Latest / Best of Business / Murray Olds: Australian correspondent on Qantas scaling back flights amid Middle East conflict

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Murray Olds: Australian correspondent on Qantas scaling back flights amid Middle East conflict · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks be follow
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  Speaker 1: this and our wide range of podcasts now on iHeartRadio.
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  Speaker 2: Mariol's Ossie correspondents with our Sello.
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  Speaker 3: Mas, Hello Heather, very good afternoon.
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  Speaker 2: So Quantous is going to cut more roots.
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  Speaker 3: Yeah, that's right, Yeah, domestic routes at least for two months,
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  Speaker 3: warns in an update to the Stock Exchange this morning.
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  Speaker 3: Over here, the increasing prices of oil could add up
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  Speaker 3: to eight hundred million dollars to its fuel bill. Airfares
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  Speaker 3: are also up, but you know, the airlines told the
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  Speaker 3: Stock Exchange it will still run a profit, but there
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  Speaker 3: will be a dent in those profits. Most of the
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  Speaker 3: service cuts are going to be on flights between our
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  Speaker 3: capital cities, the Sydney Melbourne route, amongst the world's most lucrative.
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  Speaker 3: There will also be a lesser frequency of flights between
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  Speaker 3: cap cities and some regional centers will be hit as well.
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  Speaker 3: And this is a big blow for people in the bush.
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  Speaker 3: You need to come down to the big smoke heather
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  Speaker 3: for medical treatment the like, so they're a bit anxious
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  Speaker 3: about that. Look, it's not all bad news though. Quatas
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  Speaker 3: is reporting a big jump in business on flights between
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  Speaker 3: Australia and Europe because passengers travelers are shunning the airlines
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  Speaker 3: that route flights through the Middle East. Your etty hads
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  Speaker 3: your Emirates and so on and cut our airways for example.
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  Speaker 3: So you know it swings and roundabouts for quantas. But
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  Speaker 3: there's no doubt about it. Businesses everywhere and business confidence
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  Speaker 3: over here has packed a hell of a knock on
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  Speaker 3: the back of what's going on in Iran.
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  Speaker 2: Now tell me about the manufacture of drones and missiles
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  Speaker 2: that you people are going to do well at the moment.
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  Speaker 3: It's pretty much a fledgling industry to be honest. I mean,
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  Speaker 3: like so many other Australian Defense Force projects, this thing
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  Speaker 3: sort stumbles and bumbles along and succeeds despite of the
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  Speaker 3: people around it. But it has been a very bright
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  Speaker 3: note for Australia. There's a couple of very expensive drones
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  Speaker 3: that are being made. They called the shark Bat and
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  Speaker 3: the ghost bat. But there's going to be a ghost
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  Speaker 3: bat and a ghost shark. I forget what.
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  Speaker 2: Anyway, it's a combination of these things, correct.
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  Speaker 3: And these are big, very expensive ones, but there's going
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  Speaker 3: to be billions more to be spent over the next decade,
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  Speaker 3: expanding the manufacture, not owning of the expensive ones, but
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  Speaker 3: also the you know, the little hit and run ones
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  Speaker 3: that are that have been doing such a hell of
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  Speaker 3: a job on our television screens in the Middle East
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  Speaker 3: and of course in Ukraine. So the government very excited
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  Speaker 3: about this defense spending update on Thursday, and drones are
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  Speaker 3: going to be a very big part of that expenditure.
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  Speaker 2: Now, why is Elbow not going to means test the NDI.
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  Speaker 3: Is well, because it's it's a step too far the NDI.
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  Speaker 3: That's the only thing I can think of. I mean,
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  Speaker 3: Albin easy As the Prime Minister is bumping heads with
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  Speaker 3: his Treasurer and other ministers all the time. They want bold,
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  Speaker 3: ambitious tax reform over here. Elbow's a bit anxious about this,
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  Speaker 3: so there's no way known he's going to go down
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  Speaker 3: the route of taxing the National Disability Insurance Scheme, notwithstanding
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  Speaker 3: of fact, Heather the thing has doubled in cost of
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  Speaker 3: the last five years fifty five billion dollars a year
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  Speaker 3: currently a year that's more than a billion dollars a week.
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  Speaker 3: He warns the system must be rained in though, because
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  Speaker 3: it's costing far too much. And exponentially growing. It was
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  Speaker 3: designed originally for people who suffered catastrophic injuries or you know,
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  Speaker 3: life changing permanent disability. It's not for every kid who's
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  Speaker 3: diagnosed with ADHD. And I'm not diminishing those conditions and
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  Speaker 3: those you know the impact on those children and their families.
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  Speaker 3: But you know, there's got to be a point where
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  Speaker 3: you say, we have to spend a bit less on
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  Speaker 3: this because it's actually overpowering education, health and defense spending,
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  Speaker 3: and the government also promising to work a hell of
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  Speaker 3: a lot harder to catch the cheats and the raughters
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  Speaker 3: and the people who have got no right to be
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  Speaker 3: on it. And there are millions of those as well,
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  Speaker 3: we're told, so expect big changes are things like capital gains,
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  Speaker 3: tax concessions, and the budget restrictions on how many investment
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  Speaker 3: properties that people will be able to buy and use
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  Speaker 3: for tax deductions. Also encouraging more investments, specifically in new
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  Speaker 3: dwellings to try and address the housing crisis we have
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  Speaker 3: over here. There's a bunch of other things, but that
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  Speaker 3: NDIS means testing a bridge too far, I think for Elbow.
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  Speaker 2: Good to talk to you, Mars as always chatty in
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  Speaker 2: a couple of Days Mariol's Australia Correspondence, Ghost Sharks and
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  Speaker 2: ghost Bats.
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