Speaker 1: You're on the air with Jace, Lauren and Clint. This
Speaker 1: is Nova.
Speaker 2: Treasurer Jim Chalmers has handed down his fifth budget.
Speaker 3: Assie workers, they are the winners of this budget while investors.
Speaker 2: Lose out the treasurer unfailing the most ambitious budget in
Speaker 2: more than a decade, balancing tax reform against cost of
Speaker 2: living relief.
Speaker 1: Who's the winners, who's the losers? Let's go to someone
Speaker 1: a lot smarter than us, former host of Sunrise. He
Speaker 1: is the economic director for and Compare the Market and
Speaker 1: is the chairman of the Port Adelaide Football Club. Let
Speaker 1: me set the scene, ever, jac.
Speaker 3: What a sign?
Speaker 2: What a man?
Speaker 3: So?
Speaker 1: What's ago? They play that before every port game? Yeah?
Speaker 2: Yeah, the sixty seconds to the bounds? Everyone's do you do.
Speaker 3: You get that played when you walk into a room coffee?
Speaker 2: No, I'd love to. I went to school with you
Speaker 2: at Excess guys, very dear to my heart. Yeah, until
Speaker 2: we went to size.
Speaker 4: Well, we're not talking about footy today, Coshi. We need
Speaker 4: to know what is going on in the budget because
Speaker 4: it's quite overwhelming for people who don't understand finance and
Speaker 4: taxes that well. To get our heads around it. Who
Speaker 4: are the big winners. Who are the big losers?
Speaker 2: Break it down for us, all right, I reckon the
Speaker 2: big losers is average Australian households. What the budget see,
Speaker 2: the budget is like the country's household budget for the
Speaker 2: year ahead, and what it's saying to all of us
Speaker 2: is that inflation's going to stay high. Inflation's going to
Speaker 2: although it's going to peek at five percent over the
Speaker 2: next couple of months, and for the rest of the
Speaker 2: financial year, it's not going to get really back to
Speaker 2: within the Reserve Bank's target range. So inflation is going
Speaker 2: to stay high. The Reserve Bank is not going to
Speaker 2: be happy, so there's more likely to be more interest
Speaker 2: rate increases. And while unemployment will stay low so we'll
Speaker 2: all hopefully you have a job, wage rises won't be
Speaker 2: as much as inflation. So the household budget, the cost
Speaker 2: of living crisis is going to be around for at
Speaker 2: least another year. Wow, So prepare for that. So that
Speaker 2: affects everybody. Yeah, and it's really tough to make ends
Speaker 2: meet and balance a family budget at the moment if
Speaker 2: you've got a cup, work, kids and you're coping with
Speaker 2: a higher petrol prices.
Speaker 3: So Koshi, Now the government, who will be spooking this
Speaker 3: budget today in chief the Treasurer Jim Charmers will tell
Speaker 3: tax payers they're getting a two hundred and fifty dollars
Speaker 3: offset from next financial year. Now that's not real cash money,
Speaker 3: is it's it's actually an offset.
Speaker 2: It's an offset. It comes off your taxi and act
Speaker 2: here and in the form of extra on your refund.
Speaker 2: But just last week the boss of the Reserve Bank,
Speaker 2: Michelle Bullock, they said to the government in very polite
Speaker 2: Reserve Bank speak, she said, if you give out any cash,
Speaker 2: we just got to take it away again with higher
Speaker 2: interest rates, because if you give out cash, that's just
Speaker 2: going to add to inflation and that's what we don't want.
Speaker 2: So she was pretty blunt. Well, it's blunt as Reserve
Speaker 2: Bank governors can be in terms of threatening the government.
Speaker 2: So you've got to help us.
Speaker 1: Is there anyone winning out of this budget?
Speaker 2: Coss Okay. Look, they changed the tax on capital gains
Speaker 2: tax and negative gearing by far. Now the best place
Speaker 2: to invest your money is in your own house and
Speaker 2: also in your superannuation. They have come out out so
Speaker 2: much better by comparison with any other forms of investment
Speaker 2: and putting spare cash and renters. You know, I feel
Speaker 2: for people who are renting because all of these text
Speaker 2: changes is the government saying, oh, we're going to make
Speaker 2: it easier for first home buys, but there are a
Speaker 2: lot of people who can't or don't want to own
Speaker 2: a property.
Speaker 4: It's hard to buy first home at the moment.
Speaker 2: Exactly anyone. What's what these changes are going to do
Speaker 2: is really piss off property investors, so they're going to say, oh, well,
Speaker 2: why the hassle of having an investment property? Property exact
Speaker 2: one hundred percent and rents are high and rising above
Speaker 2: inflation at the moment. I don't think there's going to
Speaker 2: be much relief on that.
Speaker 3: Heykshy, good news.
Speaker 4: Yeah, are there any winners like teachers, nurses, anyone.
Speaker 2: Us? A lot of a lot of money is going
Speaker 2: into infrastructure for housing. Obviously the government wants more housing
Speaker 2: produced so it can bring down property prices. But it is,
Speaker 2: you know, it's tough out there. It's going to be
Speaker 2: tough for another year. And look, I was disappointed in
Speaker 2: the Reserve being put up interest rates last week because
Speaker 2: they're just crushing Australia in the household with higher petrol
Speaker 2: prices and business confidence is downside. Even the bosses are worried.
Speaker 2: And when bosses are worried, they start going, well, we're
Speaker 2: not going to add extra stuff. We've got to be careful.
Speaker 4: So that's pretty grim.
Speaker 3: Can I change tech? I'm six months retired from Breakfast Television,
Speaker 3: my roll on Weekend Today. How many years out of
Speaker 3: you now from Brecky Central.
Speaker 2: I'm three years out and do that? Three years out?
Speaker 3: Do you miss it?
Speaker 2: And look, I loved every single minute of it, but
Speaker 2: for twenty one years live and I want a bit
Speaker 2: more flexibility in our life. We're really enjoying it. Oh
Speaker 2: that's so nice.
Speaker 4: It was just saying before he once had to fill
Speaker 4: in for Carl and host the Today Show while you.
Speaker 3: Were on Sunrise alongside again.
Speaker 4: They went head to ahead and cost you absolutely wallet.
Speaker 3: And fifty K one morning. That wasn't good for my
Speaker 3: bottom line. I give you the red hot chip and
Speaker 3: just one last one, Goshi Zach Butter's ye is he gone?
Speaker 2: Oh no, we're really confident that that Zach's going to stay. Well,
Speaker 2: he's playing great footy at the moment. You don't forget
Speaker 2: he's your restricted free agent. So we decide where he
Speaker 2: goes and where he goes will be We're the best
Speaker 2: is for Adelaide?
Speaker 4: Well, could you give me some positive news? Do you
Speaker 4: think Richmond will win another game this season? Just hang up,
Speaker 4: just hang up, just one, just one would be great.
Speaker 2: They're on the rebuild. They've got some great young talent
Speaker 2: at the moment.
Speaker 1: It's great.
Speaker 3: Sagurday to Alexander for us. Compare the market obviously great.
Speaker 1: David Cosh compared the market's economic director and of course
Speaker 1: the chairman of the port Adelaid Football Club Bykshi, thanks
Speaker 1: for breaking down for us this morning. Mate, It's been
Speaker 1: good to chat on you guys.
Speaker 3: Thanks best in the is that man he is?
Speaker 2: Remember I mean Chris Cole is good as well, But.
Speaker 4: I'm still confused by the budget.
Speaker 3: What did he say?
Speaker 4: Not very good? No one's happy, everyone's angry.
Speaker 1: Anyone happy? I don't think so.
Speaker 4: Lauren and Clint kept feeling good bys Flareen.
Speaker 2: And Clum Olivia on the socials.
Speaker 3: Yeah, I