrible set of measures.
• 24:01
  Speaker 13: So if we are going to have government welfare schemes
• 24:05
  Speaker 13: and a lot of the defense budget's kepped, the indios
• 24:07
  Speaker 13: budgets should be kept. And so I think that would
• 24:10
  Speaker 13: start to introduce the budget discipline and help with out
• 24:13
  Speaker 13: of control spending.
• 24:14
  Speaker 3: And before I let you go, I do just want
• 24:16
  Speaker 3: to get your thoughts around the carve outs that were announced,
• 24:19
  Speaker 3: but in particular around capital gains tax and how they've
• 24:22
  Speaker 3: increased from two million to ten million to still be
• 24:26
  Speaker 3: able to generate that fifty percent CGT. Do you think
• 24:29
  Speaker 3: that that's going to keep people wanting to have a
• 24:32
  Speaker 3: business here or do you still think that that's capping ambition.
• 24:35
  Speaker 3: It's the government saying, look, you're doing well, but don't
• 24:37
  Speaker 3: do too well and go past ten million dollars.
• 24:40
  Speaker 1: Well, it's definitely capping ambition. There's no doubt about that
• 24:43
  Speaker 1: at all.
• 24:44
  Speaker 13: So if their goal was to actually put people who
• 24:48
  Speaker 13: earn money from capital and those earned money from salaries
• 24:51
  Speaker 13: on a similar footing, and they claim that this change
• 24:54
  Speaker 13: encompasses so many small businesses out there or they're filing
• 24:57
  Speaker 13: and that outcome, aren't they really So let's just spends
• 25:00
  Speaker 13: with their rationale with the empty rhetrick regarding their rationale
• 25:04
  Speaker 13: for this, it's not really there. All these things do
• 25:07
  Speaker 13: is introduce complexity, and accountants and lawyers love complexity. That
• 25:11
  Speaker 13: will add to the costs, will add to the confusion,
• 25:13
  Speaker 13: it will create loopholes, it will raise less revenue than
• 25:16
  Speaker 13: they think, and won't assist with the problems that they
• 25:19
  Speaker 13: think they're solving.
• 25:21
  Speaker 3: Well, Steve, I will leave it there, Thanks so much
• 25:23
  Speaker 3: for your time. Tonight, Well after the break, we'll get
• 25:26
  Speaker 3: the latest on the war in the Middle East. Tom
• 25:28
  Speaker 3: Switzer will join me in the studio. Welcome back. It's
• 25:36
  Speaker 3: great to have your company. From the Middle East to
• 25:39
  Speaker 3: Europe and right here in Australia. We're seeing political fault
• 25:43
  Speaker 3: lines emerge across the Western world. A cease fire between
• 25:46
  Speaker 3: the US and Iran has not ended the questions about
• 25:50
  Speaker 3: Tehran's ambitions and i An Heirsty Ali is warning the
• 25:54
  Speaker 3: West is losing faith in its own values, while Pauline
• 25:57
  Speaker 3: Hansen's One Nation continues to gain support as voters are
• 26:00
  Speaker 3: drifting away from the major parties. Let's bring in now
• 26:04
  Speaker 3: Tom Switzer, columnist with The Australian. Tom, it's great to
• 26:07
  Speaker 3: see you.
• 26:08
  Speaker 2: Thank you for coming in.
• 26:09
  Speaker 3: I do just want to start with this cease fire
• 26:12
  Speaker 3: between US and Iran. I feel as though there's more
• 26:15
  Speaker 3: questions coming out of this than answers at this stage,
• 26:19
  Speaker 3: and in particular around the Straight of Horne Moves. I
• 26:22
  Speaker 3: will just play a grab from Marco Rubio just around
• 26:25
  Speaker 3: Tehran wanting to have a fee to go through the
• 26:29
  Speaker 3: Straight of holl Moves.
• 26:31
  Speaker 14: It's an international waterway. No country is allowed to charge
• 26:34
  Speaker 14: tolls or fees on an international waterway. That's existing international law.
• 26:39
  Speaker 14: That's the way it is and international waterways all over
• 26:41
  Speaker 14: the world, and that's the way we expect it'll be here.
• 26:43
  Speaker 14: So I don't think we have anybody to convince around
• 26:45
  Speaker 14: here in that regard. I think all the countries in
• 26:48
  Speaker 14: this region would agree with us.
• 26:50
  Speaker 3: So Marco Rubio is saying that, so's Donald Trump and
• 26:53
  Speaker 3: Tho's vice.
• 26:54
  Speaker 2: President Data Vance.
• 26:55
  Speaker 3: But Iran are saying that they're going to be charging
• 26:58
  Speaker 3: ships to go through the Straight of hom Moves, which
• 27:01
  Speaker 3: is basically going to end up providing them with quite
• 27:03
  Speaker 3: a lucrative revenue stream.
• 27:04
  Speaker 2: What do you make about this toing and throwing between.
• 27:07
  Speaker 15: Well, you're right, there's no question that this would provide
• 27:10
  Speaker 15: a lucrative revenue stream for the regime. But the Secretary
• 27:14
  Speaker 15: of State is also right, this would contravene international law. Now,
• 27:18
  Speaker 15: the Uranians say that they're not party. They haven't ratified
• 27:21
  Speaker 15: the Law of the Sea Treaty, just like the Americans haven't.
• 27:25
  Speaker 15: The bigger issue here is not the legalities of this,
• 27:28
  Speaker 15: it's strategic. The coldhard reality, Jamie, is that the Iranians
• 27:32
  Speaker 15: now have coercive leverage through the Straight of hor Moves, which,
• 27:36
  Speaker 15: as you know, is one of the world's most important
• 27:39
  Speaker 15: energy gateways. And you know they're in this position because
• 27:43
  Speaker 15: the balance of power in the region has shifted in
• 27:45
  Speaker 15: their favor as a result of this war.
• 27:48
  Speaker 3: You're right, because that is something that I think they've
• 27:50
  Speaker 3: now identified that they can just cut off the world's
• 27:55
  Speaker 3: fuel source in a way as what we've seen with
• 27:57
  Speaker 3: oil prices going through the roof. But another element of
• 28:00
  Speaker 3: this was around their nuclear capabilities, and that was part
• 28:04
  Speaker 3: of the reason why Donald Trump had said that they
• 28:06
  Speaker 3: wanted to have this war to ensure that Iran never
• 28:09
  Speaker 3: had ability to have nuclear energies. So when they then
• 28:14
  Speaker 3: you again contradiction reports coming out where JD. Vance has said, Yep,
• 28:19
  Speaker 3: We're going to be sending in their weapons administrators to
• 28:22
  Speaker 3: make sure that it's not there, and Iran I've said
• 28:24
  Speaker 3: absolutely not, And so this is another huge gap.
• 28:27
  Speaker 15: Yeah, there's conflicting interpretations about inspectors energy enrichment, but the
• 28:33
  Speaker 15: cold hard reality is that the President of the United States,
• 28:36
  Speaker 15: Donald Trump, has an incentive, a very powerful incentive to
• 28:40
  Speaker 15: shut this thing down. He wants a peace deal desperately
• 28:44
  Speaker 15: because if disruptions through the Strait of Hormuz means higher
• 28:49
  Speaker 15: energy prices, higher gas prices, higher fertilizer prices, You're probably
• 28:55
  Speaker 15: going to have a real hit to the global economy.
• 28:58
  Speaker 15: And moreover, from Trump's perspective, this will just hurt the
• 29:01
  Speaker 15: Republican Party's chances and the lead up to the midterm elections.
• 29:06
  Speaker 15: It's another reminder that this war hasn't gone according to plan,
• 29:10
  Speaker 15: and Trump just wants to shut it down so we
• 29:12
  Speaker 15: can move on to other issues.
• 29:14
  Speaker 3: What do you make of what you're hearing coming out
• 29:16
  Speaker 3: of peace negotiations, because critics are saying that the deal
• 29:21
  Speaker 3: is basically allowing Tehran to have time to rebuild their
• 29:24
  Speaker 3: arsenal while also getting funds to pay for that, whereas
• 29:28
  Speaker 3: Donald Trump thinks that this is a complete another victory.
• 29:32
  Speaker 15: Well, on the one hand, the regime in Tehran has
• 29:36
  Speaker 15: had more enhanced leverage because you know, they've got the
• 29:39
  Speaker 15: ballistic missiles, They've still got their militia proxies like Hamas
• 29:43
  Speaker 15: and Hezbalah and the houthy rebels. They still have some
• 29:47
  Speaker 15: degree of enriched uranium, and the regime is still standing.
• 29:50
  Speaker 15: But on the other hand, they're desperate for money, they
• 29:52
  Speaker 15: need sanctions relief, and Trump will have some degree of
• 29:56
  Speaker 15: leverage when it comes to sanctions relief. So if the
• 29:59
  Speaker 15: Uranians don't don't play ball, they won't get sanctions relief.
• 30:03
  Speaker 3: It's going to be interesting to watch this or continue
• 30:05
  Speaker 3: to play out. I want to move over to London now.
• 30:09
  Speaker 3: I aren Hersey Ali. She delivered a stark warning at
• 30:13
  Speaker 3: the Conservatives conference over there, and she has said that
• 30:16
  Speaker 3: the West is at risk of becoming the country that
• 30:19
  Speaker 3: she fled, which was Somalia. And she's just talking around
• 30:23
  Speaker 3: the rise of this constant progressive politics. But then what's
• 30:27
  Speaker 3: being infiltrated through media and institutions.
• 30:31
  Speaker 2: But do you think we're now.
• 30:32
  Speaker 3: Starting to see a resurgence in a way of more
• 30:36
  Speaker 3: the conservative leaning politics that we might be able to
• 30:39
  Speaker 3: balance out the concerns that she has for the West?
• 30:43
  Speaker 7: Go.
• 30:43
  Speaker 15: I have great respect for Hersey Ali and her husband
• 30:45
  Speaker 15: Neil Ferguson, whom I know and like immensely, But I
• 30:48
  Speaker 15: think she's overstating the Somalia comparison. That's just an overstatement. However,
• 30:54
  Speaker 15: she is right about the broader political realignment across Western countries,
• 30:58
  Speaker 15: all across Europe, the United State day it's clearly it's
• 31:00
  Speaker 15: happening now here in Australia, there is a populous backlash
• 31:04
  Speaker 15: against the elites and institutions, especially over issues like energy,
• 31:10
  Speaker 15: mass immigration, questions surrounding values and identity and culture. These
• 31:16
  Speaker 15: are the issues that hercyl is talking about and I
• 31:19
  Speaker 15: think she's right. There is a broader political realignment taking
• 31:22
  Speaker 15: place and we're having that debate here now in Australia.
• 31:26
  Speaker 2: Well, let's come home now. One Nations. David Farley, he's
• 31:30
  Speaker 2: made a.
• 31:31
  Speaker 3: Few headlines recently and in particular he voted with the
• 31:35
  Speaker 3: Greens and the Teals to cat fuel tax credits and
• 31:39
  Speaker 3: that blew my mind for one that you would actually
• 31:42
  Speaker 3: do any form of voting or deal or anything with
• 31:44
  Speaker 3: the Greens.
• 31:45
  Speaker 2: I do want to play you a grab.
• 31:47
  Speaker 3: Michael McCormack was on Sky Today speaking with Kira Gilbert
• 31:50
  Speaker 3: about this.
• 31:52
  Speaker 8: David Farley wants to take away the diesel fuel rebate
• 31:56
  Speaker 8: because rest assured and whilst there was a carve out
• 31:59
  Speaker 8: for agriculture uce something like that happens and the tools
• 32:03
  Speaker 8: get their way and the Greens get their way, they'll
• 32:05
  Speaker 8: come for farmers next. And David Farley represents a huge
• 32:09
  Speaker 8: farming area.
• 32:11
  Speaker 3: And Michael's spot on and I think that was sort
• 32:14
  Speaker 3: of why everyone was so shocked that David Farley decided
• 32:16
  Speaker 3: to vote with the Greens and Teals on something that
• 32:19
  Speaker 3: has the potential to impact his own electorate.
• 32:21
  Speaker 15: Well, I think it's a reminder Jamie that One Nation
• 32:25
  Speaker 15: and the Greens there is a degree of overlap on
• 32:28
  Speaker 15: economic issues. They're both interventionist on economic issues. They're very
• 32:32
  Speaker 15: skeptical of economic globalization, foreign investment, foreign ownership. This goes
• 32:38
  Speaker 15: back to the late ninety nineties when One Nation emerged
• 32:40
  Speaker 15: as a political force. There was a lot of overlap
• 32:43
  Speaker 15: between that. If you like the left and the right,
• 32:45
  Speaker 15: they sort of meet each other. And this is really
• 32:48
  Speaker 15: evident on economic issues.
• 32:50
  Speaker 3: You watch Paul Ane compy you now One Nation and
• 32:53
  Speaker 3: the Greens have got similar.
• 32:55
  Speaker 15: Econology challenge Frangus Taylor and the Coalition. Yes, because they
• 32:58
  Speaker 15: clearly want to reach out to the One voters. It's
• 33:00
  Speaker 15: completely understandable and that makes plenty of sense, but they
• 33:04
  Speaker 15: don't want to compromise their economic policy principles.
• 33:08
  Speaker 2: Well, Tom Switzer, I will leave it there. Thank you
• 33:09
  Speaker 2: so much. Great to see you.
• 33:11
  Speaker 3: Well, after the break we'll head to the UK for
• 33:14
  Speaker 3: the latest on Sir Kis Starmer's potential replacement, and what's
• 33:17
  Speaker 3: the ex husband a former Scottish First Minister, Nicola Sturgeon done.
• 33:22
  Speaker 2: I'll have that and more so, don't go anywhere. Welcome back.
• 33:30
  Speaker 3: Well, political turmoil is engulfing Britain, with Sir Kiers Starmer
• 33:35
  Speaker 3: standing down and reports suggests that his likely replacement, Andy Burnham,
• 33:40
  Speaker 3: has already held handover talks, while at the same time
• 33:43
  Speaker 3: Nigel Farage is demanding a general election, arguing that any
• 33:47
  Speaker 3: successor would have no mandate from the British people. Well,
• 33:51
  Speaker 3: let's bring in now writer and broadcaster Esther Kraku. Esther,
• 33:55
  Speaker 3: thanks for joining me tonight. I want to start off
• 33:58
  Speaker 3: with those reports around Andy Burnham and Sir Keith Stamer
• 34:02
  Speaker 3: having met for handover talks. And I just find this
• 34:05
  Speaker 3: interesting because Andy is coming across as this whole messiah
• 34:09
  Speaker 3: for Labors, the man that's going to save the party
• 34:12
  Speaker 3: and save the day. But he's more left than starmery is.
• 34:17
  Speaker 3: Do you think that he's the right man for the job.
• 34:21
  Speaker 1: Of course not.
• 34:21
  Speaker 16: I mean, at this point it looks like anything that
• 34:23
  Speaker 16: Labor is going to do is like rearranging the deck
• 34:25
  Speaker 16: chairs on the Titanic. And I think for someone like
• 34:28
  Speaker 16: Andy Burnham, who in the Labor Party has the reputation
• 34:31
  Speaker 16: of the King and the North, which, for the life
• 34:32
  Speaker 16: of me, I cannot work out why. It's even more
• 34:35
  Speaker 16: baffling and Mo'll be amusing. The Labor Party seems to
• 34:37
  Speaker 16: think reform is gaining in huge numbers across the country,
• 34:41
  Speaker 16: so that's clearly a signal that the country wants to
• 34:43
  Speaker 16: move more left. I don't understand how you draw those conclusions,
• 34:46
  Speaker 16: but apparently those are the conclusions you've drawn. And we
• 34:48
  Speaker 16: also have to remember Andy Burnham lost a Labor leadership
• 34:51
  Speaker 16: election not once but twice, one of them being to
• 34:54
  Speaker 16: Ed Milliband, which is one of those things that is
• 34:56
  Speaker 16: so embarrassing. I probably would leave politics altogether. This is
• 34:59
  Speaker 16: a ma and who claims to, you know, not be
• 35:01
  Speaker 16: a Labor insider, but was in Tony Blair's government and
• 35:05
  Speaker 16: only stood to be Mayor of Manchester to kind of
• 35:08
  Speaker 16: furnish his political credentials. This is clearly a very hostile takeover.
• 35:13
  Speaker 16: We've actually heard reports from inside Kis Starmer's team that
• 35:17
  Speaker 16: Andy Burnham's team asked him to stay on until the
• 35:21
  Speaker 16: late summer so that they could prepare better, but he said, well,
• 35:24
  Speaker 16: you're kicking me out because you think I'm useless.
• 35:26
  Speaker 1: I'm not going to make this more convenient for you.
• 35:28
  Speaker 1: So he's leaving in the next.
• 35:29
  Speaker 16: Few weeks, which is obviously going to be a very
• 35:31
  Speaker 16: tight squeeze for Andy Burnham's very fresh team, and I
• 35:35
  Speaker 16: don't know how they're going to manage it. We have
• 35:36
  Speaker 16: to remember that Kisum had years in opposition to prepare
• 35:39
  Speaker 16: to become prime minister. Andy Burnham has had weeks and
• 35:43
  Speaker 16: anyone who thinks that that lack of preparation is going
• 35:45
  Speaker 16: to bode well for Britain is clearly not paying attention.
• 35:49
  Speaker 3: And there was another interesting element to this. What can
• 35:52
  Speaker 3: you tell us about the speculation with Wes Streeting who
• 35:56
  Speaker 3: will instead become the next chancellor and that is in
• 35:59
  Speaker 3: return for him shelving his leadership ambitions But he was
• 36:03
  Speaker 3: a bit more moderate leaning that you would think he's
• 36:05
  Speaker 3: probably the more likely candidate, but instead shelved well.
• 36:10
  Speaker 16: The problem with west Treating is he doesn't have political
• 36:12
  Speaker 16: convictions to speak of because he just runs entirely on ego.
• 36:16
  Speaker 16: So when his team was gearing up for a potential
• 36:18
  Speaker 16: labor leadership contest earlier this year, they were putting out
• 36:21
  Speaker 16: pr statements about his excellent track recorders Health Secretary under
• 36:25
  Speaker 16: Kirstama's government, and how he helped bring down the waiting
• 36:27
  Speaker 16: list and the NHS waiting list. Mind you, hundreds of
• 36:31
  Speaker 16: thousands of people were removed from the NHS waiting list
• 36:33
  Speaker 16: not because they got seen, but because many of them
• 36:36
  Speaker 16: either moved to private care or died. So this is
• 36:39
  Speaker 16: not a man who has any credentials to speak of.
• 36:41
  Speaker 16: Hes who is someone For someone who's been in politics
• 36:44
  Speaker 16: for well over a decade, I don't think there's anyone
• 36:46
  Speaker 16: in this country that can name three of his achievements.
• 36:47
  Speaker 16: And the same goes for the likes of Evet Cooper,
• 36:49
  Speaker 16: who's been in politics for over thirty years, and I
• 36:52
  Speaker 16: kid you not, I cannot name a single one for achievements.
• 36:55
  Speaker 16: So again, the talent pool in the labor parties as
• 36:58
  Speaker 16: shadow as a kiddie pool, and it doesn't really matter
• 37:02
  Speaker 16: who they replace it with. And in the case of
• 37:03
  Speaker 16: Andrew Burnham, he has so many constraints. There's no fiscal headroom,
• 37:07
  Speaker 16: so financially he can't really do very much without spooking
• 37:09
  Speaker 16: the markets. He can't very he can't really borrow very
• 37:11
  Speaker 16: much without spooking the markets and sending our borrowing costs
• 37:15
  Speaker 16: flying through the roof. He's not going to cut welfare
• 37:19
  Speaker 16: because that's not his brand of politics. He's definitely more
• 37:21
  Speaker 16: left leaning. If he makes someone like west streeting chancellor,
• 37:23
  Speaker 16: who's vocally said he wants to rejoin the EU again,
• 37:27
  Speaker 16: where is that going to take us? Because then you'd
• 37:29
  Speaker 16: have to call another general election because no one is
• 37:31
  Speaker 16: voted to join the EU.
• 37:32
  Speaker 1: I think we were quite clear on that matter.
• 37:34
  Speaker 16: So this is just it just feels like we're just
• 37:36
  Speaker 16: sinking further into the abyss at this point.
• 37:39
  Speaker 3: Just on the general election idea. In Nigel Farage, he's
• 37:42
  Speaker 3: calling for the UK to head that way just so
• 37:45
  Speaker 3: the people can decide who the next PM is. Do
• 37:49
  Speaker 3: you think that's the best way forward, let the people vote.
• 37:53
  Speaker 1: I think so, but I don't.
• 37:56
  Speaker 16: I don't necessarily think there's going to be a good
• 37:58
  Speaker 16: outcome either way. So from what I'm seeing from the
• 38:02
  Speaker 16: party structure and from the sort of inside machinery, reform
• 38:05
  Speaker 16: I don't think is ready. I think they were banking
• 38:07
  Speaker 16: on a twenty twenty nine general election, and I think
• 38:10
  Speaker 16: that was enough leeway and bandwidth to get them ready.
• 38:13
  Speaker 16: The Tories are still in free fall, although Kenny bad
• 38:16
  Speaker 16: Knock has kind of put a plaster over that wound momentarily,
• 38:19
  Speaker 16: and she actually, Bipolling is the most popular leader in
• 38:21
  Speaker 16: the country at the moment. The Libdems are still perpetually
• 38:25
  Speaker 16: useless and don't stand for anything. The Greens are a
• 38:27
  Speaker 16: laughing stock and haven't even mentioned anything in about the
• 38:30
  Speaker 16: environment in a while, so I'm wondering why they are
• 38:33
  Speaker 16: still called the Greens, and the Labor Party is a
• 38:35
  Speaker 16: dumbstifire on wheels. So a general election would just make
• 38:38
  Speaker 16: people feel worse about this country, and I don't think
• 38:40
  Speaker 16: it will necessarily get a better outcome. I think if
• 38:44
  Speaker 16: an election was held today, it would be a hung
• 38:46
  Speaker 16: Parliament and it would likely look like a Reform Tory coalition,
• 38:50
  Speaker 16: which I'm not sure that Reform really wants. I think
• 38:52
  Speaker 16: they want an outright majority. So it's not really looking
• 38:54
  Speaker 16: good either way that you look at.
• 38:55
  Speaker 3: It and esther just very quickly, what happened to former
• 38:59
  Speaker 3: Scottish First Minister Nicholas Sturgeon's ex husband.
• 39:04
  Speaker 1: Yeah, I like the fact that you mentioned X.
• 39:06
  Speaker 16: This is a man who has been convicted and is
• 39:08
  Speaker 16: going to prison for embezzling hundreds of thousands of pounds
• 39:11
  Speaker 16: in public funds from the Scottish National Party. She apparently
• 39:14
  Speaker 16: had no recollection of any of this, none of his
• 39:16
  Speaker 16: lavish expenses that popped up in the house. She just
• 39:18
  Speaker 16: didn't know. She just became blind for the last few months.
• 39:22
  Speaker 16: It's extremely embarrassing. But there's so much power of Scotland's
• 39:26
  Speaker 16: power was held in that one household from Nicholas Surgeon
• 39:29
  Speaker 16: and her husband, and I think that's the problem with
• 39:31
  Speaker 16: concentrating power in the hands of so few. This is
• 39:34
  Speaker 16: when you get a situation with Scotland having male rapists
• 39:37
  Speaker 16: and female prisons and all the other ridiculous stories that
• 39:39
  Speaker 16: have come out of Scotland. So unfortunately, this is how
• 39:42
  Speaker 16: the cookie crumbles.
• 39:44
  Speaker 2: Well esther Craco, I will leave it there.
• 39:47
  Speaker 3: After the break, Opposition leader Angus Taylor says his door
• 39:50
  Speaker 3: is open for Paulineen hands and discussions, and schools in
• 39:54
  Speaker 3: Victoria are being encouraged to let the kids watch the
• 39:56
  Speaker 3: soccer us. The Wednesday Wrangle is up next. Welcome back,
• 40:04
  Speaker 3: It's time for the Wednesday Wrangle. Joining me now is
• 40:07
  Speaker 3: Sky News host Anika de Georgio and Columbus Justin Smith. Hello,
• 40:12
  Speaker 3: great to see you in here, Tony, and you Justin
• 40:15
  Speaker 3: on the screen. I do want to start with today
• 40:19
  Speaker 3: opposition leader Angus Taylor. He was on it to GB
• 40:22
  Speaker 3: and he was asked a question which I think a
• 40:24
  Speaker 3: lot of.
• 40:24
  Speaker 2: Us want to know. Have you picked up the phone
• 40:27
  Speaker 2: to call Pauline Hanson yet? This is his response.
• 40:31
  Speaker 17: I have offered to meet her, and she has not
• 40:33
  Speaker 17: taken it up. She has that offer, she has my number,
• 40:36
  Speaker 17: she knows where my office is. My door is always open, Mark,
• 40:41
  Speaker 17: So what more can I do? But aren't you in
• 40:43
  Speaker 17: a position where you need her more than she needs you.
• 40:46
  Speaker 17: All you can do is lead a horse to water.
• 40:48
  Speaker 17: You can't make the horse drink. I learned that a
• 40:50
  Speaker 17: long time ago. I grew up with that saying, so
• 40:53
  Speaker 17: I've led the horse to water. I made the offer.
• 40:56
  Speaker 17: She knows where I am, she knows where my office is.
• 40:59
  Speaker 3: And from listening to the full interview, the offer was
• 41:03
  Speaker 3: more on as a voicemail, like they haven't actually spoken.
• 41:06
  Speaker 18: Yeah, what do you make? I think he said letter?
• 41:08
  Speaker 18: I think he wrote to her. Is that what he said?
• 41:10
  Speaker 18: I think he said. I think he said, let it look.
• 41:12
  Speaker 18: It's interesting because obviously it's in one nation's interest to
• 41:16
  Speaker 18: try and do some sort of a deal right now
• 41:17
  Speaker 18: with the coalition. But I do agree, I think that
• 41:20
  Speaker 18: the Coalition needs one nation quite desperately right now. There
• 41:23
  Speaker 18: was some modeling that came out a couple of days
• 41:24
  Speaker 18: ago which suggested that one nation could win as many
• 41:27
  Speaker 18: as sixty three Lower House seats and the Coalition could
• 41:30
  Speaker 18: lose almost forty. I mean, that is absolute political oblivion. Now,
• 41:35
  Speaker 18: it's very clear that one nation is on that trajectory
• 41:38
  Speaker 18: where they are definitely appealing to voters, and right now
• 41:41
  Speaker 18: the Coalition is struggling to cut through even under Angus Taylor.
• 41:44
  Speaker 18: Now you give him credit, I do think that some
• 41:47
  Speaker 18: of the things that he's announced have been very very good,
• 41:49
  Speaker 18: in particular with migration, but he's not cutting through on
• 41:52
  Speaker 18: the level that Pauline Hanson is one now. So yeah,
• 41:55
  Speaker 18: I would probably pick up the phone and give it
• 41:58
  Speaker 18: a fair crack right now because you could face wipe out.
• 42:01
  Speaker 6: And that is the problem.
• 42:02
  Speaker 3: What do you think justin that, should Angus Taylor be
• 42:06
  Speaker 3: banging on Pauline's door in go down to the Stanate
• 42:09
  Speaker 3: chambers and be banging to get a meeting with her?
• 42:14
  Speaker 19: Well, Jamie and Andonika. It's been a long time since
• 42:18
  Speaker 19: I've been on a date, but I do remember, Hey,
• 42:23
  Speaker 19: she's got my number, she's got my number. I don't
• 42:26
  Speaker 19: remember that working very well. You do need to do,
• 42:30
  Speaker 19: whether you're a male or a female, if you're after
• 42:32
  Speaker 19: the other side, you've got to do a little bit
• 42:34
  Speaker 19: of chasing. But Taylor is still in this ridiculous mindset,
• 42:39
  Speaker 19: as the party has been for a couple of years now,
• 42:43
  Speaker 19: where they just think, look if you turn up, probably
• 42:46
  Speaker 19: longer than a couple of years, they think, look, if
• 42:48
  Speaker 19: you just turn up, put on a blue t shirt,
• 42:50
  Speaker 19: stand out with how to vote cards, the votes will
• 42:53
  Speaker 19: come flooding towards you, and you will take back government
• 42:57
  Speaker 19: at some point. Well if they haven't been paying it tension,
• 43:00
  Speaker 19: because the polls are saying a very different thing. So
• 43:03
  Speaker 19: he's in that radio interview on two GB sounding like
• 43:07
  Speaker 19: the liberals of old which have become the liberals of new,
• 43:10
  Speaker 19: which are unfortunately for them losers. He's got to do
• 43:15
  Speaker 19: a little more than that.
• 43:17
  Speaker 6: I think.
• 43:17
  Speaker 3: Do you know what he should do is take some
• 43:19
  Speaker 3: steaks down to Pauline's office and get them.
• 43:21
  Speaker 18: To cook so much pressentirle in the office, a little
• 43:24
  Speaker 18: moment in her office. Maybe that might be the way
• 43:26
  Speaker 18: to do it, but it's the way to her heart.
• 43:28
  Speaker 6: That might be the way to her heart. But I
• 43:30
  Speaker 6: do think that Angus Taylor.
• 43:31
  Speaker 18: Look, I think there's a lot of division within the
• 43:33
  Speaker 18: coalition right now about it, because obviously there are a
• 43:35
  Speaker 18: lot of MPs that are at risk of losing their seats.
• 43:38
  Speaker 6: They don't want any deal with one nation.
• 43:40
  Speaker 18: But then you've got others who have come out very
• 43:41
  Speaker 18: publicly saying no, we actually do need to perhaps consider this.
• 43:45
  Speaker 18: So he's walking a very fine line and we can
• 43:47
  Speaker 18: see that when he refuses to answer about what does
• 43:50
  Speaker 18: monoculture mean, what does multicultural Australia look like? So you
• 43:55
  Speaker 18: can see he's trading a fine line. But in the end,
• 43:57
  Speaker 18: you've got to do what's right politically.
• 43:59
  Speaker 3: Justin I want to talk to you about something that
• 44:01
  Speaker 3: has come out here in Sydney. It's a school called
• 44:04
  Speaker 3: Saint Joseph's College or commonly known as Joey's. This is
• 44:07
  Speaker 3: an all boys school and they've come out and said
• 44:10
  Speaker 3: students must be biology biologically male while attending the school,
• 44:15
  Speaker 3: so you can't transition to be female. Now, the Daily
• 44:17
  Speaker 3: Telegraph use language like it's a hard line stance.
• 44:21
  Speaker 6: But in all.
• 44:21
  Speaker 3: Honesty, if you go to an all boys school, I mean,
• 44:24
  Speaker 3: surely this is just common sense. The fact that they've
• 44:27
  Speaker 3: even had to declare this, I just think is so
• 44:29
  Speaker 3: twenty twenty six.
• 44:32
  Speaker 1: Yeah, well, I think nothing.
• 44:36
  Speaker 19: They're nothing if not consistent the Catholic Church in the
• 44:41
  Speaker 19: way that they approach things. But let me ask you
• 44:43
  Speaker 19: this question, who is this actually helping? If they put
• 44:48
  Speaker 19: this notice out or they say they're taking hard line.
• 44:51
  Speaker 19: You take exception to that phrasing. But if they are
• 44:54
  Speaker 19: taking a hard line, who does that help? If somebody
• 44:57
  Speaker 19: is transitioning, or if somebody feels that they were born
• 45:01
  Speaker 19: into the wrong body, who the hell does that then help?
• 45:04
  Speaker 19: Is the church not supposed to be there to try
• 45:07
  Speaker 19: and help and guide people? Just I've been doing this
• 45:11
  Speaker 19: for centuries.
• 45:13
  Speaker 2: But it's an all boys school, is I understand? I
• 45:16
  Speaker 2: understand trans the film out.
• 45:19
  Speaker 19: And I'm talking about caring about people. I'm talking about
• 45:22
  Speaker 19: caring about people here.
• 45:24
  Speaker 6: Surely we're not.
• 45:25
  Speaker 19: We're talking about somebody who doesn't have a say in
• 45:28
  Speaker 19: the fact that they might be different to other people
• 45:31
  Speaker 19: at that school. Charlie, it's the church's job. I think
• 45:34
  Speaker 19: the church would want the job. I would think, well,
• 45:37
  Speaker 19: that's that's going to work out a treat. Pushing people
• 45:40
  Speaker 19: away always works, Danika doesn't. Just making them not welcome
• 45:47
  Speaker 19: is always a good way.
• 45:48
  Speaker 6: Okay, you've got your point across.
• 45:49
  Speaker 18: Justin right, this is an elite boys school here in Sydney, right,
• 45:52
  Speaker 18: and it has, for example, an elite rugby program, and
• 45:57
  Speaker 18: many of these boys have gone on to become young
• 46:00
  Speaker 18: Wallabies and have played at an elite level.
• 46:02
  Speaker 6: Now, I don't have to tell you the significant to
• 46:04
  Speaker 6: do it. Just give me a minute, right do you.
• 46:08
  Speaker 18: I think it's very basic the biological differences between men
• 46:11
  Speaker 18: and women.
• 46:12
  Speaker 6: Females do not have the strength that males have.
• 46:15
  Speaker 18: So you cannot have somebody rock up to this school
• 46:17
  Speaker 18: who thinks that they're going undergoing gender transition to suddenly
• 46:20
  Speaker 18: want to go into a sports program, for example.
• 46:23
  Speaker 6: You cannot have that. What you're saying that men and women.
• 46:26
  Speaker 19: What if something comes along who they're not biological difference.
• 46:32
  Speaker 1: Rugby.
• 46:33
  Speaker 6: I'm not going to talk over because it makes a
• 46:35
  Speaker 6: bad take into the school.
• 46:37
  Speaker 18: The fact is the fact is that this just goes
• 46:40
  Speaker 18: to show how pathetic it is in twenty twenty six
• 46:42
  Speaker 18: that you have a school that has to make a
• 46:44
  Speaker 18: difference between a man and a woman and it all
• 46:46
  Speaker 18: comes down to the Sex Discrimination Act and that is
• 46:49
  Speaker 18: the problem in this country and no political leader has
• 46:52
  Speaker 18: changed it.
• 46:52
  Speaker 19: As pushed into this because they're allowed to people like you.
• 46:55
  Speaker 6: No, they're not getting pushed into it. It's a basic
• 46:57
  Speaker 6: biological fact.
• 46:58
  Speaker 18: Okay, you're either bore on male or female's.
• 47:02
  Speaker 19: It is a biological fact that some people can't play
• 47:05
  Speaker 19: rugby either. I a different time, some biological fact.
• 47:10
  Speaker 2: Go to a co ed school exactly.
• 47:12
  Speaker 3: So justin it's very much like if you do want
• 47:14
  Speaker 3: to transition to be female, then there are plenty of
• 47:16
  Speaker 3: other schools that you can go to. Don't be at
• 47:18
  Speaker 3: an all boys school and then want to be a
• 47:20
  Speaker 3: transitioned to female. Look on a lighter note, we've got
• 47:22
  Speaker 3: one minute before we go to Credline. In Victoria, they
• 47:25
  Speaker 3: are pushing for in schools to watch the soccer Roos
• 47:28
  Speaker 3: on Friday. I love it and I think we should
• 47:30
  Speaker 3: all be stopping to support the soccer roos.
• 47:32
  Speaker 18: What do you make I absolutely think that they should.
• 47:35
  Speaker 18: I used to do that in school. We used to
• 47:36
  Speaker 18: stop and watch all important games like this, so why not?
• 47:39
  Speaker 18: And I think it's the last day of term as well,
• 47:41
  Speaker 18: so let the kids have their fun for goodness sake.
• 47:43
  Speaker 10: Go on.
• 47:44
  Speaker 3: What do you think justin any issues with stopping some
• 47:46
  Speaker 3: learning to watch some football?
• 47:49
  Speaker 19: Oh, let them watch your load kiddies. Don't be waiting
• 47:52
  Speaker 19: for a goal because you'll be waiting for a very
• 47:54
  Speaker 19: long time in that game. You know they don't have
• 47:57
  Speaker 19: loads of them like we do.
• 48:00
  Speaker 3: Victorious negative way of talking about our soccer rus and Daneka, would.
• 48:08
  Speaker 2: You take your Do you have a pet?
• 48:09
  Speaker 6: No, I don't know.
• 48:10
  Speaker 2: Would you would you be happy to have a pet
• 48:12
  Speaker 2: on a plane?
• 48:12
  Speaker 18: Gosh, no, no way, kids are enough.
• 48:15
  Speaker 6: No thanks or Daneka.
• 48:16
  Speaker 3: To Georgia and Justice Smith, thank you so much for
• 48:18
  Speaker 3: your time tonight. That's all we've got time for. I'll
• 48:21
  Speaker 3: be back tomorrow at five o'clock.
• 48:22
  Speaker 2: Peter Cresslin is up next, live from London.