WEBVTT - Paul Murray Live | 6 August 0:00:00.240 --> 0:00:05.200 From the skying In Center. This is Paul Murray Live. 0:00:06.440 --> 0:00:08.319 Thank you Sharry. Happy Tuesday forrever you happen to be 0:00:08.360 --> 0:00:11.080 around the country. Within this hour, we expect to hear 0:00:11.119 --> 0:00:13.600 whom Kamala Harris thinks could be her vice president. 0:00:14.120 --> 0:00:16.160 That announcement as soon as it lands, along with a 0:00:16.239 --> 0:00:17.480 more analysis. 0:00:16.920 --> 0:00:19.319 And great debate with James Morrow, Joe Hillebrand and the 0:00:19.320 --> 0:00:21.439 great Node Ferrard joining us from the UK where the 0:00:21.480 --> 0:00:22.200 problems will. 0:00:22.040 --> 0:00:23.320 They stack up by the hour. 0:00:23.960 --> 0:00:26.920 But first, this is a program that is thankful of 0:00:26.960 --> 0:00:30.600 our modern history, that is respectful of the people who 0:00:30.640 --> 0:00:33.199 came home from World War II and built this country 0:00:33.560 --> 0:00:36.680 into the place worth defending each and every day. Well, 0:00:36.680 --> 0:00:38.720 as you will have heard today, the last of the 0:00:38.800 --> 0:00:40.040 Rats of Tabrook. 0:00:39.880 --> 0:00:40.599 Has left us. 0:00:41.120 --> 0:00:44.839 More than fourteen thousand men ended up serving their country 0:00:44.880 --> 0:00:46.879 in that part of the theater of World War II, 0:00:46.960 --> 0:00:50.479 the Libyan port of course of Tabrook. Well, Tom Pritchard 0:00:50.640 --> 0:00:54.360 is the last, and he has died today aged one 0:00:54.480 --> 0:00:58.480 hundred and two. Now you know inside and out the 0:00:58.520 --> 0:01:00.760 details of the Rats of Trabrook for those who they 0:01:00.800 --> 0:01:01.840 will be watching. 0:01:01.600 --> 0:01:04.560 Us later on the internet or maybe just of a 0:01:04.600 --> 0:01:05.280 different vintage. 0:01:05.280 --> 0:01:07.760 You don't remember all of the details here. How did 0:01:08.120 --> 0:01:10.840 the Rats of de Brook get the name of the 0:01:10.920 --> 0:01:13.760 Rats of Tabrook? Well, the Australian War Memorial has got 0:01:13.760 --> 0:01:16.640 many pieces of information that they led up onto the Internet, 0:01:16.680 --> 0:01:19.760 as well as the incredible displays that you can go 0:01:19.800 --> 0:01:22.160 and see in Camber in his part of their explanation 0:01:22.440 --> 0:01:24.640 behind the name the Rats of de Brook. 0:01:26.360 --> 0:01:29.720 Because the Tabrook Garrison was forced to dig in under 0:01:29.800 --> 0:01:35.119 constant bombardment, the Nazi propagandist Lord Hawhorn declared that they 0:01:35.120 --> 0:01:39.240 were caught like rats in a trap. The men, hearing 0:01:39.240 --> 0:01:42.760 this on the radio, adopted the name as a defiant 0:01:42.800 --> 0:01:47.559 badge of pride and became the Rats of Tabrook. Major 0:01:47.600 --> 0:01:51.360 General Leslie morse Head was their very aggressive commander, a 0:01:51.480 --> 0:01:52.440 Gallipoli veteran. 0:01:52.720 --> 0:01:53.960 His troops dubbed. 0:01:53.680 --> 0:01:56.640 Him ming the Merciless. It was a spirit that he 0:01:56.720 --> 0:02:00.120 passed on to his men, who, rather than being passive 0:02:00.120 --> 0:02:03.120 and waiting for the Germans and Italians to come to them, 0:02:03.440 --> 0:02:06.760 went out into no man's land each night to patrol 0:02:07.120 --> 0:02:08.360 and to harass the enemy. 0:02:09.880 --> 0:02:13.920 The Australian efforts into Brook also produced Australia's first recipient 0:02:14.000 --> 0:02:15.240 of the Victoria Cross. 0:02:17.360 --> 0:02:22.280 The Siege of Tbrook offers examples of humor, matship and endurance. 0:02:22.960 --> 0:02:25.760 It also has its stories of great heroism. 0:02:26.200 --> 0:02:28.240 Jack emission as the first Australian of the Second World 0:02:28.240 --> 0:02:31.519 Gore to be awarded a Victoria Cross. Jack was involved 0:02:31.560 --> 0:02:33.959 in a very bitter, bloody hand to hand action on 0:02:34.080 --> 0:02:36.480 the night of the thirteenth of April, where he saved 0:02:36.520 --> 0:02:38.959 the life of his commanding officer, but he was mortally 0:02:39.000 --> 0:02:39.800 wounded in action. 0:02:41.480 --> 0:02:44.360 I apologize, one of the first Australians to receive the 0:02:44.480 --> 0:02:50.000 Victoria Cross and one of the fourteen thousand people who 0:02:50.040 --> 0:02:51.799 are sadly no longer with us. But the world is 0:02:51.840 --> 0:02:54.519 a bitter place because of what they did. Is again 0:02:54.560 --> 0:02:56.919 a story supplied in the same video by the Woman Royal. 0:02:56.960 --> 0:03:00.480 A man by the name of John Johnson, and he 0:03:00.560 --> 0:03:03.000 of course was one of many who decided to go 0:03:03.040 --> 0:03:06.080 off to defend his country, to defend the then Empire, 0:03:06.280 --> 0:03:10.359 and to of course repel the Germans. The simple story 0:03:10.400 --> 0:03:12.480 of where he came from and what was left behind 0:03:12.919 --> 0:03:16.080 is the same as OsO Mini, who died on those 0:03:16.120 --> 0:03:17.080 and many other fronts. 0:03:18.600 --> 0:03:20.800 He was a carpenter from rural Victoria. He was a 0:03:20.840 --> 0:03:22.760 father of eight children when he went off to war. 0:03:23.680 --> 0:03:26.720 Each staated his right to John about a simple things school, 0:03:26.919 --> 0:03:30.400 the chickens not laying eggs. Tragically, though, Josephine gets a 0:03:30.440 --> 0:03:33.560 telegram saying John's been killed, but his letters continue to 0:03:33.639 --> 0:03:35.680 arrive home for some weeks after the event. 0:03:37.800 --> 0:03:40.560 Our eternal thanks to all of the rats of to 0:03:40.600 --> 0:03:44.560 Brook after losing the final one today and slowly but 0:03:44.640 --> 0:03:47.960 surely the fourteen thousand before, strength and love to Tom 0:03:47.960 --> 0:03:50.880 Pritchett's family, to John Johnson's family, and to everyone else 0:03:50.920 --> 0:03:53.760 who's served their country, not just on that but in 0:03:53.840 --> 0:03:59.320 every other theater of war, from the legends of our 0:03:59.360 --> 0:04:01.560 past to the of today. And that's what I've got 0:04:01.640 --> 0:04:02.680 plenty to talk about today. 0:04:02.720 --> 0:04:03.000 Now, you know. 0:04:03.040 --> 0:04:06.000 I love Queensland. Last night celebrating that Queensland, if it 0:04:06.040 --> 0:04:07.920 was a country, would be higher on the middle tally 0:04:08.000 --> 0:04:10.760 than other places. You know, any opportunity to muck around, 0:04:10.800 --> 0:04:12.880 to have some fun to do in our town, but 0:04:13.000 --> 0:04:16.040 it holiday or for work. I want to be in Queensland. 0:04:16.200 --> 0:04:18.920 I want to be a Queenslander, no question right. Well, 0:04:18.960 --> 0:04:21.320 of course they have the upcoming pool writing. That was fun, 0:04:21.440 --> 0:04:23.720 wasn't it, And also as you know, the Queensland election 0:04:23.760 --> 0:04:25.720 coming up sooner rather than later. It'll be the final 0:04:25.720 --> 0:04:29.600 weekend in October. Will there be a new premier fingers 0:04:29.640 --> 0:04:30.359 crossed hopefully? 0:04:30.360 --> 0:04:30.600 Why? 0:04:30.640 --> 0:04:33.080 Because the current one is obviously not the standard and 0:04:33.080 --> 0:04:35.440 the government that he and then Palachet before has led 0:04:35.640 --> 0:04:37.120 is completely terrible. 0:04:37.800 --> 0:04:39.839 But they are incredibly good at politics. 0:04:40.760 --> 0:04:42.560 And even though it seems like they're going out the 0:04:42.560 --> 0:04:45.760 back door, remember latest polling suggesting that they're facing something 0:04:45.800 --> 0:04:48.960 close to, if not guaranteed to be a wipeout, they 0:04:49.279 --> 0:04:51.840 most likely are set to lose. Now, I throw in 0:04:51.880 --> 0:04:54.799 all the caveats because firstly, nothing is inevitable. Twenty nineteen 0:04:55.120 --> 0:04:57.479 taught us all of that. But secondly, these people go 0:04:57.520 --> 0:05:00.640 out of their way and are shameless in the ways 0:05:00.640 --> 0:05:03.120 that they hope to brick themselves into office. 0:05:03.279 --> 0:05:05.840 Now they deserve to go. They deserve to go last. 0:05:05.560 --> 0:05:07.880 Term, but COVID was able to prop them up to 0:05:07.880 --> 0:05:10.280 give them another term. They thought the Olympics would be 0:05:10.360 --> 0:05:13.000 able to serve them for this term many terms to come, 0:05:13.400 --> 0:05:17.320 but the reality of Queensland under Labor has now come 0:05:17.440 --> 0:05:20.680 to a crashing halt. But this government thinks that they 0:05:20.720 --> 0:05:25.360 can find new ways to change the subject. In fact, 0:05:25.480 --> 0:05:27.440 their expectation is that they're going to be able to 0:05:27.440 --> 0:05:30.880 spend literally b four billions of dollars on so called 0:05:30.920 --> 0:05:32.240 cost of living relief. 0:05:32.600 --> 0:05:35.720 They say so called. These are all policies. 0:05:35.400 --> 0:05:37.719 That start in and around the election, and they run 0:05:37.760 --> 0:05:41.159 out by definitely this time next year, like say fifty 0:05:41.200 --> 0:05:43.840 cents on the trains or one thousand dollars on power bills. 0:05:44.600 --> 0:05:48.599 But today were we hit a new low and these 0:05:48.640 --> 0:05:52.200 two were already new lows. Well he found a new one. 0:05:52.560 --> 0:05:57.080 The plan of the Miles government is to introduce government 0:05:57.400 --> 0:06:01.799 owned service stations to bring down the price of petrol. 0:06:04.400 --> 0:06:07.800 Stephen Miles also wants to create government owned petrol stations. 0:06:07.839 --> 0:06:11.640 Stephen Miles also pledging to build twelve new government owned 0:06:11.680 --> 0:06:13.200 service stations. 0:06:12.800 --> 0:06:18.080 Laborwood trial twelve publicly owned fuel stations. This is rubbish, 0:06:18.160 --> 0:06:22.200 This is utter garbage. They're not talking about buying existing independence. 0:06:22.240 --> 0:06:28.279 They are talking about building twelve new petrol stations. Now, 0:06:28.680 --> 0:06:31.080 of course the detail of all of this, which they 0:06:31.120 --> 0:06:33.200 don't care about. They just want to have another thing 0:06:33.240 --> 0:06:35.440 on the list of things that the reason that they're 0:06:35.440 --> 0:06:37.920 going to fix cost of living, all of which run out, 0:06:38.000 --> 0:06:41.160 of course within the first twelve months. And these things, 0:06:41.200 --> 0:06:43.120 of course, even if they were re elected, will never 0:06:43.279 --> 0:06:48.320 be built. Remember, they won't be increasing drilling for oil 0:06:48.960 --> 0:06:51.680 and then refining it in Queens and they'll have to 0:06:51.680 --> 0:06:53.960 be buying it off the overseas market like everyone else 0:06:53.960 --> 0:06:57.440 does in Australia, because Australia does not even refine petrol anymore. 0:06:58.120 --> 0:07:00.120 Bob Catter for a long time has talked about this, 0:07:00.200 --> 0:07:02.760 The late and great Senator Jim Molan has talked about this. 0:07:03.320 --> 0:07:06.560 So their ability to affects the price is literally just 0:07:06.640 --> 0:07:09.920 the government running for the sake of the billboard loss leading. 0:07:09.960 --> 0:07:12.960 Our governments can do that because despite the fact that 0:07:13.440 --> 0:07:15.320 the money still has to be borrowed from somewhere, the 0:07:15.360 --> 0:07:19.160 consequences don't exist for government that exists the business. But 0:07:19.240 --> 0:07:23.600 amazingly this detail, which you would think would sink the announcement, 0:07:23.720 --> 0:07:25.800 didn't stop the announcement, making the headline news that we 0:07:25.920 --> 0:07:29.760 just showed you. There's no details, there's no plan to 0:07:29.800 --> 0:07:32.560 do this between now and the election. It's all after 0:07:33.040 --> 0:07:37.800 the election, so it's just a BS promise. And as 0:07:37.800 --> 0:07:40.000 the Qurier Marl pointed out today, Premier Stephen Mars has 0:07:40.000 --> 0:07:42.880 admitted an election commitment to open state owned fuel stations 0:07:42.960 --> 0:07:45.200 at a cost of thirty six million dollars was not 0:07:45.800 --> 0:07:50.560 backed by modeling or research. So it's a thought bubble. 0:07:50.960 --> 0:07:53.720 It's an idea from labor HQ. It is not an 0:07:53.760 --> 0:07:57.080 idea from anyone with any idea of how public policy works. 0:07:57.640 --> 0:07:59.600 And while for most people that don't care, they just 0:07:59.600 --> 0:08:02.000 focus on what the vibe is, this is all about 0:08:02.080 --> 0:08:05.080 trying to change the vibe. But when he's pressed on 0:08:05.120 --> 0:08:08.960 the detail, it's pretty obvious that no one's done the 0:08:09.040 --> 0:08:12.400 homework on this ridiculous idea. 0:08:13.040 --> 0:08:15.040 Have you done your own modeling or an own research 0:08:15.120 --> 0:08:16.600 or have you relied on ourcqs. 0:08:17.560 --> 0:08:20.920 This is our election commitment for what we will do 0:08:21.080 --> 0:08:24.600 for Queenslanders to drive down the price of fuel going forward. 0:08:25.160 --> 0:08:26.120 You haven't done any research. 0:08:26.120 --> 0:08:28.480 You described an idea from the RAC cues that might 0:08:28.480 --> 0:08:29.160 help with the election. 0:08:29.840 --> 0:08:30.320 Not at all. 0:08:30.400 --> 0:08:34.400 This is a detailed package of initiatives designed to address 0:08:34.600 --> 0:08:38.319 what we know from Queenslanders is one of their biggest concerns. 0:08:38.520 --> 0:08:40.520 So what research is the government done on this? 0:08:40.720 --> 0:08:43.280 Well, this is an election commitment and it's a commitment 0:08:43.320 --> 0:08:45.439 that I am making to Queenslanders. 0:08:46.400 --> 0:08:49.040 Here's a question, have you done, model it or not? Well, 0:08:49.080 --> 0:08:50.160 this is an election committment. 0:08:50.240 --> 0:08:51.520 What does that mean, model or not? 0:08:52.240 --> 0:08:54.440 This is an election commitment. So it hasn't been produced 0:08:54.440 --> 0:08:55.320 by the public service. 0:08:56.840 --> 0:09:00.559 It's so they can stand in front of the poster. Now, firstly, again, the. 0:09:00.559 --> 0:09:03.440 Idea that twelve petrol stations are going to affect the 0:09:03.480 --> 0:09:07.480 overall price a petrol that's available in Queensland is garbage. 0:09:07.520 --> 0:09:10.320 Where and how they get the fuel They'll have to 0:09:10.320 --> 0:09:13.400 buy it from the same places as everywhere else because 0:09:13.400 --> 0:09:15.679 they're not a private company. Yes, there's some margins they 0:09:15.679 --> 0:09:16.920 may be able to fiddle. 0:09:16.679 --> 0:09:19.880 With, but again, no detail, no thinking. 0:09:20.200 --> 0:09:24.199 It's just so they can make you think that public 0:09:24.280 --> 0:09:27.839 transports fifty cents, they'll pay your power bill, and now 0:09:27.840 --> 0:09:31.040 they're going to somehow magically push down the global oil price. 0:09:31.880 --> 0:09:35.040 They're not able to do any of those things. And 0:09:35.240 --> 0:09:39.440 if they were able to commit to the current round 0:09:39.480 --> 0:09:44.480 of spending, it's billions of dollars. They literally took the 0:09:44.520 --> 0:09:49.200 surplus that came from increase royalties, particularly in and around coal, 0:09:49.480 --> 0:09:54.280 and they are hurdling it up the wall, literally just 0:09:54.760 --> 0:09:57.560 throwing it out the window. On the assumption that Queenslanders 0:09:57.559 --> 0:10:00.640 are so stupid. They're not paying attention. Well, there is 0:10:00.760 --> 0:10:03.040 no one in Queensland who is seriously going to think 0:10:03.040 --> 0:10:06.640 that these people are serious about deserving another four years 0:10:06.679 --> 0:10:08.520 in power when this is the low road that they 0:10:08.559 --> 0:10:11.320 plan to go, and they've got billions of dollars left 0:10:11.360 --> 0:10:14.600 and plenty more announcements. They won't do any homework on whatsoever. 0:10:16.800 --> 0:10:18.080 This is stupid. 0:10:18.080 --> 0:10:21.520 Remember when Homer Simpson ran for the Sanitation Commissioner and 0:10:21.559 --> 0:10:24.920 in order to win an election, he just promised everything. Well, 0:10:24.960 --> 0:10:28.080 unsurprisingly it all ran out of money after just a 0:10:28.080 --> 0:10:28.880 couple of weeks. 0:10:29.920 --> 0:10:30.760 This is exactly that. 0:10:30.800 --> 0:10:32.320 And I don't want to call Stephen Miles the Homer 0:10:32.360 --> 0:10:35.199 Simpson of Australian politics because that's too big a compliment. 0:10:36.200 --> 0:10:38.320 But anyone who remembers the show knows it doesn't end 0:10:38.400 --> 0:10:41.520 very well for the everyone gets surprised. 0:10:41.559 --> 0:10:45.400 Everyone can eat cake candidacy. 0:10:46.240 --> 0:10:50.000 Unsurprisingly, the people of the Courier Male reading this story today, 0:10:50.040 --> 0:10:53.200 they hate it. Thousands of people have voted thus far, 0:10:53.400 --> 0:10:55.240 and it's what the best part of eighty. 0:10:55.000 --> 0:10:57.600 Four percent of people. They think it's a stupid idea. 0:10:57.960 --> 0:10:59.960 The Liberal Party will they of course, following the bound 0:11:00.240 --> 0:11:02.080 ball of detail. I think This is dumb too. 0:11:03.760 --> 0:11:07.320 Stephen Miles is on the side of multinationals and he 0:11:07.400 --> 0:11:11.800 will wipe out independent retailers, therefore creating less competition in 0:11:11.840 --> 0:11:16.400 the markplace, in the marketplace, therefore driving up petrol prices 0:11:16.400 --> 0:11:20.400 for Queenslanders. It will have the complete opposite effect that 0:11:20.480 --> 0:11:21.440 he thinks this will have. 0:11:22.760 --> 0:11:25.560 Okay, another thing about this bloke, and again I'm going 0:11:25.600 --> 0:11:27.120 to hone it on this because this is not just 0:11:27.200 --> 0:11:29.920 hardcore Australian politics, but this is an opportunity to send 0:11:29.960 --> 0:11:33.720 a bad government packing to not fall. For all of 0:11:33.760 --> 0:11:35.839 the hucksters and the games and the clever ads and 0:11:35.840 --> 0:11:39.840 the ugur boogers about Campbell Newman from ten years ago 0:11:39.960 --> 0:11:42.520 that have largely been able to keep Labor in power. 0:11:44.080 --> 0:11:47.880 Today Stephen Miles again court with the Labour Party's hand 0:11:48.000 --> 0:11:51.560 in the taxpayer till they are spending yet again millions 0:11:51.600 --> 0:11:54.880 of dollars on taxpayer ads that are all overtly about 0:11:54.880 --> 0:11:58.520 trying to win votes at the election. But nothing to 0:11:58.559 --> 0:12:04.320 see here. Meantime, here's the reality of Queensland. The number 0:12:04.360 --> 0:12:07.280 of people who are staying in hospitals for long periods 0:12:07.320 --> 0:12:09.920 of time because there is nowhere else for them to go. 0:12:10.880 --> 0:12:14.160 Is now at a record high. The number of people 0:12:14.240 --> 0:12:16.160 that sit in the back of an ambulance because there's 0:12:16.200 --> 0:12:18.559 no room for the person to come from the ambulance 0:12:18.760 --> 0:12:19.880 into the hospital is. 0:12:19.840 --> 0:12:21.439 Also at a record high. 0:12:21.880 --> 0:12:25.760 And in a despicable example of all talk no action 0:12:26.080 --> 0:12:29.560 when it comes to mental health and particularly the mental 0:12:29.640 --> 0:12:33.880 health of women in Brisbane story from the Courier mar 0:12:34.800 --> 0:12:39.559 no doctor was the Royal Brisbane Women's Hospital in their 0:12:39.600 --> 0:12:42.680 emergency SICH unit on one night after ten thirty at night. 0:12:43.400 --> 0:12:45.079 So literally, if somebody was having a. 0:12:45.000 --> 0:12:49.800 Breakdown or needed immediate medical intervention because of their mental 0:12:49.840 --> 0:12:53.760 health episode, not one doctor in one of the biggest 0:12:53.760 --> 0:12:57.440 hospitals in the entire state. Put simply, Queenslanders have a 0:12:57.520 --> 0:13:04.439 finely tuned bs met. It should be going wild at 0:13:04.440 --> 0:13:09.000 this election. Flush this mob, get rid of them. Please, 0:13:09.640 --> 0:13:13.400 for the sake of your fellow Queenslanders, get rid of 0:13:13.480 --> 0:13:17.079 this government. They are laughing at you behind the scenes 0:13:17.080 --> 0:13:19.400 about how dumb they think you are and you can 0:13:19.440 --> 0:13:22.000 be bought off with garbage like they tried to serve 0:13:22.080 --> 0:13:27.040 up today. Please, for millions of people they were nervous 0:13:27.040 --> 0:13:29.560 about what was going to happen with the Reserve Bank today, Thankfully, 0:13:29.600 --> 0:13:32.200 what we predicted happened, which is nothing. 0:13:33.600 --> 0:13:36.320 Mortgage holders have been spared further pain with the Reserve 0:13:36.400 --> 0:13:39.640 Bank today leaving the cash rate on hold, official interest 0:13:39.720 --> 0:13:42.599 rates on hold at four point three five percent. 0:13:42.440 --> 0:13:45.680 Tonight, interest rates on hold and set to stay there. 0:13:46.679 --> 0:13:48.959 And that's the big issue here, which is, as I've 0:13:48.960 --> 0:13:52.120 said before, the pressure that has been building over all 0:13:52.160 --> 0:13:54.800 of these months is now at a breaking point. There 0:13:54.840 --> 0:13:57.160 is a political breaking point whenever interest rates go up, 0:13:57.160 --> 0:13:58.320 should they ever go up. 0:13:58.800 --> 0:13:59.920 But today. 0:14:01.040 --> 0:14:03.319 Michelle Bullok made it very clear what was happening behind 0:14:03.360 --> 0:14:06.440 the scenes when they were discussing what to do next. 0:14:07.840 --> 0:14:10.839 Yes, the Board did consider a rate rise at this 0:14:10.960 --> 0:14:14.280 meeting as well as a hold. The Board is trying, 0:14:14.360 --> 0:14:16.959 as we've said in the past, to steer a narrow 0:14:17.000 --> 0:14:21.520 path here not resulting and a spike in unemployment, keeping 0:14:21.760 --> 0:14:26.200 the interest rate where it is, and making sure that 0:14:26.240 --> 0:14:29.520 people understand that a rate cut is not on the 0:14:29.560 --> 0:14:32.840 agenda in the near term given what we know that 0:14:33.120 --> 0:14:37.040 continued pressure will help to keep demand coming back into 0:14:37.080 --> 0:14:37.880 line with supply. 0:14:39.040 --> 0:14:40.640 Now, all of this is all very clever. When we're 0:14:40.680 --> 0:14:43.160 talking about inflation, they want it between two and three percent. 0:14:43.240 --> 0:14:45.400 Reality is it's now closer to four percent than it 0:14:45.440 --> 0:14:50.000 is three percent based off the latest numbers. But also 0:14:50.040 --> 0:14:52.600 the reality is is that in the past financial year, 0:14:52.800 --> 0:14:57.480 the average mortgage in Australia costs fifty six thousand dollars 0:14:57.560 --> 0:15:00.360 more to pay off than he did twelve months ago. 0:15:01.160 --> 0:15:02.360 Let alone, once you start. 0:15:02.120 --> 0:15:05.280 To put together the full effect of two years of 0:15:05.360 --> 0:15:07.920 albow and charmers in charge of our economy, not one, 0:15:07.960 --> 0:15:10.040 not two, not three, not four, not five, not six, 0:15:10.080 --> 0:15:12.600 not seven, not eight, not nine, not ten, not eleven, 0:15:12.640 --> 0:15:14.920 but twelve, interest rate rises. 0:15:15.280 --> 0:15:16.960 Thankfully, there's a platter right now. 0:15:17.240 --> 0:15:19.720 But the expectation is it's just as big a chance 0:15:19.760 --> 0:15:22.440 to go up as it is to go down. And 0:15:22.480 --> 0:15:24.800 as you heard from the Reserve Bank governor today, the 0:15:24.960 --> 0:15:27.120 reality is they're not going to do anything for maybe 0:15:27.160 --> 0:15:32.160 another six months. So that financial pain that you have 0:15:32.240 --> 0:15:34.440 been sitting in month after month after month, at this 0:15:35.360 --> 0:15:38.960 huge high we're at right now, the highest in a generation, 0:15:39.720 --> 0:15:44.280 twelve times it has risen since this government came to power. 0:15:45.560 --> 0:15:47.640 The media would like to, of course, like to pretend that, oh, 0:15:47.640 --> 0:15:48.960 will it becomes a problem for the government at the 0:15:49.000 --> 0:15:50.800 thirteenth No, it was a problem of the twelfth, the 0:15:50.800 --> 0:15:53.800 eleventh to tenth and all the rest right interest rates 0:15:53.800 --> 0:15:56.600 are fundamental to with the Australian economy and about people's 0:15:56.920 --> 0:16:01.000 interaction with that economy, their capacity to live where they 0:16:01.080 --> 0:16:03.480 choose to live, or to borrow the money for the 0:16:03.560 --> 0:16:06.320 place that they would like to live. And right now 0:16:06.320 --> 0:16:08.960 it is demonstrably worse that it has been for a 0:16:09.080 --> 0:16:12.200 very long time, and specifically worse after there was a 0:16:12.280 --> 0:16:15.880 change of government a couple of years ago and again 0:16:16.360 --> 0:16:17.680 no change for six months. 0:16:19.160 --> 0:16:22.520 The Board's feeling is that the market path at the 0:16:22.560 --> 0:16:26.200 moment is pricing in interstrate reductions by the end of 0:16:26.200 --> 0:16:30.960 this year. I think the board's feeling is that the 0:16:31.040 --> 0:16:33.480 near term in the next by the end of the year, 0:16:33.520 --> 0:16:36.840 in the next six months. That doesn't align given what 0:16:36.880 --> 0:16:39.240 the Board knows at the moment, and given what the 0:16:39.360 --> 0:16:42.000 four casts are that that doesn't align with their thinking 0:16:42.040 --> 0:16:43.920 about interstrate reductions at the moment. 0:16:45.320 --> 0:16:47.760 So the chance nothing happens for the rest of this year, 0:16:47.800 --> 0:16:50.840 and then we're of course into the February meeting next year. 0:16:50.880 --> 0:16:53.200 All of that, of course becoming quite complicated when it 0:16:53.200 --> 0:16:54.040 comes to the politics. 0:16:54.080 --> 0:16:56.040 But I don't care about the politics, care about the reality. 0:16:56.080 --> 0:16:59.080 Of Australians who are suffocating under the bills that they 0:16:59.080 --> 0:17:01.840 have to pay right now. But of course if you 0:17:01.880 --> 0:17:04.640 ask the treasure everything's fine. 0:17:04.680 --> 0:17:08.760 This decision is welcome because it recognizes the progress that 0:17:08.800 --> 0:17:12.760 we've made on underlying inflation, the softness in our economy, 0:17:13.080 --> 0:17:16.640 and also that very substantial global economic uncertainty that we're 0:17:16.680 --> 0:17:19.800 seeing play out in markets around the world. 0:17:20.359 --> 0:17:22.240 Of course it doesn't, but this is the one two 0:17:22.280 --> 0:17:25.800 game that Charmers has put in place. Remember the reason 0:17:25.880 --> 0:17:28.959 the government didn't copy it about most of the twelve 0:17:29.040 --> 0:17:31.080 was because that was all evil Philip Low. Well, then, 0:17:31.080 --> 0:17:34.000 of course Michelle Bullock replaced, handpicked by the Treasurer, she 0:17:34.160 --> 0:17:36.880 increased it twice over. Oh but now the treasure now 0:17:37.320 --> 0:17:39.040 it's not just the treasure are talking. When the Reserve 0:17:39.080 --> 0:17:41.040 Bank makes this decision, the Reserve Bank has to come 0:17:41.080 --> 0:17:42.760 out and do a press conference. So then we have 0:17:42.800 --> 0:17:46.239 the government responding to see blame them, blame them as if, 0:17:46.280 --> 0:17:50.240 of course there are no participants in their own economy. Thankfully, 0:17:50.240 --> 0:17:52.240 there are great people that are willing to call out 0:17:52.280 --> 0:17:56.480 the absurdity of this treasurer, the messaging and the decision making, 0:17:56.520 --> 0:17:58.720 and they're way smarter than me, and they're more specific 0:17:59.080 --> 0:18:01.520 in their understanding, like the economics reporter for The Australian. 0:18:01.520 --> 0:18:03.359 The Wonder of Judi's Sloane been on the show plenty 0:18:03.400 --> 0:18:04.960 of times. You can see a lots of times on Sky. 0:18:05.040 --> 0:18:07.159 I love reading her stuff and she says all can 0:18:07.200 --> 0:18:11.560 no responsibility. Jimbo nomics is failing to deliver. Instead of 0:18:11.560 --> 0:18:14.320 focusing on ways of lifting productivity, charmers as sat back 0:18:14.359 --> 0:18:18.520 while other ministers have introduced policies that further harm productivity, 0:18:18.560 --> 0:18:21.760 most notably Industrial Relations, Energy and the NDIS. She goes 0:18:21.760 --> 0:18:24.480 on to say Charmer's ownership of the dubious Future Made 0:18:24.520 --> 0:18:27.880 in Australia is another black mark against his reputation as 0:18:27.880 --> 0:18:32.240 the lobbyist's flock to argue for questionable projects that push 0:18:32.320 --> 0:18:35.000 the right buttons. Remember that's about twenty eight billion dollars 0:18:35.000 --> 0:18:38.639 worth of stuff promoting the renewable energy superpower in particular. 0:18:38.960 --> 0:18:41.600 Any failures seen as the fault of the Treasurer and 0:18:41.640 --> 0:18:43.520 his ill equipped department. But of course it will all 0:18:43.600 --> 0:18:46.840 be spun the other way by a very friendly media. 0:18:47.000 --> 0:18:49.520 The idea that the Treasury, with its. 0:18:49.440 --> 0:18:53.280 Commercially naive and inexperienced officials, can identify strategic sectors is 0:18:53.320 --> 0:18:58.439 complete nonsense, absolutely hallily, yeah, right on. Anyone who's been 0:18:58.440 --> 0:19:00.440 watching the stock market the past couple of days knows 0:19:00.440 --> 0:19:03.280 that it's had one heck of a correction, now slightly, 0:19:03.280 --> 0:19:05.800 but surely what goes down eventually starts to come back up, 0:19:05.800 --> 0:19:08.480 and lots of people makes lots of money in both directions. 0:19:08.720 --> 0:19:11.800 But it's another reminder about just how brittle things are, 0:19:11.840 --> 0:19:14.520 which is why you don't want this person to be 0:19:14.560 --> 0:19:17.240 anywhere near the global economy for the next four years. 0:19:18.480 --> 0:19:24.280 Bidenamics is working. Last month we created one hundred and 0:19:24.400 --> 0:19:28.960 eighty seven thousand new jobs. That means today one hundred 0:19:29.000 --> 0:19:32.879 and eighty seven thousand more Americans are able to go 0:19:32.920 --> 0:19:33.399 to work. 0:19:35.119 --> 0:19:40.360 Yeah, that's generally what a job means. She's a brat. 0:19:41.160 --> 0:19:44.200 Meantime, here in Australia, a more familiar person like Mark Buris, 0:19:44.200 --> 0:19:47.800 remember the Australian host at one point of the Celebrity Apprentice, 0:19:47.800 --> 0:19:49.560 the manknown for of course many a. 0:19:49.520 --> 0:19:50.680 Mortgage over the years. 0:19:51.000 --> 0:19:53.320 He's on the radio today saying, guess what Australia is 0:19:53.359 --> 0:19:56.440 in a recession? Of course, the per capita recession. We've 0:19:56.440 --> 0:19:59.760 been talking about it here for the whole time, five 0:20:00.160 --> 0:20:03.480 quarters in a row, more than a year of us 0:20:03.960 --> 0:20:05.000 going backwards. 0:20:05.400 --> 0:20:06.960 Well, he said so too this morning. 0:20:08.280 --> 0:20:10.720 We are definitely in a recession. I don't know why 0:20:10.720 --> 0:20:13.080 they don't look at that number. They just look at 0:20:13.080 --> 0:20:15.560 the overall number. I don't know why that's the big deal. 0:20:15.760 --> 0:20:18.640 But on a per capita absolutely, which means our standard 0:20:18.640 --> 0:20:22.080 living ban is reducing. The standard living per person in 0:20:22.119 --> 0:20:24.680 this country is lower than it was two years ago. 0:20:25.800 --> 0:20:28.760