1 00:00:00,480 --> 00:00:02,680 Speaker 1: See price in Australia. Good morning to you. 2 00:00:03,640 --> 00:00:05,960 Speaker 2: Yeah, that argument's a bit like the Grand Prix and Melbourne. 3 00:00:06,000 --> 00:00:08,479 Speaker 2: To be honest, I mean two hundred million dollars a year. 4 00:00:08,880 --> 00:00:11,799 Speaker 2: I mean in a state that's broke, with debt going 5 00:00:11,840 --> 00:00:15,960 Speaker 2: through the ceiling and basically having to cut basic services. 6 00:00:16,000 --> 00:00:19,400 Speaker 2: But do you give up a global event that any country, 7 00:00:19,840 --> 00:00:23,120 Speaker 2: particularly Asian countries would grab with both hands, or Sydney 8 00:00:23,120 --> 00:00:25,760 Speaker 2: would even take it? You know you don't you say, look, 9 00:00:26,000 --> 00:00:28,160 Speaker 2: we're just going to have to ride this out. We've 10 00:00:28,200 --> 00:00:30,000 Speaker 2: got a contract for this thing for the next I 11 00:00:30,040 --> 00:00:32,159 Speaker 2: think it's ten years, so why would you get rid 12 00:00:32,159 --> 00:00:32,360 Speaker 2: of it? 13 00:00:32,440 --> 00:00:36,120 Speaker 1: Yeah, exactly. Must bullet came to the part well, I mean, 14 00:00:36,159 --> 00:00:38,320 Speaker 1: if she'd cut, I suppose the government would have been happy. 15 00:00:38,360 --> 00:00:40,080 Speaker 1: But no one was expecting a cut, were they. 16 00:00:40,760 --> 00:00:42,680 Speaker 2: No, not in the middle of an election campaign. I mean, 17 00:00:42,920 --> 00:00:46,720 Speaker 2: the Reserve Bank is benifusely independent. Politicians tell you that, 18 00:00:47,479 --> 00:00:51,680 Speaker 2: The bank tells you that, but they're aware that to 19 00:00:51,720 --> 00:00:53,760 Speaker 2: do it in the middle of a campaign. We're only 20 00:00:53,760 --> 00:00:57,640 Speaker 2: in week one with four weeks to go, would be 21 00:00:57,680 --> 00:01:00,960 Speaker 2: seen as too political. I mean the government would have 22 00:01:00,960 --> 00:01:03,200 Speaker 2: seized upon that and said, see, we're in charge. We 23 00:01:03,240 --> 00:01:06,199 Speaker 2: know what we're doing. Interest rates are going down, inflation's 24 00:01:06,240 --> 00:01:09,880 Speaker 2: going down, which it really is not. You've got to 25 00:01:09,920 --> 00:01:12,560 Speaker 2: reelect this because if you have a risk on this 26 00:01:12,640 --> 00:01:14,720 Speaker 2: other mob, you don't know what's going to happen. I 27 00:01:14,800 --> 00:01:17,520 Speaker 2: an incumbency, as you know, Mike, is a great advantage 28 00:01:17,520 --> 00:01:20,800 Speaker 2: when you're a first term government. In particular, no first 29 00:01:20,840 --> 00:01:24,920 Speaker 2: term government in Australia has lost government since nineteen thirty one, 30 00:01:25,400 --> 00:01:28,600 Speaker 2: in the middle of the Great Depression, when Joe Lyons 31 00:01:29,000 --> 00:01:31,840 Speaker 2: was the Prime Minister. So the Bank was never going 32 00:01:31,880 --> 00:01:34,000 Speaker 2: to do that. Interestingly, it was the first decision of 33 00:01:34,040 --> 00:01:38,040 Speaker 2: this new Finance Board that's now attached to the Reserve 34 00:01:38,120 --> 00:01:41,120 Speaker 2: Bank rather than the Reserve Bank Board itself. That was 35 00:01:41,160 --> 00:01:44,440 Speaker 2: a change that Jim Charmer's made and we're going to 36 00:01:44,520 --> 00:01:48,760 Speaker 2: probably see every economist is telling me maybe one at 37 00:01:48,800 --> 00:01:50,960 Speaker 2: best two intrast rate cuts between now and the end 38 00:01:50,960 --> 00:01:51,360 Speaker 2: of the year. 39 00:01:52,240 --> 00:01:55,400 Speaker 1: Now Liberation day, you have more to lose than we do. 40 00:01:55,560 --> 00:01:57,800 Speaker 1: See we've got a balanced portfolio. In fact, here's the 41 00:01:57,840 --> 00:02:01,720 Speaker 1: ironing of you. I think it's tipped in favor of America. 42 00:02:01,760 --> 00:02:03,920 Speaker 1: And you had that phone call with Elbow and Trump 43 00:02:04,040 --> 00:02:05,520 Speaker 1: and he hasn't been able to get back on the 44 00:02:05,520 --> 00:02:07,080 Speaker 1: phone to him. Since and you're going to get pen, 45 00:02:07,160 --> 00:02:07,520 Speaker 1: don't you. 46 00:02:08,720 --> 00:02:12,520 Speaker 2: Well, everyone's engines divided on this, but we shouldn't because 47 00:02:12,560 --> 00:02:15,720 Speaker 2: we've got a seventeen point nine billion dollar trade surplus 48 00:02:15,760 --> 00:02:18,639 Speaker 2: in the United States. I mean, we buy a hell 49 00:02:18,680 --> 00:02:20,799 Speaker 2: of a lot, much more from them than that they 50 00:02:20,919 --> 00:02:23,240 Speaker 2: furre just from us. But there are a couple of 51 00:02:24,080 --> 00:02:28,040 Speaker 2: interesting little twists to this that could cause Australia some pain. 52 00:02:29,000 --> 00:02:30,560 Speaker 2: The main one would be that if he wacks a 53 00:02:30,560 --> 00:02:33,440 Speaker 2: lot of tariffs on China, which is probably likely, then 54 00:02:33,520 --> 00:02:37,200 Speaker 2: China might stop buying as much of our mineral exports 55 00:02:37,240 --> 00:02:39,680 Speaker 2: as they do because they won't have to make as 56 00:02:39,760 --> 00:02:42,880 Speaker 2: much because they won't be able to sell as much. Also, 57 00:02:43,040 --> 00:02:47,080 Speaker 2: China might flood the Australian market with cheap products. But 58 00:02:47,200 --> 00:02:49,800 Speaker 2: overall we should be okay. But the meat industry is 59 00:02:49,800 --> 00:02:53,239 Speaker 2: the big one now. The majority of Australian meat. When 60 00:02:53,240 --> 00:02:57,000 Speaker 2: I read this, I was staggered, is produced for export, 61 00:02:57,200 --> 00:03:00,919 Speaker 2: and most of that goes to the United States. This industry, 62 00:03:00,960 --> 00:03:03,960 Speaker 2: I mean it employs half a million people. We exported 63 00:03:04,040 --> 00:03:06,840 Speaker 2: in twenty twenty three latest figures, I could get almost 64 00:03:06,840 --> 00:03:10,920 Speaker 2: three point nine billion billion dollars worth of meat to 65 00:03:11,000 --> 00:03:15,720 Speaker 2: the US. They're our biggest meat importer. They've overtaken China, 66 00:03:16,200 --> 00:03:19,000 Speaker 2: and the meat producers of the US don't like it 67 00:03:19,120 --> 00:03:23,359 Speaker 2: at all. They keep getting into Trump administration years over 68 00:03:23,360 --> 00:03:25,320 Speaker 2: there and saying, listen, this mob is flooding us with 69 00:03:25,400 --> 00:03:28,079 Speaker 2: their cheap meat. We shouldn't let it happen. So that's 70 00:03:28,120 --> 00:03:31,080 Speaker 2: one area that will be probably to look at. And 71 00:03:31,120 --> 00:03:34,520 Speaker 2: the other thing is pharmaceuticals. Because of our Pharmaceutical Benefit scheme, 72 00:03:34,880 --> 00:03:37,200 Speaker 2: we buy in bulk, so we buy all the drugs 73 00:03:37,240 --> 00:03:39,640 Speaker 2: that we need made by the Americans and we then 74 00:03:39,680 --> 00:03:41,800 Speaker 2: put it on our scheme and then Australian's pay the 75 00:03:41,840 --> 00:03:47,360 Speaker 2: retail price as opposed to individuals buying American drugs to 76 00:03:47,480 --> 00:03:50,520 Speaker 2: use in Australia. So that's another thing apparently they're upset by. 77 00:03:50,800 --> 00:03:52,440 Speaker 2: But we're going to just tap await and soon. 78 00:03:52,880 --> 00:03:55,120 Speaker 1: It's funny and you'd be know about this. The news 79 00:03:55,160 --> 00:03:57,680 Speaker 1: media bargaining code is tied up there as well, because 80 00:03:57,720 --> 00:04:00,320 Speaker 1: we were looking at you and if it went well 81 00:04:00,320 --> 00:04:02,440 Speaker 1: with you, we were going to try something similar. But 82 00:04:02,520 --> 00:04:05,200 Speaker 1: that's not going to go well with you. Because Netflix 83 00:04:05,280 --> 00:04:07,040 Speaker 1: is American, along with a bunch of others and if 84 00:04:07,040 --> 00:04:08,600 Speaker 1: you're going to go at them, they're going to go 85 00:04:08,640 --> 00:04:10,080 Speaker 1: at you. So I think that's dead in the water 86 00:04:10,120 --> 00:04:10,800 Speaker 1: as well, isn't it. 87 00:04:11,400 --> 00:04:14,040 Speaker 2: There. Meta is the big one, of course, and the 88 00:04:14,120 --> 00:04:17,400 Speaker 2: Australian government has introduced this and the Americans don't like it, 89 00:04:17,440 --> 00:04:19,440 Speaker 2: and I'm going to imagine the Zuckerburts of this world 90 00:04:19,440 --> 00:04:21,240 Speaker 2: are going to be in Trump's a year. So I'll 91 00:04:21,240 --> 00:04:23,359 Speaker 2: have to wait and see what happens with that. Thursday morning, 92 00:04:23,360 --> 00:04:26,440 Speaker 2: out time and your time, so we'll see what happens. 93 00:04:26,520 --> 00:04:28,520 Speaker 1: Okay, now, just background this because it has been going 94 00:04:28,520 --> 00:04:30,799 Speaker 1: on for a while. So the acting Victorian Police Commissioner 95 00:04:30,839 --> 00:04:33,240 Speaker 1: quits after forty one days and you go, well, hang on, 96 00:04:33,279 --> 00:04:36,000 Speaker 1: why was he acting? And then that's where the story began. 97 00:04:36,080 --> 00:04:39,080 Speaker 2: Of course. Yes, we're in the middle of a crime wave, 98 00:04:39,240 --> 00:04:42,120 Speaker 2: the voice ruth youth crime figures we've ever seen in 99 00:04:42,160 --> 00:04:46,799 Speaker 2: our history. Every night, people breaking, kids age thirteen fourteen 100 00:04:47,080 --> 00:04:50,200 Speaker 2: breaking the house of steel, cars get out on the freeways, 101 00:04:50,320 --> 00:04:52,480 Speaker 2: drive it two hundred kometers and our smash them up 102 00:04:52,480 --> 00:04:55,120 Speaker 2: and run away. I mean, that's a simplification, but that's 103 00:04:55,160 --> 00:04:57,919 Speaker 2: what's happening. And at the same time, every vape and 104 00:04:57,960 --> 00:05:01,760 Speaker 2: tobacco shop and the stake it's burned down because organized 105 00:05:01,800 --> 00:05:05,479 Speaker 2: crime figures are involved in selling illegal tobacco. So that's 106 00:05:05,520 --> 00:05:08,880 Speaker 2: the crime wave. The chief commissioner pushed back. The former 107 00:05:08,920 --> 00:05:11,880 Speaker 2: chief commissioner shown patent pushback on the government who wanted 108 00:05:11,920 --> 00:05:15,840 Speaker 2: to and did soften bail laws. So these kids are 109 00:05:15,880 --> 00:05:19,920 Speaker 2: in a bail revolving door. He was going to have 110 00:05:19,960 --> 00:05:23,160 Speaker 2: a five year contract extension that was chucked up, thrown away, 111 00:05:23,480 --> 00:05:27,320 Speaker 2: putting the bin. So he was sacked in. The bloke 112 00:05:27,360 --> 00:05:30,520 Speaker 2: who replaced him was supposed to be the hand picked 113 00:05:30,600 --> 00:05:33,279 Speaker 2: choice to be the new commissioner. Forty one days later, 114 00:05:33,480 --> 00:05:35,200 Speaker 2: we wake up this morning and he said it's all 115 00:05:35,200 --> 00:05:37,640 Speaker 2: too hard on gone. So we have a state with 116 00:05:37,760 --> 00:05:40,560 Speaker 2: five million people and a crime wave and no one 117 00:05:40,600 --> 00:05:41,720 Speaker 2: in charge of the police force. 118 00:05:41,880 --> 00:05:43,800 Speaker 1: Great, good on you, all right mate, go well and 119 00:05:43,800 --> 00:05:46,200 Speaker 1: catch up next week's appreciate it very much, as Steve Price. Yes, 120 00:05:46,240 --> 00:05:49,200 Speaker 1: so this has been New Zealand the news media bargaining code. 121 00:05:49,320 --> 00:05:50,920 Speaker 1: I've argued all along it was never going to work. 122 00:05:50,960 --> 00:05:52,760 Speaker 1: It was a complete enough waste of time. But nevertheless, 123 00:05:52,800 --> 00:05:55,359 Speaker 1: big that as it may. We were looking to Australia. 124 00:05:55,480 --> 00:05:57,840 Speaker 1: This is the news Media Bargaining Code was the law 125 00:05:57,839 --> 00:06:01,480 Speaker 1: that would make your Netflix. Your met is. All those 126 00:06:01,520 --> 00:06:04,040 Speaker 1: sort of people pay in some way, shape or form 127 00:06:04,080 --> 00:06:06,960 Speaker 1: for content. There may be some sort of role. For example, 128 00:06:07,000 --> 00:06:08,600 Speaker 1: if you want to make movies in Australia, then you 129 00:06:08,680 --> 00:06:11,320 Speaker 1: have to employ Australians. But if you take the content, 130 00:06:11,360 --> 00:06:12,880 Speaker 1: then you've got to pay for it. There's a tax 131 00:06:12,920 --> 00:06:15,320 Speaker 1: on it. All that sort of stuff. Anyway, it's dead 132 00:06:15,360 --> 00:06:17,440 Speaker 1: in the water, and if it's dead in the water there, 133 00:06:17,920 --> 00:06:20,680 Speaker 1: it's dead in the water here. Obviously. Meantime, home prices 134 00:06:20,720 --> 00:06:24,039 Speaker 1: as a result of yesterday, not directly, but of course 135 00:06:24,080 --> 00:06:27,400 Speaker 1: the first cup from there areb have continued to rise. 136 00:06:27,440 --> 00:06:29,800 Speaker 1: The house price in Australia Melbourne up zero point six 137 00:06:29,839 --> 00:06:32,640 Speaker 1: percent for the quarter, Sydney up zero point five percent. 138 00:06:32,720 --> 00:06:36,359 Speaker 1: Melbourne's media now is just under a million, Sydney's medians 139 00:06:36,440 --> 00:06:39,000 Speaker 1: just under one point five million. If you want to 140 00:06:39,040 --> 00:06:41,800 Speaker 1: see some boom areas of Australia and housing Perth up 141 00:06:41,839 --> 00:06:47,920 Speaker 1: eleven point three percent in a year. Western Australia's Midwest 142 00:06:48,560 --> 00:06:53,480 Speaker 1: twenty five point four percent in a year, Townsville and 143 00:06:53,560 --> 00:06:57,560 Speaker 1: Queensland twenty four percent. The York Peninsula, which is where 144 00:06:57,560 --> 00:07:00,599 Speaker 1: they sort of seend rockets off periodically. No, it's not. 145 00:07:00,720 --> 00:07:03,320 Speaker 1: I made that up seventeen point two percent, so I 146 00:07:03,360 --> 00:07:06,200 Speaker 1: mean there are some booming, booming parts of Australian housing 147 00:07:06,200 --> 00:07:06,719 Speaker 1: at the moment. 148 00:07:07,279 --> 00:07:10,160 Speaker 2: For more from the Mic Asking Breakfast, listen live to 149 00:07:10,280 --> 00:07:13,320 Speaker 2: news talks. It'd be from six am weekdays, or follow 150 00:07:13,400 --> 00:07:14,960 Speaker 2: the podcast on iHeartRadio.