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

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

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  Speaker 1: You're listening to a podcast from News Talk SEDB. Follow
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  Speaker 1: International Correspondence with ends Inn Eye Insurance, Peace of Mind
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  Speaker 1: for New Zealand Business.
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  Speaker 2: Australia Correspondent Murray Good afternoon, Hello Ryan, Good afternoon to you.
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  Speaker 2: What's happening? The city Man has been arrested for three
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  Speaker 2: anti Semitic attacks, Well he has.
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  Speaker 3: He was already in custody after being charged with the
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  Speaker 3: attempt at fire bombing of a synagogue in Newtown for
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  Speaker 3: those who know Newtown, it's just in the inner West
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  Speaker 3: of Sydney and now Strikeforce Pearl. Police have accused him
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  Speaker 3: of fire bombing the former home of one of Australia's
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  Speaker 3: leading figures in the Jewish community, plus an anti Semitic
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  Speaker 3: at vandalism attack with another half wit in Sydney's East
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  Speaker 3: of the same day as a Newtown attack. Police have
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  Speaker 3: used a close circuit telly and telephone records to put
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  Speaker 3: the pair there. It's also been revealed this fellow, this
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  Speaker 3: thirty seven year old, is now in protective custody in prison.
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  Speaker 3: He's been attacked twice and nicknamed Nazi, apparently by other prisoners.
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  Speaker 3: According to his lawyer, these two attacks happen after word
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  Speaker 3: got around inside jail that he's a white supremacist. So
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  Speaker 3: he is in protective custody and he and his co
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  Speaker 3: accus will be up in court. I'm pretty sure, April, all.
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  Speaker 2: Right, Murray. We had that RBA decision yesterday and unemployment
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  Speaker 2: today up to four point one percent.
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  Speaker 3: That's true, yeah, four point one and that's the way
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  Speaker 3: the Reserve Bank of Australia wants the unemployment rate to go,
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  Speaker 3: the argument being that if more people are actually out
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  Speaker 3: of work, there'll be less pressure on inflation and that'll
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  Speaker 3: mean more opportunities to lower interest rates. It's a bit
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  Speaker 3: of a paradox these figures, because you've got full time
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  Speaker 3: jobs up by fifty five thousand, part time jobs down
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  Speaker 3: by ten thousand, so there's more confidence out there amongst employers.
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  Speaker 3: They are willing to hire people. That's pretty clear. The
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  Speaker 3: number of unemployed people went up by twenty three thousand.
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  Speaker 3: More women found work than men. But the Reserve Bank
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  Speaker 3: made it very clear on Tuesday won't be rushing to
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  Speaker 3: slash interest rates while the labor market remains very very strong.
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  Speaker 3: So we've had this one. But they're saying, don't hold
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  Speaker 3: your bread for the second. It could come the next month,
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  Speaker 3: but it might not.
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  Speaker 2: All right, what about the steel work, So it's a
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  Speaker 2: lot of money to be spending to keep it alive
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  Speaker 2: until there's a new operator. Are they trying to do
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  Speaker 2: something green with us?
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  Speaker 3: Well, interestingly no, I mean the Premier of South Australia,
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  Speaker 3: who's a very savvy operator, he's actually closed down a
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  Speaker 3: green hydrogen plant. I'm not sure from this distance if
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  Speaker 3: it's going to be a permanent closure or it's just
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  Speaker 3: been shut down. In the meantime, with all the focus
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  Speaker 3: going into boosting the steel manufacturing capability of Wayela, it
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  Speaker 3: is Australia's number one steel manufacturing center, makes around seventy
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  Speaker 3: five percent of Australia's steel. It's a city of twenty
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  Speaker 3: two thousand people and twelve hundred are directly employed by
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  Speaker 3: the steel works. So that's why the federal and South
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  Speaker 3: Australian governments have jumped in with two point four billion
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  Speaker 3: Australian dollars three hundred billion bucks to creditors right away.
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  Speaker 3: Because of course, the state government put the steel work
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  Speaker 3: to the administration yesterday because of the debts. It owes
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  Speaker 3: so much money, So three hundred million dollars to creditors,
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  Speaker 3: half a billion dollars to be spent on keeping the
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  Speaker 3: steel works open and an upgrade of course of steel
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  Speaker 3: works infrastructure. I mean, I think you know this thing
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  Speaker 3: is it's pretty old and you have to look at
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  Speaker 3: this too through the prism of politics, because there's no
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  Speaker 3: mistaking Alban Easy there propping up a very significant local
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  Speaker 3: industry in South Australia. He says, we simply can't be
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  Speaker 3: a country that just digs stuff out of the ground.
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  Speaker 3: We have to manufacture things as well. Steel very very
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  Speaker 3: important to the Australian economy and so that's why we're
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  Speaker 3: spending big on this clapped out steel works in Wyana.
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  Speaker 2: Yeah, what has done and said anything about this yet,
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  Speaker 2: because obviously the union is to.
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  Speaker 3: Dutton has been absent from the political stage ever since
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  Speaker 3: Tuesday's interest rate cut. I don't know where he's hiding,
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  Speaker 3: but he's hiding somewhere. I mean, they'll probably find some
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  Speaker 3: reason to say, oh, you know, it's too much money
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  Speaker 3: or whatever, but it's hard to argue in the context
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  Speaker 3: of an election that it's bad to spend money employing people,
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  Speaker 3: saving a vital Australian industry and keeping a town alive
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  Speaker 3: in a pretty important state.
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  Speaker 2: Yeah, certainly good politics for Elbow Murray. Thank you for that.
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  Speaker 2: Murray olds Out Australia, Corresponding.
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