1 00:00:00,520 --> 00:00:04,120 Speaker 1: Already and this is the daily This is the Daily 2 00:00:04,160 --> 00:00:06,840 Speaker 1: ohs oh, now it makes sense. 3 00:00:14,640 --> 00:00:17,000 Speaker 2: Good morning and welcome to the Daily OS. It's Wednesday, 4 00:00:17,079 --> 00:00:20,080 Speaker 2: the eighth of January. I'm Sam. The Australian dollar has 5 00:00:20,160 --> 00:00:23,120 Speaker 2: hit a five year low of sixty one point eighty 6 00:00:23,120 --> 00:00:26,600 Speaker 2: four US since this week. It's a level last scene 7 00:00:26,680 --> 00:00:30,080 Speaker 2: during the early stages of the COVID pandemic. With Donald 8 00:00:30,080 --> 00:00:32,960 Speaker 2: Trump's move into the White House and the potential four 9 00:00:33,000 --> 00:00:37,159 Speaker 2: harsh tariffs on Australia's major trading partner China only a 10 00:00:37,159 --> 00:00:41,000 Speaker 2: few weeks away, the currency plunge has sparked years amongst 11 00:00:41,000 --> 00:00:46,240 Speaker 2: Australian commentators, some politicians and financial experts. But what does 12 00:00:46,440 --> 00:00:49,600 Speaker 2: a dropped Ossie dollar actually mean for us? Not just 13 00:00:49,640 --> 00:00:52,000 Speaker 2: when we're planning a trip overseas, but in day to 14 00:00:52,040 --> 00:00:55,360 Speaker 2: day life. Why is it happening now? Is there real 15 00:00:55,520 --> 00:00:58,720 Speaker 2: reason to panic? To find those answers, I'm joined today 16 00:00:58,760 --> 00:01:01,960 Speaker 2: by the Australian Institution. It's Greg Jericho. Greg, thank you 17 00:01:02,000 --> 00:01:04,440 Speaker 2: so much for joining us. Welcome back to twenty twenty five. 18 00:01:04,560 --> 00:01:05,240 Speaker 2: How's your break? 19 00:01:05,680 --> 00:01:07,840 Speaker 1: It was really good. Lots of sitting on the couch 20 00:01:07,880 --> 00:01:12,080 Speaker 1: watching crickets, so a very nice easy summer. 21 00:01:12,120 --> 00:01:14,319 Speaker 2: Good and the couch is probably where you're going to 22 00:01:14,400 --> 00:01:17,160 Speaker 2: stay because none of us are doing much traveling in 23 00:01:17,200 --> 00:01:19,160 Speaker 2: the year ahead because of this Aussie dollar. And that's 24 00:01:19,160 --> 00:01:21,640 Speaker 2: what I want to talk to you about today. I 25 00:01:21,680 --> 00:01:24,200 Speaker 2: want to read you some headlines, so we've got how 26 00:01:24,240 --> 00:01:27,319 Speaker 2: the falling Aussie dollar could hit you hard. Aussie dollar 27 00:01:27,400 --> 00:01:32,080 Speaker 2: under pressure, Australian dollar weekends to lowest rates since COVID. 28 00:01:32,400 --> 00:01:33,480 Speaker 2: Break this all down for me. 29 00:01:33,959 --> 00:01:37,839 Speaker 1: Yeah, basically, what this is all about is a bit 30 00:01:37,880 --> 00:01:42,480 Speaker 1: of a kerfuffle, I guess, regarding exchange rates and the 31 00:01:42,520 --> 00:01:45,840 Speaker 1: international economy. And it can get kind of confusing for people, 32 00:01:45,920 --> 00:01:49,520 Speaker 1: especially when you see headlines almost suggesting that we should 33 00:01:49,520 --> 00:01:52,919 Speaker 1: be panicking about the falling Astround dollar and you think, geez, 34 00:01:52,920 --> 00:01:54,720 Speaker 1: do I have to go and buy ken goods again 35 00:01:54,840 --> 00:01:58,480 Speaker 1: and go through the whole COVID crisis all over again. 36 00:01:58,520 --> 00:02:01,240 Speaker 1: And to be honest, I think it's a little bit overblown. 37 00:02:01,560 --> 00:02:03,960 Speaker 1: So let's see if we can sort of work through 38 00:02:04,040 --> 00:02:05,680 Speaker 1: what's actually going on here a bit. 39 00:02:06,200 --> 00:02:10,160 Speaker 2: So break down for me what the top line factors 40 00:02:10,160 --> 00:02:13,480 Speaker 2: are that would make a currency drop like the Asi 41 00:02:13,560 --> 00:02:15,359 Speaker 2: dollar drop over the last couple of months. 42 00:02:15,840 --> 00:02:18,440 Speaker 1: Yeah, I mean, what you have to think about with 43 00:02:18,560 --> 00:02:22,760 Speaker 1: the Australian dollar is why are people buying or selling it? 44 00:02:22,919 --> 00:02:27,880 Speaker 1: And really the main reason you want to buy Australian 45 00:02:27,880 --> 00:02:31,280 Speaker 1: dollars is because you're buying stuff from Australia, or you 46 00:02:31,320 --> 00:02:34,800 Speaker 1: think the Australian dollar is a good bet because the 47 00:02:34,840 --> 00:02:38,400 Speaker 1: economy is going well and you think that you know 48 00:02:38,720 --> 00:02:42,160 Speaker 1: the value of the currency is going to rise. And 49 00:02:42,200 --> 00:02:46,240 Speaker 1: while that is a primary factor, the reality is, while 50 00:02:46,240 --> 00:02:49,360 Speaker 1: we're a fairly large economy compared to America and China, 51 00:02:49,400 --> 00:02:53,640 Speaker 1: we're quite small and when they start sort of mucking about, 52 00:02:54,200 --> 00:02:56,560 Speaker 1: we get caught up in the wash. And that's really 53 00:02:56,600 --> 00:02:59,359 Speaker 1: what we've seen here because there's a couple of things 54 00:02:59,440 --> 00:03:04,040 Speaker 1: at play. One, China's economy is struggling a bit, and 55 00:03:04,160 --> 00:03:08,320 Speaker 1: so as a result, they're not buying as much stuff, 56 00:03:08,520 --> 00:03:12,160 Speaker 1: or their demand for the stuff that they get from us, mainly, 57 00:03:12,200 --> 00:03:16,400 Speaker 1: iron ore isn't as great as it once was, and 58 00:03:16,880 --> 00:03:20,160 Speaker 1: sort of the Australian dollar is viewed by investors a 59 00:03:20,160 --> 00:03:23,359 Speaker 1: bit of a proxy for the price of iron ore, 60 00:03:23,520 --> 00:03:26,640 Speaker 1: and also how well China is doing, because generally we 61 00:03:26,680 --> 00:03:29,480 Speaker 1: know if China's doing well, Australia does well. So we've 62 00:03:29,480 --> 00:03:33,440 Speaker 1: got that in play. Also, what we've got is America 63 00:03:33,560 --> 00:03:38,160 Speaker 1: actually doing kind of okay, which certainly Carmala Harris and 64 00:03:38,320 --> 00:03:41,160 Speaker 1: Joe Biden have been trying to tell everyone that actually 65 00:03:41,240 --> 00:03:44,320 Speaker 1: the American economy is doing well. That did quite cut 66 00:03:44,360 --> 00:03:47,240 Speaker 1: through during the election. But then you also throw in 67 00:03:47,320 --> 00:03:52,040 Speaker 1: Donald Trump, and Donald Trump is promising to raise tariffs 68 00:03:52,280 --> 00:03:58,960 Speaker 1: on everything coming into America and especially imports from China. 69 00:03:59,080 --> 00:04:02,800 Speaker 1: And what that means is everyone's thinking, oh God, China's 70 00:04:02,840 --> 00:04:06,480 Speaker 1: already struggling a bit, is this going to hurt China 71 00:04:06,600 --> 00:04:10,240 Speaker 1: even more? And basically we've just been caught up in that. 72 00:04:10,360 --> 00:04:13,000 Speaker 1: It's got very little to do with Australia. It's all 73 00:04:13,000 --> 00:04:17,279 Speaker 1: about China being weak, America kind of attacking China with tariffs, 74 00:04:18,040 --> 00:04:20,280 Speaker 1: and we caught up in the wash. 75 00:04:20,880 --> 00:04:25,360 Speaker 2: Why do you think commentators journalists go to that level 76 00:04:25,400 --> 00:04:29,440 Speaker 2: of panic language with something like this, what are the 77 00:04:29,480 --> 00:04:31,680 Speaker 2: consequences of a week Australian dollar? 78 00:04:31,960 --> 00:04:35,919 Speaker 1: Yeah, it's almost a bit perplexing to me. Well, not perplexing, 79 00:04:35,960 --> 00:04:37,960 Speaker 1: given I have worked in media for a long time, 80 00:04:38,040 --> 00:04:40,960 Speaker 1: so I know there's always you know, clicks with a 81 00:04:41,040 --> 00:04:44,839 Speaker 1: headline that is all scary, scared quotes work well, but 82 00:04:44,960 --> 00:04:48,400 Speaker 1: one of the things about an exchange rate is it's 83 00:04:48,480 --> 00:04:51,839 Speaker 1: neither good nor bad. Now, certainly if you're thinking of 84 00:04:51,880 --> 00:04:55,080 Speaker 1: traveling overseas, it's bad because if you think of it 85 00:04:55,120 --> 00:04:57,080 Speaker 1: in dollar terms. Let's think of it. 86 00:04:58,360 --> 00:05:00,520 Speaker 2: You're booking a one hundred dollars a night room at 87 00:05:00,520 --> 00:05:03,120 Speaker 2: a hostel in New York. That one hundred dollars is 88 00:05:03,160 --> 00:05:04,640 Speaker 2: going to cost you more Ausie dollars. 89 00:05:04,720 --> 00:05:09,000 Speaker 1: Yeah, yeah, So basically, I mean the classic when I 90 00:05:10,040 --> 00:05:13,160 Speaker 1: last went over to America a long time ago, in 91 00:05:13,240 --> 00:05:16,279 Speaker 1: the winter of two thousand and one, the Aussie dollar 92 00:05:16,440 --> 00:05:20,679 Speaker 1: was worth fifty US cents. Basically I was paying double. 93 00:05:20,800 --> 00:05:23,159 Speaker 1: If it was one dollar US, that was costing me 94 00:05:23,279 --> 00:05:27,520 Speaker 1: two dollars Australian, so very expensive. So when the Aussie 95 00:05:27,560 --> 00:05:29,880 Speaker 1: dollar falls, as it kind of has, it's gone from 96 00:05:29,880 --> 00:05:33,400 Speaker 1: about sixty five cents to about sixty two US cents, 97 00:05:33,800 --> 00:05:38,640 Speaker 1: that means everything is a bit more expensive. So that's 98 00:05:38,680 --> 00:05:41,280 Speaker 1: not good for people who are thinking of traveling. But 99 00:05:41,400 --> 00:05:45,120 Speaker 1: let's be honest, that's not a big impact on our economy, 100 00:05:45,120 --> 00:05:48,599 Speaker 1: and we don't really care if people were going to travel. 101 00:05:48,680 --> 00:05:51,360 Speaker 1: We'd actually it'd be better for our economy if they 102 00:05:51,400 --> 00:05:55,280 Speaker 1: stayed home and traveled to Queens Stand or wherever where 103 00:05:55,360 --> 00:05:58,719 Speaker 1: it really hurts us. Think of it in terms of 104 00:05:58,839 --> 00:06:03,480 Speaker 1: us buying stuff. So, yes, that accommodation in America is 105 00:06:03,520 --> 00:06:06,279 Speaker 1: now more expensive. But let's say we were instead of 106 00:06:06,680 --> 00:06:10,159 Speaker 1: buying a hotel room in America, we're buying, say a book, 107 00:06:10,240 --> 00:06:14,240 Speaker 1: or we're buying, say an electric good from America. With 108 00:06:14,360 --> 00:06:17,880 Speaker 1: a low or a falling exchange rate, that makes those 109 00:06:18,000 --> 00:06:22,240 Speaker 1: imports more expensive. And where we really get hit by 110 00:06:22,320 --> 00:06:25,240 Speaker 1: this is, of course, when it comes to petrol prices, 111 00:06:25,320 --> 00:06:29,720 Speaker 1: because petrol prices are all imported. Essentially we're importing our 112 00:06:29,800 --> 00:06:34,719 Speaker 1: oil and it's all dependent on the world price of oil, 113 00:06:35,440 --> 00:06:39,479 Speaker 1: and so when our Australian dollar goes gets weaker, all 114 00:06:39,520 --> 00:06:43,320 Speaker 1: other things being equal, we pay more for petrol and 115 00:06:43,400 --> 00:06:47,760 Speaker 1: that of course means our inflation generally goes up a bit. 116 00:06:48,640 --> 00:06:51,360 Speaker 1: So that certainly hurts us and not a good good 117 00:06:51,440 --> 00:06:54,400 Speaker 1: news during a cost of living crisis where we're already 118 00:06:54,440 --> 00:06:57,440 Speaker 1: feeling the pinch. And so that's where the main scare 119 00:06:58,000 --> 00:06:59,880 Speaker 1: is coming from. And you might think, okay, so it's 120 00:07:00,040 --> 00:07:04,159 Speaker 1: all bad news. Well yes and no, because now let's 121 00:07:04,200 --> 00:07:05,159 Speaker 1: flip the whole thing. 122 00:07:05,480 --> 00:07:08,240 Speaker 2: Yeah, who benefits who benefits from a weak currency. 123 00:07:08,440 --> 00:07:12,560 Speaker 1: Yeah, let's say you're a company who is exporting to America. 124 00:07:13,200 --> 00:07:17,480 Speaker 1: Suddenly it's actually cheaper to buy stuff from Australia. So 125 00:07:17,760 --> 00:07:23,160 Speaker 1: if you're exporting, you're actually benefiting from that because your 126 00:07:23,440 --> 00:07:26,160 Speaker 1: company's over in America can buy more of your stuff 127 00:07:26,320 --> 00:07:30,160 Speaker 1: for basically the same price, and so it actually helps 128 00:07:30,280 --> 00:07:34,280 Speaker 1: the economy that way. So we get hurt by higher imports, 129 00:07:34,480 --> 00:07:37,960 Speaker 1: we get help by lower prices for our exports. We 130 00:07:38,080 --> 00:07:41,240 Speaker 1: still get paid in Australian dollars, so it's all good 131 00:07:41,240 --> 00:07:45,200 Speaker 1: for us. So it's very much the swings and roundabouts. 132 00:07:45,240 --> 00:07:48,480 Speaker 1: But you know, certainly most of the panic is a 133 00:07:48,560 --> 00:07:52,440 Speaker 1: little bit in sort of the Donald Trump joker card 134 00:07:52,480 --> 00:07:55,239 Speaker 1: of not really knowing is he going to follow through 135 00:07:55,280 --> 00:07:58,559 Speaker 1: and slap a sixty percent tariff on on everything coming 136 00:07:58,560 --> 00:08:02,080 Speaker 1: from China. If he does that, that could really wreck 137 00:08:02,160 --> 00:08:05,880 Speaker 1: some havoc and we might see the dollar start going 138 00:08:05,920 --> 00:08:09,240 Speaker 1: below sixty US cents. But as is always the case 139 00:08:09,240 --> 00:08:12,200 Speaker 1: with Donald Trump, who they all knows really what he's 140 00:08:12,240 --> 00:08:12,680 Speaker 1: going to do. 141 00:08:13,200 --> 00:08:16,400 Speaker 2: Well, I find it really interesting how in the economy, 142 00:08:16,400 --> 00:08:18,520 Speaker 2: and I've kind of picked this up through a couple 143 00:08:18,600 --> 00:08:20,800 Speaker 2: of conversations with you over the last year or so, 144 00:08:21,320 --> 00:08:25,680 Speaker 2: there tends to be a little bit of speculation being 145 00:08:25,720 --> 00:08:28,920 Speaker 2: built into the prices of stuff, So you know, China's 146 00:08:29,280 --> 00:08:32,360 Speaker 2: currency might be coming down because of the potential of 147 00:08:32,480 --> 00:08:35,760 Speaker 2: Donald Trump being someone in favor of tariffs. Those actually 148 00:08:35,840 --> 00:08:38,319 Speaker 2: haven't happened yet, but it's almost like they're getting ready 149 00:08:38,320 --> 00:08:42,600 Speaker 2: for that. It's funny how then sometimes it the drop 150 00:08:42,600 --> 00:08:45,200 Speaker 2: when he actually does introduce the tariff might not be 151 00:08:45,240 --> 00:08:46,079 Speaker 2: as big as we think. 152 00:08:46,400 --> 00:08:50,480 Speaker 1: Yeah, absolutely right, And certainly if he doesn't raise tariffs 153 00:08:50,520 --> 00:08:53,440 Speaker 1: to sixty percent, then it actually we might see the 154 00:08:53,520 --> 00:08:56,520 Speaker 1: dollar go back up because kind of people go, oh, 155 00:08:56,520 --> 00:09:00,640 Speaker 1: it's not as bad as we feared, so it's all good. Yeah, 156 00:09:00,679 --> 00:09:03,640 Speaker 1: you very much. Right. A lot of the market investors, 157 00:09:03,640 --> 00:09:06,120 Speaker 1: they're all trying to anticipate what's going to happen, because 158 00:09:06,120 --> 00:09:08,560 Speaker 1: that's kind of how you make money. You can't make 159 00:09:08,640 --> 00:09:11,800 Speaker 1: money investing on things that have happened, because everyone's already 160 00:09:11,840 --> 00:09:14,920 Speaker 1: factored that in. And also there's been a lot of 161 00:09:14,960 --> 00:09:19,040 Speaker 1: commentary about interest rates. I'm not as convinced by some 162 00:09:19,200 --> 00:09:22,560 Speaker 1: who are suggesting that this sort of small fall at 163 00:09:22,640 --> 00:09:25,240 Speaker 1: the moment in the Aussie dollar might put off an 164 00:09:25,240 --> 00:09:27,760 Speaker 1: interest rate rise I think that would be a little 165 00:09:27,800 --> 00:09:30,559 Speaker 1: bit silly on behalf the Reserve bank. It's not going 166 00:09:30,640 --> 00:09:33,400 Speaker 1: to have a big impact either way on the value 167 00:09:33,400 --> 00:09:37,000 Speaker 1: of the currency. So if the cost of petrol goes 168 00:09:37,080 --> 00:09:40,000 Speaker 1: up because of our exchange rate, well, raising interest rates 169 00:09:40,040 --> 00:09:43,080 Speaker 1: or keeping interest rates the same isn't going to affect 170 00:09:43,080 --> 00:09:45,640 Speaker 1: that all that much. So there's not much they're going 171 00:09:45,679 --> 00:09:48,840 Speaker 1: to be able to do to affect the impact. When 172 00:09:48,880 --> 00:09:53,600 Speaker 1: we're talking America and China, investors know who's the big 173 00:09:53,640 --> 00:09:56,000 Speaker 1: dogs in that game, and it's certainly not Australia. 174 00:09:56,800 --> 00:09:59,679 Speaker 2: Last question for me, Greg, in this journey that you 175 00:09:59,720 --> 00:10:02,480 Speaker 2: and I are going on building the economic literacy and 176 00:10:02,559 --> 00:10:06,080 Speaker 2: knowledge and understanding how all of this plays into the news, 177 00:10:06,520 --> 00:10:09,520 Speaker 2: what's your advice on how closely we should all be 178 00:10:09,520 --> 00:10:13,360 Speaker 2: paying attention to currencies? Is it something we should be 179 00:10:13,440 --> 00:10:16,079 Speaker 2: checking every week? I mean, is this something that should 180 00:10:16,080 --> 00:10:17,680 Speaker 2: be part of our financial diet. 181 00:10:18,160 --> 00:10:20,520 Speaker 1: I would actually say no, not really. I mean, to 182 00:10:20,600 --> 00:10:23,880 Speaker 1: be honest, I don't check it a lot. And I 183 00:10:24,000 --> 00:10:27,160 Speaker 1: write about this stuff, I mean, and it's always struck 184 00:10:27,240 --> 00:10:29,040 Speaker 1: me as a little bit weird that it is in 185 00:10:29,080 --> 00:10:31,760 Speaker 1: the news every night. We see the value of the 186 00:10:31,760 --> 00:10:34,480 Speaker 1: Aussie dollar and you know, it's important if you are 187 00:10:34,559 --> 00:10:38,359 Speaker 1: traveling going to UK at the moment it is basically 188 00:10:38,640 --> 00:10:41,679 Speaker 1: you're getting half a dollar, you know, and so that 189 00:10:42,000 --> 00:10:45,040 Speaker 1: is I guess important. But if you're not traveling, and 190 00:10:45,040 --> 00:10:48,000 Speaker 1: if you're not an importer and exporter, it's kind of 191 00:10:48,520 --> 00:10:51,240 Speaker 1: not really all that important. It's not going to have 192 00:10:51,280 --> 00:10:55,240 Speaker 1: a major impact unless there is a massive plunge one 193 00:10:55,280 --> 00:10:55,960 Speaker 1: way or the other. 194 00:10:56,160 --> 00:10:59,240 Speaker 2: I mean, is massive, like if it gets to fifty 195 00:10:59,280 --> 00:10:59,920 Speaker 2: cents or lower. 196 00:11:00,200 --> 00:11:04,160 Speaker 1: Yeah, and you know, if it plunges like five to 197 00:11:04,200 --> 00:11:06,880 Speaker 1: ten cents in a week, that's where you start thinking, 198 00:11:06,880 --> 00:11:10,560 Speaker 1: oh gosh, there's something wrong afoot and there might have 199 00:11:10,640 --> 00:11:13,360 Speaker 1: to be impacts. Some people might be able to recall 200 00:11:13,400 --> 00:11:16,320 Speaker 1: about a decade or so when we reach parity with 201 00:11:16,440 --> 00:11:19,760 Speaker 1: the US dollar and it was great. Everyone was getting 202 00:11:19,800 --> 00:11:22,600 Speaker 1: on Amazon and buying books and shopping and thinking this 203 00:11:22,679 --> 00:11:27,720 Speaker 1: is fantastic. Meanwhile, this was horrible for Australia's economy because 204 00:11:27,760 --> 00:11:33,360 Speaker 1: our exports, especially manufacturing, really suffered because it was very 205 00:11:33,400 --> 00:11:37,360 Speaker 1: expensive to export straying cars and things like that, and 206 00:11:37,440 --> 00:11:40,200 Speaker 1: it really hurts. So it's always I think a bit 207 00:11:40,240 --> 00:11:42,480 Speaker 1: of a warning not to get too caught up in 208 00:11:42,520 --> 00:11:45,160 Speaker 1: the daily movements and think, oh god, it went up 209 00:11:45,440 --> 00:11:48,520 Speaker 1: you know, zero point two five percent? Is that? Ma, 210 00:11:49,040 --> 00:11:52,880 Speaker 1: Should I get really concerned? I don't think so. I 211 00:11:52,920 --> 00:11:56,559 Speaker 1: think worry more about things like, you know, the unemployment 212 00:11:56,640 --> 00:11:59,839 Speaker 1: rates and just your own sort of cost of living 213 00:12:00,000 --> 00:12:04,440 Speaker 1: and looking at what's happening with petrol prices and interest rates, 214 00:12:04,559 --> 00:12:09,200 Speaker 1: rather than the minutia of exchange rates. Unless there is 215 00:12:09,240 --> 00:12:13,160 Speaker 1: a real sort of weirdness happening, I don't think people 216 00:12:13,240 --> 00:12:16,880 Speaker 1: need to which I'm sure they're not watching the six 217 00:12:16,920 --> 00:12:18,719 Speaker 1: pm news. I don't know I've watched it's the six 218 00:12:18,760 --> 00:12:21,760 Speaker 1: pm news, But certainly there's no need to be looking 219 00:12:21,800 --> 00:12:25,440 Speaker 1: at the currency market fluctuations unless you happen to be 220 00:12:25,920 --> 00:12:28,000 Speaker 1: about to go off for a nice holiday. 221 00:12:28,400 --> 00:12:31,360 Speaker 2: Greg Jericho from the Australian Institute, thank you for getting 222 00:12:31,360 --> 00:12:33,640 Speaker 2: off the couch and pauson the cricket to have a 223 00:12:33,720 --> 00:12:36,000 Speaker 2: chat with me today. Really appreciate you going beyond those 224 00:12:36,040 --> 00:12:38,480 Speaker 2: headlines and talking us through what this all means. 225 00:12:38,880 --> 00:12:40,480 Speaker 1: No, is Sam really good to chat. 226 00:12:41,120 --> 00:12:43,040 Speaker 2: It's always such a pleasure to be joined by such 227 00:12:43,080 --> 00:12:46,080 Speaker 2: a level headed economic commentator. That's all I've got time 228 00:12:46,120 --> 00:12:49,200 Speaker 2: for the Daily OS today, though we'll be back again 229 00:12:49,240 --> 00:12:52,360 Speaker 2: with some headlines in the afternoon. Until then, have a 230 00:12:52,400 --> 00:12:59,000 Speaker 2: fantastic hump Day and we'll speak to you later. My 231 00:12:59,120 --> 00:13:02,000 Speaker 2: name is Lily Madden and I'm a proud Arunda Bunjelung 232 00:13:02,120 --> 00:13:06,440 Speaker 2: Calkaton woman from Gadaghl Country. The Daily oz acknowledges that 233 00:13:06,520 --> 00:13:08,920 Speaker 2: this podcast is recorded on the lands of the Gadigol 234 00:13:08,960 --> 00:13:12,320 Speaker 2: people and pays respect to all Aboriginal and torrest Rate 235 00:13:12,360 --> 00:13:13,280 Speaker 2: island and nations. 236 00:13:13,559 --> 00:13:16,520 Speaker 1: We pay our respects to the first peoples of these countries, 237 00:13:16,640 --> 00:13:17,800 Speaker 1: both past and present.