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Speaker 1: Joe Rennick So talk. Thanks for having me. It was

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Speaker 1: awesome to see here. You're the founder and leader of

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Speaker 1: the People First Party. That's correct, and we'll talk a

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Speaker 1: little bit about that in the moment today, and is

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Speaker 1: where I'm going to get to. We do not have

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Speaker 1: enough in this country, enough real world experience in politics,

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Speaker 1: that's my view, and that's where I want to talk,

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Speaker 1: what I want to talk about and what it's doing

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Speaker 1: to our country. Yeah, if we go, so let's just

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Speaker 1: underline yours first.

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Speaker 2: Yeah, thanks Mark, And can I just hone in on

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Speaker 2: that a little bit more. We don't have enough real

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Speaker 2: world experience in capital markets that people don't understand. And

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Speaker 2: I've actually had to unlearn everything I've learned over the

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Speaker 2: last thirty years just to put that out there at

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Speaker 2: the start. But So born in nineteen seventy in a

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Speaker 2: small town that Chinchilla, about two hundred and eighty kilometers

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Speaker 2: west of Brisbane. So I grew up in a farm,

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Speaker 2: mixed farming. Mum was a nurse, dad was a farmer,

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Speaker 2: Miss be Butcher, and then it was an areal surveyor

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Speaker 2: and navigated large parts of Australia. So then your dad

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Speaker 2: did Yeah, we work for a company called that at Dashtra,

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Speaker 2: which is Latin to reach for the Stars. So he

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Speaker 2: actually was in the navy and was a navigator in

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Speaker 2: the Gannets, but he failed because he's deaf, and he's

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Speaker 2: genuinely deaf. So he ended up surveying western New South Wales,

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Speaker 2: parts of western New South Wales. He was a surveyor

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Speaker 2: on the when the west Gate Bridge was he surveyed

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Speaker 2: that and parts of the Trough. And actually on one

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Speaker 2: weekend he was out riding bulls in western New South Wales,

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Speaker 2: got kicked off and sent to hospital, got kicked in

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Speaker 2: the head and sent to hospital, and that's where I

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Speaker 2: met mum.

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Speaker 1: Well, yeah he was a nurse. So yeah, she's a chemsy. Girls.

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Speaker 2: You said he was a bull rider, Well he partly, yeah,

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Speaker 2: on weekends. That wasn't his hearing.

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Speaker 1: No, it doesn't matter that.

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Speaker 2: Yeah, but yeah, he was a driver for nine months.

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Speaker 2: He actually drove a cattle from Rome down to Dubbo.

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Speaker 2: I think I'm a bit sketchy on that, but I

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Speaker 2: know he was a drover, you know as well, So

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Speaker 2: you know, just that typical knock about sort of upbringing.

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Speaker 2: He's still alive. He's ninety one, he's out my brother's

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Speaker 2: property out in western Queensland.

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Speaker 1: Yeah.

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Speaker 2: So anyway, farming background. But long story short, went and

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Speaker 2: completed a Bachelor of Commerce at the University of Queensland.

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Speaker 2: Then that was in and I graduated in poor heatings recession,

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Speaker 2: so I couldn't get work with it. I had interviews

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Speaker 2: with all the big five Big six at the time,

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Speaker 2: didn't get a job there and actually so ended up

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Speaker 2: going back to Dolby, which is near my hometown at Chinchilla,

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Speaker 2: and working there in public practice for three years. And

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Speaker 2: I have to say it was at the time I

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Speaker 2: thought it was the worst thing that ever happened to me,

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Speaker 2: but looking back, it was actually one of the best

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Speaker 2: things that ever happened to me. Because I was with

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Speaker 2: a small firm. I had face to face interaction with clients.

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Speaker 2: We did all different sorts of business services, tax, you know, auditing,

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Speaker 2: all those jobs, and I was at the cold face

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Speaker 2: of small business, which of course, as you know, is

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Speaker 2: the engine room in Fustrator's economy. So the second and

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Speaker 2: third year I started meeting clients and the actually offered

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Speaker 2: me a partnership when I turned twenty five. I left

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Speaker 2: when I was twenty three. But I still think that

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Speaker 2: was really good experience because what that gave you is

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Speaker 2: the ability to drill down into detail totally. And you know,

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Speaker 2: I see so many I used to see it at Westfield.

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Speaker 2: You know, the auditors had come in and they couldn't

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Speaker 2: actually drill down into detail.

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Speaker 1: And there's all high level stuff.

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Speaker 2: Yeah, it's all high level stuff and even and it's

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Speaker 2: right across not just the political spectrum, but the sector

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Speaker 2: as well. And in the professional world today, there's too

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Speaker 2: many professional managers that haven't worked their way up from

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Speaker 2: the shop floor, and I think that's where we're really suffering.

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Speaker 1: JD.

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Speaker 2: Fance did a really good speech on it last year

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Speaker 2: where we spoke about when we outsourced manufacturing, we were

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Speaker 2: naive to think that we weren't going to lose the

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Speaker 2: skills that come with being on the shop floor. You know,

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Speaker 2: those little rule of thumbs that you only learn when

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Speaker 2: you're actually on the tools, so to speak. So yeah,

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Speaker 2: and that's why I said to you earlier on it

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Speaker 2: was one of the best things that ever happened to

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Speaker 2: me because it knocked a bit of sense into me

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Speaker 2: and it just gave me that grounding of knowing how

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Speaker 2: to drill down into data.

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Speaker 1: Yeah, and what happened after that? Where'd you go after that?

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Speaker 2: Well, so then I went overseas for what I thought

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Speaker 2: it was going to be two years, but ended up

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Speaker 2: staying for seven years. So I backpacked my well, I

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Speaker 2: backpacked my way through Africa for almost six months. Part

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Speaker 2: of that was on an ovaland truck trip. Exodus of

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Speaker 2: anyone gen X from the travels through Africa in the

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Speaker 2: nineties will know what I'm talking about. That was great experience.

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Speaker 2: Yet again, one part of the trip we actually climbed

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Speaker 2: Killman Jarro and then because I was really keen to

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Speaker 2: get into mountain climbing at that time, but we also

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Speaker 2: climbed Mount Karrasimbi, which was the mountain where the gorillas

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Speaker 2: and the mist were. And this was in the early nineties,

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Speaker 2: just after the movie came out. But interestingly enough, that night,

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Speaker 2: when we came off the mountain, as you do, so

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Speaker 2: this was in Rwanda, as you do when you're backpacking

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Speaker 2: in your early twenties, you go out drinking. So anyway,

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Speaker 2: we had Rwandan troops come and say to us, look,

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Speaker 2: there's a curfew on. You're not supposed to be our drinking.

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Speaker 2: But we'll let you drink if you buy us a

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Speaker 2: few beers. So we bought them a few beers and

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Speaker 2: had a bit of a conversation. Anyway, they gave us

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Speaker 2: an escort home with guns over their shoulders. We thought

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Speaker 2: it was all pretty jovial at the time. And that

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Speaker 2: was a Sunday night, and the war broke out on

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Speaker 2: the Wednesday, so we left on the Tuesday. Well yeah,

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Speaker 2: and the interesting thing about it at the time, and

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Speaker 2: obviously we're an outsiders looking in and that was a

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Speaker 2: French speaking country, not an English speaking country. But I

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Speaker 2: had no idea that that genocide was about to take place.

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Speaker 2: You know, that's a real big lesson I got from

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Speaker 2: traveling is how quickly things can go from peace to wartime.

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Speaker 2: So yeah, yeah, exactly, yeah, yeah, So got to London,

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Speaker 2: worked for let me just think about this now, British

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Speaker 2: BBC and British Rail. Interestingly enough interest and with British Rail,

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Speaker 2: this was at the time they privatizing British Rail, so

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Speaker 2: they offered people redundancies. So because all the people that

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Speaker 2: were quite the good workers and who backed themselves to

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Speaker 2: get another job when took the redundancy, and then they

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Speaker 2: realized that they lost a lot of their good workers,

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Speaker 2: so that the new contracting company had to come back

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Speaker 2: in and offer these people that took a redundancy actually

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Speaker 2: offered them a new contact to come back on the

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Speaker 2: following Monday and keep working, so that it was a

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Speaker 2: really interesting I mean I was just a contractor, you know,

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Speaker 2: as an Aussie xpact, just observing all this. It wasn't

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Speaker 2: it all, but it was yet another one of these

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Speaker 2: sort of chink in the armor about what I'd been

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Speaker 2: taught about the benefits of privatization in my university, to

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Speaker 2: you know, to see that we'll really, you know, this

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Speaker 2: privatization is everything it was cut up to be. Because

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Speaker 2: there's a lot of tension there between the people with

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Speaker 2: the contractors who used to be full time employees because

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Speaker 2: they've got a big payout verse those that didn't take

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Speaker 2: the payout and were still getting their wages. So that

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Speaker 2: was an interesting experience as well. But anyway, so I

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Speaker 2: worked for them, worked with BBC, so you know, I

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Speaker 2: did David Attenberg's time sheets and things like that. I

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Speaker 2: was out of the Ling studios as a management counting

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Speaker 2: out there. Oasis filmed Champagne soup and over the day

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Speaker 2: I was out there, I didn't see them, but they

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Speaker 2: were in a couple of rooms next door sort of

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Speaker 2: filming that. So that was all pretty cool. But then

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Speaker 2: I got a phone call one day saying, how would

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Speaker 2: you like a job traveling the world? You know, and

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Speaker 2: we'll pay for it. I was like, yeah, I'd love

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Speaker 2: to you know, that's random, Yeah, yeah, very random. Yeah,

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Speaker 2: it was very random. But anyway, yeah, I'd love to you.

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Speaker 2: So I've got flat a damn stand for an interview

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Speaker 2: and it was probably the shortest account of interview I

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Speaker 2: over had the bloke to said if your account, you

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Speaker 2: shouldn't know what to do, and then he was more

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Speaker 2: interested in my travels to that date. And it turns

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Speaker 2: out he was from Brisbane as well. Glenn reed, if

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Speaker 2: you're still listening, And anyway, I got a job where

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Speaker 2: basically I was based out of Amsterdam for the next

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Speaker 2: three years. I was in and out of Amsteam about

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Speaker 2: fifteen sixteen times. But I had long story sure about

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Speaker 2: eight months in Amsterdam, eight months in Brazil, eight months

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Speaker 2: in Norway, eight months in the States, and six months

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Speaker 2: between Finland, Chili and Argentina, where I just basically was

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Speaker 2: well as my technical role as group financial international Controller.

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Speaker 2: And as my boss would say, people either do two

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Speaker 2: things when I hear that title, I over either fall

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Speaker 2: forward on their knees and start grovelling, or fall backwards

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Speaker 2: laughing at such a long winded name. But anyway, look,

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Speaker 2: it was just a general dog's body in finance world.

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Speaker 2: So board companies installed software, completed financial statements, things like that.

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Speaker 2: But it was a great experience because that's turned twenty

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Speaker 2: five by the time I got the job, and I

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Speaker 2: was basically paid to live in five star hotels and

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Speaker 2: go to work every day in different countries and on

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Speaker 2: the weekends. The weekends from mind, like when I was

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Speaker 2: in the States, you know, I was given the use

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Speaker 2: of a Mustang to drive around high cast I got

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Speaker 2: a Mustang, as you do. And that was in Sarah SAIDA.

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Speaker 2: We did a shared service implementation for all the back

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Speaker 2: offices across the States.

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Speaker 1: That was a good role.

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Speaker 2: In Brazil, I had to train up financial control and

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Speaker 2: we bought a company there, you know, same again in Norway.

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Speaker 1: Yeah, So what do you just on that? Like when

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Speaker 1: you work in those environments for long periods of time,

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Speaker 1: for such long period fairly long periods of time, Anyway,

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Speaker 1: what did you learn about places like Norway versus Brazil

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Speaker 1: versus US like, in terms of how countries are run

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Speaker 1: by the administration, by the governments. Do you see any

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Speaker 1: really stark differences between see what's happening here and was

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Speaker 1: there something you would take from there that you would

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Speaker 1: love to see happen here.

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Speaker 2: Well, Brazil was dealing with inflation the end of it.

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Speaker 2: So I didn't have really bad inflation when I was there,

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Speaker 2: but we had to pay bills before we got the invoice.

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Speaker 2: Well that was just because obviously what it was if

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Speaker 2: you've got really rampant inflation, and what is rampant inflation?

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Speaker 1: What levels?

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Speaker 2: Well, double digit, right, because justly double digit. Yes, so

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Speaker 2: if you're looking at anything over twelve percent a year,

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Speaker 2: you're losing one percent over thirty days. Yeah, So basically

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Speaker 2: they're very short upfront payment terms, like you basically had

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Speaker 2: to pay on the day because if you've got rampant inflation,

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Speaker 2: which is you know, you can define it anything fifteen percent,

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Speaker 2: but Brazil had come off even a higher figure. That

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Speaker 2: money just appreciates away. Even in just the daily the

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Speaker 2: day to day businesses of dealing with transactions, Inflation is

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Speaker 2: a problem. It's not just the cost of living issue,

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Speaker 2: it's actually trying to get paid on time. So there

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Speaker 2: was that issue. I found the Americans extremely optimistic, you know,

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Speaker 2: they were always very optimistic. Remember actually we did it.

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Speaker 2: We brought a company in Washington, DC before I went

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Speaker 2: down to Sarasota and I was staying in a hotel

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Speaker 2: and opposite the hotel they were building a new building

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Speaker 2: and they were literally building a level every day. Well,

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Speaker 2: and I can remember being shocked and how fast. I

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Speaker 2: member thinking, we don't build that fast here in Australia.

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Speaker 2: So they were very efficient. And it's not surprising. I

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Speaker 2: mean houses, house prices in Australia sorry, in the States

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Speaker 2: are much lower than I are here.

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Speaker 1: They can build a house there in three months. Yeah

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Speaker 1: he is like eighteen months. Yeah. Yeah.

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Speaker 2: Norway I mean obviously very dark, cold, you know, they

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Speaker 2: eat lunch at eleven thirty, lots of fish, you know,

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Speaker 2: But hard not to love the country. I mean, it

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Speaker 2: was just a beautiful country. I had the benefit of

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Speaker 2: sort of being there from arriving in the end of

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Speaker 2: the winter right through the summer period, so I saw

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Speaker 2: the change of seasons as well.

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Speaker 1: But we have in terms of administration because we talk

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Speaker 1: about social leaning or.

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Speaker 2: Well, look I didn't really because I mean I was

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Speaker 2: young in my twenties and wasn't necessarily focusing on the

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Speaker 2: political aspects of the country. It's just the people. But look,

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Speaker 2: the people are the same. Wherever you go, we're all

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Speaker 2: the same. It's one race to human race. This is

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Speaker 2: what we really want to push forward at first. And

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Speaker 2: you know, look, you know, judge the individual, not the identity.

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Speaker 2: I was just saying before to some others. You know,

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Speaker 2: there's just too much identity politics in this country. And

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Speaker 2: that's the one thing traveling really, you know, I viewed

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Speaker 2: inside me is that we're just one race to human race,

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Speaker 2: that we all just want a better life for our children,

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Speaker 2: and there's so much gratitude towards our forefathers. And then

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Speaker 2: of course there's the Dutch. I should add I love

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Speaker 2: the Dutch, that the Dutch people just fantastic. I loved

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Speaker 2: I loved the Netherlands.

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Speaker 1: I love this straightforwardness. Oh yeah, yeah, yeah, very In

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Speaker 1: the early stage, you'd misinterpret it as them being route

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Speaker 1: a little bit. Yeah, but I worked over for a

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Speaker 1: long time too, and and then I loved it. Yeah, yeah, yeah,

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Speaker 1: the Dutch. Did you know where you stand? Absolutely?

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Speaker 2: Yeah, just then just straight up like you know, like

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Speaker 2: you know, if you could ever to do do a deal,

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Speaker 2: I'd do some sort of backpack a deal with every

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Speaker 2: euzie should go and I'll spend six months living in

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Speaker 2: the Netherlands as far as I'm concerned. You know how

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Speaker 2: we've got the similar deal with the UK. I'd love

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Speaker 2: to do the same with the Netherlands. It's just such

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Speaker 2: a great country and great people as well.

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Speaker 1: You know, do you think all these things, all these

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Speaker 1: experiences you've had in terms of traveling and work, work trouble,

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Speaker 1: do you think they have somewhat influenced you when it

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Speaker 1: comes to people first? Oh? Absolutely, yeah, yeah.

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Speaker 2: I mean well it's the common denominator of that where

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Speaker 2: were just the one race to human race. I mean

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Speaker 2: I spent I ended up going backpacking after that role

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Speaker 2: for another two years, where I basically traveled globe and

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Speaker 2: I spent a lot of time throughout the year sitting

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Speaker 2: in bus stations and meeting different people, working with different people.

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Speaker 2: And you know, everyone hates their government, doesn't matter what

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Speaker 2: nationality here are. They hate their government. I hate paying taxes,

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Speaker 2: all of that stuff. But they have a common They

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Speaker 2: love their sport. Everyone loves their sport. That's why it's

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Speaker 2: such a great way to unify people. You know, they

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Speaker 2: love their children, you know, and it's just I mean,

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Speaker 2: and here's the thing. The poor of the country I

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Speaker 2: went to, the more generous the people.

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Speaker 1: Were, and what did you say, they're happier.

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Speaker 2: I don't know if they're happy. I certainly much more

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Speaker 2: hospitable to myself. Yeah, welcoming, Yeah, welcoming.

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Speaker 1: You know.

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Speaker 2: I remember one night and I was in Africa. I

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Speaker 2: went down to mass fingo ruins in Zimbabwe there and

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Speaker 2: I ended up sort of sleeping on this mattehart and

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Speaker 2: just thinking how friendly these people were, you know, yet

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Speaker 2: again in Iran. You know, I traveled through Iran on

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Speaker 2: the way home. I went from Moscow down through all

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Speaker 2: the Stars into Iran, Pakistan, India and in Nepal. How

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Speaker 2: friendly the Iranians were, because even back in the nineties,

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Speaker 2: you know, big bad Iran. But of course the people

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Speaker 2: themselves were incredibly friendly and hospitable. And yet again, so

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Speaker 2: you know, I was probably a little imperiless periles growing up,

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Speaker 2: you know, in the back of World War Two there,

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Speaker 2: but you know, I just hate conflicts. I talk about

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Speaker 2: my maiden speech. You know, strength to the plomacy is

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Speaker 2: strength to position, and sound to plomacy is what we

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Speaker 2: really need. And there's a lack of sound to plomacy.

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Speaker 2: What does that mean sound diplomacy? Well, you know, understanding

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Speaker 2: now the point of view, you know were you mean nation? Yeah, yeah, exactly.

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Speaker 2: You know, we use a lot of belligerent rhetoric now

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Speaker 2: governments and politicians, so in the same way we use

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Speaker 2: it belligerent rhetoric against each other on a domestic level, right,

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Speaker 2: you know, labor bashes libra, all liberal bashes labor. You know,

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Speaker 2: Punch and Judy show. We've made the trap of doing

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Speaker 2: that on international affairs as well, and we shouldn't be

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Speaker 2: doing that, right because if things get out of hand there,

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Speaker 2: like well, misinterpreted, misinterpreted things can go wrong. I mean

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Speaker 2: what we did in Iraq. Iraq was another real come

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Speaker 2: to Jesus moment for me, because early two thousand, not

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Speaker 2: the ninety one eighty nine one, because that was in

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Speaker 2: and out relatively quickly. But what we did in two

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Speaker 2: thousand and two to three was it where we started

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Speaker 2: by being Iraq, was that chemical weapons of mass destruction

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Speaker 2: so called, Yes, so called You know, I don't know

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Speaker 2: how many people got killed in that, certainly millions were displaced, injured,

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Speaker 2: you know, had their lives turned upside down for what

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Speaker 2: was ultimately a lie. And you know, and we've now

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Speaker 2: done the same with Syria. You know, we've got the

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Speaker 2: head of al Qaeda, you know, exhead of El Kayder

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Speaker 2: bloke out a ten million dollar bounty on his head

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Speaker 2: running Syria. You know, I went through Syria. This was

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Speaker 2: another beautiful country. There's people living there that don't have

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Speaker 2: any political inclinations. They're not out to you know. All

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Speaker 2: they want to do is a roof over their head,

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Speaker 2: food on the table, and a better life for their children.

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Speaker 2: And we go and then we destroy their lives because

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Speaker 2: of some ideology or some preconceived good guy bad guy thing.

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Speaker 2: And it's like, you know, we've got to think about

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Speaker 2: these decisions. So this is one of the things that

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Speaker 2: really concerns me a lot as we head further into

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Speaker 2: the twenty first century. Is this lack of sound of Planmacy,

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Speaker 2: I guess, and you know, there's too much belligerent rhetoric.

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Speaker 2: So yeah, it definitely has impacted me a lot. Well,

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Speaker 2: what I wanted to establish, is that you had real

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Speaker 2: life experience. We've established it. I think we're a lot

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Speaker 2: to talk to you about. Is that point of ideology?

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Speaker 1: Ideology seems to be splitting us up. Absolutely. Yeah. Division

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Speaker 1: seems to me to be a part of political play. Yeah,

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Speaker 1: is that correct? Yeah? It is, and what's making it's

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Speaker 1: part of the part of the game. That's right now.

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Speaker 2: It's always been there, but because social media has got

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Speaker 2: the news at our fingertips twenty four hours a day,

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Speaker 2: and you know, we all are guilty of doom scrolling

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Speaker 2: and on the you know, you have five minute break,

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Speaker 2: you're on the phone. I mean, when we grew up,

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Speaker 2: you would have got the news maybe either the six

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Speaker 2: pm at night, six PMS morning, yeah, yeah, at the

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Speaker 2: quarter to eight ABC bulletin in the morning. I mean

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Speaker 2: you didn't even used to have the Today Show, right,

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Speaker 2: I mean I always talk about the cartoons. I can

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Speaker 2: remember watching cartoons on school holiday is thinking that was

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Speaker 2: a treat. Now there's an entire channel devoted to cartoons.

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Speaker 2: And even now the kids don't even go and watch

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Speaker 2: ABC twenty four cartoon channel.

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Speaker 1: They just go YouTube the YouTube they find them on

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Speaker 1: the one. Yeah, the devices right.

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Speaker 2: So I think the fact that news is in our

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Speaker 2: face all the time is actually polarizing us even more.

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Speaker 2: And people just tend to get caught up in that ideology.

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Speaker 2: And that was one of my problems with the With

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Speaker 2: the Liberal Party, it was always that we had to

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Speaker 2: labor as bad. We have to bash them over the head,

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Speaker 2: even when we did things wrong, they did the right thing.

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Speaker 2: It was always if I didn't say the line because

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Speaker 2: I thought, you know, labor was doing the right thing

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Speaker 2: or we were doing the wrong thing. You know, I

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Speaker 2: would be told to put shut up and get bag really.

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Speaker 2: Oh yeah, absolutely, yeah. So it's one of the party line.

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Speaker 2: Well you're a party on one and all in or

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Speaker 2: step back.

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Speaker 1: Yeah.

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Speaker 2: And don't get me wrong, I get that. You know,

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Speaker 2: in a party you do have to lie to a point.

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Speaker 2: But when we stopped up holding our own values, so

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Speaker 2: you know, Angus Taylor, I mean, I've left liberals by

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Speaker 2: this stage, voted against the tax cut. When one of

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Speaker 2: my last bills, when Jim Chalmers lowered the tax rate

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Speaker 2: from sixteen cents to fourteen cents for low income owners,

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Speaker 2: Angers voted against it. You know, well, Peter was the leader,

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Speaker 2: but Anger's shadow treasurer. And I just I mean I

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Speaker 2: said to my liberal ex liberal colleagues at the time,

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Speaker 2: I said, what are you doing guys? Like Liberal party

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Speaker 2: believes in lower taxes and you're voting against lower taxes.

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Speaker 2: You know, like when are you going to This is

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Speaker 2: your problem. But back to your question about the idealism, Yeah,

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Speaker 2: it's it's just the constant news feed now and there's

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Speaker 2: much more political and I think and that's and with

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Speaker 2: that having entertainment, so it's also in house what I

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Speaker 2: call in house entertainment, right, so you don't have to

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Speaker 2: leave home anymore. Back in the old days when we

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Speaker 2: gre up, you know, as you said, we had one

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Speaker 2: or two channels and the radios. So you get bored,

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Speaker 2: you'd have to go out and actually join groups of people.

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Speaker 2: You know, it didn't necessarily have to be political groups.

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Speaker 2: It could be sporting organizations, volunteer groups, you know, community groups, whatever.

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Speaker 2: People don't need to do that anymore because they're at home.

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Speaker 2: You don't have to need to leave home. You can

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Speaker 2: order uber, you can order ice cream to your house,

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Speaker 2: you can order cold steahouse, so you can technically stay

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Speaker 2: there forever. So but people then become more and more

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Speaker 2: narrow focused, right, And of course when you're on social media,

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Speaker 2: and I'm guilty of this as well. You know you're

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Speaker 2: not as polite to people, you know, to an avatar

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Speaker 2: or someone hiding between it behind an avatar, then what

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Speaker 2: you are to you know, if you're speaking face to face,

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Speaker 2: you know, your mannerisms drop.

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Speaker 1: So yeah, it's definitely. And also the algorithms feeding your

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Speaker 1: your what you what you like, absolutely so you're never

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Speaker 1: actually getting another point of view. Yeah. Yeah. And because

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Speaker 1: because I've often wondered about this when it comes to politics,

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Speaker 1: particularly the politicians of today. And let's look at the

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Speaker 1: Labor Party from moment Legal Anthony Albanezi, the Prime Minister.

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Speaker 1: Do you think that politicians are driving the division or

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Speaker 1: is social media driving the division? But the politicians are

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Speaker 1: using social media to their advantage and therefore playing into it,

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Speaker 1: like social media has become part of the politician's playbook,

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Speaker 1: into the getting re elected. It's always about it seems

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Speaker 1: to me, it's always about getting re elected today over

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Speaker 1: and above everything else. That's correct, absolutely.

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Speaker 2: I mean when I took a stand on the vaccines,

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Speaker 2: for example, that was what I was told Jared, you

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Speaker 2: don't worry about you're injured. We've got to get within

430
00:19:33,119 --> 00:19:35,320
Speaker 2: the next election. I really, I've got people. Yeah, I've

431
00:19:35,320 --> 00:19:37,280
Speaker 2: got people here that are having art attacks, you know,

432
00:19:37,440 --> 00:19:39,760
Speaker 2: coughing up blood, you know, having my card idis, etc.

433
00:19:40,240 --> 00:19:41,480
Speaker 2: We need to give these people.

434
00:19:41,280 --> 00:19:42,600
Speaker 1: I don't know, some we've got paralleled some of the

435
00:19:42,840 --> 00:19:44,040
Speaker 1: waist out. Yeah, oh yeah.

436
00:19:44,119 --> 00:19:45,679
Speaker 2: I mean I had three years of this, like just

437
00:19:46,160 --> 00:19:49,040
Speaker 2: unstoppable injuries, you know, And I mean I'd ever signed

438
00:19:49,080 --> 00:19:51,760
Speaker 2: up for this, right, But at the same time, that's

439
00:19:51,800 --> 00:19:53,479
Speaker 2: something I couldn't walk past. I mean, it's one thing

440
00:19:53,520 --> 00:19:55,280
Speaker 2: sometimes you let it go through to keep it. You know,

441
00:19:55,320 --> 00:19:56,960
Speaker 2: you might vote with the party and they don't agree

442
00:19:56,960 --> 00:19:59,840
Speaker 2: with it because you realize you can't rock the boat

443
00:19:59,840 --> 00:20:02,520
Speaker 2: all the time, right, But this was something I couldn't

444
00:20:02,520 --> 00:20:02,960
Speaker 2: walk past.

445
00:20:03,359 --> 00:20:04,120
Speaker 1: But no, you're right.

446
00:20:04,160 --> 00:20:06,640
Speaker 2: But look, in answer to your initial question, I think

447
00:20:06,680 --> 00:20:09,680
Speaker 2: they feed each other, you know, so social media reinforces

448
00:20:09,800 --> 00:20:13,960
Speaker 2: politicians views. Politicians then reinforce the views that they think

449
00:20:13,960 --> 00:20:15,919
Speaker 2: are going to get them elected. I mean, I'm in

450
00:20:15,920 --> 00:20:18,960
Speaker 2: this quandary now that you know, if I criticize Pauline handsOn,

451
00:20:19,000 --> 00:20:21,640
Speaker 2: I just get smashed, right, And even I have things

452
00:20:21,680 --> 00:20:23,440
Speaker 2: like not turning up to estimates which to means is

453
00:20:23,520 --> 00:20:26,399
Speaker 2: valid criticism. But her followers or just smashed me. A

454
00:20:26,400 --> 00:20:29,359
Speaker 2: lot of them followed myself as well. But this is

455
00:20:29,400 --> 00:20:31,439
Speaker 2: where I step off the train again. Like I did

456
00:20:31,480 --> 00:20:34,000
Speaker 2: with a liberal party, I'm going to put what's right

457
00:20:34,160 --> 00:20:36,680
Speaker 2: in front of what's in the best interests of the party.

458
00:20:36,720 --> 00:20:38,600
Speaker 2: That's why I actually call the party people first, as

459
00:20:38,640 --> 00:20:41,919
Speaker 2: opposed to party instead of party first. That's where I

460
00:20:41,920 --> 00:20:43,320
Speaker 2: got the name from because I used to say to

461
00:20:43,359 --> 00:20:45,520
Speaker 2: my staff, you know, can we just put the people

462
00:20:45,520 --> 00:20:47,000
Speaker 2: first and do the right thing by the people and

463
00:20:47,040 --> 00:20:49,399
Speaker 2: they'll look after us rather than try and lie to

464
00:20:49,480 --> 00:20:50,080
Speaker 2: them all the time.

465
00:20:50,119 --> 00:20:53,800
Speaker 1: But you did find them. Is that a little not naive?

466
00:20:53,960 --> 00:20:57,640
Speaker 1: But in terms of being voted in, that is because

467
00:20:57,680 --> 00:20:59,280
Speaker 1: you're going to get voted in order to do the

468
00:20:59,320 --> 00:21:01,199
Speaker 1: things that you want to do for the people that

469
00:21:01,240 --> 00:21:02,760
Speaker 1: you think the people what you do do for them.

470
00:21:03,160 --> 00:21:05,320
Speaker 1: But in order to get voted in, what comes first?

471
00:21:06,640 --> 00:21:08,480
Speaker 1: Does the people always come first? Or do sometimes you

472
00:21:08,560 --> 00:21:11,600
Speaker 1: know better? I mean, you know, because like the current

473
00:21:11,840 --> 00:21:14,760
Speaker 1: federal gum they think they know better and everything. Yeah yeah,

474
00:21:14,880 --> 00:21:17,680
Speaker 1: do they just say hand us everything and we'll sort

475
00:21:17,760 --> 00:21:20,119
Speaker 1: out for well. So yet again this comes down to

476
00:21:20,160 --> 00:21:22,280
Speaker 1: the ability of it being able to explain your position.

477
00:21:22,840 --> 00:21:26,800
Speaker 1: So if you're going to explain your position and try

478
00:21:26,840 --> 00:21:30,080
Speaker 1: and demonstrate why your position is going to help the people,

479
00:21:30,119 --> 00:21:32,760
Speaker 1: and I think they will come with you. But you're right,

480
00:21:32,840 --> 00:21:34,560
Speaker 1: like it is a bit of yet again. I mean,

481
00:21:34,720 --> 00:21:38,240
Speaker 1: you know, if you go to purannical, you'll never get

482
00:21:38,320 --> 00:21:41,400
Speaker 1: elected at all, I guess even though yet again, I mean,

483
00:21:41,480 --> 00:21:43,240
Speaker 1: you know, one of our policies is the tax re

484
00:21:43,359 --> 00:21:45,760
Speaker 1: threshold of forty five thousand dollars so that all workers

485
00:21:45,880 --> 00:21:48,920
Speaker 1: can pay four thousand dollars less tax. There's fourteen million

486
00:21:48,960 --> 00:21:51,240
Speaker 1: workers in this country, three million retire reason, three million

487
00:21:51,280 --> 00:21:54,359
Speaker 1: small business, right, And that's a good policy. And the

488
00:21:54,400 --> 00:21:57,440
Speaker 1: reason why we're back in is Treasury don't model secondary impacts.

489
00:21:58,560 --> 00:22:00,920
Speaker 1: So you understand losty of money. Right.

490
00:22:01,240 --> 00:22:03,400
Speaker 2: They assume me to give someone a thousand dollars tax cut,

491
00:22:03,600 --> 00:22:05,359
Speaker 2: that that money's not coming back to treasury in the

492
00:22:05,359 --> 00:22:09,199
Speaker 2: next twelve months. So that to me is erroneous. I

493
00:22:09,200 --> 00:22:11,120
Speaker 2: would argue that if you give a tax cut someone

494
00:22:11,200 --> 00:22:13,679
Speaker 2: a low income that most of that money is going

495
00:22:13,680 --> 00:22:15,280
Speaker 2: to go back to treasury in the first month, and

496
00:22:15,320 --> 00:22:17,800
Speaker 2: it's going to have a higher velocity at the lower

497
00:22:17,840 --> 00:22:20,000
Speaker 2: income levels, and at the higher income levels. So yeah,

498
00:22:20,000 --> 00:22:21,199
Speaker 2: if you're on a million bucks and you get a

499
00:22:21,200 --> 00:22:23,240
Speaker 2: five thousand dollars tax cut, you might just go on

500
00:22:23,280 --> 00:22:25,679
Speaker 2: a longer overseas holiday. But if you're on forty grand

501
00:22:25,960 --> 00:22:28,160
Speaker 2: and you get a two thousand dollars tax cut, you're

502
00:22:28,200 --> 00:22:30,040
Speaker 2: going to spend that economy, especially when cost of living

503
00:22:30,080 --> 00:22:32,480
Speaker 2: is running at five percent, inflation running at five percent.

504
00:22:33,400 --> 00:22:36,560
Speaker 2: So yet again, I think if you can demonstrate why

505
00:22:36,640 --> 00:22:38,600
Speaker 2: your policies are in the best interest of the people,

506
00:22:38,640 --> 00:22:41,399
Speaker 2: you will get elected. Obviously, you need the media exposure,

507
00:22:42,119 --> 00:22:45,720
Speaker 2: I would say initially in Howard's early years, he wasn't

508
00:22:45,720 --> 00:22:50,440
Speaker 2: necessarily trying to He was initially a politician of conviction,

509
00:22:51,840 --> 00:22:54,000
Speaker 2: and you know, it took him a long time to

510
00:22:54,000 --> 00:22:55,960
Speaker 2: get there. He had the eighties and the battles with

511
00:22:56,080 --> 00:22:58,399
Speaker 2: Peacock in the eighties, But when he came back in

512
00:22:58,480 --> 00:23:00,399
Speaker 2: ninety five ninety six, he was seen as sort of

513
00:23:00,440 --> 00:23:03,760
Speaker 2: a stabilizing influence after keating the last few years. So

514
00:23:04,160 --> 00:23:05,760
Speaker 2: I think you can get there. But yet again, it

515
00:23:05,800 --> 00:23:08,360
Speaker 2: is hard in this day and age to put out

516
00:23:08,359 --> 00:23:12,120
Speaker 2: a rational set of policies when there's all of the

517
00:23:12,240 --> 00:23:14,480
Speaker 2: red meat out there on social media. And the short,

518
00:23:14,880 --> 00:23:17,919
Speaker 2: the short you know what you call the twenty four

519
00:23:17,960 --> 00:23:21,000
Speaker 2: hour news cycle, and just that Barnaby and his dog barking,

520
00:23:21,000 --> 00:23:24,040
Speaker 2: for example. Yeah, okay, it's a news story, but really,

521
00:23:24,280 --> 00:23:26,800
Speaker 2: you know, it's can we move on to something more important?

522
00:23:26,960 --> 00:23:28,879
Speaker 1: Well? What was important about that? Whether it was Sarah

523
00:23:29,040 --> 00:23:31,320
Speaker 1: Sarah or the way she dealt with him, right, but

524
00:23:31,400 --> 00:23:33,280
Speaker 1: the obeus who deal with him. I mean, I mean

525
00:23:33,320 --> 00:23:35,720
Speaker 1: I thought to myself that was the most important thing

526
00:23:35,720 --> 00:23:39,320
Speaker 1: of the whole the whole episode of the dog barking,

527
00:23:39,320 --> 00:23:42,239
Speaker 1: et cetera. I don't come in what he yelled out,

528
00:23:42,240 --> 00:23:44,560
Speaker 1: shut up, or sit down on some of that, but

529
00:23:45,640 --> 00:23:47,680
Speaker 1: the way Sarah said to him, well, don't worry about

530
00:23:47,680 --> 00:23:50,639
Speaker 1: the just answer the question. Yeah, And I thought his

531
00:23:50,800 --> 00:23:54,600
Speaker 1: response for me, I keep thinking about what were Trump

532
00:23:54,640 --> 00:23:57,560
Speaker 1: said if someone said that to him, Yeah, he'd been

533
00:23:57,720 --> 00:24:00,200
Speaker 1: he would have given it back. Yeah, yeah, but I thought,

534
00:24:00,280 --> 00:24:02,760
Speaker 1: actually Barnaby didn't give it back. I thought Barnet was

535
00:24:02,760 --> 00:24:04,359
Speaker 1: actually very polite to it. Yeah, he gave her an

536
00:24:04,400 --> 00:24:07,680
Speaker 1: opportunity and he had it seemed to be front page

537
00:24:07,720 --> 00:24:11,199
Speaker 1: of everything. What do you think about those you know,

538
00:24:11,320 --> 00:24:15,560
Speaker 1: the ABC, because I mean, well, ye, look, they've got

539
00:24:15,600 --> 00:24:17,600
Speaker 1: a left wing bias, there's no doubt about it. But

540
00:24:18,400 --> 00:24:21,280
Speaker 1: it's more than a bias. So I think Dured like

541
00:24:21,400 --> 00:24:24,480
Speaker 1: it's it's like they go after him. Oh yeah.

542
00:24:24,520 --> 00:24:27,600
Speaker 2: But yet again, we had an opportunity when I was

543
00:24:27,720 --> 00:24:30,600
Speaker 2: in the Morrison government. Just start to January, the twenty

544
00:24:30,640 --> 00:24:32,760
Speaker 2: six first week back. It was twenty one or twenty two,

545
00:24:32,760 --> 00:24:34,560
Speaker 2: I can't remember what year, must have been twenty or

546
00:24:34,560 --> 00:24:38,240
Speaker 2: twenty one actually, and you know the ABC was pushing

547
00:24:38,359 --> 00:24:41,040
Speaker 2: calling an invasion day, like blatantly calling a straight a

548
00:24:41,119 --> 00:24:44,919
Speaker 2: day invasion day. I went back said, right, here's our opportunity.

549
00:24:45,040 --> 00:24:48,439
Speaker 2: We can remove the independence of the ABC. So the

550
00:24:48,520 --> 00:24:52,040
Speaker 2: issue with the ABC is is that it's completely independent,

551
00:24:52,320 --> 00:24:55,320
Speaker 2: like too many bureaucracies. Now they've become independent under the

552
00:24:55,320 --> 00:24:58,560
Speaker 2: guys that oh well you can't have politicians interfering with them,

553
00:24:58,560 --> 00:25:01,200
Speaker 2: et cetera, et cetera. The problem with that is, of course,

554
00:25:01,240 --> 00:25:04,200
Speaker 2: once they've become independent, there's no accountability in transparency. They've

555
00:25:04,200 --> 00:25:07,360
Speaker 2: become a force un to themselves. I tried to get

556
00:25:07,359 --> 00:25:10,040
Speaker 2: that moved in the party room. I said, let's say, look,

557
00:25:10,040 --> 00:25:11,880
Speaker 2: we're not going to have our national broadcast the calling

558
00:25:11,880 --> 00:25:14,679
Speaker 2: Australia Day are invasion day right, and we could have

559
00:25:14,840 --> 00:25:18,800
Speaker 2: wedged the cross bench team in the Senate there were

560
00:25:18,800 --> 00:25:21,639
Speaker 2: five at the time, the two one nation senators Jackie Lamby,

561
00:25:21,960 --> 00:25:26,159
Speaker 2: Rex Patrick and Sterling Griff. We would have only had

562
00:25:26,200 --> 00:25:28,840
Speaker 2: to get one of the three non one nation senators

563
00:25:28,920 --> 00:25:31,920
Speaker 2: up and we didn't do anything about it. So yet

564
00:25:31,960 --> 00:25:35,040
Speaker 2: again the ABC run ramp has run rampant because when

565
00:25:35,040 --> 00:25:37,560
Speaker 2: we were in power, we didn't do anything about stopping them.

566
00:25:37,960 --> 00:25:40,639
Speaker 2: And this is the problem with the Coalition is that

567
00:25:40,680 --> 00:25:42,960
Speaker 2: they have empowered the left over the last thirty or

568
00:25:43,000 --> 00:25:49,040
Speaker 2: forty years. They've supported superannuation, they've supported all the institutional

569
00:25:49,800 --> 00:25:53,200
Speaker 2: child care facilities rather than paying parents giving their parents

570
00:25:53,200 --> 00:25:55,199
Speaker 2: greater choice over the top of child care. They want

571
00:25:56,160 --> 00:25:58,760
Speaker 2: John Howard who signed the Renewable Energy Target initially at

572
00:25:58,760 --> 00:26:01,159
Speaker 2: five percent. He brought it in a national curriculum. He

573
00:26:01,200 --> 00:26:06,440
Speaker 2: got rid of nuclear power. So yeah, everyone's frustrated with

574
00:26:06,480 --> 00:26:06,919
Speaker 2: the ABC.

575
00:26:07,200 --> 00:26:07,720
Speaker 1: I get it.

576
00:26:07,840 --> 00:26:09,840
Speaker 2: But at the end of the day, you've got to

577
00:26:09,880 --> 00:26:12,159
Speaker 2: work within the machinery government if you want to change it.

578
00:26:12,560 --> 00:26:14,960
Speaker 2: And going back to John Howard, if you read his biography,

579
00:26:15,040 --> 00:26:16,640
Speaker 2: he learned when he think it was the seventy three

580
00:26:16,800 --> 00:26:19,800
Speaker 2: Beal Main campaign when he first ran. He said his

581
00:26:19,920 --> 00:26:23,000
Speaker 2: labor upon killed him with kindness. And if there's something

582
00:26:23,040 --> 00:26:25,640
Speaker 2: I think that we need to do, if the Conservatives

583
00:26:25,640 --> 00:26:28,200
Speaker 2: want to or the Coalition want to become a better

584
00:26:28,520 --> 00:26:32,439
Speaker 2: form of opposition and better politicians, is actually learn how

585
00:26:32,480 --> 00:26:35,520
Speaker 2: to bring people along through the art of persuasion rather

586
00:26:35,560 --> 00:26:38,680
Speaker 2: than constantly harping on about problems. They are just so

587
00:26:38,760 --> 00:26:41,479
Speaker 2: painful to listen to these days. I was just saying,

588
00:26:41,600 --> 00:26:43,960
Speaker 2: you know, saying it to your stuff outside before you know,

589
00:26:44,000 --> 00:26:46,920
Speaker 2: I'm sick of myself winging on social media. And that's

590
00:26:46,960 --> 00:26:49,800
Speaker 2: the thing we want to We want to actually certainly

591
00:26:50,119 --> 00:26:51,720
Speaker 2: people first and know were just a little party, but

592
00:26:52,000 --> 00:26:53,840
Speaker 2: we want to actually present a vision and start to

593
00:26:53,840 --> 00:26:56,119
Speaker 2: give people some hope again, because there is way too

594
00:26:56,160 --> 00:26:58,879
Speaker 2: much pessimism in this country and we are such a

595
00:26:58,920 --> 00:27:01,879
Speaker 2: great country, have so much opportunity. I mean, we've got

596
00:27:01,960 --> 00:27:05,359
Speaker 2: seven million square kilometers of land in a perfect part

597
00:27:05,359 --> 00:27:08,639
Speaker 2: of paradise in the South Pacific where twenty eight million people.

598
00:27:08,800 --> 00:27:10,760
Speaker 2: Biggest city in the world, you Carda's got forty two

599
00:27:10,800 --> 00:27:15,000
Speaker 2: million people in it, and we're complaining about over population here. Granted,

600
00:27:15,320 --> 00:27:17,560
Speaker 2: you know that is true to a degree, but there's

601
00:27:17,600 --> 00:27:20,080
Speaker 2: also other places of Australia. But there's a lot of opportunity.

602
00:27:20,560 --> 00:27:24,240
Speaker 2: And so yet back to your initial question, Yes, the

603
00:27:24,280 --> 00:27:27,880
Speaker 2: ABC's wrong. It will certainly has a bias to it,

604
00:27:28,080 --> 00:27:30,199
Speaker 2: but let's fix it. So yet again, I don't want

605
00:27:30,240 --> 00:27:31,920
Speaker 2: to do what we did to manufacturing, where we walk

606
00:27:31,920 --> 00:27:34,320
Speaker 2: away from the problem. Let's go back and fix it.

607
00:27:34,359 --> 00:27:36,639
Speaker 2: Because I grew up watching four Corners, I grew up

608
00:27:36,640 --> 00:27:39,639
Speaker 2: watching Foreign Correspondent. So my father, you know, he's described

609
00:27:39,680 --> 00:27:41,720
Speaker 2: es further right until the Hut. He listens to the

610
00:27:41,760 --> 00:27:43,280
Speaker 2: Country Hour every day religiously.

611
00:27:43,440 --> 00:27:44,119
Speaker 1: I love it still.

612
00:27:44,240 --> 00:27:47,600
Speaker 2: Yeah, yeah, so there's still some magnificent programs on the ABC.

613
00:27:47,800 --> 00:27:50,000
Speaker 2: It is a part of our culture. Rather than just

614
00:27:50,080 --> 00:27:53,040
Speaker 2: bash it over thehead and complain, you know, let's try

615
00:27:53,080 --> 00:27:55,520
Speaker 2: and get in there and try and actually improve it.

616
00:27:55,560 --> 00:27:58,320
Speaker 2: So it represents all of Australians, I mean Australia all over.

617
00:27:58,400 --> 00:28:01,560
Speaker 2: Ian Macamara another legend, yeah, you know, one of the

618
00:28:01,560 --> 00:28:04,679
Speaker 2: gravery Sunday morning absolute six am. Yeah, yeah, I mean

619
00:28:04,760 --> 00:28:06,640
Speaker 2: my dad when I lived in Sydney, he was down

620
00:28:06,680 --> 00:28:08,360
Speaker 2: here one time. Macka had him on here and he's

621
00:28:08,359 --> 00:28:09,960
Speaker 2: had him on a couple of other times, you know.

622
00:28:10,280 --> 00:28:12,920
Speaker 2: So yet again, this is something that we should cherish

623
00:28:13,240 --> 00:28:16,359
Speaker 2: and instead of just wanting to, you know, pour fuel

624
00:28:16,400 --> 00:28:18,640
Speaker 2: on it, blow it up, let's try and actually make

625
00:28:18,680 --> 00:28:20,760
Speaker 2: it the great institution that we know it can be.

626
00:28:22,200 --> 00:28:25,359
Speaker 1: I guess so. But you made an interesting point because

627
00:28:25,520 --> 00:28:28,800
Speaker 1: I remember were sitting down with marka Bid once and

628
00:28:28,840 --> 00:28:30,560
Speaker 1: asking Senator Mark A. Bee will form of some of

629
00:28:30,640 --> 00:28:34,560
Speaker 1: that marko, you know, and asking him, you know, if

630
00:28:34,680 --> 00:28:38,120
Speaker 1: you're going to form a new political party, not if

631
00:28:38,160 --> 00:28:40,880
Speaker 1: it was if just anybody was just a conversation, what

632
00:28:40,920 --> 00:28:42,040
Speaker 1: do you need to do? And he said to me

633
00:28:43,200 --> 00:28:46,000
Speaker 1: he probably need to sit down and work out five

634
00:28:46,120 --> 00:28:49,520
Speaker 1: or six policies. Yep, you know. It could be about tax,

635
00:28:49,560 --> 00:28:52,000
Speaker 1: could be about immigration or whatever. Yeah, but five or

636
00:28:52,000 --> 00:28:54,480
Speaker 1: six and you need how you need to know how

637
00:28:54,520 --> 00:28:57,000
Speaker 1: to express that, et cetera, et cetera. But you must

638
00:28:57,040 --> 00:28:59,280
Speaker 1: need those five or six. Let's have a look at

639
00:28:59,280 --> 00:29:03,080
Speaker 1: people first, your party. Yeah, you're not expecting to win

640
00:29:03,120 --> 00:29:05,840
Speaker 1: an election. You were expecting to be part of an

641
00:29:05,840 --> 00:29:09,080
Speaker 1: opposition perhaps or alternately part of a coalition. So let's

642
00:29:09,080 --> 00:29:09,360
Speaker 1: call it.

643
00:29:09,560 --> 00:29:13,920
Speaker 2: Well, hopefully we can get some senators up and influenced decision.

644
00:29:13,600 --> 00:29:16,720
Speaker 1: Make in this way. Yeah, and that's because of our

645
00:29:17,080 --> 00:29:19,760
Speaker 1: system the Senate actually has the eldom say at the

646
00:29:19,800 --> 00:29:20,040
Speaker 1: end of the.

647
00:29:20,080 --> 00:29:22,440
Speaker 2: Day, and it's based on proportional voting and that was

648
00:29:22,440 --> 00:29:24,840
Speaker 2: deliberately set up by a founding fathers to give minor

649
00:29:24,880 --> 00:29:27,040
Speaker 2: parties and get the minor parties to hold the majors

650
00:29:27,080 --> 00:29:27,520
Speaker 2: to account.

651
00:29:27,800 --> 00:29:31,680
Speaker 1: So what what? What am I correcting? What boy am

652
00:29:31,680 --> 00:29:34,640
Speaker 1: I correcting? What a Marke retelling the story about? What? Mark?

653
00:29:34,720 --> 00:29:38,400
Speaker 1: Bib Tommy? And if so, what are people? First? Five?

654
00:29:38,520 --> 00:29:39,160
Speaker 1: Six things?

655
00:29:39,320 --> 00:29:41,440
Speaker 2: Okay, I'm glad you asked that because we have got

656
00:29:41,480 --> 00:29:43,760
Speaker 2: we've got a slogan the Vision, Solutions for today and

657
00:29:43,800 --> 00:29:45,880
Speaker 2: the Vision for tomorrow, and that is based on five

658
00:29:45,960 --> 00:29:46,520
Speaker 2: key policy.

659
00:29:47,400 --> 00:29:47,600
Speaker 1: Yeah.

660
00:29:47,680 --> 00:29:49,560
Speaker 2: So first one is looked the tax TREA threshold, the

661
00:29:49,600 --> 00:29:52,120
Speaker 2: forty five thousand dollars, so everyone pays four thousand dollars

662
00:29:52,240 --> 00:29:54,640
Speaker 2: less in tax yep. The second and we'll pay for

663
00:29:54,680 --> 00:29:56,560
Speaker 2: that by means testing to de find benefits scheme for

664
00:29:56,600 --> 00:29:59,240
Speaker 2: a tired bureaucrats in Canberra, getting rid of subsidies for

665
00:29:59,240 --> 00:30:01,560
Speaker 2: renewables and a couple of other sections of.

666
00:30:01,480 --> 00:30:04,120
Speaker 1: The Tax Act. Okay, so it's funded. Yeah, it's five

667
00:30:04,120 --> 00:30:07,040
Speaker 1: funded by you said. The way you funded funded it

668
00:30:07,080 --> 00:30:10,560
Speaker 1: is by taking money, spend in other places. Yep, So

669
00:30:10,760 --> 00:30:13,240
Speaker 1: do these words, these two things neutralize them. So, but

670
00:30:13,320 --> 00:30:17,560
Speaker 1: why why if someone's earning forty four, nine hundred and

671
00:30:17,600 --> 00:30:19,880
Speaker 1: nine hundred dollars, why do you think they should have

672
00:30:20,440 --> 00:30:22,480
Speaker 1: not pay any tax? Well, what's the what's the thing.

673
00:30:22,320 --> 00:30:24,240
Speaker 2: Because we don't think people should pay tax below the

674
00:30:24,280 --> 00:30:26,160
Speaker 2: cost of living. Listen, if you're getting out of bed

675
00:30:26,200 --> 00:30:28,160
Speaker 2: and put your nose to the grindstone, and you know

676
00:30:28,280 --> 00:30:30,760
Speaker 2: the words of our anthem is wealth for wealth for toil.

677
00:30:31,520 --> 00:30:33,720
Speaker 2: Why would someone earn forty five thousand dollars to day

678
00:30:33,720 --> 00:30:36,320
Speaker 2: four grand tax one most six in super their taking

679
00:30:36,440 --> 00:30:38,840
Speaker 2: pays back to thirty five thousand dollars. We don't want

680
00:30:38,880 --> 00:30:40,960
Speaker 2: these people falling beneath the cracks. And you know, we

681
00:30:41,280 --> 00:30:43,240
Speaker 2: both grew up, you know, back in the time when

682
00:30:43,280 --> 00:30:46,640
Speaker 2: we had more tradees than professional workers. Let me tell

683
00:30:46,680 --> 00:30:48,680
Speaker 2: you, you could probably sack seventy five per cent of professional

684
00:30:48,760 --> 00:30:50,400
Speaker 2: workers in this country and you wouldn't miss them. But

685
00:30:50,400 --> 00:30:52,600
Speaker 2: if you got rid of our guys on those low incomes,

686
00:30:52,880 --> 00:30:54,920
Speaker 2: you know, the wheels of this country, it'd stopped turning

687
00:30:54,960 --> 00:30:58,720
Speaker 2: over very fast. And I'm very determined. So my grandparents

688
00:30:58,760 --> 00:31:00,800
Speaker 2: are all blue collar label he sort of came over

689
00:31:00,840 --> 00:31:03,560
Speaker 2: the dlping the late fifties, but you know, I grew

690
00:31:03,640 --> 00:31:06,240
Speaker 2: up with tradees mechanics. Now my best mates. They're still

691
00:31:06,240 --> 00:31:08,320
Speaker 2: my best mates, and I know the important work they do.

692
00:31:08,680 --> 00:31:10,360
Speaker 2: And I want to make sure that everyone that gets

693
00:31:10,400 --> 00:31:13,320
Speaker 2: out of bed puts their nose to grindstone is properly rewarded.

694
00:31:13,520 --> 00:31:15,760
Speaker 2: And I think it's completely immoral. And businesses get a

695
00:31:15,840 --> 00:31:17,960
Speaker 2: tax duction for the cost of business, right, I think

696
00:31:18,000 --> 00:31:20,040
Speaker 2: workers should get a tax duction for the cost of living.

697
00:31:20,360 --> 00:31:22,640
Speaker 2: You know, it's if you've got a job, it does

698
00:31:22,680 --> 00:31:24,959
Speaker 2: cost you more. You've got to fill your car up

699
00:31:24,960 --> 00:31:27,200
Speaker 2: every week, or buy a ticket on the train. You

700
00:31:27,320 --> 00:31:28,840
Speaker 2: might have to get work clothes, you might have to

701
00:31:28,840 --> 00:31:30,600
Speaker 2: get a suit. You know the girls. You know my

702
00:31:30,680 --> 00:31:33,080
Speaker 2: wife and she has you get a haircut. For a

703
00:31:33,080 --> 00:31:35,240
Speaker 2: female to get a haircut today, it's a couple hundred bucks.

704
00:31:35,280 --> 00:31:36,760
Speaker 2: You know, it's outrageous.

705
00:31:37,840 --> 00:31:41,200
Speaker 1: So what you're saying, Joe, though, is for the if

706
00:31:41,240 --> 00:31:45,960
Speaker 1: you're un forty five thousand, because that's less than a

707
00:31:46,000 --> 00:31:47,760
Speaker 1: thousand bucks a week, it's going to cost you at

708
00:31:47,840 --> 00:31:50,080
Speaker 1: least that in cost of living just to live, just

709
00:31:50,080 --> 00:31:52,760
Speaker 1: to exist. Yeah, it's not holidays. I was sending keep

710
00:31:53,160 --> 00:31:56,360
Speaker 1: schools basic or kids off to ballet whatever. That's just

711
00:31:56,520 --> 00:31:59,920
Speaker 1: living maybe, and just a very basic food and stuff

712
00:32:00,120 --> 00:32:02,760
Speaker 1: that you're saying, effectively, they shouldn't have to pay tax

713
00:32:02,840 --> 00:32:05,840
Speaker 1: because they should otherwise are going to be They're going

714
00:32:05,880 --> 00:32:07,720
Speaker 1: to be needed. That's right exactly.

715
00:32:07,760 --> 00:32:10,720
Speaker 2: But don't forget they pay tax for GST fuel exercise, Yeah,

716
00:32:10,880 --> 00:32:11,720
Speaker 2: buy beer.

717
00:32:11,840 --> 00:32:14,920
Speaker 1: Beer, pay consumption tax. Yeah, yeah, they do pay consumption

718
00:32:15,000 --> 00:32:17,560
Speaker 1: to see right, they are paying taxes, just paying tax

719
00:32:17,600 --> 00:32:20,160
Speaker 1: on their income because if they did, they wouldn't have

720
00:32:20,240 --> 00:32:21,440
Speaker 1: enough money to live. Yeah.

721
00:32:21,480 --> 00:32:23,479
Speaker 2: And then the next step, and I mean this, you know,

722
00:32:23,840 --> 00:32:26,160
Speaker 2: I won't make any guarantees about this because I think

723
00:32:26,160 --> 00:32:27,840
Speaker 2: you need to get into the budget to find where

724
00:32:27,880 --> 00:32:29,960
Speaker 2: you can make savings. But we would then like to

725
00:32:29,960 --> 00:32:32,840
Speaker 2: lower the thirty cents on incomes above forty five thousand

726
00:32:32,880 --> 00:32:35,320
Speaker 2: to one hundred, lower it by two cents every year

727
00:32:35,360 --> 00:32:37,400
Speaker 2: for the next fifteen years to get the tax re

728
00:32:37,520 --> 00:32:38,760
Speaker 2: threshold up to one hundred grand.

729
00:32:38,840 --> 00:32:41,240
Speaker 1: Yeah, so you're going to over time, yeah, bring the

730
00:32:41,280 --> 00:32:45,240
Speaker 1: tax free threshold up to one hundred grund. Yeah, over time. Yeah, okay,

731
00:32:45,240 --> 00:32:48,160
Speaker 1: that makes sense. And what are super You mentioned super before?

732
00:32:48,160 --> 00:32:50,320
Speaker 2: Okay, so that's one of our key policies as well.

733
00:32:50,360 --> 00:32:52,600
Speaker 2: We want to make super voluntary so you get to

734
00:32:52,680 --> 00:32:54,520
Speaker 2: keep the super innuation as part of your wage. If

735
00:32:54,560 --> 00:32:57,080
Speaker 2: you want to do you can make twelve percent more. Exactly,

736
00:32:57,120 --> 00:32:59,560
Speaker 2: you'll get twelve percent more in the head for everybody

737
00:32:59,600 --> 00:33:02,320
Speaker 2: or people undred certain for everyone. No rules as to

738
00:33:02,320 --> 00:33:05,480
Speaker 2: how much importing and takeout. The first twenty five thousand

739
00:33:05,480 --> 00:33:08,680
Speaker 2: dollars in your superannuation will be tax free, and then

740
00:33:08,720 --> 00:33:11,640
Speaker 2: after that it goes back to your normal marginal tax rates.

741
00:33:11,920 --> 00:33:15,160
Speaker 2: I don't think superannuation is doing what it was intended

742
00:33:15,200 --> 00:33:18,840
Speaker 2: to do. So in ninety ninety two, approximately fifty percent retires.

743
00:33:18,840 --> 00:33:21,480
Speaker 2: You're on a full pension, about twenty six twenty five

744
00:33:21,480 --> 00:33:23,920
Speaker 2: per cent retirees or on a part pension. If you

745
00:33:24,160 --> 00:33:30,240
Speaker 2: google ASFA superannuation statistics a straining superhanneration Financial Association Statistics,

746
00:33:30,280 --> 00:33:32,560
Speaker 2: you will see the median balance for women age sixty

747
00:33:32,600 --> 00:33:35,760
Speaker 2: to sixty four is one hundred and sixty two thousand dollars,

748
00:33:36,080 --> 00:33:39,480
Speaker 2: So that means half the women age sixty to sixty

749
00:33:39,480 --> 00:33:41,320
Speaker 2: four have less than one hundred and sixty two thousand

750
00:33:41,360 --> 00:33:43,480
Speaker 2: dollars in the bank. For man, it's two hundred and

751
00:33:43,520 --> 00:33:46,480
Speaker 2: twenty thousand dollars. To go off the full pension, you

752
00:33:46,560 --> 00:33:49,040
Speaker 2: need three hundred sorry, off the full pension. On a

753
00:33:49,040 --> 00:33:51,600
Speaker 2: part pension, you need about three hundred and twenty thousand

754
00:33:51,640 --> 00:33:54,360
Speaker 2: in assets, and to go off the full pension entirely

755
00:33:54,400 --> 00:33:56,840
Speaker 2: you need about eight to nine hundred thousand dollars in assets.

756
00:33:56,960 --> 00:33:57,200
Speaker 1: Right.

757
00:33:57,520 --> 00:34:00,400
Speaker 2: So, admittedly souper is not fully matured yet, it's thirty

758
00:34:00,440 --> 00:34:04,719
Speaker 2: four years old, but it's statistically impossible for low income

759
00:34:04,760 --> 00:34:07,280
Speaker 2: earners if you're going to take twelve percent of their

760
00:34:07,720 --> 00:34:10,319
Speaker 2: salary for them to put enough in the souper to

761
00:34:10,400 --> 00:34:14,040
Speaker 2: actually be able to retire on that amount. Now, bear

762
00:34:14,080 --> 00:34:16,640
Speaker 2: in mind that since ninety ninety two, ten percent of

763
00:34:16,680 --> 00:34:19,800
Speaker 2: people retired with a mortgage, state it's forty percent, right,

764
00:34:19,920 --> 00:34:22,320
Speaker 2: And bear in mind the median salary in this country

765
00:34:22,560 --> 00:34:24,920
Speaker 2: it's eighty two thousand. I'm just going to use eighty thousand.

766
00:34:25,160 --> 00:34:27,120
Speaker 2: If you're on eighty thousand, you need fifty grand to

767
00:34:27,160 --> 00:34:29,840
Speaker 2: live on twenty grand tax, you're left with ten thousand

768
00:34:29,920 --> 00:34:32,960
Speaker 2: dollars to save. Twelve percent of eighty thousand dollars is

769
00:34:33,000 --> 00:34:36,000
Speaker 2: nine thousand, six hundred. So for anyone on a median salary,

770
00:34:36,360 --> 00:34:40,239
Speaker 2: you're literally taking their last one hundred percent of their savings,

771
00:34:40,719 --> 00:34:42,080
Speaker 2: and you're going to put it and give it to

772
00:34:42,120 --> 00:34:44,640
Speaker 2: some bloke and an ivory palace somewhere in a capital city,

773
00:34:44,920 --> 00:34:46,600
Speaker 2: and there's no guarantee you're going to get that money

774
00:34:46,600 --> 00:34:49,239
Speaker 2: back when you're sixty seven. Now, if you're starting off

775
00:34:49,280 --> 00:34:51,239
Speaker 2: working first five years of your life, say you're on

776
00:34:51,280 --> 00:34:55,160
Speaker 2: a median salary, you can earn fifty thousand dollars, right yep.

777
00:34:55,320 --> 00:34:57,760
Speaker 2: The people that support super will go, oh, yeah, Jared,

778
00:34:57,800 --> 00:34:58,879
Speaker 2: you know, but you're going to earn six or seven

779
00:34:58,920 --> 00:35:01,440
Speaker 2: percent in super. That's great. But if you can't use

780
00:35:01,480 --> 00:35:03,680
Speaker 2: that as a deposit for your house, and the median

781
00:35:03,719 --> 00:35:06,200
Speaker 2: house price is a million bucks and it's rising by

782
00:35:06,239 --> 00:35:09,960
Speaker 2: five percent a year, your opportunity cost is fifty thousand

783
00:35:10,040 --> 00:35:13,200
Speaker 2: bucks because house prices a rising faster than you can save.

784
00:35:13,880 --> 00:35:15,839
Speaker 2: So it's a false economy that way. And don't forget

785
00:35:15,840 --> 00:35:18,720
Speaker 2: if your mortgage is six percent, that's after tax income

786
00:35:18,880 --> 00:35:21,000
Speaker 2: you've got to pay with that. So let's say earn

787
00:35:21,000 --> 00:35:22,719
Speaker 2: one hundred grand and earn ten grand in your own

788
00:35:22,760 --> 00:35:26,000
Speaker 2: name in investment income. Then you've got to get a

789
00:35:26,040 --> 00:35:28,359
Speaker 2: ten percent return, pay thirty cents on that to get

790
00:35:28,360 --> 00:35:31,719
Speaker 2: a seven percent return plus one percent management fee just

791
00:35:31,760 --> 00:35:34,319
Speaker 2: to actually make your mortgage meet. So yet again you

792
00:35:34,400 --> 00:35:37,120
Speaker 2: need to generate ten percent on your investment income outside

793
00:35:37,120 --> 00:35:41,120
Speaker 2: of super to make up for the lost like to

794
00:35:41,160 --> 00:35:43,319
Speaker 2: get that six percent halfter tax return that you do

795
00:35:43,440 --> 00:35:46,279
Speaker 2: in SUPER. So yet again your mortgage. It's harder to

796
00:35:46,280 --> 00:35:49,480
Speaker 2: pay your mortgage off because of superannuation as well. And

797
00:35:49,480 --> 00:35:52,560
Speaker 2: not only that, we've now got four trillion dollars in superneration.

798
00:35:53,440 --> 00:35:55,520
Speaker 2: For these people have industry and retail funds. They don't

799
00:35:55,520 --> 00:35:57,920
Speaker 2: get the vote for the boards, so there's no corporate

800
00:35:57,960 --> 00:36:01,360
Speaker 2: accountability there. So you've now got got three trillion outside

801
00:36:01,360 --> 00:36:04,560
Speaker 2: of self managed super funds that are controlled by unelected

802
00:36:04,640 --> 00:36:05,360
Speaker 2: board members.

803
00:36:05,840 --> 00:36:06,040
Speaker 1: Right.

804
00:36:06,080 --> 00:36:08,200
Speaker 2: And if you control three trillion dollars worth of capital,

805
00:36:08,200 --> 00:36:09,840
Speaker 2: what do you control the economy?

806
00:36:09,960 --> 00:36:13,080
Speaker 1: Yeah? Totally, which by the way, was the original design. Yeah,

807
00:36:13,160 --> 00:36:14,600
Speaker 1: that was keeping his design. Yeah.

808
00:36:14,640 --> 00:36:17,000
Speaker 2: And so now and so now you've got a corporate

809
00:36:17,080 --> 00:36:20,560
Speaker 2: sector driven by audiology not productivity, right, and they're pushing

810
00:36:20,600 --> 00:36:23,239
Speaker 2: all these agendas that had nothing to do with productivity.

811
00:36:23,320 --> 00:36:25,000
Speaker 2: I actually, I can't believe I'm saying this because I've

812
00:36:25,000 --> 00:36:26,960
Speaker 2: got burn a stock market in the late eighties, my

813
00:36:27,080 --> 00:36:29,600
Speaker 2: mum first bought chairs in September eighty seven. Can you

814
00:36:29,640 --> 00:36:32,840
Speaker 2: believe it? Well, yeah, and because next month they crashed,

815
00:36:32,840 --> 00:36:35,440
Speaker 2: so Mum had to work another ten years. She ended

816
00:36:35,480 --> 00:36:38,440
Speaker 2: up retiring as nurse when she was seventy. But she

817
00:36:38,560 --> 00:36:40,480
Speaker 2: got me into share trading and I didn't know. I

818
00:36:40,480 --> 00:36:42,319
Speaker 2: only found this out up she passed away. She used

819
00:36:42,320 --> 00:36:44,680
Speaker 2: to be a shared trader, trade shares before she got

820
00:36:44,680 --> 00:36:46,560
Speaker 2: married to dad. Way back in the sixties, she had

821
00:36:46,840 --> 00:36:51,160
Speaker 2: HP shares. But we need a bit of that entrepreneurial

822
00:36:51,160 --> 00:36:53,480
Speaker 2: spirit back. And the probably is today.

823
00:36:53,480 --> 00:36:56,720
Speaker 1: No one's going any money. Well, it's the corporate fund managers.

824
00:36:56,880 --> 00:36:58,520
Speaker 1: Yeah and yeah. Yet again one of these things. But

825
00:36:59,000 --> 00:37:01,160
Speaker 1: again what I was saying before, the government saying we'll

826
00:37:01,200 --> 00:37:04,279
Speaker 1: do it for you, yeah, yeah, exactly. We'll take your

827
00:37:04,280 --> 00:37:06,440
Speaker 1: money now, yeah, and we're going to invest it for you,

828
00:37:06,640 --> 00:37:09,120
Speaker 1: yeah exactly, because you're dumb, you don't know how to do it,

829
00:37:09,200 --> 00:37:12,439
Speaker 1: which sort of in some cases probably is true. People

830
00:37:12,440 --> 00:37:15,239
Speaker 1: will gamble it. But this is another example of ideology

831
00:37:16,080 --> 00:37:18,440
Speaker 1: telling you what you can do with your money.

832
00:37:18,239 --> 00:37:21,239
Speaker 2: Acts exactly, that's exactly right. Yeah, and we're better out

833
00:37:21,280 --> 00:37:23,719
Speaker 2: of than you exactly. And what you get now these

834
00:37:23,719 --> 00:37:27,319
Speaker 2: corporate fund managers. They all basically just follow the indexes.

835
00:37:27,640 --> 00:37:30,880
Speaker 2: There's very little entrepreneurialship going on. And I think the

836
00:37:30,960 --> 00:37:32,560
Speaker 2: I'll THEND to be corrected on this. This might have

837
00:37:32,600 --> 00:37:34,560
Speaker 2: been about a year old when I read this article.

838
00:37:34,920 --> 00:37:37,359
Speaker 2: The number of listings on the AXX is declining. They're

839
00:37:37,400 --> 00:37:39,080
Speaker 2: really struggling to get new listings.

840
00:37:39,160 --> 00:37:42,799
Speaker 1: Yeah, that is one hundred percent correct. Yeah, because there's

841
00:37:42,800 --> 00:37:45,799
Speaker 1: a punish, Yeah exactly. It's hard work. Yeah.

842
00:37:45,960 --> 00:37:48,640
Speaker 2: But as someone who's a small investor, I hate the

843
00:37:48,640 --> 00:37:52,799
Speaker 2: fifteen percent accelerated retail listing offerings. You'll see that all

844
00:37:52,840 --> 00:37:55,520
Speaker 2: the time. Just as the company is about to kick off,

845
00:37:55,520 --> 00:37:57,880
Speaker 2: they'll raise more take off. When I'll say kick off,

846
00:37:57,960 --> 00:38:00,080
Speaker 2: I mean take off in terms of making money. The

847
00:38:00,239 --> 00:38:02,560
Speaker 2: issue fifteen percent of new shares every years to their

848
00:38:02,600 --> 00:38:06,239
Speaker 2: mates at a diluted price, and you're like, oh, here

849
00:38:06,280 --> 00:38:08,239
Speaker 2: we go again. You know, like they should go back

850
00:38:08,280 --> 00:38:10,439
Speaker 2: to the pro rata way of like if you ain't

851
00:38:10,440 --> 00:38:12,920
Speaker 2: five percent of the company, you get five percent of

852
00:38:12,960 --> 00:38:15,400
Speaker 2: the new issues, you know, so your equity is not diluted.

853
00:38:15,600 --> 00:38:17,760
Speaker 2: But yet again that's just a big boys club between

854
00:38:18,680 --> 00:38:21,600
Speaker 2: the corporate fund managers. As you know, the industry funds

855
00:38:21,680 --> 00:38:26,280
Speaker 2: use run Proxy Advisor combined voting powers around twenty percent.

856
00:38:27,280 --> 00:38:29,320
Speaker 2: So yet again, you control twenty percent of the shares

857
00:38:29,360 --> 00:38:32,520
Speaker 2: on the ax an AX listed company. You get to

858
00:38:32,520 --> 00:38:34,640
Speaker 2: push the left wing ideology you push.

859
00:38:34,560 --> 00:38:37,880
Speaker 1: You change the board or the board is so scared

860
00:38:37,880 --> 00:38:41,200
Speaker 1: of being demoted or taken off the board that they'll

861
00:38:41,200 --> 00:38:43,759
Speaker 1: do everything you want. That's exactly right, even if it

862
00:38:43,840 --> 00:38:48,000
Speaker 1: means not doing something on a straight to day or yep,

863
00:38:48,400 --> 00:38:52,200
Speaker 1: or flying three flags yeah, whatever the case may be. Yep,

864
00:38:52,680 --> 00:38:57,040
Speaker 1: it sounds crazy, yep. And so people first, so we're

865
00:38:57,040 --> 00:38:59,440
Speaker 1: talking about lower tacks rate you want to bring. You

866
00:38:59,480 --> 00:39:01,960
Speaker 1: want to bring the three threshold of forty five and

867
00:39:01,960 --> 00:39:07,520
Speaker 1: over time to one hundred. You mentioned super superminiation. You're saying,

868
00:39:07,680 --> 00:39:09,680
Speaker 1: is it voluntary for everybody? Or you get to keep?

869
00:39:09,760 --> 00:39:12,279
Speaker 2: But if everyone yeah, you get to keep, and people

870
00:39:12,320 --> 00:39:14,640
Speaker 2: will say not everyone can save their own retirement. You're right,

871
00:39:14,719 --> 00:39:17,239
Speaker 2: you know what, that's what the pension's for. But yet again,

872
00:39:17,280 --> 00:39:19,480
Speaker 2: you know the tax breaks for superannuation. The last budget

873
00:39:19,600 --> 00:39:24,160
Speaker 2: sixty billion dollars. The Productivity Commission back in twenty nineteen

874
00:39:24,200 --> 00:39:27,040
Speaker 2: twenty estimated the cost of running super was one percent

875
00:39:27,040 --> 00:39:29,720
Speaker 2: of funds under management, So one percent of four trillion

876
00:39:29,760 --> 00:39:33,680
Speaker 2: is about forty billion. Again, massive cost in financial engineering

877
00:39:33,680 --> 00:39:36,960
Speaker 2: and paper shuffling doesn't produce a cent more. We need

878
00:39:37,000 --> 00:39:40,080
Speaker 2: more real engineers in this country, not pay for financial engineers.

879
00:39:40,719 --> 00:39:43,239
Speaker 2: So that's our second policy. Our third policy is to

880
00:39:43,239 --> 00:39:45,960
Speaker 2: pay trialcare directly to the parents, subject to welfare testing.

881
00:39:46,200 --> 00:39:49,360
Speaker 1: So what does that mean? So the same in relation

882
00:39:49,440 --> 00:39:53,640
Speaker 1: to my kids. They send the kids a childcare before preschool,

883
00:39:54,440 --> 00:39:56,960
Speaker 1: you pay them, will you pay them? Yep?

884
00:39:57,000 --> 00:39:59,000
Speaker 2: And if they want to pay trial care, they can

885
00:39:59,160 --> 00:40:01,640
Speaker 2: use child care. But you've got millions of shift workers

886
00:40:01,680 --> 00:40:03,799
Speaker 2: in this country that can't access childcare at all. So

887
00:40:03,840 --> 00:40:06,359
Speaker 2: you've got nurses who work shift work, police who work

888
00:40:06,400 --> 00:40:10,839
Speaker 2: shift work, fiery hospitality workers. I've got a mate who

889
00:40:10,880 --> 00:40:13,120
Speaker 2: plays in a band with his wife on weekends. He

890
00:40:13,160 --> 00:40:15,400
Speaker 2: can't get his parent on week parents, their parents on

891
00:40:15,520 --> 00:40:17,440
Speaker 2: weekend to look after the kids. Of course, of the

892
00:40:17,480 --> 00:40:20,279
Speaker 2: childcare that wipes out the money they make from the gig.

893
00:40:20,560 --> 00:40:22,400
Speaker 2: You know, we've got fly and fly out workers that

894
00:40:22,480 --> 00:40:25,960
Speaker 2: might pay for you know, be home for seven days

895
00:40:26,440 --> 00:40:28,759
Speaker 2: ten days on seven days off. Why pay for child

896
00:40:28,760 --> 00:40:30,279
Speaker 2: care then? You know, if you want to just get

897
00:40:30,280 --> 00:40:32,720
Speaker 2: an n half the time, do that. You've got people

898
00:40:32,760 --> 00:40:36,520
Speaker 2: in regional Australia that can't even access childcare centers, so

899
00:40:36,560 --> 00:40:39,319
Speaker 2: they all miss out right. So my view is and

900
00:40:39,360 --> 00:40:41,560
Speaker 2: then you've got so if we do that, we give

901
00:40:41,600 --> 00:40:43,920
Speaker 2: shift works great a choice over the hours they can work.

902
00:40:43,960 --> 00:40:46,960
Speaker 2: So there's great at work choices. There, greater flexibility. But

903
00:40:47,040 --> 00:40:49,680
Speaker 2: it's also giving people greater choice in how they parent

904
00:40:49,719 --> 00:40:51,520
Speaker 2: their children. So I stayed at home before it became

905
00:40:51,560 --> 00:40:54,200
Speaker 2: a senator for a couple of years and I'd go

906
00:40:54,280 --> 00:40:56,880
Speaker 2: to mother's group on Tuesday morning and a number of

907
00:40:56,960 --> 00:40:59,320
Speaker 2: mothers would had to go back to work because a

908
00:40:59,440 --> 00:41:02,359
Speaker 2: financial and straints, but they weren't ready to go back.

909
00:41:02,440 --> 00:41:03,680
Speaker 2: You know, they have to go back when I're a

910
00:41:03,680 --> 00:41:05,600
Speaker 2: bit older. But while the kids were still two or three,

911
00:41:05,920 --> 00:41:07,360
Speaker 2: you know, they preferred to stay at home for a

912
00:41:07,360 --> 00:41:09,600
Speaker 2: few more years. So if that bit of money and

913
00:41:09,640 --> 00:41:11,160
Speaker 2: we'll top up, what we'll do is we'll top up

914
00:41:11,200 --> 00:41:14,680
Speaker 2: Family Part eight benefits can help parents stay at home.

915
00:41:14,719 --> 00:41:16,320
Speaker 2: If you want to be a parent, stay home a

916
00:41:16,360 --> 00:41:18,880
Speaker 2: little bit longer. That also gives you the option of

917
00:41:18,920 --> 00:41:20,960
Speaker 2: doing that, you know, help you get out of the

918
00:41:20,960 --> 00:41:23,040
Speaker 2: line at least your kids get to school or something

919
00:41:23,120 --> 00:41:24,840
Speaker 2: like that, and that can help pay off the mortgage

920
00:41:24,920 --> 00:41:27,080
Speaker 2: or make ends meet so you can spend more time

921
00:41:27,120 --> 00:41:29,600
Speaker 2: with their family, because spending time with their children at

922
00:41:29,640 --> 00:41:32,759
Speaker 2: that age is so important, you know.

923
00:41:32,800 --> 00:41:33,720
Speaker 1: And when you look.

924
00:41:33,600 --> 00:41:35,040
Speaker 2: Back, you're not going to go, oh jeez, I'm so

925
00:41:35,080 --> 00:41:37,400
Speaker 2: glad I let the kids, you know, childcare center when

926
00:41:37,400 --> 00:41:39,040
Speaker 2: I was two years old and went back to working

927
00:41:39,080 --> 00:41:41,279
Speaker 2: extra three years earlier, so you know, and.

928
00:41:41,440 --> 00:41:43,200
Speaker 1: They should have a choice. They should have a choice,

929
00:41:43,400 --> 00:41:45,400
Speaker 1: just like souper. Yeah. In other words, it shouldn't be

930
00:41:45,440 --> 00:41:47,719
Speaker 1: again the government saying, look, look handed over, dust will

931
00:41:47,760 --> 00:41:50,480
Speaker 1: take ConTroll of all this for you. Yeah. And the

932
00:41:50,560 --> 00:41:52,839
Speaker 1: other thing is should I think be honest with every

933
00:41:52,840 --> 00:41:54,840
Speaker 1: time childcare centers get more money, Well, they do is

934
00:41:54,880 --> 00:41:57,759
Speaker 1: put the price up exactly. Yeah. Yeah, it doesn't go

935
00:41:57,800 --> 00:41:59,560
Speaker 1: back to any but there's no real beneficiary other than

936
00:41:59,560 --> 00:42:00,479
Speaker 1: the people and the joints.

937
00:42:00,560 --> 00:42:02,920
Speaker 2: Yeah exactly, that's right. And the union, so the fastest

938
00:42:02,960 --> 00:42:07,120
Speaker 2: growing union in Australia's United Voice when Albanize so Albanesi

939
00:42:07,600 --> 00:42:09,839
Speaker 2: in the twenty two election had to pay childcare workers

940
00:42:09,880 --> 00:42:12,040
Speaker 2: three and a half billion dollars directly if tax payers

941
00:42:12,080 --> 00:42:15,239
Speaker 2: money because the childcare centers couldn't afford to pay the

942
00:42:15,280 --> 00:42:18,279
Speaker 2: childcare workers. He's now had to renew that again. But

943
00:42:18,280 --> 00:42:20,200
Speaker 2: a part of that deal was that childcare workers had

944
00:42:20,200 --> 00:42:23,080
Speaker 2: to be unionized. So fourteen dollars a week by fifty

945
00:42:23,280 --> 00:42:25,960
Speaker 2: weeks here, seven hundred bucks a year times I'm not

946
00:42:25,960 --> 00:42:28,799
Speaker 2: sure if it's two hundred thousand childcare workers. Well even

947
00:42:28,800 --> 00:42:31,560
Speaker 2: one hundred thousand, that's seventy million going into union coffers.

948
00:42:31,560 --> 00:42:34,239
Speaker 2: Two hundred thousand, it's one hundred and forty million. So

949
00:42:34,400 --> 00:42:36,600
Speaker 2: you know, when Labour tells you that, you know they

950
00:42:36,640 --> 00:42:40,160
Speaker 2: really want early childhood education, it's all about getting more

951
00:42:40,160 --> 00:42:42,280
Speaker 2: money into the union coffers.

952
00:42:42,640 --> 00:42:45,600
Speaker 1: And then then the unions that support the government in

953
00:42:45,680 --> 00:42:46,520
Speaker 1: terms of the next election.

954
00:42:46,800 --> 00:42:49,600
Speaker 2: Yeah, yeah, exactly, and you know, let's keep the childcare

955
00:42:50,160 --> 00:42:54,120
Speaker 2: industry going. You know, would you get a little route, Well, look,

956
00:42:54,160 --> 00:42:56,080
Speaker 2: there's definite childcare needs. We need to get on to

957
00:42:56,200 --> 00:42:58,719
Speaker 2: why two parents need to work, and hopefully the time

958
00:42:58,840 --> 00:43:03,799
Speaker 2: dates do that so it's not a raw in sense

959
00:43:03,840 --> 00:43:05,759
Speaker 2: two parents have to work and I can understand why,

960
00:43:05,840 --> 00:43:07,120
Speaker 2: So maybe i'll jump on to that.

961
00:43:07,200 --> 00:43:07,960
Speaker 1: You do that, they're out.

962
00:43:08,000 --> 00:43:10,600
Speaker 2: So there are three solutions for the day now, our

963
00:43:10,640 --> 00:43:13,440
Speaker 2: vision for tomorrow, the next two policies and The first

964
00:43:13,440 --> 00:43:16,040
Speaker 2: one is monetary policy. And I'm really glad, I'm really

965
00:43:16,040 --> 00:43:19,640
Speaker 2: excited that you yeah, that you invited me down today

966
00:43:19,680 --> 00:43:22,680
Speaker 2: because being a next a bank of yourself, you'll appreciate this.

967
00:43:23,200 --> 00:43:27,680
Speaker 2: Our monetary policy is the most misunderstood and least discussed

968
00:43:27,880 --> 00:43:31,080
Speaker 2: policy of all and it is the most important policy

969
00:43:31,120 --> 00:43:33,759
Speaker 2: that we have to fix in this country before anything else.

970
00:43:33,840 --> 00:43:34,600
Speaker 1: It drives everything.

971
00:43:34,680 --> 00:43:37,480
Speaker 2: Yeah, it drives everything. Capital meant you know this yourself, Mark,

972
00:43:37,560 --> 00:43:40,000
Speaker 2: Capital management is king. If there's something we've learned now

973
00:43:40,000 --> 00:43:42,120
Speaker 2: that years in finance, you've got to know how to

974
00:43:42,120 --> 00:43:44,760
Speaker 2: manage capital. And we've been brainwashed on the difference between

975
00:43:44,800 --> 00:43:47,239
Speaker 2: debt and equity. And I'll touch on that in a minute.

976
00:43:47,239 --> 00:43:48,960
Speaker 2: But if we go back to why two parents are

977
00:43:49,000 --> 00:43:51,560
Speaker 2: having to work today, it goes back to nineteen eighty

978
00:43:51,560 --> 00:43:54,720
Speaker 2: five and Paul Keating lifted capital controls the private banks

979
00:43:54,719 --> 00:43:57,239
Speaker 2: in nineteen eighty five at eight billion dollars in foreign debt.

980
00:43:57,560 --> 00:44:00,000
Speaker 2: By two thousand and eight, that eight hundred billion dollars

981
00:44:00,080 --> 00:44:04,360
Speaker 2: in foreign debt. That money was leant against housing. It

982
00:44:04,520 --> 00:44:06,640
Speaker 2: wasn't so as your name and finance, the net present

983
00:44:06,640 --> 00:44:08,320
Speaker 2: the value of an assets and net present value of

984
00:44:08,360 --> 00:44:11,760
Speaker 2: future income streams. Right, we went from valuing assets based

985
00:44:11,760 --> 00:44:14,240
Speaker 2: on the earnings of an asset to how much money

986
00:44:14,239 --> 00:44:17,000
Speaker 2: we could borrow from offshore. Right, so we would brainwash

987
00:44:17,000 --> 00:44:19,920
Speaker 2: at the university. You can't put money out of thin air, right, Okay,

988
00:44:20,080 --> 00:44:22,560
Speaker 2: Well what we did, We've done something even worse. We've

989
00:44:22,560 --> 00:44:24,520
Speaker 2: started borrowing money that was printed out of thin air

990
00:44:24,560 --> 00:44:26,680
Speaker 2: by foreign countries. In particular in the late eighties it

991
00:44:26,719 --> 00:44:30,680
Speaker 2: was Japan. So what's happened is house prices with that

992
00:44:30,800 --> 00:44:32,680
Speaker 2: extra credit and the system have gone from four to

993
00:44:32,680 --> 00:44:35,279
Speaker 2: five times earnings to ten to twelve times earnings. So

994
00:44:35,320 --> 00:44:36,960
Speaker 2: of course you've had to send two parents back to

995
00:44:37,000 --> 00:44:39,080
Speaker 2: work to pay for the mortgage. Hence the creation of

996
00:44:39,120 --> 00:44:41,520
Speaker 2: the child care industry in the late nineties, remember Eddie

997
00:44:41,520 --> 00:44:45,319
Speaker 2: Groves and cod and then what we saw ABC Learning

998
00:44:45,360 --> 00:44:49,520
Speaker 2: and that ended up being a stock market collapse, bubble

999
00:44:49,560 --> 00:44:52,040
Speaker 2: and a crash. And then in two thousand and eight

1000
00:44:52,080 --> 00:44:56,680
Speaker 2: we had the real GFC crash based on irresponsible credit practices.

1001
00:44:56,719 --> 00:44:59,400
Speaker 2: In a Norton hemisphere. We nearly had the same thing

1002
00:44:59,440 --> 00:45:02,480
Speaker 2: happened here. A mining boom kept us going. But you know,

1003
00:45:02,560 --> 00:45:05,160
Speaker 2: you didn't remember storm Financial But one of the ways

1004
00:45:05,239 --> 00:45:08,279
Speaker 2: that we kept house prices strong here throughout. That was

1005
00:45:08,320 --> 00:45:11,560
Speaker 2: Kevin right allowed temporary vs A holders i e. Foreign

1006
00:45:11,560 --> 00:45:15,000
Speaker 2: students to start buying houses in Australia. So that meant

1007
00:45:15,000 --> 00:45:18,839
Speaker 2: that basically Nana created the foreign student sector as well. Right,

1008
00:45:18,920 --> 00:45:22,000
Speaker 2: another sector that pumps some money into the economy but

1009
00:45:22,160 --> 00:45:24,080
Speaker 2: distracts us from other parts of the economy we need

1010
00:45:24,120 --> 00:45:28,640
Speaker 2: to focus on. So that irresponsible credit practice has basically

1011
00:45:28,800 --> 00:45:31,600
Speaker 2: from what Keating did in nineteen eighty five of letting

1012
00:45:31,960 --> 00:45:35,640
Speaker 2: unrestricted capital inflows into this country for consumption. I mean

1013
00:45:35,640 --> 00:45:38,240
Speaker 2: housing is important, don't get me wrong, but it's ultimately

1014
00:45:38,280 --> 00:45:41,200
Speaker 2: a consumption tool. Has saw house prices rise to the

1015
00:45:41,280 --> 00:45:43,360
Speaker 2: roof and then the money that we pay on that

1016
00:45:43,400 --> 00:45:47,040
Speaker 2: eight hundred billion, the interest that's not even taxed, right,

1017
00:45:47,120 --> 00:45:50,200
Speaker 2: so you know your parents, we put interest in the bank,

1018
00:45:50,239 --> 00:45:52,640
Speaker 2: we pay tax on it. The foreign banks don't have

1019
00:45:52,680 --> 00:45:54,040
Speaker 2: to pay tax on that. I'm not sure if you're

1020
00:45:54,000 --> 00:45:55,719
Speaker 2: familiar with one twenty eight at for the thirty six

1021
00:45:55,800 --> 00:45:58,399
Speaker 2: Act the Public Office Tech. Yeah, so as long as

1022
00:45:58,400 --> 00:46:01,279
Speaker 2: this has probably spread, but of course, yeah, it's got

1023
00:46:01,360 --> 00:46:02,960
Speaker 2: to be Yeah, it's got to be initial offering in

1024
00:46:03,000 --> 00:46:05,200
Speaker 2: the public market. Yeah, that's right, in a proper spread.

1025
00:46:05,239 --> 00:46:07,000
Speaker 2: That's correct. Yeah, So there's a few factors there, but

1026
00:46:07,280 --> 00:46:09,440
Speaker 2: long story short, it cost the budget about three.

1027
00:46:09,239 --> 00:46:12,200
Speaker 1: But with hold at tax, there's no hot attacks basically yeah. Yeah,

1028
00:46:12,360 --> 00:46:14,880
Speaker 1: So on the interest paid to the foreign interitet, that's

1029
00:46:14,920 --> 00:46:18,560
Speaker 1: exactly right. As long as the initial offering, as long

1030
00:46:18,600 --> 00:46:20,960
Speaker 1: as the offering initial offering, I should say, as opposed

1031
00:46:20,960 --> 00:46:27,200
Speaker 1: to the secondary market, Yeah, has enough spread, in other words,

1032
00:46:27,320 --> 00:46:30,000
Speaker 1: enough participants. If you just have one, one person, like

1033
00:46:30,200 --> 00:46:33,640
Speaker 1: it's just pimcoat being putting in the eight hundred million

1034
00:46:33,719 --> 00:46:36,880
Speaker 1: or a billion, that's not enough spread. But what's interesting

1035
00:46:36,920 --> 00:46:39,120
Speaker 1: matter that though it's interesting jury you should talk about

1036
00:46:39,120 --> 00:46:43,920
Speaker 1: this because it was kidding who sort of deregulated this process.

1037
00:46:44,760 --> 00:46:50,120
Speaker 1: And it's an interesting thesis because I never thought about

1038
00:46:50,160 --> 00:46:51,879
Speaker 1: it like this, but in terms of a couple of mics.

1039
00:46:51,920 --> 00:46:54,200
Speaker 1: But I never thought about this. But the extra money

1040
00:46:54,200 --> 00:46:58,040
Speaker 1: coming into Australi because banks probably raised probably fund housing,

1041
00:46:58,320 --> 00:47:02,080
Speaker 1: maybe future Center's fun through deposits taken here Australia. Money

1042
00:47:02,080 --> 00:47:03,239
Speaker 1: you might put in a positive, I'd put it in

1043
00:47:03,280 --> 00:47:05,319
Speaker 1: a positive whatever, which is the way they are the

1044
00:47:05,360 --> 00:47:08,399
Speaker 1: only way they used to do it before. Now the other

1045
00:47:08,400 --> 00:47:12,480
Speaker 1: fifty percents coming from somewhere overse the whole Europe, Japan,

1046
00:47:13,640 --> 00:47:20,600
Speaker 1: in UK, wherever Southeast Asia these days. And but that

1047
00:47:20,600 --> 00:47:23,040
Speaker 1: that's here to stay. I mean because there was so

1048
00:47:23,120 --> 00:47:26,040
Speaker 1: much money available. The bank's accessed it and it was

1049
00:47:26,120 --> 00:47:28,520
Speaker 1: cheap and they could sort of what they could do

1050
00:47:28,600 --> 00:47:30,960
Speaker 1: is build around it so they could hedge their currency risk,

1051
00:47:31,000 --> 00:47:32,919
Speaker 1: their pre payment risks, they could head all these risks

1052
00:47:32,920 --> 00:47:35,320
Speaker 1: associated with it, and they could still get a tuber

1053
00:47:35,719 --> 00:47:37,839
Speaker 1: then they would have had to pay if they took

1054
00:47:37,840 --> 00:47:40,200
Speaker 1: it from a depositor who are in Australia. So the

1055
00:47:40,239 --> 00:47:42,839
Speaker 1: banks are making really good margins and they're therefore will

1056
00:47:42,880 --> 00:47:45,200
Speaker 1: take the We're desperate, they were desperate to lend it,

1057
00:47:46,400 --> 00:47:48,279
Speaker 1: so it's not here to stay. If I can help

1058
00:47:48,320 --> 00:47:49,799
Speaker 1: it and the money is you get them. But all

1059
00:47:49,840 --> 00:47:51,319
Speaker 1: of a sudden, the money is available to you as

1060
00:47:51,360 --> 00:47:54,600
Speaker 1: a borrower. Because this has been my thesis all along.

1061
00:47:54,960 --> 00:47:58,879
Speaker 1: If I can save just let's use a million dollar

1062
00:47:58,960 --> 00:48:01,840
Speaker 1: purchase price, I can save two hundred thousand dollars deposit,

1063
00:48:02,840 --> 00:48:04,960
Speaker 1: and the bank says to mell Land, you eight hundred thousand,

1064
00:48:04,960 --> 00:48:07,279
Speaker 1: and just forget about stamps. You just get that, and

1065
00:48:07,440 --> 00:48:10,120
Speaker 1: for some reason the property goes up to one point

1066
00:48:10,200 --> 00:48:11,960
Speaker 1: one million in the bank says, don't worry, Mark, I'll

1067
00:48:12,000 --> 00:48:14,839
Speaker 1: lend you nine hundred thousand dollars. The borrow is okay,

1068
00:48:14,840 --> 00:48:17,240
Speaker 1: I'll take it that borrows don't look at it as

1069
00:48:18,120 --> 00:48:20,080
Speaker 1: I owe nine hundred thousand dollars. They don't look at

1070
00:48:20,080 --> 00:48:23,680
Speaker 1: it that way. I know this for remind research. They're

1071
00:48:23,719 --> 00:48:26,000
Speaker 1: just thinking, what's that extra hundred thousand is going to

1072
00:48:26,040 --> 00:48:28,640
Speaker 1: cost me per month? And it might be two three

1073
00:48:28,680 --> 00:48:31,560
Speaker 1: hundred bucks. But all that does is push that house

1074
00:48:31,600 --> 00:48:35,400
Speaker 1: price up because everybody who's buying that house when the

1075
00:48:35,440 --> 00:48:38,520
Speaker 1: vendor wants one point one, everybody is all borrowing nine

1076
00:48:38,560 --> 00:48:41,800
Speaker 1: hundred thousand, like the bank will lend it to every bidder. Yeah,

1077
00:48:41,840 --> 00:48:44,239
Speaker 1: every single person in the room. They don't say, oh wow,

1078
00:48:44,680 --> 00:48:46,719
Speaker 1: we're borrowing nine hundred thousand dollars for thirty years or

1079
00:48:46,760 --> 00:48:48,520
Speaker 1: in those days are twenty years, twenty five years, but

1080
00:48:48,520 --> 00:48:50,200
Speaker 1: thirty years. These days, they're not going to say that.

1081
00:48:50,239 --> 00:48:52,239
Speaker 1: They're going to say, it's just going to cost us

1082
00:48:52,280 --> 00:48:54,200
Speaker 1: extra couple hundred bucks a month to live in this

1083
00:48:54,239 --> 00:48:57,160
Speaker 1: beautiful house. Yeah, so we'll we'll pay one point one.

1084
00:48:57,360 --> 00:49:00,000
Speaker 1: And that's how house prices get out of control. Yeah, exactly,

1085
00:49:00,120 --> 00:49:03,040
Speaker 1: that's right, and the problem is if that extra funding.

1086
00:49:03,160 --> 00:49:06,120
Speaker 1: But here's the thing we need so prior to keyting,

1087
00:49:06,200 --> 00:49:08,600
Speaker 1: So let's use the million dollars example. So interesting enough,

1088
00:49:08,640 --> 00:49:12,080
Speaker 1: the CBA is about eighty seven percent funded actually internally,

1089
00:49:12,440 --> 00:49:14,680
Speaker 1: but they're going to the biggest depositive exactly, that's right. But

1090
00:49:14,719 --> 00:49:16,560
Speaker 1: we don't have enough depositors, by the way.

1091
00:49:16,560 --> 00:49:18,320
Speaker 2: So can I do that? Is this is what exactly

1092
00:49:18,360 --> 00:49:19,440
Speaker 2: want to touch on. So when I was at the

1093
00:49:19,440 --> 00:49:21,600
Speaker 2: Bank a Quaanslane, for every million we lent, you're right,

1094
00:49:21,680 --> 00:49:25,120
Speaker 2: like forty percent was deposits, domestic deposits, sixty percent was

1095
00:49:25,160 --> 00:49:30,880
Speaker 2: international wholesale funding. Now, before Keating had had lifted capital controls,

1096
00:49:30,920 --> 00:49:33,120
Speaker 2: the most the Bank Acquaenslane could have lamp was four

1097
00:49:33,160 --> 00:49:35,880
Speaker 2: hundred thousand dollars, not a million dollars. Right, So that

1098
00:49:35,960 --> 00:49:37,840
Speaker 2: automatically means now, as you say, if you're going to

1099
00:49:37,840 --> 00:49:40,359
Speaker 2: borrow more, sixty percent of that money is now going

1100
00:49:40,360 --> 00:49:43,520
Speaker 2: to be paid off. Show's interest. Right in the old days,

1101
00:49:43,520 --> 00:49:45,640
Speaker 2: when all they could land was four hundred thousand dollars,

1102
00:49:45,880 --> 00:49:48,400
Speaker 2: that was actually a virtuous cycle because what that money

1103
00:49:48,480 --> 00:49:50,840
Speaker 2: was coming from was the term deposits of the older generation.

1104
00:49:51,320 --> 00:49:53,719
Speaker 2: They'd land through the bank to the younger generation, and

1105
00:49:53,800 --> 00:49:56,520
Speaker 2: the younger generation back through the bank would pay back

1106
00:49:56,520 --> 00:49:59,200
Speaker 2: to the older generation, and that would keep and that

1107
00:49:59,200 --> 00:50:01,799
Speaker 2: would keep house prices linked to the savings and the

1108
00:50:01,840 --> 00:50:06,120
Speaker 2: earnings of the prior generation. When Keating lifted those capital

1109
00:50:06,160 --> 00:50:08,600
Speaker 2: controls and debt went from eight billion to eight hundred

1110
00:50:08,640 --> 00:50:11,960
Speaker 2: billion foreign debt, we basically decoupled the price of houses

1111
00:50:12,000 --> 00:50:14,880
Speaker 2: from earnings. And so first, the first generation loved it

1112
00:50:14,960 --> 00:50:16,600
Speaker 2: right for the first twenty years because they were all

1113
00:50:16,600 --> 00:50:18,319
Speaker 2: living off the boom of the house prices, and we

1114
00:50:18,360 --> 00:50:21,920
Speaker 2: saw that here in Sydney. But now the next generation's

1115
00:50:21,960 --> 00:50:24,240
Speaker 2: coming through and they're paying the price for it because

1116
00:50:24,239 --> 00:50:26,640
Speaker 2: they're struggling even to get into the housing larn has

1117
00:50:26,719 --> 00:50:30,680
Speaker 2: never kept up. That's exactly right, And so complimenting Keating

1118
00:50:30,719 --> 00:50:34,359
Speaker 2: lifting capital controls of John Button getting rid of the

1119
00:50:34,360 --> 00:50:38,440
Speaker 2: tariffs on manufacturing, whereby we let manufacturing go offshore. Now,

1120
00:50:38,560 --> 00:50:40,440
Speaker 2: there's no doubt that we did struggle to compete with

1121
00:50:40,480 --> 00:50:43,120
Speaker 2: Asian labor at the time, but the problem was we

1122
00:50:43,160 --> 00:50:46,640
Speaker 2: did lose earnings capacity when we did that by letting

1123
00:50:46,640 --> 00:50:50,040
Speaker 2: our manufacturing go off shore. And there's a fantastic opportunity

1124
00:50:50,120 --> 00:50:53,640
Speaker 2: right now that no politician other than an ex politician

1125
00:50:54,040 --> 00:50:57,680
Speaker 2: sitting here, Like most factories today are automated. You know

1126
00:50:57,719 --> 00:50:59,800
Speaker 2: the argument that we can no longer compete with offshore

1127
00:50:59,840 --> 00:51:03,200
Speaker 2: life because costs. Yeah, because the costs right. So you know,

1128
00:51:03,239 --> 00:51:06,120
Speaker 2: when we export iron ore and cocing coal, we should

1129
00:51:06,160 --> 00:51:08,719
Speaker 2: be parking that at Darwin in a steel factory. They're

1130
00:51:08,920 --> 00:51:12,080
Speaker 2: turning it into brisket steel. And instead of exporting coal

1131
00:51:12,120 --> 00:51:14,760
Speaker 2: a one hundred dollars a ton exported at five hundred

1132
00:51:14,760 --> 00:51:16,839
Speaker 2: dollars a time for brisket steel. Now, we might bring

1133
00:51:16,880 --> 00:51:18,919
Speaker 2: a lot of jobs back on toour but we can

1134
00:51:18,960 --> 00:51:21,920
Speaker 2: capture more upside and tax that to start paying for

1135
00:51:21,920 --> 00:51:23,759
Speaker 2: all those extra services we're going to need as the

1136
00:51:23,760 --> 00:51:25,080
Speaker 2: population ages.

1137
00:51:24,800 --> 00:51:27,080
Speaker 1: Because everything is robotically control these days.

1138
00:51:27,320 --> 00:51:29,400
Speaker 2: Yeah, not just in steel factories, a lot of stuff.

1139
00:51:29,440 --> 00:51:31,680
Speaker 2: And if we can get nuclear here and get more

1140
00:51:31,680 --> 00:51:33,920
Speaker 2: base load energy and drive down the cost of energy,

1141
00:51:34,200 --> 00:51:37,520
Speaker 2: bring back stamp duty on shared trading to abolish payroll tax.

1142
00:51:37,560 --> 00:51:39,880
Speaker 2: Another big mistake. When the GST was brought in, we

1143
00:51:39,960 --> 00:51:43,960
Speaker 2: got rid of stamp duty on shared trading. So fifty

1144
00:51:44,040 --> 00:51:46,440
Speaker 2: six percent of fifty to sixty percent of the stock

1145
00:51:46,440 --> 00:51:49,160
Speaker 2: market now is traded by foreign bots, right, who just

1146
00:51:49,160 --> 00:51:51,279
Speaker 2: scalped the market. So we should be starting hitting them,

1147
00:51:51,680 --> 00:51:55,319
Speaker 2: hitting them with stamp duty really yeah, absolutely, well yeah,

1148
00:51:55,400 --> 00:51:57,280
Speaker 2: and then getting rid of payroll tacks they have attack,

1149
00:51:57,680 --> 00:52:00,279
Speaker 2: get rid of the tax on productivity and reply with

1150
00:52:00,280 --> 00:52:00,600
Speaker 2: a tax.

1151
00:52:00,719 --> 00:52:03,839
Speaker 1: Did you see payroll tax is a tax on productivity? Oh? Absolutely, yeah,

1152
00:52:03,880 --> 00:52:06,800
Speaker 1: it's a shocking tax man John Howard. If you remember

1153
00:52:06,880 --> 00:52:10,919
Speaker 1: John introduced it in the jest, he said, we got

1154
00:52:11,200 --> 00:52:12,879
Speaker 1: the design here was to give it a stame duty

1155
00:52:12,880 --> 00:52:15,480
Speaker 1: and payroll tax. That's correct. Yeah, but I don't think

1156
00:52:15,480 --> 00:52:17,640
Speaker 1: they have a raised enough. They just didn't raise enough.

1157
00:52:17,760 --> 00:52:19,960
Speaker 1: So do you think there's an argument then, for example,

1158
00:52:20,040 --> 00:52:23,400
Speaker 1: in relation to your party, to increase the couple of

1159
00:52:23,520 --> 00:52:24,280
Speaker 1: the jest?

1160
00:52:25,400 --> 00:52:27,919
Speaker 2: No no interest in raising jest. If anything, I would

1161
00:52:27,920 --> 00:52:30,439
Speaker 2: abolish it and just bring in one percent transaction tax

1162
00:52:30,520 --> 00:52:32,960
Speaker 2: on financial transactions because it used to.

1163
00:52:32,880 --> 00:52:35,799
Speaker 1: Be six cents every hundred dollars or something.

1164
00:52:35,880 --> 00:52:38,080
Speaker 2: Yeah, it was something like that, but same duty. I'm

1165
00:52:38,080 --> 00:52:40,080
Speaker 2: too abount of share training, yeah yeah, because when I

1166
00:52:40,160 --> 00:52:41,759
Speaker 2: started buying shares in the late eighties, we used to

1167
00:52:41,760 --> 00:52:44,440
Speaker 2: pay steam. Yeah, I remember doing do the same and

1168
00:52:44,520 --> 00:52:45,960
Speaker 2: everywhere except Northern Territory.

1169
00:52:46,040 --> 00:52:49,680
Speaker 1: Yeah, right, okay, because I remember a lot of share

1170
00:52:49,680 --> 00:52:52,200
Speaker 1: transfers used to get executed the nord Territory. Yeah, okay,

1171
00:52:52,320 --> 00:52:54,880
Speaker 1: the firm I was that anyway, Yeah, yeah, courel Yeah,

1172
00:52:54,880 --> 00:52:56,960
Speaker 1: because it didn't have it. But yeah, but so, but

1173
00:52:57,400 --> 00:53:00,759
Speaker 1: that's interesting. So you you would abolish pay or tax

1174
00:53:00,920 --> 00:53:05,200
Speaker 1: the states and give the states the power to know we.

1175
00:53:05,320 --> 00:53:07,680
Speaker 2: Tax it nationally and get distribute to them, get back

1176
00:53:07,680 --> 00:53:10,279
Speaker 2: to them. Yeah yeah, okay, yeah, And likewise, we want

1177
00:53:10,320 --> 00:53:12,440
Speaker 2: to bring back national government insurance office like the old

1178
00:53:12,480 --> 00:53:15,759
Speaker 2: insurance offices. If you run a national corporation today, you

1179
00:53:15,880 --> 00:53:19,400
Speaker 2: have to take out workers compensation in six different states.

1180
00:53:19,840 --> 00:53:22,239
Speaker 1: That's crazy, that's crazy. Well I do that in my

1181
00:53:22,280 --> 00:53:23,120
Speaker 1: business now. Yeah.

1182
00:53:23,320 --> 00:53:25,400
Speaker 2: Right, So let's just have a one stop shop for

1183
00:53:25,560 --> 00:53:29,320
Speaker 2: national government insurance. Fifty percent of insurance now is reinsurance

1184
00:53:29,320 --> 00:53:31,880
Speaker 2: paid off. Sure, we should just reinsure ourselves and the

1185
00:53:32,000 --> 00:53:33,960
Speaker 2: federal guvernment can do a QB in sun corporate all

1186
00:53:34,000 --> 00:53:36,279
Speaker 2: that as well, and we can lower the cost of

1187
00:53:36,280 --> 00:53:38,759
Speaker 2: insurance as well. So let's get rid of payroll tax,

1188
00:53:38,840 --> 00:53:42,240
Speaker 2: let's standardized workers compensation. Let's lower the cost of insurance

1189
00:53:42,239 --> 00:53:44,760
Speaker 2: as well. So that's one of our policies, not quite

1190
00:53:45,120 --> 00:53:46,760
Speaker 2: it comes under a monetary policy banner.

1191
00:53:46,760 --> 00:53:49,440
Speaker 1: But going back to let's go back to the monetary

1192
00:53:49,440 --> 00:53:51,560
Speaker 1: policy as a vision vision policies.

1193
00:53:51,680 --> 00:53:55,359
Speaker 2: Yeah, so what would you do the RBA, So we

1194
00:53:55,400 --> 00:53:57,480
Speaker 2: want it to be accountable to Parliament even though it

1195
00:53:57,480 --> 00:53:59,719
Speaker 2: does play an important role, and we also want to

1196
00:53:59,800 --> 00:54:03,960
Speaker 2: use it payment systems underwriting new CBA as well. Now,

1197
00:54:04,640 --> 00:54:06,160
Speaker 2: what we wanted to say, our big kicker at the

1198
00:54:06,200 --> 00:54:08,879
Speaker 2: Martyship policy is we want an infrastructure bank. So we

1199
00:54:08,920 --> 00:54:12,120
Speaker 2: want to fund our own infrastructure through quantitative easy in

1200
00:54:12,120 --> 00:54:14,759
Speaker 2: a productive manner. We were told at university that it's

1201
00:54:14,800 --> 00:54:17,399
Speaker 2: irresponsible for governments to print money out of thin air.

1202
00:54:17,760 --> 00:54:19,960
Speaker 2: Now that is fifty percent correct. If you print and

1203
00:54:20,000 --> 00:54:23,400
Speaker 2: spend that is bad. Inflation is a relative number between

1204
00:54:23,440 --> 00:54:26,240
Speaker 2: demand and supply. If you print and spend it increase demand.

1205
00:54:26,280 --> 00:54:27,560
Speaker 2: That's absolutely that wrong.

1206
00:54:27,760 --> 00:54:28,160
Speaker 1: But here's the thing.

1207
00:54:28,200 --> 00:54:30,640
Speaker 2: If you print and build and increase the supply of

1208
00:54:30,680 --> 00:54:34,479
Speaker 2: power stations, increase the supply of dams, you're actually going

1209
00:54:34,520 --> 00:54:37,879
Speaker 2: to deal with the structural imbalances of this country. Because

1210
00:54:37,880 --> 00:54:40,320
Speaker 2: one of the problems we've got ever since the Tasmanian

1211
00:54:40,400 --> 00:54:44,000
Speaker 2: damned decisions in eighty three is that state governments can't

1212
00:54:44,040 --> 00:54:47,480
Speaker 2: build regional infrastructure because the inner city greenies stop it

1213
00:54:47,480 --> 00:54:49,239
Speaker 2: from being built, and they come in over the top

1214
00:54:49,280 --> 00:54:51,520
Speaker 2: through the federal government to stop it. But what we

1215
00:54:51,560 --> 00:54:53,600
Speaker 2: want to do in the same way, if I said

1216
00:54:53,600 --> 00:54:55,120
Speaker 2: to you that I was going to bring into private

1217
00:54:55,120 --> 00:54:57,040
Speaker 2: Billo center, I was still a senator. I'm going to

1218
00:54:57,040 --> 00:54:59,319
Speaker 2: bring in a private Builder's not BHP from issuing new

1219
00:54:59,320 --> 00:55:01,600
Speaker 2: shares on the stock market to build a coal mine

1220
00:55:01,600 --> 00:55:03,280
Speaker 2: that was going to generate a fifteen per cent return

1221
00:55:03,280 --> 00:55:06,000
Speaker 2: on equity. You'd think I was stupid, wouldn't you. You'd go,

1222
00:55:06,040 --> 00:55:08,400
Speaker 2: there's nothing wrong with bohp issuing new shares out of

1223
00:55:08,440 --> 00:55:10,799
Speaker 2: thin air, provided they're building an asset that's going to

1224
00:55:10,840 --> 00:55:14,640
Speaker 2: generate a return. Governments can do the same thing, provided

1225
00:55:14,719 --> 00:55:18,200
Speaker 2: they match it with you understand secured secured lines versut

1226
00:55:18,239 --> 00:55:24,360
Speaker 2: unsecured lines. They build infrastructure, profit center, infrastructure, dams, power stations,

1227
00:55:24,400 --> 00:55:29,840
Speaker 2: toll roads, ports, airports, telecommunications. Okay, all of those assets

1228
00:55:29,960 --> 00:55:32,680
Speaker 2: make money. And what you do is toll roads is

1229
00:55:32,680 --> 00:55:35,200
Speaker 2: a classic example Sidney. Today, what you're five million people

1230
00:55:35,239 --> 00:55:37,759
Speaker 2: paying ten bucks a toll and one hundred years time

1231
00:55:37,760 --> 00:55:39,439
Speaker 2: it will be ten million people paying a hundred bucks

1232
00:55:39,480 --> 00:55:39,719
Speaker 2: are toll?

1233
00:55:39,800 --> 00:55:40,080
Speaker 1: Right?

1234
00:55:40,200 --> 00:55:42,160
Speaker 2: It's just a money making machine. Why on Earth would

1235
00:55:42,200 --> 00:55:46,319
Speaker 2: your private toll roads right their natural monopolies anyway. So

1236
00:55:46,360 --> 00:55:48,520
Speaker 2: what we want to do is we will issue one

1237
00:55:48,560 --> 00:55:50,560
Speaker 2: new share and call and untapped wealth, set up an

1238
00:55:50,560 --> 00:55:53,960
Speaker 2: infrastructure banking Canberra. That money will then lend bonds or

1239
00:55:54,160 --> 00:55:57,440
Speaker 2: issue infrastructure bonds to state governments to build those profit

1240
00:55:57,520 --> 00:56:02,360
Speaker 2: center infrastructure assets have fifty years to repay the debt. Now,

1241
00:56:02,560 --> 00:56:04,400
Speaker 2: in the case of say you build a dam for

1242
00:56:04,400 --> 00:56:06,560
Speaker 2: a billion dollars, you won't just issue the state government

1243
00:56:06,600 --> 00:56:09,239
Speaker 2: a billion dollars. It might take four years to build.

1244
00:56:09,320 --> 00:56:12,200
Speaker 2: So you'll issue the state government five million dollars for

1245
00:56:12,200 --> 00:56:15,040
Speaker 2: two hundred weeks to build the dam. But here's the thing.

1246
00:56:15,080 --> 00:56:16,600
Speaker 2: Thirty percent of that's going to come straight back to

1247
00:56:16,600 --> 00:56:18,719
Speaker 2: camber and taxes in the first week, and the other

1248
00:56:18,760 --> 00:56:21,399
Speaker 2: seventy percent of the money is going to spin through

1249
00:56:21,400 --> 00:56:25,080
Speaker 2: the economy paying people to build things right. And we

1250
00:56:25,120 --> 00:56:27,319
Speaker 2: can do that because where does the wealth, Where does

1251
00:56:27,360 --> 00:56:30,839
Speaker 2: the ingredients for the dam come from? It comes from

1252
00:56:30,920 --> 00:56:32,560
Speaker 2: the water out of the sky. We don't pay the

1253
00:56:32,560 --> 00:56:34,439
Speaker 2: clouds for it to rain. We don't pay the sun

1254
00:56:34,480 --> 00:56:36,600
Speaker 2: to give us that sunshine. If I drop a bull

1255
00:56:36,600 --> 00:56:39,640
Speaker 2: in a paddic with twenty twenty cows and come back

1256
00:56:39,640 --> 00:56:42,200
Speaker 2: a year later, I've got twenty carps, you know. I

1257
00:56:42,280 --> 00:56:44,719
Speaker 2: mean that's coming from mother nature. Mother nature gives us

1258
00:56:44,719 --> 00:56:47,480
Speaker 2: this recurring wealth and that's why we can justify. But

1259
00:56:47,480 --> 00:56:49,120
Speaker 2: the key thing is you've got to match your credit

1260
00:56:49,360 --> 00:56:51,520
Speaker 2: as you expand it. Because what we do today is

1261
00:56:51,520 --> 00:56:53,719
Speaker 2: we expand our credit on this side of the balance sheet,

1262
00:56:53,719 --> 00:56:55,520
Speaker 2: you know, it'stead of a balance sheet. We do it

1263
00:56:55,560 --> 00:56:59,080
Speaker 2: through foreign debt. We should do it through domestic equity.

1264
00:57:00,040 --> 00:57:03,640
Speaker 2: And then the breazon being that when you make profits

1265
00:57:03,680 --> 00:57:06,360
Speaker 2: here from these assets, it comes back as dividends to

1266
00:57:06,400 --> 00:57:09,360
Speaker 2: our children, not as interest off shore. And that's the

1267
00:57:09,400 --> 00:57:12,600
Speaker 2: fundamental brainwashing exercise that happened to us in our generation,

1268
00:57:13,200 --> 00:57:15,640
Speaker 2: is that we weren't taught the difference between debt and equity,

1269
00:57:15,800 --> 00:57:19,480
Speaker 2: and we've grown up relying on foreign debt instead of

1270
00:57:19,520 --> 00:57:23,040
Speaker 2: generating out the mestic equity. All equity is title. Our

1271
00:57:23,080 --> 00:57:26,000
Speaker 2: forefathers built this country. They gave us this title, They

1272
00:57:26,000 --> 00:57:28,480
Speaker 2: fought for it, they built it right. We have title

1273
00:57:28,560 --> 00:57:30,400
Speaker 2: over all the rain that comes out of sky, free,

1274
00:57:30,440 --> 00:57:32,960
Speaker 2: all the sunlight, the minerals in the soil. We have

1275
00:57:33,080 --> 00:57:35,720
Speaker 2: that title, why do we give it away? So if

1276
00:57:35,720 --> 00:57:37,720
Speaker 2: we build a dam for a billion dollars, for example,

1277
00:57:37,760 --> 00:57:40,040
Speaker 2: and most governments will go out and borrow a billion

1278
00:57:40,080 --> 00:57:42,680
Speaker 2: dollars off shore, that means the first billion dollars in

1279
00:57:42,720 --> 00:57:44,880
Speaker 2: wealth we make, we just let it go off shore,

1280
00:57:45,240 --> 00:57:48,080
Speaker 2: and another twenty five playing back. Yeah, and another twenty

1281
00:57:48,080 --> 00:57:50,400
Speaker 2: five years interest of four percent. That's another billion dollars

1282
00:57:50,440 --> 00:57:52,560
Speaker 2: in interest paid off shore. So we've just given up

1283
00:57:52,560 --> 00:57:55,560
Speaker 2: two billion dollars of our untapped wealth the foreign banks

1284
00:57:55,920 --> 00:57:59,360
Speaker 2: instead of here keeping it here for our children to inherit.

1285
00:57:59,440 --> 00:58:01,680
Speaker 2: And we have to do that because another stupid thing

1286
00:58:01,720 --> 00:58:04,880
Speaker 2: of what happened when Keating lived to capital controls. He

1287
00:58:04,960 --> 00:58:07,600
Speaker 2: allowed savings banks to go out and do whatever they liked.

1288
00:58:07,920 --> 00:58:10,760
Speaker 2: So of course Victorian savings bank State bank went out

1289
00:58:10,760 --> 00:58:11,720
Speaker 2: and bought Tricontinental.

1290
00:58:11,800 --> 00:58:13,040
Speaker 1: You'd remember this, I do remember it.

1291
00:58:13,520 --> 00:58:16,880
Speaker 2: Sent the bank broke, nearly sent Victorian state government broke

1292
00:58:16,960 --> 00:58:19,680
Speaker 2: John Kerner. So then Jeff Kennett came in and started

1293
00:58:19,680 --> 00:58:22,760
Speaker 2: privatizing all our assets, state assets. And of course this

1294
00:58:22,800 --> 00:58:25,200
Speaker 2: is you know, we talk about the federal government trillion

1295
00:58:25,200 --> 00:58:27,600
Speaker 2: dollar debt. State governments are even in a bigger places.

1296
00:58:27,680 --> 00:58:30,520
Speaker 1: Another trillionent adim all up. Absolutely. Yeah, there's another trillium

1297
00:58:30,560 --> 00:58:33,880
Speaker 1: we are in Australia. National ended, state and state government

1298
00:58:33,960 --> 00:58:37,600
Speaker 1: debt added together is two trillion dollars, that's correct.

1299
00:58:37,720 --> 00:58:39,680
Speaker 2: Yeah, and don't forget the four hundred and sixty billion

1300
00:58:39,720 --> 00:58:41,640
Speaker 2: dollars sitting in franking credits that haven't been paid out

1301
00:58:41,720 --> 00:58:44,280
Speaker 2: yet either. Well yeah, so no one ever talks about

1302
00:58:44,320 --> 00:58:46,600
Speaker 2: that either. So that's another policy of the lot to

1303
00:58:46,600 --> 00:58:50,200
Speaker 2: talk about later. But so this is the thing. We've

1304
00:58:50,240 --> 00:58:53,880
Speaker 2: got to secure title over our unsapped wealth because that's

1305
00:58:53,920 --> 00:58:56,120
Speaker 2: the only way out of this mess, is to go

1306
00:58:56,240 --> 00:59:00,440
Speaker 2: back to building infrastructure that's going to generate recurring wealth.

1307
00:59:00,680 --> 00:59:03,560
Speaker 2: Because when we privatized all that infrastructure, we started letting

1308
00:59:03,640 --> 00:59:06,600
Speaker 2: even more assets go off shore. But even more importantly,

1309
00:59:07,080 --> 00:59:09,040
Speaker 2: we started to let go of the skills that our

1310
00:59:09,120 --> 00:59:11,440
Speaker 2: children needs. Not enough to just build an infrastructure and

1311
00:59:11,480 --> 00:59:14,480
Speaker 2: leave them infrastructure. We've got to teach them the right skills.

1312
00:59:14,480 --> 00:59:16,600
Speaker 2: So complementing our infrastructure.

1313
00:59:16,040 --> 00:59:19,200
Speaker 1: Bank isn't is this coming to the RBA head Well?

1314
00:59:19,280 --> 00:59:25,280
Speaker 2: Under monetary policy monetary policy, monetary policy, you manage monetary

1315
00:59:25,320 --> 00:59:28,080
Speaker 2: policy through three leaves qualitative easing, which is what we

1316
00:59:28,160 --> 00:59:30,680
Speaker 2: do now, which yet again changing. If you've got washed

1317
00:59:30,720 --> 00:59:32,800
Speaker 2: up in a desert island, would you go and pull

1318
00:59:32,800 --> 00:59:35,480
Speaker 2: some leaves off a tree and start bartering leaves and

1319
00:59:35,560 --> 00:59:38,200
Speaker 2: changing the price of the leaves. No, you'd actually start building,

1320
00:59:38,600 --> 00:59:41,800
Speaker 2: you know, a fire, you'd build a house, you'd look

1321
00:59:41,800 --> 00:59:45,440
Speaker 2: for a water supply. You'd actually start building infrastructures. Yet,

1322
00:59:45,560 --> 00:59:48,160
Speaker 2: not not manipulating the price of paper assets, but building

1323
00:59:48,200 --> 00:59:51,560
Speaker 2: really infrastructure. So we rely too heavily on qualitative easy.

1324
00:59:51,640 --> 00:59:54,520
Speaker 2: I used to go ask the ABI this and estimates. Right,

1325
00:59:54,520 --> 00:59:56,160
Speaker 2: of course, their hands are tired because they can only

1326
00:59:56,200 --> 00:59:59,560
Speaker 2: deal with qualitative easing. What we need to do is

1327
00:59:59,720 --> 01:00:03,160
Speaker 2: deal with quantitative easing, I build real assets and expand

1328
01:00:03,160 --> 01:00:05,240
Speaker 2: the volume of credit, which, by the way, in the

1329
01:00:05,320 --> 01:00:08,680
Speaker 2: nineteen thirty seven Banking Raw Commission, the recommendation of that

1330
01:00:08,800 --> 01:00:11,920
Speaker 2: Raw Commission was the central bank shoill always control the

1331
01:00:11,960 --> 01:00:14,919
Speaker 2: volume of credit in the system, not foreign banks, our

1332
01:00:14,960 --> 01:00:18,760
Speaker 2: central bank. So we've got to use quantitative easing. And

1333
01:00:18,800 --> 01:00:21,200
Speaker 2: any other way, of course, is through macro potential controls.

1334
01:00:21,200 --> 01:00:23,400
Speaker 2: You know, you can't have a five percent deposit, You've

1335
01:00:23,400 --> 01:00:25,240
Speaker 2: got to have a twenty percent deposit for a house.

1336
01:00:25,560 --> 01:00:29,160
Speaker 2: You know, Savings banks can't go buying investment banks things

1337
01:00:29,240 --> 01:00:33,840
Speaker 2: like that. So this all comes under monetary policy, under

1338
01:00:33,840 --> 01:00:38,000
Speaker 2: the lever of quantitative easing, but in a productive manner.

1339
01:00:38,160 --> 01:00:39,920
Speaker 2: So we're going to bring back our bank over here

1340
01:00:39,960 --> 01:00:42,040
Speaker 2: to keep branches open in the regions because as you know,

1341
01:00:42,040 --> 01:00:44,320
Speaker 2: a lot of bank branches are closing in regional Australia.

1342
01:00:44,600 --> 01:00:47,200
Speaker 2: That's no good for businesses in small towns that you

1343
01:00:47,480 --> 01:00:50,280
Speaker 2: can't access the bank and get banking services. Plus O

1344
01:00:50,680 --> 01:00:56,280
Speaker 2: plus our state government Insurance office Infrastructure bank over here

1345
01:00:56,320 --> 01:00:58,400
Speaker 2: that will also make money. We're going to put the

1346
01:00:58,440 --> 01:01:01,200
Speaker 2: profits from those two banks into a middle bank called

1347
01:01:01,240 --> 01:01:04,840
Speaker 2: the Infrastructure Bank, sorry, a development bank, and that development

1348
01:01:04,880 --> 01:01:08,880
Speaker 2: bank will also lend back to state governments for schools

1349
01:01:09,040 --> 01:01:13,280
Speaker 2: of cost center infrastructure schools, hospitals, for counsels for things

1350
01:01:13,320 --> 01:01:15,800
Speaker 2: like sewerage works, so that the sort of stuff of

1351
01:01:15,800 --> 01:01:17,320
Speaker 2: the subs council, building houses.

1352
01:01:17,520 --> 01:01:17,760
Speaker 1: Yeah.

1353
01:01:18,000 --> 01:01:20,880
Speaker 2: Yeah, But what we want to do is by having

1354
01:01:20,960 --> 01:01:24,040
Speaker 2: that three bank policy, we want to remove the cost

1355
01:01:24,080 --> 01:01:27,960
Speaker 2: of finance on our own currency for governments because we're

1356
01:01:28,000 --> 01:01:30,560
Speaker 2: really at the moment paying tax twice once through using

1357
01:01:30,600 --> 01:01:33,600
Speaker 2: the utility the infrastructure and again on the interest that

1358
01:01:33,640 --> 01:01:36,160
Speaker 2: we have to borrow to build that infrastructure.

1359
01:01:36,360 --> 01:01:38,400
Speaker 1: There must have been realized we're borrowing the interest to

1360
01:01:39,320 --> 01:01:42,320
Speaker 1: pay the principle. Yeah, exactly, Yeah, and we don't need

1361
01:01:42,360 --> 01:01:43,960
Speaker 1: to do that. We should issue it as equity, not

1362
01:01:44,000 --> 01:01:46,840
Speaker 1: as dead, but on the condition that it's secured against

1363
01:01:46,840 --> 01:01:48,680
Speaker 1: an our set that makes money, just like you're doing

1364
01:01:48,720 --> 01:01:49,360
Speaker 1: a bank. Yeah.

1365
01:01:49,520 --> 01:01:52,160
Speaker 2: Right, Like someone came to Wizard and said, oh, I

1366
01:01:52,200 --> 01:01:54,120
Speaker 2: want to borrow a million bucks and didn't have any collateral,

1367
01:01:54,160 --> 01:01:56,160
Speaker 2: you wouldn't lend them to them. So they've got to

1368
01:01:56,200 --> 01:01:58,160
Speaker 2: have it's got to be a hardcore asset. And we've

1369
01:01:58,200 --> 01:02:01,520
Speaker 2: got a seven million square that is twenty eight million people.

1370
01:02:01,560 --> 01:02:04,240
Speaker 2: We have so much potential in this country. We need

1371
01:02:04,280 --> 01:02:06,600
Speaker 2: to invest in our own future, for our own children.

1372
01:02:07,200 --> 01:02:10,440
Speaker 2: And complementing this is bringing back a military apprenticeship scheme

1373
01:02:10,920 --> 01:02:16,040
Speaker 2: that will actually start to train our younger people and

1374
01:02:16,080 --> 01:02:18,479
Speaker 2: get a lot more people back on the tools. So

1375
01:02:18,960 --> 01:02:22,120
Speaker 2: I was born nineteen seventy. My sister was born sixty four.

1376
01:02:22,240 --> 01:02:25,040
Speaker 2: So when she went to high school in seventy seven,

1377
01:02:25,120 --> 01:02:27,400
Speaker 2: there were four classes in grade eight. By the time

1378
01:02:27,440 --> 01:02:29,880
Speaker 2: she left in year twelve, there was half a class left.

1379
01:02:30,040 --> 01:02:33,280
Speaker 2: It's been forty years since the Button Plan that generation

1380
01:02:33,520 --> 01:02:37,240
Speaker 2: is now retiring. That was the last generation whereby more

1381
01:02:37,280 --> 01:02:41,240
Speaker 2: people are on the tools than in paper shuffling in offices.

1382
01:02:41,720 --> 01:02:43,640
Speaker 2: So we're going to have this. This is why we

1383
01:02:43,720 --> 01:02:46,600
Speaker 2: have to have such a high immigration rate for skilled labor,

1384
01:02:46,920 --> 01:02:49,120
Speaker 2: because so many people that were trained on the tools

1385
01:02:49,120 --> 01:02:53,200
Speaker 2: and doing apprenticeships, they're all retiring. And our younger generation

1386
01:02:53,320 --> 01:02:55,520
Speaker 2: ended up going off to university thanks to the Dawkins

1387
01:02:55,520 --> 01:02:58,800
Speaker 2: plane late eighties nineteen ninety we all sent them off

1388
01:02:58,840 --> 01:03:01,320
Speaker 2: to the university to get broken binwashed, right, So we've

1389
01:03:01,320 --> 01:03:02,720
Speaker 2: got to get them back on the tools, and that's

1390
01:03:02,720 --> 01:03:05,360
Speaker 2: what this military apprenticeship will do. And we want to

1391
01:03:05,400 --> 01:03:06,920
Speaker 2: expand the men join the military.

1392
01:03:07,160 --> 01:03:07,640
Speaker 1: Yeah. Yeah.

1393
01:03:07,800 --> 01:03:10,480
Speaker 2: The reason why is that it's very You don't get

1394
01:03:10,480 --> 01:03:11,880
Speaker 2: paid a lot as an apprentice, So if we can

1395
01:03:11,880 --> 01:03:16,880
Speaker 2: give them free accommodation, food and food, it'll help them

1396
01:03:17,400 --> 01:03:20,680
Speaker 2: save money. What they earn they get to keep. And

1397
01:03:20,720 --> 01:03:22,480
Speaker 2: then we want to use that as a pathway into

1398
01:03:22,720 --> 01:03:26,920
Speaker 2: a military engineering call, civil engineering call and un Mechanical

1399
01:03:26,920 --> 01:03:30,440
Speaker 2: Electrical Engineering Corps to actually start building roads and power stations.

1400
01:03:30,680 --> 01:03:34,840
Speaker 2: Because wee snowy hydro two two billion budget, blowing out

1401
01:03:34,840 --> 01:03:39,720
Speaker 2: the forty finion but not finished yet not even finished, right,

1402
01:03:39,800 --> 01:03:41,640
Speaker 2: I mean, you can't pick up the phone if not

1403
01:03:41,680 --> 01:03:43,560
Speaker 2: don't want to get involved with the war. But you

1404
01:03:43,600 --> 01:03:45,560
Speaker 2: can't pick up a phone to a foreign building contractor

1405
01:03:45,600 --> 01:03:46,720
Speaker 2: in the middle of the war and ask them to

1406
01:03:46,720 --> 01:03:48,760
Speaker 2: rebuild the road if it gets bombed. You know, we've

1407
01:03:48,800 --> 01:03:51,280
Speaker 2: got to have the ability here to build ourselves, build

1408
01:03:51,320 --> 01:03:54,919
Speaker 2: for ourselves, and we don't really have much manufacturing left.

1409
01:03:55,000 --> 01:03:56,680
Speaker 2: So if we can do it, and it's not you know,

1410
01:03:56,720 --> 01:03:59,120
Speaker 2: it's not compulsory, it's not anything like that. It's just

1411
01:03:59,160 --> 01:04:01,480
Speaker 2: an alternative that if you want to leave school at sixteen,

1412
01:04:02,560 --> 01:04:04,400
Speaker 2: we'll pay for you. And we're going to fund that

1413
01:04:04,440 --> 01:04:07,720
Speaker 2: by increasing student visa fees from well it's just gone

1414
01:04:07,760 --> 01:04:10,800
Speaker 2: to five thousand it was two thousand to twenty thousand dollars.

1415
01:04:10,960 --> 01:04:13,120
Speaker 2: So if you're a foreign student, you know, they come here,

1416
01:04:13,160 --> 01:04:14,720
Speaker 2: they can pay up to one hundred thousand dollars for

1417
01:04:14,840 --> 01:04:19,160
Speaker 2: university degree only. The government's only been clipping two thousand

1418
01:04:19,160 --> 01:04:21,840
Speaker 2: dollars for student visa. Why are we doing that? If

1419
01:04:21,840 --> 01:04:23,600
Speaker 2: you're here for four years two hundred weeks, that's ten

1420
01:04:23,640 --> 01:04:26,240
Speaker 2: dollars a week rent for our infrastructure. We should charge

1421
01:04:26,240 --> 01:04:28,360
Speaker 2: one hundred dollars a week for our infrastructure, get twenty

1422
01:04:28,360 --> 01:04:31,440
Speaker 2: grand and then for three hundred thousand foreign students, we

1423
01:04:31,520 --> 01:04:33,360
Speaker 2: want to bring it down for a million. Get six

1424
01:04:33,400 --> 01:04:37,120
Speaker 2: billion in FIGN student fees, visa fees that can help

1425
01:04:37,160 --> 01:04:40,280
Speaker 2: fund our military apprentices. Who you sit down with it

1426
01:04:40,320 --> 01:04:42,040
Speaker 2: working all this stuff out. Oh, I just do it myself.

1427
01:04:42,080 --> 01:04:43,640
Speaker 2: I do and know, I just sort of I've been

1428
01:04:43,680 --> 01:04:46,040
Speaker 2: thinking about this stuff for twenty years. So this is

1429
01:04:46,080 --> 01:04:47,960
Speaker 2: the only reason. I mean, I've lost my position as

1430
01:04:48,000 --> 01:04:50,120
Speaker 2: a senator, as you know. But it's just this drive

1431
01:04:50,320 --> 01:04:53,400
Speaker 2: to get these ideas out there because it just kills me,

1432
01:04:53,440 --> 01:04:56,640
Speaker 2: like I'm so grateful to sacrifice as my own parents,

1433
01:04:57,080 --> 01:05:00,400
Speaker 2: my forefathers, that I want to make sure get the

1434
01:05:00,400 --> 01:05:02,439
Speaker 2: same opportunity as our forefather escaped to us.

1435
01:05:02,480 --> 01:05:05,680
Speaker 1: What was fifth? Second? Vision? Second?

1436
01:05:05,760 --> 01:05:07,200
Speaker 2: I just want to have a little story there before

1437
01:05:07,240 --> 01:05:08,880
Speaker 2: I get to the fifth one. So, as you know,

1438
01:05:09,000 --> 01:05:10,800
Speaker 2: the first guy to issue in currency in Australia was

1439
01:05:10,840 --> 01:05:13,680
Speaker 2: Lochland Macquarie. First seventeen years of the colony, they relied

1440
01:05:13,720 --> 01:05:15,720
Speaker 2: on foreign currency. There was a drought in eighteen hundred

1441
01:05:15,720 --> 01:05:18,560
Speaker 2: and five that foreign currency got repatriated, so they started

1442
01:05:18,560 --> 01:05:21,160
Speaker 2: bartering in rum that literally went tits up thanks the

1443
01:05:21,240 --> 01:05:23,960
Speaker 2: Rum rebellion. So Lochland mcquarie was the first governmor to

1444
01:05:23,960 --> 01:05:26,640
Speaker 2: come to Australia and says, look at us as a country,

1445
01:05:26,760 --> 01:05:28,880
Speaker 2: not a colony. So you need to run a country.

1446
01:05:28,920 --> 01:05:31,000
Speaker 2: You need obviously a military to provide law and order,

1447
01:05:31,240 --> 01:05:34,000
Speaker 2: a taxation system and a monetary system. He issued the

1448
01:05:34,000 --> 01:05:37,280
Speaker 2: Holy Dollar, as you know, which is built the Sydney Hospital.

1449
01:05:37,280 --> 01:05:39,560
Speaker 2: Syney Barracks would still stand on the Quarry Street today.

1450
01:05:40,800 --> 01:05:43,160
Speaker 2: But what was interesting was he used that Spanish paso,

1451
01:05:43,480 --> 01:05:46,680
Speaker 2: which was the reserve currency of its day, as our currency.

1452
01:05:46,720 --> 01:05:48,280
Speaker 2: But what he did he punched a hole in it,

1453
01:05:48,560 --> 01:05:50,240
Speaker 2: and he punched a hole in it to make sure

1454
01:05:50,280 --> 01:05:52,800
Speaker 2: it didn't get exported offshore again. So this is our

1455
01:05:52,840 --> 01:05:55,280
Speaker 2: last policy. We want to increase the rate of tax

1456
01:05:55,640 --> 01:05:58,240
Speaker 2: on profits sent off shore to be higher than the

1457
01:05:58,320 --> 01:06:03,800
Speaker 2: rate of tax here in this country. So because ultimately

1458
01:06:03,840 --> 01:06:05,840
Speaker 2: you take fires. In twenty twenty two they made one

1459
01:06:05,880 --> 01:06:08,520
Speaker 2: point four billion dollars in sales here, they shifted a

1460
01:06:08,560 --> 01:06:11,640
Speaker 2: billion dollars off shore in royalties to island. Island's got

1461
01:06:11,680 --> 01:06:13,440
Speaker 2: a company tax rate at twelve and a half cents.

1462
01:06:13,600 --> 01:06:15,240
Speaker 1: As long as you're in the middle of Dublin.

1463
01:06:15,560 --> 01:06:18,320
Speaker 2: Yeah, in middle of Dublin, in the tax free area, yeah,

1464
01:06:18,400 --> 01:06:22,280
Speaker 2: tax free area. And as withholding tax here of ten cents,

1465
01:06:22,640 --> 01:06:24,800
Speaker 2: so ten plus twelve so one of the things. Yet

1466
01:06:24,800 --> 01:06:26,880
Speaker 2: again we were taught you can't have double taxation. That's

1467
01:06:26,880 --> 01:06:29,240
Speaker 2: not right. I learned this at Westfield. It's the cumulative

1468
01:06:29,320 --> 01:06:31,920
Speaker 2: rate of tax that you have that matters, right, So

1469
01:06:32,000 --> 01:06:33,960
Speaker 2: ten plus twelve and a half is twenty two and

1470
01:06:34,000 --> 01:06:36,040
Speaker 2: a half. That's still seven and a half cents, less

1471
01:06:36,080 --> 01:06:38,680
Speaker 2: than thirty cents. So we lost when we let that

1472
01:06:38,720 --> 01:06:41,400
Speaker 2: billion dollars go off shore. We lost three hundred million

1473
01:06:41,440 --> 01:06:43,960
Speaker 2: dollars in company tax, which we did recoup one hundred

1474
01:06:44,120 --> 01:06:46,680
Speaker 2: with holding taxes. But we were two hundred million dollars

1475
01:06:46,680 --> 01:06:49,200
Speaker 2: worse off islands one hundred and twenty five million dollars

1476
01:06:49,200 --> 01:06:51,320
Speaker 2: better off of just having head office. So today that's

1477
01:06:51,320 --> 01:06:53,200
Speaker 2: all I had, by the way, Yeah, yeah, that's right,

1478
01:06:53,240 --> 01:06:55,360
Speaker 2: and they do. There's a foot four kilometer a circle.

1479
01:06:55,760 --> 01:06:58,800
Speaker 1: Yeah, and if you've got an office there, you'd pay

1480
01:06:59,120 --> 01:06:59,840
Speaker 1: the low tax rate.

1481
01:07:00,080 --> 01:07:03,320
Speaker 2: Yeah yeah, and to do nothing. Absolutely, but we let

1482
01:07:03,360 --> 01:07:04,960
Speaker 2: all this wealth. You go and get a plumber here

1483
01:07:04,960 --> 01:07:08,160
Speaker 2: in Sydney tonight. You google it and the plumbers based

1484
01:07:08,200 --> 01:07:10,480
Speaker 2: in Sydney, the customers based in Sydney. That money goes

1485
01:07:10,480 --> 01:07:13,840
Speaker 2: to Ireland. Did Ireland build or did you know Matter

1486
01:07:13,960 --> 01:07:17,640
Speaker 2: or Google or pisor build the cables you know that

1487
01:07:18,480 --> 01:07:21,280
Speaker 2: connected us to Ireland? No, of course not right. So

1488
01:07:21,440 --> 01:07:24,080
Speaker 2: we've got to start taxing profits that go offshore. This

1489
01:07:24,200 --> 01:07:25,080
Speaker 2: was the whole reason why.

1490
01:07:25,200 --> 01:07:25,560
Speaker 1: So I went.

1491
01:07:25,800 --> 01:07:28,080
Speaker 2: So back to my story. When I came home, I

1492
01:07:28,080 --> 01:07:30,160
Speaker 2: worked at the Bank of Queensland management account and treasury

1493
01:07:30,160 --> 01:07:33,800
Speaker 2: account securitization banking ops. Then worked at Westfield's six years

1494
01:07:33,840 --> 01:07:36,160
Speaker 2: in predominantly Treasury. But I did a march David Liddy.

1495
01:07:37,080 --> 01:07:39,640
Speaker 2: I didn't know David Liddy, that's right, yep, yep. He

1496
01:07:39,720 --> 01:07:43,280
Speaker 2: was big, hairy, awesome gold guy. Yeah yeah, so yeah.

1497
01:07:43,400 --> 01:07:45,439
Speaker 2: So I used to catch the ferry from Kangaroo Point

1498
01:07:45,440 --> 01:07:47,480
Speaker 2: across the river with David a few times as well.

1499
01:07:48,120 --> 01:07:50,480
Speaker 2: So he brought in a whole new mainframe, so he

1500
01:07:50,560 --> 01:07:53,080
Speaker 2: outsourced the mainframe services. So I worked on that and

1501
01:07:53,800 --> 01:07:56,600
Speaker 2: coding all the overnight in tonights into the bank settlements

1502
01:07:56,600 --> 01:07:59,520
Speaker 2: and everything like that. Now moved on to managing a

1503
01:07:59,600 --> 01:08:04,160
Speaker 2: team of around fifteen in banking ops, including treasury securitization.

1504
01:08:05,200 --> 01:08:08,520
Speaker 2: Good experience, yet again it's more bank but really worthwhile anyway.

1505
01:08:08,800 --> 01:08:10,640
Speaker 2: So I did a master the finance when I was

1506
01:08:10,680 --> 01:08:13,320
Speaker 2: there in the treasury stream, and then when I came

1507
01:08:13,360 --> 01:08:16,400
Speaker 2: to Sydney, I worked at Westfield Westfield. Unlike the Bank

1508
01:08:16,439 --> 01:08:19,439
Speaker 2: of Queensland which had about five subsidiaries, Westfield had about

1509
01:08:19,439 --> 01:08:22,400
Speaker 2: six hundred. And I was like, what's all this all about?

1510
01:08:22,439 --> 01:08:23,800
Speaker 2: And I realized it was all to do with tax,

1511
01:08:24,000 --> 01:08:25,880
Speaker 2: moving tax around the world and things like that, because

1512
01:08:25,840 --> 01:08:28,800
Speaker 2: obviously they had shopping centers in the US and the UK.

1513
01:08:29,320 --> 01:08:31,240
Speaker 2: But I did a master's tax law up in Sydney

1514
01:08:31,320 --> 01:08:34,280
Speaker 2: University and I was shocked at the number of sections

1515
01:08:34,360 --> 01:08:37,840
Speaker 2: in that tax Act that gave tax breaks to foreigners

1516
01:08:38,080 --> 01:08:42,760
Speaker 2: over to foreign investment in front of domestic investment. And

1517
01:08:42,800 --> 01:08:45,600
Speaker 2: this is killing us. So we can't have it on

1518
01:08:45,640 --> 01:08:47,840
Speaker 2: shore tax rate of thirty cents and an offshore tax

1519
01:08:47,920 --> 01:08:51,439
Speaker 2: rate depending on tax treaty between zero and fifteen. Because

1520
01:08:51,479 --> 01:08:55,320
Speaker 2: everyone is bending over backwards to shift profits offshore. We

1521
01:08:55,439 --> 01:08:58,439
Speaker 2: have to stop the leakage of profits offshore. So between

1522
01:08:58,479 --> 01:09:02,760
Speaker 2: building more infrastructure to generate more income, increasing taxes on foreigners,

1523
01:09:02,800 --> 01:09:05,920
Speaker 2: and cutting some government waste that's easier said than done.

1524
01:09:06,120 --> 01:09:08,439
Speaker 2: That's how we want to bring the budget back into

1525
01:09:08,439 --> 01:09:11,800
Speaker 2: balance as well as cut taxes for hard working Australians.

1526
01:09:12,840 --> 01:09:15,120
Speaker 1: There your policies, LL not call policies, I don't know

1527
01:09:15,120 --> 01:09:18,160
Speaker 1: what you call them, the headliners that they're five key policies.

1528
01:09:19,280 --> 01:09:23,480
Speaker 1: Let's say people first go to the next election twenty eight.

1529
01:09:23,520 --> 01:09:27,400
Speaker 1: We're talking about twenty eight. Can you get people to

1530
01:09:27,439 --> 01:09:29,200
Speaker 1: represent your seats? Very seats?

1531
01:09:29,800 --> 01:09:32,400
Speaker 2: We won't have any problem fillings are getting center candidate.

1532
01:09:33,360 --> 01:09:35,439
Speaker 2: We will show that we will struggle to fill one

1533
01:09:35,520 --> 01:09:37,519
Speaker 2: hundred and fifty seats. This is our first time around.

1534
01:09:37,520 --> 01:09:39,400
Speaker 2: Well there was themselves last year where we only had

1535
01:09:39,400 --> 01:09:41,920
Speaker 2: a standing start of about four months. So what we're

1536
01:09:41,920 --> 01:09:44,240
Speaker 2: working on is building our membership. So we're merging with

1537
01:09:44,280 --> 01:09:46,439
Speaker 2: the Citizens Party. We're going to get close to seven

1538
01:09:46,439 --> 01:09:49,000
Speaker 2: thousand members. I'm talking to a couple of other minor

1539
01:09:49,040 --> 01:09:51,200
Speaker 2: parties hopefully if we can bring on them board, we'll

1540
01:09:51,200 --> 01:09:54,000
Speaker 2: get to ten thousand members. The Labor Party, as Benjmark,

1541
01:09:54,040 --> 01:09:57,559
Speaker 2: has about fifty thousand members nationally. And how all we

1542
01:09:57,600 --> 01:10:00,960
Speaker 2: can do is through opportunities like you've great given me

1543
01:10:01,040 --> 01:10:03,639
Speaker 2: today and I appreciate it. Is get our word out there,

1544
01:10:03,680 --> 01:10:06,719
Speaker 2: talk about our policies through grassroots involvement, so social media,

1545
01:10:07,160 --> 01:10:09,080
Speaker 2: going to the markets and talking to people in the

1546
01:10:09,120 --> 01:10:11,639
Speaker 2: community about our policies. And we just want to really

1547
01:10:11,640 --> 01:10:14,400
Speaker 2: focus on the vision for tomorrow as well as you know,

1548
01:10:14,600 --> 01:10:16,479
Speaker 2: obviously we want a solution today, but we want to

1549
01:10:16,520 --> 01:10:18,240
Speaker 2: just really want to stress the importance that we do

1550
01:10:18,280 --> 01:10:20,840
Speaker 2: live in a great country. We owe it to our

1551
01:10:20,880 --> 01:10:23,360
Speaker 2: children to give them the opportunities our forefathers gave to

1552
01:10:23,479 --> 01:10:26,200
Speaker 2: us and to be more optimistic. So we do want

1553
01:10:26,200 --> 01:10:28,200
Speaker 2: to have a point of difference there in the sense

1554
01:10:28,240 --> 01:10:32,080
Speaker 2: that we yeah, well, I mean inevitably sometimes I get

1555
01:10:32,160 --> 01:10:36,000
Speaker 2: dragged into the toxic toxicity, you know, sue a pit

1556
01:10:36,120 --> 01:10:40,400
Speaker 2: of social media. But we do have solutions and there

1557
01:10:40,479 --> 01:10:41,840
Speaker 2: is a way out of the mess that we're in.

1558
01:10:42,439 --> 01:10:44,000
Speaker 2: We've just got to go back to basics, and that

1559
01:10:44,160 --> 01:10:47,240
Speaker 2: is you know, hard work, believing in family, you know,

1560
01:10:47,600 --> 01:10:50,559
Speaker 2: and believing in the community in this great country called Australia.

1561
01:10:50,640 --> 01:10:52,720
Speaker 1: You know, it's funny, I was only thing the other

1562
01:10:52,800 --> 01:10:55,960
Speaker 1: day when I was a kid growing up. It's interesting

1563
01:10:56,160 --> 01:10:58,400
Speaker 1: you should say that because when I was a kid

1564
01:10:58,479 --> 01:11:02,040
Speaker 1: running we sort of went like this was in different

1565
01:11:02,080 --> 01:11:04,880
Speaker 1: order for different people. But these three elements always included

1566
01:11:04,920 --> 01:11:08,760
Speaker 1: everyone's conversation God, family, country or family, country, God or

1567
01:11:08,800 --> 01:11:12,240
Speaker 1: whatever the matter, what the priority list was, but it

1568
01:11:12,280 --> 01:11:15,559
Speaker 1: was sort of those three things you wanted everybody. That's

1569
01:11:15,640 --> 01:11:18,800
Speaker 1: all our values. We all stood for our country, yeah,

1570
01:11:18,880 --> 01:11:21,360
Speaker 1: we all stood for our God, whichever god that was. Yeah,

1571
01:11:21,400 --> 01:11:24,679
Speaker 1: and for our family. Yeah, there are our three main values. Yeah.

1572
01:11:25,120 --> 01:11:27,280
Speaker 1: We sort we sight of that a little bit, haven't we. Yeah?

1573
01:11:27,320 --> 01:11:30,000
Speaker 2: Absolutely, you know, I still think the high point of

1574
01:11:30,080 --> 01:11:33,360
Speaker 2: our national identity was Bob Hawk in nineteen ninety eight,

1575
01:11:33,800 --> 01:11:37,960
Speaker 2: nineteen eighty eight, sorry, at the Opera House, you know,

1576
01:11:38,000 --> 01:11:40,680
Speaker 2: and that bi centennial celebrations on the Sydney Harbor. They

1577
01:11:40,680 --> 01:11:41,640
Speaker 2: were just magnificent.

1578
01:11:42,000 --> 01:11:45,320
Speaker 1: Yeah, straight off for the America's Cup challenge. Yeah seven Yeah, Yeah,

1579
01:11:45,320 --> 01:11:45,840
Speaker 1: that's right.

1580
01:11:46,040 --> 01:11:48,160
Speaker 2: And Bob Hawk and I don't normally agree with Bob

1581
01:11:48,160 --> 01:11:49,639
Speaker 2: Hawk on a lot of things, but he said something

1582
01:11:49,680 --> 01:11:51,360
Speaker 2: that I think we should reflect on a lot. He

1583
01:11:51,439 --> 01:11:55,760
Speaker 2: said there should be no hierarchy of origin in this country.

1584
01:11:56,040 --> 01:11:58,360
Speaker 2: And he's banging on about that it doesn't matter when

1585
01:11:58,400 --> 01:12:00,880
Speaker 2: you got here. If you put your first and love

1586
01:12:00,960 --> 01:12:03,640
Speaker 2: your country and want a better life for your children.

1587
01:12:03,280 --> 01:12:04,520
Speaker 1: That's it. That's it.

1588
01:12:04,640 --> 01:12:07,920
Speaker 2: You know, and our founding fathers in Section one sixteen eight,

1589
01:12:07,960 --> 01:12:10,360
Speaker 2: they said there is freedom of religion. They did that

1590
01:12:10,479 --> 01:12:13,160
Speaker 2: because they did not want religion in politics, and that's

1591
01:12:13,200 --> 01:12:16,160
Speaker 2: really really important, you know, our founding fathers. You know,

1592
01:12:16,400 --> 01:12:19,800
Speaker 2: the Constitution could do with a few tweaks, but they

1593
01:12:19,840 --> 01:12:21,640
Speaker 2: did a very good job in doing that. And I

1594
01:12:21,640 --> 01:12:23,880
Speaker 2: don't think people realize that the reason why they put

1595
01:12:23,880 --> 01:12:26,560
Speaker 2: that in there is that they believe that religion and

1596
01:12:26,600 --> 01:12:27,880
Speaker 2: politics needed to be separate.

1597
01:12:28,080 --> 01:12:31,360
Speaker 1: So is people first party? Are you sort of saying

1598
01:12:31,400 --> 01:12:35,240
Speaker 1: to us, let's get back to basics. Absolutely, but I

1599
01:12:35,240 --> 01:12:39,120
Speaker 1: don't mean they be simple, but just what is fundamentally

1600
01:12:39,120 --> 01:12:43,200
Speaker 1: important exactly for us to exist? Yeah, which is your family? Yeah,

1601
01:12:43,360 --> 01:12:45,639
Speaker 1: you know it's like it's but also a country. Look

1602
01:12:45,640 --> 01:12:47,280
Speaker 1: at our country, Look all we've got.

1603
01:12:47,200 --> 01:12:50,000
Speaker 2: Yeah, yeah, and your country yeah, and we and look

1604
01:12:50,160 --> 01:12:52,280
Speaker 2: having you know, spend all that time traveling. We are

1605
01:12:52,320 --> 01:12:55,920
Speaker 2: so lucky as a country, and I just sometimes think

1606
01:12:55,960 --> 01:12:57,720
Speaker 2: we forget about it and we should not be so

1607
01:12:57,840 --> 01:13:01,519
Speaker 2: pessimistic about what we have here and the opportunities we have. Sure,

1608
01:13:01,560 --> 01:13:03,559
Speaker 2: we've had a probably rough decade where we've been going

1609
01:13:03,600 --> 01:13:05,800
Speaker 2: in the wrong direction. No one denies that, and both

1610
01:13:05,880 --> 01:13:09,280
Speaker 2: major parties are the blame for that. But you know,

1611
01:13:09,479 --> 01:13:11,080
Speaker 2: it doesn't mean to say we can't turn it around.

1612
01:13:11,160 --> 01:13:14,240
Speaker 2: I mean, two hundred years ago, pioneering forefathers were coming

1613
01:13:14,280 --> 01:13:18,160
Speaker 2: out here, you know, beating a path through the scrub,

1614
01:13:18,560 --> 01:13:20,920
Speaker 2: you know, putting up with snakes, and if you got

1615
01:13:20,920 --> 01:13:22,719
Speaker 2: bitten by a snake, you can just go to the hospital.

1616
01:13:22,720 --> 01:13:26,519
Speaker 2: I mean, my mum's one of five children. Her three

1617
01:13:26,600 --> 01:13:29,680
Speaker 2: brothers all died within one year. So my grandparents, my

1618
01:13:29,720 --> 01:13:33,559
Speaker 2: grandmother lost three babies within one year, not sorry, within

1619
01:13:33,600 --> 01:13:36,800
Speaker 2: the first year of birth, So you know, I mean,

1620
01:13:36,840 --> 01:13:39,720
Speaker 2: it wasn't that long ago that women would lose many

1621
01:13:39,800 --> 01:13:43,080
Speaker 2: children in childbirth. So we've come a long way, and

1622
01:13:43,120 --> 01:13:45,760
Speaker 2: our forefathers had made so many sacrifices to make this

1623
01:13:45,800 --> 01:13:48,760
Speaker 2: country the great country it is. We've just got to

1624
01:13:49,080 --> 01:13:53,320
Speaker 2: constantly remind ourselves that we are so lucky and then

1625
01:13:53,479 --> 01:13:56,120
Speaker 2: use that to empower us and motivate us to get

1626
01:13:56,200 --> 01:13:58,559
Speaker 2: up and do the right things. And it waste time

1627
01:13:58,600 --> 01:14:01,160
Speaker 2: on social media if you're time on social media, not

1628
01:14:01,479 --> 01:14:04,320
Speaker 2: this social media course, but spending ten ten hours a

1629
01:14:04,360 --> 01:14:06,360
Speaker 2: week on social media. Cut it back to eight hours

1630
01:14:06,360 --> 01:14:09,320
Speaker 2: and put that two hours into doing something constructive, get

1631
01:14:09,360 --> 01:14:13,400
Speaker 2: involved with the political party. And because yet again, the

1632
01:14:13,479 --> 01:14:16,200
Speaker 2: combined membership of political parties in this country is around

1633
01:14:16,200 --> 01:14:18,720
Speaker 2: two hundred thousand people. Many, not many, it's less than

1634
01:14:18,760 --> 01:14:21,200
Speaker 2: my percent of the population. You know, you can't complain

1635
01:14:21,280 --> 01:14:23,640
Speaker 2: if the world's run by those you turn up, and

1636
01:14:23,680 --> 01:14:26,240
Speaker 2: if you're not going to turn up and get involved, well,

1637
01:14:26,360 --> 01:14:28,160
Speaker 2: of course the world's going to go in a direction

1638
01:14:28,200 --> 01:14:30,040
Speaker 2: that you don't want it to go because you're not

1639
01:14:30,080 --> 01:14:32,160
Speaker 2: doing anything about it to control your own destiny.

1640
01:14:32,400 --> 01:14:34,160
Speaker 1: Do you think that's an austraining thing though? Do you

1641
01:14:34,200 --> 01:14:36,920
Speaker 1: think we've been so spoilt, not at the moment, but

1642
01:14:36,960 --> 01:14:38,759
Speaker 1: we have been so bored over such a long period

1643
01:14:38,760 --> 01:14:42,920
Speaker 1: of time. Yeah, absolutely, and we don't feel the need

1644
01:14:43,040 --> 01:14:45,559
Speaker 1: to do these things. I think that that has been

1645
01:14:45,600 --> 01:14:47,920
Speaker 1: the case. I think that is changing. I definitely think

1646
01:14:47,920 --> 01:14:48,559
Speaker 1: it's changing now.

1647
01:14:48,640 --> 01:14:50,960
Speaker 2: Yeah, yeah, but it has been oh for sure. Yeah,

1648
01:14:51,080 --> 01:14:53,080
Speaker 2: and especially with that asset boom in the eighties and

1649
01:14:53,080 --> 01:14:56,000
Speaker 2: the nineties because we were losing product We were held

1650
01:14:56,080 --> 01:14:58,559
Speaker 2: up by the mining boom, for sure. But the mining

1651
01:14:58,600 --> 01:15:02,559
Speaker 2: boom has masked a lack of productivity through our manufacturing sector.

1652
01:15:02,880 --> 01:15:07,800
Speaker 2: It's allowed the public bureaucracy to blow out and bureaucracy

1653
01:15:07,840 --> 01:15:10,240
Speaker 2: not not public servants. So our teachers and our nurses

1654
01:15:10,280 --> 01:15:12,400
Speaker 2: and our policemen, there's not enough for them. There's too

1655
01:15:12,400 --> 01:15:15,040
Speaker 2: many bureaucrats, so we need to reach reorganize that.

1656
01:15:15,040 --> 01:15:17,400
Speaker 1: So maybe you just explained it, because I think that's

1657
01:15:17,439 --> 01:15:19,479
Speaker 1: a really important point, and I think we might finish

1658
01:15:19,479 --> 01:15:20,960
Speaker 1: off this. But this is a really important point, if

1659
01:15:20,960 --> 01:15:24,400
Speaker 1: you don't mind, Joe. People take the view that we

1660
01:15:24,479 --> 01:15:27,000
Speaker 1: have a lot of people talk about too many public servants,

1661
01:15:27,240 --> 01:15:31,160
Speaker 1: you know, but they don't talk about bureaucracy. Bureaucracy. And

1662
01:15:31,240 --> 01:15:32,840
Speaker 1: I'm someone lived in here for a long time and

1663
01:15:32,880 --> 01:15:36,599
Speaker 1: I know how bureaucracy works because some Gandhy made sure

1664
01:15:36,680 --> 01:15:39,559
Speaker 1: he created this bureaucracy because he needed to give everybody

1665
01:15:39,560 --> 01:15:42,160
Speaker 1: a job. Yeah right, yeah, demand how much you're paid,

1666
01:15:42,160 --> 01:15:44,240
Speaker 1: but everyone had a job. Yeah, And it was sort

1667
01:15:44,280 --> 01:15:46,559
Speaker 1: of bordering on communism, which is sort of where Gandy

1668
01:15:46,640 --> 01:15:49,200
Speaker 1: was at, Like, yeah, a country like India is poor,

1669
01:15:49,439 --> 01:15:52,679
Speaker 1: you had people had to have a job. Yeah. So yeah,

1670
01:15:52,800 --> 01:15:55,439
Speaker 1: maybe you just can explain to people the difference between

1671
01:15:55,479 --> 01:15:58,080
Speaker 1: public service, being in the service of the public and

1672
01:15:58,120 --> 01:16:01,000
Speaker 1: being in the bureaucracy.

1673
01:16:00,040 --> 01:16:02,439
Speaker 2: Different between two two different things. The public serves. So

1674
01:16:02,760 --> 01:16:05,200
Speaker 2: our nurses, our teachers. I mean my mom was a nurse.

1675
01:16:05,240 --> 01:16:08,080
Speaker 2: You know, my grandmother was a teacher. You know, our military,

1676
01:16:08,080 --> 01:16:11,000
Speaker 2: they serve the people. And that word public service is

1677
01:16:11,040 --> 01:16:13,679
Speaker 2: run around too much, and you often you know there's

1678
01:16:13,680 --> 01:16:15,680
Speaker 2: a sky news does it. Oh, we've got too many

1679
01:16:15,720 --> 01:16:17,960
Speaker 2: in public servants. It's too many. It's like no, no, no,

1680
01:16:18,000 --> 01:16:20,000
Speaker 2: hang on a minute. Don't go around bashing the front

1681
01:16:20,040 --> 01:16:22,600
Speaker 2: end workers. They work really hard, right, But do we

1682
01:16:22,680 --> 01:16:25,200
Speaker 2: have too many bureaucrats? Absolutely, And there's the bureaucrats in

1683
01:16:25,200 --> 01:16:27,800
Speaker 2: the back off that create your regulation, right, which not

1684
01:16:27,840 --> 01:16:30,200
Speaker 2: only is attacks, it's strangles productivity.

1685
01:16:30,560 --> 01:16:30,760
Speaker 1: Right.

1686
01:16:31,000 --> 01:16:32,680
Speaker 2: And one of our policies are called to this my

1687
01:16:32,720 --> 01:16:35,400
Speaker 2: Maine speech. We've got to have federation convention that looks

1688
01:16:35,400 --> 01:16:38,439
Speaker 2: at removing the duplications of roles and responsibilities between federal

1689
01:16:38,439 --> 01:16:41,760
Speaker 2: and state governments, and the vertical fiscal ambiguities between state

1690
01:16:41,800 --> 01:16:45,240
Speaker 2: and federal governments and the next level down thirty three

1691
01:16:45,280 --> 01:16:47,280
Speaker 2: councils in Sydney. Do we need that many?

1692
01:16:47,360 --> 01:16:47,839
Speaker 1: Ridiculous?

1693
01:16:47,840 --> 01:16:52,360
Speaker 2: It's ridiculous, right, Brisbane City's got four councils, the biggest one,

1694
01:16:52,439 --> 01:16:55,720
Speaker 2: Brisbane City Itself's got one point four million pairs works amazingly. Yeah,

1695
01:16:55,760 --> 01:16:58,920
Speaker 2: exact same as Gold Coast amazing Yeah, that's right, because

1696
01:16:59,000 --> 01:17:01,800
Speaker 2: I mean, I'm sure there's all inefficiencies in their bureaucracies,

1697
01:17:01,800 --> 01:17:04,280
Speaker 2: but at least there's only because we've often had this

1698
01:17:04,280 --> 01:17:06,000
Speaker 2: thing on our side of politics, where if you have

1699
01:17:06,400 --> 01:17:09,200
Speaker 2: the states competing, you'll get great to competition. But I've

1700
01:17:09,200 --> 01:17:11,680
Speaker 2: realized when it comes to bureaucrats, you're actually fighting an

1701
01:17:11,680 --> 01:17:14,679
Speaker 2: eight headed hydra, not one like you're better off having

1702
01:17:16,520 --> 01:17:20,120
Speaker 2: one level of bureaucracy. Seeable yet very simple and of course,

1703
01:17:20,479 --> 01:17:23,280
Speaker 2: ironically enough, the Tasmanian Dam's decision has led to this

1704
01:17:24,080 --> 01:17:26,479
Speaker 2: because it basically allowed Bob Hawk to go to the

1705
01:17:26,520 --> 01:17:28,440
Speaker 2: High Court and say, we want to stop the Tasmanian

1706
01:17:28,479 --> 01:17:31,880
Speaker 2: government for building a dam, not talking Franklin Dam's bidle Damn.

1707
01:17:31,880 --> 01:17:34,120
Speaker 2: Maybe it shouldn't have been damned, no argument there. But

1708
01:17:34,280 --> 01:17:36,639
Speaker 2: what that means now is every time the state government

1709
01:17:36,640 --> 01:17:39,759
Speaker 2: tries to do something, the federal government steps in according

1710
01:17:39,800 --> 01:17:42,920
Speaker 2: to some foreign treaty and over and stops the state

1711
01:17:42,960 --> 01:17:46,280
Speaker 2: government and doing anything. So we've got this real dysfunctional

1712
01:17:46,360 --> 01:17:49,759
Speaker 2: federation at the moment, and we've got to sort that out.

1713
01:17:49,880 --> 01:17:53,680
Speaker 1: The bureaucrats create a think called what I call the bureaucracy,

1714
01:17:54,200 --> 01:17:58,360
Speaker 1: which is by definition designed to be inefficient, and as

1715
01:17:58,400 --> 01:18:02,920
Speaker 1: a result of that, the inefficiency inefficiencies create jobs within

1716
01:18:02,960 --> 01:18:06,120
Speaker 1: the bureaucracy for bureaucrats exactly, and it just keeps feeding

1717
01:18:06,120 --> 01:18:09,320
Speaker 1: on itself and it becomes it's no one individual's fault.

1718
01:18:10,000 --> 01:18:12,800
Speaker 1: It's not the fault of the individual bureaucrat that's in

1719
01:18:12,840 --> 01:18:15,479
Speaker 1: the bureaucracy. I mean sometimes it is, but generally speaking

1720
01:18:15,520 --> 01:18:18,320
Speaker 1: it's not. It's the fault of the politicians who create

1721
01:18:18,400 --> 01:18:23,080
Speaker 1: the bureaucracy, and to some extent currently in our current regime,

1722
01:18:23,560 --> 01:18:28,000
Speaker 1: the bureaucracy protects certain politicians.

1723
01:18:27,520 --> 01:18:30,200
Speaker 2: And it'll protect itself. You're right, it's a hammer looking.

1724
01:18:31,160 --> 01:18:34,519
Speaker 1: They talk about AI one day taking over the world. Well,

1725
01:18:34,560 --> 01:18:36,640
Speaker 1: for me, we already have it. It's called a bureaucracy,

1726
01:18:36,840 --> 01:18:39,560
Speaker 1: and it's happening in a lot of countries like the

1727
01:18:39,600 --> 01:18:42,479
Speaker 1: UK's are got a great example. France is another great example.

1728
01:18:42,960 --> 01:18:45,880
Speaker 1: But Australia, the bureaucracy is a major problem for a

1729
01:18:45,920 --> 01:18:49,080
Speaker 1: country who's so small. Absolutely in terms of people, we're

1730
01:18:49,240 --> 01:18:52,679
Speaker 1: way way too big. And I agree public servants, people

1731
01:18:52,680 --> 01:18:56,599
Speaker 1: in the service of public they should get a medal. Yeah, yeah, exactly,

1732
01:18:56,640 --> 01:19:00,800
Speaker 1: And please don't confuse a public servant with aureaucrat. Yeah,

1733
01:19:00,840 --> 01:19:03,439
Speaker 1: that's exactly right. And the public servant gets paid, No,

1734
01:19:03,479 --> 01:19:05,479
Speaker 1: we knew what a bureaucrad gets paid either. There's a

1735
01:19:05,680 --> 01:19:09,960
Speaker 1: major disparity between you know, the reward for effort. Yeah,

1736
01:19:10,160 --> 01:19:13,920
Speaker 1: and that's what we would look at, is the bureaucrats. Yeah. Absolutely.

1737
01:19:14,080 --> 01:19:16,880
Speaker 1: I've had some exposure to it because I've shared quite

1738
01:19:16,880 --> 01:19:21,880
Speaker 1: a few task force for various governments and I have

1739
01:19:21,960 --> 01:19:24,280
Speaker 1: to do. The bureaucracy at the end of the day,

1740
01:19:24,360 --> 01:19:26,720
Speaker 1: kills off pretty much every innovative idea that I've ever

1741
01:19:26,720 --> 01:19:30,240
Speaker 1: come up with. Yeah. Yeah, they risk their risk adverse. Yeah.

1742
01:19:30,439 --> 01:19:32,799
Speaker 2: I caught up with some guys in the defense industry

1743
01:19:32,800 --> 01:19:34,920
Speaker 2: who are private contractors and they just said, you know,

1744
01:19:34,960 --> 01:19:38,000
Speaker 2: they're so frustrated with Australian military because they're so risk

1745
01:19:38,040 --> 01:19:41,400
Speaker 2: adverse and by the time they've actually you know, they

1746
01:19:41,439 --> 01:19:47,360
Speaker 2: want the proof of you know, concept concept before before

1747
01:19:47,520 --> 01:19:51,760
Speaker 2: they adopted prototyping, prototyping all this stuff, and as they

1748
01:19:51,760 --> 01:19:53,800
Speaker 2: were saying, by that stage, he's got no money left,

1749
01:19:53,880 --> 01:19:56,400
Speaker 2: We've got no money left, or and other countries coming

1750
01:19:56,479 --> 01:19:57,240
Speaker 2: up and even more.

1751
01:19:57,160 --> 01:19:59,400
Speaker 1: In that, which is why I think about it. I've

1752
01:19:59,400 --> 01:20:01,599
Speaker 1: got a I want really approve this, and I thinking

1753
01:20:01,600 --> 01:20:03,840
Speaker 1: about that bureaucross. He thinks about what are the reasons

1754
01:20:03,840 --> 01:20:06,160
Speaker 1: why I should not approve it, and that it doesn't

1755
01:20:06,200 --> 01:20:10,560
Speaker 1: matter whether it's defense or yeah, dams or whatever the

1756
01:20:10,600 --> 01:20:13,680
Speaker 1: infrastructure is. Yeah, it's about what are the reasons that

1757
01:20:13,840 --> 01:20:16,200
Speaker 1: there's a problem, because if they did it too efficiently,

1758
01:20:16,200 --> 01:20:18,240
Speaker 1: they do themselves out of a job. Yeah. Correct, Yeah,

1759
01:20:18,360 --> 01:20:23,240
Speaker 1: so feeds on itself. Yeah, exactly. Well, Jared Nick, I

1760
01:20:23,280 --> 01:20:27,520
Speaker 1: really want to thank you very much for your introduction

1761
01:20:27,680 --> 01:20:31,400
Speaker 1: to me, at least of the People First Party. I

1762
01:20:31,439 --> 01:20:32,160
Speaker 1: think it's amazing.

1763
01:20:32,280 --> 01:20:33,800
Speaker 2: We'll have a name change so too. By the way,

1764
01:20:33,800 --> 01:20:36,360
Speaker 2: it's going to be People's Party. I had Heritage Bank,

1765
01:20:36,400 --> 01:20:39,439
Speaker 2: you know Heritage You change their bank name to people First,

1766
01:20:39,439 --> 01:20:42,240
Speaker 2: and they've sued me copyright. Yeah, and as I said

1767
01:20:42,240 --> 01:20:44,240
Speaker 2: to the judge, I said, I don't have a license

1768
01:20:44,240 --> 01:20:46,840
Speaker 2: from APRA for showing potential regulation authority. This is a

1769
01:20:46,920 --> 01:20:48,920
Speaker 2: question of fact. But you let it go to trial.

1770
01:20:48,960 --> 01:20:50,200
Speaker 2: It was going to do it for three days and

1771
01:20:50,200 --> 01:20:51,599
Speaker 2: I was like, well, I don't like to look at

1772
01:20:51,600 --> 01:20:52,160
Speaker 2: these I'm.

1773
01:20:52,040 --> 01:20:54,400
Speaker 1: Just going to People's Party. Yeah, I should. I don't

1774
01:20:54,400 --> 01:20:57,439
Speaker 1: mind that People's Party. Yeah, Australia People's Party. It'll be

1775
01:20:57,640 --> 01:21:01,479
Speaker 1: slightly easier. Yeah, call theirselves people's party. You know it'll

1776
01:21:01,520 --> 01:21:04,600
Speaker 1: be abbreviged to that. But but yeah, but thanks for

1777
01:21:04,600 --> 01:21:07,360
Speaker 1: having me on, Mark. I look for fortunity. I look

1778
01:21:07,400 --> 01:21:10,840
Speaker 1: forward to it making some innroads in the twenty out

1779
01:21:10,880 --> 01:21:13,080
Speaker 1: election made cheers. Thanks, Mark, appreciate it.