WEBVTT - Sharri | 17 July 0:00:01.600 --> 0:00:05.160 Live on Sky News. This is Sharry. 0:00:06.519 --> 0:00:07.840 Good evening and welcome to the show. 0:00:07.840 --> 0:00:11.480 I'm Danikiti Giorgio filling in for Sharry Markson coming up tonight. 0:00:11.600 --> 0:00:15.360 Anthony Aberze's holiday in China wraps up. Yes, it really 0:00:15.360 --> 0:00:18.040 did look like a sight scene tour as he hits 0:00:18.079 --> 0:00:22.479 back at accusations of indulgence. The unemployment rate hits a 0:00:22.560 --> 0:00:26.720 three year high and the Treasurer blames it on external factors. 0:00:26.800 --> 0:00:28.160 We've heard that one before. 0:00:28.760 --> 0:00:32.360 Labor delays its response to the Envoys Anti Semitism report 0:00:32.680 --> 0:00:37.479 as it awaits an investigation into Islamophobia, once again conflating 0:00:37.479 --> 0:00:38.360 the two issues. 0:00:38.920 --> 0:00:40.279 And Donald Trump hits. 0:00:40.080 --> 0:00:43.599 Out at what he called weekling Maga supporters as he 0:00:43.640 --> 0:00:48.240 faces multiple requests to release the Epstein files for first tonight. 0:00:48.520 --> 0:00:51.760 The Prime Minister found new diplomats to woo today on 0:00:51.880 --> 0:00:55.760 his extended sightseeing tour of China, though I've got to 0:00:55.840 --> 0:00:59.920 say sixteen year old giant panda Demao appeared well in 0:01:00.120 --> 0:01:03.760 trusted in the PM's desperate diplomacy as he tuned on 0:01:03.800 --> 0:01:07.680 a bamboo shoot at Chengdu's panda park. In fact, I 0:01:07.720 --> 0:01:10.880 think Demo the panda represents all of us, right now 0:01:11.040 --> 0:01:15.320 completely confused by what the Prime Minister is actually doing there. 0:01:15.920 --> 0:01:18.840 I mean, is he the Prime Minister of Australia, a 0:01:18.920 --> 0:01:21.800 tour leader with Kentiki or the CEO. 0:01:21.720 --> 0:01:25.720 Of Sports Australia. Today he's got his Hawthorn shirt on. 0:01:26.400 --> 0:01:29.560 Yesterday his rabbit o's had a top his head that 0:01:29.680 --> 0:01:32.679 he's out spooking the Asia Pacific Wild. 0:01:32.360 --> 0:01:33.800 Card Tennis playoffs. 0:01:34.319 --> 0:01:38.720 I mean, thank god this utterly bizarre tour is finally 0:01:38.840 --> 0:01:42.240 coming to an end. That the PM's whole extended trip 0:01:42.280 --> 0:01:46.000 to China, filled with banquets being serenaded by the Chinese 0:01:46.040 --> 0:01:50.400 military band playing Aussie rock, flattery, smiles, handshakes and a 0:01:50.400 --> 0:01:52.440 bit of sight seeing on the side at the Great 0:01:52.480 --> 0:01:57.600 Wall and the Panda Park is just really confusing, especially 0:01:57.640 --> 0:02:00.520 when you look at the overall state of play. I mean, 0:02:00.560 --> 0:02:03.320 we're in the middle of Operation Talisman Saber here in 0:02:03.320 --> 0:02:06.920 Australia right now, preparing our military and those of our 0:02:06.960 --> 0:02:11.600 closest allies for any future conflict with China. China is 0:02:11.639 --> 0:02:15.840 also sending spy ships our way to identify strengths, weaknesses 0:02:15.880 --> 0:02:20.160 and vulnerabilities in our military capabilities, and the Prime Minister 0:02:20.280 --> 0:02:23.600 is cuddling up to Pandas and promoting tourism. 0:02:24.639 --> 0:02:32.600 Those pictures go to twenty seven million people potentially in Australia, 0:02:33.560 --> 0:02:37.480 they go to over a billion people in China, a 0:02:37.600 --> 0:02:43.760 billion people. And those billion people represent people who increasingly 0:02:44.680 --> 0:02:49.440 are rising up the income ladder and our potential tourists 0:02:49.480 --> 0:02:51.919 and therefore job creators in Australia. 0:02:52.800 --> 0:02:55.040 And that's just it. 0:02:55.040 --> 0:02:57.760 It's all about the pictures for this PM and what 0:02:57.880 --> 0:03:02.840 his trip looks like, not about standing up for Australian values, 0:03:03.200 --> 0:03:07.040 which of course plays right into Beijing's hands, because for China, 0:03:07.520 --> 0:03:10.520 the mere symbolism of having the handsome boy from Australia 0:03:10.560 --> 0:03:11.840 there is all that matters. 0:03:12.360 --> 0:03:15.919 It's about how it looks to the world, especially. 0:03:15.480 --> 0:03:18.800 The United States, and at a time when Australia is 0:03:18.880 --> 0:03:22.280 under pressure from its number one ally to increased defense 0:03:22.320 --> 0:03:25.760 spending and declare what we would do should China go 0:03:25.800 --> 0:03:29.359 to war with Taiwan. Let's be realistic. China would love 0:03:29.440 --> 0:03:32.720 nothing more than to drive a wedge between US and 0:03:32.760 --> 0:03:36.760 the United States. And the opposition is rightly asking questions. 0:03:37.800 --> 0:03:40.640 And I do wonder whether a GoF Whitlam history tour 0:03:40.840 --> 0:03:43.200 on the Great Wall of China, whether a visit to 0:03:43.400 --> 0:03:46.480 Chongdu to pose with some pandas, and whether a hit 0:03:46.560 --> 0:03:49.960 of tennis is strictly necessary as part of a six 0:03:50.040 --> 0:03:53.040 day visits to China when there is so much else 0:03:53.120 --> 0:03:56.000 at stake in our other international relationships around the world. 0:03:56.160 --> 0:03:58.000 I have to say that some of this is starting 0:03:58.040 --> 0:03:59.360 to look a little bit indulgent. 0:04:00.160 --> 0:04:01.760 But the Prime Minister disagrees. 0:04:02.720 --> 0:04:06.840 If you compare the difference of this visit with the 0:04:07.000 --> 0:04:11.240 failure of the coalition during the last term. During the 0:04:11.360 --> 0:04:14.280 term in which I was opposition leader, they didn't have 0:04:14.320 --> 0:04:20.040 a fun conversation between a single minister in Australia and 0:04:20.080 --> 0:04:24.640 our major trading partner. So you know, we look at 0:04:24.720 --> 0:04:29.800 these things in perspective. What we've had is constructive engagement. 0:04:30.440 --> 0:04:32.560 And look that just sums it up. Albo is an 0:04:32.600 --> 0:04:34.040 apologist for China. 0:04:34.440 --> 0:04:37.880 He makes excuses for our greatest strategic threat, which has 0:04:37.920 --> 0:04:41.440 conducted live fire drills off our coast since spy ships 0:04:41.480 --> 0:04:45.679 our way, engaged in military near misses, imposed punitive tariffs 0:04:45.680 --> 0:04:50.040 and Australian goods, and refused an investigation into the origins 0:04:50.040 --> 0:04:53.800 of coronavirus. Even when the Prime Minister was today asked 0:04:53.839 --> 0:04:58.040 about how the Chinese regard that period of coercive trade measures. 0:04:58.560 --> 0:05:01.359 This is what he said overwhelmingly. 0:05:01.480 --> 0:05:05.480 What we discussed as moving forward is issues of today 0:05:05.480 --> 0:05:09.080 and tomorrow rather than the past, and it's something that 0:05:09.120 --> 0:05:11.160 I very much have concentrated on. 0:05:12.040 --> 0:05:14.840 Well, Albout can give us his best time traveler answer, 0:05:14.839 --> 0:05:18.000 but judging by that, the PM has barely said boo 0:05:18.440 --> 0:05:21.359 in the meetings with the Chinese president. And have a 0:05:21.400 --> 0:05:23.600 listen to this answer when he was asked about live 0:05:23.680 --> 0:05:24.800 fire exercises. 0:05:25.720 --> 0:05:27.719 And one of the things that I find about giving 0:05:27.839 --> 0:05:30.240 countries respect is that you get it back when. 0:05:30.200 --> 0:05:32.480 You think about showing respect and getting respect back. 0:05:32.560 --> 0:05:36.040 Do you expect now that that respect will translate to 0:05:36.520 --> 0:05:40.200 notification for naval exercises in our region? 0:05:40.240 --> 0:05:44.120 Well, we're put forward at our view there, but to 0:05:44.120 --> 0:05:50.680 put it in context, Australia has engaged in multiple exercises 0:05:51.080 --> 0:05:57.200 in this region. We do so, and so it is 0:05:58.279 --> 0:06:01.640 just a fact that that as occurred. We exercise our 0:06:01.720 --> 0:06:06.800 right to act within international law and we do so. 0:06:06.920 --> 0:06:10.120 Unbelievable the Prime Minister has given a stronger position on 0:06:10.240 --> 0:06:13.640 China's interests than the Australian I mean, he is out 0:06:13.680 --> 0:06:17.719 there acting as a mouthpiece for Shijing pink. So the 0:06:17.760 --> 0:06:20.960 Prime Minister is about to return to Australia about is 0:06:21.080 --> 0:06:27.640 house trained as a panda? Well, labor is all out 0:06:27.640 --> 0:06:29.719 of ideas when it comes to the cost of living 0:06:29.760 --> 0:06:33.640 crisis and the economy. The unemployment rate has risen for 0:06:33.720 --> 0:06:35.920 the month of June. And this is what happens when 0:06:36.000 --> 0:06:39.000 electricity bills are through the roof, when red tape and 0:06:39.000 --> 0:06:42.560 ir laws make it impossible for employers, and when unions 0:06:42.640 --> 0:06:46.120 have their fingers in every pie, Why would anyone want 0:06:46.160 --> 0:06:49.160 to go into business right now in this country? Today's 0:06:49.200 --> 0:06:52.200 figures reveal the cost of living crisis remains, and of 0:06:52.200 --> 0:06:54.480 course if you don't have a job right now, it 0:06:54.680 --> 0:06:58.080 makes it even worse. The unemployment rate has risen to 0:06:58.120 --> 0:07:00.160 four point three percent for the month of June, un 0:07:00.320 --> 0:07:03.880 from four point one percent. That's the highest it's been 0:07:03.920 --> 0:07:07.440 for three and a half years, and the fourth consecutive rise. 0:07:07.200 --> 0:07:09.800 In the unemployment rate. More than thirty. 0:07:09.560 --> 0:07:13.440 Three thousand people lost their jobs and only two thousand 0:07:13.480 --> 0:07:16.640 new jobs were added to the economy, well below economists 0:07:16.680 --> 0:07:20.960 expectations of twenty thousand. Now we can't be the surprise 0:07:21.120 --> 0:07:24.440 that it's so well below expectations when you've got businesses 0:07:24.480 --> 0:07:28.800 going bust around the country. Almost seven thousand collapsed in 0:07:28.840 --> 0:07:31.680 New South Wales from July twenty twenty four to May 0:07:31.720 --> 0:07:35.000 this year, more than five thousand in Victoria, and over 0:07:35.080 --> 0:07:39.280 three thousand went under in Queensland. And don't forget these 0:07:39.360 --> 0:07:44.240 are small businesses run by hard working families, by aspirational Aussies. 0:07:44.720 --> 0:07:47.600 And the common denominator in all of this are rising costs. 0:07:47.680 --> 0:07:50.680 The costs of doing business in this country are too high. 0:07:51.240 --> 0:07:54.520 Yet right on Q Today, Treasurer Jim Chalmers could not 0:07:54.720 --> 0:07:58.840 wait to lay blame on external factors, saying the tickup 0:07:58.840 --> 0:08:02.680 in the unemployment rate is the inevitable consequence of economic 0:08:02.840 --> 0:08:05.600 uncertainty and volatility around the world. 0:08:06.680 --> 0:08:09.400 Really, how curious. 0:08:09.080 --> 0:08:12.720 Given the Australian economy is barely growing at one percent 0:08:12.880 --> 0:08:16.760 per year at the moment. Employment and Workplace Relations Minister 0:08:16.800 --> 0:08:19.360 Amanda Rishworth then went on to lay blame on the 0:08:19.360 --> 0:08:21.400 Reserve Bank for not cutting rates. 0:08:23.400 --> 0:08:27.480 The Reserve Bank is independent and they've outlined their reasons 0:08:27.480 --> 0:08:31.280 for keeping rates on hold. It was obviously a great 0:08:31.280 --> 0:08:35.280 disappointment to many Australians that decision, but of course the 0:08:35.320 --> 0:08:39.280 Reserve Bank will meet again and will consider not only 0:08:39.360 --> 0:08:43.920 the inflation data but also this employment data as well. 0:08:44.240 --> 0:08:46.280 It's always someone else's fault, isn't it. 0:08:46.480 --> 0:08:48.880 I mean, the biggest message the RBA sent when it 0:08:48.960 --> 0:08:51.360 kept rates on hold in July is that cost of 0:08:51.400 --> 0:08:53.240 living is still an issue in this country. 0:08:53.600 --> 0:08:55.160 Labor has done nothing. 0:08:54.840 --> 0:08:57.760 To help productivity in its first term and the RBA 0:08:57.840 --> 0:09:00.520 board hesitated because Labor could not well give it the 0:09:00.559 --> 0:09:02.240 assurances it needed. 0:09:01.960 --> 0:09:02.800 To cut rates. 0:09:03.280 --> 0:09:06.400 Governor Michelle Bulloch said she needed more economic data to 0:09:06.400 --> 0:09:10.439 be truly satisfied that inflation was under control, despite Labour's 0:09:10.440 --> 0:09:13.000 insistence that it slaid the inflation drag. 0:09:13.040 --> 0:09:17.520 It this forum last year, I said our government's focus 0:09:17.640 --> 0:09:19.800 was winning the fight against inflation. 0:09:20.280 --> 0:09:21.440 We held do our course. 0:09:21.720 --> 0:09:25.840 We've made very substantial and now sustained progress in the 0:09:25.840 --> 0:09:26.920 fight against inflation. 0:09:28.080 --> 0:09:32.360 And what's not helping is Labour's migration policy. Big Australia 0:09:32.480 --> 0:09:35.440 is getting bigger by the day. New figures reveal net 0:09:35.440 --> 0:09:39.000 permanent and long term arrivals surged to over thirty three. 0:09:38.880 --> 0:09:39.760 Thousand in May. 0:09:40.120 --> 0:09:42.880 This was the highest main net arrival number on record, 0:09:43.000 --> 0:09:47.080 according to analysis by the IPA, surpassing the previous record 0:09:47.080 --> 0:09:48.080 of over thirty. 0:09:47.800 --> 0:09:50.160 One thousand in twenty twenty three. 0:09:50.440 --> 0:09:52.480 It means we now have to find homes for these 0:09:52.559 --> 0:09:55.240 thirty three thousand people who've come into the country in 0:09:55.360 --> 0:09:59.040 just one month, and net permanent and long term arrivals 0:09:59.040 --> 0:10:01.760 in the year two matter, we're almost two hundred and 0:10:01.880 --> 0:10:05.520 fifty thousand, the highest on record. And we know already 0:10:05.559 --> 0:10:07.760 more than one point one million people have come into 0:10:07.840 --> 0:10:12.280 this country since Labor was first elected in twenty twenty two. Now, 0:10:12.320 --> 0:10:15.840 migration is a huge issue in this country. It's exacerbated 0:10:15.880 --> 0:10:19.080 the cost of living and housing crisis. Anyone looking for 0:10:19.120 --> 0:10:21.880 a rental right now knows just how tight the market is. 0:10:22.160 --> 0:10:24.079 And have a look at the rental vacancy rates for 0:10:24.200 --> 0:10:27.520 June one point six percent in Sydney, one point eight 0:10:27.520 --> 0:10:31.200 percent in Melbourne, zero point nine percent in Brisbane and 0:10:31.240 --> 0:10:33.559 spare a thought for Perth zero point. 0:10:33.320 --> 0:10:36.120 Eight percent and the same in Adelaide. 0:10:36.559 --> 0:10:39.440 It's also impossible for first home buyers to get a 0:10:39.440 --> 0:10:42.520 look in. But Labor opens the door to thirty three 0:10:42.559 --> 0:10:46.240 thousand people in just one month alone, And the topic 0:10:46.280 --> 0:10:49.480 of migration is missing an action right now in political debate, 0:10:49.840 --> 0:10:52.160 and I believe it's because of the usual Oh, it's 0:10:52.280 --> 0:10:55.200 racist to talk about migration. You're a bigot for even 0:10:55.240 --> 0:10:59.480 bringing it up. Please spare me. It is not racist 0:10:59.520 --> 0:11:01.920 to talk about migration when we are in the middle 0:11:02.000 --> 0:11:03.800 of a cost of living crisis. 0:11:04.240 --> 0:11:06.240 It was not front and center at the last election. 0:11:06.679 --> 0:11:09.800 The Coalition pushed for a lower migration target, but it 0:11:09.880 --> 0:11:14.640 was barely campaigned and prosecuted strongly enough and seriously, Capping 0:11:14.720 --> 0:11:18.680 migration is just so obvious every day Aussie's should. 0:11:18.360 --> 0:11:20.160 Have priority now. 0:11:20.200 --> 0:11:23.760 If current trends continue, net permanent and long term arrivals 0:11:23.760 --> 0:11:29.720 could reach almost six hundred thousand by December. And worryingly, 0:11:29.920 --> 0:11:34.320 Labour's migration budget forecast for the year already at three 0:11:34.360 --> 0:11:37.839 hundred and thirty five thousand arrivals, has been exceeded by 0:11:37.840 --> 0:11:40.880 almost eighty nine thousand people, or around twenty seven percent. 0:11:41.640 --> 0:11:43.560 You got to ask why the opposition hasn't fired up 0:11:43.559 --> 0:11:43.960 about this. 0:11:44.640 --> 0:11:48.000 Just last week, leaked Treasury advice revealed Labour's National Housing 0:11:48.000 --> 0:11:51.160 Accord target of building one point two million homes between 0:11:51.200 --> 0:11:53.840 twenty twenty four and twenty twenty nine will not be met. 0:11:54.240 --> 0:11:57.559 Labour's failed to deliver a single housing target yet ramps 0:11:57.640 --> 0:11:59.720 up migration. Where are we going. 0:11:59.520 --> 0:12:02.560 To put all these people. So here we are today. 0:12:02.640 --> 0:12:06.160 Unemployment has risen, the inflation dragon has not been slayed, 0:12:06.640 --> 0:12:09.199 and Labour's solution to all of this is a productivity 0:12:09.400 --> 0:12:12.679 talk fest next month. What does it tell you this 0:12:12.800 --> 0:12:19.440 government is all out of ideas. Joining us now for 0:12:19.520 --> 0:12:22.720 more on today's top stories is National Senator Matt Canavan 0:12:22.840 --> 0:12:25.800 and Senior Fellow and Chief Economist at the Institute of 0:12:25.800 --> 0:12:28.079 Public Affairs Adam Crichton. Hi to both of you, Thank 0:12:28.120 --> 0:12:30.040 you so much for joining me. I want to begin 0:12:30.160 --> 0:12:33.600 with the warm and fluffy panda diplomacy and just a 0:12:33.679 --> 0:12:35.720 reminder to both of you of how much this Prime 0:12:35.720 --> 0:12:39.360 Minister loves a picture opportunity with pandas. 0:12:39.400 --> 0:12:41.400 This is what he said. 0:12:41.640 --> 0:12:49.599 Those pictures go to twenty seven million people potentially in Australia, 0:12:50.559 --> 0:12:54.559 they go to over a billion people in China, a 0:12:54.600 --> 0:12:55.440 billion people. 0:12:56.400 --> 0:12:59.319 Matt, it's all about pictures. What's the Prime Minister actually 0:12:59.360 --> 0:13:00.520 achieved during this trip. 0:13:03.240 --> 0:13:06.400 Well, look, it seems like he's had a really good holiday. 0:13:07.320 --> 0:13:09.880 I mean, he's honeymoon with his fiancee. Should happen after 0:13:09.920 --> 0:13:14.000 the wedding, not before. And I mean how long has 0:13:14.000 --> 0:13:16.720 this guy been out of the country for It's been. 0:13:16.600 --> 0:13:17.439 A whole week. 0:13:19.080 --> 0:13:22.480 Sure it's important to go and talk to other countries. 0:13:23.040 --> 0:13:25.920 Sure it's even appropriate to have some kind of photo 0:13:26.000 --> 0:13:28.240 op with a panda at the Great Wall or something, 0:13:28.280 --> 0:13:30.520 but I don't think you need six days to do 0:13:30.600 --> 0:13:32.400 that six days. Look at all the issues that are 0:13:32.400 --> 0:13:35.920 facing this country. Young people can't afford a home. I've 0:13:35.920 --> 0:13:38.320 spent my week trying to fight for the six thousand 0:13:38.360 --> 0:13:40.640 jobs in our smelters and refineries that are on the 0:13:40.679 --> 0:13:45.199 chopping block, ironically partly thanks to the aggressive industrial tactics 0:13:45.200 --> 0:13:47.880 of the Chinese government, which I didn't hear the Prime 0:13:47.880 --> 0:13:50.800 Minister say a single word about on his trip. And 0:13:50.840 --> 0:13:52.360 so those six thousand jobs, a lot of them are 0:13:52.400 --> 0:13:55.720 union jobs. These are jobs in smelters and refineries. They're good, 0:13:55.880 --> 0:13:58.640 high paying union jobs. They're on the chopping block right 0:13:58.640 --> 0:14:02.520 now because the Chinese government has financed a massive expansion 0:14:03.440 --> 0:14:07.520 of nickel smelting, of copper refining, of all of these 0:14:07.559 --> 0:14:10.400 critical minerals, and they're doing so in ways that aren't 0:14:10.440 --> 0:14:13.040 consistent with international trade rules. And the Prime Minister has 0:14:13.080 --> 0:14:16.000 not spent any time standing up for those workers, for 0:14:16.040 --> 0:14:19.520 Australian workers, and instead has spent his time getting happy 0:14:19.520 --> 0:14:23.560 snaps around various Chinese tourist sites. I mean, this guy 0:14:23.640 --> 0:14:25.720 is not paid to do that. He's paid to protect 0:14:25.760 --> 0:14:29.000 Australians and Australian jobs and he's failing at that right now. 0:14:29.240 --> 0:14:32.200 Oh look absolutely, and I couldn't help but notice, Adam, 0:14:32.240 --> 0:14:34.440 how the Prime Minister has thrown his support behind the 0:14:34.480 --> 0:14:38.880 Australian Opens twenty twenty six wildcard tournament in Chengdu, and 0:14:38.920 --> 0:14:41.760 it comes amid ongoing concerns regarding the fate of former 0:14:42.040 --> 0:14:45.760 Chinese player Pun Shwe, who vanished years ago after she 0:14:45.880 --> 0:14:50.360 accused the retired Communist Party officials of sexual assault. Adam, 0:14:50.400 --> 0:14:52.200 but you know Albo had nothing to say about that, 0:14:52.280 --> 0:14:54.280 yet he's out on the tennis courts. I don't know 0:14:54.320 --> 0:14:57.440 if he's a CEO of Tourism Australia, the CEO of Kiniki. 0:14:58.120 --> 0:15:01.280 I I'm not sure what he was doing on this trip. 0:15:03.240 --> 0:15:04.800 Well, look, you should have realized that when he talks 0:15:04.800 --> 0:15:08.360 about the tennis that obviously journalists will refer to the 0:15:08.480 --> 0:15:11.480 Chinese tennis player who disappeared. I mean, it's just another 0:15:11.520 --> 0:15:15.320 reminder of the different philosophical systems of our two countries 0:15:15.400 --> 0:15:19.160 and that we're focusing so much energy on this totalitarian dictatorship. 0:15:19.200 --> 0:15:22.320 That's what China, That's what China is. And as Matt said, 0:15:22.360 --> 0:15:24.360 I mean he was there six days. The timing could 0:15:24.360 --> 0:15:26.200 not have been worse. Really, I mean, they've the US 0:15:26.600 --> 0:15:29.480 is currently conducting a review of the Orchestreaty. You know, 0:15:29.520 --> 0:15:31.920 they want to see Australia as very much on their side, 0:15:32.000 --> 0:15:35.600 and here's our Prime minister spending six days there and 0:15:35.880 --> 0:15:38.320 you know, talking about the tennis and getting photos with 0:15:38.480 --> 0:15:40.560 pandas I mean, it's you know, the length of the 0:15:41.200 --> 0:15:43.800 trip was unnecessary, I think, and the timing was terrible, 0:15:44.400 --> 0:15:47.160 and it's really achieved nothing except I think, basically offend 0:15:47.160 --> 0:15:48.720 the US at a critical time. 0:15:49.120 --> 0:15:52.040 Absolutely. I just see the optics of it are just shocking. 0:15:52.120 --> 0:15:53.480 Right now. Now, let's move on. 0:15:53.560 --> 0:15:57.560 Because minus have worn labor of potential plant closures, inflation 0:15:57.760 --> 0:16:00.400 and an expensive transition to net zero was the industry 0:16:00.400 --> 0:16:03.640 faces a likely shortfall of carbon credits in five years. 0:16:03.720 --> 0:16:07.080 Rio Tinto says that the shortfall would put significant pressure 0:16:07.120 --> 0:16:11.040 on market and price dynamics. Matt, you were just talking 0:16:11.080 --> 0:16:13.480 there about the industry. What do you make of this. 0:16:15.560 --> 0:16:18.200 Well, this is the other threat to the long term 0:16:18.240 --> 0:16:22.200 threat to major manufacturing facilities in Australia. As I say, 0:16:22.240 --> 0:16:24.480 there's a short term issue with the way the market's 0:16:24.480 --> 0:16:26.960 being flooded by a Chinese product, and the long term 0:16:27.000 --> 0:16:29.320 you've got the Australian government putting on a carbon tax 0:16:29.360 --> 0:16:31.600 on all of these facilities right now through what they 0:16:31.640 --> 0:16:35.640 call the safeguard mechanism. That mechanism requires them to buy 0:16:36.000 --> 0:16:39.600 carbon credits every year, and five percent of their carbon 0:16:39.600 --> 0:16:41.840 emissions every year has to be reduced and they have 0:16:41.920 --> 0:16:44.440 to increase the amount of carbon credits they're buying every year. 0:16:44.560 --> 0:16:47.080 What Rio Tinto is saying here is like what most 0:16:47.480 --> 0:16:50.160 people that look at this market, this carbon credit market 0:16:50.240 --> 0:16:52.880 say is that the price of carbon credits are going 0:16:52.880 --> 0:16:55.960 to go through the roof as more carbon emission reductions 0:16:55.960 --> 0:16:58.960 have to occur over the next decade or so. At 0:16:59.000 --> 0:17:04.119 the moment, at current carbon prices, these facilities, these factories 0:17:04.160 --> 0:17:06.280 are up for a six point six billion dollar bill 0:17:06.320 --> 0:17:08.800 to decarbonize to twenty fifty to get to net zero. 0:17:09.720 --> 0:17:12.080 If the price doubles or more, which many people think 0:17:12.080 --> 0:17:15.639 it will, obviously that bill goes to twelve to fifteen, possibly. 0:17:15.280 --> 0:17:16.720 Twenty billion dollars. 0:17:17.119 --> 0:17:20.600 Meanwhile, the federal government already has ten billion dollars of 0:17:20.840 --> 0:17:25.320 assistance to these factories who are struggling with their costs. 0:17:25.640 --> 0:17:27.880 So we're going to tax them on this hand, We're 0:17:27.920 --> 0:17:29.600 going to put a tax on them, and then we're 0:17:29.600 --> 0:17:31.600 going to come along and give taxpayers dollars which we've 0:17:31.600 --> 0:17:33.760 taxed you at home, and we're going to give them 0:17:33.800 --> 0:17:35.359 that money back to pay the tax, to pay the 0:17:35.400 --> 0:17:37.480 carbon tax. Why don't we just cut out the middlemen 0:17:37.560 --> 0:17:39.760 and get rid of the carbon tax. It makes no sense. 0:17:39.800 --> 0:17:42.240 It's doing nothing for the environment. It's just putting Australian 0:17:42.320 --> 0:17:42.960 jobs at risk. 0:17:43.480 --> 0:17:43.680 Oh. 0:17:43.720 --> 0:17:47.240 Look, absolutely, I can't even believe it's even being discussed 0:17:47.520 --> 0:17:50.560 right now. It's extraordinary. Now, Adam, I alluded to this 0:17:50.960 --> 0:17:54.200 earlier on. I want to talk about housing targets and migration. 0:17:54.359 --> 0:17:57.560 The CEO of Master Builders Australia has told Sky News 0:17:57.600 --> 0:17:58.680 private markets. 0:17:58.320 --> 0:18:00.360 Believe it's too costly to build it Ausralia. 0:18:00.880 --> 0:18:02.879 In a further blow to this one point two million 0:18:02.880 --> 0:18:05.399 homes target by twenty twenty nine, which we know that 0:18:05.480 --> 0:18:07.520 labor is not going to achieve now, I mean that's 0:18:07.520 --> 0:18:09.880 according to leak Treasury documents. 0:18:10.359 --> 0:18:12.600 Adam, you know, the IPA has done really good research 0:18:12.600 --> 0:18:16.240 about migration. I mentioned that one earlier. But where are 0:18:16.280 --> 0:18:17.560 we going to put all of these people? 0:18:17.760 --> 0:18:19.920 We don't have enough homes as it is, Labour's not 0:18:19.960 --> 0:18:22.200 going to reach its housing accord targets. 0:18:22.600 --> 0:18:23.440 What are we going to do? 0:18:25.520 --> 0:18:28.520 Well, look, no, you're certainly right to point out those figures. 0:18:28.560 --> 0:18:32.000 Governments are basically hopeless at boosting housing supply. Of course, 0:18:32.000 --> 0:18:33.800 there was a famous example from New Zealand a few 0:18:33.880 --> 0:18:36.480 years ago when Prime Minister just Sinda Ardern promised one 0:18:36.560 --> 0:18:38.400 hundred thousand houses and I think they ended up building 0:18:38.400 --> 0:18:41.800 about two hundred and fifty. The similar situation not quite 0:18:41.800 --> 0:18:43.960 as bad as happening here, where the government is already 0:18:44.000 --> 0:18:47.679 fifty five thousand and sixty thousand homes behind schedule in 0:18:47.840 --> 0:18:49.680 just the first year. There is no way that it's 0:18:49.680 --> 0:18:52.160 going to reach that one point two million. The Treasury 0:18:52.200 --> 0:18:55.440 itself and that so called leaked document said the same thing. 0:18:55.520 --> 0:18:57.480 So it is just outrageous that we're bringing in so 0:18:57.560 --> 0:18:59.760 many people into this country. I mean, it's almost as 0:18:59.760 --> 0:19:03.440 if the government is trying to sabotage the living standards 0:19:03.440 --> 0:19:05.560 of people who live here. And that's a strong thing 0:19:05.560 --> 0:19:07.880 to say, but those figures are so outrageous I mean, 0:19:07.880 --> 0:19:12.680 in the first eleven months of the financial year just gone, 0:19:13.119 --> 0:19:17.200 net overseas migration is ninety thousand more than was forecast 0:19:17.240 --> 0:19:18.920 in the budget. It was forecast, I think you said 0:19:18.960 --> 0:19:21.240 three three five. Well it's ninety thousand more than that 0:19:21.359 --> 0:19:24.120 already and we don't even have the June figures. So 0:19:24.320 --> 0:19:26.560 I mean, to me, that is reckless and outrageous. And 0:19:26.600 --> 0:19:29.760 we have all this focus on productivity, round table and 0:19:29.840 --> 0:19:32.560 tax whether we should broaden the GST. I mean, you know, 0:19:32.640 --> 0:19:36.159 these arguments are important, but in my view they actually 0:19:36.200 --> 0:19:38.880 pale in comparison to this immigration issue at the moment, 0:19:38.920 --> 0:19:42.040 which is, you know, which was reducing our standard of 0:19:42.080 --> 0:19:45.240 living very dramatically. And also I would argue it's undermizing 0:19:46.080 --> 0:19:49.320 social cohesion. I would say as well, So it's a 0:19:49.400 --> 0:19:51.240 serious problem and it needs to be addressed. 0:19:51.680 --> 0:19:54.280 Oh look, I completely agree with you. There's so many 0:19:54.359 --> 0:19:55.399 different factors to this. 0:19:55.800 --> 0:19:58.720 And Matt Master Builders, they've been warning for a long 0:19:58.760 --> 0:20:01.080 time that labor will not meet its housing targets and 0:20:01.119 --> 0:20:03.320 now we see this leaked and I put leaked. 0:20:03.080 --> 0:20:04.280 In inverted commas. 0:20:04.320 --> 0:20:08.200 There this document that was released earlier this week. 0:20:08.359 --> 0:20:10.399 But I mean, the question has to be asked, what 0:20:10.400 --> 0:20:10.960 are we going to do. 0:20:11.000 --> 0:20:13.280 We've got so many people coming into this country, where 0:20:13.280 --> 0:20:15.840 are we going to put them? 0:20:16.200 --> 0:20:18.000 Well, what Adam said is absolutely right. 0:20:18.480 --> 0:20:20.919 I mean, the government has been clear that the government's 0:20:20.920 --> 0:20:23.479 not going to meet as housing commitment for some time. 0:20:25.080 --> 0:20:27.239 You could cut them some slack in the sense that 0:20:27.320 --> 0:20:30.880 a lot of the drivers that can influence the number 0:20:30.920 --> 0:20:33.680 of housing starts that occur in anyone year at the 0:20:33.720 --> 0:20:36.160 state government level, at the local government level, those issues. 0:20:36.680 --> 0:20:38.200 But what the federal government. 0:20:37.880 --> 0:20:41.360 Can control directly control is a number of people entering 0:20:41.359 --> 0:20:45.679 into this country. They issue the visas, they issue permanent residency, 0:20:46.000 --> 0:20:48.840 they can control that. And surely the number of people 0:20:48.840 --> 0:20:51.920 coming into this country should be calibrated to the number 0:20:51.960 --> 0:20:54.640 of houses that are available to put a roof over 0:20:54.680 --> 0:20:58.360 their head. We cannot and should not be bringing in 0:20:58.680 --> 0:21:01.560 way way more people, and we have houses to keep 0:21:01.600 --> 0:21:04.359 people sheltered. And that's what we've been doing now for 0:21:04.400 --> 0:21:06.520 the first three years of the Albaneza government. By a 0:21:06.640 --> 0:21:07.479 large margin. 0:21:07.800 --> 0:21:08.360 Just do the math. 0:21:08.400 --> 0:21:10.480 They're building one hundred and eighty thousand homes a year. 0:21:10.680 --> 0:21:13.680