WEBVTT - Bonus: David "Kochie" Koch Breaks Down Last Night's Budget

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<v Speaker 1>You're on the air with Jace, Lauren and Clint. This

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<v Speaker 1>is Nova.

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<v Speaker 2>Treasurer Jim Chalmers has handed down his fifth budget.

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<v Speaker 3>Assie workers, they are the winners of this budget while investors.

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<v Speaker 2>Lose out the treasurer unfailing the most ambitious budget in

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<v Speaker 2>more than a decade, balancing tax reform against cost of

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<v Speaker 2>living relief.

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<v Speaker 1>Who's the winners, who's the losers? Let's go to someone

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<v Speaker 1>a lot smarter than us, former host of Sunrise. He

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<v Speaker 1>is the economic director for and Compare the Market and

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<v Speaker 1>is the chairman of the Port Adelaide Football Club. Let

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<v Speaker 1>me set the scene, ever, jac.

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<v Speaker 3>What a sign?

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<v Speaker 2>What a man?

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<v Speaker 3>So?

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<v Speaker 1>What's ago? They play that before every port game? Yeah?

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<v Speaker 2>Yeah, the sixty seconds to the bounds? Everyone's do you do.

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<v Speaker 3>You get that played when you walk into a room coffee?

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<v Speaker 2>No, I'd love to. I went to school with you

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<v Speaker 2>at Excess guys, very dear to my heart. Yeah, until

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<v Speaker 2>we went to size.

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<v Speaker 4>Well, we're not talking about footy today, Coshi. We need

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<v Speaker 4>to know what is going on in the budget because

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<v Speaker 4>it's quite overwhelming for people who don't understand finance and

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<v Speaker 4>taxes that well. To get our heads around it. Who

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<v Speaker 4>are the big winners. Who are the big losers?

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<v Speaker 2>Break it down for us, all right, I reckon the

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<v Speaker 2>big losers is average Australian households. What the budget see,

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<v Speaker 2>the budget is like the country's household budget for the

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<v Speaker 2>year ahead, and what it's saying to all of us

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<v Speaker 2>is that inflation's going to stay high. Inflation's going to

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<v Speaker 2>although it's going to peek at five percent over the

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<v Speaker 2>next couple of months, and for the rest of the

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<v Speaker 2>financial year, it's not going to get really back to

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<v Speaker 2>within the Reserve Bank's target range. So inflation is going

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<v Speaker 2>to stay high. The Reserve Bank is not going to

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<v Speaker 2>be happy, so there's more likely to be more interest

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<v Speaker 2>rate increases. And while unemployment will stay low so we'll

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<v Speaker 2>all hopefully you have a job, wage rises won't be

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<v Speaker 2>as much as inflation. So the household budget, the cost

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<v Speaker 2>of living crisis is going to be around for at

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<v Speaker 2>least another year. Wow, So prepare for that. So that

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<v Speaker 2>affects everybody. Yeah, and it's really tough to make ends

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<v Speaker 2>meet and balance a family budget at the moment if

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<v Speaker 2>you've got a cup, work, kids and you're coping with

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<v Speaker 2>a higher petrol prices.

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<v Speaker 3>So Koshi, Now the government, who will be spooking this

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<v Speaker 3>budget today in chief the Treasurer Jim Charmers will tell

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<v Speaker 3>tax payers they're getting a two hundred and fifty dollars

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<v Speaker 3>offset from next financial year. Now that's not real cash money,

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<v Speaker 3>is it's it's actually an offset.

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<v Speaker 2>It's an offset. It comes off your taxi and act

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<v Speaker 2>here and in the form of extra on your refund.

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<v Speaker 2>But just last week the boss of the Reserve Bank,

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<v Speaker 2>Michelle Bullock, they said to the government in very polite

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<v Speaker 2>Reserve Bank speak, she said, if you give out any cash,

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<v Speaker 2>we just got to take it away again with higher

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<v Speaker 2>interest rates, because if you give out cash, that's just

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<v Speaker 2>going to add to inflation and that's what we don't want.

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<v Speaker 2>So she was pretty blunt. Well, it's blunt as Reserve

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<v Speaker 2>Bank governors can be in terms of threatening the government.

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<v Speaker 2>So you've got to help us.

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<v Speaker 1>Is there anyone winning out of this budget?

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<v Speaker 2>Coss Okay. Look, they changed the tax on capital gains

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<v Speaker 2>tax and negative gearing by far. Now the best place

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<v Speaker 2>to invest your money is in your own house and

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<v Speaker 2>also in your superannuation. They have come out out so

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<v Speaker 2>much better by comparison with any other forms of investment

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<v Speaker 2>and putting spare cash and renters. You know, I feel

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<v Speaker 2>for people who are renting because all of these text

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<v Speaker 2>changes is the government saying, oh, we're going to make

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<v Speaker 2>it easier for first home buys, but there are a

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<v Speaker 2>lot of people who can't or don't want to own

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<v Speaker 2>a property.

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<v Speaker 4>It's hard to buy first home at the moment.

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<v Speaker 2>Exactly anyone. What's what these changes are going to do

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<v Speaker 2>is really piss off property investors, so they're going to say, oh, well,

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<v Speaker 2>why the hassle of having an investment property? Property exact

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<v Speaker 2>one hundred percent and rents are high and rising above

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<v Speaker 2>inflation at the moment. I don't think there's going to

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<v Speaker 2>be much relief on that.

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<v Speaker 3>Heykshy, good news.

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<v Speaker 4>Yeah, are there any winners like teachers, nurses, anyone.

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<v Speaker 2>Us? A lot of a lot of money is going

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<v Speaker 2>into infrastructure for housing. Obviously the government wants more housing

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<v Speaker 2>produced so it can bring down property prices. But it is,

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<v Speaker 2>you know, it's tough out there. It's going to be

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<v Speaker 2>tough for another year. And look, I was disappointed in

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<v Speaker 2>the Reserve being put up interest rates last week because

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<v Speaker 2>they're just crushing Australia in the household with higher petrol

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<v Speaker 2>prices and business confidence is downside. Even the bosses are worried.

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<v Speaker 2>And when bosses are worried, they start going, well, we're

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<v Speaker 2>not going to add extra stuff. We've got to be careful.

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<v Speaker 4>So that's pretty grim.

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<v Speaker 3>Can I change tech? I'm six months retired from Breakfast Television,

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<v Speaker 3>my roll on Weekend Today. How many years out of

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<v Speaker 3>you now from Brecky Central.

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<v Speaker 2>I'm three years out and do that? Three years out?

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<v Speaker 3>Do you miss it?

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<v Speaker 2>And look, I loved every single minute of it, but

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<v Speaker 2>for twenty one years live and I want a bit

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<v Speaker 2>more flexibility in our life. We're really enjoying it. Oh

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<v Speaker 2>that's so nice.

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<v Speaker 4>It was just saying before he once had to fill

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<v Speaker 4>in for Carl and host the Today Show while you.

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<v Speaker 3>Were on Sunrise alongside again.

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<v Speaker 4>They went head to ahead and cost you absolutely wallet.

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<v Speaker 3>And fifty K one morning. That wasn't good for my

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<v Speaker 3>bottom line. I give you the red hot chip and

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<v Speaker 3>just one last one, Goshi Zach Butter's ye is he gone?

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<v Speaker 2>Oh no, we're really confident that that Zach's going to stay. Well,

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<v Speaker 2>he's playing great footy at the moment. You don't forget

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<v Speaker 2>he's your restricted free agent. So we decide where he

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<v Speaker 2>goes and where he goes will be We're the best

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<v Speaker 2>is for Adelaide?

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<v Speaker 4>Well, could you give me some positive news? Do you

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<v Speaker 4>think Richmond will win another game this season? Just hang up,

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<v Speaker 4>just hang up, just one, just one would be great.

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<v Speaker 2>They're on the rebuild. They've got some great young talent

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<v Speaker 2>at the moment.

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<v Speaker 1>It's great.

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<v Speaker 3>Sagurday to Alexander for us. Compare the market obviously great.

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<v Speaker 1>David Cosh compared the market's economic director and of course

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<v Speaker 1>the chairman of the port Adelaid Football Club Bykshi, thanks

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<v Speaker 1>for breaking down for us this morning. Mate, It's been

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<v Speaker 1>good to chat on you guys.

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<v Speaker 3>Thanks best in the is that man he is?

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<v Speaker 2>Remember I mean Chris Cole is good as well, But.

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<v Speaker 4>I'm still confused by the budget.

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<v Speaker 3>What did he say?

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<v Speaker 4>Not very good? No one's happy, everyone's angry.

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<v Speaker 1>Anyone happy? I don't think so.

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<v Speaker 4>Lauren and Clint kept feeling good bys Flareen.

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<v Speaker 2>And Clum Olivia on the socials.

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<v Speaker 3>Yeah, I