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Oliver Peterson: Australian correspondent on the Middle East conflict's impact on the markets · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks'd be follow
• 0:12
  Speaker 1: this and our Wide Ranger podcast now on iHeartRadio.
• 0:16
  Speaker 2: Oliver Peterson ABC Perth Radio Drive presenters with us, Hey, OLLI.
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  Speaker 3: Head, I got a bone to pick with you and
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  Speaker 3: Raylene Ramsey.
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  Speaker 2: Oh yeah, go on?
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  Speaker 3: Then, well, Zach Lomax, rugby league reject he signed for
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  Speaker 3: the Western Force, and if I was the Hurricanes, I'd
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  Speaker 3: be absolutely well shaking in the boots. Let's just put
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  Speaker 3: it like that, because this Friday night he's going to
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  Speaker 3: dominate the Hurricanes when he makes his debut for the
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  Speaker 3: Western Force.
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  Speaker 2: Come on, Lomax, So why was he rejected by the NRL.
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  Speaker 3: Because he took a deal to leave the Eels to
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  Speaker 3: say he may play rugby three sixty but that obviously
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  Speaker 3: never eventuated. So then he took a deal which said
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  Speaker 3: he couldn't play for another rugby league club for two years.
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  Speaker 3: So yeah, he's gone to the Force and then we
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  Speaker 3: were returned to rugby league.
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  Speaker 2: Will do you reckon?
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  Speaker 3: But come on, I'm just trying to give the Western
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  Speaker 3: Force just some sort of pump up because they're hopeless,
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  Speaker 3: do you know what.
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  Speaker 2: I don't mind it though, but the problem is Ollie.
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  Speaker 2: I always feel really excited because the NRL boys are
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  Speaker 2: fast day. They play a fast game, they're really good
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  Speaker 2: at it. But when they come over to rugby union
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  Speaker 2: they get bogged down by the crap that goes on
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  Speaker 2: in rugby union and then they never really fire. Look
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  Speaker 2: at Sony Bill Williams.
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  Speaker 3: Here here and how go with the wars on Friday?
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  Speaker 2: Mate, I'm getting I'm getting on the wars.
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  Speaker 3: I've decided I'm going to be an honorary in New
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  Speaker 3: Zealander this year. Tanna boy just played out of his skin,
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  Speaker 3: and I know he's only sort of holding that position
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  Speaker 3: till Luke Metcalff gets back. But Genai are good, go
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  Speaker 3: the wars.
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  Speaker 2: I know well. I mean, look, it's better for you.
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  Speaker 2: The wars are better than the wast and Force. I
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  Speaker 2: like what you did, so you're welcome to come and
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  Speaker 2: join us. Now, listen, what is going on in the
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  Speaker 2: ASX that you people freaking out?
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  Speaker 3: Oh big time? I mean the market as you and
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  Speaker 3: I talk now, has just lost one hundred and twenty billion,
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  Speaker 3: That's right, one hundred and twenty billion with a B
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  Speaker 3: in value and it's still going to trade for another
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  Speaker 3: two hours and twenty one minutes today. Now Brent crude
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  Speaker 3: has skyrocket as much as twenty five percent today, So
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  Speaker 3: it's US one hundred and fifteen dollars a barrel. It's
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  Speaker 3: our worst day, Liberation Day in April of last year,
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  Speaker 3: all lords, as I said, off one hundred and twenty
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  Speaker 3: billion dollars in value, and we're all just sort of
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  Speaker 3: nuttering our fingernails at the moment. The a six two
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  Speaker 3: hundred dou and four point two percent as we speak now,
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  Speaker 3: and the oil price if you look at it over
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  Speaker 3: the last month, the chart, I mean, we go back
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  Speaker 3: to the start of this month at seventy dollars a
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  Speaker 3: barrel as we talk right now, at surge past one
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  Speaker 3: hundred and fifteen dollars a barrel.
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  Speaker 2: That is quite extraordinary, that little line upwards in the
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  Speaker 2: last few days as wild a. Yeah, okay, now, so
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  Speaker 2: what is it that the coalition is worried about? If
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  Speaker 2: they want to have a new level of vetting for
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  Speaker 2: migrants from some countries.
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  Speaker 3: So what they're looking to do is they're going to
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  Speaker 3: consider forcing people who appeal their visa cancelations to do
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  Speaker 3: so in their country of origin rather than granted bridging visas.
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  Speaker 3: Now this is something which has been quite interesting at
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  Speaker 3: the moment because clogging up not only the courts, but
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  Speaker 3: it's cloging up obviously all of our Pacific islands as
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  Speaker 3: well with Australians or want to be Australians who are
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  Speaker 3: trying to appeal that process and that can now take
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  Speaker 3: years and years in years. So what the Coalition is
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  Speaker 3: trying to do, and it's quite complicated, but effectively change
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  Speaker 3: the legislation going back to the sixties I think it's
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  Speaker 3: the fifties in fact, which would mean that somebody would
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  Speaker 3: potentially return to their country of origin while waiting for
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  Speaker 3: their application to be processed or maybe overturned. Whether or
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  Speaker 3: not the Opposition is able to do that, well, that
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  Speaker 3: would be obviously a stroke of the pen from the Parliament.
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  Speaker 3: But this is at the moment also being looked at
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  Speaker 3: by various different agencies around the world, the likes of
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  Speaker 3: the United Nations, etc. Saying you know, the Australians obviously
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  Speaker 3: have a responsibility to people who might be coming to
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  Speaker 3: their country and not forcing them back into countries where
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  Speaker 3: they have fled for whatever reason it may be. So
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  Speaker 3: this is something that obviously Angus Taylor is trying to
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  Speaker 3: wean back that one nation vote again. Heather, he's got
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  Speaker 3: that bi election in Farah at the moment that he's
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  Speaker 3: keeping a close eye on Susan Lee's former seat. The
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  Speaker 3: polls pointing towards a one nation vote. So these are
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  Speaker 3: the sorts of policy areas that the Coalition is trying
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  Speaker 3: to dance in at the moment to we were very disaffected,
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  Speaker 3: disenfranchised Australian voter.
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  Speaker 2: Now what's jbhipe I done.
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  Speaker 3: Well, what they've done is on sold these ideas of
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  Speaker 3: additional warranties to people that they actually don't need under
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  Speaker 3: Australian consumer law. You know, if something breaks you by
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  Speaker 3: four thousand dollars television and it breaks within two years,
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  Speaker 3: it should be repaired or replaced. They've been selling basically
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  Speaker 3: junk warranties to say you can have this, you know,
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  Speaker 3: for five, six, seven years. One of the big law
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  Speaker 3: firms here, Morris Blackburn's taking them on saying effectively they're
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  Speaker 3: not worth the paper they're printed on or the text
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  Speaker 3: message that you receive. And there's a bit to that,
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  Speaker 3: like the Consumer Agency and watchdogs around the States and
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  Speaker 3: the territories here in Australia, tend to agree, So I
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  Speaker 3: reckon this one might have a little bit of success
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  Speaker 3: getting those every warranties that you don't need or because
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  Speaker 3: you think you need it right.
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  Speaker 2: Now, but doesn't it everybody you don't sell you this
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  Speaker 2: crap and you just no leave in New Zealand, you
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  Speaker 2: just got to say no now.
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  Speaker 3: Yeah, well that's right. You got to say no. But
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  Speaker 3: you know you think, oh, I've bought a four thousand
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  Speaker 3: dollars TV. If I've pay another couple of hundred bucks
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  Speaker 3: to make sure it doesn't break in ten years, I'll
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  Speaker 3: do it. But you don't need it to.
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  Speaker 2: Right, Yeah, I suppose you've got to note you've got
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  Speaker 2: to listen to Consumer New Zealand Ollie. Thank you appreciated.
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  Speaker 2: Oliver Peterson, ABC Perth Radio Drive Presenter.
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