Transcript

Sharri | 13 May · Sharri

0:01
Speaker 1: Live on Sky News.
0:03
Speaker 2: This is Sharry.
0:06
Speaker 3: Good Evening Well.
0:08
Speaker 4: Voters can never again trust a word out of the
0:11
Speaker 4: Prime Minister's mouth. That's the lesson from this divisive and
0:14
Speaker 4: damaging budget, which could be the end of the Alban
0:17
Speaker 4: Ezy government. This budget is a war on aspiration with
0:22
Speaker 4: seventy seven billion.
0:24
Speaker 3: Dollars in new taxes.
0:26
Speaker 4: Small business owners, mum and dad, investors and retirees will
0:31
Speaker 4: be in uproar as This budget causes hip pocket pain
0:35
Speaker 4: and what for So that every Australian gets a negligible
0:39
Speaker 4: two hundred and fifty dollars tax offset in a year's time.
0:43
Speaker 4: Over a year's time, it's nonsensical. The real reason is
0:48
Speaker 4: that Alban Easy and Treasurer Jim Chalmers feared this would
0:52
Speaker 4: be their last chance to leave a legacy, and they
0:56
Speaker 4: pitch their legacy as reform.
1:00
Speaker 3: But this isn't reform.
1:01
Speaker 4: This is a tax grap precisely at the time when
1:05
Speaker 4: our economy tilts on the edge of recession and families
1:09
Speaker 4: are barely staying afloat. And that's before you get to
1:13
Speaker 4: the broken promises. And that's why this is a double
1:16
Speaker 4: whammy Politically, it risks sending families who own businesses into
1:21
Speaker 4: financial ruin and has breached trust with the electorate, and
1:27
Speaker 4: the Treasurer was smashed in media interviews today over this
1:31
Speaker 4: broken promise.
1:33
Speaker 5: Angus Tayler used to call you sneaky Jim.
1:36
Speaker 6: I mean you are, aren't you with.
1:37
Speaker 2: This no acknowledgment of broken promises, despite the fact that
1:41
Speaker 2: they are blindingly obvious to everybody watching, breaking ironclad election
1:46
Speaker 2: promises so blatantly you must have spent a long time
1:49
Speaker 2: calculating the consequences. When did you decide that the rewards
1:53
Speaker 2: outweighed the risks?
1:54
Speaker 1: Now that the lie has been confirmed, will you apologize
1:58
Speaker 1: to the Australian public.
2:00
Speaker 4: Even Charmers describes the changes as contentious, which is an understatement.
2:07
Speaker 4: The Albanezy government has been absolutely smashed for last night's budget,
2:11
Speaker 4: which has been described by some economists as the worst
2:15
Speaker 4: in recent history. The Adelaide Advertiser front page captured the
2:20
Speaker 4: catastrophic nature of the budget. Charmer Geddon was my personal favorite,
2:25
Speaker 4: followed by The Herald's Sun, which called the Treasurer the
2:28
Speaker 4: Jim Reaper and it said last rites for investors, as
2:32
Speaker 4: Charmers tax grab gains your capital, portraying the treasure as
2:37
Speaker 4: the evil character who comes to collect your money. Then
2:40
Speaker 4: the Daily Telegraph splashed with your capital his gain, and
2:45
Speaker 4: it said lying Jim gougerzozsies with big taxing Communist Manifesto.
2:51
Speaker 4: The Courier Mail went with Jim's Guide to Lying, referring
2:55
Speaker 4: to the talking points that ministers were given when they
2:58
Speaker 4: were asked in interviews if the budget amounted to a
3:01
Speaker 4: broken promise, and the West Australian went with game over
3:06
Speaker 4: Boomer And all of this coverage clearly hit a nerve,
3:12
Speaker 4: so it was called the Commonist Manifesto this morning.
3:19
Speaker 7: Yeah, I heard about that, Carl. I think like most
3:23
Speaker 7: Australians have got more important things to do, they worry
3:25
Speaker 7: about what's on the front of the Daily Telly.
3:28
Speaker 4: Well, the front of the Daily Telly reflects the sentiment
3:31
Speaker 4: of the vast majority of Australians who are furious at
3:35
Speaker 4: being lied to. And I also highly concerned the budget
3:38
Speaker 4: could push us into a recession. And then there's also
3:42
Speaker 4: the issue of debt. We were all alarmed that debt
3:45
Speaker 4: would hit a record high of a trillion dollars this year,
3:49
Speaker 4: but the budget forecasts now show that in just three
3:53
Speaker 4: years time, debt financial debt will have increased by twenty
3:58
Speaker 4: five percent forecast hit more than one point twenty five
4:02
Speaker 4: trillion dollars in three years. This is utterly astonishing. It's
4:10
Speaker 4: damning and the stage is now set if they can
4:15
Speaker 4: pull it off for a major coalition campaign against these
4:18
Speaker 4: tax changes.
4:20
Speaker 7: Why did Labor lie to Australians about your plan to
4:24
Speaker 7: text them more?
4:25
Speaker 8: It's doing nothing to lier our costs, but it is
4:28
Speaker 8: hitting us with higher taxes.
4:31
Speaker 9: But this is a budget built on lies.
4:35
Speaker 4: This breach of faith with voters has also led to
4:38
Speaker 4: questions about well whether the Prime Minister would introduce a
4:42
Speaker 4: death tax. It's something he once lobbied for. As I
4:46
Speaker 4: first discovered and reported on in the twenty twenty two
4:49
Speaker 4: election campaign. I reported that Anthony Alberanezi sharply criticized capitalism
4:56
Speaker 4: and family wealth as causes of social injustice, while suggesting
5:01
Speaker 4: incomes above one hundred thousand dollars a year were not
5:05
Speaker 4: entirely deserved. He made the previously unreported remarks while arguing
5:11
Speaker 4: for an inheritance tax when he was Assistant General Secretary
5:15
Speaker 4: of New South Wales Labor in the early nineteen nineties,
5:20
Speaker 4: and I dug up a speech that Albanzi himself had
5:23
Speaker 4: given in June nineteen ninety one, where he read out
5:26
Speaker 4: this quote. He said, accumulated income in the form of
5:30
Speaker 4: capital is for all socialists at least part of the
5:34
Speaker 4: source of many social injustices. Well, Albaneze entered Federal Parliament
5:42
Speaker 4: just five years after giving that speech. Now at the
5:46
Speaker 4: time I researched and reported on this on his comments
5:50
Speaker 4: on inheritance taxes. He complained about the article to my editors.
5:54
Speaker 3: He didn't want it reported.
5:56
Speaker 4: And now he's being asked on national television about death
5:59
Speaker 4: June it is.
6:01
Speaker 3: All right, will you introduce a desk tax?
6:05
Speaker 2: No?
6:06
Speaker 3: But things change, don't they? As he went the treasure
6:08
Speaker 3: of a petally.
6:09
Speaker 8: So that these are the positions that were put in.
6:13
Speaker 3: Sarah, But you've also said that things change. So wait,
6:18
Speaker 3: how can we leave it forward?
6:21
Speaker 2: Sarah?
6:22
Speaker 8: Sarah, we have put forward these changes.
6:25
Speaker 10: We're being upfront about that.
6:29
Speaker 4: Voters will wonder how can they ever trust what he
6:32
Speaker 4: says again, after pledging repeatedly he'd never touched negative gearing
6:38
Speaker 4: or capital gains tax.
6:40
Speaker 11: Can you rule out any changes to negative gearing and
6:43
Speaker 11: capital gains taxes?
6:45
Speaker 5: How hard is it for the fiftieth time.
6:49
Speaker 4: Alban Easy has always been a socialist to the far
6:53
Speaker 4: left of the Labor Party. It's why Broman Bishop on
6:56
Speaker 4: this show always calls him Albo the Trot. He's not
7:00
Speaker 4: a mainstream political figure. He's simply pretended to adopt a
7:04
Speaker 4: centrist political position in order to become Prime Minister and
7:08
Speaker 4: to win government. But with ninety four seats under his belt,
7:12
Speaker 4: the mask and shackles are off now. Charmers was also
7:17
Speaker 4: grilled on whether he'd introduce inheritance taxes by Kieran Gilbert
7:21
Speaker 4: on Sky last night.
7:24
Speaker 8: Would you consider taxing the family home?
7:26
Speaker 9: It seems a logical step after the capital gains tax.
7:29
Speaker 7: No, And I know that our opponents will say that
7:33
Speaker 7: because of the changes that we've made tonight, but we've
7:36
Speaker 7: never thought about, never considered, never looked at. So you
7:39
Speaker 7: ruled whether it's yes, of course, the family home, inherent
7:42
Speaker 7: changes to inherance taxes, all of these things are off
7:45
Speaker 7: the table for any responsible government. And a wealth tax
7:48
Speaker 7: and yah, yeah, all of the.
7:50
Speaker 12: Inheritance, all of the time, all.
7:52
Speaker 7: Of the things, all of the scare campaigns that our
7:54
Speaker 7: opponents will run.
7:57
Speaker 9: We can rule it out right now, all those things
8:01
Speaker 9: out capital.
8:02
Speaker 7: Sorry, family, hime, inheritances, wealth. I mean, these are just,
8:06
Speaker 7: but we've never considered any of it. You rule those out, yes,
8:09
Speaker 7: and we've never considered.
8:10
Speaker 4: Them except that the Prime Minister once personally argued for them.
8:16
Speaker 4: Now journalists and commentators seem to be confused about what
8:19
Speaker 4: exactly the changes to the capital gains tax are, and
8:23
Speaker 4: in my mind these are the most important. They will
8:25
Speaker 4: have the biggest impact on our economy. Currently, you have
8:29
Speaker 4: to pay a tax on the profit you make when
8:31
Speaker 4: you sell an asset that has increased in value. That
8:34
Speaker 4: means that if you sell an asset, whether it's shares
8:37
Speaker 4: or investment properties, and you make a profit, you pay
8:40
Speaker 4: tax on that gain, and your tax at the same
8:43
Speaker 4: rate as your taxable income. If you hold an asset
8:47
Speaker 4: for longer than twelve months, you only pay tax on
8:50
Speaker 4: half the gain, and that's the fifty percent discount. And
8:54
Speaker 4: as you know, that fifty percent CGT discount will be
8:57
Speaker 4: scrapped from July twenty twenty seven. It instead, all of
9:03
Speaker 4: the gain after inflation will be taxed with a minimum
9:07
Speaker 4: thirty percent tax. And if you add it on top
9:10
Speaker 4: of your salary, it could push workers up into the
9:13
Speaker 4: top tax bracket. Now, firstly, this impacts property investors certainly,
9:20
Speaker 4: and it's not only the wealthy that this impacts. Many
9:23
Speaker 4: middle income mums and dads have an investment property. But secondly,
9:29
Speaker 4: it has a major impact on.
9:31
Speaker 3: Small business owners.
9:33
Speaker 4: If you sell a business for a profit, you will
9:36
Speaker 4: be taxed on that instead of only being taxed on
9:39
Speaker 4: half of the gain, and this will impact small business
9:42
Speaker 4: owners enormously, from the owner of a corner store to
9:46
Speaker 4: a cafe. There's an option to defer the gain, but
9:50
Speaker 4: you still will have to ultimately pay it. This is
9:54
Speaker 4: the government hurting people who are self sufficient, who are
9:57
Speaker 4: not on welfare. This will have a big impact on
10:02
Speaker 4: Australian startups and venture capital. Why would investors throw their
10:07
Speaker 4: money into Australian companies when they get to be taxed heavily. Instead,
10:12
Speaker 4: they'll invest in overseas companies. These changes make Australia one
10:17
Speaker 4: of the highest taxed nations in the OECD and it
10:23
Speaker 4: makes investing in productive assets much less attractive. It'll lead
10:28
Speaker 4: to people starting businesses overseas. Our best and brightest will
10:32
Speaker 4: go overseas to start their companies and it will direct
10:36
Speaker 4: investment dollars away from companies that are the engine of
10:39
Speaker 4: the Australian economy. For example, if a listed company competing
10:43
Speaker 4: globally needs to raise local capital, fewer Australians will invest
10:48
Speaker 4: in that company because of these taxes. Therefore, that company
10:52
Speaker 4: will receive less funding, employ fewer people, make less profit
10:58
Speaker 4: and pay lower taxes. This is flawed logic from a
11:03
Speaker 4: labor government. It's a disincentive to start a company. It's
11:08
Speaker 4: socialist politics. In addition to this, the startup community often
11:13
Speaker 4: encourages highly skilled workers by offering them share options instead
11:18
Speaker 4: of a high wage. This will no longer be lucrative.
11:23
Speaker 4: Now you have to ask how does smashing local mom
11:28
Speaker 4: and dad business owners, investors and startup companies help young
11:35
Speaker 4: people get into the property market.
11:37
Speaker 3: Of course it doesn't.
11:39
Speaker 4: It only severely impacts on family finances and makes Australia
11:44
Speaker 4: a less attractive destination to do business. Pete Stefanovic asked
11:50
Speaker 4: the Treasurer about this today.
11:54
Speaker 3: Tell me something.
11:55
Speaker 5: If this is about housing fairness, why go after the
11:57
Speaker 5: share market.
11:58
Speaker 7: Well, what's happened over the last quarter of a century
12:01
Speaker 7: or so ever since the big change was made in
12:03
Speaker 7: nineteen ninety nine is we've had a big distortion in
12:07
Speaker 7: the incenties for investment.
12:10
Speaker 4: In Political correspondent Jeff Chambers writes in The Australian the
12:14
Speaker 4: charmers also failed to explain how the property tax changes
12:19
Speaker 4: will miraculously deliver homes over a decade for seventy five
12:23
Speaker 4: thousand young Australians struggling to crack the housing market. Treasury
12:27
Speaker 4: seems to have made that number up. The anger of
12:33
Speaker 4: this will be so great that it could see the
12:36
Speaker 4: Albanezy government thrown out of office. This question from a
12:41
Speaker 4: school teacher on Sunrise Today indicates that level of anger.
12:46
Speaker 1: If we're getting a lot of reaction, Kat says, for
12:49
Speaker 1: my husband and I, two school teachers, negative.
12:52
Speaker 3: Gearing was one way we could get ahead.
12:55
Speaker 10: You lied to get votes.
12:56
Speaker 1: Shame on this government crushing dreams and tell lies. It's
13:01
Speaker 1: pretty harsh criticism and what do you say to that.
13:05
Speaker 4: In his answer, Chalmers referred to new property being excluded
13:10
Speaker 4: from negative gearing changes, but by that he means newly
13:14
Speaker 4: built properties that increase supply. It's a very specific criteria.
13:20
Speaker 4: So voters are angry, but there's also anger at the
13:23
Speaker 4: coalition too. Had it not been so weak and ineffectual,
13:27
Speaker 4: had its election campaign not been so disastrous. Had Albanizi
13:31
Speaker 4: not won so decisively at the last election, he would
13:35
Speaker 4: never have dared to come for assets and businesses the
13:39
Speaker 4: way he has. But he faces virtually no opposition. He
13:44
Speaker 4: governs as though he can do whatever he likes, accountability,
13:49
Speaker 4: trust and pledges about taking his word as his bond
13:55
Speaker 4: out the window. The Albanese government frames this these tax
14:00
Speaker 4: changes as a gift to help the younger generation, but
14:04
Speaker 4: in reality it's dismantling the very mechanisms that have helped
14:09
Speaker 4: families succeed In Australia. He's removing the tangible vehicles of
14:14
Speaker 4: wealth creation. He's taking away the ladder. This is a
14:20
Speaker 4: direct assault on aspirational Australians and it comes at a
14:24
Speaker 4: punishing economic time of rate rises, global fuel shock and
14:29
Speaker 4: rising inflation.
14:31
Speaker 3: Adding a fresh layer.
14:33
Speaker 4: Of taxes on top of this is simply a major gamble,
14:38
Speaker 4: and in truth it risks tipping our economy over the edge.
14:44
Speaker 4: It's not implausible to have a recession, as charm Is
14:48
Speaker 4: acknowledged in his budget speech last night, and the IBA
14:52
Speaker 4: Governor Michelle Bullakas issued the same dire warning. The risk
14:58
Speaker 4: is that this budget and it's unforeseen consequences, accelerates that
15:04
Speaker 4: danger and drives Australia headfirst into a deep recession. For
15:14
Speaker 4: more budget analysis, now I'm joined by a Liberal senator,
15:17
Speaker 4: Dave Sharma. Dave, thank you very much for your time.
15:20
Speaker 4: Is this a budget that has gone to war on aspiration.
15:26
Speaker 11: It's a complete assault on aspiration shrry. It's a destruction
15:30
Speaker 11: of the Australian dream. I can't overstate how harmful this is.
15:33
Speaker 11: I mean the vehicles and the tax settings that Australians
15:38
Speaker 11: including Anthony Albernezi, have used now for decades to save
15:42
Speaker 11: and accumulate wealth and get ahead and move up, whether
15:44
Speaker 11: you're a teacher or a firefighter, or a policeman or
15:48
Speaker 11: a tradee they're being taken away. And the same vehicles
15:52
Speaker 11: that previous generations use to get a more comfortable standard
15:56
Speaker 11: of living workers now young people will just have to
15:59
Speaker 11: rely on way salary income. I mean that's a gross injustice.
16:03
Speaker 11: This is making things harder for younger people and denying
16:06
Speaker 11: them the opportunities that their parents had.
16:09
Speaker 4: Let's drill down specifically into the capital gains tax changes.
16:13
Speaker 4: I mean I've just outlined how it'll punish the very
16:16
Speaker 4: people building businesses taking risks growing the economy being self sufficient.
16:20
Speaker 4: How damaging do you think these changes could be on
16:24
Speaker 4: our economy?
16:27
Speaker 11: I think very damaging. I mean we will now have
16:30
Speaker 11: amongst the highest taxes on capital anywhere in the developed world.
16:35
Speaker 11: You know, this is a tax on property, it's a
16:37
Speaker 11: tax on shares, it's a tax on ETFs, it's a
16:40
Speaker 11: tax on crypto, it's a tax on new businesses, small
16:43
Speaker 11: businesses and startups.
16:45
Speaker 8: You know.
16:46
Speaker 11: And if you're you know, say you're a university student
16:49
Speaker 11: who has a casual job and you're putting money in
16:51
Speaker 11: an ETF or something with the idea of saying for
16:54
Speaker 11: a deposit, you're probably paying a very low rate of
16:56
Speaker 11: income tax, perhaps none at all, because you're under the
16:58
Speaker 11: tax free threshold. But under this new regime, you're going
17:01
Speaker 11: to be paying at least thirty percent on any games
17:03
Speaker 11: you make from that et for that those shareholdings. I mean,
17:07
Speaker 11: this is grossly unjust and it's a denial of aspiration
17:11
Speaker 11: and opportunity. How would you expect people to Why would
17:15
Speaker 11: you expect people to save and invest and build for
17:17
Speaker 11: the future if the tax treatment is so punitive.
17:21
Speaker 4: Just furthering that example that you just gave it could
17:24
Speaker 4: actually push more people into the higher tax bracket.
17:30
Speaker 2: It could as well.
17:30
Speaker 11: I mean, a capital gain is assess is an income
17:32
Speaker 11: in the event it's a sessor's income in the year
17:34
Speaker 11: that it comes about. And because you can no longer
17:38
Speaker 11: you're no longer able to discount that capital gain, which
17:40
Speaker 11: is what the current system is, it goes straight. The
17:43
Speaker 11: full amount goes straight onto your income now not a
17:46
Speaker 11: not a fifty percent amount, which could well push you
17:48
Speaker 11: into high tax brackets. And i'd point out that this
17:51
Speaker 11: budget alone, I mean there's a lot of talk about
17:54
Speaker 11: increasing taxes on assets and reducing it on incomes from
17:57
Speaker 11: the treasurer. If you look at income tax receipts, they
18:00
Speaker 11: are growing year on year on year because of bracket creep.
18:03
Speaker 11: People Australians are paying more income tax. Income tax is
18:06
Speaker 11: set to be the largest share of tax receipts ever
18:09
Speaker 11: in recorded history next year.
18:12
Speaker 4: Well, clearly we've spoken about this so much in this
18:15
Speaker 4: program for a couple of years now that there needs
18:17
Speaker 4: to be indexation of the tax brackets. Now just to
18:20
Speaker 4: that point that the government's arguing all of this is
18:24
Speaker 4: needed to help young people get into the property market.
18:26
Speaker 4: They're saying that's why there's been this change since the
18:29
Speaker 4: election campaign a year ago. Do you actually think this
18:33
Speaker 4: helps young people get into the property market.
18:37
Speaker 11: It doesn't help them at all. Sharing this is one
18:39
Speaker 11: of the cruolest parts of me. You know, Ask yourself,
18:42
Speaker 11: how has increased tax on shares, on ETFs, on crypto,
18:46
Speaker 11: on small businesses? How does that create more houses? How
18:49
Speaker 11: does that help young people get into the property market.
18:51
Speaker 11: It doesn't. The government's own modeling or Treasury's own modeling
18:55
Speaker 11: in the budget papers predicts that these tax changes are
18:58
Speaker 11: going to result in thirty five thousand your homes being
19:01
Speaker 11: built because of the effect that this has on investment
19:05
Speaker 11: in new housing. The government's own budget papers again expects
19:09
Speaker 11: it will put upwards pressure on RANT. So this isn't
19:12
Speaker 11: solving a housing crisis. This is just a straight tax
19:15
Speaker 11: grab from a government that spends too much money and
19:18
Speaker 11: is addicted to taking other people's money to pay for
19:21
Speaker 11: their own predilections.
19:23
Speaker 4: I think, as I said, I think it's also a
19:25
Speaker 4: legacy exercise. Dave, Will the coalition promise to wind back
19:29
Speaker 4: these changes to negative gearing CGT and trusts.
19:35
Speaker 11: Well, we are opposed to these changes, and I'm almost
19:38
Speaker 11: you know, I'm certain we will be opposing legislation to
19:41
Speaker 11: introduce those changes, and I think we will always be
19:44
Speaker 11: opposed to taxes that discourage aspiration, that discourage saving, that
19:48
Speaker 11: discourage investment. I mean, this is damaging, but it's an ectronomy.
19:53
Speaker 3: Would you wind them back?
19:55
Speaker 11: That is certainly my view. I mean I don't speak
19:58
Speaker 11: on behalf of the entireosition on these areas, but yes,
20:01
Speaker 11: that would be my view that we should wind these
20:03
Speaker 11: back because it's going to do immense harm. I mean
20:05
Speaker 11: we're looking at a capital strike, capital going offshore, tipping
20:09
Speaker 11: the economy, which is already in a parlor state into
20:12
Speaker 11: an even more parlat state. I mean, these are dangerous
20:15
Speaker 11: economic times and what this budget has done is make
20:19
Speaker 11: those times even more precarious.
20:22
Speaker 4: I've spoken to a lot of people today about the
20:24
Speaker 4: budget and a few are saying to me, well, look,
20:27
Speaker 4: Labour's going to get away with this because the coalition
20:29
Speaker 4: is too weak.
20:31
Speaker 3: What's your response to this.
20:35
Speaker 11: I don't agree, and I think this makes I think
20:38
Speaker 11: starkly clear the choices Australian's face. If you want to
20:43
Speaker 11: keep the Labor government in power, the Labor government continues
20:46
Speaker 11: in power, then you know they ruled out changes on
20:49
Speaker 11: negative gearing. They ruled out increases to the capital gain sex,
20:53
Speaker 11: they rule out taxes on family trust, they rule out
20:55
Speaker 11: taxes on increased taxes on superannuation. All of those promises
20:59
Speaker 11: have gone out the window. What will they be coming
21:01
Speaker 11: for next? And the only way you can prevent a
21:03
Speaker 11: continued high taxing, high spending labor government is by changing
21:08
Speaker 11: that government and putting the Coalition in. I think, you know,
21:11
Speaker 11: bluntly speaking and talking politically only here. I think this
21:15
Speaker 11: gives me great optimism because I think the choice has
21:18
Speaker 11: now been made very clear to Australian's what sort of
21:20
Speaker 11: economic future do they face? So they face one of
21:23
Speaker 11: indebtedness and low growth and declining living standards and wage
21:28
Speaker 11: servitude under label or do they want a future of
21:30
Speaker 11: aspiration and vitality and ambition and entrepreneurship under the coalition.
21:36
Speaker 3: All right, Dave Sharma, appreciate your analysis.
21:40
Speaker 4: For more on the budget, now, let's bring in former
21:42
Speaker 4: Victorian Liberal Party president Michael Kroger.
21:44
Speaker 3: And Sky News host Joe Hildebrand. Great to see you well.
21:49
Speaker 4: Pauline Hanson got stuck in today. Here's what she had
21:52
Speaker 4: to say about the budget.
21:58
Speaker 2: I see this as nothing but communism taking over and
22:02
Speaker 2: redistributing wealth.
22:05
Speaker 4: I mean, Michael, that's what a lot of people are thinking.
22:08
Speaker 4: This is a communist socialist budget when you think of
22:12
Speaker 4: the way that the CGT changes impact on small businesses
22:15
Speaker 4: and startups in particular.
22:18
Speaker 3: Yeah, well that's right.
22:19
Speaker 9: Look I look at it this way. Forty odd years ago,
22:23
Speaker 9: there was a leadership challenge in the Labor Party, one
22:26
Speaker 9: of many, and Graham Richardson said to Bill Hayden, I'm
22:29
Speaker 9: voting for you. I'm voting for you. And Hayden said
22:33
Speaker 9: to him, but you said that to me last time
22:35
Speaker 9: and you didn't. And Richo said, yeah, last time I lied,
22:39
Speaker 9: But this time I'm telling you the truth. Point bing,
22:44
Speaker 9: Who will ever believe this bloke again? Albanisi or Charmers?
22:48
Speaker 9: What investor is going to invest in Australia? Seriously, not
22:52
Speaker 9: having any idea whether these settings, which are cast in
22:56
Speaker 9: stone by Labor fifty times can be changed simply because
23:00
Speaker 9: weather changes. Look, Sharry, we have one point two five
23:04
Speaker 9: trillion dollars of debting this country as at in four
23:08
Speaker 9: years time. The budget deficit at a headline level is
23:11
Speaker 9: two hundred and sixty four billion. Over the next four years.
23:15
Speaker 9: This is all inflationary. Interest rates are going to rise.
23:19
Speaker 9: Immigration is four hundred and eighty six thousand to the
23:21
Speaker 9: end of March. Permanent arrivals and long term stays four
23:27
Speaker 9: hundred and eighty six thousands. Tim Wilson said today, where
23:29
Speaker 9: are they are going to live? The NDOS figure reduction
23:32
Speaker 9: figures they're rubbish, right, they're rubbish. The GDP growth figures
23:38
Speaker 9: are rubbish. And on it goes, and on it gay.
23:41
Speaker 9: It was a terrible budget.
23:42
Speaker 4: In many respects. You know, you can't trust a lot
23:44
Speaker 4: of the figures that are there. They'll change so quickly.
23:46
Speaker 4: And besides, do you believe Treasury or do you believe
23:49
Speaker 4: the IBA when it comes to the growth forecast?
23:51
Speaker 3: You know, why would you believe Treasury over the IRBA? Joe?
23:55
Speaker 4: Just in terms of this legacy piece, I mean, part
23:58
Speaker 4: of the reason they did this is the view that
24:01
Speaker 4: if you.
24:01
Speaker 3: Don't make in their mind, bold reform.
24:04
Speaker 4: I'm not calling it bold reform in their view, if
24:07
Speaker 4: you don't make bold reform when you've got a ninety
24:10
Speaker 4: four seat mandate, when do you? And they're both the
24:13
Speaker 4: Prime ministan Treasurer are very conscious of their own legacy.
24:17
Speaker 12: Yeah, I think there's probably a lot of truth in that.
24:19
Speaker 12: I think this is a political budget much more than
24:21
Speaker 12: it is an economic one. I think the fact that
24:23
Speaker 12: they've done it with their first budget, with this huge
24:26
Speaker 12: almost two thirds majority, and the furthest possible budget from
24:31
Speaker 12: the next election, I think is extremely significant. I think
24:35
Speaker 12: the Treasurer effectively bild the cat himself when he said,
24:38
Speaker 12: but hang on a minute. You know these CGT and
24:41
Speaker 12: negative gearing changes are actually going to produce fewer houses,
24:44
Speaker 12: not more, and they're going to put rents up, and
24:49
Speaker 12: so where's the sort of economic sort of benefit in this,
24:52
Speaker 12: And that's what does my head in. I think the
24:54
Speaker 12: Treasuri said something. I know this is about a message
24:56
Speaker 12: of hope. So it's clearly about signaling something to people
24:59
Speaker 12: more than and it is actually delivering stuff into their pockets.
25:03
Speaker 12: I have a huge I think it's about getting young
25:06
Speaker 12: voters obviously out of the clutches of the Greens, which
25:09
Speaker 12: I think is probably questionable given they're going to come
25:11
Speaker 12: back to labor anyway. Long before they go to the coalition.
25:14
Speaker 3: He brought them off with the next step payoff, and.
25:16
Speaker 12: They did the next step head the last election. My
25:18
Speaker 12: concern is that this will have a very noticeable negative
25:24
Speaker 12: impact on people. Not me, I don't think so. I've
25:28
Speaker 12: got no dog in the fight. But will people will
25:30
Speaker 12: notice all the money the government is taking from them
25:32
Speaker 12: and be very loud and very angry about it, and
25:35
Speaker 12: the people that it is giving that money too. It
25:37
Speaker 12: won't even touch the sides, and so they won't actually
25:40
Speaker 12: feel the benefits or feel that they're being relieved. They
25:44
Speaker 12: will just think they're doing it tough anyway. So I
25:46
Speaker 12: think that's my concern.
25:48
Speaker 3: I have a look at this, you actually won't believe this.
25:50
Speaker 3: Grab Now.
25:51
Speaker 4: There's been a lot of discussion about how negative gearing
25:53
Speaker 4: changes will be grandfathered. We're focusing on the term grandfathered here.
25:58
Speaker 4: I mean, it's almostly rele what it means in this context,
26:01
Speaker 4: but it means they won't apply to investment properties bought
26:04
Speaker 4: prior to July twenty twenty seven, although increased profits after
26:07
Speaker 4: that date will be subject to the high taxes.
26:10
Speaker 3: The point is not that.
26:11
Speaker 4: The point is the term grandfathered, and Green Senator Nick
26:16
Speaker 4: McKim would not say it because apparently it's not politically correct.
26:21
Speaker 3: Have a look at this.
26:22
Speaker 7: From a lot of the reporting, it seems as if
26:26
Speaker 7: the government is going to grand person in existing arrangements.
26:30
Speaker 4: Michael, they're going to grand person, is he?
26:37
Speaker 9: Well, Charlie, it's probably not a good time to talk
26:40
Speaker 9: about the result in Pharaoh because our vote was appalling,
26:43
Speaker 9: as we all know, and we acknowledge that. But the
26:46
Speaker 9: Greens vote halved in Pharaoh from four percent to two percent,
26:50
Speaker 9: and they're outpolled by the Marijuana Party. So I don't
26:55
Speaker 9: know whether Nickers got some kind of coalition going with
26:58
Speaker 9: them now, but that was completely bonkers.
27:01
Speaker 3: Person, come up.
27:03
Speaker 12: It just shows you how incredibly stupid the Greens are,
27:06
Speaker 12: and it also shows you how I mean, you talk
27:07
Speaker 12: about working class people going off to vote for one nation,
27:11
Speaker 12: you listen to absolute like it's hilarious. So thank you
27:14
Speaker 12: for the laugh in an otherwise dry and humorless budget.
27:17
Speaker 12: But it does go to show just how absolutely brain
27:20
Speaker 12: dead and completely disconnected from reality the hard left is,
27:25
Speaker 12: and the idea that it would even occur to you
27:28
Speaker 12: to say that out loud, let alone be stupid enough
27:32
Speaker 12: to say it out loud without realizing that that would
27:34
Speaker 12: be all that people are talking about and nothing to
27:37
Speaker 12: do with the actual policy you're apparently trying to draw.
27:39
Speaker 12: Attention to I mean this is I mean, someone needs
27:42
Speaker 12: to just get this guy with nurse Ratchet in with
27:45
Speaker 12: Jack Nicholson, give him a lot botomy because it would
27:47
Speaker 12: probably be an improvement.
27:49
Speaker 3: I know know about all of that.
27:50
Speaker 4: But like the idea that poor old grandfathers, that's you know,
27:54
Speaker 4: two sexes to say grandfather is a.
27:56
Speaker 12: Very patriarch, very patriotic.
27:59
Speaker 3: Come on, I mean, this is the whole chest feeding
28:01
Speaker 3: of breastfeeding movement. It's absolutely ridiculous.
28:03
Speaker 12: Well, chest feeders will get some great childcare options available
28:06
Speaker 12: to them in the upcoming budget.
28:08
Speaker 4: Well you can have all the lactation consultants, Joseph, if
28:11
Speaker 4: you enjoy that, it's true.
28:12
Speaker 3: All right. I want to turn now to this very serious,
28:16
Speaker 3: very horrific.
28:17
Speaker 4: Article in the New York Times that Andrew Bolt mentioned
28:20
Speaker 4: briefly earlier. It unbelievably accuses Israel of training dogs to
28:27
Speaker 4: rape Palestinians day after day. Now, these claims are based
28:32
Speaker 4: on anonymous testimony of her mus linked sources, with no
28:36
Speaker 4: substantial evidence. Obviously, it should go without saying that it
28:39
Speaker 4: is clearly impossible to train dogs to rape human beings,
28:45
Speaker 4: but it comes as another report into the sexual violence
28:48
Speaker 4: by Harmas on October seven has just been handed down today.
28:51
Speaker 4: We might get the author of that on the show
28:54
Speaker 4: tomorrow night. I mean, Michael, this is beyond the pale
28:58
Speaker 4: from the New York Times. You know, some people saying, oh,
29:00
Speaker 4: they published it in their opinion section.
29:02
Speaker 3: It doesn't matter, It's not real.
29:06
Speaker 9: So the anything worth reading is that report you just
29:08
Speaker 9: referred to, which is a two hundred and eighty six
29:11
Speaker 9: page report published by the Civil Commission, which is an
29:14
Speaker 9: NGO in Israel, which documents the horrific and barbaric atrocities
29:19
Speaker 9: of these Hamas filth against innocent Jewish people. Let me
29:25
Speaker 9: say this about the New York Times. It has a
29:28
Speaker 9: long and notorious history in relation to downplaying the effects
29:34
Speaker 9: of Nazism going back one hundred years, and there are
29:39
Speaker 9: we surprised that they would publish something critical of the
29:44
Speaker 9: Israeli Army. I'm personally not surprised, but what a load
29:48
Speaker 9: of balderdash. I mean that any self respecting newspaper would
29:52
Speaker 9: publish that is a disgrace and shame on the New
29:55
Speaker 9: York Times. I mean, really for a newspaper of record.
30:00
Speaker 9: But as I said, it doesn't surprise me because they
30:03
Speaker 9: have a notorious record on these issues dating back to
30:08
Speaker 9: the nineteen twenties and Joe on.
30:10
Speaker 4: The left, and you see it without naming anyone. You
30:13
Speaker 4: see it among left wing influencers on Instagram. There's this
30:19
Speaker 4: perpetual down playing of the rapes of Tigers seven seven,
30:25
Speaker 4: not even downplaying, they deny it.
30:27
Speaker 12: Even sexual abuse advocates for survivors of sexual violence saying,
30:31
Speaker 12: oh no, that didn't happen, or that's just propagand I
30:33
Speaker 12: look again, I just find.
30:34
Speaker 3: The interview with Grace Tame on the eighties.
30:36
Speaker 12: Again, I wasn't going to name names, but I found
30:38
Speaker 12: it absolutely staggering. And I found it staggering. I mean,
30:41
Speaker 12: the blind spots there, and I think it just speaks
30:44
Speaker 12: to that incredibly just white hot bias that people have,
30:48
Speaker 12: where you will refuse in the face of photographic evidence,
30:52
Speaker 12: witness testimonial, dead bodies, abducted and kidnapped people, people paraded
30:56
Speaker 12: through the streets, say oh no, that's just propaganda, that
30:59
Speaker 12: never happened, that didn't happen. And yet the New York Times,
31:03
Speaker 12: which presents itself as America's premier paper of record, it's
31:07
Speaker 12: not that's a Wall Street journal, obviously, but would actually
31:10
Speaker 12: sort of just take on face value a patently ridiculous claim,
31:15
Speaker 12: a claim that anyone with half a brain would know
31:18
Speaker 12: was a physically impossible thing to make, and then to
31:20
Speaker 12: defend it by just saying, you know, oh, it's just opinion.
31:23
Speaker 12: I mean, okay, what if I say person X is
31:25
Speaker 12: a pedophile? Can I get an opinion piece in the
31:27
Speaker 12: New York Times to just say that with no evidence?
31:30
Speaker 12: Because just my opinion. Man, It just goes to show
31:32
Speaker 12: how bonker that like this crazy extreme inner city tertiary
31:36
Speaker 12: educated left has just completely lost connection with reality. That
31:40
Speaker 12: is why Donald Trump is the president of the United States'
31:42
Speaker 12: is why one nation is doing an absolute rails run
31:46
Speaker 12: in Australian politics, and why Reform may just win the
31:50
Speaker 12: next UK election, and why Kirstarmer might not be Prime
31:54
Speaker 12: Minister in twenty four or forty hours hours.
31:56
Speaker 4: I think Kiir Starmer is threatening to call the general election,
32:00
Speaker 4: which isn't due until twenty twenty nine, if his colleagues
32:02
Speaker 4: try to roll him on the leadership.
32:04
Speaker 12: You know, it was much could it politics?
32:06
Speaker 8: Good luck with that one.
32:07
Speaker 12: Sick yeah.
32:08
Speaker 3: Michael Kroger, Joe hud Ran, great to see you as always,
32:11
Speaker 3: Thank you, Thanks thanks Jo right still to come.
32:14
Speaker 4: The man who organized the attack on Alex Rifchin's former
32:17
Speaker 4: home has had his appeal squashed. I'll wed you extraordinary
32:22
Speaker 4: lines from the judgment a little later, but first, more
32:25
Speaker 4: in depth budget analysis with economists Adam Crichton and Shane
32:28
Speaker 4: Oliver after the break.
32:34
Speaker 3: Welcome back.
32:35
Speaker 4: Well, we've been talking about Labour's tax hit on housing
32:38
Speaker 4: assets and aspiration and for more detailed analysis to really
32:43
Speaker 4: drill down into it. IPA Chief economist Adam Crichton joins me. Now, Adam,
32:46
Speaker 4: great to see you.
32:48
Speaker 3: Look, let's start with the debt.
32:49
Speaker 4: Debt forecast to hit over one point two trillion dollars
32:54
Speaker 4: in just a few years time. I mean we were
32:56
Speaker 4: shocked when it was even getting to one trillion dollars.
32:59
Speaker 4: Should there have been more attempt or some attempt to
33:02
Speaker 4: tackle debt and the budget.
33:06
Speaker 5: Well, certainly there should have been. I mean the government's
33:08
Speaker 5: always talking about intergenerational equity. Well, who pays the interest
33:11
Speaker 5: costs on this debt? Who pays off this debt? Of
33:14
Speaker 5: course it's the next generation that does, and that's meant
33:16
Speaker 5: to be the generation that the government's trying to help,
33:20
Speaker 5: So of course much more should have been done. But
33:23
Speaker 5: actually the situation is I would say far worse than that.
33:25
Speaker 5: But that's just the federal government debt one point two trillion.
33:28
Speaker 5: Like if you add the states in, that's another seven
33:29
Speaker 5: hundred eight hundred billion, and of course ultimately the federal
33:32
Speaker 5: government is responsible for that debt too, So it's more
33:34
Speaker 5: likely two trillion dollars I would say by twenty twenty nine,
33:38
Speaker 5: which is certainly much more significant than the twenty eight
33:41
Speaker 5: percent share of GDP that the federal government likes to
33:43
Speaker 5: parade around. You know, you really have to include all
33:46
Speaker 5: the levels of government, and when you do that, it's
33:48
Speaker 5: about sixty it's very, very high, and that's a warring level.
33:52
Speaker 4: Little attempt in the budget to tackle spending as well,
33:55
Speaker 4: which is essential for dealing with inflation and could lead
33:59
Speaker 4: to a higher rate, more rate rises.
34:04
Speaker 5: Certainly, that's true. Look, it's good to take a big
34:06
Speaker 5: step back with spending. The first full year, so the
34:09
Speaker 5: full year prior to COVID, without COVID, federal spending was
34:13
Speaker 5: four hundred and eighty billion dollars. Well now it's eight
34:15
Speaker 5: hundred and twenty nine billion dollars. So that's just a
34:18
Speaker 5: few years. It's gone up eighty percent. Right, That's just
34:21
Speaker 5: quite extraordinary, isn't it. Like I know other things have
34:23
Speaker 5: gone up to population, et cetera, but that is breathtaking.
34:26
Speaker 5: And the government says they're going to slow the rate
34:28
Speaker 5: of growth, but you know this year it's still five percent,
34:31
Speaker 5: and it's also meant to be five percent next year,
34:33
Speaker 5: And all the reductions are in their out years, which
34:35
Speaker 5: are still three and four years away. And the only
34:37
Speaker 5: improvement of these fictitious improvements in the ndis which of
34:41
Speaker 5: course haven't happened yet and probably won't. So the reality
34:45
Speaker 5: is is pretty sobering. Spending is completely out of control,
34:48
Speaker 5: and of course that has an effect on inflation.
34:50
Speaker 4: As you just said, Adam, do all of these tax
34:53
Speaker 4: changes in this budget make Australia the highest tax nation
34:58
Speaker 4: of the OECD?
35:02
Speaker 5: Well, certainly, if you look at personal tax revenue as
35:05
Speaker 5: a share of government revenue, where the first or second
35:07
Speaker 5: in the OECD, just behind Denmark, and I think actually
35:10
Speaker 5: in a few years will be the first. I think
35:13
Speaker 5: that income tax will be fifty four percent. I believe
35:15
Speaker 5: a federal government revenue which is extraordinarily high, so we
35:18
Speaker 5: do rely far too much on that. But just in general,
35:22
Speaker 5: looking at the capital gains tax rate, you know, basically
35:24
Speaker 5: going from twenty three and a half to forty seven
35:27
Speaker 5: for startup small businesses, that is a massive increase. And
35:30
Speaker 5: you know, if you had a good idea, a good
35:32
Speaker 5: new startup idea, you certainly would not start in Australia.
35:35
Speaker 5: You'd go to Singapore, or you go to New Zealand,
35:37
Speaker 5: or you go to the US. With the UK then
35:39
Speaker 5: you would not do it here. And we already have
35:41
Speaker 5: a problem with innovation in Australia in productivity, so this
35:43
Speaker 5: is going to make that far worse.
35:44
Speaker 10: So I would say.
35:47
Speaker 4: I totally understand that it's kind of have a massive
35:49
Speaker 4: impact on the startup community, and I spoke about that
35:52
Speaker 4: at the start of the show, But I don't know
35:53
Speaker 4: why more people aren't talking about the impact on small
35:55
Speaker 4: business owners because that's you know, millions of Australians.
35:59
Speaker 3: He'll be here.
36:03
Speaker 5: Yeah, certainly that's true. And you know it's also the
36:05
Speaker 5: fact that now there's a minimum thirty percent rate, So basically,
36:09
Speaker 5: you know, it used to be that your marginal tax
36:11
Speaker 5: rate mattered as to what tax rate, but for capital
36:13
Speaker 5: gains now it's a minimum of thirty and that rate
36:15
Speaker 5: in itself of thirty is actually higher than many European countries,
36:19
Speaker 5: which we think of as the highest taxing places in
36:22
Speaker 5: the world. So it is a very substantial change, and
36:24
Speaker 5: I would say a much bigger change that we heard
36:26
Speaker 5: on Tuesday night than what most people were expecting. They
36:29
Speaker 5: were just they were just expecting changes negative gearing, not
36:32
Speaker 5: this minimum thirty percent rate for everything.
36:36
Speaker 4: Just finally, Katie Gallagher, the Finance Minister, had indicated they'd
36:39
Speaker 4: cut funding for net zero spending from looking at the
36:43
Speaker 4: budget papers, has that come to fruition.
36:47
Speaker 5: No, it certainly hasn't. This was quite extraordinary. Just a
36:50
Speaker 5: few days ago she said that spending specifically of the
36:52
Speaker 5: net zero measures of the budget was unsustainable, as it
36:55
Speaker 5: certainly was. It's up to nine billion dollars a year
36:57
Speaker 5: or something. Well now it's about eleven billion dollar on
37:01
Speaker 5: my calculations. There's another eighteen point two billion dollars in
37:05
Speaker 5: spending on various net zero programs over the next ten years.
37:09
Speaker 5: That's that's a massive increase. So she's either clueless or
37:12
Speaker 5: she was lying. I don't know which one. And honestly,
37:15
Speaker 5: you know, fifty to fifty I would say to be
37:17
Speaker 5: too rude, but there you go. And look just if
37:21
Speaker 5: I May I was just in the US last week
37:22
Speaker 5: talking to seeing your Trump economists and I mentioned Australia
37:24
Speaker 5: still pursuing that zero and he was just shocked. He
37:27
Speaker 5: was incredulous, he said. He basically said, you know, it's
37:31
Speaker 5: Europe's even waking up to the nonsense of this now,
37:33
Speaker 5: yet Australia's still going down that same path.
37:35
Speaker 3: So all right, Adam Kraich can thanks so much for
37:39
Speaker 3: your time. Still to calm.
37:41
Speaker 4: Australia is set to add another one point four million
37:44
Speaker 4: people over the next four years, almost another Adelaide, even
37:48
Speaker 4: after the government promised a migration slow down. Plus, the
37:51
Speaker 4: man who organized the attack on Alex Riftin's former home
37:55
Speaker 4: has lost his appeal.
37:56
Speaker 3: We'll talk to Alex after the break.
38:03
Speaker 4: The man who orchestrated a series of anti Semitic attacks
38:06
Speaker 4: at the direction of international criminals, including on the home
38:10
Speaker 4: on the former home of community leader Alex Rifchin, has
38:13
Speaker 4: lost his appeal. Nicholas James Alexander was trying to get
38:17
Speaker 4: his five year sentence reduced but has failed.
38:21
Speaker 3: Just as Paul Conlin.
38:22
Speaker 4: In his judgment warned, when looking at the facts in
38:26
Speaker 4: this and other similar recent cases, as well as the
38:29
Speaker 4: tragic loss of innocent lives in Bondai. It is abundantly
38:32
Speaker 4: clear that there are overseas organizations who have a determination
38:36
Speaker 4: to attack our Australian society and indeed to divide, destabilize
38:41
Speaker 4: and fracture it. Accordingly, there needs to be a realization
38:45
Speaker 4: that these same overseas organizations are also involved in backing
38:49
Speaker 4: various activist groups who, under the guise of peaceful protests,
38:54
Speaker 4: are also seeking to cause division with the ultimate aim
38:58
Speaker 4: of inciting violence and terrorism and justice. Conlin warned that
39:03
Speaker 4: these overseas influencers are potentially the greatest threat to our
39:06
Speaker 4: civilized and peaceful way of life. Very insightful and poignant
39:12
Speaker 4: words in that judgment well to discuss. Joining me now
39:15
Speaker 4: is Executive Counsel of Australian Jury co CEO Alex Rifchin. Alex,
39:19
Speaker 4: how do you feel personally that the man behind this
39:23
Speaker 4: attack on your former family home is behind bars?
39:29
Speaker 10: Look Sherry, it's a measure of justice and I'm obviously
39:33
Speaker 10: happy that he's been put away, that he's no longer
39:35
Speaker 10: at least for a number of years, the threat to
39:37
Speaker 10: society into the community, but it raises still a lot
39:41
Speaker 10: of questions that haven't been answered. And in the words,
39:43
Speaker 10: they're those very profound words of the presiding judge. He
39:48
Speaker 10: alludes to the fact that there are overseas interests that
39:50
Speaker 10: coordinated this attack. We know that the man who was
39:53
Speaker 10: convicted was not at the top of that criminal enterprise.
39:56
Speaker 10: He was just a peace and who order him to
40:00
Speaker 10: do this for what purpose specifically remains unknown until we
40:04
Speaker 10: have that whole picture, until the very top of that
40:07
Speaker 10: enterprise has been dealt with and is put in jail
40:10
Speaker 10: as well. It's a denial of justice and it also
40:14
Speaker 10: of course dredges up a lot of painful memories of
40:17
Speaker 10: you know, the impact it had not only on my family,
40:19
Speaker 10: but on the neighborhood, on my old neighbors. And as
40:22
Speaker 10: you and I said at the time, Shari, this was
40:25
Speaker 10: a turning point. It was a key moment. This was
40:27
Speaker 10: a fire bombing that for the first time targeted a
40:29
Speaker 10: private home, targeted an individual, and it was a milestone,
40:33
Speaker 10: a morbid milestone on the way to BONDI. And so,
40:36
Speaker 10: you know, it brings up a lot of pain and
40:39
Speaker 10: it shows how much work is left to be done
40:41
Speaker 10: to bring the full enterprise of.
40:42
Speaker 4: Justice I mean, you've been fighting against anti Semitism, but
40:46
Speaker 4: this made it deeply personal for you. The Anti Semitism
40:51
Speaker 4: Royal Commission heard some horrific evidence yesterday. Michelle Goldman, the
40:55
Speaker 4: CEO of the New Southwes Jewish Board of Deputies, recounted
40:58
Speaker 4: the case of a ten year old child who'd been
41:00
Speaker 4: subjected to severe anti Semitic bullying.
41:04
Speaker 3: Have a look.
41:05
Speaker 6: This was a year five student, a ten year old
41:08
Speaker 6: who was subjected to very severe anti Semitic bullying. He
41:12
Speaker 6: was physically pinned to the ground and punched numerous times.
41:16
Speaker 6: He was shown a photograph of at of Hitler and
41:21
Speaker 6: was told that he's my idol. Watch your back if
41:25
Speaker 6: you snitch Alex.
41:27
Speaker 4: The extent of anti Samitism towards children is one of
41:31
Speaker 4: the key things that has emerged so far in these
41:33
Speaker 4: public hearings.
41:35
Speaker 10: It is and we saw it just a few days
41:38
Speaker 10: ago at the Networal courts at Hafron, another safe place
41:42
Speaker 10: where parents and children come to play weekend sports and
41:46
Speaker 10: feel that they're safe, and there was a horrific instance
41:49
Speaker 10: of abuse and harassment of Jewish families there as well.
41:53
Speaker 10: It's something that has not ceased since Bondai I think
41:56
Speaker 10: people felt that perhaps anti smptism had reached its crescendo
42:00
Speaker 10: high point and things would subside there after. That hasn't happened,
42:03
Speaker 10: and there are hundreds and hundreds of cases of instances
42:07
Speaker 10: of abuse of children in schooyards and university campuses of
42:10
Speaker 10: course on sporting fields. It is rife and one of
42:14
Speaker 10: the benefits of this Royal Commission, one of its key functions,
42:17
Speaker 10: is to bring this all to the surface, to have
42:19
Speaker 10: accountability for schools, to understand the onus on them, the
42:23
Speaker 10: obligation they have to protect the children under their care,
42:27
Speaker 10: and hopefully something good comes of it, even beyond the
42:30
Speaker 10: Royal Commission itself. But this is a comprehensive problem and
42:33
Speaker 10: so many families have suffered and every one of these instances,
42:36
Speaker 10: like the one Michelle spoke about there, it affects a
42:39
Speaker 10: child in a profound way, their sense of worth, their
42:42
Speaker 10: sense of belonging, their place in community and society, and
42:46
Speaker 10: we need to stamp this out and only with consequences.
42:50
Speaker 4: You just referred there to the incident at the netball
42:54
Speaker 4: match in Sydney's Eastern Suburbs. The alleged incident at the
42:57
Speaker 4: netball match the forty two year old mum who alleged
43:00
Speaker 4: yelled f the Jews at the under twelves game. Well
43:04
Speaker 4: the day they telegraphs reporting that she's now been forced
43:06
Speaker 4: to take lee from her childcare job. Her name is
43:10
Speaker 4: Jody scar Chella. She was charged with using offensive language
43:14
Speaker 4: near a school or public place Alex on the day.
43:17
Speaker 4: When you were there, you immediately said that there needs
43:20
Speaker 4: to be consequences and it is good to see that
43:23
Speaker 4: firm action was taken from all quarters pretty quickly.
43:28
Speaker 10: Yeah, and look that begins with the governing body of
43:33
Speaker 10: Randwick NEPLE. They put out a statement immediately they took
43:36
Speaker 10: action on the spot. Likewise with NEPLE New South Wales
43:40
Speaker 10: and NEPLE Australia. Everyone recognized that this is an affront
43:44
Speaker 10: to a strain values, to the sport, to the social activities,
43:48
Speaker 10: the tradition of weekend sports. But I'm most proud of
43:51
Speaker 10: the mccaby families and how they handled it in the moment.
43:54
Speaker 10: When something like that occurs, most people are so shocked
43:57
Speaker 10: that they don't react in the appropriate way. They let
43:59
Speaker 10: it pass and later they live without regret that sense
44:02
Speaker 10: they should have acted and done something. Well, these families
44:04
Speaker 10: did do something. They called the woman up on it.
44:07
Speaker 10: They forced her to confront what she had done, and
44:11
Speaker 10: that led to the police being called. And these consequences
44:14
Speaker 10: that we're seeing. What she did was obscene and in
44:17
Speaker 10: a very public place. There happened to be journalists present,
44:20
Speaker 10: which then kind of blew up the story into a
44:23
Speaker 10: national story. But these are the consequences behaving in a
44:27
Speaker 10: Swinish fashion in public like this. And you know, I
44:31
Speaker 10: think a stand has been taken and hopefully more families
44:35
Speaker 10: will be protected as a result of that stand.
44:37
Speaker 4: And just to repeat again there that these are allegations
44:40
Speaker 4: that will play out in court, and through her lawyerates
44:43
Speaker 4: understood she's denying that she said what's alleged to have
44:47
Speaker 4: been said. Just very quickly before you go, Alex Chris
44:50
Speaker 4: Kenny found this clip and reported it on air a
44:54
Speaker 4: couple of nights ago that One Nation Senator Malcolm Roberts
44:57
Speaker 4: had basically refused to rule out that the Bondai massacre
45:02
Speaker 4: was a false flag.
45:03
Speaker 3: Have a look at this, you asked me if I
45:06
Speaker 3: thought it was a fast take. If I make a statement,
45:10
Speaker 3: it's got to be back by fact. I don't have
45:11
Speaker 3: the facts yet.
45:12
Speaker 8: I'm not ruling it out.
45:13
Speaker 9: You notice that.
45:16
Speaker 4: Look he finally at a press conference shut it down today.
45:21
Speaker 4: But Alex, I mean, it's so irresponsible.
45:24
Speaker 3: And there needs you know, you can't let this hang.
45:28
Speaker 10: No, it's appalling, and when someone puts such a ludicrous,
45:31
Speaker 10: obscene statement to you, as a senator of this country,
45:35
Speaker 10: you have to shut it down. There's only one way
45:36
Speaker 10: to deal with that, and that's to refute it categorically,
45:39
Speaker 10: perhaps with a few choice words thrown in as well,
45:41
Speaker 10: and the fact that the senator entertained it in some regard,
45:45
Speaker 10: maybe playing to certain constituencies. I think it's obscene and
45:50
Speaker 10: he should certainly apologize for it. And it's not, you know,
45:53
Speaker 10: idle stuff. It's not harmless. These conspiracy theories abound online
45:58
Speaker 10: that everywhere accusations and every ANTHI submitic guitark is an
46:01
Speaker 10: inside job or masade orchestrated. And ultimately, these conspiracy theories
46:06
Speaker 10: in danger of the community. They degrade our society. If
46:09
Speaker 10: someone's willing to believe that Bonda was an inside job,
46:11
Speaker 10: they will believe anything. And we can't allow this stuff
46:14
Speaker 10: to become normalized. It's already become normalized, and leaders have
46:17
Speaker 10: to stand.
46:17
Speaker 4: Up to it all right, Alex friftin, thank you very
46:20
Speaker 4: much for joining us.
46:22
Speaker 3: Still to come why.
46:23
Speaker 4: The Albanezi government is said to add another one point
46:26
Speaker 4: four million people over the next four years, adding to
46:29
Speaker 4: the housing crisis they're trying to solve.
46:31
Speaker 3: That's next.
46:37
Speaker 4: Australia is set to add another one point four million
46:40
Speaker 4: people over the next four years, almost another adelaide, and
46:43
Speaker 4: the population is expected to hit twenty nine point four
46:46
Speaker 4: million by twenty twenty nine to thirty. Even though Labor
46:50
Speaker 4: promised in immigration slow down. We're joining me now, is
46:53
Speaker 4: AMP chief economist Shane Oliver, Shane, great to see you again.
46:57
Speaker 4: Doesn't this put more pressure on the house in crisis
47:01
Speaker 4: that Labour's trying to address?
47:03
Speaker 8: We look it certainly does. My feeling, and I've been
47:06
Speaker 8: on the record, is that we need to get immigration
47:09
Speaker 8: levels down to around two hundred thousand a year, and
47:13
Speaker 8: of course this financial year we're around three hundred and
47:17
Speaker 8: we're coming down a bit next year, but not much so.
47:20
Speaker 8: We're still running above those levels and the problem is
47:23
Speaker 8: that we've had several years of very high immigration levels
47:27
Speaker 8: and that has led to a chronic undersupply of housing
47:30
Speaker 8: across Australia. On our estimates, it's around two hundred to
47:34
Speaker 8: three hundred thousand dwellings, just a backlog of undersupply, and
47:39
Speaker 8: so having ongoing relatively high levels of immigration just makes
47:43
Speaker 8: it harder to clear that backlog, let alone keep up
47:46
Speaker 8: with each year's worth of underlying demand for new housing
47:49
Speaker 8: in Australia. So yes, it certainly does make getting the
47:54
Speaker 8: housing situation under control more difficult. And at the end
47:58
Speaker 8: of the day, I think if we are going to
48:00
Speaker 8: get it under control, we had to get that net
48:02
Speaker 8: supply in balance under control. That means building more homes
48:08
Speaker 8: at the same time as lowering the immigration level down
48:10
Speaker 8: to a more sustainable level consistent with our ability to
48:13
Speaker 8: build those homes.
48:14
Speaker 4: Yeah, I just want to ask you about the inflation question.
48:17
Speaker 4: The Abenezi government's injecting another eighteen billion dollars into the
48:20
Speaker 4: economy and this budget.
48:22
Speaker 3: Does this just make the RBA's job harder.
48:26
Speaker 8: Or does to some degree? I guess I was hopeful
48:29
Speaker 8: that the budget would see more of a cutback in
48:31
Speaker 8: the near term, taking pressure off the RBA. In the event,
48:35
Speaker 8: we do see a cutback, but it's not till later
48:37
Speaker 8: in the forward estimates. In other words, later this decade,
48:40
Speaker 8: so over the next five years as a whole, it
48:42
Speaker 8: sort of looks okay, they're starting to cut back a
48:43
Speaker 8: little bit, but it's not occurring in the next couple
48:46
Speaker 8: of years, and that means that government spending stays at
48:49
Speaker 8: relatively high levels as the share of the economy up
48:51
Speaker 8: around twenty seven percent, and that, of course is a
48:55
Speaker 8: continuation of the problems we've been seeing for the last
48:57
Speaker 8: year or so, now that you've got levels of government
49:01
Speaker 8: spending in the economy far higher than they were pre covied,
49:05
Speaker 8: and that makes it harder for already pick up in
49:07
Speaker 8: private sector spending consumers, home building, business investment to occur
49:12
Speaker 8: without generating inflation. So what we saw in the budget,
49:15
Speaker 8: I don't think drammatically makes the Reserve Bank's job harder,
49:19
Speaker 8: but it doesn't make it any easier. And that's the
49:21
Speaker 8: key problem.
49:22
Speaker 4: And we heard the Treasurer last night in his budget
49:24
Speaker 4: speech in Parliament admit that there is a recession risk.
49:28
Speaker 4: The IBA Governor has said this as well. Do you
49:30
Speaker 4: think this is now a greater risk because of the budget?
49:34
Speaker 3: We've only got about a minute here.
49:36
Speaker 8: I wouldn't say that. I wouldn't say the budget is
49:37
Speaker 8: added to the risk of recession. I think the main
49:40
Speaker 8: risk of recession is just coming from the fact that
49:43
Speaker 8: we already had an inflation problem, So inflation was on
49:45
Speaker 8: the way up. The RBA had to tighten in response
49:47
Speaker 8: to that. When you put that together with the straight
49:49
Speaker 8: up of moos remaining closed leading to this ongoing shortfall
49:54
Speaker 8: of oil globally, and sooner or later we'll run out
49:57
Speaker 8: of reserves globally and then the crunch hit. So we've
50:00
Speaker 8: really got to get the straightufor moves open. I think
50:03
Speaker 8: that's the key in all of this to avoid the
50:05
Speaker 8: recession scenario.
50:06
Speaker 4: Yeah, but you're right to reiterate that there was an
50:08
Speaker 4: inflation issue in the economy even before the global oil shock.
50:14
Speaker 8: That's certainly right. A lot of people think the IRBI
50:17
Speaker 8: was just raising interest rates because of the global oil shock.
50:20
Speaker 8: That's not the case. We already had an inflation problem
50:22
Speaker 8: before that.
50:24
Speaker 3: A right, Shane Oliver, thank you so much, appreciate your time.
50:27
Speaker 4: Now tomorrow night, before my show, there'll be the budget
50:30
Speaker 4: reply speech by Angus Taylor. That's at seven thirty, so
50:33
Speaker 4: tune in for that. Then right afterwards, I'm going to
50:36
Speaker 4: be joined by Ross Greenwood and Andrew Bolt for analysis
50:39
Speaker 4: of whether Angus Taylor went hard enough, So don't miss
50:42
Speaker 4: the show tomorrow at eight pm.
50:44
Speaker 3: And here's Paul Murray