WEBVTT - Credlin | 5 November 0:00:08.740 --> 0:00:12.500 Good evening and welcome to the program. I'm Jamie Rogers 0:00:12.640 --> 0:00:16.190 in for Peter Credlin tonight. Well, here's what's coming up 0:00:16.450 --> 0:00:20.790 on Credlin. Another Australian defence site set to be sold, 0:00:21.030 --> 0:00:24.790 this time a historic naval shipyard with links to a. 0:00:24.850 --> 0:00:29.290 Hong Kong-backed buyer. What does this mean for our national security? 0:00:29.310 --> 0:00:34.450 A damning failure of our education system, just 28% of 0:00:34.510 --> 0:00:39.669 Year 10 students meet the national standard for understanding Australian democracy. 0:00:40.180 --> 0:00:44.310 Now there's a push to make civics compulsory. New ABS 0:00:44.350 --> 0:00:48.269 data reveals the number of abandoned housing projects in New 0:00:48.310 --> 0:00:52.319 South Wales has doubled in just one year, with builders 0:00:52.360 --> 0:00:55.480 walking away and housing targets slipping further out of reach. 0:00:56.040 --> 0:00:59.550 Is government red tape making the housing crisis even worse? 0:01:01.130 --> 0:01:04.250 A political earthquake in the United States with a blue 0:01:04.360 --> 0:01:08.380 wave sweeping Democrats to control of both the House. 0:01:08.120 --> 0:01:08.819 And the Congress. 0:01:09.360 --> 0:01:12.830 What does this midterm defeat mean for Donald Trump's presidency? 0:01:13.270 --> 0:01:18.630 And where do Republicans go from here? But now. 0:01:19.640 --> 0:01:25.020 Brace yourselves, because the Albanese government's latest display of breathtaking 0:01:25.180 --> 0:01:28.940 arrogance might just take the cake. After five interest rate 0:01:28.980 --> 0:01:33.940 rises this year and 17 since 2022, the government thinks 0:01:34.140 --> 0:01:36.899 it deserves a pat on the back for its economic management. 0:01:37.420 --> 0:01:40.310 Take a listen to Finance Minister Katie Gallagher. 0:01:41.190 --> 0:01:43.490 I know people want to brush over that and say, yeah, well, 0:01:43.510 --> 0:01:45.730 that's all been banked and we move on and do more. 0:01:46.190 --> 0:01:48.670 But there should be some acknowledgement that we have made 0:01:48.710 --> 0:01:51.490 those savings and that has been seen in the data 0:01:51.510 --> 0:01:54.560 that's coming through. And we have more to do, as 0:01:54.610 --> 0:01:57.620 the Treasurer and I have said. And we are looking 0:01:57.680 --> 0:01:59.840 across the board. We're in those meetings now. 0:02:01.910 --> 0:02:04.430 You just couldn't make this stuff up. The minister wants 0:02:04.510 --> 0:02:08.970 recognition for the government's hard work. Well, Australians aren't interested 0:02:09.070 --> 0:02:12.330 in how hard you think you're working. They're interested in 0:02:12.370 --> 0:02:15.710 whether they can afford to live. And right now, millions 0:02:15.790 --> 0:02:20.820 are struggling. They're working harder, cutting back and making sacrifices 0:02:21.340 --> 0:02:24.359 and still going backwards. And Ms Gallagher wants a pat 0:02:24.380 --> 0:02:29.060 on the back. It's an extraordinary display of political tone deafness, 0:02:29.580 --> 0:02:33.140 especially since the cost of living for working Australian households 0:02:33.590 --> 0:02:37.090 has risen more than 26% since Labor came to office. 0:02:37.630 --> 0:02:39.810 Insurance costs have climbed more than 40%. And on a 0:02:39.810 --> 0:02:41.910 $ 600, 000 mortgage, the monthly interest bill alone is around $ 2, 000 0:02:41.810 --> 0:02:50.420 higher than when Labor came to power. And the latest 0:02:50.480 --> 0:02:56.200 hunger report is devastating. It shows 3.6 million Australian households 0:02:56.280 --> 0:03:00.730 experienced food insecurity this year. That's roughly one in three 0:03:00.850 --> 0:03:05.250 households struggling to consistently put food on the table. This 0:03:05.330 --> 0:03:09.840 is Australia in 2026. And if you want another example 0:03:09.910 --> 0:03:12.960 of how tough things are, have a look at today's news. 0:03:13.520 --> 0:03:18.660 David Jones has entered voluntary administration. an Australian institution that's 0:03:18.680 --> 0:03:23.490 been around for 188 years. It survived two world wars 0:03:23.650 --> 0:03:27.329 and the Great Depression, and now more than 6,000 jobs 0:03:27.430 --> 0:03:30.550 face uncertainty just weeks before Christmas. 0:03:31.310 --> 0:03:32.870 And it does raise a broader question. 0:03:33.850 --> 0:03:37.150 At a time when businesses are struggling to survive, are 0:03:37.190 --> 0:03:42.790 additional workplace regulations and compliance costs making matters worse? Well, 0:03:42.810 --> 0:03:47.780 National Secretary of the Shop, Distributive and Allied Employees Association, 0:03:47.840 --> 0:03:52.200 Gerard Dwyer, was challenged on this issue on 2GB Drive. 0:03:53.260 --> 0:03:57.310 Does the union take any responsibility for piling on cost 0:03:57.370 --> 0:03:58.430 pressures on businesses? 0:03:59.330 --> 0:04:02.860 Oh, absolutely not. Absolutely not. The average Australian worker, as 0:04:02.920 --> 0:04:04.280 we all know, is hurting. 0:04:05.970 --> 0:04:07.130 You know what I'm asking you? 0:04:07.170 --> 0:04:10.490 I'm talking about the casual employment reforms, right to disconnect, 0:04:10.990 --> 0:04:14.990 higher minimum wage, penalty rate protections on weekends, and someone 0:04:15.030 --> 0:04:17.490 like David Jones is going under. And yes, we want 0:04:17.510 --> 0:04:20.480 to stand up for workers, but the unions have piled 0:04:20.540 --> 0:04:23.779 an awful lot of cost pressures onto businesses over the 0:04:23.820 --> 0:04:24.880 last few years, haven't they? 0:04:24.900 --> 0:04:27.760 No, no, no, that's not right. 0:04:29.200 --> 0:04:33.450 There's still no accountability. And today, NAB has warned about 0:04:33.490 --> 0:04:37.130 the risk of a recession. Its annual cash profit has 0:04:37.210 --> 0:04:41.880 fallen more than 13% and its provisions for bad debts 0:04:42.200 --> 0:04:46.320 have surged. NAB's Chief Executive, Andrew Irvine, says the full 0:04:46.440 --> 0:04:50.200 impact of this year's five interest rate hasn't been felt yet. 0:04:50.920 --> 0:04:54.500 And here's what makes this even more infuriating. While Australians 0:04:54.540 --> 0:04:57.680 are being forced to cut back, the government refuses to 0:04:57.720 --> 0:05:02.099 acknowledge the role its spending plays in driving inflation. Anthony 0:05:02.160 --> 0:05:06.300 Albanese was asked whether his government's policies had contributed to 0:05:06.360 --> 0:05:07.820 the latest interest rate rise. 0:05:08.420 --> 0:05:08.940 His answer? 0:05:08.960 --> 0:05:11.120 No, I think that. 0:05:12.600 --> 0:05:17.060 Michelle Bullock's statements, which have been regular, stand. 0:05:19.480 --> 0:05:22.180 And it's hard to swallow, especially when you look at 0:05:22.220 --> 0:05:25.760 what's happening around the world. So we've had five interest 0:05:25.779 --> 0:05:28.660 rate rises just this year. Our cash rate is now 0:05:28.700 --> 0:05:35.310 at 4.85%. But New Zealand, theirs is 2.75% after two increases. 0:05:35.900 --> 0:05:38.770 In Canada, they've had one rise this year with their 0:05:38.810 --> 0:05:42.510 cash rate at 2.5%. In the US, they've increased theirs 0:05:42.550 --> 0:05:45.390 for the first time in three years in September and 0:05:45.430 --> 0:05:49.729 now sits at 3.9%. These countries are dealing with the 0:05:49.790 --> 0:05:53.450 same war in Iran, the same global energy shock. So 0:05:53.570 --> 0:05:56.080 enough of blaming the rest of the world for the 0:05:56.160 --> 0:06:01.140 self-inflicted problems in Australia. And here's another enormous issue that's 0:06:01.180 --> 0:06:05.880 building pressure in the economy. Fresh analysis from Deloitte Access 0:06:05.960 --> 0:06:12.430 Economics reveals a staggering $ 1. 4 trillion infrastructure investment pipeline. Now, 0:06:12.450 --> 0:06:16.220 this is driven in part by renewables and AI data centres, 0:06:16.820 --> 0:06:20.219 a construction wave that's reportedly bigger than the mining boom, 0:06:20.460 --> 0:06:24.900 competing for workers, materials and resources. So while the Reserve 0:06:24.940 --> 0:06:27.310 Bank is trying to take heat out of the economy, 0:06:27.710 --> 0:06:31.469 enormous investment demand is putting more pressure on it. And 0:06:31.490 --> 0:06:35.010 the Prime Minister thinks his government's economic decisions have played 0:06:35.060 --> 0:06:38.670 no part. You can't deny your way out of an 0:06:38.770 --> 0:06:43.560 economic crisis. And it's extraordinary watching Labor ministers line up 0:06:43.600 --> 0:06:45.679 to defend this economic record. 0:06:46.410 --> 0:06:51.150 It couldn't be clearer that budgets are not the primary 0:06:51.210 --> 0:06:54.950 driver here. There's a range of elements as part of 0:06:54.990 --> 0:06:58.720 that domestic spending, in addition, of course, to the pressures 0:06:58.920 --> 0:06:59.659 of the Middle East. 0:06:59.800 --> 0:07:02.479 What we're seeing around the world is upward pressure on 0:07:02.540 --> 0:07:05.140 prices as a result of war in Iran. 0:07:05.200 --> 0:07:08.089 We've had this massive war in Iran, which is driving 0:07:08.150 --> 0:07:09.230 up the price of everything. 0:07:11.900 --> 0:07:16.679 One after another, repeating the government's excuses. And every Labor 0:07:16.720 --> 0:07:21.290 minister who blindly defends this refusal to take responsibility has 0:07:21.370 --> 0:07:25.290 lost credibility of their own. You're elected to serve the country, 0:07:25.770 --> 0:07:29.830 not protect the Prime Minister from uncomfortable truths. So while 0:07:29.870 --> 0:07:33.130 businesses are fighting to survive, what's this government doing to 0:07:33.170 --> 0:07:37.390 make it easier for them to operate? Well, today, accountants 0:07:37.410 --> 0:07:41.390 have warned Labor's proposed trust tax changes could add hundreds 0:07:41.430 --> 0:07:45.550 of millions of dollars in additional compliance costs on families 0:07:45.670 --> 0:07:50.130 and small businesses. CPA Australia says the changes could undermine 0:07:50.180 --> 0:07:54.640 productivity and add to inflationary pressures. And the Institute of 0:07:54.680 --> 0:07:59.370 Public Accountants has warned the legislation could lead to double taxation. 0:08:00.090 --> 0:08:03.590 You can't tell businesses to become more productive while making 0:08:03.610 --> 0:08:07.330 it more expensive and complicated for them to operate. This 0:08:07.370 --> 0:08:09.750 is another example of a government that thinks it knows 0:08:09.830 --> 0:08:13.700 better than the experts. And it's Australian businesses that will 0:08:13.740 --> 0:08:17.340 pay the price for its arrogance. How many more warnings 0:08:17.380 --> 0:08:20.600 do we need before this government accepts that its decisions 0:08:20.620 --> 0:08:26.610 have consequences? Enough of accepting mediocrity. Enough of rewarding failure. 0:08:27.350 --> 0:08:30.890 Katie Gallagher wants a pat on the back. Well, I'm sorry, Minister. 0:08:31.610 --> 0:08:40.000 Australians want a government that does its job. What is 0:08:40.030 --> 0:08:44.020 going on with Australia's defence assets? At a time when 0:08:44.059 --> 0:08:48.520 we're being warned Australia faces its most dangerous strategic environment 0:08:48.540 --> 0:08:53.040 in decades, we're selling off defence properties, And now to 0:08:53.140 --> 0:08:57.160 add to the list, a historic naval shipyard in Williamstown 0:08:57.360 --> 0:08:58.740 in Melbourne, which. 0:08:58.640 --> 0:09:00.230 Dates back to 1858. 0:09:00.230 --> 0:09:04.270 It's under contract to be sold to a property company 0:09:04.309 --> 0:09:06.070 with Hong Kong-linked ownership. 0:09:06.750 --> 0:09:07.850 Now, this is the last. 0:09:07.650 --> 0:09:12.570 Shipyard in Victoria capable of building and maintaining large military vessels. 0:09:13.170 --> 0:09:16.920 It built all 10 ANZAC-class frigates for Australia and New Zealand. 0:09:17.540 --> 0:09:23.330 It helped construct HMAS Canberra and HMAS Adelaide, Now, shipbuilding 0:09:23.429 --> 0:09:27.830 at Williamstown ceased in 2016 after naval contracts dried up. 0:09:28.530 --> 0:09:32.230 But surely that raises an even bigger question. Why aren't 0:09:32.250 --> 0:09:35.910 we looking at reviving this facility rather than losing it? 0:09:36.750 --> 0:09:39.630 And have a look at where this shipyard sits, right 0:09:39.690 --> 0:09:43.150 near the entrance to the Port of Melbourne, Australia's busiest 0:09:43.220 --> 0:09:46.559 container port, handling more than a third of the nation's 0:09:46.600 --> 0:09:50.979 container trade. We're talking about infrastructure on the doorstep of 0:09:51.040 --> 0:09:55.489 one of Australia's most critical economic gateways. This site was 0:09:55.530 --> 0:09:59.010 put on the market in 2024 with an estimated price 0:09:59.030 --> 0:10:02.750 of up to $ 200 million. Now, to be clear, this 0:10:02.880 --> 0:10:05.360 is a private sale. It's not a government sell off. 0:10:05.910 --> 0:10:10.280 But where is the federal government? Has this transaction undergone 0:10:10.400 --> 0:10:14.060 a national security assessment? Has this deal been referred for 0:10:14.120 --> 0:10:18.760 foreign investment scrutiny? Who will ultimately own and control this 0:10:18.800 --> 0:10:24.260 strategically important site? Because the Hong Kong connection raises serious questions. 0:10:24.920 --> 0:10:28.590 China's national security and intelligence laws can force companies to 0:10:28.640 --> 0:10:32.729 cooperate with Chinese authorities. So what safeguards are in place 0:10:32.770 --> 0:10:37.569 to protect sensitive defence information and Australia's national security interests? 0:10:38.150 --> 0:10:40.950 Has either level of government looked at the cost and 0:10:40.970 --> 0:10:45.730 strategic benefit of investing and upgrading this site? Investment is 0:10:45.910 --> 0:10:50.300 critical to Australia's future defence capability. We're spending billions on 0:10:50.340 --> 0:10:54.120 new shipbuilding infrastructure under AUKUS, and at the same time, 0:10:54.360 --> 0:10:59.140 we're allowing an established naval shipyard to disappear. Surely we 0:10:59.160 --> 0:11:03.180 should be expanding our sovereign defence capability But are we 0:11:03.220 --> 0:11:07.230 really surprised? This is happening while the Albanese government presses 0:11:07.280 --> 0:11:10.910 ahead with plans to sell off 67 defence sites like 0:11:10.970 --> 0:11:15.810 Victoria Barracks in Sydney, Melbourne and Brisbane, Lancer Barracks and 0:11:15.929 --> 0:11:20.290 part of HMAS Penguin. At what point do we stop 0:11:20.370 --> 0:11:25.840 treating strategically important defence infrastructure like ordinary real estate? We've 0:11:25.929 --> 0:11:29.200 already seen the controversy surrounding the lease of the Port 0:11:29.240 --> 0:11:32.650 of Darwin. Anthony Albanese promised to bring it back into 0:11:32.690 --> 0:11:37.130 Australian hands. Well, that hasn't happened. Have we learnt nothing 0:11:37.670 --> 0:11:42.260 about the importance of protecting strategic infrastructure? Because once a 0:11:42.300 --> 0:11:46.160 shipyard is redeveloped or a military base is sold, you 0:11:46.200 --> 0:11:49.320 can't just click your fingers and rebuild it. And in 0:11:49.360 --> 0:11:52.480 a crisis, we don't have time to rebuild what we've lost. 0:11:53.340 --> 0:11:57.520 Australia should be strengthening its sovereign defence capability, not gambling 0:11:57.570 --> 0:12:01.610 with it. The job of government is to protect this country, 0:12:02.320 --> 0:12:09.580 not sell it off one strategic asset at a time. Well, 0:12:09.600 --> 0:12:12.939 let's head to Canberra now for tonight's political headlines with 0:12:13.020 --> 0:12:14.160 reporter Cam Redden. 0:12:14.980 --> 0:12:15.420 Good evening. 0:12:15.780 --> 0:12:18.729 It's been a day of reflection across Australian politics about 0:12:18.770 --> 0:12:22.810 the implications of America's midterm elections on our own contest. 0:12:23.309 --> 0:12:25.490 We've watched an election in the United States. 0:12:25.550 --> 0:12:28.530 Obviously, we all watch it very carefully and closely, but 0:12:28.550 --> 0:12:30.980 this is fundamentally a matter for the American people. 0:12:31.360 --> 0:12:34.319 In a liberal democracy, when you break election commitments, there 0:12:34.340 --> 0:12:37.620 can be repercussions, and you're going to see that here. 0:12:37.640 --> 0:12:41.240 And to think about what populism is doing to our electorates, 0:12:41.640 --> 0:12:43.840 and if ultimately populism wins the day. 0:12:43.860 --> 0:12:44.600 I don't think it does. 0:12:45.050 --> 0:12:48.550 Pauline Hanson will take her battle against the Racial Discrimination 0:12:48.650 --> 0:12:51.270 Act all the way to the High Court. The One 0:12:51.309 --> 0:12:54.390 Nation leader has been granted leave to appeal a finding 0:12:54.429 --> 0:12:57.920 that she racially vilified Green Senator Maureen Faruqi in a 0:12:57.980 --> 0:13:02.000 social media post in 2022. In a short statement, Senator 0:13:02.040 --> 0:13:05.980 Faruqi says, bring it on. Cameron Redden, News24, Canberra. 0:13:09.179 --> 0:13:11.079 Now let's cross to Victoria. 0:13:11.100 --> 0:13:14.760 News 24 reporter Georgie Dickerson has the latest from the 0:13:14.800 --> 0:13:15.679 campaign trail. 0:13:17.280 --> 0:13:19.880 Jamie, Labor has launched a fresh attack on the Liberals' 0:13:19.960 --> 0:13:24.309 election costings, accusing the opposition of leaving a multi-billion dollar 0:13:24.370 --> 0:13:29.189 hole in its promises to Victorians. The government claims there's 0:13:29.650 --> 0:13:33.670 a $ 6. 35 billion funding shortfall, with 31 Liberal election commitments 0:13:33.750 --> 0:13:35.350 carrying no price tag at all. 0:13:35.670 --> 0:13:41.189 This is the most poorly costed dodgy liberal election platform 0:13:41.330 --> 0:13:44.420 in Victoria's history. Not a dollar figure, not a number, 0:13:45.030 --> 0:13:48.320 The Liberals are keeping the cost hidden from the Victorian people. 0:13:48.740 --> 0:13:51.480 Jess Wilson is pressing ahead with her campaign today, though, 0:13:51.559 --> 0:13:56.439 unveiling a $ 100 million investment in Victoria's medical research sector. 0:13:56.660 --> 0:13:59.520 But the opposition wasn't hanging around to face the media, 0:13:59.860 --> 0:14:03.240 cutting her press conference short and walking away, the doorstop 0:14:03.280 --> 0:14:05.400 lasting less than five minutes. 0:14:05.800 --> 0:14:06.300 Thank you very much. 0:14:06.320 --> 0:14:07.440 Do you know what the cash rate is? Do you 0:14:07.480 --> 0:14:09.160 know what the cash rate. 0:14:10.230 --> 0:14:13.390 And while the opposition leader's appearance was brief, Premier Ben 0:14:13.410 --> 0:14:15.900 Carroll was nowhere to be seen on the campaign trail, 0:14:16.220 --> 0:14:19.300 with no public events scheduled, just days out from the 0:14:19.360 --> 0:14:21.900 first block of public hearings for the Royal Commission into 0:14:21.920 --> 0:14:24.980 the construction sector. Meanwhile, the Greens are calling for a 0:14:25.040 --> 0:14:30.400 crackdown on AI-generated political deepfakes. amid growing concerns about misinformation 0:14:30.470 --> 0:14:33.290 ahead of polling day. Labor has already entered the digital 0:14:33.330 --> 0:14:38.170 attack campaign, releasing this Halloween-themed ad targeting the Liberals and 0:14:38.270 --> 0:14:38.870 One Nation. 0:14:39.410 --> 0:14:43.220 Under our new plan for Americanised healthcare, if you had 0:14:43.260 --> 0:14:45.880 a heart attack, you would have to pay $ 150, 000 for care. 0:14:49.870 --> 0:14:51.950 And, Jamie, with just over three weeks to go until 0:14:51.990 --> 0:14:55.730 Victorians head to the polls, artificial intelligence is adding another 0:14:55.790 --> 0:14:57.930 layer to an already heated campaign. 0:15:00.470 --> 0:15:04.470 And a reminder, Victorian opposition leader Jess Wilson will join 0:15:04.550 --> 0:15:08.230 Paul Murray Live in Melbourne for his all-famous pub test 0:15:08.250 --> 0:15:14.210 this Monday 9th of November from 9pm AEDT. The alternative 0:15:14.250 --> 0:15:17.670 premier will take questions from voters and the audience on crime, 0:15:17.880 --> 0:15:22.479 state debt, potholes... and many more key pressing election issues. 0:15:23.540 --> 0:15:27.120 All right, let's bring in the panel, News24 contributor Carolee 0:15:27.160 --> 0:15:31.479 Katzen-Varnes and the Daily Telegraph's Chief of Staff, Jason Morrison. 0:15:32.020 --> 0:15:33.220 Welcome to you both. 0:15:33.900 --> 0:15:38.550 Let's start with David Jones collapsing into administration today. And 0:15:39.010 --> 0:15:41.810 it comes following revelations that the company failed to pay 0:15:41.910 --> 0:15:45.330 rent for its Westfield stores last month and private equity 0:15:45.450 --> 0:15:48.010 owner Anchorage Capital has run out of cash. 0:15:48.820 --> 0:15:50.080 Carolee, I'll start with you. 0:15:50.540 --> 0:15:53.220 It's the first time this has happened in David Jones' 0:15:53.240 --> 0:15:58.110 188-year history. And I must say, I felt quite sad 0:15:58.280 --> 0:16:01.810 seeing all of the nostalgia of the shot from back 0:16:01.830 --> 0:16:03.810 in the early days and the fact that it can't 0:16:03.830 --> 0:16:06.270 survive in 2026. 0:16:06.450 --> 0:16:09.990 Yeah, good evening, Jamie and Jason. Yeah, 188 years it 0:16:10.030 --> 0:16:13.970 survived fire and floods and it's come to a crashing end. 0:16:14.430 --> 0:16:16.410 The problem is, you know, the catch line, there is 0:16:16.470 --> 0:16:18.980 no other store like David Jones. I do have to 0:16:19.030 --> 0:16:22.080 say there is no other Prime Minister like Anthony Albanese 0:16:22.100 --> 0:16:25.100 and there is no other treasurer like Jim Chalmers. You know, 0:16:25.400 --> 0:16:27.140 Anthony Albanese, where is he? 0:16:27.360 --> 0:16:28.200 Still overseas. 0:16:28.500 --> 0:16:29.680 Overseas for the cash rate. 0:16:29.760 --> 0:16:30.580 Forget about this. 0:16:30.500 --> 0:16:33.700 Ridiculous Chogham thing. He could have zoomed it in. There's 0:16:33.720 --> 0:16:37.220 a massive crisis here in Australia. Because the problem is, 0:16:37.660 --> 0:16:41.630 whether people like it or not, the Albanese Labor government policies, 0:16:41.670 --> 0:16:44.350 when it came to the budget this year, the image 0:16:44.390 --> 0:16:48.330 that is projected both inwardly in Australia and outwardly to 0:16:48.430 --> 0:16:51.820 other companies that have business interests here is it is 0:16:52.180 --> 0:16:56.020 not a trustworthy government. It changes the goalposts all the 0:16:56.080 --> 0:17:00.440 time and doesn't facilitate a good environment for investment. 0:17:00.820 --> 0:17:02.650 I feel very sorry. There's nearly 6,000 staff. 0:17:04.240 --> 0:17:09.580 Across the David Jones network and there's nearly 60,000 public servants, 0:17:10.040 --> 0:17:13.350 the majority of whom have been, you know, created since 0:17:13.410 --> 0:17:17.550 the Albanese government came to power. There are global pressures, 0:17:17.630 --> 0:17:19.129 we know that, but this. 0:17:19.070 --> 0:17:20.490 Is an absolute crisis. 0:17:20.990 --> 0:17:22.530 And where is Anthony Albanese? 0:17:22.730 --> 0:17:24.510 When are we going? Whose fault is it this time? 0:17:24.570 --> 0:17:25.830 Are they going to go back to who was in 0:17:25.869 --> 0:17:29.649 power 188 years ago and blame them? This is dreadful. 0:17:29.670 --> 0:17:32.840 This is actually more than a red flag. This is 0:17:32.980 --> 0:17:36.220 going to have a domino effect right across Australia. 0:17:36.359 --> 0:17:38.320 And I agree with you, the nostalgia, the. 0:17:38.280 --> 0:17:40.540 Memories that we have Yes, we know that a lot 0:17:40.580 --> 0:17:43.780 of bricks and mortar schools go onto online, but where 0:17:44.000 --> 0:17:47.660 is the Prime Minister? Why hasn't he said anything? Forget 0:17:47.720 --> 0:17:50.200 about that silly thing that was deliberately done saying to, 0:17:50.300 --> 0:17:52.720 you know, King Charles the other day, oh, you know, 0:17:52.810 --> 0:17:53.400 I had to meet. 0:17:53.700 --> 0:17:54.270 No, you don't. 0:17:54.310 --> 0:17:57.109 You've got a crisis here within 48 hours. You've got 0:17:57.150 --> 0:18:00.910 a cash rate up to 4.85%. Your policies are sending 0:18:00.970 --> 0:18:03.810 Australia broke and there does have to be blame sheet 0:18:03.850 --> 0:18:06.350 at home at this federal government for the demise of 0:18:06.410 --> 0:18:07.050 David Jones. 0:18:08.150 --> 0:18:08.470 Yeah. 0:18:08.609 --> 0:18:11.719 And Jason, Carolee does make some good points there. And 0:18:11.740 --> 0:18:14.480 I think when you see a big retailer like David 0:18:14.520 --> 0:18:18.040 Jones collapse, it does really highlight, doesn't it, just how 0:18:18.160 --> 0:18:20.500 hard it is to do business in this country. 0:18:21.290 --> 0:18:23.550 It's very hard to do business in Australia. And that's 0:18:23.590 --> 0:18:28.310 why so many businesses are going. I've got to say, though, 0:18:28.790 --> 0:18:31.879 I find it hard to pin this home to Albanese 0:18:31.940 --> 0:18:34.859 and Chalmers. This has been coming for a long time 0:18:35.080 --> 0:18:38.180 because it has been a very badly mismanaged company. 0:18:38.840 --> 0:18:41.500 And, you know, you can. 0:18:41.440 --> 0:18:44.630 Say, well, governments haven't helped this. Governments have certainly tightened 0:18:44.710 --> 0:18:46.930 up the amount of money that people have to spend 0:18:46.970 --> 0:18:50.390 just by the way they have badly mismanaged Australia. But 0:18:50.550 --> 0:18:53.050 David Jones is in a heap today because it has 0:18:53.090 --> 0:18:55.870 been led very badly over many, many years by too 0:18:55.910 --> 0:18:58.770 many people with too many ambitions. And look, the story 0:18:58.810 --> 0:19:01.030 of it, and currently, he's put it right there, there's 0:19:01.030 --> 0:19:04.129 6,000 staff involved in this company. If you were to 0:19:04.550 --> 0:19:06.850 just go and even think about the magnitude of that 0:19:07.150 --> 0:19:09.639 when you walk into most suburban David Jones stores and 0:19:09.680 --> 0:19:13.000 realise that you'd be lucky to see, if you're at 0:19:13.140 --> 0:19:16.359 all impressed to see 10, 15 staff actually on the 0:19:16.380 --> 0:19:18.760 shop floor, it tells you there's something wrong. There's too 0:19:18.800 --> 0:19:21.820 many people doing too many things that aren't involved in 0:19:21.840 --> 0:19:24.970 the day-to-day retail of this company. This is tragic, though, 0:19:25.109 --> 0:19:28.460 and we can't walk away from that. You know, this is, though, 0:19:28.500 --> 0:19:31.199 a national company, it's a Sydney company and it's the 0:19:31.240 --> 0:19:33.480 heart and soul of the spirit of this city. And 0:19:33.680 --> 0:19:36.679 it has been a part of so much history of 0:19:36.770 --> 0:19:39.430 Sydney for so long. I mean, it played a huge 0:19:39.530 --> 0:19:42.110 part in the war effort, the Second World War. Gee, 0:19:42.170 --> 0:19:46.370 even Paul Keating worked at David Jones, the Bankstown store, 0:19:46.430 --> 0:19:49.390 back when he started out on his path to politics. 0:19:49.430 --> 0:19:53.189 So it's had so much in and out of this city. 0:19:53.630 --> 0:19:56.230 And I find it really heartbreaking to see this going on. 0:19:56.270 --> 0:19:58.970 And you can only hope that the flagship store at least, 0:19:59.330 --> 0:20:00.390 so the name survives. 0:20:01.800 --> 0:20:04.359 I want to go to New South Wales now because 0:20:04.400 --> 0:20:06.699 there's been some new data that's been revealed that the 0:20:06.740 --> 0:20:11.490 number of builders abandoning half-finished construction sites has doubled in 0:20:11.530 --> 0:20:14.470 the past year and it is as costs are surging. 0:20:14.950 --> 0:20:17.550 This data from the Australian Bureau of Statistics has also 0:20:17.590 --> 0:20:21.189 revealed that while almost 50,000 homes were completed in the 0:20:21.230 --> 0:20:25.430 last financial year, the competing rate is still far short 0:20:25.690 --> 0:20:27.409 of the Minns government target of 77,000 homes per year. 0:20:29.720 --> 0:20:31.969 Carolee, it's certainly a worry, isn't it? 0:20:33.790 --> 0:20:35.629 Look, it is a worry with what's happening in New 0:20:35.650 --> 0:20:37.629 South Wales. I can say that it is a similar 0:20:37.670 --> 0:20:40.950 pattern here in Victoria. I also just wanted to quickly 0:20:41.030 --> 0:20:44.270 highlight that the net debt of Victoria has come out today. 0:20:44.290 --> 0:20:45.490 We're $ 162 billion in debt and we're on track to 0:20:45.510 --> 0:20:46.070 be $ 200 billion in. 0:20:51.540 --> 0:20:52.100 By the end of 2030. 0:20:52.080 --> 0:20:54.899 And just to put that in perspective for you and 0:20:54.940 --> 0:20:58.930 also for Jason and viewers, our debt is more than 0:20:58.990 --> 0:21:03.330 that of New South Wales and Tasmania and also Queensland. 0:21:03.750 --> 0:21:07.169 And yet our economy is only half the size. Our 0:21:07.210 --> 0:21:11.500 interest repayments are $ 24 million a day. And that relates 0:21:11.580 --> 0:21:14.460 back to housing as well because of a shortage of trades, 0:21:14.900 --> 0:21:18.040 a shortage of skills, a shortage of materials as well. 0:21:18.580 --> 0:21:20.960 And no state is on track to be able to 0:21:20.980 --> 0:21:25.040 meet their housing requirement targets here in Victoria and also 0:21:25.080 --> 0:21:25.899 in New South Wales. 0:21:26.320 --> 0:21:27.790 It just has ramifications. 0:21:27.900 --> 0:21:31.510 And the debt in Victoria, you know, I'm not saying 0:21:31.550 --> 0:21:33.710 it's a mirror image to the men's government in New 0:21:33.730 --> 0:21:36.990 South Wales, but both states are pretty close together. And 0:21:37.210 --> 0:21:39.629 our housing crisis is also mirroring what's going on in 0:21:39.670 --> 0:21:40.320 New South Wales. 0:21:42.119 --> 0:21:46.140 Jason, the Australian Curriculum Assessment and Reporting Authority has been 0:21:46.200 --> 0:21:50.710 tasked with developing options to make civics and citizenship education 0:21:50.730 --> 0:21:54.189 compulsory for Year 9 and 10 students. And this is 0:21:54.230 --> 0:21:57.490 over concerns that they know less about the nation's. 0:21:57.170 --> 0:21:59.609 Democracy than primary school students. 0:22:00.400 --> 0:22:03.980 Surely this is something that is just a done deal, right? 0:22:04.050 --> 0:22:07.090 We need to be teaching children about how our democracy works. 0:22:07.130 --> 0:22:09.510 Yeah, we're not letting kids go out into the world 0:22:09.530 --> 0:22:11.629 with an understanding of how their nation works, how its 0:22:11.730 --> 0:22:15.450 politics works, how its legal system works. And we're wondering 0:22:15.630 --> 0:22:19.290 why we have such ignorance and stupidity. And indeed, people 0:22:19.330 --> 0:22:21.530 sit and wonder how come we get such bizarre results 0:22:21.590 --> 0:22:24.530 in elections, i.e. the one that governs Australia right now. 0:22:24.960 --> 0:22:27.200 I guess we've got this sort of situation now where 0:22:27.580 --> 0:22:31.260 most people hearing this program tonight would be stunned to 0:22:31.300 --> 0:22:34.459 know that we don't teach this at school. They'd be 0:22:34.580 --> 0:22:36.810 stunned to know all the stuff we pack into their 0:22:36.830 --> 0:22:41.150 heads at school. This is not something. I'm amazed that 0:22:41.190 --> 0:22:44.410 a country allows this, but we have. And what's gone 0:22:44.470 --> 0:22:46.090 out of the curriculum. 0:22:46.990 --> 0:22:47.390 Is this. 0:22:47.470 --> 0:22:49.399 And what's come into the curriculum is a whole lot 0:22:49.440 --> 0:22:52.180 of stuff, which really I would imagine most people think 0:22:52.240 --> 0:22:54.520 is the is the realm of the household to teach 0:22:54.580 --> 0:22:58.160 the kid. I worry about this. I worry that it's 0:22:58.220 --> 0:23:01.320 only being picked up now. But it does explain how 0:23:01.340 --> 0:23:03.730 you get results like we did only a year or 0:23:03.750 --> 0:23:06.330 so ago when it was only half of young people 0:23:06.369 --> 0:23:08.790 when surveyed thought that democracy was a good thing for 0:23:08.810 --> 0:23:09.270 the nation. 0:23:09.630 --> 0:23:09.930 Half. 0:23:10.280 --> 0:23:11.820 Which makes you think, what's the other half think? 0:23:13.320 --> 0:23:14.480 Carolee, what do you think? 0:23:14.500 --> 0:23:16.240 I mean, I had an interesting conversation with one of 0:23:16.260 --> 0:23:17.919 my children the other night, and they're not allowed to 0:23:17.960 --> 0:23:19.639 talk about politics at school. 0:23:19.700 --> 0:23:21.899