1 00:00:00,120 --> 00:00:03,280 Speaker 1: Ow bit of relief for quite a few Whassies and Territorians. 2 00:00:03,360 --> 00:00:06,520 Speaker 1: Late yesterday, the Reserve Bank has kept interest rates on 3 00:00:06,600 --> 00:00:10,440 Speaker 1: hold this month at four point one percent. The Bank's 4 00:00:10,480 --> 00:00:13,320 Speaker 1: board says the decision will give it time to assess 5 00:00:13,360 --> 00:00:17,000 Speaker 1: the state of the economy, but more rake hikes could 6 00:00:17,040 --> 00:00:20,279 Speaker 1: be coming. The RBA Governor General Philip Lowe, said that 7 00:00:20,320 --> 00:00:24,720 Speaker 1: the Board remains resolute in its determination to return inflation 8 00:00:24,880 --> 00:00:29,360 Speaker 1: to target and will do what is necessary to achieve that. So, 9 00:00:29,480 --> 00:00:31,560 Speaker 1: by the sounds of it, there could be some pain 10 00:00:31,760 --> 00:00:32,479 Speaker 1: on the way. 11 00:00:32,720 --> 00:00:32,879 Speaker 2: Now. 12 00:00:33,000 --> 00:00:36,559 Speaker 1: Joining me on the line is the Federal Shadow treasurer 13 00:00:36,640 --> 00:00:38,360 Speaker 1: Angus Taylor. Good morning to you. 14 00:00:39,360 --> 00:00:40,839 Speaker 2: Good morning Katie, thanks for having me. 15 00:00:40,920 --> 00:00:43,000 Speaker 1: Yeah, thanks so much for your time. What was your 16 00:00:43,040 --> 00:00:45,800 Speaker 1: reaction to those interest rates staying at four point one 17 00:00:45,800 --> 00:00:46,720 Speaker 1: percent yesterday? 18 00:00:47,840 --> 00:00:50,519 Speaker 2: Well, it's welcome relief of a hard working Australian families 19 00:00:50,520 --> 00:00:52,960 Speaker 2: who are feeling a lot of pain. But the battle 20 00:00:52,960 --> 00:00:57,040 Speaker 2: against inflation is far from over. We know that there's 21 00:00:57,160 --> 00:01:00,880 Speaker 2: almost half a million Australians moving from fix to floating 22 00:01:00,960 --> 00:01:04,080 Speaker 2: rate mortgages in the second half of this year and 23 00:01:04,120 --> 00:01:07,920 Speaker 2: that's a big jump now. And we also know from 24 00:01:07,920 --> 00:01:10,479 Speaker 2: what the Reserve Banks said yesterday that further tightening may 25 00:01:10,520 --> 00:01:14,920 Speaker 2: be necessary. But regardless of that, the expectation is that 26 00:01:15,040 --> 00:01:17,399 Speaker 2: higher rates will be with us for longer and higher 27 00:01:17,400 --> 00:01:20,160 Speaker 2: inflation will be with us for longer. And that's a 28 00:01:20,160 --> 00:01:23,040 Speaker 2: lot of pain for all Australian's being felt, and it's 29 00:01:23,080 --> 00:01:26,520 Speaker 2: why we're calling on the government to step up. If 30 00:01:26,520 --> 00:01:29,200 Speaker 2: you leave all the work to the Reserve Bank, they 31 00:01:29,240 --> 00:01:32,680 Speaker 2: only have one lever, which is raising interest rates very blunt. 32 00:01:32,959 --> 00:01:36,520 Speaker 2: But the Government has many levers at its disposal. Whether 33 00:01:36,560 --> 00:01:39,600 Speaker 2: it's the money it's spending, it's the industry relations policy, 34 00:01:39,720 --> 00:01:43,600 Speaker 2: energy policy, productivity policies. All of these things can align 35 00:01:43,760 --> 00:01:47,360 Speaker 2: to put downward pressure on inflation, downward pressure on interest rates, 36 00:01:47,480 --> 00:01:50,240 Speaker 2: and take that pressure off as hard working Australians who 37 00:01:50,280 --> 00:01:51,080 Speaker 2: are trying to get ahead. 38 00:01:51,280 --> 00:01:53,000 Speaker 1: I do want to just ask you about that point 39 00:01:53,040 --> 00:01:56,880 Speaker 1: that you'd made about people switching from from variable interest 40 00:01:56,920 --> 00:02:00,160 Speaker 1: rates obviously or those fixed interest rates to variable What 41 00:02:00,240 --> 00:02:02,320 Speaker 1: impact do you think that we're going to see as 42 00:02:02,360 --> 00:02:04,000 Speaker 1: a result of that in the coming months. 43 00:02:05,000 --> 00:02:07,360 Speaker 2: Well, they're big numbers. I mean, if you locked in 44 00:02:08,400 --> 00:02:11,519 Speaker 2: during the pandemic, you may well have locked in three 45 00:02:11,600 --> 00:02:15,200 Speaker 2: percent or so three or four percent and you're going 46 00:02:15,240 --> 00:02:17,720 Speaker 2: to go up a long way from there, and that's 47 00:02:17,720 --> 00:02:21,240 Speaker 2: a real shock to the system for like four Australians. 48 00:02:21,800 --> 00:02:24,920 Speaker 2: And the point is almost half a million doing that 49 00:02:24,919 --> 00:02:29,679 Speaker 2: that we'll have listeners of your program out there who 50 00:02:29,720 --> 00:02:34,079 Speaker 2: are going to be one of those families. And that's 51 00:02:34,120 --> 00:02:36,239 Speaker 2: a really tough time. It's a really tough time. And 52 00:02:36,560 --> 00:02:38,359 Speaker 2: of course the real challenge is how do you make 53 00:02:38,440 --> 00:02:40,959 Speaker 2: in meet? Do you work extra hours if you're a 54 00:02:41,040 --> 00:02:42,880 Speaker 2: couple that's want to work a bit more and then 55 00:02:43,080 --> 00:02:46,840 Speaker 2: you drop the kids off at school, what do you 56 00:02:46,880 --> 00:02:47,400 Speaker 2: give up on? 57 00:02:49,440 --> 00:02:50,200 Speaker 1: Well, this is it. 58 00:02:50,280 --> 00:02:53,560 Speaker 2: The kid's going to have to lose things. I mean, yeah, 59 00:02:53,639 --> 00:02:55,280 Speaker 2: this is these are really really tough time. 60 00:02:55,360 --> 00:02:58,440 Speaker 1: They are tough times, and it does it really seems 61 00:02:58,480 --> 00:03:00,880 Speaker 1: to be and I know that it's on flow right 62 00:03:00,919 --> 00:03:03,680 Speaker 1: across the country and right across the Northern territory, but 63 00:03:03,720 --> 00:03:06,920 Speaker 1: it really seems to be like Middle Australia, your families 64 00:03:06,919 --> 00:03:08,880 Speaker 1: with mortgages that are being hit the hardest. 65 00:03:08,960 --> 00:03:12,600 Speaker 2: Right now, That's exactly right. And Katie, what's different about 66 00:03:12,680 --> 00:03:17,200 Speaker 2: inflation from almost everything we've experienced in several decades now 67 00:03:18,360 --> 00:03:20,120 Speaker 2: is that if you throw money at it, you make 68 00:03:20,160 --> 00:03:23,080 Speaker 2: it worse. It's a very different problem. But if you 69 00:03:23,200 --> 00:03:27,280 Speaker 2: get your policy right, every one benefit, absolutely everybody. It 70 00:03:27,360 --> 00:03:30,040 Speaker 2: is not about one group versus another group. Everybody benefits. 71 00:03:30,080 --> 00:03:32,639 Speaker 2: And it's why we're calling on the government to do 72 00:03:33,120 --> 00:03:37,440 Speaker 2: everything it can to make its absolute priority bringing down 73 00:03:37,480 --> 00:03:41,040 Speaker 2: inflation and interest rates priority one, Priority two, Priority three. 74 00:03:41,160 --> 00:03:44,160 Speaker 2: That's what it's got to be. But right now we're 75 00:03:44,200 --> 00:03:46,240 Speaker 2: not seen that. We're seeing it best in difference and 76 00:03:46,320 --> 00:03:49,840 Speaker 2: it worst in competence. The problenist that hasn't even taken 77 00:03:49,880 --> 00:03:53,560 Speaker 2: a briefing from the most senior economic advisor in the government, 78 00:03:53,600 --> 00:03:58,520 Speaker 2: the Treasury Secretary, on inflation, and that's extraordinary, having set 79 00:03:58,520 --> 00:04:02,200 Speaker 2: around the cabinet table when you have a real economic challenge, 80 00:04:02,280 --> 00:04:04,720 Speaker 2: you listen to the Treasury Secretary, you take briefings from 81 00:04:04,760 --> 00:04:06,440 Speaker 2: the Treasury Secretary. That hadn't happened. 82 00:04:06,520 --> 00:04:08,520 Speaker 1: So if you were the Treasurer today, what would you 83 00:04:08,600 --> 00:04:09,040 Speaker 1: be doing. 84 00:04:10,120 --> 00:04:12,160 Speaker 2: Well, the first thing I'd be doing is looking at 85 00:04:12,160 --> 00:04:14,000 Speaker 2: that extra one hundred and eighty five billion dollars of 86 00:04:14,040 --> 00:04:16,760 Speaker 2: spending seven thousand dollars for re Australian and saying, okay, 87 00:04:17,320 --> 00:04:21,400 Speaker 2: what's not necessary here? Now we have opposed forty five 88 00:04:21,440 --> 00:04:24,239 Speaker 2: billion dollars of spending just in the last few months, 89 00:04:24,360 --> 00:04:27,000 Speaker 2: and these things all might have merit, but at the 90 00:04:27,080 --> 00:04:29,480 Speaker 2: end of the day, when you've got inflation or aging, 91 00:04:29,600 --> 00:04:31,760 Speaker 2: now it's not right the right time to do it. 92 00:04:31,839 --> 00:04:35,080 Speaker 2: I wouldn't be pushing through industrial relations policy that risks 93 00:04:35,080 --> 00:04:39,280 Speaker 2: making the situation, was going back to multi enterprise bargaining 94 00:04:39,320 --> 00:04:41,760 Speaker 2: and a number of other things that they're proposing to do. 95 00:04:42,040 --> 00:04:44,359 Speaker 2: Feel though the Reserve Bank governor has made the point 96 00:04:44,400 --> 00:04:47,839 Speaker 2: that this is not helping the situation. And I'll be 97 00:04:47,880 --> 00:04:50,760 Speaker 2: delivering on the energy promises that they made before the 98 00:04:50,760 --> 00:04:53,239 Speaker 2: election two hundred and seventy five dollars reduction in energy. 99 00:04:53,360 --> 00:04:56,480 Speaker 2: Deliver on that promise. That means making sure you get 100 00:04:56,520 --> 00:04:59,360 Speaker 2: your energy mixed right, get more more gas into the 101 00:04:59,400 --> 00:05:03,159 Speaker 2: system in the sh you term thinking seriously about other technologies, 102 00:05:03,160 --> 00:05:06,039 Speaker 2: including nuclear over the longer term. And these are the 103 00:05:06,080 --> 00:05:10,360 Speaker 2: policies that need to be pursued. But we're not seeing 104 00:05:10,480 --> 00:05:13,799 Speaker 2: this absolute resolute focus from the government right now. 105 00:05:14,080 --> 00:05:17,359 Speaker 1: Now given the crisis around high housing, of course, and 106 00:05:17,400 --> 00:05:19,880 Speaker 1: the situation with the cost of living and people struggling 107 00:05:19,880 --> 00:05:22,919 Speaker 1: with their mortgages, is there a worry here that this 108 00:05:23,040 --> 00:05:25,520 Speaker 1: is going to further exasperate the housing issue. I mean 109 00:05:25,560 --> 00:05:30,440 Speaker 1: people possibly unable to pay their mortgages and forced to sell. 110 00:05:30,720 --> 00:05:33,720 Speaker 2: Yeah. Absolutely, I mean it's an ironic situation, isn't it, 111 00:05:33,760 --> 00:05:36,920 Speaker 2: Where people are struggling to pay for their housing, whether 112 00:05:36,960 --> 00:05:39,919 Speaker 2: it's through their mortgage or through rent. But at the 113 00:05:39,960 --> 00:05:43,719 Speaker 2: same time, we have a chronic housing shortage emerging one 114 00:05:43,720 --> 00:05:46,800 Speaker 2: point five additional immigrants coming into the country without a 115 00:05:46,839 --> 00:05:50,840 Speaker 2: clear plan on how to deal with those pressures, and 116 00:05:50,880 --> 00:05:53,479 Speaker 2: so you know, I think we are facing a real 117 00:05:53,680 --> 00:05:57,000 Speaker 2: housing crisis in the country. But the right answer to 118 00:05:57,080 --> 00:06:00,880 Speaker 2: that is to make sure that you you balance your 119 00:06:00,920 --> 00:06:04,800 Speaker 2: population growth with housing policies, and you make sure you 120 00:06:04,880 --> 00:06:07,320 Speaker 2: get a supply of housing coming into the market. And 121 00:06:08,720 --> 00:06:11,320 Speaker 2: we need that clear focus right now, we haven't seen it. 122 00:06:11,520 --> 00:06:13,480 Speaker 1: Well, there is that issue as well of people being 123 00:06:13,560 --> 00:06:17,000 Speaker 1: quite weary I think to purchase investors as well to build. 124 00:06:17,080 --> 00:06:19,520 Speaker 1: So what impact is that going to have then on 125 00:06:19,560 --> 00:06:21,800 Speaker 1: the viability of new house starts. 126 00:06:22,560 --> 00:06:24,839 Speaker 2: Well, it will have an impact, there's no question about it. 127 00:06:24,839 --> 00:06:26,760 Speaker 2: I Mean, we've seen the construction industry going through a 128 00:06:26,800 --> 00:06:29,279 Speaker 2: pretty tough times at the moment. Lots of companies that 129 00:06:29,320 --> 00:06:32,760 Speaker 2: we're on fixed price contracts prices are going up that 130 00:06:32,760 --> 00:06:36,000 Speaker 2: have been hit hard. That means they're weary about future 131 00:06:36,400 --> 00:06:39,560 Speaker 2: future projects and it's why, you know, one of the 132 00:06:39,560 --> 00:06:43,080 Speaker 2: reasons why the supply has slowed. But if you can 133 00:06:43,160 --> 00:06:46,840 Speaker 2: take pressure off inflation, then you can take pressure off 134 00:06:46,839 --> 00:06:49,480 Speaker 2: those projects, get more of those projects into the pipeline, 135 00:06:49,480 --> 00:06:52,680 Speaker 2: get more things happening, and this is the key. So 136 00:06:52,920 --> 00:06:57,920 Speaker 2: many benefits come, so many dividends come from bringing down inflation, 137 00:06:58,360 --> 00:07:00,000 Speaker 2: and that's why it's got to be the top priority 138 00:07:00,040 --> 00:07:00,600 Speaker 2: for the government. 139 00:07:00,640 --> 00:07:02,520 Speaker 1: And so how do they do that? I mean, it 140 00:07:02,560 --> 00:07:04,880 Speaker 1: seems like a simple question, But how do they do that? 141 00:07:06,400 --> 00:07:09,680 Speaker 2: Well? As I said, you know, an economist to use 142 00:07:09,880 --> 00:07:14,920 Speaker 2: their terminology fiscal policy productivity. That's that's spending. Managing this 143 00:07:15,000 --> 00:07:19,320 Speaker 2: spending and making sure that the economy is as productive 144 00:07:19,360 --> 00:07:21,520 Speaker 2: as possible. You know that in the last four months 145 00:07:21,560 --> 00:07:25,000 Speaker 2: we've seen a four and a half percent reduction in 146 00:07:25,160 --> 00:07:30,800 Speaker 2: productivity per person in there. Something's going desperately wrong and 147 00:07:31,120 --> 00:07:33,200 Speaker 2: we need to fix it and labor needs to be 148 00:07:33,200 --> 00:07:35,440 Speaker 2: on the job. They're not. They're not. They're barely even 149 00:07:35,520 --> 00:07:38,400 Speaker 2: talking about it. We've got the Prime Minister wanting to 150 00:07:38,440 --> 00:07:42,520 Speaker 2: talk about anything but this and that's not that's not 151 00:07:42,560 --> 00:07:44,440 Speaker 2: what we need. We need a resolute focus. 152 00:07:44,840 --> 00:07:46,560 Speaker 1: Now, if you have just joined us, we are on 153 00:07:46,600 --> 00:07:50,040 Speaker 1: the line with Angus Taylor, the Shadow Federal Treasurer. Now 154 00:07:50,040 --> 00:07:52,160 Speaker 1: I do want to ask on another topic this morning, 155 00:07:52,280 --> 00:07:56,520 Speaker 1: the Voice. Linda Bernie has revealed that health, education, jobs 156 00:07:56,600 --> 00:08:00,720 Speaker 1: and housing are the four policy priorities on She's going 157 00:08:00,720 --> 00:08:03,680 Speaker 1: to ask the Indigenous Voice to provide advice. Now, the 158 00:08:03,680 --> 00:08:07,360 Speaker 1: Indigenous Australians Minister is expected to tell the Press Club 159 00:08:07,400 --> 00:08:11,320 Speaker 1: today her vision for the Voice to Parliament, which is, 160 00:08:11,440 --> 00:08:14,320 Speaker 1: as we know, facing falling support in the polls at 161 00:08:14,320 --> 00:08:17,640 Speaker 1: the moment, as opponents will hone in on the lack 162 00:08:17,680 --> 00:08:22,000 Speaker 1: of detail about it and warn that it will divide Australia. Now, 163 00:08:22,040 --> 00:08:24,680 Speaker 1: Miss Bernie is going to tell the National Press Club 164 00:08:24,680 --> 00:08:27,560 Speaker 1: that the Voice will be active and engaged under her 165 00:08:27,680 --> 00:08:33,240 Speaker 1: watch and often new perspectives to old challenges from Indigenous Australians. Angus, 166 00:08:33,280 --> 00:08:35,800 Speaker 1: do you think that this speech today is going to 167 00:08:35,840 --> 00:08:39,040 Speaker 1: provide Aussie's with the clarity that many seem to be 168 00:08:39,160 --> 00:08:40,120 Speaker 1: seeking right now? 169 00:08:41,240 --> 00:08:43,160 Speaker 2: I haven't said the speech, I've only seen the reporting. 170 00:08:43,160 --> 00:08:46,079 Speaker 2: But they're all worthy objectives. Of course, we want better 171 00:08:46,080 --> 00:08:49,000 Speaker 2: health and better education, all of those things, but they're 172 00:08:49,000 --> 00:08:53,640 Speaker 2: not answering the fundamental questions. I mean, what is this voice, 173 00:08:53,960 --> 00:08:55,800 Speaker 2: who's going to be on it, how many people are 174 00:08:55,840 --> 00:08:57,640 Speaker 2: going to be on it, who's going to vote for it? 175 00:08:57,720 --> 00:09:00,800 Speaker 2: How do you qualify to vote for it? Those questions 176 00:09:00,800 --> 00:09:05,360 Speaker 2: have been answered. I'm confused by her comments because I 177 00:09:05,400 --> 00:09:07,679 Speaker 2: thought the Voice was going to decide what it was 178 00:09:07,720 --> 00:09:09,840 Speaker 2: going to look at. That's certainly what the wording going 179 00:09:09,840 --> 00:09:13,080 Speaker 2: into the Constitution says that it can roam wherever it likes, 180 00:09:14,200 --> 00:09:17,520 Speaker 2: and it's not restricted to Indigenous affairs, and it can 181 00:09:17,640 --> 00:09:20,400 Speaker 2: choose what it wants to look at. Now we're hearing 182 00:09:21,040 --> 00:09:24,360 Speaker 2: the minister the director. I mean, we just this is 183 00:09:24,440 --> 00:09:27,360 Speaker 2: confusing the situation, not clarifying it. We need to know 184 00:09:27,520 --> 00:09:31,200 Speaker 2: what this thing is. And whilst we want those problems solved, 185 00:09:31,320 --> 00:09:34,640 Speaker 2: make no mistake about it, they are very very important 186 00:09:34,720 --> 00:09:37,880 Speaker 2: issues to deal with. I can't see how this voice 187 00:09:38,679 --> 00:09:40,760 Speaker 2: is going to solve that, and certainly the lack of 188 00:09:41,000 --> 00:09:44,360 Speaker 2: details about what the voice is makes us hard to 189 00:09:44,440 --> 00:09:45,760 Speaker 2: understand what it is in the first place. 190 00:09:45,880 --> 00:09:48,080 Speaker 1: Yeah, look, I certainly take on board what you were saying, 191 00:09:48,080 --> 00:09:50,800 Speaker 1: and I think that a lot of Australians are indeed 192 00:09:50,960 --> 00:09:53,960 Speaker 1: still looking for answers to those questions that you just 193 00:09:54,040 --> 00:09:57,000 Speaker 1: touched on. But what we're doing right now in Australia 194 00:09:57,120 --> 00:09:59,160 Speaker 1: clearly isn't working. I mean, all you've got to do 195 00:09:59,280 --> 00:10:00,800 Speaker 1: is look at some of the issues that we've got 196 00:10:00,800 --> 00:10:03,280 Speaker 1: here in the Northern Territory to see that we do 197 00:10:03,360 --> 00:10:05,520 Speaker 1: need to have some change. I don't know exactly what 198 00:10:05,559 --> 00:10:07,800 Speaker 1: the answer is, but the way that things are going 199 00:10:07,880 --> 00:10:09,760 Speaker 1: right now don't seem to be working. 200 00:10:11,160 --> 00:10:15,280 Speaker 2: Sure, but the government needs to explain why the Voice 201 00:10:15,360 --> 00:10:18,200 Speaker 2: is the answer to that. And if you don't know 202 00:10:18,240 --> 00:10:21,560 Speaker 2: what it is, then how can it be the answer. 203 00:10:21,800 --> 00:10:23,920 Speaker 2: I mean, this is the problem. You've got to say 204 00:10:23,920 --> 00:10:25,880 Speaker 2: what this thing is now. We know it's a permanent 205 00:10:25,960 --> 00:10:29,080 Speaker 2: change to the constitution, we know it can roam where 206 00:10:29,120 --> 00:10:34,800 Speaker 2: it likes. It's not restricted to Indigenous affairs, so that's 207 00:10:34,800 --> 00:10:38,079 Speaker 2: a very broad remit. We don't know much more about it. 208 00:10:38,320 --> 00:10:40,440 Speaker 2: The fact that the Minister wants it to focus on 209 00:10:40,440 --> 00:10:42,880 Speaker 2: health and education, of course, I mean these are all 210 00:10:43,000 --> 00:10:45,640 Speaker 2: we want all of our focus on making sure those 211 00:10:45,640 --> 00:10:49,439 Speaker 2: things are improved. But I think the fundamental question is 212 00:10:49,440 --> 00:10:51,040 Speaker 2: about what the Voice is and how it's really going 213 00:10:51,080 --> 00:10:52,040 Speaker 2: to improve the situation. 214 00:10:52,120 --> 00:10:56,640 Speaker 1: Until not answer well, Shadow Federal Treasurer Angus Taylor. We 215 00:10:56,720 --> 00:10:59,040 Speaker 1: really appreciate your time this morning. Thanks so much for 216 00:10:59,080 --> 00:10:59,959 Speaker 1: having a chat to us. 217 00:11:00,920 --> 00:11:02,440 Speaker 2: Good on you, thanks carry, thank you.