1 00:00:00,520 --> 00:00:02,800 Speaker 1: Already and this is this is the. 2 00:00:02,840 --> 00:00:06,840 Speaker 2: Daily, This is the daily. Ohs oh, now it makes sense. 3 00:00:14,720 --> 00:00:17,400 Speaker 2: Good morning and welcome to the Daily os Is Tuesday, 4 00:00:17,400 --> 00:00:21,799 Speaker 2: the seventh of October. I'm Billie fit Simon's. I'm Sam Kauzlowski, Netflix, 5 00:00:21,880 --> 00:00:27,120 Speaker 2: AGL and Virgin Australia. What do these companies have in common? Well, 6 00:00:27,400 --> 00:00:31,160 Speaker 2: they generate hundreds of millions of dollars in revenue each year, 7 00:00:31,560 --> 00:00:34,560 Speaker 2: but they paid no company tax in the twenty twenty 8 00:00:34,560 --> 00:00:38,400 Speaker 2: three twenty four financial year. That's according to the Australian 9 00:00:38,440 --> 00:00:43,199 Speaker 2: Tax Officers Annual Corporate Tax Report released last week. So 10 00:00:43,560 --> 00:00:46,199 Speaker 2: how can this be? We will break down everything you 11 00:00:46,240 --> 00:00:48,040 Speaker 2: need to know in today's podcast. 12 00:00:52,479 --> 00:00:55,240 Speaker 1: This topic, Billy, has always fascinated me because it's not 13 00:00:55,280 --> 00:00:59,160 Speaker 1: actually even unique to Australia. There are large corporations all 14 00:00:59,200 --> 00:01:03,319 Speaker 1: over the world. Every year or so a story comes 15 00:01:03,360 --> 00:01:05,600 Speaker 1: out that they paid no corporate tax, and there's this 16 00:01:05,760 --> 00:01:08,080 Speaker 1: question of how can you bring in this much money 17 00:01:08,080 --> 00:01:10,880 Speaker 1: and not pay tax when you and I pay income 18 00:01:10,920 --> 00:01:15,080 Speaker 1: tax and we have an understanding of tax rates, So 19 00:01:15,600 --> 00:01:18,720 Speaker 1: why don't we start by exploring the differences though, between 20 00:01:18,800 --> 00:01:20,920 Speaker 1: the tax that you and I pay, which is individual 21 00:01:21,000 --> 00:01:22,559 Speaker 1: tax and company tax rates. 22 00:01:22,720 --> 00:01:25,000 Speaker 2: Yes, so we all know. You know what tax is. 23 00:01:25,040 --> 00:01:27,120 Speaker 2: The most familiar one for all of us would be 24 00:01:27,160 --> 00:01:29,280 Speaker 2: the pay as you go tax that comes out of 25 00:01:29,360 --> 00:01:31,360 Speaker 2: our paycheck every cycle. 26 00:01:31,640 --> 00:01:32,440 Speaker 1: So that's what. 27 00:01:32,319 --> 00:01:36,360 Speaker 2: Employees pay the government. But what we're talking about today 28 00:01:36,600 --> 00:01:41,080 Speaker 2: is what employers pay the government in tax. So that's 29 00:01:41,160 --> 00:01:45,000 Speaker 2: the companies and it's called company tax. But the thing 30 00:01:45,080 --> 00:01:50,040 Speaker 2: about company tax is that the businesses only need to 31 00:01:50,120 --> 00:01:53,920 Speaker 2: pay tax on profits. So it's not what they earn 32 00:01:54,120 --> 00:01:57,880 Speaker 2: in revenue each year, it's what they earn in profit. 33 00:01:58,120 --> 00:02:01,360 Speaker 1: So if they take away the dollar figure, that's the 34 00:02:01,600 --> 00:02:05,200 Speaker 1: expenses that they laid out that financial year, and they 35 00:02:05,240 --> 00:02:08,160 Speaker 1: take that number away from the revenue number, that cream 36 00:02:08,160 --> 00:02:10,320 Speaker 1: on the top is the profit exactly. 37 00:02:10,400 --> 00:02:13,880 Speaker 2: And so what's interesting, and I think what is quite 38 00:02:13,919 --> 00:02:18,320 Speaker 2: controversial every time this topic comes up, is that you 39 00:02:18,560 --> 00:02:21,919 Speaker 2: could have a company that is earning hundreds of millions 40 00:02:21,919 --> 00:02:25,680 Speaker 2: of dollars in revenue every year, but if the company 41 00:02:25,880 --> 00:02:29,200 Speaker 2: isn't earning a profit, once it takes into account how 42 00:02:29,280 --> 00:02:32,800 Speaker 2: much it costs to run the company, that's when they 43 00:02:32,960 --> 00:02:37,200 Speaker 2: don't need to pay any company tax. In Australia, and 44 00:02:37,480 --> 00:02:40,800 Speaker 2: another thing in Australia, which is kind of recent it 45 00:02:40,840 --> 00:02:45,080 Speaker 2: only came about during COVID, is that Australia lets companies 46 00:02:45,280 --> 00:02:48,400 Speaker 2: carry forward losses into future years. And so what that 47 00:02:48,480 --> 00:02:51,680 Speaker 2: means is that a big loss in one year could 48 00:02:51,720 --> 00:02:56,000 Speaker 2: be spread out to reduce tax to zero over several years. 49 00:02:56,080 --> 00:02:57,920 Speaker 1: So let's play that out. So let's say that you 50 00:02:58,120 --> 00:03:01,840 Speaker 1: lost one hundred dollars in year one, and in the 51 00:03:01,880 --> 00:03:06,160 Speaker 1: second year you made one hundred dollars. You could say 52 00:03:06,200 --> 00:03:08,400 Speaker 1: to the tax office that in that second year you 53 00:03:08,440 --> 00:03:11,239 Speaker 1: actually broke even, Yes, because you'd lost one hundred dollars 54 00:03:11,280 --> 00:03:15,000 Speaker 1: the year before. You're carrying that forward and using it 55 00:03:15,080 --> 00:03:18,400 Speaker 1: to deduct from those beautiful profits you made in the 56 00:03:18,400 --> 00:03:19,880 Speaker 1: second year, exactly. 57 00:03:20,280 --> 00:03:23,160 Speaker 2: And so it's kind of like a tax loophole, but 58 00:03:23,240 --> 00:03:25,360 Speaker 2: also not because it's very legal. 59 00:03:25,440 --> 00:03:26,280 Speaker 1: Yeah, it's above board. 60 00:03:26,400 --> 00:03:29,160 Speaker 2: Yeah, And there are lots of these kind of rules, 61 00:03:29,240 --> 00:03:32,320 Speaker 2: like the carry forward rule, that allow companies to structure 62 00:03:32,360 --> 00:03:34,800 Speaker 2: their affairs in such a way that they pay little 63 00:03:34,920 --> 00:03:37,720 Speaker 2: or no tax for many years. I think one thing 64 00:03:37,760 --> 00:03:40,720 Speaker 2: that you can compare it to is tax deductions for 65 00:03:40,840 --> 00:03:44,600 Speaker 2: individuals for employees. Think of it like that. But obviously, 66 00:03:44,640 --> 00:03:46,920 Speaker 2: once you're dealing with hundreds of millions of dollars. It's 67 00:03:46,960 --> 00:03:49,800 Speaker 2: a lot more complex and there are so many more 68 00:03:49,880 --> 00:03:53,000 Speaker 2: different rules that apply. And I think what's important to 69 00:03:53,080 --> 00:03:56,160 Speaker 2: remember is that there's no suggestion that any of these 70 00:03:56,200 --> 00:04:00,440 Speaker 2: big companies have done anything wrong by not paying company tax. 71 00:04:00,880 --> 00:04:03,640 Speaker 2: It's completely allowed. But I think it's something that not 72 00:04:03,720 --> 00:04:08,040 Speaker 2: many people know about, so it's just a great literacy 73 00:04:08,160 --> 00:04:09,800 Speaker 2: angle for us to explain. 74 00:04:09,960 --> 00:04:11,880 Speaker 1: And the other important bit of this chat is to 75 00:04:11,880 --> 00:04:14,640 Speaker 1: remember that we're not talking about companies paying no tax 76 00:04:14,680 --> 00:04:17,239 Speaker 1: at all across the board. We're talking about the company 77 00:04:17,279 --> 00:04:20,440 Speaker 1: tax on profits, but companies still pay other taxes like 78 00:04:20,520 --> 00:04:22,040 Speaker 1: payroll tax or GST. 79 00:04:22,520 --> 00:04:24,760 Speaker 2: Yes. I have to admit when I first learned about 80 00:04:24,800 --> 00:04:27,159 Speaker 2: this many years ago, and I was like, oh my god, 81 00:04:27,240 --> 00:04:29,760 Speaker 2: companies are paying no tax. What the hell? Yeah, And 82 00:04:29,800 --> 00:04:32,359 Speaker 2: I was so confused about that. But yes, it's important 83 00:04:32,400 --> 00:04:35,880 Speaker 2: to say that's actually not true. We're just talking about 84 00:04:36,000 --> 00:04:39,880 Speaker 2: company tax, but things like GST or even payroll. 85 00:04:39,440 --> 00:04:41,120 Speaker 1: Tax, which is normally state based. 86 00:04:41,320 --> 00:04:45,200 Speaker 2: Yes, but companies also have to pay payroll tax, which 87 00:04:45,600 --> 00:04:48,160 Speaker 2: is an employer tax that's different to the pay as 88 00:04:48,160 --> 00:04:50,680 Speaker 2: you go tax. It's all very complicated, but it's not 89 00:04:50,720 --> 00:04:52,680 Speaker 2: true that they're not paying any tax. 90 00:04:52,480 --> 00:04:55,479 Speaker 1: At all the other important part of this discussion. So 91 00:04:55,520 --> 00:04:58,080 Speaker 1: you've taken us through this idea that if a company 92 00:04:58,520 --> 00:05:01,000 Speaker 1: is operating at a loss, if they're spending more than 93 00:05:01,000 --> 00:05:05,400 Speaker 1: they're making, then they're not paying any company tax. That 94 00:05:05,480 --> 00:05:08,360 Speaker 1: doesn't necessarily mean the company is failing. I mean, think 95 00:05:08,400 --> 00:05:11,640 Speaker 1: about those names that you rolled out at the top, Netflix, AGL, 96 00:05:11,800 --> 00:05:15,080 Speaker 1: virgin Those are all brands that are you know, at 97 00:05:15,160 --> 00:05:17,560 Speaker 1: least from their boards and CEOs, they're heading in the 98 00:05:17,600 --> 00:05:18,120 Speaker 1: right direction. 99 00:05:18,520 --> 00:05:20,440 Speaker 2: Yeah, you know who taught me about this, tell me 100 00:05:20,600 --> 00:05:24,279 Speaker 2: you thank you. When I first started working at TDA 101 00:05:24,360 --> 00:05:26,520 Speaker 2: and started learning about the world of business and everything, 102 00:05:26,760 --> 00:05:30,200 Speaker 2: I remember you telling me that companies don't immediately need 103 00:05:30,240 --> 00:05:33,000 Speaker 2: to start making a profit. You know, you're playing a 104 00:05:33,040 --> 00:05:36,719 Speaker 2: long game here, and so it is not unusual that 105 00:05:36,800 --> 00:05:39,960 Speaker 2: businesses will often operate at a loss in specific years 106 00:05:40,000 --> 00:05:43,280 Speaker 2: for good reasons. For example, they might be expanding their 107 00:05:43,279 --> 00:05:46,600 Speaker 2: business and they might be planning to make profits or hopefully. 108 00:05:46,720 --> 00:05:50,320 Speaker 2: I mean all businesses will be planning to make profits 109 00:05:50,360 --> 00:05:52,400 Speaker 2: in a future year, but it might just take a 110 00:05:52,440 --> 00:05:53,599 Speaker 2: couple of years to get there. 111 00:05:53,680 --> 00:05:56,400 Speaker 1: Can I add one layer of complexity to that. Yes, 112 00:05:56,440 --> 00:06:01,359 Speaker 1: Sometimes even investors or shareholders like on the stock market. 113 00:06:01,560 --> 00:06:04,919 Speaker 1: They might actually be disappointed if a company is making 114 00:06:04,960 --> 00:06:07,960 Speaker 1: too much profit because it's showing that they're not using 115 00:06:08,000 --> 00:06:13,120 Speaker 1: that money to put it in growth opportunities. And a 116 00:06:13,160 --> 00:06:16,600 Speaker 1: dollar in the bank can get interest and that's really 117 00:06:16,640 --> 00:06:19,200 Speaker 1: good and secure. But a dollar being used by an 118 00:06:19,200 --> 00:06:23,200 Speaker 1: innovative company to do something that makes their market share bigger, 119 00:06:23,560 --> 00:06:26,920 Speaker 1: that might result in three dollars. And so, yeah, profit 120 00:06:27,000 --> 00:06:28,200 Speaker 1: is a really interesting idea. 121 00:06:28,440 --> 00:06:31,000 Speaker 2: Yeah, and I remember the last time that we spoke 122 00:06:31,040 --> 00:06:34,520 Speaker 2: about companies paying no company tax on the podcast, we 123 00:06:34,640 --> 00:06:37,600 Speaker 2: talked about well for that specific year, we were talking 124 00:06:37,640 --> 00:06:39,880 Speaker 2: about Quantus paying no tax, and it was during the 125 00:06:39,960 --> 00:06:43,680 Speaker 2: years of COVID and they were operating at big losses. 126 00:06:44,320 --> 00:06:47,880 Speaker 2: But now as of this pass report, they are paying 127 00:06:48,040 --> 00:06:50,479 Speaker 2: company tax. So it just shows that again, you can 128 00:06:50,560 --> 00:06:52,520 Speaker 2: be making a loss one year, the next year you 129 00:06:52,560 --> 00:06:55,560 Speaker 2: can be making big profits and again paying company tax then. 130 00:06:55,640 --> 00:06:57,920 Speaker 1: And what investors always want to see is growth and 131 00:06:58,640 --> 00:07:01,640 Speaker 1: whatever form that growth is in is very important to them. 132 00:07:02,000 --> 00:07:04,919 Speaker 1: Remind us why we're talking about this today though. 133 00:07:04,960 --> 00:07:07,240 Speaker 2: Yeah, So the reason we're talking about this today is 134 00:07:07,240 --> 00:07:11,400 Speaker 2: because the Australian Tax Office released its annual Corporate Tax report. 135 00:07:11,800 --> 00:07:14,760 Speaker 2: Now that is a report where it covers private and 136 00:07:14,880 --> 00:07:18,400 Speaker 2: public companies that are making at least one hundred million 137 00:07:18,480 --> 00:07:21,360 Speaker 2: dollars every year. I look to see if the dally 138 00:07:21,400 --> 00:07:23,720 Speaker 2: Os was there. Unfortunately, we're not quite there. 139 00:07:24,000 --> 00:07:25,840 Speaker 1: One of these years, one of these years we are 140 00:07:25,880 --> 00:07:28,560 Speaker 1: going to be interrogated on the corporate tax report. Not 141 00:07:28,640 --> 00:07:29,280 Speaker 1: quite yet. 142 00:07:29,600 --> 00:07:32,520 Speaker 2: So any company that is making one hundred million dollars 143 00:07:32,600 --> 00:07:35,840 Speaker 2: or more in revenue in Australia is included in this report, 144 00:07:36,440 --> 00:07:39,800 Speaker 2: and it revealed that more than a quarter of these 145 00:07:39,880 --> 00:07:43,880 Speaker 2: big companies did not pay any company tax. Now, if 146 00:07:43,920 --> 00:07:46,040 Speaker 2: you're not familiar with this kind of story, you might 147 00:07:46,080 --> 00:07:48,600 Speaker 2: be thinking that's quite a lot. More than a quarter 148 00:07:48,680 --> 00:07:51,320 Speaker 2: of companies in Australia making over one hundred million dollars 149 00:07:51,360 --> 00:07:55,000 Speaker 2: a year aren't paying company tax. But that's actually the 150 00:07:55,120 --> 00:07:59,760 Speaker 2: lowest percentage of companies paying zero tax in the past decade. 151 00:08:00,280 --> 00:08:02,480 Speaker 1: And when you're talking about these companies that are making 152 00:08:02,520 --> 00:08:05,520 Speaker 1: over one hundred million, are these companies that we've heard of, 153 00:08:05,600 --> 00:08:07,960 Speaker 1: Are these companies that we engage with or are they 154 00:08:08,280 --> 00:08:12,679 Speaker 1: you know, miscellaneous massive maybe mining companies that we don't 155 00:08:12,880 --> 00:08:15,360 Speaker 1: have much interaction with as consumers. 156 00:08:15,640 --> 00:08:17,480 Speaker 2: Yeah, so I mentioned some of them at the top. 157 00:08:17,520 --> 00:08:20,320 Speaker 2: There was AGL, Virgin. There was also Toll the shipping 158 00:08:20,360 --> 00:08:23,280 Speaker 2: company Ticketmaster, one that I'm sure many of us are 159 00:08:23,400 --> 00:08:26,600 Speaker 2: familiar with and what I found interesting. So we've mentioned 160 00:08:26,600 --> 00:08:28,640 Speaker 2: that the threshold to be included in this report is 161 00:08:28,640 --> 00:08:31,920 Speaker 2: one hundred million, but some of these companies are literally 162 00:08:32,000 --> 00:08:36,840 Speaker 2: making billions of dollars but they still paid no company tax. 163 00:08:37,600 --> 00:08:40,920 Speaker 2: One that we have talked about is Netflix. They made 164 00:08:41,000 --> 00:08:42,400 Speaker 2: more than a billion. 165 00:08:42,080 --> 00:08:44,040 Speaker 1: Dollars just in Australia, just. 166 00:08:44,000 --> 00:08:47,400 Speaker 2: In Australia, and justin revenue, again not profit, but they 167 00:08:47,440 --> 00:08:52,200 Speaker 2: paid no company tax. And what's interesting and quite controversial, 168 00:08:52,240 --> 00:08:54,600 Speaker 2: I think it's safe to say, is that a company 169 00:08:54,679 --> 00:08:59,800 Speaker 2: like Netflix, which is a multinational company, they are not 170 00:09:00,240 --> 00:09:04,000 Speaker 2: playing around with the rules in tax systems in single countries, 171 00:09:04,480 --> 00:09:07,480 Speaker 2: but they also get to play around with it across 172 00:09:07,520 --> 00:09:11,360 Speaker 2: all countries that they operate in. So it's a very 173 00:09:11,400 --> 00:09:14,319 Speaker 2: different company to something like Virgin Australia. 174 00:09:14,600 --> 00:09:16,760 Speaker 1: So let's spell that out a little bit more. 175 00:09:16,840 --> 00:09:16,920 Speaker 2: So. 176 00:09:16,960 --> 00:09:19,280 Speaker 1: What you're talking about there is the idea that Netflix 177 00:09:19,760 --> 00:09:23,840 Speaker 1: Netflix Australia has an Australian company that is fully owned 178 00:09:23,880 --> 00:09:29,240 Speaker 1: by Netflix Worldwide and where Netflix Worldwide is registered and 179 00:09:29,280 --> 00:09:32,160 Speaker 1: it's based that will have an impact on how much 180 00:09:32,240 --> 00:09:33,840 Speaker 1: tax they pay. Yes, got it? 181 00:09:33,880 --> 00:09:36,600 Speaker 2: Okay, And I'm not necessarily saying Netflix, but I'm saying 182 00:09:36,679 --> 00:09:41,400 Speaker 2: that some companies, some multinational companies, could be moving profits 183 00:09:41,480 --> 00:09:44,880 Speaker 2: or revenues around to pay less tax in certain countries. 184 00:09:44,960 --> 00:09:47,439 Speaker 1: And so this is part of the debate that government, 185 00:09:47,520 --> 00:09:51,640 Speaker 1: successive governments, both labor and liberal have had over many 186 00:09:51,720 --> 00:09:55,120 Speaker 1: decades now, which is the idea that if you're earning 187 00:09:55,200 --> 00:09:59,760 Speaker 1: money from Australians but then sending that money overseas straight away, 188 00:10:00,200 --> 00:10:03,320 Speaker 1: that's another way to not pay corporate tax. What should 189 00:10:03,320 --> 00:10:05,640 Speaker 1: the rules be there? And no one really has had 190 00:10:05,679 --> 00:10:08,560 Speaker 1: a clear answer to that question. I mean one of 191 00:10:08,600 --> 00:10:11,400 Speaker 1: the companies that this comes up with a lot is 192 00:10:11,600 --> 00:10:15,120 Speaker 1: measure and the number of Australian businesses that spend money 193 00:10:15,120 --> 00:10:17,640 Speaker 1: on Facebook ads for example, if you look at the 194 00:10:17,640 --> 00:10:20,880 Speaker 1: receipts of those ads, then it'll say Dublin on it 195 00:10:20,920 --> 00:10:23,560 Speaker 1: and it goes straight to Ireland and that's where that 196 00:10:23,600 --> 00:10:26,280 Speaker 1: business is based out of and so they have to 197 00:10:26,320 --> 00:10:30,199 Speaker 1: be accountable to Irish tax laws but not Australian. Now, 198 00:10:30,200 --> 00:10:32,480 Speaker 1: it's worth noting that Meta says that they are compliant 199 00:10:32,480 --> 00:10:35,400 Speaker 1: with all Australian tax laws, and the ATO is a 200 00:10:35,480 --> 00:10:39,280 Speaker 1: very powerful institution in chasing up these companies, and all 201 00:10:39,320 --> 00:10:41,760 Speaker 1: of this is above board. And I think that's the 202 00:10:41,880 --> 00:10:45,240 Speaker 1: recurring interesting point here, Billy, is that no one's breaking 203 00:10:45,640 --> 00:10:48,360 Speaker 1: rules here. The rules are set up to allow for 204 00:10:48,440 --> 00:10:50,880 Speaker 1: companies to structure themselves in these ways. 205 00:10:51,160 --> 00:10:53,440 Speaker 2: Yeah, and it's interesting that you bring up that the 206 00:10:53,520 --> 00:10:58,000 Speaker 2: ATO is, you know, really focusing on compliance, because that 207 00:10:58,280 --> 00:11:01,840 Speaker 2: is the reason that when I mentioned earlier that it 208 00:11:01,880 --> 00:11:05,800 Speaker 2: is the lowest percentage of companies paying no company tax. 209 00:11:06,120 --> 00:11:09,600 Speaker 2: The reason for that is because they have increased their 210 00:11:09,679 --> 00:11:13,359 Speaker 2: investment into making sure that all companies are being compliant. 211 00:11:13,440 --> 00:11:16,840 Speaker 1: And that's through these tax avoidance bodies that they set 212 00:11:16,920 --> 00:11:20,200 Speaker 1: up with in the ATO that take forensic examinations of 213 00:11:20,320 --> 00:11:23,280 Speaker 1: companies to make sure that they're paying the tax that's 214 00:11:23,559 --> 00:11:25,600 Speaker 1: owed to the ATO exactly. 215 00:11:25,679 --> 00:11:29,800 Speaker 2: And investment into that task force has increased in recent years. 216 00:11:30,240 --> 00:11:32,280 Speaker 2: And so yeah, like I said, this is the first 217 00:11:32,320 --> 00:11:35,240 Speaker 2: time in eleven years. Well I didn't say this stat 218 00:11:35,440 --> 00:11:37,160 Speaker 2: this is a new stat So the first time in 219 00:11:37,200 --> 00:11:40,200 Speaker 2: eleven years that the number of entities paying no tax 220 00:11:40,440 --> 00:11:44,640 Speaker 2: has dropped to below thirty percent, and that number of 221 00:11:44,679 --> 00:11:47,880 Speaker 2: eleven years, that's just when this report started, so it's 222 00:11:47,920 --> 00:11:51,040 Speaker 2: basically the first time on record that it has dropped 223 00:11:51,040 --> 00:11:52,840 Speaker 2: to below thirty percent. So it just shows that it 224 00:11:52,960 --> 00:11:57,280 Speaker 2: is working. It is above board, but there is a 225 00:11:57,400 --> 00:12:00,199 Speaker 2: real focus on compliance at the moment. It's above board 226 00:12:00,240 --> 00:12:03,560 Speaker 2: in terms of this report, right, but as we know, 227 00:12:04,120 --> 00:12:06,960 Speaker 2: you know, there are potentially dodgy things happening, not what 228 00:12:07,000 --> 00:12:09,720 Speaker 2: we've talked about today, but outside of what we're talking 229 00:12:09,760 --> 00:12:10,280 Speaker 2: about today. 230 00:12:10,679 --> 00:12:14,319 Speaker 1: It's an area of the law and of the economy 231 00:12:14,360 --> 00:12:17,920 Speaker 1: that people spend their entire lives trying to work through, 232 00:12:18,160 --> 00:12:20,120 Speaker 1: work in and work around. 233 00:12:19,960 --> 00:12:21,920 Speaker 2: That we've just tried to explain in a ten minute 234 00:12:21,920 --> 00:12:23,560 Speaker 2: podcast on a Tuesday morning, So. 235 00:12:23,520 --> 00:12:25,840 Speaker 1: Possibly go wrong. Billy, thank you so much for taking 236 00:12:25,960 --> 00:12:29,000 Speaker 1: us through that very complicated area, but one that always 237 00:12:29,080 --> 00:12:31,400 Speaker 1: grabs the headlines and we thought it was worth explaining. 238 00:12:31,520 --> 00:12:33,800 Speaker 1: Thank you, and that's all we've got time for you 239 00:12:33,960 --> 00:12:36,240 Speaker 1: on today's episode of The Daily OS. We're going to 240 00:12:36,240 --> 00:12:38,679 Speaker 1: be back in the afternoon with some headlines. If you've 241 00:12:38,720 --> 00:12:41,760 Speaker 1: got any questions left over from this discussion, just shoot 242 00:12:41,800 --> 00:12:45,480 Speaker 1: us a dm over on our Instagram. We've got TDA Finance, 243 00:12:45,559 --> 00:12:48,760 Speaker 1: our brand new finance newsletter and a good place to 244 00:12:48,800 --> 00:12:51,000 Speaker 1: try and break down some extra questions you've got from 245 00:12:51,000 --> 00:12:53,280 Speaker 1: today's episode. We'll speak to you later in the afternoon. 246 00:12:53,360 --> 00:12:59,680 Speaker 1: Until then, have a great day. My name is Lily 247 00:12:59,679 --> 00:13:03,120 Speaker 1: Maddon and I'm a proud Arunda Bunjelung Calkatin woman from 248 00:13:03,160 --> 00:13:04,560 Speaker 1: Gadigol Country. 249 00:13:04,840 --> 00:13:08,000 Speaker 2: The Daily oz acknowledges that this podcast is recorded on 250 00:13:08,040 --> 00:13:10,520 Speaker 2: the lands of the Gadighl people and pays respect to 251 00:13:10,600 --> 00:13:14,080 Speaker 2: all Aboriginal and Torrestrate island and nations. We pay our 252 00:13:14,080 --> 00:13:17,240 Speaker 2: respects to the first peoples of these countries, both past 253 00:13:17,320 --> 00:13:17,840 Speaker 2: and present.