Latest / Best of Business / Murray Olds: Australian correspondent on the RBA keeping interest rates on hold at 3.6 percent with no cuts in sight

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Murray Olds: Australian correspondent on the RBA keeping interest rates on hold at 3.6 percent with no cuts in sight · Best of Business

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  Speaker 1: You're listening to a podcast from news Talk said Bee.
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  Speaker 2: And finally, an EMU named Frank has been apprehended after
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  Speaker 2: two days on the run in Arizona. Now Frank escaped
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  Speaker 2: from a ranch and wandered the streets of the town
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  Speaker 2: of Cottonwood, paying a visit to Walmart, and police were
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  Speaker 2: finally able to catch the EMU and return them to
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  Speaker 2: his owner. But they say it wasn't easy.
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  Speaker 3: They didn't run about.
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  Speaker 4: Thirty miles an hour, and I guess he had on
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  Speaker 4: the afterburners that day.
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  Speaker 1: I don't know if you're aware.
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  Speaker 3: EMUs cannot walk backwards.
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  Speaker 1: Their wegs don't work that way.
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  Speaker 4: So if you can chase them into a.
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  Speaker 3: Corner as they're running.
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  Speaker 1: Ahead of you, that's the safest and easiest way for
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  Speaker 1: both you and the bird.
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  Speaker 2: So there's something if you ever find yourself having to
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  Speaker 2: chase an EMU. Murray Old's Australia corresponding with us Alo mus.
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  Speaker 3: Very handy tip here the good afternoon.
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  Speaker 2: Yeah who knew? Hey, So you guys have to apparently
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  Speaker 2: start building houses worth half a million dollars.
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  Speaker 4: This is the big call It's pretty interesting really. It's
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  Speaker 4: come from the boss of the Australia's second biggest bank,
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  Speaker 4: and this is Westpac.
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  Speaker 3: For the Miller took charge last Christmas and.
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  Speaker 4: On Monday, you know, he was unveiling the bank's full
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  Speaker 4: year results and he made this point. He said, listen
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  Speaker 4: on the average salary of around ninety thousand dollars. Now
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  Speaker 4: in Australia, most working age people cannot get on the
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  Speaker 4: property ladder. Banks, he said, generally will then five to
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  Speaker 4: six times the income of borrowers. And that means the
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  Speaker 4: average earner in Australia tops out at just around half
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  Speaker 4: a million, maybe six hundred thousand dollars. And that you know,
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  Speaker 4: with a house price in Sydney the median one point
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  Speaker 4: five million, Well bloody good luck. It's not much cheaper
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  Speaker 4: anywhere else, to be honest. Now, what Miller says, the
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  Speaker 4: single biggest challenges is supply right.
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  Speaker 3: The key is let's build cheaper. Now. The new South
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  Speaker 3: Wales government's doing this in terms of public housing, is
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  Speaker 3: rolling out what was the stat I only interviewed her yesterday.
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  Speaker 4: Anyway, what they're doing is using a lot of prefab
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  Speaker 4: modules that are assembled off. They brought in and bolted
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  Speaker 4: together and the speed is dramatically enhanced. So he says, look,
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  Speaker 4: we've all, we all have to play a part. You've
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  Speaker 4: got to cut red tape governments, local governments, you have
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  Speaker 4: to speed up the processing time. You get a streamliner
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  Speaker 4: system that can create an environment where a half billion.
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  Speaker 3: Dollar house is possible. Well, bloody, good luck with that.
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  Speaker 4: Meantime, the Reserve Bank Board has met today and there's
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  Speaker 4: no rate cut. No one expected that after the inflation
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  Speaker 4: figures of last week. And here's the thing, got a
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  Speaker 4: hold steady at three point six percent. And here's the thing, Heather,
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  Speaker 4: the RBA is now expected to wait until at least
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  Speaker 4: the second half of next year to resume cutting the cap.
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  Speaker 2: Col Lee, were you guys sitting on three point six
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  Speaker 2: for basically the next year.
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  Speaker 4: Or so, well, next to six months. That's what the
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  Speaker 4: market is pricing in.
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  Speaker 2: Interesting Okay, Now what happened to the weapons expo.
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  Speaker 3: Well, there's a couple of Israeli companies that are represented.
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  Speaker 3: I mean, it's a big expo.
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  Speaker 4: It's one of the biggest up we understand of the
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  Speaker 4: Southern hemisphere of this year, and at least one of
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  Speaker 4: the two Israeli companies that is represented here has an
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  Speaker 4: Australium subsidiary. And so the protest was organized by a
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  Speaker 4: group that's been around for ever since October seven. This
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  Speaker 4: is the Palestine Action Group. They've been protesting and said
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  Speaker 4: he's about every single weekend and they turned out this
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  Speaker 4: morning and Darling Harbor, right in the heart of the city.
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  Speaker 4: Police had set aside an area for them to protest
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  Speaker 4: and they decided that wasn't good enough and they moved
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  Speaker 4: off and tried to get down to the water and
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  Speaker 4: Darling Harbor where police horses and so on were there.
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  Speaker 4: Ten people arrested, pepper spray used, and the state government
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  Speaker 4: making the point listen, knuckleheads, this is an industry worth
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  Speaker 4: three point four billion.
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  Speaker 3: Dollars to New South Wales alone.
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  Speaker 4: So if you think you're going to try and stop
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  Speaker 4: a good luck, it's not going to happen anytime soon.
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  Speaker 2: Okay, what have you drawn for your sweepstake?
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  Speaker 3: I wasn't in a sweep gambling? Oh I hate gambling.
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  Speaker 4: I've only ever had one bet in the Melbourne Cup
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  Speaker 4: and that was when Kiwi won back in nineteen eighty three.
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  Speaker 2: And did you make money on it?
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  Speaker 3: Oh?
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  Speaker 4: I only put ten dollars each way on it. I
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  Speaker 4: needed because I was so inexperienced. I needed someone up
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  Speaker 4: at the tab to put the bed on for me.
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  Speaker 3: I was hopeless.
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  Speaker 2: All right, you have a much better reason than I do.
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  Speaker 2: I just got left out of the sweepstake. That's how
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  Speaker 2: much they like me.
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  Speaker 3: Mas.
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  Speaker 2: Okay, So where have you been watching it though? Even
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  Speaker 2: if you're not going to beat on it?
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  Speaker 4: Oh yeah, I just like watching all the young men
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  Speaker 4: and women, you know, try and hop on the bus
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  Speaker 4: on the way home after the big day out. There's
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  Speaker 4: I heard you mentioned El Riffer. El Riffer will start
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  Speaker 4: in Barrier nineteen. He's the top weight with fifty nine kilos.
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  Speaker 4: He is the favorite. One partner us put half a
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  Speaker 4: million dollars on El Riffer to win three and a
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  Speaker 4: half million dollars, so he is. He will start favorite.
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  Speaker 4: You've got the core Field Cup winner half yours. If
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  Speaker 4: you've got that horse, you've got a good chance. And
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  Speaker 4: you've then got a presage Nocturn. I think he's a
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  Speaker 4: gray one. He looks lovely belly and king and bukaroo
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  Speaker 4: on the very end of the other end Land legend
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  Speaker 4: changing the guard and something called afabescan, afabescan or whatever.
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  Speaker 3: I have no idea how to say that. They're paying
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  Speaker 3: out a sixty bucks for the win.
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  Speaker 4: The track is going to be soft because they've been
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  Speaker 4: running down there and they jumping in about twenty minutes.
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  Speaker 1: Oh good stuff.
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  Speaker 2: Yeah you really sure you know what you're talking about there, muz.
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  Speaker 3: Thanks very much.
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  Speaker 2: Murry Olds, Australia, Corresponding.
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