Speaker 1: Live on Sky News. This is Shari. Good on you Andrew,
Speaker 1: thank you for that good evening. Yes, t Price with
Speaker 1: you filling in for Shari. Shari will be back with
Speaker 1: you tomorrow night and I'll see you at six on
Speaker 1: Friday night. Now coming up on Shari tonight. Are we
Speaker 1: staring at the electoral nightmare of a minority labor government
Speaker 1: depended on the Greens and the Teals to govern? And
Speaker 1: if we are, wait for Green's leader Adam Vance's wish
Speaker 1: list that he put out today. I have more on
Speaker 1: that shortly. Also, how in the middle of an economic
Speaker 1: downturn and a housing crisis and a lack of jobs
Speaker 1: in the regions, could the federal government go and turn
Speaker 1: its back on a billion dollar gold mine in New
Speaker 1: South Wales Central West. We'll catch up with the Minerals
Speaker 1: Council on what that means for our sovereign risk in
Speaker 1: this country. Plus what did today's inflation numbers mean for
Speaker 1: interest rates and the wider economy? Lethan Onsalen unpicked that
Speaker 1: for us shortly, but first I can't help it. Green's
Speaker 1: leader and federal member for the Inner Suburbs of Melbourne
Speaker 1: today stood up and delivered a speech to the National
Speaker 1: Press Club that was highly delusional and an insult to
Speaker 1: every Australian. Adam Bant, in his self described egotistical guys
Speaker 1: of somehow being Australia's version of Robin Hood, has laid
Speaker 1: out an attack on profitable, multi national Australian companies that
Speaker 1: he claims are ripping off ordinary Australians. He includes the
Speaker 1: big four banks, the Commonwealth Bank, our biggest company, aine Zed,
Speaker 1: the NAB and Westpac. He includes West Farmers, which of
Speaker 1: course runs the very popular Bunnings. He threw in Telstra, Woolworth's, Cole's,
Speaker 1: JB Hi Fi and even Ampol. Now Adam Bant wants
Speaker 1: to hit these companies and others. He calls it a
Speaker 1: plan to his words, hit the rich. He also promises
Speaker 1: to bring in a coal and mining tack, demonizes gas
Speaker 1: today and says this will raise five hundred and forty
Speaker 1: one billion dollars, a figure plucked out of nowhere, and
Speaker 1: that will be his price for supporting labor. In the
Speaker 1: event of a hung parliament, enough is enough.
Speaker 2: It's time to make the big corporations and billionaires pay
Speaker 2: their fair share of tax. This election, the Greens will
Speaker 2: propose a package of robin Hood reforms. The first component
Speaker 2: is targeted at big corporations who are making excessive profits
Speaker 2: beyond a normal return to shareholders. It will apply to
Speaker 2: companies with an annual turnover of over one hundred million
Speaker 2: dollars take taxing the excess profits that these companies make.
Speaker 2: This new big corporations tax would apply to both Australian
Speaker 2: corporations and multinational corporations operating in Australia. Over the next decade,
Speaker 2: this component of the tax is expected to raise to
Speaker 2: hundred ninety six billion dollars.
Speaker 1: What a joke this bloke is. Now, Let's state the
Speaker 1: bleeding obvious and then turn our attention to what the
Speaker 1: Greens under Adam Bant actually stand for robin Hood. Adam
Speaker 1: is about as likely to have anyone agree to any
Speaker 1: of this as he has living out his warp dream
Speaker 1: of being the Australian version of robin Hood. None of
Speaker 1: any of this, by the way, is new. I wrote
Speaker 1: a column back in July about this when he first
Speaker 1: outlined this craziness aimed at peeling off labor voters that
Speaker 1: lean heavily left in inner suburbs of the capital cities
Speaker 1: of Australia. Now, Bant's grasp of economics is about as
Speaker 1: sharp as someone wandering around Sherwood forest back in the
Speaker 1: fourteenth century. When you look at the corporations whose profits
Speaker 1: he describes as excessive, and who would attract this new
Speaker 1: forty percent tax that he calls a big corporations tax.
Speaker 1: Great imagination with the name by the Way, one thing
Speaker 1: stands out. Every Australian with a superannuation fund, earns dividends
Speaker 1: from all of those companies, especially the banks, So Adam
Speaker 1: Bant would be taking from the rich and also taking
Speaker 1: from the middle class, the working class and the working class. Paul,
Speaker 1: I'm not sure Ban with his taxpayer funded super actually
Speaker 1: understands superannuation and how it works.
Speaker 2: While people went backwards, the biggest five hundred corporations made
Speaker 2: ninety eight billion dollars in crisis profits off the back
Speaker 2: of the pandemic. Willworths, Handcock Prospecting and nab Alone Release
Speaker 2: reaped billions of dollars in crisis profits. Coles and Woolworths
Speaker 2: have both increased their profits too.
Speaker 1: Now incredibly, incredibly to me, the ABC representative at the
Speaker 1: Press Club lunch today, interestingly sponsored by the Way with
Speaker 1: a sign at the back of ban by Westpac, one
Speaker 1: of the bank's bant wants to hit. The ABC reporter
Speaker 1: made the point that if all these corporations, especially the
Speaker 1: mining companies, are to be hit with massive new profits taxes,
Speaker 1: they will simply up and move offshore.
Speaker 3: The Parliamentary Budget Office, who you engage to do your
Speaker 3: costings on the corporate tax issue, warns that the numbers
Speaker 3: you think you'll raise was basically a happy guess at best,
Speaker 3: because there's a lot of uncertainty around the assumptions. One
Speaker 3: of the reasons would be that global capital is incredibly mobile.
Speaker 3: Copper is available from Peru, lng is available from Russia
Speaker 3: and Qatar, and iron ore from Africa and Brazil. What
Speaker 3: makes you so certain you'll have a resource as industry
Speaker 3: to support the welfare spending you envisage.
Speaker 2: Well, our tax is designed to still encourage investment. We're
Speaker 2: talking about excessive profits that can still come here and
Speaker 2: make a return. We're talking about these obscene profits that
Speaker 2: they're making. Like what we're saying with the gas industry,
Speaker 2: for example, is that when there was a Russian increasion
Speaker 2: of invasion of Ukraine and it sent the price sky high,
Speaker 2: they made billions in windfall profits.
Speaker 1: Even the ABC doesn't buy it now. As I said
Speaker 1: at the start tonight, I'm a minority Labour government dealing
Speaker 1: with this bloke and having anything to do with the
Speaker 1: Greens having to implement this fantasy world where evil rich
Speaker 1: corporations need to be flogged because they're profitable, and moneys
Speaker 1: can flow to fix everyone's teeth and build houses. It's madness.
Speaker 1: At the same time, Robin Hood refuses to accept immigration's
Speaker 1: got anything to do with the housing crisis. The Middle
Speaker 1: East war started by a terrorist attack on Israel can
Speaker 1: be sold by everyone being nice to each other and
Speaker 1: that the corrupt c FMEU is somehow going to fix itself.
Speaker 1: Band presents to me like some UNI student living in
Speaker 1: a sharehouse, riding a bike to lectures with a rainbow
Speaker 1: view of the world where money comes off a tree
Speaker 1: and if we all get together in some Kumbai world,
Speaker 1: everybody wins, no poverty, no internation, conflicts, sun and win
Speaker 1: power of the wide brown land. He is so naive now,
Speaker 1: just finally on Band, he refused today to slam the
Speaker 1: Greens housing spokesman Max Chandler Mather. He attended one of
Speaker 1: those CFMA, you rallies yesterday acting like some sort of
Speaker 1: warm up man. Why are the right signder attack where
Speaker 1: we go?
Speaker 4: Labor has used these untested allegations as an excuse to
Speaker 4: attack an entire union. And let's be clear that union
Speaker 4: is everyone here today, not any individual. It is all
Speaker 4: of you here today, and they have attacked all of.
Speaker 1: You, not the black T shirt. He's not a union member,
Speaker 1: he's a Grittins MP. Now on that stage there were
Speaker 1: signs calling our Prime Minister a Hitler like figure disgraceful
Speaker 1: and band defended him being there. But apparently I should
Speaker 1: point out Chandler Mayor asked for those signs to be
Speaker 1: taken down prior to his speech, and of course the
Speaker 1: CFMA you didn't do it. But have a look at
Speaker 1: the agro coming from the construction arm of this union,
Speaker 1: infiltrated by vikings and claims of standover tactics.
Speaker 5: When I say you did you say that?
Speaker 1: Put the air dochlod dot frightening stuff. Now, this mob
Speaker 1: are not going away anytime soon. And watch carefully the
Speaker 1: pressure they put on the Victorian government, in particular over
Speaker 1: giant infrastructure projects that that union dominates. It's their workforce
Speaker 1: on those projects and don't expect to send to Allen
Speaker 1: to stand up to them. Get into tonight with Sharhi's
Speaker 1: regular Wednesday night panel form of Victorian Liberal Party President
Speaker 1: Michael Kroger is with us and former Labor Minister Graham Richardson.
Speaker 1: Welcome to you both. Rich are going I start with
Speaker 1: you so Bant and this super profits tax his speech
Speaker 1: today claiming this would be his am but claim to
Speaker 1: deal with a minority labor government. Surely they're not going
Speaker 1: to deal with Band, are they?
Speaker 5: Well?
Speaker 1: I certainly hope not.
Speaker 5: You know, the more you look at this like he
Speaker 5: is completely crazy, and I just hope we don't go
Speaker 5: down a Looney Tunes path. I hope we're more mature
Speaker 5: than that.
Speaker 1: If you were in that room and you had to
Speaker 1: I mean, if the Teals couldn't get you across the
Speaker 1: line and you had to deal with Band, would you
Speaker 1: have any other option? Though? Well, I'd certainly be searching
Speaker 1: for one.
Speaker 5: You know, he'd be the last card in the pack,
Speaker 5: because I think he's getting more radical as the time
Speaker 5: goes by, not less, and I think that's making him
Speaker 5: a harder sell. You know, the Greens just get that
Speaker 5: hard line ten percent left vote in Australia. They have
Speaker 5: never been able to lift it. It just sticks at
Speaker 5: ten or eleven and stays there. And that's because the
Speaker 5: policies that they've got will never appeal to the ordinary Australian.
Speaker 1: Ever, Michael, how bad, how damaging for Australia with a
Speaker 1: minority labor government doing a deal with the Greensburg, Well,
Speaker 1: it would be disastrous.
Speaker 6: I mean, this guy banned is a wrecker. He's a
Speaker 6: wrecker around, an extremist and you know he's pie in
Speaker 6: the sky policy today. I mean, you know, Ri rich
Speaker 6: O's right. You know, even if Albanezi was forced to
Speaker 6: do a deal with Band after the election, had to
Speaker 6: be a one term labor government. So no one they told,
Speaker 6: They told them the Tasmanian Labor leader at that state election,
Speaker 6: you're not going to do a deal with the Greens
Speaker 6: to win government down there in Tasmania. And if Albo
Speaker 6: had to, he'd be there for if he won the election,
Speaker 6: he'd be there for five minutes because they would wreck
Speaker 6: the Labor Party and wreck Australia. And you know, thank goodness,
Speaker 6: people are starting to see, you know, the more publicity
Speaker 6: Band gets this anti Israel stuff, this weird tax policy,
Speaker 6: this guy speaking of this CMF you rally yesterday. The
Speaker 6: more exposure they get, the more extreme they get, the
Speaker 6: less likely they are to win seats, and that's a
Speaker 6: good thing for Australia.
Speaker 1: Steve. Those disgraceful signs there are portraying Anthony Albanezi as
Speaker 1: a hitler like figure Graham. That just shows that the
Speaker 1: CFMU are not going to just sit back, take this
Speaker 1: administrator and say, okay, we have to do things differently. Now.
Speaker 1: How much of a problem is that for the PM.
Speaker 5: Well, it's a problem, but provided you stick to your guns,
Speaker 5: you know, it's a problem will eventually go away. The
Speaker 5: one thing that Labour's got to be certain about is
Speaker 5: that once you start the move, when the CFMAU, you've
Speaker 5: got to finish it. You can't leave it half aasked.
Speaker 5: You've got to finish it. And I hope that Albert
Speaker 5: gets on with that job very quickly.
Speaker 1: Michael. We learned today via a media release from an
Speaker 1: outfit in Melbourne that the Muslim Votes Matters is about
Speaker 1: to launch its national campaign. It's going to happen in
Speaker 1: Melbourne this coming Sunday. They asked all sorts of media
Speaker 1: people who want to go along, they need to register.
Speaker 1: The release says Muslims in Australia had been grossly overlooked
Speaker 1: and undermined for decades thanks to They blame the mainstream
Speaker 1: media perpetrating Islamophobia. Michael, we saw this launched in New
Speaker 1: South Wales. We're not sure where that's going to go.
Speaker 1: Will it take hold in Victoria and how much should
Speaker 1: the major parties be worried about this Muslim vote.
Speaker 6: Well, it'll take hold to a certain degree because I
Speaker 6: think that it will be quite disciplined, but I don't
Speaker 6: think it'll it'll affect any seats in Australia as it
Speaker 6: did in Britain Vaders who are pretty educated, and I
Speaker 6: don't think it's going to I don't think it's going
Speaker 6: to swing a seat. It could, but I don't think so.
Speaker 6: I think I think Peter Khalil will probably still hold Wills,
Speaker 6: and I think Labor will hold the seats in New
Speaker 6: South Wales. But it's another distraction and to to this government,
Speaker 6: and it's not it's not helping them. By the way,
Speaker 6: see if you can just go back to the c
Speaker 6: FMU for for one minute to add to something. Graham said,
Speaker 6: What the press haven't you worked out is that Albanese
Speaker 6: is Albanese is motivated by long running faction fight he's
Speaker 6: been having the New South Wales division. He's Albow is
Speaker 6: the leader of the hard left in the New South
Speaker 6: Wales division. There's there's the soft left, which is the
Speaker 6: old Ferguson family of which the CFMU were part of
Speaker 6: that faction. So Albo's had this long war with the
Speaker 6: Ferguson faction. So in bashing the c FU, he's finishing
Speaker 6: off his long term factional opponent in the News of
Speaker 6: Wales Labor Party. That's why he is so keen to
Speaker 6: finish them off. There are enemies of him within the
Speaker 6: Labor Party in New South Wales and have been for decades.
Speaker 1: And so when he.
Speaker 6: Says, oh, it's all because of you know, these corruption allegations,
Speaker 6: et cetera, the subtext to all of this is great,
Speaker 6: I can I can stick a knife into my factional
Speaker 6: opponent in New South Wales and stick another knife into
Speaker 6: the into the Ferguson faction who's opposed for generations. So
Speaker 6: that's the subtext what's going on here. And the CFM
Speaker 6: knew they're obviously a wake up to this. Mate.
Speaker 1: Well, we got the godfather of factions with us tonight,
Speaker 1: Richard As Michael picked that correctly.
Speaker 5: I think, Michael, there's a grain of truth in what
Speaker 5: Michael says.
Speaker 1: I'll just say that a grade of truth, only a
Speaker 1: grain of truth.
Speaker 6: He's still very polite, gret He's still very polite.
Speaker 1: A couple of grains. He's very polite. Whichjoe, you know
Speaker 1: those seats of Southwest Sydney as well as anybody. Is
Speaker 1: this Muslim vote going to catch on? And is it
Speaker 1: a problem for labor?
Speaker 5: Look, I don't think it'll catch on in any big way. No,
Speaker 5: it'll be a small irritation and annoyance, but it'll be
Speaker 5: no big deal.
Speaker 1: Michael, I need to go back to this. Max Chandler
Speaker 1: made the bloke. He's the guy that loves, or seems
Speaker 1: to love a microphone. He's got a very healthy ego.
Speaker 1: He's been blasted for addressing that rally that featured those pictures.
Speaker 1: He wanted them taken down apparently, But what the hell
Speaker 1: is a Greens MP from Queensland doing standing up there
Speaker 1: addressing a CFMU rally. What's that about?
Speaker 6: Well, he's starring up trouble against the Labor Party. That's
Speaker 6: what he's trying to do here. Any opportunity for the
Speaker 6: Greens to get an add to their innicity vote and
Speaker 6: stick it into Labor, that's what he's doing. And by
Speaker 6: the way, if this is true that you know these
Speaker 6: signs were any request that these signs be taken down.
Speaker 1: He should have refused to appear.
Speaker 6: He should have said, I'm not going to stand here
Speaker 6: at a rally where the prime Minister this country is
Speaker 6: depicted as Adolf Hitler. Nor am I going to appear
Speaker 6: at a rally where there's a coffin of the effectively
Speaker 6: of Albanize eye. He's dead body politically in front of him.
Speaker 6: He should have said, take those down and then I'll appear,
Speaker 6: But I'm not going to appear with that behind me.
Speaker 6: So he appeared anyway, So irresponsible of him, disgraceful of him.
Speaker 1: But this is the Greens.
Speaker 6: They are just wreckers and any if they can wreck
Speaker 6: the Labor Party, boy, they're very happy to do that.
Speaker 6: They're very happy to wreck the Labor Party and that's
Speaker 6: why he steamed up with the CFMU. But what Adam
Speaker 6: Band needs to do is given undertaking that he will
Speaker 6: not accept any donations from the CFMU. It's going to
Speaker 6: be harder now because they're an administration or any of
Speaker 6: their allies who are backing the CFMU for the next election.
Speaker 6: You just watch if there are donations from these radical
Speaker 6: left unions to the Greens at the next election, because
Speaker 6: any cf supporter he should say, We're not accepting donations
Speaker 6: from you.
Speaker 1: Labor Minister Murray, what weighed into this this morning. Here's
Speaker 1: what he had to say.
Speaker 7: I think it's also very very disturbing that we saw
Speaker 7: a Greens MP, Max Chandler Nather decide to share a
Speaker 7: stage with the Construction Union yesterday in Brisbane, despite those
Speaker 7: placards invoking Nazi references, despite the coffins with the Prime
Speaker 7: minister's face. I mean, what does it say to people
Speaker 7: that a Greens MP puts grand standing in front of
Speaker 7: a crowd above making a statement about what's respectful or not.
Speaker 7: When you share a stage with a group, you make
Speaker 7: a choice and you're endorsing the culture and behavior of
Speaker 7: that organization.
Speaker 1: Richo, how much is this about the Greens sending a
Speaker 1: signal to the CFMAU that look, you know, if you've
Speaker 1: got any spare money to toss around you in an
Speaker 1: election campaign, we'd be more than happy to take it.
Speaker 5: I think there's an element of that in this, that's
Speaker 5: for sure. Sadly, you know, the CFMU occasionally looks to
Speaker 5: the Greens, or some people in it do, and I
Speaker 5: find that very sad. I mean, the CFMU has been
Speaker 5: a bit of a let's say, a two edged sword
Speaker 5: for years. You know, there are a lot of good
Speaker 5: people in the CFMU, but my god, there are some
Speaker 5: horrible bases in it as well.
Speaker 1: Nicely put Graham. Now, Michael, let's get onto one of
Speaker 1: our favorite topics, the dysfunctional Victorian labor government, taxing the
Speaker 1: hell out of anyone they can find they now, have
Speaker 1: you believed this? You know this is somehow able to
Speaker 1: be fixed, but I'm not sure how they're going to
Speaker 1: do it other than tax everyone to death, including now
Speaker 1: a seven a half percent tax on Airbnb, so no
Speaker 1: tourist will come here. You had a hospital emergency department
Speaker 1: this morning. You two won't believe this. They had a
Speaker 1: hospital emergency department had to call an ambulance to rush
Speaker 1: to the hospital empty to treat a cardiac patient because
Speaker 1: of a lack of resources inside the hospital, Michael, what
Speaker 1: the hell was happening?
Speaker 6: Well, when Joan Kernel left office through the good growth
Speaker 6: of the Victorian public back in nineteen ninety two, she
Speaker 6: left a debt behind her of thirty three billion. We're
Speaker 6: now approaching one hundred and eighty billion under this mob right,
Speaker 6: same dollar terms. There's no money here in Victoria, Steve.
Speaker 1: The place is broke.
Speaker 6: Andrews and Cindra Allison have bankrupted Victoria effectively, so there
Speaker 6: isn't any more money for the hospital services. They've taxed
Speaker 6: the hell out of the place. Land tax in Victoria
Speaker 6: is at absurd level, so people have selling investment properties.
Speaker 6: They've massively increased payroll tax in Victoria, every other tax
Speaker 6: they could think of property taxes to make up this
Speaker 6: shocking budget.
Speaker 1: Shawful.
Speaker 6: Tim Pallace has been the treasurer here for ten years. Tim,
Speaker 6: you order hang your head in Showmte. You've left this
Speaker 6: place a burning wreck. But there's no money, Steve. They've
Speaker 6: run out of money. And he bought the two elections
Speaker 6: in eighteen and twenty two. He spent fifty billion at
Speaker 6: each election. Daniel Andrews, he promised everything. Well, of course
Speaker 6: people are going to vote for fifty billion each time.
Speaker 6: But of course at the next election there's nothing to spend,
Speaker 6: and people are going to say, well, you know, you've
Speaker 6: ruined Victoria as they have, and hopefully they' altern to
Speaker 6: John Pursuito and the Liberal Party because this mob have
Speaker 6: left a ruin here in Victoria.
Speaker 1: Steve rich Omichael's very optimistic about that. I mean, if
Speaker 1: you had an election today, incredibly, to Michael and me
Speaker 1: and to everyone who mainly lives in Victoria, Labor would
Speaker 1: get re elected. I mean, this is the problem that
Speaker 1: the alternative opposition, particularly with John Pursudo as leader, who
Speaker 1: I don't think can lead them to any sort of
Speaker 1: win that still get back Ingram.
Speaker 5: You know, I don't see that as a problem. I'm
Speaker 5: delighted to hear it, but of course it's true. I
Speaker 5: think sometimes you know that it doesn't matter how good
Speaker 5: or vad you are, it's how you perceived. I don't
Speaker 5: think Bashudo is ever going to be Premier of Victoria.
Speaker 5: And the problem that lies beneath that is that how
Speaker 5: do you replace him when you've got a caucus of
Speaker 5: nobody's It's pretty hard to do. So I think the
Speaker 5: Liberals in Victoria have got a lot of soul searching
Speaker 5: to do. So Michael, get on the job. I think
Speaker 5: he might already be on the job.
Speaker 1: Graham. I don't think you need to tell him to
Speaker 1: do that. I've long thank you. Oh, I don't know
Speaker 1: about that. Michael and Graham, thank you as always. We'll
Speaker 1: catch up with you shortly coming up after the break.
Speaker 1: Premier Chris Men's in New South Wales. Look, he's not
Speaker 1: holding back his disappointment at Tannya Plipa Sex decision to
Speaker 1: block this billion dollar gold mine. Mining Council CEO Stephen
Speaker 1: Galilee will join me to discuss what that might mean
Speaker 1: for projects right around the country, plus the stunning snub
Speaker 1: by former Queensland Premier Anastasia Palache. Hang around. Welcome back
Speaker 1: Steve Price in for Shari.
Speaker 8: Now.
Speaker 1: This route between the New South Wales and the Federal
Speaker 1: Labor government around this gold mine has escalated. Today. You
Speaker 1: had the Premier of New South Wales, Chris Mins, ramping
Speaker 1: up his retric against the Commonwealth's last minute order to
Speaker 1: kill off this gold mine. Min's didn't hold back in
Speaker 1: budget estimates earlier today I ever listened to him. I'm
Speaker 1: disappointed by the decision from the Commonwealth Government. You disagree
Speaker 1: with the reversion. I'm slut said that many times and
Speaker 1: so in your view ten you're cleversick using that power.
Speaker 9: Was she was in error?
Speaker 1: Yes, that's Chris Mins Today. Now the Prime Ministers insisting
Speaker 1: that the project can still go ahead though regiu's resources
Speaker 1: does not sound as confident. Let's bring in New South
Speaker 1: Wales Minerals Council Chief Executive Stephen Galilee. Stephen, good to
Speaker 1: see you again defending this decision, Minister Pleversecond, even the
Speaker 1: Prime Minister say, look, this can go ahead, just move
Speaker 1: the tailings dam But surely the company, Stephen, looked at
Speaker 1: all those alternative sites, didn't they.
Speaker 8: This is political damage control from the Prime Minister and
Speaker 8: the minister involved. This decision is a dagger at the
Speaker 8: heart of the project. The Minister knew exactly what she
Speaker 8: was doing when she made her decision. She knew that
Speaker 8: the tailing stand was integral to the mind design the
Speaker 8: viability of the project. She was told that by the
Speaker 8: company formally and as was her department on many occasions.
Speaker 8: She knew exactly what the implications were of her decision.
Speaker 8: And this is the kind of political damage control and
Speaker 8: rhetoric you get from people that have never had a
Speaker 8: real job outside of Parliament. They've been in Parliament too long.
Speaker 8: They think that if you put it in a press release,
Speaker 8: it happens. Mind design is not some kind of cut
Speaker 8: and paced exercise to move that tailing stan means an
Speaker 8: entire redesign of the mind itself. It means geotechnical, geological engineering,
Speaker 8: biodiversity ek, environmental, cultural, heritage and other studies need to
Speaker 8: be done. It means a new application needs to be
Speaker 8: prepared and assessed. And at the end of all that,
Speaker 8: after several years, you know, four or five years or so,
Speaker 8: potentially you've got another spurious veto decision from the Minister again.
Speaker 8: So these comments from the Prime Minister and from Minister
Speaker 8: Pleitasek are a breath taking misunderstanding of how the planning
Speaker 8: system works in New South Wales and just how out
Speaker 8: of touch they are in relation to how things happen
Speaker 8: in the real world.
Speaker 1: So explain, if you ken Stephen, this section ten legislation
Speaker 1: for us, what sort of power does that bestow on
Speaker 1: the minister and what sort of sovereign risk might that
Speaker 1: pose to Australian mining projects Right around the country.
Speaker 8: Well, it effectively bestows a right of vetail on the
Speaker 8: Minister in relation to a claimed cultural heritage status of
Speaker 8: particular sites in relation to these sorts of projects. And
Speaker 8: it's not just mining projects. We've seen these sorts of
Speaker 8: claims made in relation to gas projects in relation to
Speaker 8: other mining projects, and I'm sure that that'd be applicable
Speaker 8: to renewable energy and other projects in regional New South
Speaker 8: Wales as well. They give the Minister a discretion to
Speaker 8: block projects on the basis in this case of information
Speaker 8: she says it's culturally sensitive that she can't repeat it.
Speaker 8: So how's how's the proponents supposed to know that it
Speaker 8: creates massive sovereign risks issues for any major investment in
Speaker 8: regional Australia. This is a New South Wales example, but
Speaker 8: this is a risk for regional projects right across the country.
Speaker 8: And it's a it's a it's a weaponized piece of
Speaker 8: legislation that we've seen used by the Environmental Environmental Defenders
Speaker 8: Office and others to try and block resources projects. And
Speaker 8: this is what happens when a weaponized project is given
Speaker 8: some kind of way by the minister. So she she's
Speaker 8: swung a wrecking ball at this project. The project is
Speaker 8: now back to the drawing board, and for her and
Speaker 8: the Prime Minister to suggest they can simply tweak the
Speaker 8: application and everything is going to be okay, is, as
Speaker 8: I said, a breathtaking misunderstanding of how these major projects
Speaker 8: are assessed through state planning systems.
Speaker 1: And we're not talking here. Are we about a threat
Speaker 1: to native animals or some major environmental impact on the
Speaker 1: region that's going to destroy a river or create damage.
Speaker 1: We're actually talking about an indigenous complaint from an individual
Speaker 1: that was not agreed by the actual indigenous landholders of
Speaker 1: that area, and we don't even know exactly what the
Speaker 1: complaint is.
Speaker 8: These cultural heritage claims were rigorously assessed through the New
Speaker 8: South Wales government's own processes. The local Aboriginal Land Council
Speaker 8: said there were no sites or artifacts of cultural significance
Speaker 8: that would prevent this project from seeding. That should be
Speaker 8: the end of the matter. But Minister Plebsek has entertained
Speaker 8: whispers in her ear from a dissident local indigenous group
Speaker 8: of dubious credentials which she says are so sensitive she
Speaker 8: can't repeat, to block this project. She knew exactly what
Speaker 8: she was doing. She swung a wrecking ball at this project.
Speaker 8: It's a billion dollars of investment, it's eight hundred local
Speaker 8: jobs in regional New South Wales. And this is a
Speaker 8: threat not just to this project but for any future
Speaker 8: mining project here in New South Wales and across the
Speaker 8: central west of our state, where critical minerals and metals
Speaker 8: projects are so important to our economy for the future.
Speaker 8: And good on Premier mins for recognizing that and for
Speaker 8: saying that. And I feel for the local average and
Speaker 8: a land Council who must be thinking, well, what are
Speaker 8: our views worth in these assessments if Minister plebasec can
Speaker 8: ignore our views and listen to whispers in her ear
Speaker 8: from a different group and block the project on that basis.
Speaker 1: The Premier has been strong, but he says he's not
Speaker 1: going to pick up the phone for some reason and
Speaker 1: try and intervene. Should he?
Speaker 8: Well, I know that the New South Wales government, they've
Speaker 8: done their assessment. They did the right thing. They've conducted
Speaker 8: an assessment over more than three years on this project.
Speaker 8: They send it to the Independent Planning Commission in our state,
Speaker 8: which conducts an independent assessment. It was given the tick
Speaker 8: for approval. The issues that have been raised at the
Speaker 8: commonwealth level were raised at the state level and they
Speaker 8: were taken into account when the approval was granted. So
Speaker 8: if any state government should be very concerned that the
Speaker 8: federal government now has this effective right of VUTA over
Speaker 8: any project they wish to develop within their own jurisdictions,
Speaker 8: and in this case it's New South Wales and the
Speaker 8: New South Wales government has reacted accordingly, but any state
Speaker 8: government around the country should be very wary of what
Speaker 8: this leads to. This means that the Commonwealth can block
Speaker 8: any project that they don't see to be politically consistent
Speaker 8: with their values, or if they decide that they want
Speaker 8: to block it for other reasons. So good on the
Speaker 8: Premier and good on the New South Wales government for
Speaker 8: standing up for New South Wales. But it's not just
Speaker 8: a case that you can just tweak this application and
Speaker 8: put it back into the system and move the tailings
Speaker 8: dam on the mind plan in some kind of cut
Speaker 8: and paced exercise. These things happen in the real world
Speaker 8: in a lot more complicated fashion than that, and the
Speaker 8: Prime Minister and the Minister should know that.
Speaker 1: You make an interesting point there. I mean, what chance.
Speaker 1: Do you think this project would have been canceled if
Speaker 1: it were, say a renewable energy project like a wind
Speaker 1: farm or some solar panels.
Speaker 8: Well, if this was a dam rather than a tailings dam,
Speaker 8: if it was a dam for a punped hydro project,
Speaker 8: perhaps the outcome and the minister's discretionary decision would have
Speaker 8: been different. If this was the minister from regional a
Speaker 8: regional electorate rather from an inner city electorate under threat
Speaker 8: from the maybe the decision would have been different. But look,
Speaker 8: in the end, we are where we are. It's a
Speaker 8: terrible decision and what makes it worse is the minister's
Speaker 8: refusal to actually go to the region and front up
Speaker 8: to the people involved in the communities that have lost
Speaker 8: these jobs in this investment and explain her decision.
Speaker 1: What do you reckon this might have cost the company Regions, Well.
Speaker 8: They've already written down hundreds of millions of dollars in
Speaker 8: their annual reporting so far. They've spent hundreds of millions
Speaker 8: of dollars and well over five years trying to develop
Speaker 8: this resource.
Speaker 1: So they did the right thing.
Speaker 8: They decided they would invest in New South Wales, create
Speaker 8: those jobs and generate that investment, and I'm sure they
Speaker 8: are reeling and others are also thinking, well why would
Speaker 8: we bother, not just in New South Wales but around
Speaker 8: the country when this sort of decision can be imposed
Speaker 8: at the very last minute after our more than four
Speaker 8: or five year extensive assessment process by the state government
Speaker 8: and others.
Speaker 1: This project had.
Speaker 8: All its Commonwealth approvals as well, apart from Minister Clevers's
Speaker 8: Cultural Heritage approval too, So you know, it's a terrible
Speaker 8: signal for investment in region on East South Wales and
Speaker 8: these projects are so important for regional economies and regional
Speaker 8: communities and that's why you've seen such a reaction from
Speaker 8: the locals in that region, and it's a warning sign
Speaker 8: for any other regional community across the country.
Speaker 1: Well, it's just disgraceful. Stephen Galilee, appreciate it. Thank you
Speaker 1: very much for coming on the program tonight. Well that
Speaker 1: was a very blunt assessment, wasn't it. Now still to
Speaker 1: come Jim Chalmers, the Treasurer, he's today doubled down on
Speaker 1: those comments where he said Peter Dutton is a divisive figure.
Speaker 1: Is Labor playing the right game? Here? Will ask the
Speaker 1: panel up next. Plus I'll be joined by economist Leith Vannsel,
Speaker 1: and we'll talk about He'll join us live to break
Speaker 1: down the latest inflation figures and what they mean. Welcome
Speaker 1: back on this Wednesday night, Steve Price in for Charie Markson.
Speaker 1: Shari will be back with you tomorrow night. Paul Murray
Speaker 1: coming up at the top of the hour. Now, treasure
Speaker 1: of Jim Chalmers. He made a very long, hour long
Speaker 1: speech at the weekend, and he doubled down today on
Speaker 1: some of the comments he made in that speech about
Speaker 1: Opposition leader Peter Dutton. Now, he used the word divisive
Speaker 1: on the weekend, but he also used the word dangerous.
Speaker 1: Now he said today that he was standing by his
Speaker 1: comments that the opposition leader is divisive. But I note
Speaker 1: that the word dangerous went missing. Here was what Jim
Speaker 1: Chalmers had to say today.
Speaker 10: Most people look around the world and see the divisiveness
Speaker 10: in politics overseas. They want to reject it, and he
Speaker 10: seems to want to embrace it. And so the point
Speaker 10: that I made then and the point that I'm making
Speaker 10: again today is that our focus is on the cost
Speaker 10: of living and the fight against inflation. His focus is
Speaker 10: on dividing people. And that's because that's all he knows,
Speaker 10: and it's all that he does.
Speaker 1: Pure politics. That's it's all about. Let's bring in tonight's
Speaker 1: political panel talking in politics, Liberal Senator Holly Hugheser was
Speaker 1: great to see her and Julia Gallat's former press secretary
Speaker 1: Darren Barnette. Welcome to you both. Can I start with you, Senator?
Speaker 1: I feel like I'm in a bit of a time
Speaker 1: warp here I can take us and you were there,
Speaker 1: you can go all the way back. This is how
Speaker 1: the Labor Opposition used to describe Tony Abbott, wasn't.
Speaker 11: It Absolutely And that went so well for them. But
Speaker 11: it's just extraordinary that these personal attacks on Peter Dutton
Speaker 11: is basically all they've got left in their armory. They've
Speaker 11: completely failed when it comes to addressing cost of living
Speaker 11: pressures in this country. Everyday Australians are doing an increasingly
Speaker 11: tough whether it's a supermarket at the petrol bowser, trying
Speaker 11: to put a roof over the head and food on
Speaker 11: the table. It's becoming increasingly difficult for Australian families. Yet
Speaker 11: all this Labor government has is continual personal attacks and
Speaker 11: is and Jim Chalmers to spend his time making these
Speaker 11: outrageous statements when Australians are doing so Doing it so
Speaker 11: tough is just ridiculous and insulting to all of those.
Speaker 1: Australians, Darren. In your time in government, obviously you sit
Speaker 1: down and discuss tactics with a leader, when you discuss
Speaker 1: how to portray the person you want to beat in
Speaker 1: an electoral contest, how much discussion around the table is
Speaker 1: how much of it should be personal?
Speaker 12: I think that Look, Labor Party does it and other
Speaker 12: parties do it too. Is they go to focus groups,
Speaker 12: they see which words, which phrases, which descriptions resonate with
Speaker 12: people at a certain point in time. Obviously that term
Speaker 12: divisive or divisive has come up at some point. But honestly,
Speaker 12: it's not a surprise that an opposition leader would try
Speaker 12: to be divisive. That's their job. They oppose, They open
Speaker 12: up fault lines in government arguments and they try to
Speaker 12: exploit those and convince people to come over to their
Speaker 12: side when they next vote. But that second word that
Speaker 12: you mentioned, being dangerous, that's a much more risky word
Speaker 12: to use, and I think that's probably why it's been
Speaker 12: left in the locker for today's speech. But divisive. I
Speaker 12: think that's going to be a term that everyone in
Speaker 12: opposition is going to be described by everyone in government,
Speaker 12: and when there's inevitably a change of government, they'll just
Speaker 12: swap talking points and the same descriptions will run in
Speaker 12: the other direction.
Speaker 1: Holly, I mean Tony Abbott had the Gold Medal for
Speaker 1: how to be an opposition leader, put your arguments and
Speaker 1: get elected. Is Peter Dutton taking a leaf out of
Speaker 1: Abbot's book and modeling the way he's going to fight
Speaker 1: this election on the way Abbott did it? Well?
Speaker 11: I think Peter is being Peter. I've known him for
Speaker 11: over twenty years and I think he's doing a great
Speaker 11: job as opposition leader. And I think Margaret's use to
Speaker 11: say I love it when they go personal because it
Speaker 11: means they've got no arguments left. And I think that's
Speaker 11: the case with this government. And it's interesting though, using
Speaker 11: the word divisive or the creating division, when we know
Speaker 11: it was this Prime Minister through the Voice campaign that
Speaker 11: probably injected the moist division this country has ever seen
Speaker 11: within the communities. So I think they have to be
Speaker 11: careful here in the ALP because it's very easy to
Speaker 11: turn around that this is a government that's brought more
Speaker 11: division to this country. Whether it's been how they've dealt
Speaker 11: with the situation in Gaza and anti Semitic attacks and
Speaker 11: their inability to get off the fence and defend our
Speaker 11: Australian Jewish community and what's been happening, whether it was
Speaker 11: the Voice referendum, but the continual divisiveness that this alp
Speaker 11: government has tried to stoke. I can't see it working
Speaker 11: well for them as we get closer to the election.
Speaker 1: Darren, the choice of the word divisive, what do you
Speaker 1: think exactly that Treasurer Charmers is pointing to. Is he
Speaker 1: talking about the attitude of Peter Dutton to not allow
Speaker 1: visa holders from Palestine into Australia when they're not being
Speaker 1: checked properly. Is it division about how we're going to
Speaker 1: generate power or is it a general term that he
Speaker 1: divides the community because of his tough politics.
Speaker 12: Well, I think it's a term that resonates in different
Speaker 12: parts of the country. You'll find the inner suburban seats
Speaker 12: of the major capitals, probably the two that you just described,
Speaker 12: they are issues that resonate. I think the nuclear power
Speaker 12: debate divisive is one way of describing it's certainly bold
Speaker 12: and we will wait to see how the Australian people
Speaker 12: take that when they put their vote at the next election.
Speaker 12: But as I said before, it's the job of the
Speaker 12: opposition to put up alternatives and it's their job to
Speaker 12: open up fault lines in government arguments. And when you're
Speaker 12: a government minister and you're trying to sell the message
Speaker 12: of the day or the story of the day and
Speaker 12: someone comes along and just completely derails that, you probably
Speaker 12: get a bit frustrated. But that's part of the rough
Speaker 12: and tumble of politics and you just got to deal
Speaker 12: with it and move on.
Speaker 1: We all love a political snub. Queensland Premier Stephen Miles,
Speaker 1: now you've got to say not the most popular bloke
Speaker 1: in Queensland. Even his predecessor and his one time all
Speaker 1: Anastagia Palischoe, the former Premier, wouldn't endorse him. Have a
Speaker 1: look at this awkward encounter over the weekend.
Speaker 12: Sere a Miles endorsement though, well, thanks for coming along today,
Speaker 12: I got.
Speaker 1: To keep going. Can we expect to see it? Not
Speaker 1: exactly a ringindorsement An hour later, Holly, obviously, after the
Speaker 1: video began being sent out on social media. The premier
Speaker 1: reached out to the Career Mail to say that of
Speaker 1: course she endorses the embattled Stephen Miles. Mister Miles would
Speaker 1: not have been happy boy behind the scene.
Speaker 11: I wouldn't have thought, Oh, nothing more bitter than a
Speaker 11: former Labor premier who was tapped on the shoulder for
Speaker 11: this bloke. I mean, I think the writing's on the
Speaker 11: wall for the ALP and Queensland. They've absolutely destroyed the
Speaker 11: state of Queensland and continue to drive its economy into
Speaker 11: the ground. It's probably the most sensible thing Anastasia Palichet's
Speaker 11: ever done by not endorsing Steven Miles. Maybe she's thinking
Speaker 11: of coming back and doesn't want to tire her own reputation,
Speaker 11: but I can't imagine anyone's out there too heavily endorsing
Speaker 11: Steven Miles except for Steven Miles. At this point in time.
Speaker 1: Darren Norton territory election, we saw obviously the Country Liberal
Speaker 1: Party not Labour sideways so much so that Labour's only
Speaker 1: going to end up. I think with about five seats
Speaker 1: you've got Queensland. Talking of Miles, there they are facing,
Speaker 1: if the polls are right, something of an electra wipeout
Speaker 1: in a couple of months time. That's too Domino's down.
Speaker 1: How worried would the head office of the Labor Party
Speaker 1: be about those two elections going that way?
Speaker 12: Well, it's obviously not a good trend. But equally there's
Speaker 12: not a lot of upside for Labor in Queensland or
Speaker 12: Northern Territory when it comes to the next election. Frankly,
Speaker 12: the federal result in Queensland for Labor last time around
Speaker 12: was disappointing that the seats that were there to be
Speaker 12: won ended up being picked up by the Greens. And
Speaker 12: as we all know, whether it's Greens or Teals or Independence,
Speaker 12: once your seats go to those independent style candidates, it's
Speaker 12: very hard to get them back. So I think, look,
Speaker 12: it's not great, I'm not happy. I'm not going to
Speaker 12: try and sugarcoat that. But equally, the next election, they're
Speaker 12: probably not the two parts of Australia where it will
Speaker 12: be either won or lost.
Speaker 1: Holly. Speaking of the Greens, Adam Bant likes to portray
Speaker 1: himself these days as Robin Hood he was the National
Speaker 1: Press Press Club. Today is a little bit of what
Speaker 1: he promised.
Speaker 2: It's time to make the big corporations and billionaires pay
Speaker 2: their fair share of tax. Today I can announce the
Speaker 2: first of these robin Hood reforms. We're calling it a
Speaker 2: big Corporations tax. It will apply to companies with an
Speaker 2: annual turnover of over one hundred million dollars, taxing the
Speaker 2: excess profits that these companies make.
Speaker 1: Holly robin Hood dressed in green rights with a bull
Speaker 1: and arrow.
Speaker 11: I was just going to say, the only thing missing
Speaker 11: was the tights. There's certainly not an economics textbook the
Speaker 11: Greens have ever read in their life. It just their
Speaker 11: complete ignorance when it comes to basic economics is always
Speaker 11: quite a thing of beauty in its complete the extent
Speaker 11: of it is unbelievable. They have no idea. Who do
Speaker 11: they think employees Australians. You know, it's not government that
Speaker 11: creates jobs, it is business. And what they're trying to
Speaker 11: do will either destroy business here will send it off shore.
Speaker 11: We know that they would have us all living in
Speaker 11: treehouses eating mung beans and witchity grubs, and we might
Speaker 11: not be allowed to the witchity grubs anymore. But you know,
Speaker 11: I mean, these guys are just so out of touch
Speaker 11: with reality. But as Darren just made in the previous point.
Speaker 11: You know, in Queensland Labor didn't pick up seats off
Speaker 11: the coalition. Those seats that we lost in Queensland went
Speaker 11: to the Greens, and people in Australia need to really
Speaker 11: the electorate needs to have a really, really good think
Speaker 11: about what it would look like with the Greens in
Speaker 11: a minority government. Putting the Greens near the treasury benches,
Speaker 11: it's not good news for anyone in Australia.
Speaker 1: Now.
Speaker 11: Obviously I'd like to vote for the Liberal Party, and
Speaker 11: I'm sure Darren would like them to vote Labor. But
Speaker 11: this trend of not voting for a major party of government,
Speaker 11: I think runs the risk of really putting our parliament
Speaker 11: in a very precarious situation.
Speaker 1: Darren, I was quite pleased with myself tonight. I've described
Speaker 1: Adam Banders reminding me of a student living in a sharehouse,
Speaker 1: riding his bike to university and eating, as Holly just said,
Speaker 1: among being sandwiches for lunch. The Labor Party are not
Speaker 1: going to deal with the Greens, are they? Surely I
Speaker 1: think they can.
Speaker 12: Amusingly, I knew Adam Bant when he was a student
Speaker 12: at Melbourne University about thirty years ago and he was
Speaker 12: exactly as you describe, not surprisingly, but that said, look,
Speaker 12: Labor in combination with the Greens, we saw what happened.
Speaker 12: I worked in the Gillard government. We saw how popular
Speaker 12: that was with the electorate. Labor does not want to
Speaker 12: form minority government with the Greens, full stop, not now,
Speaker 12: not in the current political life.
Speaker 11: They will though if they can.
Speaker 12: Who's to say what the future holds that they do
Speaker 12: not want to And look, I'm to say it, I'm
Speaker 12: not employed by the Labor Party these days. If Labour's
Speaker 12: in minority government with the Greens, it's their last. It's
Speaker 12: really that simple. So these policies that Adam Bant is
Speaker 12: putting out, they are actually popular with younger voters in
Speaker 12: a city, people who can't afford a home, who are
Speaker 12: struggling with various parts of cost of living, and they
Speaker 12: see the big bad multinational corporations. It's like an episode
Speaker 12: of Team America. But you've got to take it on
Speaker 12: board that those people still vote and their vote is
Speaker 12: worth as much as anybody else's. At the moment, you'd
Speaker 12: have to think with their vote the Greens holding up
Speaker 12: at twelve to fourteen percent, they may not lose their
Speaker 12: lower House representation, and they will probably hold their Senate representation,
Speaker 12: so they're not going anywhere. The difficulty for the major
Speaker 12: parties is who do you deal with if you're facing
Speaker 12: minority and on what terms do you deal with them?
Speaker 1: Well said Darren, I can just imagine you and Adam
Speaker 1: sharing a bunk bed at the university in the good
Speaker 1: old days. Holly Huestarebinette, thank you very much for joining
Speaker 1: us tonight. Still to come. The inflation numbers were out today.
Speaker 1: We'll catch up with the economist Leaf and onsol and
Speaker 1: to see what it means for the crucial upcoming rates decision.
Speaker 1: Charry Marxon back with you tomorrow night. Paul Murray coming
Speaker 1: up next. CPI Index released today showed that inflation needs
Speaker 1: to three point five percent in annual terms in July,
Speaker 1: down three point eight from June. Now overall, the Treasure
Speaker 1: seem pretty pleased with those results.
Speaker 10: We'd like inflation to fall further and faster, and we
Speaker 10: expect it to.
Speaker 1: What we've seen in.
Speaker 10: This data today is really quite welcoming, are quite welcome
Speaker 10: and quite encouraging.
Speaker 1: Let's bringing Macro Business Chief economist Leith van Onsel and
Speaker 1: Leith Let's start with the market predictions. It didn't quite
Speaker 1: fall as economist's forecast. What kept it a bit more sticky,
Speaker 1: do we think?
Speaker 9: Look, there was a lot of uncertainty amongst economists about
Speaker 9: today's result, really because we didn't know what the impact
Speaker 9: of the federal government's energy.
Speaker 1: Subsidies would be, so we had market.
Speaker 9: Economists predicted anything from two point seven percent to three
Speaker 9: point nine percent, So it'd ended up coming to a
Speaker 9: three point five percent, which was slightly higher than the
Speaker 9: median forecast of three point four percent. As it turned out,
Speaker 9: electricity prices in the CPI fell by six point four
Speaker 9: percent over the month, and that pretty.
Speaker 1: Much drove the result.
Speaker 9: There was some good news though, We are seeing broadening
Speaker 9: disinflationary pressures beyond energy, so Steve. The number of items
Speaker 9: in the CPI basket which had annual inflation rates below
Speaker 9: two percent actually out numbers the number of ibeans where
Speaker 9: inflation has grown above the Reserve banks target of three percent.
Speaker 9: So we are seeing some broadening disinflationary pressures, which I
Speaker 9: think is good news.
Speaker 1: It's hard thing to get your head around. I mean,
Speaker 1: petrol prices in Victoria at the moment are really low,
Speaker 1: but three weeks ago, you were paying two twenty two
Speaker 1: thirty cents a leader. Now you're paying somewhere around somewhere
Speaker 1: between dollars sixty dollars eighty. But petrol's in there.
Speaker 9: Right, Yeah, that's right mate. Petrol rents pretty much. You know,
Speaker 9: there's a whole bunch of stuff that that we paid for. Look,
Speaker 9: the Reserve Bank tends to look beyond those really volatile measures,
Speaker 9: so it looks more at things which is something called
Speaker 9: underlying inflation, and that also eased as well, So that
Speaker 9: fell to three point seven percent in July from four
Speaker 9: percent in June, and in fact, the monthly result for
Speaker 9: the underlying inflation was actually the lowest since July twenty
Speaker 9: twenty one, so we are getting some progress there in inflation.
Speaker 9: The big problem I got, Steve, though, is that the
Speaker 9: thing that's driven the fallen inflation over the last year
Speaker 9: has actually been tradable good so that's basically things that
Speaker 9: we pull off off a shipping container. Inflation there's only
Speaker 9: been at one and a half percent. The sticky part
Speaker 9: is that services inflation, or non tradable inflation, that's that
Speaker 9: domestically driven inflation, is still running at five percent and
Speaker 9: That's the thing that I think will worry the RBA
Speaker 9: because that's quite sticky. It looks like we've run our
Speaker 9: ray with tradeables. They're not going to fall below what
Speaker 9: they're at. So if we are going to bring inflation down,
Speaker 9: we need this sticky services inflation to fall. Still, no
Speaker 9: rate cut till next year, Yeah, no, absolutely not. I
Speaker 9: think we could rule out rate cuts this year. To
Speaker 9: see rate cuts, we're going to have to see one
Speaker 9: or two things. One of them is, obviously we're going
Speaker 9: to have to see inflation fall much further than it has. Otherwise,
Speaker 9: we're going to have to see unemployment rise significantly. And
Speaker 9: I don't think we'll get either of those things before
Speaker 9: the end of the year.
Speaker 1: Wow. Yeah, No one wants to see that, Leith. I
Speaker 1: agree with you completely. Thank you very much for that,
Speaker 1: my friend Leith and Nonseloin there on the issue of
Speaker 1: whether we'll get a rate cut up next Paul Murray