Latest / Best of Business / Murray Olds: Australian correspondent on the Reserve Bank of Australia leaving rates on hold

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Murray Olds: Australian correspondent on the Reserve Bank of Australia leaving rates on hold · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks'd be follow
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  Speaker 2: Australian correspondent to Marry Olds's with us this afternoon, Murray,
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  Speaker 2: the Reserve Bank, I've held steady, Yes.
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  Speaker 3: Indeed they have very good afternoon, Ryan. The Reserve Bank
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  Speaker 3: over here, last meeting for the year, and this is
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  Speaker 3: the bank of course, it sets official interest rates and
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  Speaker 3: lots of hope obviously yet dashed. If there was any hope.
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  Speaker 3: Most economists were saying, there's no one knowing they're going
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  Speaker 3: to go today, and they haven't and now we're looking
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  Speaker 3: at maybe before the end of the financial year, which
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  Speaker 3: in Australia is the end of June. So there's no
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  Speaker 3: hope for Anthony Alberniezi Somen was saying he was hoping
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  Speaker 3: for an interest rate cut because you know before the
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  Speaker 3: election whenever that's going to be held, must be held
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  Speaker 3: by May, so is there going to be one before then?
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  Speaker 3: Because cost of living is going to be the single
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  Speaker 3: biggest issue in the election over here, and so if
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  Speaker 3: he was waiting for once, sorry, no good and indeed
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  Speaker 3: it's it's going to be an election notwithstanding whatever Peter
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  Speaker 3: Dutton has to say about all the peripheral stuff. It's
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  Speaker 3: going to be about cost of living first and foremost,
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  Speaker 3: no doubt about it.
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  Speaker 2: Any and poor old Elbow hasn't had good time in
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  Speaker 2: the polls of late, has he and Dunton. You mentioned Dutton.
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  Speaker 2: He's he's announced he's not going to stand in front
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  Speaker 2: of the Aboriginal flag if he becomes prime minister.
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  Speaker 3: Yeah, that's right. I mean, that's about all he's got
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  Speaker 3: really to offer. Peter Dutton. He's in charge of the
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  Speaker 3: no ALII says Labor. Now. What Dutton's done here has
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  Speaker 3: appealed purely to the you know, the Conservatives over in Australia. Absolutely,
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  Speaker 3: you know the right wing. We go, oh you beauty Pete.
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  Speaker 3: He won't stand in front of the Aboriginal flag. Well,
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  Speaker 3: you know, I mean there's a lot of people have
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  Speaker 3: been saying, well, it's he says it's all about unity,
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  Speaker 3: but it's clearly just another another I suppose a bit
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  Speaker 3: of meat thrown to the right wing. Who hates who
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  Speaker 3: hates alban Easy, They like Dutton. They say it's time,
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  Speaker 3: you know, Elbows stuffed up with labor. As soon as
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  Speaker 3: Albanzi got in he stood before the Australian flag, the
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  Speaker 3: Aboriginal flag and the Torres Straight Island flag. Well, Dutton says,
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  Speaker 3: forget that. He's given that a big backhander. He's also
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  Speaker 3: given you know, an example of the way that Dutton
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  Speaker 3: is operating over here now, as you say, riding high
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  Speaker 3: on the poles. He's given Albanezi your backhand. If for
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  Speaker 3: not slapping Woolworths in a pub group, for saying that
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  Speaker 3: we're going to celebrate Australia Australia Day, He's ever it's Albaniz.
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  Speaker 3: He's rolled to go out and give Wilworths a bloody,
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  Speaker 3: bloody nose. They're saying, well, you got to sell Australia
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  Speaker 3: Day merchandise. Well, no, it's not what the Prime Minister does.
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  Speaker 3: But it doesn't matter. Dutton's making hay and he's doing
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  Speaker 3: very well on the poles.
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  Speaker 2: As you say, yeah, feeling confident by this. By the
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  Speaker 2: looks and sounds of it too, Poor old Rupert Murdoch
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  Speaker 2: are not getting his way in court.
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  Speaker 3: I wouldn't be saying poor old Rupert Murdoch. I've never
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  Speaker 3: heard those words in the same sentence. But I'd love
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  Speaker 3: to be a fly in the wall of the Murdock
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  Speaker 3: Christmas party. Because they are all here. We understand they're
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  Speaker 3: all here. Some may have left on the back of
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  Speaker 3: this ruling in Nevada. It's a New York Times story
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  Speaker 3: that's been reported that Rupert Murdoch, the long story short Murdoch,
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  Speaker 3: after a second divorce, he set up what was called
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  Speaker 3: an irrevocable family trust that would share all the voting
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  Speaker 3: rights about the future of News Corporation and any other
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  Speaker 3: News corporentities. Those four adult children, Prudence from his first marriage,
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  Speaker 3: then Lachlan, Elizabeth, and James. Those four would share all
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  Speaker 3: the voting rights going forward. All children that Murdoch has,
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  Speaker 3: he has the two with Wendy Den for example, all
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  Speaker 3: would share the money, and there's plenty of it. It's
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  Speaker 3: about he's word about fifty billion US dollars. But he
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  Speaker 3: wanted to change that irrevocable trust because he wanted to
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  Speaker 3: make sure Lochlan, his oldest son, going forward after Rupert's death,
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  Speaker 3: that Lochlann would have control of the empire. Lochlan is conservative.
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  Speaker 3: The other three much more progressive, much more liberal in
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  Speaker 3: our liberal sense of the word than Lachlan. Anyway, Dad failed,
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  Speaker 3: He failed to convince the court in Nevada that that
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  Speaker 3: would be in the best entries of all involved. His
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  Speaker 3: argument was, if my conservative sons in charge going forward,
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  Speaker 3: the business would be a hell of a lot better
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  Speaker 3: and provide better financial dividends to all the children than
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  Speaker 3: if the other three can vote them down on different things. Anyway,
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  Speaker 3: the court said, where's the quotes here? That Murdock had
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  Speaker 3: acted in bad faith quote and had carefully crafted a
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  Speaker 3: charade to try and win over the court. So he's failed.
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  Speaker 3: There's going to be an appeal. That would be fascinating.
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  Speaker 3: But like I say, mate, wouldn't it be fun to
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  Speaker 3: be a fly on the wall at the Murdoch Christmas
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  Speaker 3: party here in Sydney?
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  Speaker 2: I certainly would be. I bet the food would be good. Murray,
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  Speaker 2: thank you for that. Murray Old's the Australia correspondent.
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