WEBVTT - Gerrard Rennick on How Australia’s Economy Is Broken and How We Fix It

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<v Speaker 1>Joe Rennick So talk. Thanks for having me. It was

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<v Speaker 1>awesome to see here. You're the founder and leader of

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

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<v Speaker 1>little bit about that in the moment today, and is

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<v Speaker 1>where I'm going to get to. We do not have

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<v Speaker 1>enough in this country, enough real world experience in politics,

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<v Speaker 1>that's my view, and that's where I want to talk,

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<v Speaker 1>what I want to talk about and what it's doing

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

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<v Speaker 1>underline yours first.

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<v Speaker 2>Yeah, thanks Mark, And can I just hone in on

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<v Speaker 2>that a little bit more. We don't have enough real

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<v Speaker 2>world experience in capital markets that people don't understand. And

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<v Speaker 2>I've actually had to unlearn everything I've learned over the

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<v Speaker 2>last thirty years just to put that out there at

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<v Speaker 2>the start. But So born in nineteen seventy in a

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<v Speaker 2>small town that Chinchilla, about two hundred and eighty kilometers

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<v Speaker 2>west of Brisbane. So I grew up in a farm,

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<v Speaker 2>mixed farming. Mum was a nurse, dad was a farmer,

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<v Speaker 2>Miss be Butcher, and then it was an areal surveyor

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<v Speaker 2>and navigated large parts of Australia. So then your dad

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<v Speaker 2>did Yeah, we work for a company called that at Dashtra,

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<v Speaker 2>which is Latin to reach for the Stars. So he

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<v Speaker 2>actually was in the navy and was a navigator in

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<v Speaker 2>the Gannets, but he failed because he's deaf, and he's

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<v Speaker 2>genuinely deaf. So he ended up surveying western New South Wales,

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<v Speaker 2>parts of western New South Wales. He was a surveyor

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<v Speaker 2>on the when the west Gate Bridge was he surveyed

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<v Speaker 2>that and parts of the Trough. And actually on one

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<v Speaker 2>weekend he was out riding bulls in western New South Wales,

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<v Speaker 2>got kicked off and sent to hospital, got kicked in

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<v Speaker 2>the head and sent to hospital, and that's where I

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<v Speaker 2>met mum.

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

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<v Speaker 2>You said he was a bull rider, Well he partly, yeah,

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<v Speaker 2>on weekends. That wasn't his hearing.

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<v Speaker 1>No, it doesn't matter that.

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<v Speaker 2>Yeah, but yeah, he was a driver for nine months.

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<v Speaker 2>He actually drove a cattle from Rome down to Dubbo.

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<v Speaker 2>I think I'm a bit sketchy on that, but I

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<v Speaker 2>know he was a drover, you know as well, So

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<v Speaker 2>you know, just that typical knock about sort of upbringing.

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<v Speaker 2>He's still alive. He's ninety one, he's out my brother's

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<v Speaker 2>property out in western Queensland.

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<v Speaker 1>Yeah.

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<v Speaker 2>So anyway, farming background. But long story short, went and

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<v Speaker 2>completed a Bachelor of Commerce at the University of Queensland.

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<v Speaker 2>Then that was in and I graduated in poor heatings recession,

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<v Speaker 2>so I couldn't get work with it. I had interviews

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<v Speaker 2>with all the big five Big six at the time,

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<v Speaker 2>didn't get a job there and actually so ended up

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<v Speaker 2>going back to Dolby, which is near my hometown at Chinchilla,

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<v Speaker 2>and working there in public practice for three years. And

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<v Speaker 2>I have to say it was at the time I

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<v Speaker 2>thought it was the worst thing that ever happened to me,

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<v Speaker 2>but looking back, it was actually one of the best

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<v Speaker 2>things that ever happened to me. Because I was with

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<v Speaker 2>a small firm. I had face to face interaction with clients.

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<v Speaker 2>We did all different sorts of business services, tax, you know, auditing,

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<v Speaker 2>all those jobs, and I was at the cold face

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<v Speaker 2>of small business, which of course, as you know, is

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<v Speaker 2>the engine room in Fustrator's economy. So the second and

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<v Speaker 2>third year I started meeting clients and the actually offered

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<v Speaker 2>me a partnership when I turned twenty five. I left

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<v Speaker 2>when I was twenty three. But I still think that

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<v Speaker 2>was really good experience because what that gave you is

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<v Speaker 2>the ability to drill down into detail totally. And you know,

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<v Speaker 2>I see so many I used to see it at Westfield.

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<v Speaker 2>You know, the auditors had come in and they couldn't

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<v Speaker 2>actually drill down into detail.

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<v Speaker 1>And there's all high level stuff.

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<v Speaker 2>Yeah, it's all high level stuff and even and it's

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<v Speaker 2>right across not just the political spectrum, but the sector

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

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<v Speaker 2>many professional managers that haven't worked their way up from

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

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<v Speaker 1>JD.

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<v Speaker 2>Fance did a really good speech on it last year

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<v Speaker 2>where we spoke about when we outsourced manufacturing, we were

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<v Speaker 2>naive to think that we weren't going to lose the

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<v Speaker 2>skills that come with being on the shop floor. You know,

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<v Speaker 2>those little rule of thumbs that you only learn when

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

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<v Speaker 2>and that's why I said to you earlier on it

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<v Speaker 2>was one of the best things that ever happened to

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<v Speaker 2>me because it knocked a bit of sense into me

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<v Speaker 2>and it just gave me that grounding of knowing how

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<v Speaker 2>to drill down into data.

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<v Speaker 1>Yeah, and what happened after that? Where'd you go after that?

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<v Speaker 2>Well, so then I went overseas for what I thought

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<v Speaker 2>it was going to be two years, but ended up

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<v Speaker 2>staying for seven years. So I backpacked my well, I

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<v Speaker 2>backpacked my way through Africa for almost six months. Part

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<v Speaker 2>of that was on an ovaland truck trip. Exodus of

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<v Speaker 2>anyone gen X from the travels through Africa in the

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

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<v Speaker 2>Yet again, one part of the trip we actually climbed

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<v Speaker 2>Killman Jarro and then because I was really keen to

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<v Speaker 2>get into mountain climbing at that time, but we also

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<v Speaker 2>climbed Mount Karrasimbi, which was the mountain where the gorillas

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<v Speaker 2>and the mist were. And this was in the early nineties,

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<v Speaker 2>just after the movie came out. But interestingly enough, that night,

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<v Speaker 2>when we came off the mountain, as you do, so

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<v Speaker 2>this was in Rwanda, as you do when you're backpacking

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<v Speaker 2>in your early twenties, you go out drinking. So anyway,

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<v Speaker 2>we had Rwandan troops come and say to us, look,

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

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<v Speaker 2>But we'll let you drink if you buy us a

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<v Speaker 2>few beers. So we bought them a few beers and

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<v Speaker 2>had a bit of a conversation. Anyway, they gave us

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<v Speaker 2>an escort home with guns over their shoulders. We thought

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<v Speaker 2>it was all pretty jovial at the time. And that

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<v Speaker 2>was a Sunday night, and the war broke out on

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<v Speaker 2>the Wednesday, so we left on the Tuesday. Well yeah,

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<v Speaker 2>and the interesting thing about it at the time, and

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<v Speaker 2>obviously we're an outsiders looking in and that was a

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<v Speaker 2>French speaking country, not an English speaking country. But I

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<v Speaker 2>had no idea that that genocide was about to take place.

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<v Speaker 2>You know, that's a real big lesson I got from

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<v Speaker 2>traveling is how quickly things can go from peace to wartime.

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<v Speaker 2>So yeah, yeah, exactly, yeah, yeah, So got to London,

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<v Speaker 2>worked for let me just think about this now, British

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<v Speaker 2>BBC and British Rail. Interestingly enough interest and with British Rail,

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<v Speaker 2>this was at the time they privatizing British Rail, so

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<v Speaker 2>they offered people redundancies. So because all the people that

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<v Speaker 2>were quite the good workers and who backed themselves to

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<v Speaker 2>get another job when took the redundancy, and then they

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<v Speaker 2>realized that they lost a lot of their good workers,

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<v Speaker 2>so that the new contracting company had to come back

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<v Speaker 2>in and offer these people that took a redundancy actually

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<v Speaker 2>offered them a new contact to come back on the

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<v Speaker 2>following Monday and keep working, so that it was a

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<v Speaker 2>really interesting I mean I was just a contractor, you know,

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

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<v Speaker 2>it all, but it was yet another one of these

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<v Speaker 2>sort of chink in the armor about what I'd been

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<v Speaker 2>taught about the benefits of privatization in my university, to

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<v Speaker 2>you know, to see that we'll really, you know, this

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<v Speaker 2>privatization is everything it was cut up to be. Because

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<v Speaker 2>there's a lot of tension there between the people with

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<v Speaker 2>the contractors who used to be full time employees because

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<v Speaker 2>they've got a big payout verse those that didn't take

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<v Speaker 2>the payout and were still getting their wages. So that

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<v Speaker 2>was an interesting experience as well. But anyway, so I

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<v Speaker 2>worked for them, worked with BBC, so you know, I

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<v Speaker 2>did David Attenberg's time sheets and things like that. I

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<v Speaker 2>was out of the Ling studios as a management counting

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<v Speaker 2>out there. Oasis filmed Champagne soup and over the day

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<v Speaker 2>I was out there, I didn't see them, but they

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<v Speaker 2>were in a couple of rooms next door sort of

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<v Speaker 2>filming that. So that was all pretty cool. But then

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<v Speaker 2>I got a phone call one day saying, how would

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<v Speaker 2>you like a job traveling the world? You know, and

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

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<v Speaker 2>to you know, that's random, Yeah, yeah, very random. Yeah,

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

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<v Speaker 2>So I've got flat a damn stand for an interview

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<v Speaker 2>and it was probably the shortest account of interview I

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<v Speaker 2>over had the bloke to said if your account, you

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<v Speaker 2>shouldn't know what to do, and then he was more

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<v Speaker 2>interested in my travels to that date. And it turns

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<v Speaker 2>out he was from Brisbane as well. Glenn reed, if

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<v Speaker 2>you're still listening, And anyway, I got a job where

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<v Speaker 2>basically I was based out of Amsterdam for the next

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<v Speaker 2>three years. I was in and out of Amsteam about

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<v Speaker 2>fifteen sixteen times. But I had long story sure about

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<v Speaker 2>eight months in Amsterdam, eight months in Brazil, eight months

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<v Speaker 2>in Norway, eight months in the States, and six months

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<v Speaker 2>between Finland, Chili and Argentina, where I just basically was

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<v Speaker 2>well as my technical role as group financial international Controller.

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<v Speaker 2>And as my boss would say, people either do two

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<v Speaker 2>things when I hear that title, I over either fall

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<v Speaker 2>forward on their knees and start grovelling, or fall backwards

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<v Speaker 2>laughing at such a long winded name. But anyway, look,

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<v Speaker 2>it was just a general dog's body in finance world.

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<v Speaker 2>So board companies installed software, completed financial statements, things like that.

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<v Speaker 2>But it was a great experience because that's turned twenty

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<v Speaker 2>five by the time I got the job, and I

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<v Speaker 2>was basically paid to live in five star hotels and

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<v Speaker 2>go to work every day in different countries and on

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<v Speaker 2>the weekends. The weekends from mind, like when I was

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<v Speaker 2>in the States, you know, I was given the use

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<v Speaker 2>of a Mustang to drive around high cast I got

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<v Speaker 2>a Mustang, as you do. And that was in Sarah SAIDA.

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<v Speaker 2>We did a shared service implementation for all the back

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<v Speaker 2>offices across the States.

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<v Speaker 1>That was a good role.

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<v Speaker 2>In Brazil, I had to train up financial control and

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<v Speaker 2>we bought a company there, you know, same again in Norway.

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<v Speaker 1>Yeah, So what do you just on that? Like when

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<v Speaker 1>you work in those environments for long periods of time,

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<v Speaker 1>for such long period fairly long periods of time, Anyway,

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<v Speaker 1>what did you learn about places like Norway versus Brazil

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<v Speaker 1>versus US like, in terms of how countries are run

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<v Speaker 1>by the administration, by the governments. Do you see any

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<v Speaker 1>really stark differences between see what's happening here and was

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<v Speaker 1>there something you would take from there that you would

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<v Speaker 1>love to see happen here.

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<v Speaker 2>Well, Brazil was dealing with inflation the end of it.

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<v Speaker 2>So I didn't have really bad inflation when I was there,

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<v Speaker 2>but we had to pay bills before we got the invoice.

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<v Speaker 2>Well that was just because obviously what it was if

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<v Speaker 2>you've got really rampant inflation, and what is rampant inflation?

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<v Speaker 1>What levels?

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<v Speaker 2>Well, double digit, right, because justly double digit. Yes, so

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<v Speaker 2>if you're looking at anything over twelve percent a year,

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

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<v Speaker 2>they're very short upfront payment terms, like you basically had

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

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<v Speaker 2>which is you know, you can define it anything fifteen percent,

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<v Speaker 2>but Brazil had come off even a higher figure. That

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<v Speaker 2>money just appreciates away. Even in just the daily the

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<v Speaker 2>day to day businesses of dealing with transactions, Inflation is

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

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<v Speaker 2>it's actually trying to get paid on time. So there

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<v Speaker 2>was that issue. I found the Americans extremely optimistic, you know,

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<v Speaker 2>they were always very optimistic. Remember actually we did it.

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<v Speaker 2>We brought a company in Washington, DC before I went

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<v Speaker 2>down to Sarasota and I was staying in a hotel

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<v Speaker 2>and opposite the hotel they were building a new building

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<v Speaker 2>and they were literally building a level every day. Well,

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<v Speaker 2>and I can remember being shocked and how fast. I

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

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<v Speaker 2>So they were very efficient. And it's not surprising. I

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<v Speaker 2>mean houses, house prices in Australia sorry, in the States

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<v Speaker 2>are much lower than I are here.

0:10:11.280 --> 0:10:13.160
<v Speaker 1>They can build a house there in three months. Yeah

0:10:13.240 --> 0:10:16.079
<v Speaker 1>he is like eighteen months. Yeah. Yeah.

0:10:16.280 --> 0:10:19.560
<v Speaker 2>Norway I mean obviously very dark, cold, you know, they

0:10:19.559 --> 0:10:23.040
<v Speaker 2>eat lunch at eleven thirty, lots of fish, you know,

0:10:23.120 --> 0:10:25.040
<v Speaker 2>But hard not to love the country. I mean, it

0:10:25.080 --> 0:10:28.160
<v Speaker 2>was just a beautiful country. I had the benefit of

0:10:28.200 --> 0:10:30.920
<v Speaker 2>sort of being there from arriving in the end of

0:10:30.920 --> 0:10:33.400
<v Speaker 2>the winter right through the summer period, so I saw

0:10:33.440 --> 0:10:34.880
<v Speaker 2>the change of seasons as well.

0:10:35.600 --> 0:10:38.640
<v Speaker 1>But we have in terms of administration because we talk

0:10:38.679 --> 0:10:40.800
<v Speaker 1>about social leaning or.

0:10:41.240 --> 0:10:43.800
<v Speaker 2>Well, look I didn't really because I mean I was

0:10:43.800 --> 0:10:47.160
<v Speaker 2>young in my twenties and wasn't necessarily focusing on the

0:10:47.160 --> 0:10:50.840
<v Speaker 2>political aspects of the country. It's just the people. But look,

0:10:50.880 --> 0:10:52.880
<v Speaker 2>the people are the same. Wherever you go, we're all

0:10:52.920 --> 0:10:54.719
<v Speaker 2>the same. It's one race to human race. This is

0:10:54.720 --> 0:10:56.679
<v Speaker 2>what we really want to push forward at first. And

0:10:57.720 --> 0:11:00.360
<v Speaker 2>you know, look, you know, judge the individual, not the identity.

0:11:00.400 --> 0:11:02.720
<v Speaker 2>I was just saying before to some others. You know,

0:11:02.760 --> 0:11:05.320
<v Speaker 2>there's just too much identity politics in this country. And

0:11:05.320 --> 0:11:09.840
<v Speaker 2>that's the one thing traveling really, you know, I viewed

0:11:09.920 --> 0:11:12.240
<v Speaker 2>inside me is that we're just one race to human race,

0:11:12.280 --> 0:11:14.199
<v Speaker 2>that we all just want a better life for our children,

0:11:14.800 --> 0:11:18.040
<v Speaker 2>and there's so much gratitude towards our forefathers. And then

0:11:18.040 --> 0:11:19.760
<v Speaker 2>of course there's the Dutch. I should add I love

0:11:19.840 --> 0:11:23.319
<v Speaker 2>the Dutch, that the Dutch people just fantastic. I loved

0:11:23.440 --> 0:11:24.720
<v Speaker 2>I loved the Netherlands.

0:11:25.040 --> 0:11:28.440
<v Speaker 1>I love this straightforwardness. Oh yeah, yeah, yeah, very In

0:11:28.480 --> 0:11:31.080
<v Speaker 1>the early stage, you'd misinterpret it as them being route

0:11:31.080 --> 0:11:32.800
<v Speaker 1>a little bit. Yeah, but I worked over for a

0:11:32.840 --> 0:11:37.200
<v Speaker 1>long time too, and and then I loved it. Yeah, yeah, yeah,

0:11:37.240 --> 0:11:39.360
<v Speaker 1>the Dutch. Did you know where you stand? Absolutely?

0:11:39.520 --> 0:11:41.720
<v Speaker 2>Yeah, just then just straight up like you know, like

0:11:41.880 --> 0:11:43.800
<v Speaker 2>you know, if you could ever to do do a deal,

0:11:43.880 --> 0:11:46.160
<v Speaker 2>I'd do some sort of backpack a deal with every

0:11:46.160 --> 0:11:47.920
<v Speaker 2>euzie should go and I'll spend six months living in

0:11:47.920 --> 0:11:50.280
<v Speaker 2>the Netherlands as far as I'm concerned. You know how

0:11:50.280 --> 0:11:52.000
<v Speaker 2>we've got the similar deal with the UK. I'd love

0:11:52.000 --> 0:11:53.600
<v Speaker 2>to do the same with the Netherlands. It's just such

0:11:53.600 --> 0:11:56.120
<v Speaker 2>a great country and great people as well.

0:11:56.200 --> 0:11:58.240
<v Speaker 1>You know, do you think all these things, all these

0:11:58.360 --> 0:12:02.640
<v Speaker 1>experiences you've had in terms of traveling and work, work trouble,

0:12:02.960 --> 0:12:04.880
<v Speaker 1>do you think they have somewhat influenced you when it

0:12:04.880 --> 0:12:07.960
<v Speaker 1>comes to people first? Oh? Absolutely, yeah, yeah.

0:12:08.080 --> 0:12:12.680
<v Speaker 2>I mean well it's the common denominator of that where

0:12:12.559 --> 0:12:14.160
<v Speaker 2>were just the one race to human race. I mean

0:12:14.200 --> 0:12:16.520
<v Speaker 2>I spent I ended up going backpacking after that role

0:12:16.559 --> 0:12:19.120
<v Speaker 2>for another two years, where I basically traveled globe and

0:12:19.160 --> 0:12:21.000
<v Speaker 2>I spent a lot of time throughout the year sitting

0:12:21.000 --> 0:12:24.080
<v Speaker 2>in bus stations and meeting different people, working with different people.

0:12:24.520 --> 0:12:27.360
<v Speaker 2>And you know, everyone hates their government, doesn't matter what

0:12:27.520 --> 0:12:31.040
<v Speaker 2>nationality here are. They hate their government. I hate paying taxes,

0:12:31.080 --> 0:12:33.000
<v Speaker 2>all of that stuff. But they have a common They

0:12:33.040 --> 0:12:35.320
<v Speaker 2>love their sport. Everyone loves their sport. That's why it's

0:12:35.360 --> 0:12:38.839
<v Speaker 2>such a great way to unify people. You know, they

0:12:38.880 --> 0:12:42.520
<v Speaker 2>love their children, you know, and it's just I mean,

0:12:42.800 --> 0:12:45.120
<v Speaker 2>and here's the thing. The poor of the country I

0:12:45.200 --> 0:12:47.800
<v Speaker 2>went to, the more generous the people.

0:12:47.600 --> 0:12:49.600
<v Speaker 1>Were, and what did you say, they're happier.

0:12:50.840 --> 0:12:53.320
<v Speaker 2>I don't know if they're happy. I certainly much more

0:12:53.360 --> 0:12:57.240
<v Speaker 2>hospitable to myself. Yeah, welcoming, Yeah, welcoming.

0:12:58.280 --> 0:12:58.480
<v Speaker 1>You know.

0:12:58.559 --> 0:12:59.920
<v Speaker 2>I remember one night and I was in Africa. I

0:13:00.240 --> 0:13:02.400
<v Speaker 2>went down to mass fingo ruins in Zimbabwe there and

0:13:02.400 --> 0:13:04.560
<v Speaker 2>I ended up sort of sleeping on this mattehart and

0:13:04.679 --> 0:13:08.079
<v Speaker 2>just thinking how friendly these people were, you know, yet

0:13:08.080 --> 0:13:10.360
<v Speaker 2>again in Iran. You know, I traveled through Iran on

0:13:10.400 --> 0:13:12.040
<v Speaker 2>the way home. I went from Moscow down through all

0:13:12.040 --> 0:13:15.480
<v Speaker 2>the Stars into Iran, Pakistan, India and in Nepal. How

0:13:15.480 --> 0:13:17.920
<v Speaker 2>friendly the Iranians were, because even back in the nineties,

0:13:17.960 --> 0:13:21.079
<v Speaker 2>you know, big bad Iran. But of course the people

0:13:21.120 --> 0:13:24.040
<v Speaker 2>themselves were incredibly friendly and hospitable. And yet again, so

0:13:24.280 --> 0:13:27.000
<v Speaker 2>you know, I was probably a little imperiless periles growing up,

0:13:27.040 --> 0:13:28.760
<v Speaker 2>you know, in the back of World War Two there,

0:13:28.800 --> 0:13:33.080
<v Speaker 2>but you know, I just hate conflicts. I talk about

0:13:33.200 --> 0:13:35.360
<v Speaker 2>my maiden speech. You know, strength to the plomacy is

0:13:35.720 --> 0:13:38.160
<v Speaker 2>strength to position, and sound to plomacy is what we

0:13:38.280 --> 0:13:40.640
<v Speaker 2>really need. And there's a lack of sound to plomacy.

0:13:40.720 --> 0:13:43.520
<v Speaker 2>What does that mean sound diplomacy? Well, you know, understanding

0:13:43.559 --> 0:13:47.720
<v Speaker 2>now the point of view, you know were you mean nation? Yeah, yeah, exactly.

0:13:47.760 --> 0:13:49.880
<v Speaker 2>You know, we use a lot of belligerent rhetoric now

0:13:50.000 --> 0:13:53.320
<v Speaker 2>governments and politicians, so in the same way we use

0:13:53.320 --> 0:13:57.000
<v Speaker 2>it belligerent rhetoric against each other on a domestic level, right,

0:13:57.040 --> 0:13:59.280
<v Speaker 2>you know, labor bashes libra, all liberal bashes labor. You know,

0:13:59.360 --> 0:14:02.120
<v Speaker 2>Punch and Judy show. We've made the trap of doing

0:14:02.160 --> 0:14:05.319
<v Speaker 2>that on international affairs as well, and we shouldn't be

0:14:05.400 --> 0:14:07.719
<v Speaker 2>doing that, right because if things get out of hand there,

0:14:07.920 --> 0:14:11.160
<v Speaker 2>like well, misinterpreted, misinterpreted things can go wrong. I mean

0:14:11.200 --> 0:14:13.600
<v Speaker 2>what we did in Iraq. Iraq was another real come

0:14:13.640 --> 0:14:17.760
<v Speaker 2>to Jesus moment for me, because early two thousand, not

0:14:17.800 --> 0:14:19.640
<v Speaker 2>the ninety one eighty nine one, because that was in

0:14:19.680 --> 0:14:22.280
<v Speaker 2>and out relatively quickly. But what we did in two

0:14:22.360 --> 0:14:24.720
<v Speaker 2>thousand and two to three was it where we started

0:14:24.720 --> 0:14:27.160
<v Speaker 2>by being Iraq, was that chemical weapons of mass destruction

0:14:27.280 --> 0:14:30.680
<v Speaker 2>so called, Yes, so called You know, I don't know

0:14:30.680 --> 0:14:34.000
<v Speaker 2>how many people got killed in that, certainly millions were displaced, injured,

0:14:34.160 --> 0:14:36.520
<v Speaker 2>you know, had their lives turned upside down for what

0:14:36.680 --> 0:14:39.520
<v Speaker 2>was ultimately a lie. And you know, and we've now

0:14:39.560 --> 0:14:41.080
<v Speaker 2>done the same with Syria. You know, we've got the

0:14:41.080 --> 0:14:43.800
<v Speaker 2>head of al Qaeda, you know, exhead of El Kayder

0:14:43.880 --> 0:14:45.840
<v Speaker 2>bloke out a ten million dollar bounty on his head

0:14:45.880 --> 0:14:48.400
<v Speaker 2>running Syria. You know, I went through Syria. This was

0:14:48.440 --> 0:14:52.480
<v Speaker 2>another beautiful country. There's people living there that don't have

0:14:52.640 --> 0:14:55.640
<v Speaker 2>any political inclinations. They're not out to you know. All

0:14:55.680 --> 0:14:57.240
<v Speaker 2>they want to do is a roof over their head,

0:14:57.280 --> 0:14:59.160
<v Speaker 2>food on the table, and a better life for their children.

0:14:59.440 --> 0:15:01.560
<v Speaker 2>And we go and then we destroy their lives because

0:15:01.560 --> 0:15:06.080
<v Speaker 2>of some ideology or some preconceived good guy bad guy thing.

0:15:06.120 --> 0:15:08.680
<v Speaker 2>And it's like, you know, we've got to think about

0:15:08.680 --> 0:15:10.240
<v Speaker 2>these decisions. So this is one of the things that

0:15:10.280 --> 0:15:12.800
<v Speaker 2>really concerns me a lot as we head further into

0:15:12.840 --> 0:15:16.040
<v Speaker 2>the twenty first century. Is this lack of sound of Planmacy,

0:15:16.120 --> 0:15:19.520
<v Speaker 2>I guess, and you know, there's too much belligerent rhetoric.

0:15:20.200 --> 0:15:22.840
<v Speaker 2>So yeah, it definitely has impacted me a lot. Well,

0:15:22.840 --> 0:15:24.680
<v Speaker 2>what I wanted to establish, is that you had real

0:15:24.680 --> 0:15:27.280
<v Speaker 2>life experience. We've established it. I think we're a lot

0:15:27.360 --> 0:15:29.240
<v Speaker 2>to talk to you about. Is that point of ideology?

0:15:29.640 --> 0:15:33.480
<v Speaker 1>Ideology seems to be splitting us up. Absolutely. Yeah. Division

0:15:33.560 --> 0:15:38.960
<v Speaker 1>seems to me to be a part of political play. Yeah,

0:15:39.040 --> 0:15:43.000
<v Speaker 1>is that correct? Yeah? It is, and what's making it's

0:15:43.120 --> 0:15:45.680
<v Speaker 1>part of the part of the game. That's right now.

0:15:45.720 --> 0:15:49.160
<v Speaker 2>It's always been there, but because social media has got

0:15:49.160 --> 0:15:51.440
<v Speaker 2>the news at our fingertips twenty four hours a day,

0:15:51.600 --> 0:15:54.560
<v Speaker 2>and you know, we all are guilty of doom scrolling

0:15:54.640 --> 0:15:57.000
<v Speaker 2>and on the you know, you have five minute break,

0:15:57.000 --> 0:15:58.760
<v Speaker 2>you're on the phone. I mean, when we grew up,

0:15:58.800 --> 0:16:01.440
<v Speaker 2>you would have got the news maybe either the six

0:16:01.480 --> 0:16:04.600
<v Speaker 2>pm at night, six PMS morning, yeah, yeah, at the

0:16:04.680 --> 0:16:06.600
<v Speaker 2>quarter to eight ABC bulletin in the morning. I mean

0:16:06.640 --> 0:16:08.320
<v Speaker 2>you didn't even used to have the Today Show, right,

0:16:08.520 --> 0:16:10.280
<v Speaker 2>I mean I always talk about the cartoons. I can

0:16:10.320 --> 0:16:12.840
<v Speaker 2>remember watching cartoons on school holiday is thinking that was

0:16:12.840 --> 0:16:16.160
<v Speaker 2>a treat. Now there's an entire channel devoted to cartoons.

0:16:16.360 --> 0:16:18.040
<v Speaker 2>And even now the kids don't even go and watch

0:16:18.080 --> 0:16:19.920
<v Speaker 2>ABC twenty four cartoon channel.

0:16:19.960 --> 0:16:22.800
<v Speaker 1>They just go YouTube the YouTube they find them on

0:16:22.840 --> 0:16:24.400
<v Speaker 1>the one. Yeah, the devices right.

0:16:24.840 --> 0:16:27.840
<v Speaker 2>So I think the fact that news is in our

0:16:27.880 --> 0:16:31.480
<v Speaker 2>face all the time is actually polarizing us even more.

0:16:32.240 --> 0:16:34.880
<v Speaker 2>And people just tend to get caught up in that ideology.

0:16:34.920 --> 0:16:36.880
<v Speaker 2>And that was one of my problems with the With

0:16:36.880 --> 0:16:39.240
<v Speaker 2>the Liberal Party, it was always that we had to

0:16:39.400 --> 0:16:41.760
<v Speaker 2>labor as bad. We have to bash them over the head,

0:16:41.800 --> 0:16:44.200
<v Speaker 2>even when we did things wrong, they did the right thing.

0:16:44.640 --> 0:16:48.200
<v Speaker 2>It was always if I didn't say the line because

0:16:48.200 --> 0:16:49.800
<v Speaker 2>I thought, you know, labor was doing the right thing

0:16:49.880 --> 0:16:51.560
<v Speaker 2>or we were doing the wrong thing. You know, I

0:16:51.560 --> 0:16:53.880
<v Speaker 2>would be told to put shut up and get bag really.

0:16:54.240 --> 0:16:57.440
<v Speaker 2>Oh yeah, absolutely, yeah. So it's one of the party line.

0:16:57.480 --> 0:16:59.160
<v Speaker 2>Well you're a party on one and all in or

0:16:59.520 --> 0:17:00.000
<v Speaker 2>step back.

0:17:00.200 --> 0:17:00.400
<v Speaker 1>Yeah.

0:17:00.560 --> 0:17:02.240
<v Speaker 2>And don't get me wrong, I get that. You know,

0:17:03.720 --> 0:17:05.960
<v Speaker 2>in a party you do have to lie to a point.

0:17:06.720 --> 0:17:09.000
<v Speaker 2>But when we stopped up holding our own values, so

0:17:09.080 --> 0:17:11.840
<v Speaker 2>you know, Angus Taylor, I mean, I've left liberals by

0:17:11.880 --> 0:17:14.119
<v Speaker 2>this stage, voted against the tax cut. When one of

0:17:14.119 --> 0:17:17.040
<v Speaker 2>my last bills, when Jim Chalmers lowered the tax rate

0:17:17.080 --> 0:17:20.080
<v Speaker 2>from sixteen cents to fourteen cents for low income owners,

0:17:20.520 --> 0:17:23.040
<v Speaker 2>Angers voted against it. You know, well, Peter was the leader,

0:17:23.040 --> 0:17:26.000
<v Speaker 2>but Anger's shadow treasurer. And I just I mean I

0:17:26.040 --> 0:17:28.200
<v Speaker 2>said to my liberal ex liberal colleagues at the time,

0:17:28.200 --> 0:17:31.000
<v Speaker 2>I said, what are you doing guys? Like Liberal party

0:17:31.040 --> 0:17:33.800
<v Speaker 2>believes in lower taxes and you're voting against lower taxes.

0:17:34.320 --> 0:17:36.240
<v Speaker 2>You know, like when are you going to This is

0:17:36.280 --> 0:17:40.480
<v Speaker 2>your problem. But back to your question about the idealism, Yeah,

0:17:40.560 --> 0:17:43.320
<v Speaker 2>it's it's just the constant news feed now and there's

0:17:43.400 --> 0:17:48.040
<v Speaker 2>much more political and I think and that's and with

0:17:48.119 --> 0:17:52.080
<v Speaker 2>that having entertainment, so it's also in house what I

0:17:52.160 --> 0:17:54.200
<v Speaker 2>call in house entertainment, right, so you don't have to

0:17:54.280 --> 0:17:56.520
<v Speaker 2>leave home anymore. Back in the old days when we

0:17:56.520 --> 0:17:57.760
<v Speaker 2>gre up, you know, as you said, we had one

0:17:57.880 --> 0:18:00.760
<v Speaker 2>or two channels and the radios. So you get bored,

0:18:00.760 --> 0:18:03.520
<v Speaker 2>you'd have to go out and actually join groups of people.

0:18:03.800 --> 0:18:05.800
<v Speaker 2>You know, it didn't necessarily have to be political groups.

0:18:05.800 --> 0:18:10.480
<v Speaker 2>It could be sporting organizations, volunteer groups, you know, community groups, whatever.

0:18:11.000 --> 0:18:13.600
<v Speaker 2>People don't need to do that anymore because they're at home.

0:18:13.640 --> 0:18:14.960
<v Speaker 2>You don't have to need to leave home. You can

0:18:15.119 --> 0:18:17.520
<v Speaker 2>order uber, you can order ice cream to your house,

0:18:18.119 --> 0:18:20.920
<v Speaker 2>you can order cold steahouse, so you can technically stay

0:18:20.960 --> 0:18:24.159
<v Speaker 2>there forever. So but people then become more and more

0:18:24.240 --> 0:18:27.560
<v Speaker 2>narrow focused, right, And of course when you're on social media,

0:18:27.600 --> 0:18:29.120
<v Speaker 2>and I'm guilty of this as well. You know you're

0:18:29.119 --> 0:18:31.440
<v Speaker 2>not as polite to people, you know, to an avatar

0:18:31.520 --> 0:18:34.760
<v Speaker 2>or someone hiding between it behind an avatar, then what

0:18:34.840 --> 0:18:37.359
<v Speaker 2>you are to you know, if you're speaking face to face,

0:18:37.400 --> 0:18:38.640
<v Speaker 2>you know, your mannerisms drop.

0:18:39.680 --> 0:18:45.000
<v Speaker 1>So yeah, it's definitely. And also the algorithms feeding your

0:18:44.600 --> 0:18:47.320
<v Speaker 1>your what you what you like, absolutely so you're never

0:18:47.359 --> 0:18:50.680
<v Speaker 1>actually getting another point of view. Yeah. Yeah. And because

0:18:50.680 --> 0:18:53.000
<v Speaker 1>because I've often wondered about this when it comes to politics,

0:18:53.000 --> 0:18:56.720
<v Speaker 1>particularly the politicians of today. And let's look at the

0:18:56.800 --> 0:18:59.600
<v Speaker 1>Labor Party from moment Legal Anthony Albanezi, the Prime Minister.

0:19:00.600 --> 0:19:06.679
<v Speaker 1>Do you think that politicians are driving the division or

0:19:07.960 --> 0:19:11.360
<v Speaker 1>is social media driving the division? But the politicians are

0:19:11.440 --> 0:19:15.080
<v Speaker 1>using social media to their advantage and therefore playing into it,

0:19:15.160 --> 0:19:18.240
<v Speaker 1>like social media has become part of the politician's playbook,

0:19:18.680 --> 0:19:21.560
<v Speaker 1>into the getting re elected. It's always about it seems

0:19:21.560 --> 0:19:24.000
<v Speaker 1>to me, it's always about getting re elected today over

0:19:24.000 --> 0:19:26.359
<v Speaker 1>and above everything else. That's correct, absolutely.

0:19:26.440 --> 0:19:28.120
<v Speaker 2>I mean when I took a stand on the vaccines,

0:19:28.119 --> 0:19:30.119
<v Speaker 2>for example, that was what I was told Jared, you

0:19:30.640 --> 0:19:33.000
<v Speaker 2>don't worry about you're injured. We've got to get within

0:19:33.119 --> 0:19:35.320
<v Speaker 2>the next election. I really, I've got people. Yeah, I've

0:19:35.320 --> 0:19:37.280
<v Speaker 2>got people here that are having art attacks, you know,

0:19:37.440 --> 0:19:39.760
<v Speaker 2>coughing up blood, you know, having my card idis, etc.

0:19:40.240 --> 0:19:41.480
<v Speaker 2>We need to give these people.

0:19:41.280 --> 0:19:42.600
<v Speaker 1>I don't know, some we've got paralleled some of the

0:19:42.840 --> 0:19:44.040
<v Speaker 1>waist out. Yeah, oh yeah.

0:19:44.119 --> 0:19:45.679
<v Speaker 2>I mean I had three years of this, like just

0:19:46.160 --> 0:19:49.040
<v Speaker 2>unstoppable injuries, you know, And I mean I'd ever signed

0:19:49.080 --> 0:19:51.760
<v Speaker 2>up for this, right, But at the same time, that's

0:19:51.800 --> 0:19:53.479
<v Speaker 2>something I couldn't walk past. I mean, it's one thing

0:19:53.520 --> 0:19:55.280
<v Speaker 2>sometimes you let it go through to keep it. You know,

0:19:55.320 --> 0:19:56.960
<v Speaker 2>you might vote with the party and they don't agree

0:19:56.960 --> 0:19:59.840
<v Speaker 2>with it because you realize you can't rock the boat

0:19:59.840 --> 0:20:02.520
<v Speaker 2>all the time, right, But this was something I couldn't

0:20:02.520 --> 0:20:02.960
<v Speaker 2>walk past.

0:20:03.359 --> 0:20:04.120
<v Speaker 1>But no, you're right.

0:20:04.160 --> 0:20:06.640
<v Speaker 2>But look, in answer to your initial question, I think

0:20:06.680 --> 0:20:09.680
<v Speaker 2>they feed each other, you know, so social media reinforces

0:20:09.800 --> 0:20:13.960
<v Speaker 2>politicians views. Politicians then reinforce the views that they think

0:20:13.960 --> 0:20:15.919
<v Speaker 2>are going to get them elected. I mean, I'm in

0:20:15.920 --> 0:20:18.960
<v Speaker 2>this quandary now that you know, if I criticize Pauline handsOn,

0:20:19.000 --> 0:20:21.640
<v Speaker 2>I just get smashed, right, And even I have things

0:20:21.680 --> 0:20:23.440
<v Speaker 2>like not turning up to estimates which to means is

0:20:23.520 --> 0:20:26.399
<v Speaker 2>valid criticism. But her followers or just smashed me. A

0:20:26.400 --> 0:20:29.359
<v Speaker 2>lot of them followed myself as well. But this is

0:20:29.400 --> 0:20:31.439
<v Speaker 2>where I step off the train again. Like I did

0:20:31.480 --> 0:20:34.000
<v Speaker 2>with a liberal party, I'm going to put what's right

0:20:34.160 --> 0:20:36.680
<v Speaker 2>in front of what's in the best interests of the party.

0:20:36.720 --> 0:20:38.600
<v Speaker 2>That's why I actually call the party people first, as

0:20:38.640 --> 0:20:41.919
<v Speaker 2>opposed to party instead of party first. That's where I

0:20:41.920 --> 0:20:43.320
<v Speaker 2>got the name from because I used to say to

0:20:43.359 --> 0:20:45.520
<v Speaker 2>my staff, you know, can we just put the people

0:20:45.520 --> 0:20:47.000
<v Speaker 2>first and do the right thing by the people and

0:20:47.040 --> 0:20:49.399
<v Speaker 2>they'll look after us rather than try and lie to

0:20:49.480 --> 0:20:50.080
<v Speaker 2>them all the time.

0:20:50.119 --> 0:20:53.800
<v Speaker 1>But you did find them. Is that a little not naive?

0:20:53.960 --> 0:20:57.640
<v Speaker 1>But in terms of being voted in, that is because

0:20:57.680 --> 0:20:59.280
<v Speaker 1>you're going to get voted in order to do the

0:20:59.320 --> 0:21:01.199
<v Speaker 1>things that you want to do for the people that

0:21:01.240 --> 0:21:02.760
<v Speaker 1>you think the people what you do do for them.

0:21:03.160 --> 0:21:05.320
<v Speaker 1>But in order to get voted in, what comes first?

0:21:06.640 --> 0:21:08.480
<v Speaker 1>Does the people always come first? Or do sometimes you

0:21:08.560 --> 0:21:11.600
<v Speaker 1>know better? I mean, you know, because like the current

0:21:11.840 --> 0:21:14.760
<v Speaker 1>federal gum they think they know better and everything. Yeah yeah,

0:21:14.880 --> 0:21:17.680
<v Speaker 1>do they just say hand us everything and we'll sort

0:21:17.760 --> 0:21:20.119
<v Speaker 1>out for well. So yet again this comes down to

0:21:20.160 --> 0:21:22.280
<v Speaker 1>the ability of it being able to explain your position.

0:21:22.840 --> 0:21:26.800
<v Speaker 1>So if you're going to explain your position and try

0:21:26.840 --> 0:21:30.080
<v Speaker 1>and demonstrate why your position is going to help the people,

0:21:30.119 --> 0:21:32.760
<v Speaker 1>and I think they will come with you. But you're right,

0:21:32.840 --> 0:21:34.560
<v Speaker 1>like it is a bit of yet again. I mean,

0:21:34.720 --> 0:21:38.240
<v Speaker 1>you know, if you go to purannical, you'll never get

0:21:38.320 --> 0:21:41.400
<v Speaker 1>elected at all, I guess even though yet again, I mean,

0:21:41.480 --> 0:21:43.240
<v Speaker 1>you know, one of our policies is the tax re

0:21:43.359 --> 0:21:45.760
<v Speaker 1>threshold of forty five thousand dollars so that all workers

0:21:45.880 --> 0:21:48.920
<v Speaker 1>can pay four thousand dollars less tax. There's fourteen million

0:21:48.960 --> 0:21:51.240
<v Speaker 1>workers in this country, three million retire reason, three million

0:21:51.280 --> 0:21:54.359
<v Speaker 1>small business, right, And that's a good policy. And the

0:21:54.400 --> 0:21:57.440
<v Speaker 1>reason why we're back in is Treasury don't model secondary impacts.

0:21:58.560 --> 0:22:00.920
<v Speaker 1>So you understand losty of money. Right.

0:22:01.240 --> 0:22:03.400
<v Speaker 2>They assume me to give someone a thousand dollars tax cut,

0:22:03.600 --> 0:22:05.359
<v Speaker 2>that that money's not coming back to treasury in the

0:22:05.359 --> 0:22:09.199
<v Speaker 2>next twelve months. So that to me is erroneous. I

0:22:09.200 --> 0:22:11.120
<v Speaker 2>would argue that if you give a tax cut someone

0:22:11.200 --> 0:22:13.679
<v Speaker 2>a low income that most of that money is going

0:22:13.680 --> 0:22:15.280
<v Speaker 2>to go back to treasury in the first month, and

0:22:15.320 --> 0:22:17.800
<v Speaker 2>it's going to have a higher velocity at the lower

0:22:17.840 --> 0:22:20.000
<v Speaker 2>income levels, and at the higher income levels. So yeah,

0:22:20.000 --> 0:22:21.199
<v Speaker 2>if you're on a million bucks and you get a

0:22:21.200 --> 0:22:23.240
<v Speaker 2>five thousand dollars tax cut, you might just go on

0:22:23.280 --> 0:22:25.679
<v Speaker 2>a longer overseas holiday. But if you're on forty grand

0:22:25.960 --> 0:22:28.160
<v Speaker 2>and you get a two thousand dollars tax cut, you're

0:22:28.200 --> 0:22:30.040
<v Speaker 2>going to spend that economy, especially when cost of living

0:22:30.080 --> 0:22:32.480
<v Speaker 2>is running at five percent, inflation running at five percent.

0:22:33.400 --> 0:22:36.560
<v Speaker 2>So yet again, I think if you can demonstrate why

0:22:36.640 --> 0:22:38.600
<v Speaker 2>your policies are in the best interest of the people,

0:22:38.640 --> 0:22:41.399
<v Speaker 2>you will get elected. Obviously, you need the media exposure,

0:22:42.119 --> 0:22:45.720
<v Speaker 2>I would say initially in Howard's early years, he wasn't

0:22:45.720 --> 0:22:50.440
<v Speaker 2>necessarily trying to He was initially a politician of conviction,

0:22:51.840 --> 0:22:54.000
<v Speaker 2>and you know, it took him a long time to

0:22:54.000 --> 0:22:55.960
<v Speaker 2>get there. He had the eighties and the battles with

0:22:56.080 --> 0:22:58.399
<v Speaker 2>Peacock in the eighties, But when he came back in

0:22:58.480 --> 0:23:00.399
<v Speaker 2>ninety five ninety six, he was seen as sort of

0:23:00.440 --> 0:23:03.760
<v Speaker 2>a stabilizing influence after keating the last few years. So

0:23:04.160 --> 0:23:05.760
<v Speaker 2>I think you can get there. But yet again, it

0:23:05.800 --> 0:23:08.360
<v Speaker 2>is hard in this day and age to put out

0:23:08.359 --> 0:23:12.120
<v Speaker 2>a rational set of policies when there's all of the

0:23:12.240 --> 0:23:14.480
<v Speaker 2>red meat out there on social media. And the short,

0:23:14.880 --> 0:23:17.919
<v Speaker 2>the short you know what you call the twenty four

0:23:17.960 --> 0:23:21.000
<v Speaker 2>hour news cycle, and just that Barnaby and his dog barking,

0:23:21.000 --> 0:23:24.040
<v Speaker 2>for example. Yeah, okay, it's a news story, but really,

0:23:24.280 --> 0:23:26.800
<v Speaker 2>you know, it's can we move on to something more important?

0:23:26.960 --> 0:23:28.879
<v Speaker 1>Well? What was important about that? Whether it was Sarah

0:23:29.040 --> 0:23:31.320
<v Speaker 1>Sarah or the way she dealt with him, right, but

0:23:31.400 --> 0:23:33.280
<v Speaker 1>the obeus who deal with him. I mean, I mean

0:23:33.320 --> 0:23:35.720
<v Speaker 1>I thought to myself that was the most important thing

0:23:35.720 --> 0:23:39.320
<v Speaker 1>of the whole the whole episode of the dog barking,

0:23:39.320 --> 0:23:42.239
<v Speaker 1>et cetera. I don't come in what he yelled out,

0:23:42.240 --> 0:23:44.560
<v Speaker 1>shut up, or sit down on some of that, but

0:23:45.640 --> 0:23:47.680
<v Speaker 1>the way Sarah said to him, well, don't worry about

0:23:47.680 --> 0:23:50.639
<v Speaker 1>the just answer the question. Yeah, And I thought his

0:23:50.800 --> 0:23:54.600
<v Speaker 1>response for me, I keep thinking about what were Trump

0:23:54.640 --> 0:23:57.560
<v Speaker 1>said if someone said that to him, Yeah, he'd been

0:23:57.720 --> 0:24:00.200
<v Speaker 1>he would have given it back. Yeah, yeah, but I thought,

0:24:00.280 --> 0:24:02.760
<v Speaker 1>actually Barnaby didn't give it back. I thought Barnet was

0:24:02.760 --> 0:24:04.359
<v Speaker 1>actually very polite to it. Yeah, he gave her an

0:24:04.400 --> 0:24:07.680
<v Speaker 1>opportunity and he had it seemed to be front page

0:24:07.720 --> 0:24:11.199
<v Speaker 1>of everything. What do you think about those you know,

0:24:11.320 --> 0:24:15.560
<v Speaker 1>the ABC, because I mean, well, ye, look, they've got

0:24:15.600 --> 0:24:17.600
<v Speaker 1>a left wing bias, there's no doubt about it. But

0:24:18.400 --> 0:24:21.280
<v Speaker 1>it's more than a bias. So I think Dured like

0:24:21.400 --> 0:24:24.480
<v Speaker 1>it's it's like they go after him. Oh yeah.

0:24:24.520 --> 0:24:27.600
<v Speaker 2>But yet again, we had an opportunity when I was

0:24:27.720 --> 0:24:30.600
<v Speaker 2>in the Morrison government. Just start to January, the twenty

0:24:30.640 --> 0:24:32.760
<v Speaker 2>six first week back. It was twenty one or twenty two,

0:24:32.760 --> 0:24:34.560
<v Speaker 2>I can't remember what year, must have been twenty or

0:24:34.560 --> 0:24:38.240
<v Speaker 2>twenty one actually, and you know the ABC was pushing

0:24:38.359 --> 0:24:41.040
<v Speaker 2>calling an invasion day, like blatantly calling a straight a

0:24:41.119 --> 0:24:44.919
<v Speaker 2>day invasion day. I went back said, right, here's our opportunity.

0:24:45.040 --> 0:24:48.439
<v Speaker 2>We can remove the independence of the ABC. So the

0:24:48.520 --> 0:24:52.040
<v Speaker 2>issue with the ABC is is that it's completely independent,

0:24:52.320 --> 0:24:55.320
<v Speaker 2>like too many bureaucracies. Now they've become independent under the

0:24:55.320 --> 0:24:58.560
<v Speaker 2>guys that oh well you can't have politicians interfering with them,

0:24:58.560 --> 0:25:01.200
<v Speaker 2>et cetera, et cetera. The problem with that is, of course,

0:25:01.240 --> 0:25:04.200
<v Speaker 2>once they've become independent, there's no accountability in transparency. They've

0:25:04.200 --> 0:25:07.360
<v Speaker 2>become a force un to themselves. I tried to get

0:25:07.359 --> 0:25:10.040
<v Speaker 2>that moved in the party room. I said, let's say, look,

0:25:10.040 --> 0:25:11.880
<v Speaker 2>we're not going to have our national broadcast the calling

0:25:11.880 --> 0:25:14.679
<v Speaker 2>Australia Day are invasion day right, and we could have

0:25:14.840 --> 0:25:18.800
<v Speaker 2>wedged the cross bench team in the Senate there were

0:25:18.800 --> 0:25:21.639
<v Speaker 2>five at the time, the two one nation senators Jackie Lamby,

0:25:21.960 --> 0:25:26.159
<v Speaker 2>Rex Patrick and Sterling Griff. We would have only had

0:25:26.200 --> 0:25:28.840
<v Speaker 2>to get one of the three non one nation senators

0:25:28.920 --> 0:25:31.920
<v Speaker 2>up and we didn't do anything about it. So yet

0:25:31.960 --> 0:25:35.040
<v Speaker 2>again the ABC run ramp has run rampant because when

0:25:35.040 --> 0:25:37.560
<v Speaker 2>we were in power, we didn't do anything about stopping them.

0:25:37.960 --> 0:25:40.639
<v Speaker 2>And this is the problem with the Coalition is that

0:25:40.680 --> 0:25:42.960
<v Speaker 2>they have empowered the left over the last thirty or

0:25:43.000 --> 0:25:49.040
<v Speaker 2>forty years. They've supported superannuation, they've supported all the institutional

0:25:49.800 --> 0:25:53.200
<v Speaker 2>child care facilities rather than paying parents giving their parents

0:25:53.200 --> 0:25:55.199
<v Speaker 2>greater choice over the top of child care. They want

0:25:56.160 --> 0:25:58.760
<v Speaker 2>John Howard who signed the Renewable Energy Target initially at

0:25:58.760 --> 0:26:01.159
<v Speaker 2>five percent. He brought it in a national curriculum. He

0:26:01.200 --> 0:26:06.440
<v Speaker 2>got rid of nuclear power. So yeah, everyone's frustrated with

0:26:06.480 --> 0:26:06.919
<v Speaker 2>the ABC.

0:26:07.200 --> 0:26:07.720
<v Speaker 1>I get it.

0:26:07.840 --> 0:26:09.840
<v Speaker 2>But at the end of the day, you've got to

0:26:09.880 --> 0:26:12.159
<v Speaker 2>work within the machinery government if you want to change it.

0:26:12.560 --> 0:26:14.960
<v Speaker 2>And going back to John Howard, if you read his biography,

0:26:15.040 --> 0:26:16.640
<v Speaker 2>he learned when he think it was the seventy three

0:26:16.800 --> 0:26:19.800
<v Speaker 2>Beal Main campaign when he first ran. He said his

0:26:19.920 --> 0:26:23.000
<v Speaker 2>labor upon killed him with kindness. And if there's something

0:26:23.040 --> 0:26:25.640
<v Speaker 2>I think that we need to do, if the Conservatives

0:26:25.640 --> 0:26:28.200
<v Speaker 2>want to or the Coalition want to become a better

0:26:28.520 --> 0:26:32.439
<v Speaker 2>form of opposition and better politicians, is actually learn how

0:26:32.480 --> 0:26:35.520
<v Speaker 2>to bring people along through the art of persuasion rather

0:26:35.560 --> 0:26:38.680
<v Speaker 2>than constantly harping on about problems. They are just so

0:26:38.760 --> 0:26:41.479
<v Speaker 2>painful to listen to these days. I was just saying,

0:26:41.600 --> 0:26:43.960
<v Speaker 2>you know, saying it to your stuff outside before you know,

0:26:44.000 --> 0:26:46.920
<v Speaker 2>I'm sick of myself winging on social media. And that's

0:26:46.960 --> 0:26:49.800
<v Speaker 2>the thing we want to We want to actually certainly

0:26:50.119 --> 0:26:51.720
<v Speaker 2>people first and know were just a little party, but

0:26:52.000 --> 0:26:53.840
<v Speaker 2>we want to actually present a vision and start to

0:26:53.840 --> 0:26:56.119
<v Speaker 2>give people some hope again, because there is way too

0:26:56.160 --> 0:26:58.879
<v Speaker 2>much pessimism in this country and we are such a

0:26:58.920 --> 0:27:01.879
<v Speaker 2>great country, have so much opportunity. I mean, we've got

0:27:01.960 --> 0:27:05.359
<v Speaker 2>seven million square kilometers of land in a perfect part

0:27:05.359 --> 0:27:08.639
<v Speaker 2>of paradise in the South Pacific where twenty eight million people.

0:27:08.800 --> 0:27:10.760
<v Speaker 2>Biggest city in the world, you Carda's got forty two

0:27:10.800 --> 0:27:15.000
<v Speaker 2>million people in it, and we're complaining about over population here. Granted,

0:27:15.320 --> 0:27:17.560
<v Speaker 2>you know that is true to a degree, but there's

0:27:17.600 --> 0:27:20.080
<v Speaker 2>also other places of Australia. But there's a lot of opportunity.

0:27:20.560 --> 0:27:24.240
<v Speaker 2>And so yet back to your initial question, Yes, the

0:27:24.280 --> 0:27:27.880
<v Speaker 2>ABC's wrong. It will certainly has a bias to it,

0:27:28.080 --> 0:27:30.199
<v Speaker 2>but let's fix it. So yet again, I don't want

0:27:30.240 --> 0:27:31.920
<v Speaker 2>to do what we did to manufacturing, where we walk

0:27:31.920 --> 0:27:34.320
<v Speaker 2>away from the problem. Let's go back and fix it.

0:27:34.359 --> 0:27:36.639
<v Speaker 2>Because I grew up watching four Corners, I grew up

0:27:36.640 --> 0:27:39.639
<v Speaker 2>watching Foreign Correspondent. So my father, you know, he's described

0:27:39.680 --> 0:27:41.720
<v Speaker 2>es further right until the Hut. He listens to the

0:27:41.760 --> 0:27:43.280
<v Speaker 2>Country Hour every day religiously.

0:27:43.440 --> 0:27:44.119
<v Speaker 1>I love it still.

0:27:44.240 --> 0:27:47.600
<v Speaker 2>Yeah, yeah, so there's still some magnificent programs on the ABC.

0:27:47.800 --> 0:27:50.000
<v Speaker 2>It is a part of our culture. Rather than just

0:27:50.080 --> 0:27:53.040
<v Speaker 2>bash it over thehead and complain, you know, let's try

0:27:53.080 --> 0:27:55.520
<v Speaker 2>and get in there and try and actually improve it.

0:27:55.560 --> 0:27:58.320
<v Speaker 2>So it represents all of Australians, I mean Australia all over.

0:27:58.400 --> 0:28:01.560
<v Speaker 2>Ian Macamara another legend, yeah, you know, one of the

0:28:01.560 --> 0:28:04.679
<v Speaker 2>gravery Sunday morning absolute six am. Yeah, yeah, I mean

0:28:04.760 --> 0:28:06.640
<v Speaker 2>my dad when I lived in Sydney, he was down

0:28:06.680 --> 0:28:08.360
<v Speaker 2>here one time. Macka had him on here and he's

0:28:08.359 --> 0:28:09.960
<v Speaker 2>had him on a couple of other times, you know.

0:28:10.280 --> 0:28:12.920
<v Speaker 2>So yet again, this is something that we should cherish

0:28:13.240 --> 0:28:16.359
<v Speaker 2>and instead of just wanting to, you know, pour fuel

0:28:16.400 --> 0:28:18.640
<v Speaker 2>on it, blow it up, let's try and actually make

0:28:18.680 --> 0:28:20.760
<v Speaker 2>it the great institution that we know it can be.

0:28:22.200 --> 0:28:25.359
<v Speaker 1>I guess so. But you made an interesting point because

0:28:25.520 --> 0:28:28.800
<v Speaker 1>I remember were sitting down with marka Bid once and

0:28:28.840 --> 0:28:30.560
<v Speaker 1>asking Senator Mark A. Bee will form of some of

0:28:30.640 --> 0:28:34.560
<v Speaker 1>that marko, you know, and asking him, you know, if

0:28:34.680 --> 0:28:38.120
<v Speaker 1>you're going to form a new political party, not if

0:28:38.160 --> 0:28:40.880
<v Speaker 1>it was if just anybody was just a conversation, what

0:28:40.920 --> 0:28:42.040
<v Speaker 1>do you need to do? And he said to me

0:28:43.200 --> 0:28:46.000
<v Speaker 1>he probably need to sit down and work out five

0:28:46.120 --> 0:28:49.520
<v Speaker 1>or six policies. Yep, you know. It could be about tax,

0:28:49.560 --> 0:28:52.000
<v Speaker 1>could be about immigration or whatever. Yeah, but five or

0:28:52.000 --> 0:28:54.480
<v Speaker 1>six and you need how you need to know how

0:28:54.520 --> 0:28:57.000
<v Speaker 1>to express that, et cetera, et cetera. But you must

0:28:57.040 --> 0:28:59.280
<v Speaker 1>need those five or six. Let's have a look at

0:28:59.280 --> 0:29:03.080
<v Speaker 1>people first, your party. Yeah, you're not expecting to win

0:29:03.120 --> 0:29:05.840
<v Speaker 1>an election. You were expecting to be part of an

0:29:05.840 --> 0:29:09.080
<v Speaker 1>opposition perhaps or alternately part of a coalition. So let's

0:29:09.080 --> 0:29:09.360
<v Speaker 1>call it.

0:29:09.560 --> 0:29:13.920
<v Speaker 2>Well, hopefully we can get some senators up and influenced decision.

0:29:13.600 --> 0:29:16.720
<v Speaker 1>Make in this way. Yeah, and that's because of our

0:29:17.080 --> 0:29:19.760
<v Speaker 1>system the Senate actually has the eldom say at the

0:29:19.800 --> 0:29:20.040
<v Speaker 1>end of the.

0:29:20.080 --> 0:29:22.440
<v Speaker 2>Day, and it's based on proportional voting and that was

0:29:22.440 --> 0:29:24.840
<v Speaker 2>deliberately set up by a founding fathers to give minor

0:29:24.880 --> 0:29:27.040
<v Speaker 2>parties and get the minor parties to hold the majors

0:29:27.080 --> 0:29:27.520
<v Speaker 2>to account.

0:29:27.800 --> 0:29:31.680
<v Speaker 1>So what what? What am I correcting? What boy am

0:29:31.680 --> 0:29:34.640
<v Speaker 1>I correcting? What a Marke retelling the story about? What? Mark?

0:29:34.720 --> 0:29:38.400
<v Speaker 1>Bib Tommy? And if so, what are people? First? Five?

0:29:38.520 --> 0:29:39.160
<v Speaker 1>Six things?

0:29:39.320 --> 0:29:41.440
<v Speaker 2>Okay, I'm glad you asked that because we have got

0:29:41.480 --> 0:29:43.760
<v Speaker 2>we've got a slogan the Vision, Solutions for today and

0:29:43.800 --> 0:29:45.880
<v Speaker 2>the Vision for tomorrow, and that is based on five

0:29:45.960 --> 0:29:46.520
<v Speaker 2>key policy.

0:29:47.400 --> 0:29:47.600
<v Speaker 1>Yeah.

0:29:47.680 --> 0:29:49.560
<v Speaker 2>So first one is looked the tax TREA threshold, the

0:29:49.600 --> 0:29:52.120
<v Speaker 2>forty five thousand dollars, so everyone pays four thousand dollars

0:29:52.240 --> 0:29:54.640
<v Speaker 2>less in tax yep. The second and we'll pay for

0:29:54.680 --> 0:29:56.560
<v Speaker 2>that by means testing to de find benefits scheme for

0:29:56.600 --> 0:29:59.240
<v Speaker 2>a tired bureaucrats in Canberra, getting rid of subsidies for

0:29:59.240 --> 0:30:01.560
<v Speaker 2>renewables and a couple of other sections of.

0:30:01.480 --> 0:30:04.120
<v Speaker 1>The Tax Act. Okay, so it's funded. Yeah, it's five

0:30:04.120 --> 0:30:07.040
<v Speaker 1>funded by you said. The way you funded funded it

0:30:07.080 --> 0:30:10.560
<v Speaker 1>is by taking money, spend in other places. Yep, So

0:30:10.760 --> 0:30:13.240
<v Speaker 1>do these words, these two things neutralize them. So, but

0:30:13.320 --> 0:30:17.560
<v Speaker 1>why why if someone's earning forty four, nine hundred and

0:30:17.600 --> 0:30:19.880
<v Speaker 1>nine hundred dollars, why do you think they should have

0:30:20.440 --> 0:30:22.480
<v Speaker 1>not pay any tax? Well, what's the what's the thing.

0:30:22.320 --> 0:30:24.240
<v Speaker 2>Because we don't think people should pay tax below the

0:30:24.280 --> 0:30:26.160
<v Speaker 2>cost of living. Listen, if you're getting out of bed

0:30:26.200 --> 0:30:28.160
<v Speaker 2>and put your nose to the grindstone, and you know

0:30:28.280 --> 0:30:30.760
<v Speaker 2>the words of our anthem is wealth for wealth for toil.

0:30:31.520 --> 0:30:33.720
<v Speaker 2>Why would someone earn forty five thousand dollars to day

0:30:33.720 --> 0:30:36.320
<v Speaker 2>four grand tax one most six in super their taking

0:30:36.440 --> 0:30:38.840
<v Speaker 2>pays back to thirty five thousand dollars. We don't want

0:30:38.880 --> 0:30:40.960
<v Speaker 2>these people falling beneath the cracks. And you know, we

0:30:41.280 --> 0:30:43.240
<v Speaker 2>both grew up, you know, back in the time when

0:30:43.280 --> 0:30:46.640
<v Speaker 2>we had more tradees than professional workers. Let me tell

0:30:46.680 --> 0:30:48.680
<v Speaker 2>you, you could probably sack seventy five per cent of professional

0:30:48.760 --> 0:30:50.400
<v Speaker 2>workers in this country and you wouldn't miss them. But

0:30:50.400 --> 0:30:52.600
<v Speaker 2>if you got rid of our guys on those low incomes,

0:30:52.880 --> 0:30:54.920
<v Speaker 2>you know, the wheels of this country, it'd stopped turning

0:30:54.960 --> 0:30:58.720
<v Speaker 2>over very fast. And I'm very determined. So my grandparents

0:30:58.760 --> 0:31:00.800
<v Speaker 2>are all blue collar label he sort of came over

0:31:00.840 --> 0:31:03.560
<v Speaker 2>the dlping the late fifties, but you know, I grew

0:31:03.640 --> 0:31:06.240
<v Speaker 2>up with tradees mechanics. Now my best mates. They're still

0:31:06.240 --> 0:31:08.320
<v Speaker 2>my best mates, and I know the important work they do.

0:31:08.680 --> 0:31:10.360
<v Speaker 2>And I want to make sure that everyone that gets

0:31:10.400 --> 0:31:13.320
<v Speaker 2>out of bed puts their nose to grindstone is properly rewarded.

0:31:13.520 --> 0:31:15.760
<v Speaker 2>And I think it's completely immoral. And businesses get a

0:31:15.840 --> 0:31:17.960
<v Speaker 2>tax duction for the cost of business, right, I think

0:31:18.000 --> 0:31:20.040
<v Speaker 2>workers should get a tax duction for the cost of living.

0:31:20.360 --> 0:31:22.640
<v Speaker 2>You know, it's if you've got a job, it does

0:31:22.680 --> 0:31:24.959
<v Speaker 2>cost you more. You've got to fill your car up

0:31:24.960 --> 0:31:27.200
<v Speaker 2>every week, or buy a ticket on the train. You

0:31:27.320 --> 0:31:28.840
<v Speaker 2>might have to get work clothes, you might have to

0:31:28.840 --> 0:31:30.600
<v Speaker 2>get a suit. You know the girls. You know my

0:31:30.680 --> 0:31:33.080
<v Speaker 2>wife and she has you get a haircut. For a

0:31:33.080 --> 0:31:35.240
<v Speaker 2>female to get a haircut today, it's a couple hundred bucks.

0:31:35.280 --> 0:31:36.760
<v Speaker 2>You know, it's outrageous.

0:31:37.840 --> 0:31:41.200
<v Speaker 1>So what you're saying, Joe, though, is for the if

0:31:41.240 --> 0:31:45.960
<v Speaker 1>you're un forty five thousand, because that's less than a

0:31:46.000 --> 0:31:47.760
<v Speaker 1>thousand bucks a week, it's going to cost you at

0:31:47.840 --> 0:31:50.080
<v Speaker 1>least that in cost of living just to live, just

0:31:50.080 --> 0:31:52.760
<v Speaker 1>to exist. Yeah, it's not holidays. I was sending keep

0:31:53.160 --> 0:31:56.360
<v Speaker 1>schools basic or kids off to ballet whatever. That's just

0:31:56.520 --> 0:31:59.920
<v Speaker 1>living maybe, and just a very basic food and stuff

0:32:00.120 --> 0:32:02.760
<v Speaker 1>that you're saying, effectively, they shouldn't have to pay tax

0:32:02.840 --> 0:32:05.840
<v Speaker 1>because they should otherwise are going to be They're going

0:32:05.880 --> 0:32:07.720
<v Speaker 1>to be needed. That's right exactly.

0:32:07.760 --> 0:32:10.720
<v Speaker 2>But don't forget they pay tax for GST fuel exercise, Yeah,

0:32:10.880 --> 0:32:11.720
<v Speaker 2>buy beer.

0:32:11.840 --> 0:32:14.920
<v Speaker 1>Beer, pay consumption tax. Yeah, yeah, they do pay consumption

0:32:15.000 --> 0:32:17.560
<v Speaker 1>to see right, they are paying taxes, just paying tax

0:32:17.600 --> 0:32:20.160
<v Speaker 1>on their income because if they did, they wouldn't have

0:32:20.240 --> 0:32:21.440
<v Speaker 1>enough money to live. Yeah.

0:32:21.480 --> 0:32:23.479
<v Speaker 2>And then the next step, and I mean this, you know,

0:32:23.840 --> 0:32:26.160
<v Speaker 2>I won't make any guarantees about this because I think

0:32:26.160 --> 0:32:27.840
<v Speaker 2>you need to get into the budget to find where

0:32:27.880 --> 0:32:29.960
<v Speaker 2>you can make savings. But we would then like to

0:32:29.960 --> 0:32:32.840
<v Speaker 2>lower the thirty cents on incomes above forty five thousand

0:32:32.880 --> 0:32:35.320
<v Speaker 2>to one hundred, lower it by two cents every year

0:32:35.360 --> 0:32:37.400
<v Speaker 2>for the next fifteen years to get the tax re

0:32:37.520 --> 0:32:38.760
<v Speaker 2>threshold up to one hundred grand.

0:32:38.840 --> 0:32:41.240
<v Speaker 1>Yeah, so you're going to over time, yeah, bring the

0:32:41.280 --> 0:32:45.240
<v Speaker 1>tax free threshold up to one hundred grund. Yeah, over time. Yeah, okay,

0:32:45.240 --> 0:32:48.160
<v Speaker 1>that makes sense. And what are super You mentioned super before?

0:32:48.160 --> 0:32:50.320
<v Speaker 2>Okay, so that's one of our key policies as well.

0:32:50.360 --> 0:32:52.600
<v Speaker 2>We want to make super voluntary so you get to

0:32:52.680 --> 0:32:54.520
<v Speaker 2>keep the super innuation as part of your wage. If

0:32:54.560 --> 0:32:57.080
<v Speaker 2>you want to do you can make twelve percent more. Exactly,

0:32:57.120 --> 0:32:59.560
<v Speaker 2>you'll get twelve percent more in the head for everybody

0:32:59.600 --> 0:33:02.320
<v Speaker 2>or people undred certain for everyone. No rules as to

0:33:02.320 --> 0:33:05.480
<v Speaker 2>how much importing and takeout. The first twenty five thousand

0:33:05.480 --> 0:33:08.680
<v Speaker 2>dollars in your superannuation will be tax free, and then

0:33:08.720 --> 0:33:11.640
<v Speaker 2>after that it goes back to your normal marginal tax rates.

0:33:11.920 --> 0:33:15.160
<v Speaker 2>I don't think superannuation is doing what it was intended

0:33:15.200 --> 0:33:18.840
<v Speaker 2>to do. So in ninety ninety two, approximately fifty percent retires.

0:33:18.840 --> 0:33:21.480
<v Speaker 2>You're on a full pension, about twenty six twenty five

0:33:21.480 --> 0:33:23.920
<v Speaker 2>per cent retirees or on a part pension. If you

0:33:24.160 --> 0:33:30.240
<v Speaker 2>google ASFA superannuation statistics a straining superhanneration Financial Association Statistics,

0:33:30.280 --> 0:33:32.560
<v Speaker 2>you will see the median balance for women age sixty

0:33:32.600 --> 0:33:35.760
<v Speaker 2>to sixty four is one hundred and sixty two thousand dollars,

0:33:36.080 --> 0:33:39.480
<v Speaker 2>So that means half the women age sixty to sixty

0:33:39.480 --> 0:33:41.320
<v Speaker 2>four have less than one hundred and sixty two thousand

0:33:41.360 --> 0:33:43.480
<v Speaker 2>dollars in the bank. For man, it's two hundred and

0:33:43.520 --> 0:33:46.480
<v Speaker 2>twenty thousand dollars. To go off the full pension, you

0:33:46.560 --> 0:33:49.040
<v Speaker 2>need three hundred sorry, off the full pension. On a

0:33:49.040 --> 0:33:51.600
<v Speaker 2>part pension, you need about three hundred and twenty thousand

0:33:51.640 --> 0:33:54.360
<v Speaker 2>in assets, and to go off the full pension entirely

0:33:54.400 --> 0:33:56.840
<v Speaker 2>you need about eight to nine hundred thousand dollars in assets.

0:33:56.960 --> 0:33:57.200
<v Speaker 1>Right.

0:33:57.520 --> 0:34:00.400
<v Speaker 2>So, admittedly souper is not fully matured yet, it's thirty

0:34:00.440 --> 0:34:04.719
<v Speaker 2>four years old, but it's statistically impossible for low income

0:34:04.760 --> 0:34:07.280
<v Speaker 2>earners if you're going to take twelve percent of their

0:34:07.720 --> 0:34:10.319
<v Speaker 2>salary for them to put enough in the souper to

0:34:10.400 --> 0:34:14.040
<v Speaker 2>actually be able to retire on that amount. Now, bear

0:34:14.080 --> 0:34:16.640
<v Speaker 2>in mind that since ninety ninety two, ten percent of

0:34:16.680 --> 0:34:19.800
<v Speaker 2>people retired with a mortgage, state it's forty percent, right,

0:34:19.920 --> 0:34:22.320
<v Speaker 2>And bear in mind the median salary in this country

0:34:22.560 --> 0:34:24.920
<v Speaker 2>it's eighty two thousand. I'm just going to use eighty thousand.

0:34:25.160 --> 0:34:27.120
<v Speaker 2>If you're on eighty thousand, you need fifty grand to

0:34:27.160 --> 0:34:29.840
<v Speaker 2>live on twenty grand tax, you're left with ten thousand

0:34:29.920 --> 0:34:32.960
<v Speaker 2>dollars to save. Twelve percent of eighty thousand dollars is

0:34:33.000 --> 0:34:36.000
<v Speaker 2>nine thousand, six hundred. So for anyone on a median salary,

0:34:36.360 --> 0:34:40.239
<v Speaker 2>you're literally taking their last one hundred percent of their savings,

0:34:40.719 --> 0:34:42.080
<v Speaker 2>and you're going to put it and give it to

0:34:42.120 --> 0:34:44.640
<v Speaker 2>some bloke and an ivory palace somewhere in a capital city,

0:34:44.920 --> 0:34:46.600
<v Speaker 2>and there's no guarantee you're going to get that money

0:34:46.600 --> 0:34:49.239
<v Speaker 2>back when you're sixty seven. Now, if you're starting off

0:34:49.280 --> 0:34:51.239
<v Speaker 2>working first five years of your life, say you're on

0:34:51.280 --> 0:34:55.160
<v Speaker 2>a median salary, you can earn fifty thousand dollars, right yep.

0:34:55.320 --> 0:34:57.760
<v Speaker 2>The people that support super will go, oh, yeah, Jared,

0:34:57.800 --> 0:34:58.879
<v Speaker 2>you know, but you're going to earn six or seven

0:34:58.920 --> 0:35:01.440
<v Speaker 2>percent in super. That's great. But if you can't use

0:35:01.480 --> 0:35:03.680
<v Speaker 2>that as a deposit for your house, and the median

0:35:03.719 --> 0:35:06.200
<v Speaker 2>house price is a million bucks and it's rising by

0:35:06.239 --> 0:35:09.960
<v Speaker 2>five percent a year, your opportunity cost is fifty thousand

0:35:10.040 --> 0:35:13.200
<v Speaker 2>bucks because house prices a rising faster than you can save.

0:35:13.880 --> 0:35:15.839
<v Speaker 2>So it's a false economy that way. And don't forget

0:35:15.840 --> 0:35:18.720
<v Speaker 2>if your mortgage is six percent, that's after tax income

0:35:18.880 --> 0:35:21.000
<v Speaker 2>you've got to pay with that. So let's say earn

0:35:21.000 --> 0:35:22.719
<v Speaker 2>one hundred grand and earn ten grand in your own

0:35:22.760 --> 0:35:26.000
<v Speaker 2>name in investment income. Then you've got to get a

0:35:26.040 --> 0:35:28.359
<v Speaker 2>ten percent return, pay thirty cents on that to get

0:35:28.360 --> 0:35:31.719
<v Speaker 2>a seven percent return plus one percent management fee just

0:35:31.760 --> 0:35:34.319
<v Speaker 2>to actually make your mortgage meet. So yet again you

0:35:34.400 --> 0:35:37.120
<v Speaker 2>need to generate ten percent on your investment income outside

0:35:37.120 --> 0:35:41.120
<v Speaker 2>of super to make up for the lost like to

0:35:41.160 --> 0:35:43.319
<v Speaker 2>get that six percent halfter tax return that you do

0:35:43.440 --> 0:35:46.279
<v Speaker 2>in SUPER. So yet again your mortgage. It's harder to

0:35:46.280 --> 0:35:49.480
<v Speaker 2>pay your mortgage off because of superannuation as well. And

0:35:49.480 --> 0:35:52.560
<v Speaker 2>not only that, we've now got four trillion dollars in superneration.

0:35:53.440 --> 0:35:55.520
<v Speaker 2>For these people have industry and retail funds. They don't

0:35:55.520 --> 0:35:57.920
<v Speaker 2>get the vote for the boards, so there's no corporate

0:35:57.960 --> 0:36:01.360
<v Speaker 2>accountability there. So you've now got got three trillion outside

0:36:01.360 --> 0:36:04.560
<v Speaker 2>of self managed super funds that are controlled by unelected

0:36:04.640 --> 0:36:05.360
<v Speaker 2>board members.

0:36:05.840 --> 0:36:06.040
<v Speaker 1>Right.

0:36:06.080 --> 0:36:08.200
<v Speaker 2>And if you control three trillion dollars worth of capital,

0:36:08.200 --> 0:36:09.840
<v Speaker 2>what do you control the economy?

0:36:09.960 --> 0:36:13.080
<v Speaker 1>Yeah? Totally, which by the way, was the original design. Yeah,

0:36:13.160 --> 0:36:14.600
<v Speaker 1>that was keeping his design. Yeah.

0:36:14.640 --> 0:36:17.000
<v Speaker 2>And so now and so now you've got a corporate

0:36:17.080 --> 0:36:20.560
<v Speaker 2>sector driven by audiology not productivity, right, and they're pushing

0:36:20.600 --> 0:36:23.239
<v Speaker 2>all these agendas that had nothing to do with productivity.

0:36:23.320 --> 0:36:25.000
<v Speaker 2>I actually, I can't believe I'm saying this because I've

0:36:25.000 --> 0:36:26.960
<v Speaker 2>got burn a stock market in the late eighties, my

0:36:27.080 --> 0:36:29.600
<v Speaker 2>mum first bought chairs in September eighty seven. Can you

0:36:29.640 --> 0:36:32.840
<v Speaker 2>believe it? Well, yeah, and because next month they crashed,

0:36:32.840 --> 0:36:35.440
<v Speaker 2>so Mum had to work another ten years. She ended

0:36:35.480 --> 0:36:38.440
<v Speaker 2>up retiring as nurse when she was seventy. But she

0:36:38.560 --> 0:36:40.480
<v Speaker 2>got me into share trading and I didn't know. I

0:36:40.480 --> 0:36:42.319
<v Speaker 2>only found this out up she passed away. She used

0:36:42.320 --> 0:36:44.680
<v Speaker 2>to be a shared trader, trade shares before she got

0:36:44.680 --> 0:36:46.560
<v Speaker 2>married to dad. Way back in the sixties, she had

0:36:46.840 --> 0:36:51.160
<v Speaker 2>HP shares. But we need a bit of that entrepreneurial

0:36:51.160 --> 0:36:53.480
<v Speaker 2>spirit back. And the probably is today.

0:36:53.480 --> 0:36:56.720
<v Speaker 1>No one's going any money. Well, it's the corporate fund managers.

0:36:56.880 --> 0:36:58.520
<v Speaker 1>Yeah and yeah. Yet again one of these things. But

0:36:59.000 --> 0:37:01.160
<v Speaker 1>again what I was saying before, the government saying we'll

0:37:01.200 --> 0:37:04.279
<v Speaker 1>do it for you, yeah, yeah, exactly. We'll take your

0:37:04.280 --> 0:37:06.440
<v Speaker 1>money now, yeah, and we're going to invest it for you,

0:37:06.640 --> 0:37:09.120
<v Speaker 1>yeah exactly, because you're dumb, you don't know how to do it,

0:37:09.200 --> 0:37:12.439
<v Speaker 1>which sort of in some cases probably is true. People

0:37:12.440 --> 0:37:15.239
<v Speaker 1>will gamble it. But this is another example of ideology

0:37:16.080 --> 0:37:18.440
<v Speaker 1>telling you what you can do with your money.

0:37:18.239 --> 0:37:21.239
<v Speaker 2>Acts exactly, that's exactly right. Yeah, and we're better out

0:37:21.280 --> 0:37:23.719
<v Speaker 2>of than you exactly. And what you get now these

0:37:23.719 --> 0:37:27.319
<v Speaker 2>corporate fund managers. They all basically just follow the indexes.

0:37:27.640 --> 0:37:30.880
<v Speaker 2>There's very little entrepreneurialship going on. And I think the

0:37:30.960 --> 0:37:32.560
<v Speaker 2>I'll THEND to be corrected on this. This might have

0:37:32.600 --> 0:37:34.560
<v Speaker 2>been about a year old when I read this article.

0:37:34.920 --> 0:37:37.359
<v Speaker 2>The number of listings on the AXX is declining. They're

0:37:37.400 --> 0:37:39.080
<v Speaker 2>really struggling to get new listings.

0:37:39.160 --> 0:37:42.799
<v Speaker 1>Yeah, that is one hundred percent correct. Yeah, because there's

0:37:42.800 --> 0:37:45.799
<v Speaker 1>a punish, Yeah exactly. It's hard work. Yeah.

0:37:45.960 --> 0:37:48.640
<v Speaker 2>But as someone who's a small investor, I hate the

0:37:48.640 --> 0:37:52.799
<v Speaker 2>fifteen percent accelerated retail listing offerings. You'll see that all

0:37:52.840 --> 0:37:55.520
<v Speaker 2>the time. Just as the company is about to kick off,

0:37:55.520 --> 0:37:57.880
<v Speaker 2>they'll raise more take off. When I'll say kick off,

0:37:57.960 --> 0:38:00.080
<v Speaker 2>I mean take off in terms of making money. The

0:38:00.239 --> 0:38:02.560
<v Speaker 2>issue fifteen percent of new shares every years to their

0:38:02.600 --> 0:38:06.239
<v Speaker 2>mates at a diluted price, and you're like, oh, here

0:38:06.280 --> 0:38:08.239
<v Speaker 2>we go again. You know, like they should go back

0:38:08.280 --> 0:38:10.439
<v Speaker 2>to the pro rata way of like if you ain't

0:38:10.440 --> 0:38:12.920
<v Speaker 2>five percent of the company, you get five percent of

0:38:12.960 --> 0:38:15.400
<v Speaker 2>the new issues, you know, so your equity is not diluted.

0:38:15.600 --> 0:38:17.760
<v Speaker 2>But yet again that's just a big boys club between

0:38:18.680 --> 0:38:21.600
<v Speaker 2>the corporate fund managers. As you know, the industry funds

0:38:21.680 --> 0:38:26.280
<v Speaker 2>use run Proxy Advisor combined voting powers around twenty percent.

0:38:27.280 --> 0:38:29.320
<v Speaker 2>So yet again, you control twenty percent of the shares

0:38:29.360 --> 0:38:32.520
<v Speaker 2>on the ax an AX listed company. You get to

0:38:32.520 --> 0:38:34.640
<v Speaker 2>push the left wing ideology you push.

0:38:34.560 --> 0:38:37.880
<v Speaker 1>You change the board or the board is so scared

0:38:37.880 --> 0:38:41.200
<v Speaker 1>of being demoted or taken off the board that they'll

0:38:41.200 --> 0:38:43.759
<v Speaker 1>do everything you want. That's exactly right, even if it

0:38:43.840 --> 0:38:48.000
<v Speaker 1>means not doing something on a straight to day or yep,

0:38:48.400 --> 0:38:52.200
<v Speaker 1>or flying three flags yeah, whatever the case may be. Yep,

0:38:52.680 --> 0:38:57.040
<v Speaker 1>it sounds crazy, yep. And so people first, so we're

0:38:57.040 --> 0:38:59.440
<v Speaker 1>talking about lower tacks rate you want to bring. You

0:38:59.480 --> 0:39:01.960
<v Speaker 1>want to bring the three threshold of forty five and

0:39:01.960 --> 0:39:07.520
<v Speaker 1>over time to one hundred. You mentioned super superminiation. You're saying,

0:39:07.680 --> 0:39:09.680
<v Speaker 1>is it voluntary for everybody? Or you get to keep?

0:39:09.760 --> 0:39:12.279
<v Speaker 2>But if everyone yeah, you get to keep, and people

0:39:12.320 --> 0:39:14.640
<v Speaker 2>will say not everyone can save their own retirement. You're right,

0:39:14.719 --> 0:39:17.239
<v Speaker 2>you know what, that's what the pension's for. But yet again,

0:39:17.280 --> 0:39:19.480
<v Speaker 2>you know the tax breaks for superannuation. The last budget

0:39:19.600 --> 0:39:24.160
<v Speaker 2>sixty billion dollars. The Productivity Commission back in twenty nineteen

0:39:24.200 --> 0:39:27.040
<v Speaker 2>twenty estimated the cost of running super was one percent

0:39:27.040 --> 0:39:29.720
<v Speaker 2>of funds under management, So one percent of four trillion

0:39:29.760 --> 0:39:33.680
<v Speaker 2>is about forty billion. Again, massive cost in financial engineering

0:39:33.680 --> 0:39:36.960
<v Speaker 2>and paper shuffling doesn't produce a cent more. We need

0:39:37.000 --> 0:39:40.080
<v Speaker 2>more real engineers in this country, not pay for financial engineers.

0:39:40.719 --> 0:39:43.239
<v Speaker 2>So that's our second policy. Our third policy is to

0:39:43.239 --> 0:39:45.960
<v Speaker 2>pay trialcare directly to the parents, subject to welfare testing.

0:39:46.200 --> 0:39:49.360
<v Speaker 1>So what does that mean? So the same in relation

0:39:49.440 --> 0:39:53.640
<v Speaker 1>to my kids. They send the kids a childcare before preschool,

0:39:54.440 --> 0:39:56.960
<v Speaker 1>you pay them, will you pay them? Yep?

0:39:57.000 --> 0:39:59.000
<v Speaker 2>And if they want to pay trial care, they can

0:39:59.160 --> 0:40:01.640
<v Speaker 2>use child care. But you've got millions of shift workers

0:40:01.680 --> 0:40:03.799
<v Speaker 2>in this country that can't access childcare at all. So

0:40:03.840 --> 0:40:06.359
<v Speaker 2>you've got nurses who work shift work, police who work

0:40:06.400 --> 0:40:10.839
<v Speaker 2>shift work, fiery hospitality workers. I've got a mate who

0:40:10.880 --> 0:40:13.120
<v Speaker 2>plays in a band with his wife on weekends. He

0:40:13.160 --> 0:40:15.400
<v Speaker 2>can't get his parent on week parents, their parents on

0:40:15.520 --> 0:40:17.440
<v Speaker 2>weekend to look after the kids. Of course, of the

0:40:17.480 --> 0:40:20.279
<v Speaker 2>childcare that wipes out the money they make from the gig.

0:40:20.560 --> 0:40:22.400
<v Speaker 2>You know, we've got fly and fly out workers that

0:40:22.480 --> 0:40:25.960
<v Speaker 2>might pay for you know, be home for seven days

0:40:26.440 --> 0:40:28.759
<v Speaker 2>ten days on seven days off. Why pay for child

0:40:28.760 --> 0:40:30.279
<v Speaker 2>care then? You know, if you want to just get

0:40:30.280 --> 0:40:32.720
<v Speaker 2>an n half the time, do that. You've got people

0:40:32.760 --> 0:40:36.520
<v Speaker 2>in regional Australia that can't even access childcare centers, so

0:40:36.560 --> 0:40:39.319
<v Speaker 2>they all miss out right. So my view is and

0:40:39.360 --> 0:40:41.560
<v Speaker 2>then you've got so if we do that, we give

0:40:41.600 --> 0:40:43.920
<v Speaker 2>shift works great a choice over the hours they can work.

0:40:43.960 --> 0:40:46.960
<v Speaker 2>So there's great at work choices. There, greater flexibility. But

0:40:47.040 --> 0:40:49.680
<v Speaker 2>it's also giving people greater choice in how they parent

0:40:49.719 --> 0:40:51.520
<v Speaker 2>their children. So I stayed at home before it became

0:40:51.560 --> 0:40:54.200
<v Speaker 2>a senator for a couple of years and I'd go

0:40:54.280 --> 0:40:56.880
<v Speaker 2>to mother's group on Tuesday morning and a number of

0:40:56.960 --> 0:40:59.320
<v Speaker 2>mothers would had to go back to work because a

0:40:59.440 --> 0:41:02.359
<v Speaker 2>financial and straints, but they weren't ready to go back.

0:41:02.440 --> 0:41:03.680
<v Speaker 2>You know, they have to go back when I're a

0:41:03.680 --> 0:41:05.600
<v Speaker 2>bit older. But while the kids were still two or three,

0:41:05.920 --> 0:41:07.360
<v Speaker 2>you know, they preferred to stay at home for a

0:41:07.360 --> 0:41:09.600
<v Speaker 2>few more years. So if that bit of money and

0:41:09.640 --> 0:41:11.160
<v Speaker 2>we'll top up, what we'll do is we'll top up

0:41:11.200 --> 0:41:14.680
<v Speaker 2>Family Part eight benefits can help parents stay at home.

0:41:14.719 --> 0:41:16.320
<v Speaker 2>If you want to be a parent, stay home a

0:41:16.360 --> 0:41:18.880
<v Speaker 2>little bit longer. That also gives you the option of

0:41:18.920 --> 0:41:20.960
<v Speaker 2>doing that, you know, help you get out of the

0:41:20.960 --> 0:41:23.040
<v Speaker 2>line at least your kids get to school or something

0:41:23.120 --> 0:41:24.840
<v Speaker 2>like that, and that can help pay off the mortgage

0:41:24.920 --> 0:41:27.080
<v Speaker 2>or make ends meet so you can spend more time

0:41:27.120 --> 0:41:29.600
<v Speaker 2>with their family, because spending time with their children at

0:41:29.640 --> 0:41:32.759
<v Speaker 2>that age is so important, you know.

0:41:32.800 --> 0:41:33.720
<v Speaker 1>And when you look.

0:41:33.600 --> 0:41:35.040
<v Speaker 2>Back, you're not going to go, oh jeez, I'm so

0:41:35.080 --> 0:41:37.400
<v Speaker 2>glad I let the kids, you know, childcare center when

0:41:37.400 --> 0:41:39.040
<v Speaker 2>I was two years old and went back to working

0:41:39.080 --> 0:41:41.279
<v Speaker 2>extra three years earlier, so you know, and.

0:41:41.440 --> 0:41:43.200
<v Speaker 1>They should have a choice. They should have a choice,

0:41:43.400 --> 0:41:45.400
<v Speaker 1>just like souper. Yeah. In other words, it shouldn't be

0:41:45.440 --> 0:41:47.719
<v Speaker 1>again the government saying, look, look handed over, dust will

0:41:47.760 --> 0:41:50.480
<v Speaker 1>take ConTroll of all this for you. Yeah. And the

0:41:50.560 --> 0:41:52.839
<v Speaker 1>other thing is should I think be honest with every

0:41:52.840 --> 0:41:54.840
<v Speaker 1>time childcare centers get more money, Well, they do is

0:41:54.880 --> 0:41:57.759
<v Speaker 1>put the price up exactly. Yeah. Yeah, it doesn't go

0:41:57.800 --> 0:41:59.560
<v Speaker 1>back to any but there's no real beneficiary other than

0:41:59.560 --> 0:42:00.479
<v Speaker 1>the people and the joints.

0:42:00.560 --> 0:42:02.920
<v Speaker 2>Yeah exactly, that's right. And the union, so the fastest

0:42:02.960 --> 0:42:07.120
<v Speaker 2>growing union in Australia's United Voice when Albanize so Albanesi

0:42:07.600 --> 0:42:09.839
<v Speaker 2>in the twenty two election had to pay childcare workers

0:42:09.880 --> 0:42:12.040
<v Speaker 2>three and a half billion dollars directly if tax payers

0:42:12.080 --> 0:42:15.239
<v Speaker 2>money because the childcare centers couldn't afford to pay the

0:42:15.280 --> 0:42:18.279
<v Speaker 2>childcare workers. He's now had to renew that again. But

0:42:18.280 --> 0:42:20.200
<v Speaker 2>a part of that deal was that childcare workers had

0:42:20.200 --> 0:42:23.080
<v Speaker 2>to be unionized. So fourteen dollars a week by fifty

0:42:23.280 --> 0:42:25.960
<v Speaker 2>weeks here, seven hundred bucks a year times I'm not

0:42:25.960 --> 0:42:28.799
<v Speaker 2>sure if it's two hundred thousand childcare workers. Well even

0:42:28.800 --> 0:42:31.560
<v Speaker 2>one hundred thousand, that's seventy million going into union coffers.

0:42:31.560 --> 0:42:34.239
<v Speaker 2>Two hundred thousand, it's one hundred and forty million. So

0:42:34.400 --> 0:42:36.600
<v Speaker 2>you know, when Labour tells you that, you know they

0:42:36.640 --> 0:42:40.160
<v Speaker 2>really want early childhood education, it's all about getting more

0:42:40.160 --> 0:42:42.280
<v Speaker 2>money into the union coffers.

0:42:42.640 --> 0:42:45.600
<v Speaker 1>And then then the unions that support the government in

0:42:45.680 --> 0:42:46.520
<v Speaker 1>terms of the next election.

0:42:46.800 --> 0:42:49.600
<v Speaker 2>Yeah, yeah, exactly, and you know, let's keep the childcare

0:42:50.160 --> 0:42:54.120
<v Speaker 2>industry going. You know, would you get a little route, Well, look,

0:42:54.160 --> 0:42:56.080
<v Speaker 2>there's definite childcare needs. We need to get on to

0:42:56.200 --> 0:42:58.719
<v Speaker 2>why two parents need to work, and hopefully the time

0:42:58.840 --> 0:43:03.799
<v Speaker 2>dates do that so it's not a raw in sense

0:43:03.840 --> 0:43:05.759
<v Speaker 2>two parents have to work and I can understand why,

0:43:05.840 --> 0:43:07.120
<v Speaker 2>So maybe i'll jump on to that.

0:43:07.200 --> 0:43:07.960
<v Speaker 1>You do that, they're out.

0:43:08.000 --> 0:43:10.600
<v Speaker 2>So there are three solutions for the day now, our

0:43:10.640 --> 0:43:13.440
<v Speaker 2>vision for tomorrow, the next two policies and The first

0:43:13.440 --> 0:43:16.040
<v Speaker 2>one is monetary policy. And I'm really glad, I'm really

0:43:16.040 --> 0:43:19.640
<v Speaker 2>excited that you yeah, that you invited me down today

0:43:19.680 --> 0:43:22.680
<v Speaker 2>because being a next a bank of yourself, you'll appreciate this.

0:43:23.200 --> 0:43:27.680
<v Speaker 2>Our monetary policy is the most misunderstood and least discussed

0:43:27.880 --> 0:43:31.080
<v Speaker 2>policy of all and it is the most important policy

0:43:31.120 --> 0:43:33.759
<v Speaker 2>that we have to fix in this country before anything else.

0:43:33.840 --> 0:43:34.600
<v Speaker 1>It drives everything.

0:43:34.680 --> 0:43:37.480
<v Speaker 2>Yeah, it drives everything. Capital meant you know this yourself, Mark,

0:43:37.560 --> 0:43:40.000
<v Speaker 2>Capital management is king. If there's something we've learned now

0:43:40.000 --> 0:43:42.120
<v Speaker 2>that years in finance, you've got to know how to

0:43:42.120 --> 0:43:44.760
<v Speaker 2>manage capital. And we've been brainwashed on the difference between

0:43:44.800 --> 0:43:47.239
<v Speaker 2>debt and equity. And I'll touch on that in a minute.

0:43:47.239 --> 0:43:48.960
<v Speaker 2>But if we go back to why two parents are

0:43:49.000 --> 0:43:51.560
<v Speaker 2>having to work today, it goes back to nineteen eighty

0:43:51.560 --> 0:43:54.720
<v Speaker 2>five and Paul Keating lifted capital controls the private banks

0:43:54.719 --> 0:43:57.239
<v Speaker 2>in nineteen eighty five at eight billion dollars in foreign debt.

0:43:57.560 --> 0:44:00.000
<v Speaker 2>By two thousand and eight, that eight hundred billion dollars

0:44:00.080 --> 0:44:04.360
<v Speaker 2>in foreign debt. That money was leant against housing. It

0:44:04.520 --> 0:44:06.640
<v Speaker 2>wasn't so as your name and finance, the net present

0:44:06.640 --> 0:44:08.320
<v Speaker 2>the value of an assets and net present value of

0:44:08.360 --> 0:44:11.760
<v Speaker 2>future income streams. Right, we went from valuing assets based

0:44:11.760 --> 0:44:14.240
<v Speaker 2>on the earnings of an asset to how much money

0:44:14.239 --> 0:44:17.000
<v Speaker 2>we could borrow from offshore. Right, so we would brainwash

0:44:17.000 --> 0:44:19.920
<v Speaker 2>at the university. You can't put money out of thin air, right, Okay,

0:44:20.080 --> 0:44:22.560
<v Speaker 2>Well what we did, We've done something even worse. We've

0:44:22.560 --> 0:44:24.520
<v Speaker 2>started borrowing money that was printed out of thin air

0:44:24.560 --> 0:44:26.680
<v Speaker 2>by foreign countries. In particular in the late eighties it

0:44:26.719 --> 0:44:30.680
<v Speaker 2>was Japan. So what's happened is house prices with that

0:44:30.800 --> 0:44:32.680
<v Speaker 2>extra credit and the system have gone from four to

0:44:32.680 --> 0:44:35.279
<v Speaker 2>five times earnings to ten to twelve times earnings. So

0:44:35.320 --> 0:44:36.960
<v Speaker 2>of course you've had to send two parents back to

0:44:37.000 --> 0:44:39.080
<v Speaker 2>work to pay for the mortgage. Hence the creation of

0:44:39.120 --> 0:44:41.520
<v Speaker 2>the child care industry in the late nineties, remember Eddie

0:44:41.520 --> 0:44:45.319
<v Speaker 2>Groves and cod and then what we saw ABC Learning

0:44:45.360 --> 0:44:49.520
<v Speaker 2>and that ended up being a stock market collapse, bubble

0:44:49.560 --> 0:44:52.040
<v Speaker 2>and a crash. And then in two thousand and eight

0:44:52.080 --> 0:44:56.680
<v Speaker 2>we had the real GFC crash based on irresponsible credit practices.

0:44:56.719 --> 0:44:59.400
<v Speaker 2>In a Norton hemisphere. We nearly had the same thing

0:44:59.440 --> 0:45:02.480
<v Speaker 2>happened here. A mining boom kept us going. But you know,

0:45:02.560 --> 0:45:05.160
<v Speaker 2>you didn't remember storm Financial But one of the ways

0:45:05.239 --> 0:45:08.279
<v Speaker 2>that we kept house prices strong here throughout. That was

0:45:08.320 --> 0:45:11.560
<v Speaker 2>Kevin right allowed temporary vs A holders i e. Foreign

0:45:11.560 --> 0:45:15.000
<v Speaker 2>students to start buying houses in Australia. So that meant

0:45:15.000 --> 0:45:18.839
<v Speaker 2>that basically Nana created the foreign student sector as well. Right,

0:45:18.920 --> 0:45:22.000
<v Speaker 2>another sector that pumps some money into the economy but

0:45:22.160 --> 0:45:24.080
<v Speaker 2>distracts us from other parts of the economy we need

0:45:24.120 --> 0:45:28.640
<v Speaker 2>to focus on. So that irresponsible credit practice has basically

0:45:28.800 --> 0:45:31.600
<v Speaker 2>from what Keating did in nineteen eighty five of letting

0:45:31.960 --> 0:45:35.640
<v Speaker 2>unrestricted capital inflows into this country for consumption. I mean

0:45:35.640 --> 0:45:38.240
<v Speaker 2>housing is important, don't get me wrong, but it's ultimately

0:45:38.280 --> 0:45:41.200
<v Speaker 2>a consumption tool. Has saw house prices rise to the

0:45:41.280 --> 0:45:43.360
<v Speaker 2>roof and then the money that we pay on that

0:45:43.400 --> 0:45:47.040
<v Speaker 2>eight hundred billion, the interest that's not even taxed, right,

0:45:47.120 --> 0:45:50.200
<v Speaker 2>so you know your parents, we put interest in the bank,

0:45:50.239 --> 0:45:52.640
<v Speaker 2>we pay tax on it. The foreign banks don't have

0:45:52.680 --> 0:45:54.040
<v Speaker 2>to pay tax on that. I'm not sure if you're

0:45:54.000 --> 0:45:55.719
<v Speaker 2>familiar with one twenty eight at for the thirty six

0:45:55.800 --> 0:45:58.399
<v Speaker 2>Act the Public Office Tech. Yeah, so as long as

0:45:58.400 --> 0:46:01.279
<v Speaker 2>this has probably spread, but of course, yeah, it's got

0:46:01.360 --> 0:46:02.960
<v Speaker 2>to be Yeah, it's got to be initial offering in

0:46:03.000 --> 0:46:05.200
<v Speaker 2>the public market. Yeah, that's right, in a proper spread.

0:46:05.239 --> 0:46:07.000
<v Speaker 2>That's correct. Yeah, So there's a few factors there, but

0:46:07.280 --> 0:46:09.440
<v Speaker 2>long story short, it cost the budget about three.

0:46:09.239 --> 0:46:12.200
<v Speaker 1>But with hold at tax, there's no hot attacks basically yeah. Yeah,

0:46:12.360 --> 0:46:14.880
<v Speaker 1>So on the interest paid to the foreign interitet, that's

0:46:14.920 --> 0:46:18.560
<v Speaker 1>exactly right. As long as the initial offering, as long

0:46:18.600 --> 0:46:20.960
<v Speaker 1>as the offering initial offering, I should say, as opposed

0:46:20.960 --> 0:46:27.200
<v Speaker 1>to the secondary market, Yeah, has enough spread, in other words,

0:46:27.320 --> 0:46:30.000
<v Speaker 1>enough participants. If you just have one, one person, like

0:46:30.200 --> 0:46:33.640
<v Speaker 1>it's just pimcoat being putting in the eight hundred million

0:46:33.719 --> 0:46:36.880
<v Speaker 1>or a billion, that's not enough spread. But what's interesting

0:46:36.920 --> 0:46:39.120
<v Speaker 1>matter that though it's interesting jury you should talk about

0:46:39.120 --> 0:46:43.920
<v Speaker 1>this because it was kidding who sort of deregulated this process.

0:46:44.760 --> 0:46:50.120
<v Speaker 1>And it's an interesting thesis because I never thought about

0:46:50.160 --> 0:46:51.879
<v Speaker 1>it like this, but in terms of a couple of mics.

0:46:51.920 --> 0:46:54.200
<v Speaker 1>But I never thought about this. But the extra money

0:46:54.200 --> 0:46:58.040
<v Speaker 1>coming into Australi because banks probably raised probably fund housing,

0:46:58.320 --> 0:47:02.080
<v Speaker 1>maybe future Center's fun through deposits taken here Australia. Money

0:47:02.080 --> 0:47:03.239
<v Speaker 1>you might put in a positive, I'd put it in

0:47:03.280 --> 0:47:05.319
<v Speaker 1>a positive whatever, which is the way they are the

0:47:05.360 --> 0:47:08.399
<v Speaker 1>only way they used to do it before. Now the other

0:47:08.400 --> 0:47:12.480
<v Speaker 1>fifty percents coming from somewhere overse the whole Europe, Japan,

0:47:13.640 --> 0:47:20.600
<v Speaker 1>in UK, wherever Southeast Asia these days. And but that

0:47:20.600 --> 0:47:23.040
<v Speaker 1>that's here to stay. I mean because there was so

0:47:23.120 --> 0:47:26.040
<v Speaker 1>much money available. The bank's accessed it and it was

0:47:26.120 --> 0:47:28.520
<v Speaker 1>cheap and they could sort of what they could do

0:47:28.600 --> 0:47:30.960
<v Speaker 1>is build around it so they could hedge their currency risk,

0:47:31.000 --> 0:47:32.919
<v Speaker 1>their pre payment risks, they could head all these risks

0:47:32.920 --> 0:47:35.320
<v Speaker 1>associated with it, and they could still get a tuber

0:47:35.719 --> 0:47:37.839
<v Speaker 1>then they would have had to pay if they took

0:47:37.840 --> 0:47:40.200
<v Speaker 1>it from a depositor who are in Australia. So the

0:47:40.239 --> 0:47:42.839
<v Speaker 1>banks are making really good margins and they're therefore will

0:47:42.880 --> 0:47:45.200
<v Speaker 1>take the We're desperate, they were desperate to lend it,

0:47:46.400 --> 0:47:48.279
<v Speaker 1>so it's not here to stay. If I can help

0:47:48.320 --> 0:47:49.799
<v Speaker 1>it and the money is you get them. But all

0:47:49.840 --> 0:47:51.319
<v Speaker 1>of a sudden, the money is available to you as

0:47:51.360 --> 0:47:54.600
<v Speaker 1>a borrower. Because this has been my thesis all along.

0:47:54.960 --> 0:47:58.879
<v Speaker 1>If I can save just let's use a million dollar

0:47:58.960 --> 0:48:01.840
<v Speaker 1>purchase price, I can save two hundred thousand dollars deposit,

0:48:02.840 --> 0:48:04.960
<v Speaker 1>and the bank says to mell Land, you eight hundred thousand,

0:48:04.960 --> 0:48:07.279
<v Speaker 1>and just forget about stamps. You just get that, and

0:48:07.440 --> 0:48:10.120
<v Speaker 1>for some reason the property goes up to one point

0:48:10.200 --> 0:48:11.960
<v Speaker 1>one million in the bank says, don't worry, Mark, I'll

0:48:12.000 --> 0:48:14.839
<v Speaker 1>lend you nine hundred thousand dollars. The borrow is okay,

0:48:14.840 --> 0:48:17.240
<v Speaker 1>I'll take it that borrows don't look at it as

0:48:18.120 --> 0:48:20.080
<v Speaker 1>I owe nine hundred thousand dollars. They don't look at

0:48:20.080 --> 0:48:23.680
<v Speaker 1>it that way. I know this for remind research. They're

0:48:23.719 --> 0:48:26.000
<v Speaker 1>just thinking, what's that extra hundred thousand is going to

0:48:26.040 --> 0:48:28.640
<v Speaker 1>cost me per month? And it might be two three

0:48:28.680 --> 0:48:31.560
<v Speaker 1>hundred bucks. But all that does is push that house

0:48:31.600 --> 0:48:35.400
<v Speaker 1>price up because everybody who's buying that house when the

0:48:35.440 --> 0:48:38.520
<v Speaker 1>vendor wants one point one, everybody is all borrowing nine

0:48:38.560 --> 0:48:41.800
<v Speaker 1>hundred thousand, like the bank will lend it to every bidder. Yeah,

0:48:41.840 --> 0:48:44.239
<v Speaker 1>every single person in the room. They don't say, oh wow,

0:48:44.680 --> 0:48:46.719
<v Speaker 1>we're borrowing nine hundred thousand dollars for thirty years or

0:48:46.760 --> 0:48:48.520
<v Speaker 1>in those days are twenty years, twenty five years, but

0:48:48.520 --> 0:48:50.200
<v Speaker 1>thirty years. These days, they're not going to say that.

0:48:50.239 --> 0:48:52.239
<v Speaker 1>They're going to say, it's just going to cost us

0:48:52.280 --> 0:48:54.200
<v Speaker 1>extra couple hundred bucks a month to live in this

0:48:54.239 --> 0:48:57.160
<v Speaker 1>beautiful house. Yeah, so we'll we'll pay one point one.

0:48:57.360 --> 0:49:00.000
<v Speaker 1>And that's how house prices get out of control. Yeah, exactly,

0:49:00.120 --> 0:49:03.040
<v Speaker 1>that's right, and the problem is if that extra funding.

0:49:03.160 --> 0:49:06.120
<v Speaker 1>But here's the thing we need so prior to keyting,

0:49:06.200 --> 0:49:08.600
<v Speaker 1>So let's use the million dollars example. So interesting enough,

0:49:08.640 --> 0:49:12.080
<v Speaker 1>the CBA is about eighty seven percent funded actually internally,

0:49:12.440 --> 0:49:14.680
<v Speaker 1>but they're going to the biggest depositive exactly, that's right. But

0:49:14.719 --> 0:49:16.560
<v Speaker 1>we don't have enough depositors, by the way.

0:49:16.560 --> 0:49:18.320
<v Speaker 2>So can I do that? Is this is what exactly

0:49:18.360 --> 0:49:19.440
<v Speaker 2>want to touch on. So when I was at the

0:49:19.440 --> 0:49:21.600
<v Speaker 2>Bank a Quaanslane, for every million we lent, you're right,

0:49:21.680 --> 0:49:25.120
<v Speaker 2>like forty percent was deposits, domestic deposits, sixty percent was

0:49:25.160 --> 0:49:30.880
<v Speaker 2>international wholesale funding. Now, before Keating had had lifted capital controls,

0:49:30.920 --> 0:49:33.120
<v Speaker 2>the most the Bank Acquaenslane could have lamp was four

0:49:33.160 --> 0:49:35.880
<v Speaker 2>hundred thousand dollars, not a million dollars. Right, So that

0:49:35.960 --> 0:49:37.840
<v Speaker 2>automatically means now, as you say, if you're going to

0:49:37.840 --> 0:49:40.359
<v Speaker 2>borrow more, sixty percent of that money is now going

0:49:40.360 --> 0:49:43.520
<v Speaker 2>to be paid off. Show's interest. Right in the old days,

0:49:43.520 --> 0:49:45.640
<v Speaker 2>when all they could land was four hundred thousand dollars,

0:49:45.880 --> 0:49:48.400
<v Speaker 2>that was actually a virtuous cycle because what that money

0:49:48.480 --> 0:49:50.840
<v Speaker 2>was coming from was the term deposits of the older generation.

0:49:51.320 --> 0:49:53.719
<v Speaker 2>They'd land through the bank to the younger generation, and

0:49:53.800 --> 0:49:56.520
<v Speaker 2>the younger generation back through the bank would pay back

0:49:56.520 --> 0:49:59.200
<v Speaker 2>to the older generation, and that would keep and that

0:49:59.200 --> 0:50:01.799
<v Speaker 2>would keep house prices linked to the savings and the

0:50:01.840 --> 0:50:06.120
<v Speaker 2>earnings of the prior generation. When Keating lifted those capital

0:50:06.160 --> 0:50:08.600
<v Speaker 2>controls and debt went from eight billion to eight hundred

0:50:08.640 --> 0:50:11.960
<v Speaker 2>billion foreign debt, we basically decoupled the price of houses

0:50:12.000 --> 0:50:14.880
<v Speaker 2>from earnings. And so first, the first generation loved it

0:50:14.960 --> 0:50:16.600
<v Speaker 2>right for the first twenty years because they were all

0:50:16.600 --> 0:50:18.319
<v Speaker 2>living off the boom of the house prices, and we

0:50:18.360 --> 0:50:21.920
<v Speaker 2>saw that here in Sydney. But now the next generation's

0:50:21.960 --> 0:50:24.240
<v Speaker 2>coming through and they're paying the price for it because

0:50:24.239 --> 0:50:26.640
<v Speaker 2>they're struggling even to get into the housing larn has

0:50:26.719 --> 0:50:30.680
<v Speaker 2>never kept up. That's exactly right, And so complimenting Keating

0:50:30.719 --> 0:50:34.359
<v Speaker 2>lifting capital controls of John Button getting rid of the

0:50:34.360 --> 0:50:38.440
<v Speaker 2>tariffs on manufacturing, whereby we let manufacturing go offshore. Now,

0:50:38.560 --> 0:50:40.440
<v Speaker 2>there's no doubt that we did struggle to compete with

0:50:40.480 --> 0:50:43.120
<v Speaker 2>Asian labor at the time, but the problem was we

0:50:43.160 --> 0:50:46.640
<v Speaker 2>did lose earnings capacity when we did that by letting

0:50:46.640 --> 0:50:50.040
<v Speaker 2>our manufacturing go off shore. And there's a fantastic opportunity

0:50:50.120 --> 0:50:53.640
<v Speaker 2>right now that no politician other than an ex politician

0:50:54.040 --> 0:50:57.680
<v Speaker 2>sitting here, Like most factories today are automated. You know

0:50:57.719 --> 0:50:59.800
<v Speaker 2>the argument that we can no longer compete with offshore

0:50:59.840 --> 0:51:03.200
<v Speaker 2>life because costs. Yeah, because the costs right. So you know,

0:51:03.239 --> 0:51:06.120
<v Speaker 2>when we export iron ore and cocing coal, we should

0:51:06.160 --> 0:51:08.719
<v Speaker 2>be parking that at Darwin in a steel factory. They're

0:51:08.920 --> 0:51:12.080
<v Speaker 2>turning it into brisket steel. And instead of exporting coal

0:51:12.120 --> 0:51:14.760
<v Speaker 2>a one hundred dollars a ton exported at five hundred

0:51:14.760 --> 0:51:16.839
<v Speaker 2>dollars a time for brisket steel. Now, we might bring

0:51:16.880 --> 0:51:18.919
<v Speaker 2>a lot of jobs back on toour but we can

0:51:18.960 --> 0:51:21.920
<v Speaker 2>capture more upside and tax that to start paying for

0:51:21.920 --> 0:51:23.759
<v Speaker 2>all those extra services we're going to need as the

0:51:23.760 --> 0:51:25.080
<v Speaker 2>population ages.

0:51:24.800 --> 0:51:27.080
<v Speaker 1>Because everything is robotically control these days.

0:51:27.320 --> 0:51:29.400
<v Speaker 2>Yeah, not just in steel factories, a lot of stuff.

0:51:29.440 --> 0:51:31.680
<v Speaker 2>And if we can get nuclear here and get more

0:51:31.680 --> 0:51:33.920
<v Speaker 2>base load energy and drive down the cost of energy,

0:51:34.200 --> 0:51:37.520
<v Speaker 2>bring back stamp duty on shared trading to abolish payroll tax.

0:51:37.560 --> 0:51:39.880
<v Speaker 2>Another big mistake. When the GST was brought in, we

0:51:39.960 --> 0:51:43.960
<v Speaker 2>got rid of stamp duty on shared trading. So fifty

0:51:44.040 --> 0:51:46.440
<v Speaker 2>six percent of fifty to sixty percent of the stock

0:51:46.440 --> 0:51:49.160
<v Speaker 2>market now is traded by foreign bots, right, who just

0:51:49.160 --> 0:51:51.279
<v Speaker 2>scalped the market. So we should be starting hitting them,

0:51:51.680 --> 0:51:55.319
<v Speaker 2>hitting them with stamp duty really yeah, absolutely, well yeah,

0:51:55.400 --> 0:51:57.280
<v Speaker 2>and then getting rid of payroll tacks they have attack,

0:51:57.680 --> 0:52:00.279
<v Speaker 2>get rid of the tax on productivity and reply with

0:52:00.280 --> 0:52:00.600
<v Speaker 2>a tax.

0:52:00.719 --> 0:52:03.839
<v Speaker 1>Did you see payroll tax is a tax on productivity? Oh? Absolutely, yeah,

0:52:03.880 --> 0:52:06.800
<v Speaker 1>it's a shocking tax man John Howard. If you remember

0:52:06.880 --> 0:52:10.919
<v Speaker 1>John introduced it in the jest, he said, we got

0:52:11.200 --> 0:52:12.879
<v Speaker 1>the design here was to give it a stame duty

0:52:12.880 --> 0:52:15.480
<v Speaker 1>and payroll tax. That's correct. Yeah, but I don't think

0:52:15.480 --> 0:52:17.640
<v Speaker 1>they have a raised enough. They just didn't raise enough.

0:52:17.760 --> 0:52:19.960
<v Speaker 1>So do you think there's an argument then, for example,

0:52:20.040 --> 0:52:23.400
<v Speaker 1>in relation to your party, to increase the couple of

0:52:23.520 --> 0:52:24.280
<v Speaker 1>the jest?

0:52:25.400 --> 0:52:27.919
<v Speaker 2>No no interest in raising jest. If anything, I would

0:52:27.920 --> 0:52:30.439
<v Speaker 2>abolish it and just bring in one percent transaction tax

0:52:30.520 --> 0:52:32.960
<v Speaker 2>on financial transactions because it used to.

0:52:32.880 --> 0:52:35.799
<v Speaker 1>Be six cents every hundred dollars or something.

0:52:35.880 --> 0:52:38.080
<v Speaker 2>Yeah, it was something like that, but same duty. I'm

0:52:38.080 --> 0:52:40.080
<v Speaker 2>too abount of share training, yeah yeah, because when I

0:52:40.160 --> 0:52:41.759
<v Speaker 2>started buying shares in the late eighties, we used to

0:52:41.760 --> 0:52:44.440
<v Speaker 2>pay steam. Yeah, I remember doing do the same and

0:52:44.520 --> 0:52:45.960
<v Speaker 2>everywhere except Northern Territory.

0:52:46.040 --> 0:52:49.680
<v Speaker 1>Yeah, right, okay, because I remember a lot of share

0:52:49.680 --> 0:52:52.200
<v Speaker 1>transfers used to get executed the nord Territory. Yeah, okay,

0:52:52.320 --> 0:52:54.880
<v Speaker 1>the firm I was that anyway, Yeah, yeah, courel Yeah,

0:52:54.880 --> 0:52:56.960
<v Speaker 1>because it didn't have it. But yeah, but so, but

0:52:57.400 --> 0:53:00.759
<v Speaker 1>that's interesting. So you you would abolish pay or tax

0:53:00.920 --> 0:53:05.200
<v Speaker 1>the states and give the states the power to know we.

0:53:05.320 --> 0:53:07.680
<v Speaker 2>Tax it nationally and get distribute to them, get back

0:53:07.680 --> 0:53:10.279
<v Speaker 2>to them. Yeah yeah, okay, yeah, And likewise, we want

0:53:10.320 --> 0:53:12.440
<v Speaker 2>to bring back national government insurance office like the old

0:53:12.480 --> 0:53:15.759
<v Speaker 2>insurance offices. If you run a national corporation today, you

0:53:15.880 --> 0:53:19.400
<v Speaker 2>have to take out workers compensation in six different states.

0:53:19.840 --> 0:53:22.239
<v Speaker 1>That's crazy, that's crazy. Well I do that in my

0:53:22.280 --> 0:53:23.120
<v Speaker 1>business now. Yeah.

0:53:23.320 --> 0:53:25.400
<v Speaker 2>Right, So let's just have a one stop shop for

0:53:25.560 --> 0:53:29.320
<v Speaker 2>national government insurance. Fifty percent of insurance now is reinsurance

0:53:29.320 --> 0:53:31.880
<v Speaker 2>paid off. Sure, we should just reinsure ourselves and the

0:53:32.000 --> 0:53:33.960
<v Speaker 2>federal guvernment can do a QB in sun corporate all

0:53:34.000 --> 0:53:36.279
<v Speaker 2>that as well, and we can lower the cost of

0:53:36.280 --> 0:53:38.759
<v Speaker 2>insurance as well. So let's get rid of payroll tax,

0:53:38.840 --> 0:53:42.240
<v Speaker 2>let's standardized workers compensation. Let's lower the cost of insurance

0:53:42.239 --> 0:53:44.760
<v Speaker 2>as well. So that's one of our policies, not quite

0:53:45.120 --> 0:53:46.760
<v Speaker 2>it comes under a monetary policy banner.

0:53:46.760 --> 0:53:49.440
<v Speaker 1>But going back to let's go back to the monetary

0:53:49.440 --> 0:53:51.560
<v Speaker 1>policy as a vision vision policies.

0:53:51.680 --> 0:53:55.359
<v Speaker 2>Yeah, so what would you do the RBA, So we

0:53:55.400 --> 0:53:57.480
<v Speaker 2>want it to be accountable to Parliament even though it

0:53:57.480 --> 0:53:59.719
<v Speaker 2>does play an important role, and we also want to

0:53:59.800 --> 0:54:03.960
<v Speaker 2>use it payment systems underwriting new CBA as well. Now,

0:54:04.640 --> 0:54:06.160
<v Speaker 2>what we wanted to say, our big kicker at the

0:54:06.200 --> 0:54:08.879
<v Speaker 2>Martyship policy is we want an infrastructure bank. So we

0:54:08.920 --> 0:54:12.120
<v Speaker 2>want to fund our own infrastructure through quantitative easy in

0:54:12.120 --> 0:54:14.759
<v Speaker 2>a productive manner. We were told at university that it's

0:54:14.800 --> 0:54:17.399
<v Speaker 2>irresponsible for governments to print money out of thin air.

0:54:17.760 --> 0:54:19.960
<v Speaker 2>Now that is fifty percent correct. If you print and

0:54:20.000 --> 0:54:23.400
<v Speaker 2>spend that is bad. Inflation is a relative number between

0:54:23.440 --> 0:54:26.240
<v Speaker 2>demand and supply. If you print and spend it increase demand.

0:54:26.280 --> 0:54:27.560
<v Speaker 2>That's absolutely that wrong.

0:54:27.760 --> 0:54:28.160
<v Speaker 1>But here's the thing.

0:54:28.200 --> 0:54:30.640
<v Speaker 2>If you print and build and increase the supply of

0:54:30.680 --> 0:54:34.479
<v Speaker 2>power stations, increase the supply of dams, you're actually going

0:54:34.520 --> 0:54:37.879
<v Speaker 2>to deal with the structural imbalances of this country. Because

0:54:37.880 --> 0:54:40.320
<v Speaker 2>one of the problems we've got ever since the Tasmanian

0:54:40.400 --> 0:54:44.000
<v Speaker 2>damned decisions in eighty three is that state governments can't

0:54:44.040 --> 0:54:47.480
<v Speaker 2>build regional infrastructure because the inner city greenies stop it

0:54:47.480 --> 0:54:49.239
<v Speaker 2>from being built, and they come in over the top

0:54:49.280 --> 0:54:51.520
<v Speaker 2>through the federal government to stop it. But what we

0:54:51.560 --> 0:54:53.600
<v Speaker 2>want to do in the same way, if I said

0:54:53.600 --> 0:54:55.120
<v Speaker 2>to you that I was going to bring into private

0:54:55.120 --> 0:54:57.040
<v Speaker 2>Billo center, I was still a senator. I'm going to

0:54:57.040 --> 0:54:59.319
<v Speaker 2>bring in a private Builder's not BHP from issuing new

0:54:59.320 --> 0:55:01.600
<v Speaker 2>shares on the stock market to build a coal mine

0:55:01.600 --> 0:55:03.280
<v Speaker 2>that was going to generate a fifteen per cent return

0:55:03.280 --> 0:55:06.000
<v Speaker 2>on equity. You'd think I was stupid, wouldn't you. You'd go,

0:55:06.040 --> 0:55:08.400
<v Speaker 2>there's nothing wrong with bohp issuing new shares out of

0:55:08.440 --> 0:55:10.799
<v Speaker 2>thin air, provided they're building an asset that's going to

0:55:10.840 --> 0:55:14.640
<v Speaker 2>generate a return. Governments can do the same thing, provided

0:55:14.719 --> 0:55:18.200
<v Speaker 2>they match it with you understand secured secured lines versut

0:55:18.239 --> 0:55:24.360
<v Speaker 2>unsecured lines. They build infrastructure, profit center, infrastructure, dams, power stations,

0:55:24.400 --> 0:55:29.840
<v Speaker 2>toll roads, ports, airports, telecommunications. Okay, all of those assets

0:55:29.960 --> 0:55:32.680
<v Speaker 2>make money. And what you do is toll roads is

0:55:32.680 --> 0:55:35.200
<v Speaker 2>a classic example Sidney. Today, what you're five million people

0:55:35.239 --> 0:55:37.759
<v Speaker 2>paying ten bucks a toll and one hundred years time

0:55:37.760 --> 0:55:39.439
<v Speaker 2>it will be ten million people paying a hundred bucks

0:55:39.480 --> 0:55:39.719
<v Speaker 2>are toll?

0:55:39.800 --> 0:55:40.080
<v Speaker 1>Right?

0:55:40.200 --> 0:55:42.160
<v Speaker 2>It's just a money making machine. Why on Earth would

0:55:42.200 --> 0:55:46.319
<v Speaker 2>your private toll roads right their natural monopolies anyway. So

0:55:46.360 --> 0:55:48.520
<v Speaker 2>what we want to do is we will issue one

0:55:48.560 --> 0:55:50.560
<v Speaker 2>new share and call and untapped wealth, set up an

0:55:50.560 --> 0:55:53.960
<v Speaker 2>infrastructure banking Canberra. That money will then lend bonds or

0:55:54.160 --> 0:55:57.440
<v Speaker 2>issue infrastructure bonds to state governments to build those profit

0:55:57.520 --> 0:56:02.360
<v Speaker 2>center infrastructure assets have fifty years to repay the debt. Now,

0:56:02.560 --> 0:56:04.400
<v Speaker 2>in the case of say you build a dam for

0:56:04.400 --> 0:56:06.560
<v Speaker 2>a billion dollars, you won't just issue the state government

0:56:06.600 --> 0:56:09.239
<v Speaker 2>a billion dollars. It might take four years to build.

0:56:09.320 --> 0:56:12.200
<v Speaker 2>So you'll issue the state government five million dollars for

0:56:12.200 --> 0:56:15.040
<v Speaker 2>two hundred weeks to build the dam. But here's the thing.

0:56:15.080 --> 0:56:16.600
<v Speaker 2>Thirty percent of that's going to come straight back to

0:56:16.600 --> 0:56:18.719
<v Speaker 2>camber and taxes in the first week, and the other

0:56:18.760 --> 0:56:21.399
<v Speaker 2>seventy percent of the money is going to spin through

0:56:21.400 --> 0:56:25.080
<v Speaker 2>the economy paying people to build things right. And we

0:56:25.120 --> 0:56:27.319
<v Speaker 2>can do that because where does the wealth, Where does

0:56:27.360 --> 0:56:30.839
<v Speaker 2>the ingredients for the dam come from? It comes from

0:56:30.920 --> 0:56:32.560
<v Speaker 2>the water out of the sky. We don't pay the

0:56:32.560 --> 0:56:34.439
<v Speaker 2>clouds for it to rain. We don't pay the sun

0:56:34.480 --> 0:56:36.600
<v Speaker 2>to give us that sunshine. If I drop a bull

0:56:36.600 --> 0:56:39.640
<v Speaker 2>in a paddic with twenty twenty cows and come back

0:56:39.640 --> 0:56:42.200
<v Speaker 2>a year later, I've got twenty carps, you know. I

0:56:42.280 --> 0:56:44.719
<v Speaker 2>mean that's coming from mother nature. Mother nature gives us

0:56:44.719 --> 0:56:47.480
<v Speaker 2>this recurring wealth and that's why we can justify. But

0:56:47.480 --> 0:56:49.120
<v Speaker 2>the key thing is you've got to match your credit

0:56:49.360 --> 0:56:51.520
<v Speaker 2>as you expand it. Because what we do today is

0:56:51.520 --> 0:56:53.719
<v Speaker 2>we expand our credit on this side of the balance sheet,

0:56:53.719 --> 0:56:55.520
<v Speaker 2>you know, it'stead of a balance sheet. We do it

0:56:55.560 --> 0:56:59.080
<v Speaker 2>through foreign debt. We should do it through domestic equity.

0:57:00.040 --> 0:57:03.640
<v Speaker 2>And then the breazon being that when you make profits

0:57:03.680 --> 0:57:06.360
<v Speaker 2>here from these assets, it comes back as dividends to

0:57:06.400 --> 0:57:09.360
<v Speaker 2>our children, not as interest off shore. And that's the

0:57:09.400 --> 0:57:12.600
<v Speaker 2>fundamental brainwashing exercise that happened to us in our generation,

0:57:13.200 --> 0:57:15.640
<v Speaker 2>is that we weren't taught the difference between debt and equity,

0:57:15.800 --> 0:57:19.480
<v Speaker 2>and we've grown up relying on foreign debt instead of

0:57:19.520 --> 0:57:23.040
<v Speaker 2>generating out the mestic equity. All equity is title. Our

0:57:23.080 --> 0:57:26.000
<v Speaker 2>forefathers built this country. They gave us this title, They

0:57:26.000 --> 0:57:28.480
<v Speaker 2>fought for it, they built it right. We have title

0:57:28.560 --> 0:57:30.400
<v Speaker 2>over all the rain that comes out of sky, free,

0:57:30.440 --> 0:57:32.960
<v Speaker 2>all the sunlight, the minerals in the soil. We have

0:57:33.080 --> 0:57:35.720
<v Speaker 2>that title, why do we give it away? So if

0:57:35.720 --> 0:57:37.720
<v Speaker 2>we build a dam for a billion dollars, for example,

0:57:37.760 --> 0:57:40.040
<v Speaker 2>and most governments will go out and borrow a billion

0:57:40.080 --> 0:57:42.680
<v Speaker 2>dollars off shore, that means the first billion dollars in

0:57:42.720 --> 0:57:44.880
<v Speaker 2>wealth we make, we just let it go off shore,

0:57:45.240 --> 0:57:48.080
<v Speaker 2>and another twenty five playing back. Yeah, and another twenty

0:57:48.080 --> 0:57:50.400
<v Speaker 2>five years interest of four percent. That's another billion dollars

0:57:50.440 --> 0:57:52.560
<v Speaker 2>in interest paid off shore. So we've just given up

0:57:52.560 --> 0:57:55.560
<v Speaker 2>two billion dollars of our untapped wealth the foreign banks

0:57:55.920 --> 0:57:59.360
<v Speaker 2>instead of here keeping it here for our children to inherit.

0:57:59.440 --> 0:58:01.680
<v Speaker 2>And we have to do that because another stupid thing

0:58:01.720 --> 0:58:04.880
<v Speaker 2>of what happened when Keating lived to capital controls. He

0:58:04.960 --> 0:58:07.600
<v Speaker 2>allowed savings banks to go out and do whatever they liked.

0:58:07.920 --> 0:58:10.760
<v Speaker 2>So of course Victorian savings bank State bank went out

0:58:10.760 --> 0:58:11.720
<v Speaker 2>and bought Tricontinental.

0:58:11.800 --> 0:58:13.040
<v Speaker 1>You'd remember this, I do remember it.

0:58:13.520 --> 0:58:16.880
<v Speaker 2>Sent the bank broke, nearly sent Victorian state government broke

0:58:16.960 --> 0:58:19.680
<v Speaker 2>John Kerner. So then Jeff Kennett came in and started

0:58:19.680 --> 0:58:22.760
<v Speaker 2>privatizing all our assets, state assets. And of course this

0:58:22.800 --> 0:58:25.200
<v Speaker 2>is you know, we talk about the federal government trillion

0:58:25.200 --> 0:58:27.600
<v Speaker 2>dollar debt. State governments are even in a bigger places.

0:58:27.680 --> 0:58:30.520
<v Speaker 1>Another trillionent adim all up. Absolutely. Yeah, there's another trillium

0:58:30.560 --> 0:58:33.880
<v Speaker 1>we are in Australia. National ended, state and state government

0:58:33.960 --> 0:58:37.600
<v Speaker 1>debt added together is two trillion dollars, that's correct.

0:58:37.720 --> 0:58:39.680
<v Speaker 2>Yeah, and don't forget the four hundred and sixty billion

0:58:39.720 --> 0:58:41.640
<v Speaker 2>dollars sitting in franking credits that haven't been paid out

0:58:41.720 --> 0:58:44.280
<v Speaker 2>yet either. Well yeah, so no one ever talks about

0:58:44.320 --> 0:58:46.600
<v Speaker 2>that either. So that's another policy of the lot to

0:58:46.600 --> 0:58:50.200
<v Speaker 2>talk about later. But so this is the thing. We've

0:58:50.240 --> 0:58:53.880
<v Speaker 2>got to secure title over our unsapped wealth because that's

0:58:53.920 --> 0:58:56.120
<v Speaker 2>the only way out of this mess, is to go

0:58:56.240 --> 0:59:00.440
<v Speaker 2>back to building infrastructure that's going to generate recurring wealth.

0:59:00.680 --> 0:59:03.560
<v Speaker 2>Because when we privatized all that infrastructure, we started letting

0:59:03.640 --> 0:59:06.600
<v Speaker 2>even more assets go off shore. But even more importantly,

0:59:07.080 --> 0:59:09.040
<v Speaker 2>we started to let go of the skills that our

0:59:09.120 --> 0:59:11.440
<v Speaker 2>children needs. Not enough to just build an infrastructure and

0:59:11.480 --> 0:59:14.480
<v Speaker 2>leave them infrastructure. We've got to teach them the right skills.

0:59:14.480 --> 0:59:16.600
<v Speaker 2>So complementing our infrastructure.

0:59:16.040 --> 0:59:19.200
<v Speaker 1>Bank isn't is this coming to the RBA head Well?

0:59:19.280 --> 0:59:25.280
<v Speaker 2>Under monetary policy monetary policy, monetary policy, you manage monetary

0:59:25.320 --> 0:59:28.080
<v Speaker 2>policy through three leaves qualitative easing, which is what we

0:59:28.160 --> 0:59:30.680
<v Speaker 2>do now, which yet again changing. If you've got washed

0:59:30.720 --> 0:59:32.800
<v Speaker 2>up in a desert island, would you go and pull

0:59:32.800 --> 0:59:35.480
<v Speaker 2>some leaves off a tree and start bartering leaves and

0:59:35.560 --> 0:59:38.200
<v Speaker 2>changing the price of the leaves. No, you'd actually start building,

0:59:38.600 --> 0:59:41.800
<v Speaker 2>you know, a fire, you'd build a house, you'd look

0:59:41.800 --> 0:59:45.440
<v Speaker 2>for a water supply. You'd actually start building infrastructures. Yet,

0:59:45.560 --> 0:59:48.160
<v Speaker 2>not not manipulating the price of paper assets, but building

0:59:48.200 --> 0:59:51.560
<v Speaker 2>really infrastructure. So we rely too heavily on qualitative easy.

0:59:51.640 --> 0:59:54.520
<v Speaker 2>I used to go ask the ABI this and estimates. Right,

0:59:54.520 --> 0:59:56.160
<v Speaker 2>of course, their hands are tired because they can only

0:59:56.200 --> 0:59:59.560
<v Speaker 2>deal with qualitative easing. What we need to do is

0:59:59.720 --> 1:00:03.160
<v Speaker 2>deal with quantitative easing, I build real assets and expand

1:00:03.160 --> 1:00:05.240
<v Speaker 2>the volume of credit, which, by the way, in the

1:00:05.320 --> 1:00:08.680
<v Speaker 2>nineteen thirty seven Banking Raw Commission, the recommendation of that

1:00:08.800 --> 1:00:11.920
<v Speaker 2>Raw Commission was the central bank shoill always control the

1:00:11.960 --> 1:00:14.919
<v Speaker 2>volume of credit in the system, not foreign banks, our

1:00:14.960 --> 1:00:18.760
<v Speaker 2>central bank. So we've got to use quantitative easing. And

1:00:18.800 --> 1:00:21.200
<v Speaker 2>any other way, of course, is through macro potential controls.

1:00:21.200 --> 1:00:23.400
<v Speaker 2>You know, you can't have a five percent deposit, You've

1:00:23.400 --> 1:00:25.240
<v Speaker 2>got to have a twenty percent deposit for a house.

1:00:25.560 --> 1:00:29.160
<v Speaker 2>You know, Savings banks can't go buying investment banks things

1:00:29.240 --> 1:00:33.840
<v Speaker 2>like that. So this all comes under monetary policy, under

1:00:33.840 --> 1:00:38.000
<v Speaker 2>the lever of quantitative easing, but in a productive manner.

1:00:38.160 --> 1:00:39.920
<v Speaker 2>So we're going to bring back our bank over here

1:00:39.960 --> 1:00:42.040
<v Speaker 2>to keep branches open in the regions because as you know,

1:00:42.040 --> 1:00:44.320
<v Speaker 2>a lot of bank branches are closing in regional Australia.

1:00:44.600 --> 1:00:47.200
<v Speaker 2>That's no good for businesses in small towns that you

1:00:47.480 --> 1:00:50.280
<v Speaker 2>can't access the bank and get banking services. Plus O

1:00:50.680 --> 1:00:56.280
<v Speaker 2>plus our state government Insurance office Infrastructure bank over here

1:00:56.320 --> 1:00:58.400
<v Speaker 2>that will also make money. We're going to put the

1:00:58.440 --> 1:01:01.200
<v Speaker 2>profits from those two banks into a middle bank called

1:01:01.240 --> 1:01:04.840
<v Speaker 2>the Infrastructure Bank, sorry, a development bank, and that development

1:01:04.880 --> 1:01:08.880
<v Speaker 2>bank will also lend back to state governments for schools

1:01:09.040 --> 1:01:13.280
<v Speaker 2>of cost center infrastructure schools, hospitals, for counsels for things

1:01:13.320 --> 1:01:15.800
<v Speaker 2>like sewerage works, so that the sort of stuff of

1:01:15.800 --> 1:01:17.320
<v Speaker 2>the subs council, building houses.

1:01:17.520 --> 1:01:17.760
<v Speaker 1>Yeah.

1:01:18.000 --> 1:01:20.880
<v Speaker 2>Yeah, But what we want to do is by having

1:01:20.960 --> 1:01:24.040
<v Speaker 2>that three bank policy, we want to remove the cost

1:01:24.080 --> 1:01:27.960
<v Speaker 2>of finance on our own currency for governments because we're

1:01:28.000 --> 1:01:30.560
<v Speaker 2>really at the moment paying tax twice once through using

1:01:30.600 --> 1:01:33.600
<v Speaker 2>the utility the infrastructure and again on the interest that

1:01:33.640 --> 1:01:36.160
<v Speaker 2>we have to borrow to build that infrastructure.

1:01:36.360 --> 1:01:38.400
<v Speaker 1>There must have been realized we're borrowing the interest to

1:01:39.320 --> 1:01:42.320
<v Speaker 1>pay the principle. Yeah, exactly, Yeah, and we don't need

1:01:42.360 --> 1:01:43.960
<v Speaker 1>to do that. We should issue it as equity, not

1:01:44.000 --> 1:01:46.840
<v Speaker 1>as dead, but on the condition that it's secured against

1:01:46.840 --> 1:01:48.680
<v Speaker 1>an our set that makes money, just like you're doing

1:01:48.720 --> 1:01:49.360
<v Speaker 1>a bank. Yeah.

1:01:49.520 --> 1:01:52.160
<v Speaker 2>Right, Like someone came to Wizard and said, oh, I

1:01:52.200 --> 1:01:54.120
<v Speaker 2>want to borrow a million bucks and didn't have any collateral,

1:01:54.160 --> 1:01:56.160
<v Speaker 2>you wouldn't lend them to them. So they've got to

1:01:56.200 --> 1:01:58.160
<v Speaker 2>have it's got to be a hardcore asset. And we've

1:01:58.200 --> 1:02:01.520
<v Speaker 2>got a seven million square that is twenty eight million people.

1:02:01.560 --> 1:02:04.240
<v Speaker 2>We have so much potential in this country. We need

1:02:04.280 --> 1:02:06.600
<v Speaker 2>to invest in our own future, for our own children.

1:02:07.200 --> 1:02:10.440
<v Speaker 2>And complementing this is bringing back a military apprenticeship scheme

1:02:10.920 --> 1:02:16.040
<v Speaker 2>that will actually start to train our younger people and

1:02:16.080 --> 1:02:18.479
<v Speaker 2>get a lot more people back on the tools. So

1:02:18.960 --> 1:02:22.120
<v Speaker 2>I was born nineteen seventy. My sister was born sixty four.

1:02:22.240 --> 1:02:25.040
<v Speaker 2>So when she went to high school in seventy seven,

1:02:25.120 --> 1:02:27.400
<v Speaker 2>there were four classes in grade eight. By the time

1:02:27.440 --> 1:02:29.880
<v Speaker 2>she left in year twelve, there was half a class left.

1:02:30.040 --> 1:02:33.280
<v Speaker 2>It's been forty years since the Button Plan that generation

1:02:33.520 --> 1:02:37.240
<v Speaker 2>is now retiring. That was the last generation whereby more

1:02:37.280 --> 1:02:41.240
<v Speaker 2>people are on the tools than in paper shuffling in offices.

1:02:41.720 --> 1:02:43.640
<v Speaker 2>So we're going to have this. This is why we

1:02:43.720 --> 1:02:46.600
<v Speaker 2>have to have such a high immigration rate for skilled labor,

1:02:46.920 --> 1:02:49.120
<v Speaker 2>because so many people that were trained on the tools

1:02:49.120 --> 1:02:53.200
<v Speaker 2>and doing apprenticeships, they're all retiring. And our younger generation

1:02:53.320 --> 1:02:55.520
<v Speaker 2>ended up going off to university thanks to the Dawkins

1:02:55.520 --> 1:02:58.800
<v Speaker 2>plane late eighties nineteen ninety we all sent them off

1:02:58.840 --> 1:03:01.320
<v Speaker 2>to the university to get broken binwashed, right, So we've

1:03:01.320 --> 1:03:02.720
<v Speaker 2>got to get them back on the tools, and that's

1:03:02.720 --> 1:03:05.360
<v Speaker 2>what this military apprenticeship will do. And we want to

1:03:05.400 --> 1:03:06.920
<v Speaker 2>expand the men join the military.

1:03:07.160 --> 1:03:07.640
<v Speaker 1>Yeah. Yeah.

1:03:07.800 --> 1:03:10.480
<v Speaker 2>The reason why is that it's very You don't get

1:03:10.480 --> 1:03:11.880
<v Speaker 2>paid a lot as an apprentice, So if we can

1:03:11.880 --> 1:03:16.880
<v Speaker 2>give them free accommodation, food and food, it'll help them

1:03:17.400 --> 1:03:20.680
<v Speaker 2>save money. What they earn they get to keep. And

1:03:20.720 --> 1:03:22.480
<v Speaker 2>then we want to use that as a pathway into

1:03:22.720 --> 1:03:26.920
<v Speaker 2>a military engineering call, civil engineering call and un Mechanical

1:03:26.920 --> 1:03:30.440
<v Speaker 2>Electrical Engineering Corps to actually start building roads and power stations.

1:03:30.680 --> 1:03:34.840
<v Speaker 2>Because wee snowy hydro two two billion budget, blowing out

1:03:34.840 --> 1:03:39.720
<v Speaker 2>the forty finion but not finished yet not even finished, right,

1:03:39.800 --> 1:03:41.640
<v Speaker 2>I mean, you can't pick up the phone if not

1:03:41.680 --> 1:03:43.560
<v Speaker 2>don't want to get involved with the war. But you

1:03:43.600 --> 1:03:45.560
<v Speaker 2>can't pick up a phone to a foreign building contractor

1:03:45.600 --> 1:03:46.720
<v Speaker 2>in the middle of the war and ask them to

1:03:46.720 --> 1:03:48.760
<v Speaker 2>rebuild the road if it gets bombed. You know, we've

1:03:48.800 --> 1:03:51.280
<v Speaker 2>got to have the ability here to build ourselves, build

1:03:51.320 --> 1:03:54.919
<v Speaker 2>for ourselves, and we don't really have much manufacturing left.

1:03:55.000 --> 1:03:56.680
<v Speaker 2>So if we can do it, and it's not you know,

1:03:56.720 --> 1:03:59.120
<v Speaker 2>it's not compulsory, it's not anything like that. It's just

1:03:59.160 --> 1:04:01.480
<v Speaker 2>an alternative that if you want to leave school at sixteen,

1:04:02.560 --> 1:04:04.400
<v Speaker 2>we'll pay for you. And we're going to fund that

1:04:04.440 --> 1:04:07.720
<v Speaker 2>by increasing student visa fees from well it's just gone

1:04:07.760 --> 1:04:10.800
<v Speaker 2>to five thousand it was two thousand to twenty thousand dollars.

1:04:10.960 --> 1:04:13.120
<v Speaker 2>So if you're a foreign student, you know, they come here,

1:04:13.160 --> 1:04:14.720
<v Speaker 2>they can pay up to one hundred thousand dollars for

1:04:14.840 --> 1:04:19.160
<v Speaker 2>university degree only. The government's only been clipping two thousand

1:04:19.160 --> 1:04:21.840
<v Speaker 2>dollars for student visa. Why are we doing that? If

1:04:21.840 --> 1:04:23.600
<v Speaker 2>you're here for four years two hundred weeks, that's ten

1:04:23.640 --> 1:04:26.240
<v Speaker 2>dollars a week rent for our infrastructure. We should charge

1:04:26.240 --> 1:04:28.360
<v Speaker 2>one hundred dollars a week for our infrastructure, get twenty

1:04:28.360 --> 1:04:31.440
<v Speaker 2>grand and then for three hundred thousand foreign students, we

1:04:31.520 --> 1:04:33.360
<v Speaker 2>want to bring it down for a million. Get six

1:04:33.400 --> 1:04:37.120
<v Speaker 2>billion in FIGN student fees, visa fees that can help

1:04:37.160 --> 1:04:40.280
<v Speaker 2>fund our military apprentices. Who you sit down with it

1:04:40.320 --> 1:04:42.040
<v Speaker 2>working all this stuff out. Oh, I just do it myself.

1:04:42.080 --> 1:04:43.640
<v Speaker 2>I do and know, I just sort of I've been

1:04:43.680 --> 1:04:46.040
<v Speaker 2>thinking about this stuff for twenty years. So this is

1:04:46.080 --> 1:04:47.960
<v Speaker 2>the only reason. I mean, I've lost my position as

1:04:48.000 --> 1:04:50.120
<v Speaker 2>a senator, as you know. But it's just this drive

1:04:50.320 --> 1:04:53.400
<v Speaker 2>to get these ideas out there because it just kills me,

1:04:53.440 --> 1:04:56.640
<v Speaker 2>like I'm so grateful to sacrifice as my own parents,

1:04:57.080 --> 1:05:00.400
<v Speaker 2>my forefathers, that I want to make sure get the

1:05:00.400 --> 1:05:02.439
<v Speaker 2>same opportunity as our forefather escaped to us.

1:05:02.480 --> 1:05:05.680
<v Speaker 1>What was fifth? Second? Vision? Second?

1:05:05.760 --> 1:05:07.200
<v Speaker 2>I just want to have a little story there before

1:05:07.240 --> 1:05:08.880
<v Speaker 2>I get to the fifth one. So, as you know,

1:05:09.000 --> 1:05:10.800
<v Speaker 2>the first guy to issue in currency in Australia was

1:05:10.840 --> 1:05:13.680
<v Speaker 2>Lochland Macquarie. First seventeen years of the colony, they relied

1:05:13.720 --> 1:05:15.720
<v Speaker 2>on foreign currency. There was a drought in eighteen hundred

1:05:15.720 --> 1:05:18.560
<v Speaker 2>and five that foreign currency got repatriated, so they started

1:05:18.560 --> 1:05:21.160
<v Speaker 2>bartering in rum that literally went tits up thanks the

1:05:21.240 --> 1:05:23.960
<v Speaker 2>Rum rebellion. So Lochland mcquarie was the first governmor to

1:05:23.960 --> 1:05:26.640
<v Speaker 2>come to Australia and says, look at us as a country,

1:05:26.760 --> 1:05:28.880
<v Speaker 2>not a colony. So you need to run a country.

1:05:28.920 --> 1:05:31.000
<v Speaker 2>You need obviously a military to provide law and order,

1:05:31.240 --> 1:05:34.000
<v Speaker 2>a taxation system and a monetary system. He issued the

1:05:34.000 --> 1:05:37.280
<v Speaker 2>Holy Dollar, as you know, which is built the Sydney Hospital.

1:05:37.280 --> 1:05:39.560
<v Speaker 2>Syney Barracks would still stand on the Quarry Street today.

1:05:40.800 --> 1:05:43.160
<v Speaker 2>But what was interesting was he used that Spanish paso,

1:05:43.480 --> 1:05:46.680
<v Speaker 2>which was the reserve currency of its day, as our currency.

1:05:46.720 --> 1:05:48.280
<v Speaker 2>But what he did he punched a hole in it,

1:05:48.560 --> 1:05:50.240
<v Speaker 2>and he punched a hole in it to make sure

1:05:50.280 --> 1:05:52.800
<v Speaker 2>it didn't get exported offshore again. So this is our

1:05:52.840 --> 1:05:55.280
<v Speaker 2>last policy. We want to increase the rate of tax

1:05:55.640 --> 1:05:58.240
<v Speaker 2>on profits sent off shore to be higher than the

1:05:58.320 --> 1:06:03.800
<v Speaker 2>rate of tax here in this country. So because ultimately

1:06:03.840 --> 1:06:05.840
<v Speaker 2>you take fires. In twenty twenty two they made one

1:06:05.880 --> 1:06:08.520
<v Speaker 2>point four billion dollars in sales here, they shifted a

1:06:08.560 --> 1:06:11.640
<v Speaker 2>billion dollars off shore in royalties to island. Island's got

1:06:11.680 --> 1:06:13.440
<v Speaker 2>a company tax rate at twelve and a half cents.

1:06:13.600 --> 1:06:15.240
<v Speaker 1>As long as you're in the middle of Dublin.

1:06:15.560 --> 1:06:18.320
<v Speaker 2>Yeah, in middle of Dublin, in the tax free area, yeah,

1:06:18.400 --> 1:06:22.280
<v Speaker 2>tax free area. And as withholding tax here of ten cents,

1:06:22.640 --> 1:06:24.800
<v Speaker 2>so ten plus twelve so one of the things. Yet

1:06:24.800 --> 1:06:26.880
<v Speaker 2>again we were taught you can't have double taxation. That's

1:06:26.880 --> 1:06:29.240
<v Speaker 2>not right. I learned this at Westfield. It's the cumulative

1:06:29.320 --> 1:06:31.920
<v Speaker 2>rate of tax that you have that matters, right, So

1:06:32.000 --> 1:06:33.960
<v Speaker 2>ten plus twelve and a half is twenty two and

1:06:34.000 --> 1:06:36.040
<v Speaker 2>a half. That's still seven and a half cents, less

1:06:36.080 --> 1:06:38.680
<v Speaker 2>than thirty cents. So we lost when we let that

1:06:38.720 --> 1:06:41.400
<v Speaker 2>billion dollars go off shore. We lost three hundred million

1:06:41.440 --> 1:06:43.960
<v Speaker 2>dollars in company tax, which we did recoup one hundred

1:06:44.120 --> 1:06:46.680
<v Speaker 2>with holding taxes. But we were two hundred million dollars

1:06:46.680 --> 1:06:49.200
<v Speaker 2>worse off islands one hundred and twenty five million dollars

1:06:49.200 --> 1:06:51.320
<v Speaker 2>better off of just having head office. So today that's

1:06:51.320 --> 1:06:53.200
<v Speaker 2>all I had, by the way, Yeah, yeah, that's right,

1:06:53.240 --> 1:06:55.360
<v Speaker 2>and they do. There's a foot four kilometer a circle.

1:06:55.760 --> 1:06:58.800
<v Speaker 1>Yeah, and if you've got an office there, you'd pay

1:06:59.120 --> 1:06:59.840
<v Speaker 1>the low tax rate.

1:07:00.080 --> 1:07:03.320
<v Speaker 2>Yeah yeah, and to do nothing. Absolutely, but we let

1:07:03.360 --> 1:07:04.960
<v Speaker 2>all this wealth. You go and get a plumber here

1:07:04.960 --> 1:07:08.160
<v Speaker 2>in Sydney tonight. You google it and the plumbers based

1:07:08.200 --> 1:07:10.480
<v Speaker 2>in Sydney, the customers based in Sydney. That money goes

1:07:10.480 --> 1:07:13.840
<v Speaker 2>to Ireland. Did Ireland build or did you know Matter

1:07:13.960 --> 1:07:17.640
<v Speaker 2>or Google or pisor build the cables you know that

1:07:18.480 --> 1:07:21.280
<v Speaker 2>connected us to Ireland? No, of course not right. So

1:07:21.440 --> 1:07:24.080
<v Speaker 2>we've got to start taxing profits that go offshore. This

1:07:24.200 --> 1:07:25.080
<v Speaker 2>was the whole reason why.

1:07:25.200 --> 1:07:25.560
<v Speaker 1>So I went.

1:07:25.800 --> 1:07:28.080
<v Speaker 2>So back to my story. When I came home, I

1:07:28.080 --> 1:07:30.160
<v Speaker 2>worked at the Bank of Queensland management account and treasury

1:07:30.160 --> 1:07:33.800
<v Speaker 2>account securitization banking ops. Then worked at Westfield's six years

1:07:33.840 --> 1:07:36.160
<v Speaker 2>in predominantly Treasury. But I did a march David Liddy.

1:07:37.080 --> 1:07:39.640
<v Speaker 2>I didn't know David Liddy, that's right, yep, yep. He

1:07:39.720 --> 1:07:43.280
<v Speaker 2>was big, hairy, awesome gold guy. Yeah yeah, so yeah.

1:07:43.400 --> 1:07:45.439
<v Speaker 2>So I used to catch the ferry from Kangaroo Point

1:07:45.440 --> 1:07:47.480
<v Speaker 2>across the river with David a few times as well.

1:07:48.120 --> 1:07:50.480
<v Speaker 2>So he brought in a whole new mainframe, so he

1:07:50.560 --> 1:07:53.080
<v Speaker 2>outsourced the mainframe services. So I worked on that and

1:07:53.800 --> 1:07:56.600
<v Speaker 2>coding all the overnight in tonights into the bank settlements

1:07:56.600 --> 1:07:59.520
<v Speaker 2>and everything like that. Now moved on to managing a

1:07:59.600 --> 1:08:04.160
<v Speaker 2>team of around fifteen in banking ops, including treasury securitization.

1:08:05.200 --> 1:08:08.520
<v Speaker 2>Good experience, yet again it's more bank but really worthwhile anyway.

1:08:08.800 --> 1:08:10.640
<v Speaker 2>So I did a master the finance when I was

1:08:10.680 --> 1:08:13.320
<v Speaker 2>there in the treasury stream, and then when I came

1:08:13.360 --> 1:08:16.400
<v Speaker 2>to Sydney, I worked at Westfield Westfield. Unlike the Bank

1:08:16.439 --> 1:08:19.439
<v Speaker 2>of Queensland which had about five subsidiaries, Westfield had about

1:08:19.439 --> 1:08:22.400
<v Speaker 2>six hundred. And I was like, what's all this all about?

1:08:22.439 --> 1:08:23.800
<v Speaker 2>And I realized it was all to do with tax,

1:08:24.000 --> 1:08:25.880
<v Speaker 2>moving tax around the world and things like that, because

1:08:25.840 --> 1:08:28.800
<v Speaker 2>obviously they had shopping centers in the US and the UK.

1:08:29.320 --> 1:08:31.240
<v Speaker 2>But I did a master's tax law up in Sydney

1:08:31.320 --> 1:08:34.280
<v Speaker 2>University and I was shocked at the number of sections

1:08:34.360 --> 1:08:37.840
<v Speaker 2>in that tax Act that gave tax breaks to foreigners

1:08:38.080 --> 1:08:42.760
<v Speaker 2>over to foreign investment in front of domestic investment. And

1:08:42.800 --> 1:08:45.600
<v Speaker 2>this is killing us. So we can't have it on

1:08:45.640 --> 1:08:47.840
<v Speaker 2>shore tax rate of thirty cents and an offshore tax

1:08:47.920 --> 1:08:51.439
<v Speaker 2>rate depending on tax treaty between zero and fifteen. Because

1:08:51.479 --> 1:08:55.320
<v Speaker 2>everyone is bending over backwards to shift profits offshore. We

1:08:55.439 --> 1:08:58.439
<v Speaker 2>have to stop the leakage of profits offshore. So between

1:08:58.479 --> 1:09:02.760
<v Speaker 2>building more infrastructure to generate more income, increasing taxes on foreigners,

1:09:02.800 --> 1:09:05.920
<v Speaker 2>and cutting some government waste that's easier said than done.

1:09:06.120 --> 1:09:08.439
<v Speaker 2>That's how we want to bring the budget back into

1:09:08.439 --> 1:09:11.800
<v Speaker 2>balance as well as cut taxes for hard working Australians.

1:09:12.840 --> 1:09:15.120
<v Speaker 1>There your policies, LL not call policies, I don't know

1:09:15.120 --> 1:09:18.160
<v Speaker 1>what you call them, the headliners that they're five key policies.

1:09:19.280 --> 1:09:23.480
<v Speaker 1>Let's say people first go to the next election twenty eight.

1:09:23.520 --> 1:09:27.400
<v Speaker 1>We're talking about twenty eight. Can you get people to

1:09:27.439 --> 1:09:29.200
<v Speaker 1>represent your seats? Very seats?

1:09:29.800 --> 1:09:32.400
<v Speaker 2>We won't have any problem fillings are getting center candidate.

1:09:33.360 --> 1:09:35.439
<v Speaker 2>We will show that we will struggle to fill one

1:09:35.520 --> 1:09:37.519
<v Speaker 2>hundred and fifty seats. This is our first time around.

1:09:37.520 --> 1:09:39.400
<v Speaker 2>Well there was themselves last year where we only had

1:09:39.400 --> 1:09:41.920
<v Speaker 2>a standing start of about four months. So what we're

1:09:41.920 --> 1:09:44.240
<v Speaker 2>working on is building our membership. So we're merging with

1:09:44.280 --> 1:09:46.439
<v Speaker 2>the Citizens Party. We're going to get close to seven

1:09:46.439 --> 1:09:49.000
<v Speaker 2>thousand members. I'm talking to a couple of other minor

1:09:49.040 --> 1:09:51.200
<v Speaker 2>parties hopefully if we can bring on them board, we'll

1:09:51.200 --> 1:09:54.000
<v Speaker 2>get to ten thousand members. The Labor Party, as Benjmark,

1:09:54.040 --> 1:09:57.559
<v Speaker 2>has about fifty thousand members nationally. And how all we

1:09:57.600 --> 1:10:00.960
<v Speaker 2>can do is through opportunities like you've great given me

1:10:01.040 --> 1:10:03.639
<v Speaker 2>today and I appreciate it. Is get our word out there,

1:10:03.680 --> 1:10:06.719
<v Speaker 2>talk about our policies through grassroots involvement, so social media,

1:10:07.160 --> 1:10:09.080
<v Speaker 2>going to the markets and talking to people in the

1:10:09.120 --> 1:10:11.639
<v Speaker 2>community about our policies. And we just want to really

1:10:11.640 --> 1:10:14.400
<v Speaker 2>focus on the vision for tomorrow as well as you know,

1:10:14.600 --> 1:10:16.479
<v Speaker 2>obviously we want a solution today, but we want to

1:10:16.520 --> 1:10:18.240
<v Speaker 2>just really want to stress the importance that we do

1:10:18.280 --> 1:10:20.840
<v Speaker 2>live in a great country. We owe it to our

1:10:20.880 --> 1:10:23.360
<v Speaker 2>children to give them the opportunities our forefathers gave to

1:10:23.479 --> 1:10:26.200
<v Speaker 2>us and to be more optimistic. So we do want

1:10:26.200 --> 1:10:28.200
<v Speaker 2>to have a point of difference there in the sense

1:10:28.240 --> 1:10:32.080
<v Speaker 2>that we yeah, well, I mean inevitably sometimes I get

1:10:32.160 --> 1:10:36.000
<v Speaker 2>dragged into the toxic toxicity, you know, sue a pit

1:10:36.120 --> 1:10:40.400
<v Speaker 2>of social media. But we do have solutions and there

1:10:40.479 --> 1:10:41.840
<v Speaker 2>is a way out of the mess that we're in.

1:10:42.439 --> 1:10:44.000
<v Speaker 2>We've just got to go back to basics, and that

1:10:44.160 --> 1:10:47.240
<v Speaker 2>is you know, hard work, believing in family, you know,

1:10:47.600 --> 1:10:50.559
<v Speaker 2>and believing in the community in this great country called Australia.

1:10:50.640 --> 1:10:52.720
<v Speaker 1>You know, it's funny, I was only thing the other

1:10:52.800 --> 1:10:55.960
<v Speaker 1>day when I was a kid growing up. It's interesting

1:10:56.160 --> 1:10:58.400
<v Speaker 1>you should say that because when I was a kid

1:10:58.479 --> 1:11:02.040
<v Speaker 1>running we sort of went like this was in different

1:11:02.080 --> 1:11:04.880
<v Speaker 1>order for different people. But these three elements always included

1:11:04.920 --> 1:11:08.760
<v Speaker 1>everyone's conversation God, family, country or family, country, God or

1:11:08.800 --> 1:11:12.240
<v Speaker 1>whatever the matter, what the priority list was, but it

1:11:12.280 --> 1:11:15.559
<v Speaker 1>was sort of those three things you wanted everybody. That's

1:11:15.640 --> 1:11:18.800
<v Speaker 1>all our values. We all stood for our country, yeah,

1:11:18.880 --> 1:11:21.360
<v Speaker 1>we all stood for our God, whichever god that was. Yeah,

1:11:21.400 --> 1:11:24.679
<v Speaker 1>and for our family. Yeah, there are our three main values. Yeah.

1:11:25.120 --> 1:11:27.280
<v Speaker 1>We sort we sight of that a little bit, haven't we. Yeah?

1:11:27.320 --> 1:11:30.000
<v Speaker 2>Absolutely, you know, I still think the high point of

1:11:30.080 --> 1:11:33.360
<v Speaker 2>our national identity was Bob Hawk in nineteen ninety eight,

1:11:33.800 --> 1:11:37.960
<v Speaker 2>nineteen eighty eight, sorry, at the Opera House, you know,

1:11:38.000 --> 1:11:40.680
<v Speaker 2>and that bi centennial celebrations on the Sydney Harbor. They

1:11:40.680 --> 1:11:41.640
<v Speaker 2>were just magnificent.

1:11:42.000 --> 1:11:45.320
<v Speaker 1>Yeah, straight off for the America's Cup challenge. Yeah seven Yeah, Yeah,

1:11:45.320 --> 1:11:45.840
<v Speaker 1>that's right.

1:11:46.040 --> 1:11:48.160
<v Speaker 2>And Bob Hawk and I don't normally agree with Bob

1:11:48.160 --> 1:11:49.639
<v Speaker 2>Hawk on a lot of things, but he said something

1:11:49.680 --> 1:11:51.360
<v Speaker 2>that I think we should reflect on a lot. He

1:11:51.439 --> 1:11:55.760
<v Speaker 2>said there should be no hierarchy of origin in this country.

1:11:56.040 --> 1:11:58.360
<v Speaker 2>And he's banging on about that it doesn't matter when

1:11:58.400 --> 1:12:00.880
<v Speaker 2>you got here. If you put your first and love

1:12:00.960 --> 1:12:03.640
<v Speaker 2>your country and want a better life for your children.

1:12:03.280 --> 1:12:04.520
<v Speaker 1>That's it. That's it.

1:12:04.640 --> 1:12:07.920
<v Speaker 2>You know, and our founding fathers in Section one sixteen eight,

1:12:07.960 --> 1:12:10.360
<v Speaker 2>they said there is freedom of religion. They did that

1:12:10.479 --> 1:12:13.160
<v Speaker 2>because they did not want religion in politics, and that's

1:12:13.200 --> 1:12:16.160
<v Speaker 2>really really important, you know, our founding fathers. You know,

1:12:16.400 --> 1:12:19.800
<v Speaker 2>the Constitution could do with a few tweaks, but they

1:12:19.840 --> 1:12:21.640
<v Speaker 2>did a very good job in doing that. And I

1:12:21.640 --> 1:12:23.880
<v Speaker 2>don't think people realize that the reason why they put

1:12:23.880 --> 1:12:26.560
<v Speaker 2>that in there is that they believe that religion and

1:12:26.600 --> 1:12:27.880
<v Speaker 2>politics needed to be separate.

1:12:28.080 --> 1:12:31.360
<v Speaker 1>So is people first party? Are you sort of saying

1:12:31.400 --> 1:12:35.240
<v Speaker 1>to us, let's get back to basics. Absolutely, but I

1:12:35.240 --> 1:12:39.120
<v Speaker 1>don't mean they be simple, but just what is fundamentally

1:12:39.120 --> 1:12:43.200
<v Speaker 1>important exactly for us to exist? Yeah, which is your family? Yeah,

1:12:43.360 --> 1:12:45.639
<v Speaker 1>you know it's like it's but also a country. Look

1:12:45.640 --> 1:12:47.280
<v Speaker 1>at our country, Look all we've got.

1:12:47.200 --> 1:12:50.000
<v Speaker 2>Yeah, yeah, and your country yeah, and we and look

1:12:50.160 --> 1:12:52.280
<v Speaker 2>having you know, spend all that time traveling. We are

1:12:52.320 --> 1:12:55.920
<v Speaker 2>so lucky as a country, and I just sometimes think

1:12:55.960 --> 1:12:57.720
<v Speaker 2>we forget about it and we should not be so

1:12:57.840 --> 1:13:01.519
<v Speaker 2>pessimistic about what we have here and the opportunities we have. Sure,

1:13:01.560 --> 1:13:03.559
<v Speaker 2>we've had a probably rough decade where we've been going

1:13:03.600 --> 1:13:05.800
<v Speaker 2>in the wrong direction. No one denies that, and both

1:13:05.880 --> 1:13:09.280
<v Speaker 2>major parties are the blame for that. But you know,

1:13:09.479 --> 1:13:11.080
<v Speaker 2>it doesn't mean to say we can't turn it around.

1:13:11.160 --> 1:13:14.240
<v Speaker 2>I mean, two hundred years ago, pioneering forefathers were coming

1:13:14.280 --> 1:13:18.160
<v Speaker 2>out here, you know, beating a path through the scrub,

1:13:18.560 --> 1:13:20.920
<v Speaker 2>you know, putting up with snakes, and if you got

1:13:20.920 --> 1:13:22.719
<v Speaker 2>bitten by a snake, you can just go to the hospital.

1:13:22.720 --> 1:13:26.519
<v Speaker 2>I mean, my mum's one of five children. Her three

1:13:26.600 --> 1:13:29.680
<v Speaker 2>brothers all died within one year. So my grandparents, my

1:13:29.720 --> 1:13:33.559
<v Speaker 2>grandmother lost three babies within one year, not sorry, within

1:13:33.600 --> 1:13:36.800
<v Speaker 2>the first year of birth, So you know, I mean,

1:13:36.840 --> 1:13:39.720
<v Speaker 2>it wasn't that long ago that women would lose many

1:13:39.800 --> 1:13:43.080
<v Speaker 2>children in childbirth. So we've come a long way, and

1:13:43.120 --> 1:13:45.760
<v Speaker 2>our forefathers had made so many sacrifices to make this

1:13:45.800 --> 1:13:48.760
<v Speaker 2>country the great country it is. We've just got to

1:13:49.080 --> 1:13:53.320
<v Speaker 2>constantly remind ourselves that we are so lucky and then

1:13:53.479 --> 1:13:56.120
<v Speaker 2>use that to empower us and motivate us to get

1:13:56.200 --> 1:13:58.559
<v Speaker 2>up and do the right things. And it waste time

1:13:58.600 --> 1:14:01.160
<v Speaker 2>on social media if you're time on social media, not

1:14:01.479 --> 1:14:04.320
<v Speaker 2>this social media course, but spending ten ten hours a

1:14:04.360 --> 1:14:06.360
<v Speaker 2>week on social media. Cut it back to eight hours

1:14:06.360 --> 1:14:09.320
<v Speaker 2>and put that two hours into doing something constructive, get

1:14:09.360 --> 1:14:13.400
<v Speaker 2>involved with the political party. And because yet again, the

1:14:13.479 --> 1:14:16.200
<v Speaker 2>combined membership of political parties in this country is around

1:14:16.200 --> 1:14:18.720
<v Speaker 2>two hundred thousand people. Many, not many, it's less than

1:14:18.760 --> 1:14:21.200
<v Speaker 2>my percent of the population. You know, you can't complain

1:14:21.280 --> 1:14:23.640
<v Speaker 2>if the world's run by those you turn up, and

1:14:23.680 --> 1:14:26.240
<v Speaker 2>if you're not going to turn up and get involved, well,

1:14:26.360 --> 1:14:28.160
<v Speaker 2>of course the world's going to go in a direction

1:14:28.200 --> 1:14:30.040
<v Speaker 2>that you don't want it to go because you're not

1:14:30.080 --> 1:14:32.160
<v Speaker 2>doing anything about it to control your own destiny.

1:14:32.400 --> 1:14:34.160
<v Speaker 1>Do you think that's an austraining thing though? Do you

1:14:34.200 --> 1:14:36.920
<v Speaker 1>think we've been so spoilt, not at the moment, but

1:14:36.960 --> 1:14:38.759
<v Speaker 1>we have been so bored over such a long period

1:14:38.760 --> 1:14:42.920
<v Speaker 1>of time. Yeah, absolutely, and we don't feel the need

1:14:43.040 --> 1:14:45.559
<v Speaker 1>to do these things. I think that that has been

1:14:45.600 --> 1:14:47.920
<v Speaker 1>the case. I think that is changing. I definitely think

1:14:47.920 --> 1:14:48.559
<v Speaker 1>it's changing now.

1:14:48.640 --> 1:14:50.960
<v Speaker 2>Yeah, yeah, but it has been oh for sure. Yeah,

1:14:51.080 --> 1:14:53.080
<v Speaker 2>and especially with that asset boom in the eighties and

1:14:53.080 --> 1:14:56.000
<v Speaker 2>the nineties because we were losing product We were held

1:14:56.080 --> 1:14:58.559
<v Speaker 2>up by the mining boom, for sure. But the mining

1:14:58.600 --> 1:15:02.559
<v Speaker 2>boom has masked a lack of productivity through our manufacturing sector.

1:15:02.880 --> 1:15:07.800
<v Speaker 2>It's allowed the public bureaucracy to blow out and bureaucracy

1:15:07.840 --> 1:15:10.240
<v Speaker 2>not not public servants. So our teachers and our nurses

1:15:10.280 --> 1:15:12.400
<v Speaker 2>and our policemen, there's not enough for them. There's too

1:15:12.400 --> 1:15:15.040
<v Speaker 2>many bureaucrats, so we need to reach reorganize that.

1:15:15.040 --> 1:15:17.400
<v Speaker 1>So maybe you just explained it, because I think that's

1:15:17.439 --> 1:15:19.479
<v Speaker 1>a really important point, and I think we might finish

1:15:19.479 --> 1:15:20.960
<v Speaker 1>off this. But this is a really important point, if

1:15:20.960 --> 1:15:24.400
<v Speaker 1>you don't mind, Joe. People take the view that we

1:15:24.479 --> 1:15:27.000
<v Speaker 1>have a lot of people talk about too many public servants,

1:15:27.240 --> 1:15:31.160
<v Speaker 1>you know, but they don't talk about bureaucracy. Bureaucracy. And

1:15:31.240 --> 1:15:32.840
<v Speaker 1>I'm someone lived in here for a long time and

1:15:32.880 --> 1:15:36.599
<v Speaker 1>I know how bureaucracy works because some Gandhy made sure

1:15:36.680 --> 1:15:39.559
<v Speaker 1>he created this bureaucracy because he needed to give everybody

1:15:39.560 --> 1:15:42.160
<v Speaker 1>a job. Yeah right, yeah, demand how much you're paid,

1:15:42.160 --> 1:15:44.240
<v Speaker 1>but everyone had a job. Yeah, And it was sort

1:15:44.280 --> 1:15:46.559
<v Speaker 1>of bordering on communism, which is sort of where Gandy

1:15:46.640 --> 1:15:49.200
<v Speaker 1>was at, Like, yeah, a country like India is poor,

1:15:49.439 --> 1:15:52.679
<v Speaker 1>you had people had to have a job. Yeah. So yeah,

1:15:52.800 --> 1:15:55.439
<v Speaker 1>maybe you just can explain to people the difference between

1:15:55.479 --> 1:15:58.080
<v Speaker 1>public service, being in the service of the public and

1:15:58.120 --> 1:16:01.000
<v Speaker 1>being in the bureaucracy.

1:16:00.040 --> 1:16:02.439
<v Speaker 2>Different between two two different things. The public serves. So

1:16:02.760 --> 1:16:05.200
<v Speaker 2>our nurses, our teachers. I mean my mom was a nurse.

1:16:05.240 --> 1:16:08.080
<v Speaker 2>You know, my grandmother was a teacher. You know, our military,

1:16:08.080 --> 1:16:11.000
<v Speaker 2>they serve the people. And that word public service is

1:16:11.040 --> 1:16:13.679
<v Speaker 2>run around too much, and you often you know there's

1:16:13.680 --> 1:16:15.680
<v Speaker 2>a sky news does it. Oh, we've got too many

1:16:15.720 --> 1:16:17.960
<v Speaker 2>in public servants. It's too many. It's like no, no, no,

1:16:18.000 --> 1:16:20.000
<v Speaker 2>hang on a minute. Don't go around bashing the front

1:16:20.040 --> 1:16:22.600
<v Speaker 2>end workers. They work really hard, right, But do we

1:16:22.680 --> 1:16:25.200
<v Speaker 2>have too many bureaucrats? Absolutely, And there's the bureaucrats in

1:16:25.200 --> 1:16:27.800
<v Speaker 2>the back off that create your regulation, right, which not

1:16:27.840 --> 1:16:30.200
<v Speaker 2>only is attacks, it's strangles productivity.

1:16:30.560 --> 1:16:30.760
<v Speaker 1>Right.

1:16:31.000 --> 1:16:32.680
<v Speaker 2>And one of our policies are called to this my

1:16:32.720 --> 1:16:35.400
<v Speaker 2>Maine speech. We've got to have federation convention that looks

1:16:35.400 --> 1:16:38.439
<v Speaker 2>at removing the duplications of roles and responsibilities between federal

1:16:38.439 --> 1:16:41.760
<v Speaker 2>and state governments, and the vertical fiscal ambiguities between state

1:16:41.800 --> 1:16:45.240
<v Speaker 2>and federal governments and the next level down thirty three

1:16:45.280 --> 1:16:47.280
<v Speaker 2>councils in Sydney. Do we need that many?

1:16:47.360 --> 1:16:47.839
<v Speaker 1>Ridiculous?

1:16:47.840 --> 1:16:52.360
<v Speaker 2>It's ridiculous, right, Brisbane City's got four councils, the biggest one,

1:16:52.439 --> 1:16:55.720
<v Speaker 2>Brisbane City Itself's got one point four million pairs works amazingly. Yeah,

1:16:55.760 --> 1:16:58.920
<v Speaker 2>exact same as Gold Coast amazing Yeah, that's right, because

1:16:59.000 --> 1:17:01.800
<v Speaker 2>I mean, I'm sure there's all inefficiencies in their bureaucracies,

1:17:01.800 --> 1:17:04.280
<v Speaker 2>but at least there's only because we've often had this

1:17:04.280 --> 1:17:06.000
<v Speaker 2>thing on our side of politics, where if you have

1:17:06.400 --> 1:17:09.200
<v Speaker 2>the states competing, you'll get great to competition. But I've

1:17:09.200 --> 1:17:11.680
<v Speaker 2>realized when it comes to bureaucrats, you're actually fighting an

1:17:11.680 --> 1:17:14.679
<v Speaker 2>eight headed hydra, not one like you're better off having

1:17:16.520 --> 1:17:20.120
<v Speaker 2>one level of bureaucracy. Seeable yet very simple and of course,

1:17:20.479 --> 1:17:23.280
<v Speaker 2>ironically enough, the Tasmanian Dam's decision has led to this

1:17:24.080 --> 1:17:26.479
<v Speaker 2>because it basically allowed Bob Hawk to go to the

1:17:26.520 --> 1:17:28.440
<v Speaker 2>High Court and say, we want to stop the Tasmanian

1:17:28.479 --> 1:17:31.880
<v Speaker 2>government for building a dam, not talking Franklin Dam's bidle Damn.

1:17:31.880 --> 1:17:34.120
<v Speaker 2>Maybe it shouldn't have been damned, no argument there. But

1:17:34.280 --> 1:17:36.639
<v Speaker 2>what that means now is every time the state government

1:17:36.640 --> 1:17:39.759
<v Speaker 2>tries to do something, the federal government steps in according

1:17:39.800 --> 1:17:42.920
<v Speaker 2>to some foreign treaty and over and stops the state

1:17:42.960 --> 1:17:46.280
<v Speaker 2>government and doing anything. So we've got this real dysfunctional

1:17:46.360 --> 1:17:49.759
<v Speaker 2>federation at the moment, and we've got to sort that out.

1:17:49.880 --> 1:17:53.680
<v Speaker 1>The bureaucrats create a think called what I call the bureaucracy,

1:17:54.200 --> 1:17:58.360
<v Speaker 1>which is by definition designed to be inefficient, and as

1:17:58.400 --> 1:18:02.920
<v Speaker 1>a result of that, the inefficiency inefficiencies create jobs within

1:18:02.960 --> 1:18:06.120
<v Speaker 1>the bureaucracy for bureaucrats exactly, and it just keeps feeding

1:18:06.120 --> 1:18:09.320
<v Speaker 1>on itself and it becomes it's no one individual's fault.

1:18:10.000 --> 1:18:12.800
<v Speaker 1>It's not the fault of the individual bureaucrat that's in

1:18:12.840 --> 1:18:15.479
<v Speaker 1>the bureaucracy. I mean sometimes it is, but generally speaking

1:18:15.520 --> 1:18:18.320
<v Speaker 1>it's not. It's the fault of the politicians who create

1:18:18.400 --> 1:18:23.080
<v Speaker 1>the bureaucracy, and to some extent currently in our current regime,

1:18:23.560 --> 1:18:28.000
<v Speaker 1>the bureaucracy protects certain politicians.

1:18:27.520 --> 1:18:30.200
<v Speaker 2>And it'll protect itself. You're right, it's a hammer looking.

1:18:31.160 --> 1:18:34.519
<v Speaker 1>They talk about AI one day taking over the world. Well,

1:18:34.560 --> 1:18:36.640
<v Speaker 1>for me, we already have it. It's called a bureaucracy,

1:18:36.840 --> 1:18:39.560
<v Speaker 1>and it's happening in a lot of countries like the

1:18:39.600 --> 1:18:42.479
<v Speaker 1>UK's are got a great example. France is another great example.

1:18:42.960 --> 1:18:45.880
<v Speaker 1>But Australia, the bureaucracy is a major problem for a

1:18:45.920 --> 1:18:49.080
<v Speaker 1>country who's so small. Absolutely in terms of people, we're

1:18:49.240 --> 1:18:52.679
<v Speaker 1>way way too big. And I agree public servants, people

1:18:52.680 --> 1:18:56.599
<v Speaker 1>in the service of public they should get a medal. Yeah, yeah, exactly,

1:18:56.640 --> 1:19:00.800
<v Speaker 1>And please don't confuse a public servant with aureaucrat. Yeah,

1:19:00.840 --> 1:19:03.439
<v Speaker 1>that's exactly right. And the public servant gets paid, No,

1:19:03.479 --> 1:19:05.479
<v Speaker 1>we knew what a bureaucrad gets paid either. There's a

1:19:05.680 --> 1:19:09.960
<v Speaker 1>major disparity between you know, the reward for effort. Yeah,

1:19:10.160 --> 1:19:13.920
<v Speaker 1>and that's what we would look at, is the bureaucrats. Yeah. Absolutely.

1:19:14.080 --> 1:19:16.880
<v Speaker 1>I've had some exposure to it because I've shared quite

1:19:16.880 --> 1:19:21.880
<v Speaker 1>a few task force for various governments and I have

1:19:21.960 --> 1:19:24.280
<v Speaker 1>to do. The bureaucracy at the end of the day,

1:19:24.360 --> 1:19:26.720
<v Speaker 1>kills off pretty much every innovative idea that I've ever

1:19:26.720 --> 1:19:30.240
<v Speaker 1>come up with. Yeah. Yeah, they risk their risk adverse. Yeah.

1:19:30.439 --> 1:19:32.799
<v Speaker 2>I caught up with some guys in the defense industry

1:19:32.800 --> 1:19:34.920
<v Speaker 2>who are private contractors and they just said, you know,

1:19:34.960 --> 1:19:38.000
<v Speaker 2>they're so frustrated with Australian military because they're so risk

1:19:38.040 --> 1:19:41.400
<v Speaker 2>adverse and by the time they've actually you know, they

1:19:41.439 --> 1:19:47.360
<v Speaker 2>want the proof of you know, concept concept before before

1:19:47.520 --> 1:19:51.760
<v Speaker 2>they adopted prototyping, prototyping all this stuff, and as they

1:19:51.760 --> 1:19:53.800
<v Speaker 2>were saying, by that stage, he's got no money left,

1:19:53.880 --> 1:19:56.400
<v Speaker 2>We've got no money left, or and other countries coming

1:19:56.479 --> 1:19:57.240
<v Speaker 2>up and even more.

1:19:57.160 --> 1:19:59.400
<v Speaker 1>In that, which is why I think about it. I've

1:19:59.400 --> 1:20:01.599
<v Speaker 1>got a I want really approve this, and I thinking

1:20:01.600 --> 1:20:03.840
<v Speaker 1>about that bureaucross. He thinks about what are the reasons

1:20:03.840 --> 1:20:06.160
<v Speaker 1>why I should not approve it, and that it doesn't

1:20:06.200 --> 1:20:10.560
<v Speaker 1>matter whether it's defense or yeah, dams or whatever the

1:20:10.600 --> 1:20:13.680
<v Speaker 1>infrastructure is. Yeah, it's about what are the reasons that

1:20:13.840 --> 1:20:16.200
<v Speaker 1>there's a problem, because if they did it too efficiently,

1:20:16.200 --> 1:20:18.240
<v Speaker 1>they do themselves out of a job. Yeah. Correct, Yeah,

1:20:18.360 --> 1:20:23.240
<v Speaker 1>so feeds on itself. Yeah, exactly. Well, Jared Nick, I

1:20:23.280 --> 1:20:27.520
<v Speaker 1>really want to thank you very much for your introduction

1:20:27.680 --> 1:20:31.400
<v Speaker 1>to me, at least of the People First Party. I

1:20:31.439 --> 1:20:32.160
<v Speaker 1>think it's amazing.

1:20:32.280 --> 1:20:33.800
<v Speaker 2>We'll have a name change so too. By the way,

1:20:33.800 --> 1:20:36.360
<v Speaker 2>it's going to be People's Party. I had Heritage Bank,

1:20:36.400 --> 1:20:39.439
<v Speaker 2>you know Heritage You change their bank name to people First,

1:20:39.439 --> 1:20:42.240
<v Speaker 2>and they've sued me copyright. Yeah, and as I said

1:20:42.240 --> 1:20:44.240
<v Speaker 2>to the judge, I said, I don't have a license

1:20:44.240 --> 1:20:46.840
<v Speaker 2>from APRA for showing potential regulation authority. This is a

1:20:46.920 --> 1:20:48.920
<v Speaker 2>question of fact. But you let it go to trial.

1:20:48.960 --> 1:20:50.200
<v Speaker 2>It was going to do it for three days and

1:20:50.200 --> 1:20:51.599
<v Speaker 2>I was like, well, I don't like to look at

1:20:51.600 --> 1:20:52.160
<v Speaker 2>these I'm.

1:20:52.040 --> 1:20:54.400
<v Speaker 1>Just going to People's Party. Yeah, I should. I don't

1:20:54.400 --> 1:20:57.439
<v Speaker 1>mind that People's Party. Yeah, Australia People's Party. It'll be

1:20:57.640 --> 1:21:01.479
<v Speaker 1>slightly easier. Yeah, call theirselves people's party. You know it'll

1:21:01.520 --> 1:21:04.600
<v Speaker 1>be abbreviged to that. But but yeah, but thanks for

1:21:04.600 --> 1:21:07.360
<v Speaker 1>having me on, Mark. I look for fortunity. I look

1:21:07.400 --> 1:21:10.840
<v Speaker 1>forward to it making some innroads in the twenty out

1:21:10.880 --> 1:21:13.080
<v Speaker 1>election made cheers. Thanks, Mark, appreciate it.