Latest / Best of Business / Murray Olds: Australian correspondent on Australia's unemployment rate dropping to 4.1 percent

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Murray Olds: Australian correspondent on Australia's unemployment rate dropping to 4.1 percent · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from News Talks, it'd be
• 0:12
  Speaker 1: follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Mariold's Ozzie correspondents with us.
• 0:18
  Speaker 3: Hey Mas, good afternoon, Heathers.
• 0:20
  Speaker 2: Your unemployments stayed at four point one.
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  Speaker 4: Yes, I suppose good news, bad news for interest rates
• 0:27
  Speaker 4: as well.
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  Speaker 3: Unemployment well four point one on September, same as August.
• 0:31
  Speaker 4: Good news for the sixty four thousand people who found
• 0:33
  Speaker 4: work last month. And economists and aren't they aren't they?
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  Speaker 4: I mean they have a bob each way, these economists,
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  Speaker 4: they are expecting twenty five thousand jobs to be created,
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  Speaker 4: sixty four one thousand jobs in the end.
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  Speaker 3: So it's good news, but bad news.
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  Speaker 4: For people hanging out for a cutting interest rates, because
• 0:52
  Speaker 4: they're just hanging on. In many many cases, it's the
• 0:56
  Speaker 4: same economists I've slapped a second ago. They're also saying
• 1:00
  Speaker 4: the jobless figure is not strong enough to lead the
• 1:02
  Speaker 4: Reserve Bank to increase interest rates. Well, thank goodness for that,
• 1:06
  Speaker 4: but also too strong to expect a cut any time
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  Speaker 4: at least before Christ certainly not until the first quarter
• 1:12
  Speaker 4: of next year, which may be just in time for
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  Speaker 4: Elbow when he goes to an election in May.
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  Speaker 2: Now, explain to me how it is that Star Casino
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  Speaker 2: stuff's up badly enough to be copying a sixteen million
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  Speaker 2: dollar five. But then it has its license? What it
• 1:25
  Speaker 2: retains its license?
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  Speaker 4: No, it's suspended. The license is suspended. Basically an administrator
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  Speaker 4: has been put in there. This is Star Casino in Sydney.
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  Speaker 4: But here's the thing, here's the conundrum. It's too big
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  Speaker 4: to fail. It's Australia's second biggest casino group, and the
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  Speaker 4: Sydney casino alone. There's another in Brisbane. But the Sydney
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  Speaker 4: casino employs nine thousand people. Now that's a lot of
• 1:47
  Speaker 4: pay packets and a lot of jobs that would be
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  Speaker 4: lost if.
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  Speaker 3: The casino's license was taken away.
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  Speaker 4: They've tried new management that didn't work out that well,
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  Speaker 4: and of course spectacular findings of basically, you know, illegal conduct,
• 2:03
  Speaker 4: I mean apparently you know, if you believe the or
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  Speaker 4: the reporting. Basically Star was turning a blind eye to
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  Speaker 4: industrial scale money laundering by who knows, God knows who
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  Speaker 4: were they?
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  Speaker 3: Druggies were they?
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  Speaker 4: I mean, who knows who these people were. It was
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  Speaker 4: all caught on security cameras rocking up at the place
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  Speaker 4: where you you know, you, you know, you buy chips,
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  Speaker 4: and they're opening suitcases full of money, all bundled up. Now,
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  Speaker 4: if if you're not smelling a whole bloody army of rats,
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  Speaker 4: I mean there's something wrong. So anyway, look, they're still
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  Speaker 4: very unhappy with the way the joints being run, but
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  Speaker 4: it's the sixteenth fifteen million dollar fine and they're going
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  Speaker 4: to be allowed to keep going, albeit with that license
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  Speaker 4: still suspended.
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  Speaker 2: Well, what does it mean to be too big to fail?
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  Speaker 4: Well, you know, nine thousand jobs. That was the single
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  Speaker 4: biggest reason cited by the guy in charge the casino regulator.
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  Speaker 3: You can't have.
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  Speaker 2: That's just basically given the really big guy's a license
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  Speaker 2: to be a bit naughty, isn't it.
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  Speaker 4: Well, look they have got this administrator in there. It's
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  Speaker 4: not as those management is allowed to keep going willy nilly.
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  Speaker 4: You know, a lot big corporate lunches and long stretch limousines.
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  Speaker 4: They have got the regulator having a very very close
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  Speaker 4: eye on this.
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  Speaker 3: Basically they don't want it to be a big atm
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  Speaker 3: for crooks.
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  Speaker 4: And in the meantime you've got nine thousand people who
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  Speaker 4: are employed.
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  Speaker 2: So okay, now, how many of your politicians have flash
• 3:30
  Speaker 2: houses like Albow.
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  Speaker 4: Well, I don't know about that flash but the ABC
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  Speaker 4: has done an analysis. There are two d and twenty
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  Speaker 4: seven federal MPs and senators and all but twelve have
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  Speaker 4: at least one investment property. Two of them have seven
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  Speaker 4: each ones a liberal ones of labor. You've got three,
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  Speaker 4: have six, five have five. Only one rents and these
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  Speaker 4: are the Greens. I mean, he's such a boaster. I
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  Speaker 4: rent my place.
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  Speaker 3: I bet his mum and dad have got a few
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  Speaker 3: in his name.
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  Speaker 4: He's there housing spokesman, and it's all in the Parliamentary registers.
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  Speaker 4: Here's the thing. Peter Dutton was listened with five properties.
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  Speaker 4: I quoted that on Tuesday, but there's been an updated register.
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  Speaker 4: He's down to just one. But there's no record heather
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  Speaker 4: of the spouses, no ability to appear into family trusts either.
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  Speaker 4: It's a really poor look by Elbow in the middle
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  Speaker 4: of a housing crisis. But notably, Peter Dutton said nothing
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  Speaker 4: about slapping Elbow this week because he knows that a
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  Speaker 4: lot of his own side also have multiple properties. The
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  Speaker 4: only people howling about it are these freaks from the
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  Speaker 4: Murdoch Press and Sky News. All tut tutting away, all
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  Speaker 4: all terrible, terrible, and maybe it will be terrible come
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  Speaker 4: the election time.
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  Speaker 3: But look, it's a bad look for elbow. It's a
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  Speaker 3: lovely home though, and maybe he's slipping the wind. He
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  Speaker 3: might be out of a job come by next year. Maybe.
• 4:58
  Speaker 2: So hey, thank you mass always appreciated. Murray Old's Australia corresponding.
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