1
00:00:02,000 --> 00:00:05,960
Speaker 1: What does the future of this country hold for your money,

2
00:00:06,960 --> 00:00:10,840
Speaker 1: my money, our money. Between the federal budget which happened

3
00:00:10,880 --> 00:00:13,360
Speaker 1: the other week and he now announced a very much

4
00:00:13,440 --> 00:00:16,000
Speaker 1: upcoming federal election, it's a pretty good time to be

5
00:00:16,079 --> 00:00:17,239
Speaker 1: asking that question.

6
00:00:17,680 --> 00:00:18,960
Speaker 2: That's what we're all working for.

7
00:00:19,360 --> 00:00:21,439
Speaker 1: It gives us a life and allows our ideas to

8
00:00:21,480 --> 00:00:25,440
Speaker 1: become reality. Money's important, But I can ask this question,

9
00:00:25,560 --> 00:00:27,000
Speaker 1: but I'm not very good at answering it.

10
00:00:27,440 --> 00:00:29,320
Speaker 2: My financial record can show you that.

11
00:00:29,640 --> 00:00:32,639
Speaker 1: However, it's important to ask someone that knows what they're

12
00:00:32,680 --> 00:00:35,320
Speaker 1: talking about when you're talking about money. And I couldn't

13
00:00:35,320 --> 00:00:39,519
Speaker 1: be more thrilled to say that Chris Kohler is here today. Yes, indeed,

14
00:00:39,840 --> 00:00:43,640
Speaker 1: he's delightful. He's tall, he's handsome, he's charming, he's hilarious,

15
00:00:43,960 --> 00:00:45,280
Speaker 1: and he's upright after the break.

16
00:00:55,960 --> 00:00:57,920
Speaker 2: Thanks for listening to the show. Welcome.

17
00:00:58,040 --> 00:01:00,880
Speaker 1: This is better than yesterday, making it better episode since

18
00:01:00,920 --> 00:01:04,440
Speaker 1: twenty thirteen. My name's Oshia Ginsburg, and I'm glad you

19
00:01:04,560 --> 00:01:06,640
Speaker 1: hear this podcast does just what it says on the box.

20
00:01:06,680 --> 00:01:09,039
Speaker 1: Something that you hear on this show and every week

21
00:01:09,080 --> 00:01:11,560
Speaker 1: on this show will make your day to day better

22
00:01:11,600 --> 00:01:13,480
Speaker 1: than yesterday. That is what we're here to do, and

23
00:01:13,520 --> 00:01:15,600
Speaker 1: that is well I like to provide. I do also

24
00:01:15,720 --> 00:01:17,600
Speaker 1: like to provide a fun, entertaining night out if you

25
00:01:17,640 --> 00:01:20,240
Speaker 1: want to come to the Factory Theater in Marrickville Story Club.

26
00:01:21,400 --> 00:01:23,840
Speaker 1: Every month we do a storytelling show, a live storytelling

27
00:01:23,880 --> 00:01:26,479
Speaker 1: show which is super fun and it's the Factory Theater

28
00:01:26,520 --> 00:01:29,360
Speaker 1: in Maronville. Next one is the thirteenth of April featuring

29
00:01:29,400 --> 00:01:34,600
Speaker 1: Lindsay McDougall, the Great Duncan Fellows, Annal's Comfortable, alex Lee Zoweyn,

30
00:01:34,600 --> 00:01:37,080
Speaker 1: Notton Lodge, and myself. Tickets are in the show notes

31
00:01:37,120 --> 00:01:39,000
Speaker 1: and we'd love to have you there. It's such a

32
00:01:39,040 --> 00:01:42,679
Speaker 1: fun night. And look, we all got jobs and kids,

33
00:01:42,760 --> 00:01:45,520
Speaker 1: so you're out of there by eight thirty nine tops.

34
00:01:46,000 --> 00:01:47,800
Speaker 2: It's a good Sunday night. It's a good date and

35
00:01:47,840 --> 00:01:48,960
Speaker 2: you can get a good feed there.

36
00:01:49,120 --> 00:01:52,400
Speaker 1: My guest today, I'm such a huge fan of his work,

37
00:01:53,000 --> 00:01:55,800
Speaker 1: the great and powerful and talented Chris Kohler. He's a

38
00:01:55,800 --> 00:01:59,320
Speaker 1: presenter and national finance editor for nine News. His dad

39
00:01:59,760 --> 00:02:04,720
Speaker 1: is Alan Cohler, am a legendary financial journalist, television personality,

40
00:02:04,800 --> 00:02:07,920
Speaker 1: former newspaper editor. We did talk a little bit about

41
00:02:07,920 --> 00:02:11,040
Speaker 1: dinner table conversation in this show. But you also might

42
00:02:11,080 --> 00:02:15,800
Speaker 1: recognize Chris from his outstandingly and deservedly quite viral content

43
00:02:16,080 --> 00:02:19,320
Speaker 1: on Instagram and TikTok. He is the guy in the

44
00:02:19,360 --> 00:02:23,240
Speaker 1: suit who basically plays all the characters talking about financial

45
00:02:23,240 --> 00:02:26,959
Speaker 1: decisions and boardrooms, and it's just brilliant. He thinks so much.

46
00:02:27,000 --> 00:02:29,680
Speaker 1: He's a great communicator. He's a fabulous human to talk to.

47
00:02:29,880 --> 00:02:32,240
Speaker 1: Coming up, there's some fantastic insights on the cost of

48
00:02:32,280 --> 00:02:35,959
Speaker 1: living crisis, which he's got some great ideas about how

49
00:02:36,000 --> 00:02:39,320
Speaker 1: our economy is changing, which blew my mind. We also

50
00:02:39,360 --> 00:02:41,320
Speaker 1: talk about what's not being talked about in the election

51
00:02:41,440 --> 00:02:44,480
Speaker 1: and why we need to pay attention to that and

52
00:02:44,720 --> 00:02:47,160
Speaker 1: hopefully we can all save a little bit of money.

53
00:02:47,320 --> 00:02:49,160
Speaker 1: Enjoy this conversation with Chris Cohler.

54
00:02:51,960 --> 00:02:54,399
Speaker 3: Thanks for coming in, Kuriz, thanks for having me. I'm

55
00:02:54,400 --> 00:02:54,880
Speaker 3: really good.

56
00:02:55,200 --> 00:02:57,359
Speaker 1: State of origin is rugby League Christmas. One of the

57
00:02:57,440 --> 00:03:00,320
Speaker 1: federal budget drops is that economy Christmas. We're all like

58
00:03:00,360 --> 00:03:01,040
Speaker 1: super excited.

59
00:03:01,080 --> 00:03:03,440
Speaker 3: It kind of is. It's really embarrassing to say that

60
00:03:03,480 --> 00:03:06,480
Speaker 3: we all just nerd out and it's really cool because God,

61
00:03:06,520 --> 00:03:08,400
Speaker 3: listen to me. Really cool. You get to put your

62
00:03:08,400 --> 00:03:10,720
Speaker 3: phone away, get handed a big stack of documents and

63
00:03:10,760 --> 00:03:12,800
Speaker 3: just sit there and just read through what the government's

64
00:03:12,840 --> 00:03:15,520
Speaker 3: up to. And it's kind of fun. It doesn't sound

65
00:03:15,560 --> 00:03:17,000
Speaker 3: like fun when I say it, now.

66
00:03:17,000 --> 00:03:20,440
Speaker 2: Well it kind of does. Why should we give a

67
00:03:20,440 --> 00:03:21,680
Speaker 2: shit about the budget?

68
00:03:21,919 --> 00:03:25,480
Speaker 3: Well, all of our money, right, so it's all we

69
00:03:25,560 --> 00:03:27,560
Speaker 3: open our wallets to the tune of tens of thousands

70
00:03:27,600 --> 00:03:29,280
Speaker 3: of dollars every year, and it's kind of interesting to

71
00:03:29,280 --> 00:03:31,400
Speaker 3: know where they're going to put all that money. So

72
00:03:31,560 --> 00:03:34,640
Speaker 3: you know, the sort of the changes are often, you know,

73
00:03:34,800 --> 00:03:38,240
Speaker 3: little tweaks, but you know, depending on who you are

74
00:03:38,280 --> 00:03:40,080
Speaker 3: and where you work, it can make a big difference,

75
00:03:40,120 --> 00:03:40,480
Speaker 3: I reckon.

76
00:03:41,320 --> 00:03:43,880
Speaker 1: So I'm the product of someone that is most definitely

77
00:03:44,120 --> 00:03:46,120
Speaker 1: the son of Both of my parents are both doctors,

78
00:03:46,440 --> 00:03:48,680
Speaker 1: all right, and they're both very interested in culture at

79
00:03:48,720 --> 00:03:51,600
Speaker 1: the same time as being interested in science and stuff

80
00:03:51,600 --> 00:03:53,960
Speaker 1: like this. So I learned a lot about music, I

81
00:03:54,040 --> 00:03:56,000
Speaker 1: learned a lot about art. I learn a lot about

82
00:03:56,000 --> 00:03:59,560
Speaker 1: performance from both of my parents. And just yesterday on

83
00:03:59,560 --> 00:04:02,120
Speaker 1: the plane was helping Wolfgang learn how to draw. He's

84
00:04:03,040 --> 00:04:05,280
Speaker 1: really interested transformers right now, and he wants to draw

85
00:04:05,320 --> 00:04:09,160
Speaker 1: one of them, Elita one, the lady one, And I said, mate,

86
00:04:09,160 --> 00:04:12,880
Speaker 1: everything's just circles, rectangles and triangles, and we went through

87
00:04:12,880 --> 00:04:14,720
Speaker 1: a picture and I showed him there's a circle, there,

88
00:04:14,720 --> 00:04:16,800
Speaker 1: there's a rectangle, and he's like he created He's five,

89
00:04:18,360 --> 00:04:22,359
Speaker 1: At what age did you start to understand what deficits

90
00:04:22,360 --> 00:04:23,760
Speaker 1: and surplus has started.

91
00:04:23,440 --> 00:04:23,680
Speaker 2: To be.

92
00:04:27,480 --> 00:04:29,800
Speaker 3: There? There's circles in the triangles of my house?

93
00:04:30,040 --> 00:04:31,400
Speaker 2: Are you sitting there eating cornflakes?

94
00:04:31,400 --> 00:04:34,000
Speaker 1: And Dad's like, okay, so there's a surplus of milk here, son,

95
00:04:34,760 --> 00:04:36,279
Speaker 1: You've gone into a corn flake deficit.

96
00:04:36,880 --> 00:04:39,000
Speaker 2: The balance is all out way too milky.

97
00:04:39,160 --> 00:04:41,159
Speaker 3: Yeah, A bit like that wasting your money had a

98
00:04:41,279 --> 00:04:43,880
Speaker 3: very serious chat behind it in my house. You came

99
00:04:43,920 --> 00:04:46,599
Speaker 3: home and you bought something stupid. It was like, did

100
00:04:46,640 --> 00:04:49,120
Speaker 3: you really need to buy that? What's that going to

101
00:04:49,160 --> 00:04:51,920
Speaker 3: do for you? But I'm actually just scrolling away the

102
00:04:52,240 --> 00:04:54,000
Speaker 3: circles and triangles because I got to use that. That's

103
00:04:54,000 --> 00:04:54,400
Speaker 3: a ripper.

104
00:04:54,480 --> 00:04:55,000
Speaker 2: It's real good.

105
00:04:55,080 --> 00:04:58,240
Speaker 3: But look for me. So my dad taught me how

106
00:04:58,279 --> 00:05:00,919
Speaker 3: to drive, and a memory that I I firmly have

107
00:05:01,320 --> 00:05:02,960
Speaker 3: is we used to get in the car. I was

108
00:05:03,000 --> 00:05:04,680
Speaker 3: on a learner's permit and he would just answer the

109
00:05:04,680 --> 00:05:07,159
Speaker 3: phone the whole morning on our way to wherever, and

110
00:05:07,200 --> 00:05:09,320
Speaker 3: it was him talking to his producer at the ABC,

111
00:05:09,760 --> 00:05:12,520
Speaker 3: whose name was Marco at the time Marco, and it

112
00:05:12,600 --> 00:05:15,120
Speaker 3: was just launched off into long chats, and all I

113
00:05:15,120 --> 00:05:17,839
Speaker 3: wanted to do was understand what was going on in

114
00:05:17,880 --> 00:05:21,359
Speaker 3: those chats, and so I kind of without deliberately doing so,

115
00:05:21,400 --> 00:05:23,800
Speaker 3: I just wanted to learn the language to speak with him.

116
00:05:23,960 --> 00:05:27,560
Speaker 2: So he didn't infuse it upon you or absolutely not.

117
00:05:27,839 --> 00:05:30,680
Speaker 3: His biggest piece of advice coming up was don't be

118
00:05:30,720 --> 00:05:34,240
Speaker 3: a journalist. If you are insistent on being a journalist,

119
00:05:34,240 --> 00:05:39,320
Speaker 3: don't be a financial journalist. Strikes one or two right there, Wooks.

120
00:05:39,600 --> 00:05:41,800
Speaker 1: So at what point did you start to realize that

121
00:05:41,839 --> 00:05:45,240
Speaker 1: you understood the way that money worked and therefore how

122
00:05:45,240 --> 00:05:47,280
Speaker 1: the country worked a bit better than your friends.

123
00:05:47,560 --> 00:05:50,520
Speaker 3: Look, I started working as a financial markets reporter straight

124
00:05:50,520 --> 00:05:53,400
Speaker 3: out of UNI in my early twenties, and it was

125
00:05:53,440 --> 00:05:55,599
Speaker 3: just sort of this immersive thing of now you're learning

126
00:05:55,600 --> 00:05:59,359
Speaker 3: about how to read a market update from Woolworth's or

127
00:05:59,480 --> 00:06:02,360
Speaker 3: BHP or whatever, and it's a very kind of daunting

128
00:06:02,360 --> 00:06:04,800
Speaker 3: thing at first, and then over time you find out

129
00:06:04,800 --> 00:06:07,480
Speaker 3: you're observing something that is very big and the wheels

130
00:06:07,480 --> 00:06:10,480
Speaker 3: are always turning, and then after a while you can

131
00:06:10,560 --> 00:06:12,479
Speaker 3: kind of start to see the light and shade in it.

132
00:06:12,560 --> 00:06:14,440
Speaker 3: You can kind of start to see the humor in it.

133
00:06:14,920 --> 00:06:17,800
Speaker 3: You can kind of become, you know, someone who is

134
00:06:17,839 --> 00:06:20,480
Speaker 3: able to watch the play and the dance as it unfolds.

135
00:06:20,520 --> 00:06:23,479
Speaker 3: And I'm by no means a financial expert in that

136
00:06:23,560 --> 00:06:26,479
Speaker 3: I'm not sitting on top of a huge property portfolio

137
00:06:26,560 --> 00:06:28,880
Speaker 3: or a pile of gold or equities that would make

138
00:06:28,920 --> 00:06:32,280
Speaker 3: anybody sweat. But I just I love the kind of

139
00:06:33,040 --> 00:06:35,039
Speaker 3: the dance of it all. You know, all these people

140
00:06:35,120 --> 00:06:37,840
Speaker 3: putting on their suits and kind of being very serious,

141
00:06:38,160 --> 00:06:40,640
Speaker 3: even though in many ways it's it's kind of absurd.

142
00:06:40,720 --> 00:06:44,680
Speaker 1: Sometimes I understood property portfolio, the other two things you said,

143
00:06:44,720 --> 00:06:46,560
Speaker 1: I did not understand. This is probably why I am

144
00:06:46,560 --> 00:06:48,279
Speaker 1: where I am, and most of it looks like it does

145
00:06:49,240 --> 00:06:51,720
Speaker 1: though I've spent it. I've spent a lot of time

146
00:06:51,720 --> 00:06:54,919
Speaker 1: in America and have makes it. The big you know,

147
00:06:54,960 --> 00:06:58,480
Speaker 1: big firms, the big, big, big ones, and they're partners

148
00:06:58,520 --> 00:07:00,520
Speaker 1: and stuff like that. They're all as tall as you,

149
00:07:00,839 --> 00:07:03,680
Speaker 1: they're all as good looking as you. How did you

150
00:07:03,720 --> 00:07:04,839
Speaker 1: avoid becoming the banker?

151
00:07:04,839 --> 00:07:05,159
Speaker 2: Anker?

152
00:07:06,200 --> 00:07:07,280
Speaker 3: There weren't the invitations.

153
00:07:07,320 --> 00:07:08,080
Speaker 2: I care.

154
00:07:09,560 --> 00:07:14,720
Speaker 3: I know, I look look, No, I never really thought

155
00:07:14,800 --> 00:07:17,280
Speaker 3: about going into the actual making of the money rather

156
00:07:17,280 --> 00:07:20,160
Speaker 3: than just the looking at it. You know, I don't know,

157
00:07:20,200 --> 00:07:22,640
Speaker 3: it's a funny thing. I kind of you know, I

158
00:07:22,680 --> 00:07:25,200
Speaker 3: came out of Union. I just sort of thought, yeah,

159
00:07:25,320 --> 00:07:28,560
Speaker 3: I'm going to be a journalist. I didn't really pursue

160
00:07:28,920 --> 00:07:31,680
Speaker 3: much else, right, you know, And and like there's been

161
00:07:31,720 --> 00:07:34,120
Speaker 3: opportunities along the way to get out of journalism, of course,

162
00:07:34,200 --> 00:07:37,360
Speaker 3: but I never really thought too long and hard about it.

163
00:07:37,440 --> 00:07:39,240
Speaker 3: There was always too many interesting things going on.

164
00:07:39,880 --> 00:07:42,080
Speaker 1: What is it that you think is the appeal of

165
00:07:42,120 --> 00:07:44,160
Speaker 1: that path? I mean, you didn't try it, but I'm

166
00:07:44,160 --> 00:07:45,760
Speaker 1: sure you've got mates that did go that way.

167
00:07:46,000 --> 00:07:48,320
Speaker 3: Oh look, I mean yeah, I've got mates who you know,

168
00:07:48,400 --> 00:07:51,520
Speaker 3: all these lawyers heading for partner and you know, I

169
00:07:51,640 --> 00:07:53,840
Speaker 3: interview and deal with people in the finance space all

170
00:07:53,880 --> 00:07:56,200
Speaker 3: the time who are killing it, but they don't have

171
00:07:56,280 --> 00:07:58,200
Speaker 3: much of a work life balance. And the appeal of

172
00:07:58,200 --> 00:08:01,640
Speaker 3: it is money, you know, frankly, like, it's very hard

173
00:08:01,680 --> 00:08:04,000
Speaker 3: to live in a big house in Sydney or in Melbourne,

174
00:08:04,040 --> 00:08:07,480
Speaker 3: or in Queensland anywhere really unless you have family wealth,

175
00:08:07,560 --> 00:08:09,320
Speaker 3: or unless you're in one of those types of jobs.

176
00:08:09,520 --> 00:08:12,480
Speaker 3: And so I think there is absolutely an understandable drive

177
00:08:12,760 --> 00:08:15,640
Speaker 3: to want to get there, and so I'll kind of

178
00:08:15,720 --> 00:08:18,280
Speaker 3: I never sort of disparage people for wanting to do that,

179
00:08:18,440 --> 00:08:21,240
Speaker 3: but it's I mean, it seems a little bit sol

180
00:08:21,280 --> 00:08:24,680
Speaker 3: destroying to be grinding away at that sort of pursuit

181
00:08:24,720 --> 00:08:27,640
Speaker 3: all the time. They have to make millions while they're there,

182
00:08:27,680 --> 00:08:29,680
Speaker 3: and they have to fend off people all the time.

183
00:08:30,360 --> 00:08:33,400
Speaker 3: It's kind of it's simpler to just report on that.

184
00:08:34,720 --> 00:08:37,440
Speaker 1: I mean, at what point, speaking of the reporting, if

185
00:08:37,480 --> 00:08:40,079
Speaker 1: there's one thing that I just love about your work

186
00:08:40,280 --> 00:08:42,559
Speaker 1: and it's something that I really align with. Because this

187
00:08:42,600 --> 00:08:44,160
Speaker 1: is the first year I haven't done the Comedy Festival

188
00:08:44,160 --> 00:08:45,440
Speaker 1: in a couple of years, I was doing a fake

189
00:08:45,480 --> 00:08:49,560
Speaker 1: news show down there, and to avoid getting sued for

190
00:08:49,600 --> 00:08:52,960
Speaker 1: defamation because we're reporting on real people doing actual things,

191
00:08:53,600 --> 00:08:57,360
Speaker 1: we decided to make the moral question the joke every time.

192
00:08:57,559 --> 00:09:00,480
Speaker 1: It wasn't a failure of this politician or that it

193
00:09:00,600 --> 00:09:03,960
Speaker 1: was the failure of the policy as far as like

194
00:09:03,960 --> 00:09:08,280
Speaker 1: a general moral value, widely well collectively held value. And

195
00:09:08,679 --> 00:09:10,800
Speaker 1: I see a lot of that in your work, and

196
00:09:11,160 --> 00:09:13,560
Speaker 1: I'm wondering how that first started to appear to you,

197
00:09:13,800 --> 00:09:16,040
Speaker 1: Like hang on a fucking second, Like this is not

198
00:09:16,520 --> 00:09:19,560
Speaker 1: okay that these companies are making this much money. And

199
00:09:19,600 --> 00:09:21,520
Speaker 1: at the core of it is this moral choice, clear

200
00:09:21,559 --> 00:09:26,640
Speaker 1: moral choice to just wrought and gouge and sometimes destroy people.

201
00:09:26,880 --> 00:09:29,920
Speaker 3: Yeah, thank you, it's really that's really nice of you

202
00:09:30,000 --> 00:09:32,920
Speaker 3: to say. Look, it's been something that's developed slowly. I

203
00:09:32,960 --> 00:09:36,520
Speaker 3: was reporting these stories and think about journalism, all kinds

204
00:09:36,520 --> 00:09:39,200
Speaker 3: of journalism really is that there's structures to it. You

205
00:09:39,240 --> 00:09:41,920
Speaker 3: play within the boundaries that have been set over decades

206
00:09:41,960 --> 00:09:44,760
Speaker 3: of this business being made. You know, you interview these

207
00:09:44,800 --> 00:09:46,720
Speaker 3: types of people, you put together the story in these

208
00:09:46,760 --> 00:09:49,280
Speaker 3: types of ways. If you watch the news or read

209
00:09:49,280 --> 00:09:52,439
Speaker 3: a newspaper, you can see the structures because they're taught.

210
00:09:52,600 --> 00:09:54,120
Speaker 3: And I was coming home a lot and I was

211
00:09:54,160 --> 00:09:56,120
Speaker 3: talking to my wife Susanna about the stories that I

212
00:09:56,160 --> 00:09:59,640
Speaker 3: was covering and about what had bothered me about them,

213
00:10:00,080 --> 00:10:02,120
Speaker 3: you know, whether or not there was something that I

214
00:10:02,200 --> 00:10:04,920
Speaker 3: wasn't really able to get a cross that I wanted to,

215
00:10:05,160 --> 00:10:08,760
Speaker 3: and invariably we'd end up chuckling between us about the

216
00:10:08,800 --> 00:10:11,800
Speaker 3: type of silliness. And you know, what would it be

217
00:10:11,880 --> 00:10:13,560
Speaker 3: like to be in those boardrooms when they come up

218
00:10:13,559 --> 00:10:16,000
Speaker 3: with those decisions. I mean, could it be as ridiculous

219
00:10:16,040 --> 00:10:18,000
Speaker 3: as well. How else can we make money out of

220
00:10:18,080 --> 00:10:21,000
Speaker 3: these people? You know? Can we squeeze them anymore? Is

221
00:10:21,000 --> 00:10:24,080
Speaker 3: there anywhere we're not squeezing him? And you know, we

222
00:10:24,200 --> 00:10:26,600
Speaker 3: kind of ended up just sort of having this little laugh.

223
00:10:26,800 --> 00:10:28,680
Speaker 3: You know, I bet it is like that. They're just

224
00:10:28,760 --> 00:10:31,080
Speaker 3: people like, yeah, they've gone a UNI and they're smart,

225
00:10:31,120 --> 00:10:36,000
Speaker 3: but sometimes they're a pack of idiots as well, you know,

226
00:10:36,160 --> 00:10:37,040
Speaker 3: surely so.

227
00:10:37,080 --> 00:10:38,760
Speaker 2: You can do for you it's okay?

228
00:10:39,160 --> 00:10:39,640
Speaker 3: Is it okay?

229
00:10:39,679 --> 00:10:41,360
Speaker 2: I saw you can swear all your life.

230
00:10:41,200 --> 00:10:43,520
Speaker 3: Thank you very much. We go up to crap in

231
00:10:43,559 --> 00:10:47,240
Speaker 3: my world. No further, Oh okay, sometimes not even crap.

232
00:10:47,600 --> 00:10:50,040
Speaker 1: Oh what if you're reporting on a one for one

233
00:10:50,040 --> 00:10:50,960
Speaker 1: toilet paper company.

234
00:10:51,520 --> 00:10:54,840
Speaker 3: I think we I think we're allowed to say shit

235
00:10:54,960 --> 00:10:57,800
Speaker 3: in certain certain circumstances. Or if you said it, if

236
00:10:57,800 --> 00:10:59,840
Speaker 3: I interviewed you and you said shit, then that's going up.

237
00:11:00,200 --> 00:11:01,000
Speaker 3: Of course. Yeah, that's fine.

238
00:11:01,000 --> 00:11:02,360
Speaker 2: That's why said Archadel, I was worrying for you.

239
00:11:02,920 --> 00:11:05,480
Speaker 1: What I love about it's essentially what you're doing is satire,

240
00:11:05,559 --> 00:11:08,480
Speaker 1: but rather political Satisy's come as my financial satire, which

241
00:11:08,480 --> 00:11:11,600
Speaker 1: I really really love. There's something about satire which is

242
00:11:11,679 --> 00:11:13,960
Speaker 1: super duper powerful, and that it can change public opinion

243
00:11:14,120 --> 00:11:17,360
Speaker 1: way more than any editorial or any big front page

244
00:11:17,440 --> 00:11:21,360
Speaker 1: or anything like that, because if the moral question is

245
00:11:21,400 --> 00:11:24,760
Speaker 1: the thing, that is the joke. Like particularly you did

246
00:11:24,800 --> 00:11:29,280
Speaker 1: one on tap and Go fees and it was just

247
00:11:29,440 --> 00:11:33,439
Speaker 1: like if fucking hell man, my mind knew they made money,

248
00:11:33,440 --> 00:11:35,120
Speaker 1: but I know they made billions.

249
00:11:35,200 --> 00:11:38,720
Speaker 3: Yeah, that is just And these things developed relatively quickly.

250
00:11:38,800 --> 00:11:43,160
Speaker 3: Like the problem with me and everybody is that our

251
00:11:43,320 --> 00:11:45,680
Speaker 3: notions of things are kind of caught five years ago.

252
00:11:46,200 --> 00:11:48,800
Speaker 3: Things change faster than we kind of catch up to them.

253
00:11:48,800 --> 00:11:50,960
Speaker 3: I mean, a lot of people still feel like two

254
00:11:50,960 --> 00:11:52,920
Speaker 3: thousand was a couple of years ago, Like you know,

255
00:11:53,080 --> 00:11:54,880
Speaker 3: you know what I mean, Like we have this anchoring

256
00:11:54,960 --> 00:11:57,240
Speaker 3: thing that we do, and I think with things like tapping,

257
00:11:57,760 --> 00:11:59,679
Speaker 3: a new innovation comes along and it's really great and

258
00:11:59,679 --> 00:12:01,439
Speaker 3: it's really access on bang ban bang away. You go,

259
00:12:02,000 --> 00:12:04,520
Speaker 3: and then before you know it, you kind of oh,

260
00:12:04,559 --> 00:12:06,800
Speaker 3: what is this extra ten cents I'm paying every time?

261
00:12:06,840 --> 00:12:09,080
Speaker 3: And how much does that add up to? And you're

262
00:12:09,080 --> 00:12:10,640
Speaker 3: so deep in it by the time you catch up

263
00:12:10,679 --> 00:12:13,160
Speaker 3: to what's happening that you know, you're a bit lost.

264
00:12:13,200 --> 00:12:15,040
Speaker 2: So let's use that as a bit of an example.

265
00:12:15,160 --> 00:12:16,559
Speaker 2: What does that ten cents add.

266
00:12:16,400 --> 00:12:19,480
Speaker 3: Up to four billion dollars a year nationally, I mean

267
00:12:19,520 --> 00:12:22,320
Speaker 3: internationally is much bigger than that. Like it's and the

268
00:12:22,360 --> 00:12:25,080
Speaker 3: thing is, it's all like so there's a little radio frequently.

269
00:12:25,120 --> 00:12:28,320
Speaker 3: This is amazing stuff to me, and apologies an advantage

270
00:12:28,640 --> 00:12:28,800
Speaker 3: to you.

271
00:12:29,000 --> 00:12:31,440
Speaker 2: Don't worry, don't let the don't let the T shirt

272
00:12:31,440 --> 00:12:32,640
Speaker 2: and the motorcycle forget.

273
00:12:33,400 --> 00:12:36,360
Speaker 3: I know, I know, like so the radio frequency stuff

274
00:12:36,480 --> 00:12:39,280
Speaker 3: goes back to you know, World War two planes. How

275
00:12:39,280 --> 00:12:41,640
Speaker 3: do we identify our planes as opposed to others? And

276
00:12:41,679 --> 00:12:43,360
Speaker 3: it kind of, you know, it started getting used. I've

277
00:12:43,360 --> 00:12:45,079
Speaker 3: got a you know, I've got a swipe card that

278
00:12:45,120 --> 00:12:47,880
Speaker 3: works on a security pass. These sorts of things have

279
00:12:47,960 --> 00:12:51,199
Speaker 3: been used for decades and then around early two thousands,

280
00:12:51,320 --> 00:12:53,760
Speaker 3: Visa and MasterCard popped it into their cards and they

281
00:12:53,920 --> 00:12:56,839
Speaker 3: introduced this payWave idea. It took a little while to

282
00:12:56,880 --> 00:12:59,280
Speaker 3: take off because none of the merchant terminals could really

283
00:12:59,280 --> 00:13:02,280
Speaker 3: do it. So after a little while the merchant terminals

284
00:13:02,400 --> 00:13:05,600
Speaker 3: catch up. Everybody starts putting the payWave stuff on their

285
00:13:05,640 --> 00:13:07,720
Speaker 3: phone and instead of having to insert your card or

286
00:13:07,720 --> 00:13:09,640
Speaker 3: swipe your card, which is a little bit of a

287
00:13:09,720 --> 00:13:12,480
Speaker 3: hurdle to the payment thing, it became seamless, and that

288
00:13:12,600 --> 00:13:14,880
Speaker 3: is what payments have to be. If a business is

289
00:13:14,880 --> 00:13:16,520
Speaker 3: getting your money, they want it to be like that.

290
00:13:17,080 --> 00:13:19,160
Speaker 3: But if you want to kind of communicate with them

291
00:13:19,240 --> 00:13:21,640
Speaker 3: or maybe ask a question or make a complaint, no, no, no,

292
00:13:21,679 --> 00:13:24,000
Speaker 3: it can be much longer and harder. But getting your

293
00:13:24,000 --> 00:13:26,760
Speaker 3: money has to be so fast and so easy. And

294
00:13:26,800 --> 00:13:29,079
Speaker 3: so when it started becoming a matter of tapping your

295
00:13:29,120 --> 00:13:32,520
Speaker 3: card and then tapping your phone, I mean you're often

296
00:13:32,640 --> 00:13:36,280
Speaker 3: racing like people. There's no more mental arithmetic that needs

297
00:13:36,280 --> 00:13:38,400
Speaker 3: to happen. Somebody says, tap your phone here and you

298
00:13:38,440 --> 00:13:39,960
Speaker 3: go bang, and then you're away. You're gone.

299
00:13:40,040 --> 00:13:43,160
Speaker 2: I've got my thing, you know, I've left. It's down

300
00:13:43,160 --> 00:13:43,560
Speaker 2: the street.

301
00:13:43,600 --> 00:13:46,559
Speaker 3: Deep in our brains, there's this thing that's been written

302
00:13:46,640 --> 00:13:49,240
Speaker 3: quite a lot about by academics called the pain of paying.

303
00:13:49,640 --> 00:13:52,800
Speaker 3: If I hand over a twenty dollars note, it hurts.

304
00:13:53,200 --> 00:13:55,280
Speaker 3: There's a part of my brain that just doesn't like it.

305
00:13:55,360 --> 00:13:58,120
Speaker 3: Because I've accumulated, I've worked hard for it, I'm tapping

306
00:13:58,160 --> 00:14:01,200
Speaker 3: my phone. None of that passes it entirely.

307
00:14:01,320 --> 00:14:03,679
Speaker 1: It is the same reason that you have a chip

308
00:14:03,800 --> 00:14:06,719
Speaker 1: at a casino you trade your cash. Besides this thing,

309
00:14:07,120 --> 00:14:10,520
Speaker 1: because you're not seeing your hundred bucks one hundred dollar note.

310
00:14:11,000 --> 00:14:14,000
Speaker 1: It's just a little green piece of plastic.

311
00:14:14,240 --> 00:14:18,600
Speaker 3: Off it goes, perfect example. Easy. Yeah, and that's kind

312
00:14:18,600 --> 00:14:22,640
Speaker 3: of how it feels. Is invariably businesses like casinos. Other

313
00:14:22,680 --> 00:14:25,120
Speaker 3: people see that that is a good that has some

314
00:14:25,880 --> 00:14:28,240
Speaker 3: depth to it. A supermarket, you know, you put the

315
00:14:28,280 --> 00:14:29,920
Speaker 3: good stuff at the back. You don't have clocks, you

316
00:14:29,920 --> 00:14:32,160
Speaker 3: don't have windows. You know, these sorts of things like

317
00:14:32,680 --> 00:14:35,600
Speaker 3: the casino aification of other sorts of business.

318
00:14:35,680 --> 00:14:37,800
Speaker 1: I guess it is playing the core of it is

319
00:14:37,840 --> 00:14:38,960
Speaker 1: playing on our psychology.

320
00:14:39,200 --> 00:14:40,880
Speaker 3: So look, there's a lot of ways that you can

321
00:14:41,000 --> 00:14:44,800
Speaker 3: kind of justify these sorts of changes. It is convenient,

322
00:14:45,160 --> 00:14:47,800
Speaker 3: it is secure. If I lose my debit card, someone

323
00:14:47,800 --> 00:14:49,360
Speaker 3: can tap it. If I lose my wallet, someone can

324
00:14:49,400 --> 00:14:51,160
Speaker 3: just take my cash. But if I'm tapping my phone,

325
00:14:51,200 --> 00:14:53,000
Speaker 3: I have to have the facial recognition or maybe the

326
00:14:53,040 --> 00:14:56,800
Speaker 3: thumb print software that is secure. That's a fair point.

327
00:14:56,960 --> 00:14:59,880
Speaker 3: I think you don't have a lot of risk any

328
00:15:00,080 --> 00:15:02,280
Speaker 3: more that somebody else is going to pickpocket you and

329
00:15:02,480 --> 00:15:05,360
Speaker 3: run around town. You have a lot of other risks.

330
00:15:05,680 --> 00:15:09,400
Speaker 3: Scammers are just loving the digital economy that we've gotten

331
00:15:09,400 --> 00:15:13,360
Speaker 3: ourselves into anything where there's a conversation to be had.

332
00:15:13,400 --> 00:15:15,680
Speaker 3: These people are very good at arguing their points. You're

333
00:15:15,720 --> 00:15:17,760
Speaker 3: not going to sit them down and change their mind,

334
00:15:17,880 --> 00:15:19,720
Speaker 3: and they're not going to unring the bell of digital

335
00:15:19,720 --> 00:15:22,400
Speaker 3: payments and that sort of stuff. We're there now. But

336
00:15:22,480 --> 00:15:25,240
Speaker 3: I think broadly, the problem that I have is that

337
00:15:25,280 --> 00:15:29,400
Speaker 3: the tactics of confusion are so lucrative now and they're

338
00:15:29,440 --> 00:15:31,640
Speaker 3: so widely used. One of the ones I like to

339
00:15:31,680 --> 00:15:35,080
Speaker 3: talk about is telecommunications. I mean, what is a gigabyte

340
00:15:35,120 --> 00:15:40,680
Speaker 3: actually supposed to cost? Who knows. They tell you the

341
00:15:40,760 --> 00:15:43,560
Speaker 3: numbers that they want you to think, But what is

342
00:15:43,920 --> 00:15:47,280
Speaker 3: kind of riddled throughout that sector is good old fashioned

343
00:15:47,320 --> 00:15:50,880
Speaker 3: behavioral psychology. They want you to pick this number and

344
00:15:51,000 --> 00:15:53,680
Speaker 3: not those numbers, and so they'll give you three options

345
00:15:53,680 --> 00:15:56,680
Speaker 3: where one of them stands out to you quite nicely,

346
00:15:56,720 --> 00:15:58,640
Speaker 3: and that's the one they want you to pick. But

347
00:15:58,880 --> 00:16:03,720
Speaker 3: you know, the idea that a gigabyte should cost you

348
00:16:04,520 --> 00:16:07,600
Speaker 3: ten bucks or twenty bucks, nobody knows, and so people

349
00:16:07,720 --> 00:16:10,880
Speaker 3: just go along with it. In India, a gigabyte costs

350
00:16:10,960 --> 00:16:13,520
Speaker 3: basically nothing because in twenty sixteen in this company called

351
00:16:13,560 --> 00:16:15,840
Speaker 3: Geo came along and built their whole new infrastructure and

352
00:16:15,920 --> 00:16:19,680
Speaker 3: just decided to disrupt it themselves. There's issues with that idea,

353
00:16:20,320 --> 00:16:24,320
Speaker 3: but the problem is the structures that we are really

354
00:16:24,320 --> 00:16:26,360
Speaker 3: relying on are only one or two steps away from

355
00:16:26,400 --> 00:16:29,920
Speaker 3: getting the ass blown out of them by a disruptor.

356
00:16:30,320 --> 00:16:34,240
Speaker 3: And the confusion is kind of just passed around. And

357
00:16:34,280 --> 00:16:36,920
Speaker 3: it's frustrating, I think, to see as it happens. I mean,

358
00:16:37,000 --> 00:16:38,680
Speaker 3: we've all been there, you kind of just go what

359
00:16:38,840 --> 00:16:41,560
Speaker 3: is this charged? Like? Why is there some sort of

360
00:16:41,600 --> 00:16:45,080
Speaker 3: service fee and a handling fee? Why if I wanted

361
00:16:45,120 --> 00:16:46,960
Speaker 3: to buy a ticket to go to a show, though

362
00:16:47,000 --> 00:16:49,520
Speaker 3: I have to have a ticket processing fee if it's

363
00:16:49,560 --> 00:16:52,640
Speaker 3: a digital one on my phone? What's going on here?

364
00:16:52,920 --> 00:16:55,080
Speaker 3: And you kind of have no recourse, no where to turn,

365
00:16:55,240 --> 00:17:00,320
Speaker 3: no where to share your frustration. And unfortunately, the cynic

366
00:17:00,360 --> 00:17:02,680
Speaker 3: in me and the kind of the grim sort of

367
00:17:02,800 --> 00:17:05,960
Speaker 3: underlying tone of these videos is that it is inescapable

368
00:17:06,320 --> 00:17:08,200
Speaker 3: and all you can try to do is laugh about it.

369
00:17:09,160 --> 00:17:11,080
Speaker 1: For someone like me who has a hard time with

370
00:17:11,119 --> 00:17:13,640
Speaker 1: all this kind of stuff and is just complete prey

371
00:17:13,680 --> 00:17:15,119
Speaker 1: to this tactics of this what do you call it?

372
00:17:15,160 --> 00:17:16,320
Speaker 2: The tactic of confusion?

373
00:17:16,520 --> 00:17:17,800
Speaker 3: Yeah, Yeah, that's how it feels.

374
00:17:17,840 --> 00:17:20,760
Speaker 1: Yeah, Yeah, how can I avoid getting stuck in this

375
00:17:20,800 --> 00:17:22,120
Speaker 1: kind of thing? What's the thing that I can start

376
00:17:22,119 --> 00:17:23,960
Speaker 1: to look for if I'm trying to change my dow

377
00:17:24,000 --> 00:17:25,720
Speaker 1: a provider or trying to get a different phone plan.

378
00:17:26,960 --> 00:17:30,600
Speaker 3: Look, the unfortunate thing is they just keep saying shop around,

379
00:17:31,000 --> 00:17:32,840
Speaker 3: which is fine, but it puts the onus on you.

380
00:17:33,000 --> 00:17:35,720
Speaker 3: Like how much time do you have to shop around

381
00:17:35,720 --> 00:17:39,120
Speaker 3: for insurance? Your telecommunications provider, your phone plan, like all

382
00:17:39,160 --> 00:17:42,880
Speaker 3: of these things one after the other. Mortgage, you know,

383
00:17:43,400 --> 00:17:44,640
Speaker 3: five different types of insurance.

384
00:17:45,080 --> 00:17:45,600
Speaker 2: You know.

385
00:17:45,880 --> 00:17:47,760
Speaker 3: I kind of talk to people about it as like

386
00:17:48,280 --> 00:17:50,639
Speaker 3: the darkest day of your half year. You have to

387
00:17:50,680 --> 00:17:53,360
Speaker 3: sit down and think about all this stuff. But if

388
00:17:53,359 --> 00:17:55,600
Speaker 3: you just sort of say, okay, that's my bad day

389
00:17:55,640 --> 00:17:57,399
Speaker 3: where I'm going to have to do all that, then

390
00:17:57,440 --> 00:17:59,280
Speaker 3: you'll probably end up saving quite a bit of money

391
00:17:59,280 --> 00:18:02,160
Speaker 3: by doing it. It's just it's the loyalty. I hate

392
00:18:02,200 --> 00:18:06,280
Speaker 3: loyalty in our economy. Anything where a business is trying

393
00:18:06,280 --> 00:18:08,159
Speaker 3: to get you to not look at the competitor for

394
00:18:08,240 --> 00:18:11,359
Speaker 3: pricing and for service. I really don't like that. So

395
00:18:11,480 --> 00:18:14,560
Speaker 3: loyalty programs I don't think are worth it. Pretty much

396
00:18:14,640 --> 00:18:16,639
Speaker 3: blanket rule there. I mean, I know a lot of

397
00:18:16,680 --> 00:18:18,880
Speaker 3: people are going to be listening to this and saying, well,

398
00:18:18,880 --> 00:18:21,239
Speaker 3: mine is though, because you know it's a credit card

399
00:18:21,280 --> 00:18:23,240
Speaker 3: that gives me points, or because it's an airline that

400
00:18:23,280 --> 00:18:25,760
Speaker 3: gives me points, and you know, the agabill See last

401
00:18:25,760 --> 00:18:29,080
Speaker 3: week said look, you know, for one of the big supermarkets,

402
00:18:29,080 --> 00:18:32,639
Speaker 3: we're talking a half a cent discount for every dollar

403
00:18:33,320 --> 00:18:35,800
Speaker 3: You're giving them a lot of data. You're getting, giving

404
00:18:35,840 --> 00:18:39,280
Speaker 3: them everything about you on a platter, which then you know,

405
00:18:39,280 --> 00:18:41,360
Speaker 3: I don't know anybody who reads the terms and conditions,

406
00:18:41,359 --> 00:18:43,720
Speaker 3: but they can usually package and on sell that. And

407
00:18:43,760 --> 00:18:46,320
Speaker 3: the person that's calling you from a call center trying

408
00:18:46,359 --> 00:18:50,040
Speaker 3: to pussele you for whatever it is, you've probably given

409
00:18:50,240 --> 00:18:53,119
Speaker 3: your information to somebody who's then sold it to that person.

410
00:18:53,720 --> 00:18:56,120
Speaker 3: But the cost is there. It's a bad exchange rate.

411
00:18:56,440 --> 00:18:59,280
Speaker 3: You know, here's all my information. What am I getting

412
00:18:59,280 --> 00:19:02,760
Speaker 3: in return? Vague notion of reward points somewhere? So I

413
00:19:02,800 --> 00:19:05,080
Speaker 3: don't like that. I think if it were me and

414
00:19:05,119 --> 00:19:07,159
Speaker 3: I was sitting down with somebody, I'd say, interrogate your

415
00:19:07,800 --> 00:19:10,159
Speaker 3: loyalty programs and whether or not they're worth it, and

416
00:19:10,240 --> 00:19:12,240
Speaker 3: try to shop around as best as you can and

417
00:19:12,359 --> 00:19:15,840
Speaker 3: be as disloyal as possible to businesses.

418
00:19:16,000 --> 00:19:18,280
Speaker 1: There's a point in my life where I was just

419
00:19:18,320 --> 00:19:21,120
Speaker 1: being is a reason why I've got financially fucked, because

420
00:19:21,119 --> 00:19:22,840
Speaker 1: I've spent a lot of money when I was still

421
00:19:22,920 --> 00:19:24,960
Speaker 1: drinking and using. But the after effect of one of

422
00:19:24,960 --> 00:19:27,520
Speaker 1: them has I've got lifetime gold status at Corners.

423
00:19:27,680 --> 00:19:28,280
Speaker 3: That's pretty good.

424
00:19:28,320 --> 00:19:28,880
Speaker 2: It was pretty good.

425
00:19:28,920 --> 00:19:29,480
Speaker 3: That's the exception.

426
00:19:29,560 --> 00:19:31,040
Speaker 2: It's fucking close to plantinum lifetime.

427
00:19:32,520 --> 00:19:34,879
Speaker 1: Stop drinking and stop doing all kinds of dumbshit business

428
00:19:34,920 --> 00:19:38,600
Speaker 1: class flights for the first time ever because and what

429
00:19:38,720 --> 00:19:40,600
Speaker 1: that means is that when you're traveling with the kids,

430
00:19:40,640 --> 00:19:42,879
Speaker 1: you're board first and you get to the lounge for

431
00:19:42,920 --> 00:19:46,080
Speaker 1: the first time ever. Yesterday, coming back from Brisbane, they

432
00:19:46,119 --> 00:19:47,520
Speaker 1: made the first boarding court.

433
00:19:47,560 --> 00:19:49,560
Speaker 2: I was like, Oh, that's us, We get up. You're

434
00:19:49,600 --> 00:19:51,840
Speaker 2: in the next group, sir. Hang on what they put

435
00:19:51,880 --> 00:19:52,800
Speaker 2: another fucking.

436
00:19:52,520 --> 00:19:56,280
Speaker 1: Tier on top I was previously top tier and now

437
00:19:56,359 --> 00:19:58,040
Speaker 1: there's an even special tier.

438
00:19:57,960 --> 00:19:59,760
Speaker 3: Change the rules of the game halfway through on the

439
00:20:00,160 --> 00:20:07,640
Speaker 3: Do you hate that lifetime lifetime gold so annoyed?

440
00:20:08,320 --> 00:20:10,920
Speaker 1: When it comes to an election campaign, you can get

441
00:20:10,920 --> 00:20:13,359
Speaker 1: away with a lot, Like if you and I are

442
00:20:13,400 --> 00:20:16,560
Speaker 1: running against each other, I can say if you vote

443
00:20:16,600 --> 00:20:19,960
Speaker 1: for Chris, your taxes are going through the roof.

444
00:20:20,040 --> 00:20:22,000
Speaker 2: I don't even have to show proof. I can just

445
00:20:22,040 --> 00:20:22,560
Speaker 2: say they are.

446
00:20:22,720 --> 00:20:23,160
Speaker 3: That's true.

447
00:20:23,200 --> 00:20:25,040
Speaker 1: He's got a plan. He wants you just he wants

448
00:20:25,040 --> 00:20:27,440
Speaker 1: you to never go on holiday again. He wants you

449
00:20:27,480 --> 00:20:29,720
Speaker 1: to always board last. I vote for Chris is a

450
00:20:29,760 --> 00:20:32,359
Speaker 1: board for vote for boarding last. I don't have to

451
00:20:32,400 --> 00:20:34,840
Speaker 1: prove that, but you can just say all kinds of

452
00:20:34,920 --> 00:20:39,640
Speaker 1: wild shit, particularly when it comes to very complicated, complicated

453
00:20:40,119 --> 00:20:42,240
Speaker 1: economic problems like cost of living has got to be

454
00:20:42,480 --> 00:20:46,959
Speaker 1: a three hundred headed beast. There's no one reason, but

455
00:20:47,040 --> 00:20:49,679
Speaker 1: you can say in two sentences, I'm going to fix that.

456
00:20:49,880 --> 00:20:51,639
Speaker 2: Yeah, can anyone fix it?

457
00:20:52,200 --> 00:20:57,280
Speaker 3: Cost living? Thing? A jeez? I mean no, Look, no,

458
00:20:58,119 --> 00:21:01,000
Speaker 3: it's a big issue that I think. One of the

459
00:21:01,040 --> 00:21:04,480
Speaker 3: most interesting things to me about this whole election campaign

460
00:21:04,640 --> 00:21:07,240
Speaker 3: is what they're not talking about. So you're right, they're

461
00:21:07,359 --> 00:21:10,600
Speaker 3: they're throwing haymakers at each other, as every political campaign

462
00:21:10,640 --> 00:21:13,120
Speaker 3: has always done. But what they're really trying to do

463
00:21:13,240 --> 00:21:15,800
Speaker 3: is get out of the way of probably the Reserve Bank,

464
00:21:15,920 --> 00:21:19,280
Speaker 3: which has the biggest cards you know, in its hand

465
00:21:19,359 --> 00:21:22,000
Speaker 3: right now, because the market's expecting three more rate cuts

466
00:21:22,000 --> 00:21:23,919
Speaker 3: this year. Which would probably if you've got a six

467
00:21:24,040 --> 00:21:27,639
Speaker 3: hundred thousand dollars mortgage, let's say probably puts two hundred

468
00:21:27,640 --> 00:21:31,280
Speaker 3: and two hundred and forty bucks in your two hundred

469
00:21:31,280 --> 00:21:32,679
Speaker 3: and seventy actually in your pocket.

470
00:21:32,720 --> 00:21:35,359
Speaker 2: I love, you just did that in your mind. Fucking

471
00:21:35,359 --> 00:21:36,399
Speaker 2: did that in your brain?

472
00:21:36,560 --> 00:21:39,080
Speaker 3: It's well, no, I mean, I can't of you.

473
00:21:39,040 --> 00:21:41,160
Speaker 2: Are dated health quite as far as I'm concerned. Right now,

474
00:21:41,200 --> 00:21:41,439
Speaker 2: you are.

475
00:21:42,320 --> 00:21:45,880
Speaker 3: It's all a trick, gosha. So let's say two seventy

476
00:21:46,160 --> 00:21:49,800
Speaker 3: a month in your pocket. The government is talking about

477
00:21:49,880 --> 00:21:54,000
Speaker 3: potential twenty bucks a month from midnext year onwards. The

478
00:21:54,040 --> 00:21:56,560
Speaker 3: coalition is talking about dropping fuel taxes and maybe saving

479
00:21:56,560 --> 00:21:59,280
Speaker 3: you fourteen bucks a week. This is helpful. But the

480
00:21:59,320 --> 00:22:01,800
Speaker 3: reserve banks one that's going to be really making a

481
00:22:01,840 --> 00:22:04,800
Speaker 3: play here. And you know, while they were hiking rates

482
00:22:04,800 --> 00:22:07,600
Speaker 3: all the time, all the political bodies wanted to do

483
00:22:07,680 --> 00:22:09,800
Speaker 3: is say, got nothing to do with us, guys. And

484
00:22:09,840 --> 00:22:12,040
Speaker 3: so now when rate's probably going to start coming down,

485
00:22:12,119 --> 00:22:14,399
Speaker 3: it's interesting to see whether or not they're going to

486
00:22:14,400 --> 00:22:16,680
Speaker 3: start taking credit, or whether or not they're going to say,

487
00:22:17,320 --> 00:22:20,080
Speaker 3: you know, this is this is the economy writing itself.

488
00:22:20,800 --> 00:22:22,600
Speaker 3: So I think that's a big one to watch.

489
00:22:22,880 --> 00:22:24,240
Speaker 2: What are some of the other things that they're not

490
00:22:24,720 --> 00:22:26,240
Speaker 2: kind of deliberately not talking about.

491
00:22:26,480 --> 00:22:28,440
Speaker 3: I'm glad you asked that, because the one thing that's

492
00:22:28,480 --> 00:22:30,520
Speaker 3: been bothering me lately and no one seems to be

493
00:22:30,560 --> 00:22:34,360
Speaker 3: talking about it, is home insurance. It's such a big issue,

494
00:22:34,720 --> 00:22:36,800
Speaker 3: and they don't have anything in the budget, particularly if

495
00:22:36,800 --> 00:22:39,520
Speaker 3: you're north of the Tropic of Capricol. Yeah, yeah, so

496
00:22:39,600 --> 00:22:42,600
Speaker 3: this is huge, right. We talk about, you know, energy rebates,

497
00:22:42,600 --> 00:22:45,560
Speaker 3: we talk about fueled taxes, all these sorts of things,

498
00:22:45,640 --> 00:22:48,240
Speaker 3: tax cuts in general, but there are large parts of

499
00:22:48,240 --> 00:22:51,879
Speaker 3: the population now in very hazardous areas who cannot get

500
00:22:51,880 --> 00:22:54,840
Speaker 3: insured at all. That's going to be an issue. You've

501
00:22:54,840 --> 00:22:58,720
Speaker 3: got a population about thirty percent can't afford the insurance

502
00:22:58,720 --> 00:23:01,240
Speaker 3: they've got, and almost all of them are under insured

503
00:23:01,440 --> 00:23:03,560
Speaker 3: because the cost of building a house has gone up

504
00:23:03,880 --> 00:23:08,000
Speaker 3: through the roof. So I think there's a big problem there.

505
00:23:08,320 --> 00:23:10,600
Speaker 3: And I think, you know, if Cycle and Alfred had

506
00:23:10,600 --> 00:23:13,560
Speaker 3: a touchdown in southern Queensland and northern New South Wales,

507
00:23:14,400 --> 00:23:17,480
Speaker 3: category two wins would have been a huge problem because,

508
00:23:17,480 --> 00:23:20,560
Speaker 3: if I'm not mistaken, anything below Bunderberg doesn't really have

509
00:23:20,640 --> 00:23:23,760
Speaker 3: to be built to withstand category two wins. So I

510
00:23:23,800 --> 00:23:25,800
Speaker 3: think insurance is a really big one, and I think

511
00:23:25,800 --> 00:23:27,920
Speaker 3: we're going to have to have that conversation pretty soon

512
00:23:28,440 --> 00:23:32,000
Speaker 3: because more and more houses, more and more homes, and

513
00:23:32,560 --> 00:23:35,280
Speaker 3: viable building land is going to be seen to be unusable.

514
00:23:35,400 --> 00:23:37,080
Speaker 1: Had the CEO of the Climate Council land here the

515
00:23:37,080 --> 00:23:39,320
Speaker 1: other day, Amna McKenzie, and we were talking about this

516
00:23:39,320 --> 00:23:41,080
Speaker 1: because IVE always thought for a long time it's going

517
00:23:41,119 --> 00:23:45,000
Speaker 1: to be the insurance companies that drive climate policy, because

518
00:23:45,520 --> 00:23:50,240
Speaker 1: if we can't ensure our homes, or if a big

519
00:23:50,560 --> 00:23:54,000
Speaker 1: disaster comes through and empties an insurance company out, what

520
00:23:54,119 --> 00:23:56,360
Speaker 1: does that do for our ability to do business in Australia.

521
00:23:56,520 --> 00:23:58,560
Speaker 3: Yeah, well it's a massive problem. I mean we all

522
00:23:58,640 --> 00:24:00,960
Speaker 3: need insurance just to kind of get by. I think

523
00:24:01,000 --> 00:24:03,959
Speaker 3: the housing markets, a lot of real estate agents are

524
00:24:03,960 --> 00:24:05,760
Speaker 3: now starting to see a lot more people do their

525
00:24:05,840 --> 00:24:09,000
Speaker 3: due diligence, including is this a flood risk? What's it

526
00:24:09,040 --> 00:24:10,399
Speaker 3: going to what am I going to have to be

527
00:24:10,440 --> 00:24:13,200
Speaker 3: coughing up here? In terms of insurance costs. Whereas rewind

528
00:24:13,240 --> 00:24:15,359
Speaker 3: a couple even a couple of years, that wasn't so

529
00:24:15,560 --> 00:24:19,880
Speaker 3: much of a consideration, I think it's becoming much much

530
00:24:19,920 --> 00:24:22,240
Speaker 3: more front of mind. It's affecting where people can and

531
00:24:22,280 --> 00:24:24,320
Speaker 3: want to live, which affects where people can set up

532
00:24:24,320 --> 00:24:27,320
Speaker 3: big businesses. And you know, we've decided as a country

533
00:24:27,359 --> 00:24:28,840
Speaker 3: for the most part that we want people in the

534
00:24:28,840 --> 00:24:32,959
Speaker 3: office as opposed to working from home. That makes it

535
00:24:33,040 --> 00:24:35,760
Speaker 3: difficult to just head wherever you want ahead and set

536
00:24:35,840 --> 00:24:38,480
Speaker 3: up your life. So I think, you know, places like

537
00:24:38,560 --> 00:24:42,760
Speaker 3: Melbourne is sprawling right out. I mean, Melbourn's an enormous city,

538
00:24:43,080 --> 00:24:44,840
Speaker 3: as is Sydney. I mean, if you put a Melbourne

539
00:24:44,880 --> 00:24:47,000
Speaker 3: or a Sydney in the USA, it would be the

540
00:24:47,040 --> 00:24:50,280
Speaker 3: third biggest city in the country over there by population.

541
00:24:50,720 --> 00:24:52,920
Speaker 3: And yet over there those big cities they all kind

542
00:24:52,920 --> 00:24:55,800
Speaker 3: of go up. We're going out. So it affects everything.

543
00:24:55,800 --> 00:24:57,360
Speaker 3: I think insurance is a massive.

544
00:24:57,000 --> 00:25:00,439
Speaker 1: One because without if the insurance companies go under. That

545
00:25:00,480 --> 00:25:02,760
Speaker 1: was a big part of it was in two thousand

546
00:25:02,760 --> 00:25:05,200
Speaker 1: and eight when everything fell apart was aig I think,

547
00:25:06,080 --> 00:25:08,679
Speaker 1: because if an insurance company goes under, how does that

548
00:25:08,720 --> 00:25:09,800
Speaker 1: affect the economy.

549
00:25:09,880 --> 00:25:12,720
Speaker 3: Yeah, well, all the insurance companies get their reinsurance from

550
00:25:12,760 --> 00:25:15,600
Speaker 3: bigger global insurers. So all of a sudden, if the

551
00:25:15,640 --> 00:25:19,600
Speaker 3: maths aren't mathsing, people start pulling out, and all of

552
00:25:19,640 --> 00:25:22,400
Speaker 3: a sudden you're left with one or two insurance companies

553
00:25:22,440 --> 00:25:24,639
Speaker 3: that start jacking out their prices. I mean, insurance is

554
00:25:24,680 --> 00:25:27,160
Speaker 3: a price on risk. If we're deciding that these sorts

555
00:25:27,160 --> 00:25:30,280
Speaker 3: of things are more risky, then the price goes up.

556
00:25:30,520 --> 00:25:32,320
Speaker 3: We can't afford it. All of a sudden, only a

557
00:25:32,320 --> 00:25:35,760
Speaker 3: few people can have the luxury of being insured. Yeah,

558
00:25:35,800 --> 00:25:37,240
Speaker 3: the flow on effects are enormous.

559
00:25:37,480 --> 00:25:42,400
Speaker 1: It's so interesting that the moral question of climate action

560
00:25:42,720 --> 00:25:47,399
Speaker 1: or social policy even isn't the one that gets the

561
00:25:47,400 --> 00:25:52,119
Speaker 1: thing done. It's the money. And it's sad, but a

562
00:25:52,160 --> 00:25:54,200
Speaker 1: part of it had to come to grips with that going. Look,

563
00:25:54,840 --> 00:25:55,960
Speaker 1: if it's money, it's money.

564
00:25:56,280 --> 00:25:56,639
Speaker 2: Okay.

565
00:25:56,640 --> 00:25:59,880
Speaker 1: If you've decided that helping this twelve year old boy

566
00:26:00,280 --> 00:26:02,520
Speaker 1: by providing in some social services now, so don't have

567
00:26:02,600 --> 00:26:04,239
Speaker 1: to pay hundreds of thousands dollars a year to keep

568
00:26:04,320 --> 00:26:08,080
Speaker 1: memcrstrated once he's eighteen until he's fifty. Great, Yeah, not

569
00:26:08,119 --> 00:26:10,399
Speaker 1: because it's the right thing to do, because it saves

570
00:26:10,600 --> 00:26:12,080
Speaker 1: your money later on.

571
00:26:12,119 --> 00:26:14,000
Speaker 3: Having a conscience costs you a lot of money. You

572
00:26:14,080 --> 00:26:17,640
Speaker 3: know you want to get rid of that conscience. Come on, man,

573
00:26:18,680 --> 00:26:21,600
Speaker 3: you're right though, it's a calculation. You've got to figure

574
00:26:21,640 --> 00:26:24,680
Speaker 3: all that sort of stuff out, like business is always

575
00:26:24,680 --> 00:26:28,120
Speaker 3: evolving and changing and the pricing of risk is constant.

576
00:26:29,280 --> 00:26:30,800
Speaker 1: We just need to take a quick break from Chris

577
00:26:30,880 --> 00:26:38,720
Speaker 1: Cohler back in a moment in the election campaign that

578
00:26:38,720 --> 00:26:41,280
Speaker 1: we're in right now. What I love is that for

579
00:26:41,359 --> 00:26:44,040
Speaker 1: all of where's the details of Peter Dalton? I've got

580
00:26:44,040 --> 00:26:46,439
Speaker 1: to admire a man who's so less than a year

581
00:26:46,520 --> 00:26:49,680
Speaker 1: later is bold facingly go, oh, the details will come

582
00:26:50,040 --> 00:26:51,199
Speaker 1: on the nuclearthnic thing.

583
00:26:51,280 --> 00:26:52,360
Speaker 2: Yeah, the details will come.

584
00:26:53,200 --> 00:26:56,639
Speaker 1: What the because the money is a coward if anybody

585
00:26:56,680 --> 00:26:58,639
Speaker 1: wants to know what's happening. And look at what massive

586
00:26:58,800 --> 00:27:00,399
Speaker 1: black rock and shit like that, what about doing with

587
00:27:00,440 --> 00:27:02,120
Speaker 1: their Cashere are they pulling it from? And we're now

588
00:27:02,119 --> 00:27:05,399
Speaker 1: putting it to Money does not like uncertainty. Money doesn't

589
00:27:05,520 --> 00:27:10,280
Speaker 1: like long term risk. When someone like the coalition here

590
00:27:10,280 --> 00:27:15,280
Speaker 1: in Australia is pitching nuclear as a long term energy option.

591
00:27:15,720 --> 00:27:16,879
Speaker 2: How do we even assess that?

592
00:27:16,960 --> 00:27:19,520
Speaker 1: How do we get our brains around is this a

593
00:27:19,520 --> 00:27:21,199
Speaker 1: good idea? What the price of energy will do for

594
00:27:21,240 --> 00:27:23,720
Speaker 1: Australia manufacturing in forty years when it's ready.

595
00:27:24,040 --> 00:27:28,520
Speaker 3: It's so hard to put that onto people without any

596
00:27:28,600 --> 00:27:32,359
Speaker 3: realistic pricing strategy. I mean, how can you assess it.

597
00:27:32,880 --> 00:27:35,520
Speaker 3: We're talking so much money over such a long period

598
00:27:35,560 --> 00:27:37,959
Speaker 3: of time, and I think they've kind of gotten the

599
00:27:38,000 --> 00:27:40,119
Speaker 3: hang of the fact that that's too far in the distance.

600
00:27:40,119 --> 00:27:43,320
Speaker 3: Now they're talking about redirecting gas and keeping twenty percent

601
00:27:43,320 --> 00:27:44,720
Speaker 3: of it here in Australia, all that sort of stuff,

602
00:27:44,720 --> 00:27:46,879
Speaker 3: and they're talking about fuel and they're sort of the

603
00:27:46,920 --> 00:27:48,760
Speaker 3: here and now. I mean, I think that was a

604
00:27:48,840 --> 00:27:52,560
Speaker 3: very interesting moment of policy. Everybody sort of knew that

605
00:27:52,720 --> 00:27:56,560
Speaker 3: energy prices are a big deal, and the Dutton shadow

606
00:27:56,720 --> 00:28:01,400
Speaker 3: Cabinet clearly decided we need something big here, something I catching. Look,

607
00:28:01,440 --> 00:28:04,159
Speaker 3: it was just too light on the details, where we

608
00:28:04,200 --> 00:28:05,640
Speaker 3: don't know how much it's going to cost, and that's

609
00:28:05,640 --> 00:28:07,879
Speaker 3: such a big part of it. Look, I think the

610
00:28:08,440 --> 00:28:11,480
Speaker 3: real stuff to look for when you're looking at a

611
00:28:11,520 --> 00:28:14,119
Speaker 3: campaign an election campaign is not the big stuff, because

612
00:28:14,119 --> 00:28:17,040
Speaker 3: as you say, where's the detail, I think the small

613
00:28:17,080 --> 00:28:20,400
Speaker 3: stuff is where you should be looking things Like when

614
00:28:20,440 --> 00:28:21,639
Speaker 3: I was in the budget, one of the things that

615
00:28:21,680 --> 00:28:23,439
Speaker 3: caught my eye and I thought was very interesting was

616
00:28:23,480 --> 00:28:27,880
Speaker 3: the banning of these bogus non compete clauses that are

617
00:28:27,920 --> 00:28:30,720
Speaker 3: in apparently three million Australians contracts. You know, if you're

618
00:28:30,720 --> 00:28:32,920
Speaker 3: a hairdresser, it might say you're not allowed to work

619
00:28:32,920 --> 00:28:34,920
Speaker 3: for a competitor for six months after you leave here,

620
00:28:34,960 --> 00:28:38,560
Speaker 3: regardless of the circumstances within five kilometers, or if you're

621
00:28:38,600 --> 00:28:39,760
Speaker 3: a tradee, or if you.

622
00:28:40,040 --> 00:28:41,959
Speaker 1: Mate, if you're a fitness instructor, if you're working as

623
00:28:42,000 --> 00:28:44,640
Speaker 1: a PTE adverse. You know the watching McCall at twenty

624
00:28:44,640 --> 00:28:46,760
Speaker 1: four right down the road. You can't then go and

625
00:28:46,800 --> 00:28:48,640
Speaker 1: work at the other. If you work at the red one,

626
00:28:48,680 --> 00:28:49,640
Speaker 1: you can't go work at the blue one.

627
00:28:49,720 --> 00:28:53,640
Speaker 3: Yes, so this sort of stuff has led into every

628
00:28:53,680 --> 00:28:56,120
Speaker 3: part of the economy. It would seem for no good reason.

629
00:28:56,120 --> 00:28:58,600
Speaker 3: We're talking cleaners who are not allowed to go and

630
00:28:58,840 --> 00:29:02,160
Speaker 3: clean a building across the road for fear of some

631
00:29:02,360 --> 00:29:05,080
Speaker 3: vague notion of legal action. Of course it's not really

632
00:29:05,120 --> 00:29:07,680
Speaker 3: able to be pursued, but the problem is people don't

633
00:29:07,680 --> 00:29:09,480
Speaker 3: have the resources to take it to an employment lawyer.

634
00:29:09,560 --> 00:29:10,720
Speaker 3: They just look at it and go, okay, I'm not

635
00:29:10,720 --> 00:29:13,360
Speaker 3: allowed to do it. So Jim Charmers came through and

636
00:29:13,400 --> 00:29:14,960
Speaker 3: he does a tour of the press gallery and we

637
00:29:15,040 --> 00:29:16,480
Speaker 3: kind of when he came to us, we said so

638
00:29:16,520 --> 00:29:19,080
Speaker 3: what's the deal with this noncompete thing? And he says, well,

639
00:29:19,120 --> 00:29:21,080
Speaker 3: we got the Productivity Commissioner to look into this, and

640
00:29:21,120 --> 00:29:24,600
Speaker 3: they said that the highest yield, lowest impact way to

641
00:29:24,680 --> 00:29:26,840
Speaker 3: get wages moving is to get rid of all this

642
00:29:26,920 --> 00:29:30,320
Speaker 3: crap that is stopping people from getting a five percent

643
00:29:30,360 --> 00:29:33,520
Speaker 3: pay increase by going across the road. It's awful because

644
00:29:33,520 --> 00:29:36,040
Speaker 3: it stops you from having to like somebody goes, hey,

645
00:29:36,040 --> 00:29:37,680
Speaker 3: I can get a better job, I can get more

646
00:29:37,680 --> 00:29:40,720
Speaker 3: money at this other place, and then you if you

647
00:29:40,760 --> 00:29:43,719
Speaker 3: have this noncompete and go no, you can't. Aha, instead

648
00:29:43,760 --> 00:29:45,920
Speaker 3: of stay here, I'll make your life better, I'll pay

649
00:29:45,960 --> 00:29:48,040
Speaker 3: you more, which is supposed to be. If you're a

650
00:29:48,040 --> 00:29:50,440
Speaker 3: desirable employee for the other person, you should be getting

651
00:29:50,440 --> 00:29:52,840
Speaker 3: as much money as you can. These are the little

652
00:29:52,880 --> 00:29:55,360
Speaker 3: things I think that make a lot of sense. And

653
00:29:55,400 --> 00:29:58,600
Speaker 3: I mean, obviously the coalition has some smaller pieces of

654
00:29:58,600 --> 00:30:01,160
Speaker 3: policy that are interesting and worth looking at as well,

655
00:30:01,160 --> 00:30:03,840
Speaker 3: whether it's housing policies or if it's the fuel tax

656
00:30:03,920 --> 00:30:07,520
Speaker 3: X side stuff. But I reckon if possible, people should

657
00:30:07,520 --> 00:30:10,880
Speaker 3: be looking at the lower level, you know, stop halfway

658
00:30:11,240 --> 00:30:13,400
Speaker 3: and look at what they've actually laid out on the table.

659
00:30:13,960 --> 00:30:17,280
Speaker 3: As for other pieces of policy. I like that the

660
00:30:17,280 --> 00:30:19,120
Speaker 3: Coalition is going to put aside a few billion dollars

661
00:30:19,160 --> 00:30:22,800
Speaker 3: for urgent infrastructure lower to the ground stuff, water sewage.

662
00:30:23,000 --> 00:30:25,600
Speaker 3: That's going to hopefully help some of these new places

663
00:30:25,680 --> 00:30:28,200
Speaker 3: that we want to live be more habitable.

664
00:30:28,320 --> 00:30:31,800
Speaker 2: I suppose I love that you said habitable rather than habitable.

665
00:30:32,040 --> 00:30:34,160
Speaker 3: I put the emphasis on a different salabal there.

666
00:30:39,520 --> 00:30:45,480
Speaker 2: It's perfect. This is if a suit didn't show you like.

667
00:30:45,560 --> 00:30:49,000
Speaker 1: This is how you've become a professional, professional journalist.

668
00:30:49,080 --> 00:30:51,560
Speaker 2: There is an addiction I discovered yesterday.

669
00:30:51,600 --> 00:30:53,800
Speaker 1: I say the word I say the word drawing with

670
00:30:53,840 --> 00:30:57,200
Speaker 1: two rs.

671
00:30:56,720 --> 00:30:58,920
Speaker 2: I was like, it's a w.

672
00:31:00,640 --> 00:31:03,120
Speaker 3: Ring. Yeah, I was drawing. No, that's okay. Though. The

673
00:31:03,160 --> 00:31:05,080
Speaker 3: thing is when I said habitable, just then I knew

674
00:31:05,080 --> 00:31:06,680
Speaker 3: it was coming in my sentence, and I was like,

675
00:31:06,720 --> 00:31:07,280
Speaker 3: oh shit.

676
00:31:07,080 --> 00:31:07,840
Speaker 2: Here, we can't stop.

677
00:31:08,680 --> 00:31:11,640
Speaker 3: Stop it's already And then I tried to cruise fast

678
00:31:11,680 --> 00:31:12,480
Speaker 3: and you saw it.

679
00:31:12,480 --> 00:31:13,200
Speaker 2: It was beautiful.

680
00:31:13,600 --> 00:31:14,600
Speaker 3: It was beautiful.

681
00:31:14,800 --> 00:31:16,640
Speaker 2: But I know the feel because having been a broadcaster

682
00:31:16,680 --> 00:31:17,280
Speaker 2: for a long time.

683
00:31:17,400 --> 00:31:20,840
Speaker 1: Yeah, your brain has to be twenty seconds ahead and

684
00:31:20,880 --> 00:31:22,320
Speaker 1: the mouth stuff.

685
00:31:22,440 --> 00:31:24,520
Speaker 2: Those messages have already been sent. You can't stop. You

686
00:31:24,520 --> 00:31:25,680
Speaker 2: can't stop them once they're going.

687
00:31:25,600 --> 00:31:26,520
Speaker 3: It's a perfect way.

688
00:31:26,720 --> 00:31:29,040
Speaker 1: It's true though, You're like, it's going to come out

689
00:31:29,040 --> 00:31:30,280
Speaker 1: and I'm going to have to come then, and I've

690
00:31:30,280 --> 00:31:32,080
Speaker 1: got thirty more seconds before the news.

691
00:31:32,160 --> 00:31:33,880
Speaker 2: Okay, how I'm going to handle this.

692
00:31:34,000 --> 00:31:36,959
Speaker 3: It's such an awful feeling, a grim feeling, and then

693
00:31:37,000 --> 00:31:39,120
Speaker 3: it comes out and there's this pause where you got Yep,

694
00:31:39,160 --> 00:31:43,520
Speaker 3: it did it, it happened, Okay, keeping it on going now.

695
00:31:45,000 --> 00:31:47,640
Speaker 2: Yeah, but it humanizes you. I think it humanizes you.

696
00:31:48,080 --> 00:31:50,240
Speaker 1: What's something that we really need to understand going into

697
00:31:50,240 --> 00:31:52,400
Speaker 1: the selection about how our economy works.

698
00:31:52,720 --> 00:31:55,160
Speaker 3: I think our economy is changing faster than we give

699
00:31:55,200 --> 00:31:58,000
Speaker 3: it credit for. We have been an economy that has

700
00:31:58,040 --> 00:31:59,960
Speaker 3: gotten a lot of prosperity out of digging stuff out

701
00:32:00,080 --> 00:32:03,120
Speaker 3: the ground and selling it to China, more specifically than

702
00:32:03,160 --> 00:32:05,920
Speaker 3: anywhere else in the world. BHP is no longer our

703
00:32:05,960 --> 00:32:07,880
Speaker 3: biggest company. CBA is the.

704
00:32:07,840 --> 00:32:09,520
Speaker 2: One that was a mining company. The other one was

705
00:32:09,560 --> 00:32:11,760
Speaker 2: probably their bank, but is a bank exactly right.

706
00:32:11,840 --> 00:32:14,440
Speaker 3: So you know the business of selling rocks to China

707
00:32:14,640 --> 00:32:16,880
Speaker 3: is now not necessarily as big as the business of

708
00:32:16,920 --> 00:32:19,200
Speaker 3: selling debt to all of us in Australia.

709
00:32:19,280 --> 00:32:20,400
Speaker 2: So it's tapping go fees man.

710
00:32:20,480 --> 00:32:24,400
Speaker 3: Yeah, man. Yeah, but also like it's interest we pay

711
00:32:24,440 --> 00:32:27,400
Speaker 3: on our debts, it's the fees that they charge us,

712
00:32:27,440 --> 00:32:29,480
Speaker 3: which god, there's a long list of fees. Like when

713
00:32:29,520 --> 00:32:31,320
Speaker 3: we rock up to get a mortgage, we're so happy

714
00:32:31,320 --> 00:32:32,760
Speaker 3: that they're going to give us one. What we ignore

715
00:32:32,800 --> 00:32:34,400
Speaker 3: the fact that we've just paid six hundred bucks for

716
00:32:34,400 --> 00:32:36,720
Speaker 3: them to look at the mortgage application, four hundred bucks

717
00:32:36,760 --> 00:32:39,680
Speaker 3: a year to have the mortgage, another few bucks here

718
00:32:39,720 --> 00:32:41,960
Speaker 3: and there just to have an offset account. They hit

719
00:32:42,000 --> 00:32:45,400
Speaker 3: you every single time. I mean not just CBA. Of course,

720
00:32:45,440 --> 00:32:47,800
Speaker 3: this is banking in Australia, but the business of banking

721
00:32:47,960 --> 00:32:53,920
Speaker 3: is incredibly rich now. I mean as far as a sector,

722
00:32:54,200 --> 00:32:56,360
Speaker 3: it's huge and growing all the time. Our banks are

723
00:32:56,360 --> 00:32:59,600
Speaker 3: some of the most valuable according to their market capitalization

724
00:32:59,680 --> 00:33:02,960
Speaker 3: in the world world. So Australian economy is about financial

725
00:33:03,000 --> 00:33:06,680
Speaker 3: services to Australians because we're not really like our bank

726
00:33:06,760 --> 00:33:09,800
Speaker 3: service Australians for the most part, and they're getting huge,

727
00:33:09,960 --> 00:33:11,800
Speaker 3: Like their share prices have gone berserk in the last

728
00:33:11,840 --> 00:33:12,360
Speaker 3: couple of days.

729
00:33:12,520 --> 00:33:16,720
Speaker 1: If a bank is more valuable than our previously most

730
00:33:16,760 --> 00:33:21,640
Speaker 1: valuable company, which was selling raw materials and commodities by

731
00:33:21,680 --> 00:33:23,880
Speaker 1: the trainload to other countries.

732
00:33:24,760 --> 00:33:26,240
Speaker 2: That is a lot of fees.

733
00:33:26,920 --> 00:33:29,520
Speaker 3: It is, it's a lot of it is an intimidate.

734
00:33:30,400 --> 00:33:34,000
Speaker 3: Well yeah, I mean you.

735
00:33:33,960 --> 00:33:37,760
Speaker 1: Know, sorry, because you use your own eyebrow to put

736
00:33:37,760 --> 00:33:40,440
Speaker 1: the punchlines on your videos, and then when I see

737
00:33:40,480 --> 00:33:45,440
Speaker 1: it live, it destroys Like I see the guy he's

738
00:33:45,480 --> 00:33:48,520
Speaker 1: in there, the horrible easel man.

739
00:33:48,960 --> 00:33:52,000
Speaker 3: Affordably get a couple extra things out of them. Guys,

740
00:33:52,880 --> 00:33:56,880
Speaker 3: is there a way? Is there maybe just an extra

741
00:33:56,920 --> 00:33:58,640
Speaker 3: ten bucks a month? They're not going to notice.

742
00:33:59,240 --> 00:34:01,240
Speaker 1: It comes back to the conversation you are having. What's

743
00:34:01,280 --> 00:34:05,600
Speaker 1: the price of a gigabyte on a mobile phone? Surely

744
00:34:05,800 --> 00:34:08,880
Speaker 1: it's just what is the price of having one formula

745
00:34:08,920 --> 00:34:12,560
Speaker 1: on this selling a spreadsheet? Calculate with another formula on

746
00:34:12,600 --> 00:34:15,440
Speaker 1: that selling a spreadsheet? Apparently six hundred dollars a year.

747
00:34:15,640 --> 00:34:17,960
Speaker 3: Yeah, yeah, I don't give it back to you if

748
00:34:17,960 --> 00:34:20,400
Speaker 3: your application is not successful. By the way, that's theirs

749
00:34:20,440 --> 00:34:24,759
Speaker 3: now keeps these mine six hundred dollars.

750
00:34:25,760 --> 00:34:27,680
Speaker 2: And it's not like someone's hour of the day.

751
00:34:27,719 --> 00:34:30,400
Speaker 1: They're running it through a machine that spits out the

752
00:34:30,440 --> 00:34:32,720
Speaker 1: top two percent. Yeah, these are no problem. It's probably

753
00:34:32,719 --> 00:34:34,560
Speaker 1: the next ten percent. I'm probably gonna have someone look

754
00:34:34,600 --> 00:34:36,279
Speaker 1: over this, but they won't look very long and then

755
00:34:36,360 --> 00:34:38,400
Speaker 1: the rest is just sorry, you get a formula.

756
00:34:38,160 --> 00:34:40,080
Speaker 3: That's right. I mean, And we've got big four banks,

757
00:34:40,120 --> 00:34:42,760
Speaker 3: four big banks in Australia. They all charge basically the same,

758
00:34:43,080 --> 00:34:46,200
Speaker 3: like it's you know, conspicuous.

759
00:34:46,880 --> 00:34:49,000
Speaker 2: If you're going to disrupt the banking sector, how would

760
00:34:49,000 --> 00:34:49,359
Speaker 2: you do it.

761
00:34:49,600 --> 00:34:52,720
Speaker 3: I would try to get as many people as possible

762
00:34:52,760 --> 00:34:57,440
Speaker 3: to bank elsewhere, smaller banks. We've got ninety eight ish

763
00:34:57,520 --> 00:35:00,000
Speaker 3: lenders in Australia and yet three quarters of the market

764
00:35:00,239 --> 00:35:03,560
Speaker 3: use four of them. I like that. We have lots

765
00:35:03,600 --> 00:35:06,200
Speaker 3: of lenders and they are really scrappy at times. They

766
00:35:06,320 --> 00:35:08,560
Speaker 3: tried a lot, you know, off of lower interest rates

767
00:35:08,560 --> 00:35:11,239
Speaker 3: and b free periods. I don't know. I think there

768
00:35:11,280 --> 00:35:15,560
Speaker 3: should be there should be a lot more due diligence

769
00:35:15,800 --> 00:35:19,319
Speaker 3: encouraged out there for people to sit down and kind

770
00:35:19,320 --> 00:35:22,359
Speaker 3: of have a go at it, because you know, we're

771
00:35:22,440 --> 00:35:25,719
Speaker 3: kind of at sea here, like we get told, yeah,

772
00:35:25,719 --> 00:35:28,359
Speaker 3: here are your bank options. But in reality we've got

773
00:35:28,400 --> 00:35:31,120
Speaker 3: a wide world of banking. This is a very interconnected world.

774
00:35:31,120 --> 00:35:33,560
Speaker 3: You could have a bank offshore if you wanted to.

775
00:35:33,800 --> 00:35:36,560
Speaker 3: You could have any number of smaller lenders that you

776
00:35:36,600 --> 00:35:38,560
Speaker 3: may never have heard of until you sit down and

777
00:35:38,560 --> 00:35:41,920
Speaker 3: start researching some of the better fees and some of

778
00:35:41,960 --> 00:35:46,239
Speaker 3: the lower interest rates for deposits. So yeah, I mean

779
00:35:46,239 --> 00:35:47,920
Speaker 3: that to me would be a big one. We all

780
00:35:48,160 --> 00:35:50,239
Speaker 3: were kind of semi risk averse in Australias. We tend

781
00:35:50,280 --> 00:35:52,359
Speaker 3: to keep our money in the bank as well. I mean,

782
00:35:52,360 --> 00:35:54,880
Speaker 3: if there was an opportunity for people to start getting

783
00:35:54,880 --> 00:35:57,640
Speaker 3: a bit more okay with the idea of index funds

784
00:35:57,640 --> 00:36:01,040
Speaker 3: and low risk stock investments, I think that'd be probably

785
00:36:01,080 --> 00:36:01,880
Speaker 3: for the best too.

786
00:36:02,040 --> 00:36:04,440
Speaker 2: Your half yearly hard day, hard day. Put in your

787
00:36:04,480 --> 00:36:05,720
Speaker 2: half yearly hard day.

788
00:36:05,640 --> 00:36:08,319
Speaker 3: And it's all day, by the way, like morning till night.

789
00:36:08,320 --> 00:36:10,880
Speaker 3: You're sitting there looking at it, but it pays your money.

790
00:36:10,920 --> 00:36:13,920
Speaker 3: Like that might be a solid amount of money if

791
00:36:13,960 --> 00:36:15,160
Speaker 3: you can just sit there and do it.

792
00:36:15,400 --> 00:36:19,000
Speaker 1: You talked about the a triple C. There was a

793
00:36:19,040 --> 00:36:23,640
Speaker 1: report handed down about what supermarkets are doing with their pricing. Yeah,

794
00:36:23,800 --> 00:36:26,239
Speaker 1: labor going to the election saying they're going to bring

795
00:36:26,239 --> 00:36:29,920
Speaker 1: in some sort of UK style law. I don't know, man,

796
00:36:29,920 --> 00:36:32,120
Speaker 1: these supermarkets are pretty powerful. Like if someone going to

797
00:36:32,160 --> 00:36:33,600
Speaker 1: end up with a cabbage in their bed, Like, what's

798
00:36:33,600 --> 00:36:34,160
Speaker 1: going to happen?

799
00:36:35,360 --> 00:36:38,080
Speaker 2: Sorry, half a cabbage half a cabbage in a bed.

800
00:36:38,320 --> 00:36:42,000
Speaker 3: A source all over it. I don'tk that was It

801
00:36:42,040 --> 00:36:43,960
Speaker 3: was a really good report. It was four hundred and

802
00:36:44,000 --> 00:36:46,560
Speaker 3: forty one pages. I didn't read the whole thing, but

803
00:36:46,600 --> 00:36:49,080
Speaker 3: I looked through a lot of it and it did

804
00:36:49,120 --> 00:36:53,440
Speaker 3: a beautiful job of detailing the problems that we have

805
00:36:53,520 --> 00:36:56,359
Speaker 3: in Australia when it comes to about two big supermarkets, they

806
00:36:56,400 --> 00:36:59,040
Speaker 3: just don't compete that much. It had a lot of

807
00:37:00,760 --> 00:37:03,440
Speaker 3: The big solution though, is to try to get another

808
00:37:03,560 --> 00:37:06,440
Speaker 3: aldi in the mix. You know, we've had little calf

809
00:37:06,520 --> 00:37:09,080
Speaker 3: land from overseas coming in and sniffing around in Australia,

810
00:37:09,120 --> 00:37:12,160
Speaker 3: but they've decided not to hang around. If you're asking

811
00:37:12,239 --> 00:37:14,439
Speaker 3: the government, how are we really going to fix this

812
00:37:15,120 --> 00:37:18,040
Speaker 3: supermarket issue, the question really is what kind of character

813
00:37:18,040 --> 00:37:21,719
Speaker 3: are we dangling to get more big supermarkets to sort

814
00:37:21,719 --> 00:37:23,919
Speaker 3: of come in and break it up. Because it's got

815
00:37:23,920 --> 00:37:25,959
Speaker 3: to be a market lead solution. You can't just come

816
00:37:26,000 --> 00:37:29,000
Speaker 3: down hard on anyone who's trying to do what too

817
00:37:29,000 --> 00:37:31,360
Speaker 3: big companies at the top do, which is dominate the market.

818
00:37:31,840 --> 00:37:34,760
Speaker 3: I mean they're sharing somewhere around sixty eight seventy percent

819
00:37:34,880 --> 00:37:38,359
Speaker 3: of the whole grocery market share between them. You know,

820
00:37:38,680 --> 00:37:41,400
Speaker 3: they've done it. They've kind of done it, you know,

821
00:37:41,440 --> 00:37:43,399
Speaker 3: like we're going to have to come in and break

822
00:37:43,400 --> 00:37:45,440
Speaker 3: them up. I don't really want to do that. You

823
00:37:45,560 --> 00:37:47,319
Speaker 3: just need somebody who's going to steal their market share

824
00:37:47,320 --> 00:37:49,040
Speaker 3: away from them the way that good businesses do.

825
00:37:49,560 --> 00:37:51,920
Speaker 2: Have we ever broken up stuff in Australia.

826
00:37:51,400 --> 00:37:53,360
Speaker 3: We have not. We don't have those laws. They have

827
00:37:53,440 --> 00:37:55,719
Speaker 3: them in the US. They brought them in to break

828
00:37:55,800 --> 00:37:59,640
Speaker 3: up Standard Oil, which was the Rockefeller you know, ninety

829
00:37:59,640 --> 00:38:02,040
Speaker 3: percent of the oil market. And they came in and said,

830
00:38:02,520 --> 00:38:04,319
Speaker 3: we don't like this anymore, and they broke it up.

831
00:38:04,360 --> 00:38:05,840
Speaker 3: And so they've got those laws in their books. They

832
00:38:05,840 --> 00:38:06,759
Speaker 3: would never use them now.

833
00:38:06,840 --> 00:38:08,279
Speaker 1: They did the same with the Telcoe. They did it

834
00:38:08,280 --> 00:38:10,560
Speaker 1: with AT and t oh did they Yeah, yeah, right, okay,

835
00:38:10,560 --> 00:38:11,480
Speaker 1: there you go broak it apart.

836
00:38:11,600 --> 00:38:13,759
Speaker 3: Yeah. So once you get too big in the US,

837
00:38:14,080 --> 00:38:16,840
Speaker 3: there is that big stick. In Australia. There's been a

838
00:38:16,840 --> 00:38:18,520
Speaker 3: few people who've talked about bringing it in. There's not

839
00:38:18,560 --> 00:38:20,480
Speaker 3: much political will to do that. I mean, I think

840
00:38:20,480 --> 00:38:22,120
Speaker 3: you probably don't need to in Australia. You just need

841
00:38:22,160 --> 00:38:23,840
Speaker 3: to encourage more competition.

842
00:38:24,400 --> 00:38:27,479
Speaker 1: Because the flow on effect to the pante but also

843
00:38:27,520 --> 00:38:30,240
Speaker 1: to the farmer and the providers in the transport sector.

844
00:38:30,800 --> 00:38:34,239
Speaker 1: Speaking of fees, well, yeah, listen to how some of

845
00:38:34,280 --> 00:38:36,680
Speaker 1: these providers are being charged, like, oh, they bought one

846
00:38:36,760 --> 00:38:40,200
Speaker 1: hundred thousand kilos of beetroots off me. But you know,

847
00:38:40,400 --> 00:38:43,440
Speaker 1: now I'm getting stung for this fee to get it.

848
00:38:43,440 --> 00:38:45,520
Speaker 2: It's like bananas. They can't get out of.

849
00:38:45,440 --> 00:38:48,480
Speaker 3: It, That's right. It's kind of heartbreaking. Look, I think

850
00:38:48,520 --> 00:38:52,080
Speaker 3: the supermarket's defense is always that this isn't that good

851
00:38:52,080 --> 00:38:54,160
Speaker 3: of a business. You guys, our profit margins a right,

852
00:38:54,280 --> 00:38:56,080
Speaker 3: like two and a half two point three percent, and

853
00:38:56,120 --> 00:38:57,799
Speaker 3: we're like, oh, okay, what.

854
00:38:57,719 --> 00:38:58,480
Speaker 2: Are their profits?

855
00:38:58,480 --> 00:39:07,440
Speaker 3: Oh billions? Well yeah, you know that's it again. He

856
00:39:08,160 --> 00:39:15,960
Speaker 3: follow up questions. Come on, come on, I mean like

857
00:39:16,080 --> 00:39:18,160
Speaker 3: two and a percent. I don't know. Look, the problem

858
00:39:18,160 --> 00:39:20,359
Speaker 3: with that is all their costs that they've piled into

859
00:39:20,400 --> 00:39:23,560
Speaker 3: their own body of businesses. They're all offer you twenty

860
00:39:23,560 --> 00:39:26,640
Speaker 3: eight twenty five, twenty eight thousand different things you can

861
00:39:26,680 --> 00:39:29,279
Speaker 3: buy out of Cole's or a Woolies at Aldi, there's

862
00:39:29,320 --> 00:39:31,759
Speaker 3: eighteen hundred different things you can buy, which is a

863
00:39:31,840 --> 00:39:33,760
Speaker 3: cheaper way to run a business, and so their prices

864
00:39:33,800 --> 00:39:36,080
Speaker 3: are lower, so it doesn't really matter what their margin is.

865
00:39:36,080 --> 00:39:38,279
Speaker 3: It's just that we've been kind of these two have

866
00:39:38,320 --> 00:39:41,600
Speaker 3: competed in this very specific way about doing each other

867
00:39:42,160 --> 00:39:44,719
Speaker 3: in maybe a way that we didn't specifically ask for. Yeah,

868
00:39:45,480 --> 00:39:47,879
Speaker 3: do you really need eight different types of raspberry jam?

869
00:39:47,920 --> 00:39:49,880
Speaker 2: I don't know. When I used to.

870
00:39:49,960 --> 00:39:52,920
Speaker 1: When I lived in America, I did my groceries at

871
00:39:52,920 --> 00:39:56,279
Speaker 1: a place called Trader Joe's, which has I'm going to.

872
00:39:56,200 --> 00:39:57,879
Speaker 2: Get corn chips. There they are.

873
00:39:58,160 --> 00:40:01,520
Speaker 1: That's the one packet in the one size. Yeah, that's it. Yeah,

874
00:40:01,560 --> 00:40:02,080
Speaker 1: And that was it.

875
00:40:02,120 --> 00:40:04,440
Speaker 2: That was a whole shop. It was excellent. Yeah, I

876
00:40:04,520 --> 00:40:06,680
Speaker 2: didn't funk around. You're in and out in five minutes totally.

877
00:40:07,280 --> 00:40:09,319
Speaker 3: I mean, that's it. The problem, of course, is that

878
00:40:09,360 --> 00:40:11,400
Speaker 3: having all those different types of options means that we

879
00:40:11,480 --> 00:40:13,719
Speaker 3: have this economy of small businesses that can get their

880
00:40:13,719 --> 00:40:16,560
Speaker 3: products into the supermarket, whereas they're not getting anywhere near

881
00:40:16,560 --> 00:40:19,120
Speaker 3: an Aldi or a Trader Joe's. So you end up

882
00:40:19,120 --> 00:40:21,600
Speaker 3: having this trade off situation. But if all we're interested

883
00:40:21,640 --> 00:40:24,120
Speaker 3: in is the cost of living and getting our grocery

884
00:40:24,120 --> 00:40:27,960
Speaker 3: shopping down, then choice is expensive. Having a big, beautiful

885
00:40:27,960 --> 00:40:31,680
Speaker 3: supermarket is expensive. Having a fresh sushi bar in the

886
00:40:31,719 --> 00:40:34,759
Speaker 3: corner that's expensive. Like you just look at the way

887
00:40:34,800 --> 00:40:37,360
Speaker 3: Aldi is halftime. It feels like they're not even turning

888
00:40:37,360 --> 00:40:39,840
Speaker 3: their lights on in half the shop. And you're like, yeah, sweet,

889
00:40:40,040 --> 00:40:40,640
Speaker 3: it's cheaper.

890
00:40:41,280 --> 00:40:42,680
Speaker 2: And I got a chainsaw.

891
00:40:43,040 --> 00:40:44,960
Speaker 3: Yeah, just so quietly, I'm walking out of you with

892
00:40:45,000 --> 00:40:45,600
Speaker 3: a chainsaw.

893
00:40:45,680 --> 00:40:49,520
Speaker 2: You guys, honey, you never believe it. You know that bump,

894
00:40:49,600 --> 00:40:51,480
Speaker 2: you know, you know the guests bed you wanted to

895
00:40:51,520 --> 00:40:54,319
Speaker 2: blow up. Guess he's got an air compressor out this guar.

896
00:40:54,719 --> 00:40:56,600
Speaker 3: Didn't I send you for eggs? Yeah? I can't find eggs.

897
00:40:56,600 --> 00:40:59,160
Speaker 3: There are no eggs. There are air compresses though, like

898
00:41:00,080 --> 00:41:02,359
Speaker 3: your joke. I nearly bought a Mita saw the other

899
00:41:02,400 --> 00:41:04,480
Speaker 3: day at Aldi, and I had to be pulled away

900
00:41:04,480 --> 00:41:07,520
Speaker 3: from it by my wife Hamoon no use for it,

901
00:41:07,560 --> 00:41:09,879
Speaker 3: but I was like, look at this thing. Maybe I'll

902
00:41:09,920 --> 00:41:13,040
Speaker 3: get into making decks or something. Nah.

903
00:41:13,160 --> 00:41:13,759
Speaker 2: I love that.

904
00:41:13,880 --> 00:41:15,799
Speaker 3: She came over very hard on me, and she was like, wait,

905
00:41:16,120 --> 00:41:17,680
Speaker 3: you back to business.

906
00:41:19,719 --> 00:41:21,520
Speaker 2: When it comes to how we are.

907
00:41:21,560 --> 00:41:24,440
Speaker 1: You know, as you mentioned before, we're a nation of

908
00:41:24,640 --> 00:41:27,759
Speaker 1: quarrymen and house flippers. That's how we make our money.

909
00:41:28,000 --> 00:41:30,480
Speaker 1: That's pretty much what we do. And we buy a

910
00:41:30,520 --> 00:41:34,040
Speaker 1: lot of stuff from overseas. That's how we have this iPad,

911
00:41:34,120 --> 00:41:37,120
Speaker 1: these clothes that everything I'm wearing was made overseas.

912
00:41:37,200 --> 00:41:39,239
Speaker 2: Everything in this room was made overseas.

913
00:41:39,680 --> 00:41:44,360
Speaker 1: So we have a trade deficit with lots of countries.

914
00:41:44,840 --> 00:41:47,399
Speaker 1: How does that play into what's happening with America at

915
00:41:47,400 --> 00:41:51,360
Speaker 1: the moment? And what can either of our parties do anything,

916
00:41:51,440 --> 00:41:53,000
Speaker 1: if at all, about what's coming?

917
00:41:53,280 --> 00:41:57,279
Speaker 3: They can't really. Either Peter Dutton or Anthony Albanezy has

918
00:41:57,280 --> 00:41:59,279
Speaker 3: the ability to call up Donald Trump and say hey, man,

919
00:41:59,320 --> 00:42:01,560
Speaker 3: don't do this. He'll be like, yeah, sweet, Okay, it

920
00:42:01,560 --> 00:42:04,359
Speaker 3: doesn't seem like that's likely. He's heading down this path.

921
00:42:04,400 --> 00:42:06,120
Speaker 3: He wanted to do it, probably during COVID, and then

922
00:42:06,160 --> 00:42:07,960
Speaker 3: COVID happened and then he couldn't. So now he's got

923
00:42:07,960 --> 00:42:10,880
Speaker 3: this second term, he's gone hard at Tariff's. The Australian

924
00:42:11,080 --> 00:42:13,080
Speaker 3: government keeps saying, what's going to happen here is the

925
00:42:13,160 --> 00:42:17,239
Speaker 3: indirect hit to Australia because really we're talking about you know,

926
00:42:17,480 --> 00:42:21,759
Speaker 3: steele an aliuminium as an exported item to the US. Well,

927
00:42:21,760 --> 00:42:23,200
Speaker 3: that's going to cover a hit and that sucks for

928
00:42:23,200 --> 00:42:25,640
Speaker 3: the people who work in that industry, But relatively it's

929
00:42:25,680 --> 00:42:29,000
Speaker 3: a small part of our economy. Meat. That's another painful one.

930
00:42:29,400 --> 00:42:32,640
Speaker 3: But you know, we're not Canada, We're not Mexico or China.

931
00:42:32,760 --> 00:42:34,560
Speaker 3: This is going to be small. So what's going to

932
00:42:34,600 --> 00:42:36,640
Speaker 3: happen really is that it's going to be tariffs at

933
00:42:36,640 --> 00:42:40,239
Speaker 3: twenty paces all over the world. The global trade is

934
00:42:40,239 --> 00:42:42,560
Speaker 3: going to slow down as a result, China's economy is

935
00:42:42,560 --> 00:42:44,120
Speaker 3: probably going to weaken a little. And as I said,

936
00:42:44,120 --> 00:42:46,800
Speaker 3: we do quite a lot of trade with China, so

937
00:42:46,920 --> 00:42:50,799
Speaker 3: I think they're right. It's the indirect impact. It's this

938
00:42:50,880 --> 00:42:53,919
Speaker 3: thing where Donald Trump, we now know what he meant

939
00:42:53,960 --> 00:42:57,600
Speaker 3: by making America great again is try to undo fifty

940
00:42:57,640 --> 00:43:01,279
Speaker 3: to eighty years worth of globalization. I didn't know it

941
00:43:01,320 --> 00:43:04,200
Speaker 3: when he first started saying it. I kind of am like, oh, wow,

942
00:43:04,239 --> 00:43:06,520
Speaker 3: so that's what you meant. You're going to magic up

943
00:43:06,680 --> 00:43:10,040
Speaker 3: the local manufacturing industry again. If we had have known,

944
00:43:10,120 --> 00:43:12,839
Speaker 3: I mean, the market is now and has this year

945
00:43:13,200 --> 00:43:15,880
Speaker 3: been pricing that in and it's all over the place.

946
00:43:16,600 --> 00:43:18,839
Speaker 3: But yeah, we just didn't quite know what it was

947
00:43:18,840 --> 00:43:20,879
Speaker 3: that he meant, and now we're kind of figuring it out,

948
00:43:20,920 --> 00:43:21,239
Speaker 3: I think.

949
00:43:21,600 --> 00:43:25,880
Speaker 1: But is he also interested in letting those companies that

950
00:43:25,920 --> 00:43:28,520
Speaker 1: have offshored their manufacturing. Is he going to say, well,

951
00:43:28,560 --> 00:43:33,279
Speaker 1: you used to build televisions or washing machines here, and

952
00:43:34,239 --> 00:43:38,359
Speaker 1: your plant is now a housing estate. Yeah, here's four

953
00:43:38,360 --> 00:43:39,759
Speaker 1: billion dollars to build a new one.

954
00:43:39,920 --> 00:43:43,000
Speaker 3: Yeah, good question. I mean, the big car manufacturers in

955
00:43:43,040 --> 00:43:45,399
Speaker 3: the States have copped a huge hit lately because they're

956
00:43:45,440 --> 00:43:49,000
Speaker 3: basically assembling cars from parts that they're getting from overseas.

957
00:43:49,040 --> 00:43:52,759
Speaker 3: So for GM, they're getting smashed on the market. At

958
00:43:52,760 --> 00:43:55,960
Speaker 3: the moment, their valuations have tumbled. You would think that

959
00:43:56,160 --> 00:43:58,279
Speaker 3: Donald Trump knew that that was going to happen, and

960
00:43:58,400 --> 00:44:01,160
Speaker 3: these companies were probably briefed, they knew, and they probably

961
00:44:01,239 --> 00:44:03,640
Speaker 3: argued their case. It doesn't seem like there's much that's

962
00:44:03,680 --> 00:44:06,880
Speaker 3: going to slow this down anymore. I mean, maybe some things.

963
00:44:07,239 --> 00:44:09,400
Speaker 3: It seems like Donald Trump is focused on getting the

964
00:44:09,400 --> 00:44:12,360
Speaker 3: price of oil down. That might be a calculation that

965
00:44:12,400 --> 00:44:16,799
Speaker 3: he's making with Russia with Opek, you know what I mean, Like,

966
00:44:17,360 --> 00:44:21,280
Speaker 3: so he's yeah, that could be part of the offsetting factor.

967
00:44:21,320 --> 00:44:24,640
Speaker 3: Because people, tariffs are attax on people, your local people.

968
00:44:24,920 --> 00:44:27,319
Speaker 3: You have to pay the taxes if you want to

969
00:44:27,320 --> 00:44:29,800
Speaker 3: buy something. They get passed directly onto you. So people

970
00:44:29,800 --> 00:44:31,399
Speaker 3: are going to turn around and go, hey, this is shit.

971
00:44:31,600 --> 00:44:34,480
Speaker 3: I don't like this. And maybe down the track that

972
00:44:34,520 --> 00:44:37,000
Speaker 3: the plan is to say, well, I've brought down the

973
00:44:37,000 --> 00:44:40,360
Speaker 3: barrel price of oil quite a lot. You're welcome. Maybe

974
00:44:40,360 --> 00:44:43,200
Speaker 3: that's it. I mean, that's speculation. Everything speculation at the moment.

975
00:44:43,280 --> 00:44:45,000
Speaker 1: But now if I when I get the medicine for

976
00:44:45,080 --> 00:44:49,480
Speaker 1: my kid, it's seven hundred dollars because it comes from Switzerland.

977
00:44:49,000 --> 00:44:53,080
Speaker 3: Yeah exactly. I mean, you know, he's certainly breaking a

978
00:44:53,080 --> 00:44:54,920
Speaker 3: lot of eggs to make these onles he wants to make.

979
00:44:55,000 --> 00:44:56,080
Speaker 2: Hey there's an egg shortage.

980
00:44:56,200 --> 00:44:59,400
Speaker 3: Yeah, well there's that, I mean, which is a fascinating

981
00:44:59,400 --> 00:45:01,600
Speaker 3: thing because they're eating so many more eggs. I saw

982
00:45:01,640 --> 00:45:04,239
Speaker 3: this piece of data that showed that our egg consumption's

983
00:45:04,280 --> 00:45:07,239
Speaker 3: gone up. So this egg shortage hurts way more than

984
00:45:07,239 --> 00:45:09,560
Speaker 3: it used to RuSHA but yeah, I don't know, it's

985
00:45:09,560 --> 00:45:12,080
Speaker 3: a killer like that, that thing that is the big one.

986
00:45:12,080 --> 00:45:14,640
Speaker 3: I mean, we're doing pretty well in our Australian economy

987
00:45:14,640 --> 00:45:16,400
Speaker 3: now as opposed to a year or two ago, but

988
00:45:16,520 --> 00:45:18,360
Speaker 3: that that's a big scary at the moment.

989
00:45:19,200 --> 00:45:22,320
Speaker 1: Kind of have one final question that's around We were saying,

990
00:45:22,320 --> 00:45:24,120
Speaker 1: like coming into this election, there's a lot of stuff.

991
00:45:24,120 --> 00:45:27,080
Speaker 1: These two guys man leaders of these big parties aren't

992
00:45:27,120 --> 00:45:29,480
Speaker 1: really talking about that night that you're at the budget

993
00:45:29,520 --> 00:45:31,520
Speaker 1: with you big four hundred pages. They said they brought

994
00:45:31,520 --> 00:45:34,759
Speaker 1: in a deficit. Now, I saw some data the other

995
00:45:34,840 --> 00:45:38,920
Speaker 1: day that equated something twenty four billion dollars that if

996
00:45:38,920 --> 00:45:41,920
Speaker 1: you added up the tax not collected off negative gearing,

997
00:45:42,360 --> 00:45:44,759
Speaker 1: tax breaks to the super duper duper wealthy, and the

998
00:45:44,800 --> 00:45:48,400
Speaker 1: diesel fuel exercise, pretty much around about twenty four billion.

999
00:45:48,440 --> 00:45:51,560
Speaker 1: And so we're in a deficit because we've decided to be.

1000
00:45:52,480 --> 00:45:56,319
Speaker 1: And that makes my quite hurt.

1001
00:45:59,360 --> 00:46:02,080
Speaker 3: Yeah. Look, you can look a lot of people take

1002
00:46:02,600 --> 00:46:05,279
Speaker 3: the numbers and then rearrange them in lots of ways.

1003
00:46:05,320 --> 00:46:07,919
Speaker 3: You just got to think, no, no, no, I don't

1004
00:46:07,920 --> 00:46:10,560
Speaker 3: think so. I think that's probably accurate. It's just about

1005
00:46:10,680 --> 00:46:13,000
Speaker 3: is there any political will from either side? I mean,

1006
00:46:13,040 --> 00:46:14,719
Speaker 3: a we're going to vote them in either side if

1007
00:46:14,719 --> 00:46:16,840
Speaker 3: we start mucking around with negative gearing. I mean, you

1008
00:46:16,840 --> 00:46:19,640
Speaker 3: could argue that a massive thing to do in Australia

1009
00:46:19,640 --> 00:46:23,000
Speaker 3: would be to introduce an inheritance tax of some description.

1010
00:46:23,080 --> 00:46:25,080
Speaker 3: We don't have one in Australia, and globally that's kind

1011
00:46:25,080 --> 00:46:27,799
Speaker 3: of unique, especially considering how much wealth is about to

1012
00:46:27,840 --> 00:46:31,680
Speaker 3: be passed from the boomer generation to either X or millennials.

1013
00:46:32,680 --> 00:46:35,759
Speaker 3: But that money, whether it's super or housing, provided it's

1014
00:46:36,160 --> 00:46:38,959
Speaker 3: the primary place of residence, is going to be going

1015
00:46:39,640 --> 00:46:43,160
Speaker 3: straight through, which is sort of great for a lot

1016
00:46:43,160 --> 00:46:45,200
Speaker 3: of the people whose parents have done well. It's not

1017
00:46:45,239 --> 00:46:47,640
Speaker 3: so great if your parents haven't done well. But you

1018
00:46:47,680 --> 00:46:49,920
Speaker 3: could be earning a lot of tacks like that. You

1019
00:46:49,960 --> 00:46:53,239
Speaker 3: could be coming down hard on big businesses or billionaires,

1020
00:46:53,480 --> 00:46:56,440
Speaker 3: lots of different things. But in the end, these parties

1021
00:46:56,480 --> 00:46:58,920
Speaker 3: have to win elections and they have to court certain

1022
00:46:58,960 --> 00:47:01,920
Speaker 3: types of votes, and they've clearly done the maths that

1023
00:47:02,080 --> 00:47:05,680
Speaker 3: ten years worth of deficits is more palatable than mucking

1024
00:47:05,719 --> 00:47:07,760
Speaker 3: around too much with the tax system.

1025
00:47:08,440 --> 00:47:10,640
Speaker 1: When it comes to the inheritance tax. Both my parents

1026
00:47:10,680 --> 00:47:14,560
Speaker 1: are immigrants, my wife's parents are immigrants, and like a

1027
00:47:14,560 --> 00:47:17,840
Speaker 1: lot of Australia, most a lot of people have arrived

1028
00:47:17,840 --> 00:47:19,920
Speaker 1: here in the last thirty forty years. There's going to

1029
00:47:19,920 --> 00:47:24,640
Speaker 1: be a point where those people outnumber everybody else, and

1030
00:47:24,680 --> 00:47:27,160
Speaker 1: it might be like, hey, you guys have had time

1031
00:47:27,160 --> 00:47:28,719
Speaker 1: in the market. All you really did was buy a

1032
00:47:28,719 --> 00:47:31,719
Speaker 1: house in Epping when it was a country town, and

1033
00:47:31,760 --> 00:47:34,240
Speaker 1: then you just sold it for eight million dollars.

1034
00:47:34,400 --> 00:47:36,920
Speaker 2: I know I'm not saying redistribution. That's a kind of

1035
00:47:36,920 --> 00:47:39,239
Speaker 2: a bit of a pinko word. But have we shared

1036
00:47:39,280 --> 00:47:39,719
Speaker 2: about it.

1037
00:47:40,120 --> 00:47:42,200
Speaker 3: Look, it's a big it's a big area. That's a

1038
00:47:42,200 --> 00:47:44,480
Speaker 3: lot of money. We're talking trillions. I mean the housing market,

1039
00:47:44,480 --> 00:47:47,040
Speaker 3: the Australian residential housing market's worth about eleven trillion dollars

1040
00:47:47,120 --> 00:47:51,560
Speaker 3: superannuation four point two trillion dollars commercial real estate roughly too.

1041
00:47:51,640 --> 00:47:54,000
Speaker 3: I mean, that is such a huge amount of money

1042
00:47:54,000 --> 00:47:56,120
Speaker 3: to be not touching on the way through. When I

1043
00:47:56,160 --> 00:47:59,160
Speaker 3: say that, I say people passing away and there's an

1044
00:47:59,160 --> 00:48:02,320
Speaker 3: inheritance involved. Yeah, it just feels like that's got to

1045
00:48:02,320 --> 00:48:06,399
Speaker 3: be a conversation at some point. Politically suicide to bring

1046
00:48:06,440 --> 00:48:08,880
Speaker 3: it up right before an election, you know, twenty nineteen

1047
00:48:08,960 --> 00:48:10,680
Speaker 3: we were talking about negative gearing and that did not

1048
00:48:10,719 --> 00:48:14,239
Speaker 3: go well, and that was one tweak think about something

1049
00:48:14,239 --> 00:48:15,680
Speaker 3: as huge as an inheritance tax.

1050
00:48:16,760 --> 00:48:19,160
Speaker 2: We're going to have to have that conversation sometimes.

1051
00:48:19,080 --> 00:48:21,439
Speaker 3: Seems like it seems like it's coming at some point.

1052
00:48:21,560 --> 00:48:25,560
Speaker 1: That and the insurance one, Yeah, one hard day every

1053
00:48:25,600 --> 00:48:26,239
Speaker 1: half a year.

1054
00:48:26,520 --> 00:48:29,080
Speaker 2: Yeah, we'll sit down. So this one we'll talk about insurance.

1055
00:48:29,040 --> 00:48:30,839
Speaker 1: The next one we'll talk about inherance tax and then

1056
00:48:30,880 --> 00:48:32,120
Speaker 1: we'll get to our home line.

1057
00:48:32,200 --> 00:48:34,440
Speaker 3: Yeah, and maybe that's right. Maybe we could even have

1058
00:48:34,560 --> 00:48:36,160
Speaker 3: This is going to sound weird, Maybe it could be

1059
00:48:36,160 --> 00:48:38,600
Speaker 3: fun like Who's Ripping Me Off? And who am I

1060
00:48:38,640 --> 00:48:40,320
Speaker 3: going to squash out of my life?

1061
00:48:40,760 --> 00:48:43,960
Speaker 2: You just invented a game show Who's Ripping Me Off?

1062
00:48:44,040 --> 00:48:45,799
Speaker 2: Which Chris Color with you?

1063
00:48:45,880 --> 00:48:47,239
Speaker 3: I'd only do it if you're on it?

1064
00:48:47,280 --> 00:48:49,400
Speaker 2: Are you fucking kidding? I will go upstairs and pitch it.

1065
00:48:49,400 --> 00:48:52,480
Speaker 1: We're in the building right now, go upstairs and pitch it.

1066
00:48:52,680 --> 00:48:55,880
Speaker 1: Our first contestant here is Adam. Here's his phone bill.

1067
00:48:55,960 --> 00:48:58,400
Speaker 2: Let's have a look going through here. There's for me.

1068
00:48:58,920 --> 00:49:01,400
Speaker 3: Do everything you are what do you want to do

1069
00:49:01,440 --> 00:49:04,440
Speaker 3: about it? Ignorant? Or do something? I want to do something? Bang?

1070
00:49:04,520 --> 00:49:05,759
Speaker 3: All right, he's your.

1071
00:49:05,640 --> 00:49:08,200
Speaker 1: Half day, that's and you know what, And then then

1072
00:49:08,239 --> 00:49:10,680
Speaker 1: you get the sponsors involved, because then you get the alternative.

1073
00:49:10,680 --> 00:49:12,600
Speaker 1: That's when you get your super loopho show up instead

1074
00:49:12,600 --> 00:49:15,960
Speaker 1: of your NBN. And then mate it writes, it pays

1075
00:49:15,960 --> 00:49:18,600
Speaker 1: for itself. No network will say no, it's on.

1076
00:49:18,800 --> 00:49:21,600
Speaker 3: We need to do this more more chats about this,

1077
00:49:21,640 --> 00:49:23,759
Speaker 3: because now we're getting all these great businesses.

1078
00:49:25,320 --> 00:49:28,600
Speaker 2: I don't understand. Get canon Brooks on the phone. I've

1079
00:49:28,600 --> 00:49:29,680
Speaker 2: got a thing for him.

1080
00:49:30,320 --> 00:49:32,920
Speaker 3: He got his number, Mike's number. That's Mike canon Brooks,

1081
00:49:32,920 --> 00:49:33,719
Speaker 3: one of the billionaires.

1082
00:49:33,719 --> 00:49:34,520
Speaker 2: I just dropped a name.

1083
00:49:37,400 --> 00:49:39,040
Speaker 3: You know. Leonard Cohen once told me, if you're going

1084
00:49:39,080 --> 00:49:46,640
Speaker 3: to drop a name, drop a big one. No, it's

1085
00:49:46,640 --> 00:49:47,200
Speaker 3: been a pleasure.

1086
00:49:49,960 --> 00:49:51,360
Speaker 2: That was Chris Coler.

1087
00:49:51,400 --> 00:49:55,279
Speaker 1: You can find him online Chris Colan news C H

1088
00:49:55,400 --> 00:49:58,000
Speaker 1: R I s K O h L E R N E.

1089
00:49:58,200 --> 00:50:00,400
Speaker 1: Wh what am I spelling it for? Well put it

1090
00:50:00,440 --> 00:50:02,719
Speaker 1: in the show notes. I'll put a link in the

1091
00:50:02,719 --> 00:50:04,759
Speaker 1: show notes. By I mean Adam, my producer, will put

1092
00:50:04,760 --> 00:50:07,120
Speaker 1: a link in the show notes. He's just the greatest,

1093
00:50:07,160 --> 00:50:09,840
Speaker 1: and I certainly hope that he and I can do

1094
00:50:09,880 --> 00:50:11,799
Speaker 1: more things together because I really enjoyed talking with him,

1095
00:50:11,800 --> 00:50:14,440
Speaker 1: and I love getting a rational and kind of sane

1096
00:50:14,800 --> 00:50:17,080
Speaker 1: person who's actually done their homework to be able to

1097
00:50:17,080 --> 00:50:21,160
Speaker 1: explain to me, just a regular punter about money stuff.

1098
00:50:21,520 --> 00:50:22,799
Speaker 2: I feel a lot less.

1099
00:50:22,880 --> 00:50:26,879
Speaker 1: Afraid and a lot more empowered, And I don't like that.

1100
00:50:26,920 --> 00:50:28,960
Speaker 1: For a long time, I've been kind of hoodwinked by

1101
00:50:29,120 --> 00:50:32,799
Speaker 1: exactly the policy of confusion deliberate confusion and obfuscation that

1102
00:50:32,840 --> 00:50:36,000
Speaker 1: has been used in that sector, and I like knowing

1103
00:50:36,000 --> 00:50:38,600
Speaker 1: a little bit more about what's going on. When I

1104
00:50:38,600 --> 00:50:40,200
Speaker 1: hear it in plain English. It makes it a lot

1105
00:50:40,239 --> 00:50:42,279
Speaker 1: more clear to me. And I'm grateful he could come

1106
00:50:42,280 --> 00:50:43,759
Speaker 1: on the show. Thanks for being a part of it.

1107
00:50:43,760 --> 00:50:45,440
Speaker 1: Thanks to Adam Bunch of whelp will wind it up

1108
00:50:45,480 --> 00:50:47,000
Speaker 1: and edit the show and turn it around.

1109
00:50:46,760 --> 00:50:49,000
Speaker 2: Super quick so you could hear it today.

1110
00:50:49,520 --> 00:51:00,640
Speaker 1: And I'll see you back here on Monday four