Is Business Now with Ross Greenwood.

Is Business Now with Ross Greenwood.

Hi there, I welcome the Business Now for a brand new week. Thanks for your company. I'm Ross green Well. Coming up on the program today, the Reserve Bank makes its final interest rate call for the year tomorrow. It might be on hold, but what seemed certain is the government can't bank on a rate cut before the federal election, and maybe it's way after that. More and Hog will tell us that first rate cut still some way off. The woolworst phatuspute with the United Workers Union has finally at an end.

Hi there, I welcome the Business Now for a brand new week. Thanks for your company. I'm Ross green Well. Coming up on the program today, the Reserve Bank makes its final interest rate call for the year tomorrow. It might be on hold, but what seemed certain is the government can't bank on a rate cut before the federal election, and maybe it's way after that. More and Hog will tell us that first rate cut still some way off. The woolworst phatuspute with the United Workers Union has finally at an end.

There's an update from Will.

There's an update from Will.

He's late this afternoon about deliveries in the stocking of supermarkets. Will give you those details very shortly. And Donald Trump makes a highly unusual choice to run the US Tax Office. So all that and plenty more coming up on today's program. How other stories we think you should know about today include the long standing chief executive of the A and Z Bank.

He's late this afternoon about deliveries in the stocking of supermarkets. Will give you those details very shortly. And Donald Trump makes a highly unusual choice to run the US Tax Office. So all that and plenty more coming up on today's program. How other stories we think you should know about today include the long standing chief executive of the A and Z Bank.

This man, Shane.

This man, Shane.

Elliott, today announced he's a resignation. Since he was appointed on Jenu Jerevery won twenty sixteen. I've interviewed Elliott a lot during the past nine years. He's always been persuasive and certainly a champion for the bank, and then Boyd spoke to him in May this year and just asked him directly if he was about to retire.

Elliott, today announced he's a resignation. Since he was appointed on Jenu Jerevery won twenty sixteen. I've interviewed Elliott a lot during the past nine years. He's always been persuasive and certainly a champion for the bank, and then Boyd spoke to him in May this year and just asked him directly if he was about to retire.

We think about succession planning all the time. I mean, my job as CEO is to make sure that the board has the very very best possible internal candidates for a change whenever that may come. So that's been an ongoing thing obviously the long run and the job, the more intense that becomes, and you know, we spend time till we on the board.

We think about succession planning all the time. I mean, my job as CEO is to make sure that the board has the very very best possible internal candidates for a change whenever that may come. So that's been an ongoing thing obviously the long run and the job, the more intense that becomes, and you know, we spend time till we on the board.

But earlier it's tracked for a good at A and Z is there in black and white for all to say. Though the A and Z came through the Hain Royal Commission relatively unscathed. It agreed to a twenty five million dollar penalty for failing to properly repay some mortgage customers, but also reimburse those customers two hundred million dollars. In twenty twenty three, it was ordered to pay fifteen million dollars for misleading customers that funds available in credit card accounts, and also in twenty twenty three, who was hit with a ten million dollar penalty for a one complied home lian program. And in August this year, APRA forced the A and Z to hold an extra two hundred and fifty million dollars in capital after the bank admitted bond traders had manipulated rates while raising fourteen billion dollars for the federal government. That matter is still the subject of an asset investigation and did cost Elliott one point one million dollars in his short term bonus this year. In November, Elliott said, clearly we have not met the standards that we would expect of ourselves or our regulator when it came to non financial risk management. There are other scoreboards though. An Z in twenty fifteen, just as he was appointed, had sixteen one point one percent of Australia's home line market. It was number three. Last year that market share thirteen and a half percent, it was number four. That share has since been bolstered by the four point nine billion dollar takeover.

But earlier it's tracked for a good at A and Z is there in black and white for all to say. Though the A and Z came through the Hain Royal Commission relatively unscathed. It agreed to a twenty five million dollar penalty for failing to properly repay some mortgage customers, but also reimburse those customers two hundred million dollars. In twenty twenty three, it was ordered to pay fifteen million dollars for misleading customers that funds available in credit card accounts, and also in twenty twenty three, who was hit with a ten million dollar penalty for a one complied home lian program. And in August this year, APRA forced the A and Z to hold an extra two hundred and fifty million dollars in capital after the bank admitted bond traders had manipulated rates while raising fourteen billion dollars for the federal government. That matter is still the subject of an asset investigation and did cost Elliott one point one million dollars in his short term bonus this year. In November, Elliott said, clearly we have not met the standards that we would expect of ourselves or our regulator when it came to non financial risk management. There are other scoreboards though. An Z in twenty fifteen, just as he was appointed, had sixteen one point one percent of Australia's home line market. It was number three. Last year that market share thirteen and a half percent, it was number four. That share has since been bolstered by the four point nine billion dollar takeover.

Of sun Court Bank. And finally, there's the share market.

Of sun Court Bank. And finally, there's the share market.

Since Elliott was appointed in twenty sixteen, A and Z shares have gained just nine point four percent. By comparison, in that time, komof Bank shares are ahead eighty four percent, NAB up thirty two percent, West fact Chhaar is down two percent, the ASX two hundred the same time up fifty eight percent, Macquarie up one hundred and seventy seven percent. Eliott will be replaced by an external not an internal candidate, Nunomattos in July next year.

Since Elliott was appointed in twenty sixteen, A and Z shares have gained just nine point four percent. By comparison, in that time, komof Bank shares are ahead eighty four percent, NAB up thirty two percent, West fact Chhaar is down two percent, the ASX two hundred the same time up fifty eight percent, Macquarie up one hundred and seventy seven percent. Eliott will be replaced by an external not an internal candidate, Nunomattos in July next year.

Until recently he was.

Until recently he was.

Running HSBC Australia's Wealth and personal banking business, and previously was hsb's CEO in Europe.

Running HSBC Australia's Wealth and personal banking business, and previously was hsb's CEO in Europe.

And Brazil anyway elsewhere. Today, in the.

And Brazil anyway elsewhere. Today, in the.

Political brawl over Australia's future energy needs and especially with a nuclear should be in the mix, the CSIO today released its draft Gen Cost Report, which estimates the future demand and supply in our system. It says despite nuclear power is a component of electricity generation in sixteen percent of nations, it's adamant that nuclear is not timely or an efficient solution for Australia's net zero targets. It says nuclear is not competitive with solar or wind power and that those small modular reactors are potentially faster to build, they're commercially immature, and that the total development lead time means nuclear can't play a major role in emissions abatement, which is more urgent than in other sectors. The gen cost report is created by the CSIRO in collaboration with the Energy regulator AMO, and the seventy teen day industrial action between Woolworth's and the United Workers Union finally is over. The action shut Woolworth's Melbourne's South distribution center and today the retailer setate cost one hundred and forty million dollars.

Political brawl over Australia's future energy needs and especially with a nuclear should be in the mix, the CSIO today released its draft Gen Cost Report, which estimates the future demand and supply in our system. It says despite nuclear power is a component of electricity generation in sixteen percent of nations, it's adamant that nuclear is not timely or an efficient solution for Australia's net zero targets. It says nuclear is not competitive with solar or wind power and that those small modular reactors are potentially faster to build, they're commercially immature, and that the total development lead time means nuclear can't play a major role in emissions abatement, which is more urgent than in other sectors. The gen cost report is created by the CSIRO in collaboration with the Energy regulator AMO, and the seventy teen day industrial action between Woolworth's and the United Workers Union finally is over. The action shut Woolworth's Melbourne's South distribution center and today the retailer setate cost one hundred and forty million dollars.

On Friday, the Fair.

On Friday, the Fair.

Work commissioned the uwu's picketing of that center was illegal. Today, the union said the deal, which covers fifteen hundred workers, is for a four to four and a half percent pay rise up front and subsequent rises in between three point one point five and four and a half percent. It says also there's a sign on bonus of fifteen one hundred dollars per worker. Woolworth says the average pay rise is eleven percent over three years over the four distribution centers. The union also objected to Woolworth's tracking workers productivity.

Work commissioned the uwu's picketing of that center was illegal. Today, the union said the deal, which covers fifteen hundred workers, is for a four to four and a half percent pay rise up front and subsequent rises in between three point one point five and four and a half percent. It says also there's a sign on bonus of fifteen one hundred dollars per worker. Woolworth says the average pay rise is eleven percent over three years over the four distribution centers. The union also objected to Woolworth's tracking workers productivity.

The company agreed.

The company agreed.

Not to performance manage workers if they performed to the best of their abilities. Wilworth's late today said by today, three hundred and twelve truck deliveries will have been made from its reopened dcs to two hundred and forty nine supermarkets. It says customers should already find an abundance of fresh produce, meat, bread, and milk in store, with warehouses expect to be at full capacity within the next two days. But look, let's get across today's markets with Edward Boyd a one stock today the fund manager Plant got hammered.

Not to performance manage workers if they performed to the best of their abilities. Wilworth's late today said by today, three hundred and twelve truck deliveries will have been made from its reopened dcs to two hundred and forty nine supermarkets. It says customers should already find an abundance of fresh produce, meat, bread, and milk in store, with warehouses expect to be at full capacity within the next two days. But look, let's get across today's markets with Edward Boyd a one stock today the fund manager Plant got hammered.

It got absolutely crunched. Ross will get to them in just a second. First, the stock market itself dropped about half a percent at the open. Energy stocks and tech companies are the worst performers, but the market did recover, actually finished the day.

It got absolutely crunched. Ross will get to them in just a second. First, the stock market itself dropped about half a percent at the open. Energy stocks and tech companies are the worst performers, but the market did recover, actually finished the day.

Up just two points.

Up just two points.

Top stocks included the online bookie Points Bet. There was no announcement from them. Structure manager Auckland Airport It jumped after coming out of a trading halt after a block trade where Auckland Council sold almost ten percent of the business property management company Goodman Group. It's kept rising following the disastrous block trade last week by the investment bank City, which sold nearly two billion dollars worth of the company for a client, and the deal's reportedly lost City more than seventy million dollars In markets now wondering if City is a viable operation in Australia. Other tops included Fisher and Pikeal Healthcare and a gold miner Remilius A Platinum Asset Management we just told you got absolutely hammered today after its suitor, Regal Partners, decided to abandon its takeover bid. Regal was granted access to the company's books and made a non binding offer in September, but this morning Platinum said Regal wasn't interested. Its shares started the day down nineteen percent. They finished down fourteen point four. Oil and gas producer Beach Energy dropped after releasing a trading update. Gold miner Resolute was down two along with the property recked Growth Point and Casino Operate. At the start fell to a new called low of eighteen point twenty five cents. It finished at nineteen cents.

Top stocks included the online bookie Points Bet. There was no announcement from them. Structure manager Auckland Airport It jumped after coming out of a trading halt after a block trade where Auckland Council sold almost ten percent of the business property management company Goodman Group. It's kept rising following the disastrous block trade last week by the investment bank City, which sold nearly two billion dollars worth of the company for a client, and the deal's reportedly lost City more than seventy million dollars In markets now wondering if City is a viable operation in Australia. Other tops included Fisher and Pikeal Healthcare and a gold miner Remilius A Platinum Asset Management we just told you got absolutely hammered today after its suitor, Regal Partners, decided to abandon its takeover bid. Regal was granted access to the company's books and made a non binding offer in September, but this morning Platinum said Regal wasn't interested. Its shares started the day down nineteen percent. They finished down fourteen point four. Oil and gas producer Beach Energy dropped after releasing a trading update. Gold miner Resolute was down two along with the property recked Growth Point and Casino Operate. At the start fell to a new called low of eighteen point twenty five cents. It finished at nineteen cents.

And here's Brent crude.

And here's Brent crude.

A quick look at the price of Brent crude oil after Syrian dictator a start.

A quick look at the price of Brent crude oil after Syrian dictator a start.

It was toppled over the weekend.

It was toppled over the weekend.

Modeling by SMP Global shows Syria's oil production shrunk significantly since the civil war began in twenty eleven. The country used to produce about three hundred and eighty thousand barrels per day. In twenty fifteen, when ISIS ruled, Syria produced just forty thousand barrels a day. That still earned ISIS roughly five hundred million US dollars per year, according to S and P Insights. Now most of Syria's oil fields are currently not operational or operating in a limited capacity. It actually imports more of its oil from neighboring Iran. SMP doesn't expect the conflict in Syria to have any real impact on the oil.

Modeling by SMP Global shows Syria's oil production shrunk significantly since the civil war began in twenty eleven. The country used to produce about three hundred and eighty thousand barrels per day. In twenty fifteen, when ISIS ruled, Syria produced just forty thousand barrels a day. That still earned ISIS roughly five hundred million US dollars per year, according to S and P Insights. Now most of Syria's oil fields are currently not operational or operating in a limited capacity. It actually imports more of its oil from neighboring Iran. SMP doesn't expect the conflict in Syria to have any real impact on the oil.

Price and ross. That's markets, that's fastinating stuff on the oil.

Price and ross. That's markets, that's fastinating stuff on the oil.

Thanks so much, ed, will markets say the first interest rate cup here will be in April. Warren Hogan, the economic advisor of the small business Lended Judo Bank, says nope, it's much further off, and he joins me, Now Warren, be decision by the Reserve Bank to the last decision. Markets economists say things are on hold. The big question now is when does it really feel conditions in Australia are such that it can start the cut rates. What's your own sense on that?

Thanks so much, ed, will markets say the first interest rate cup here will be in April. Warren Hogan, the economic advisor of the small business Lended Judo Bank, says nope, it's much further off, and he joins me, Now Warren, be decision by the Reserve Bank to the last decision. Markets economists say things are on hold. The big question now is when does it really feel conditions in Australia are such that it can start the cut rates. What's your own sense on that?

Yeah, well, I don't think it's going to be for a while yet, and I still don't think you can rule out the next movement rates being up. But no one wants to hear that.

Yeah, well, I don't think it's going to be for a while yet, and I still don't think you can rule out the next movement rates being up. But no one wants to hear that.

Okay, So at the moment, we've got to remember people still presume that the bias is to have interest rates being cut. The Reserve Bank has actually got the bias continuing to be up and not down.

Okay, So at the moment, we've got to remember people still presume that the bias is to have interest rates being cut. The Reserve Bank has actually got the bias continuing to be up and not down.

Well, they're not ruling anything or in their out, and of course they're remaining vigilant to inflation risks. I think their forecast suggests they would like to be able to consider rate cuts in about a year's time, and that's actually my forecast. But the reality is we don't know the next move but one thing we do know, it's very unlikely to be a cut anytime soon. And the reason was shown in those GEDDP figures last week. Not the fact that GDP is soft, not the fact that the measurement of consumption was soft. It's the fact that there's inflation pressure still in the system. Might have come down, but productivity is so poor in this economy that we are not getting that inflation pressure out.

Well, they're not ruling anything or in their out, and of course they're remaining vigilant to inflation risks. I think their forecast suggests they would like to be able to consider rate cuts in about a year's time, and that's actually my forecast. But the reality is we don't know the next move but one thing we do know, it's very unlikely to be a cut anytime soon. And the reason was shown in those GEDDP figures last week. Not the fact that GDP is soft, not the fact that the measurement of consumption was soft. It's the fact that there's inflation pressure still in the system. Might have come down, but productivity is so poor in this economy that we are not getting that inflation pressure out.

Okay, So the things that the Reserve Bank has to consider in interest rate movements are inflation we know about. That has to consider employment and we're full employment, since we'll talk a bit about that with Cassandra Goaldie a little bit later on.

Okay, So the things that the Reserve Bank has to consider in interest rate movements are inflation we know about. That has to consider employment and we're full employment, since we'll talk a bit about that with Cassandra Goaldie a little bit later on.

But there's also then the.

But there's also then the.

Robustness of the economy has to consider the economy. The economy is flatlining right now. Without migration, it would be in recession. It's no doubt.

Robustness of the economy has to consider the economy. The economy is flatlining right now. Without migration, it would be in recession. It's no doubt.

Yeah, we don't know the counterfactual. I mean, what would the economy look like with that without the immigration, It might still look pretty similar, and therefore those capita measures might look better.

Yeah, we don't know the counterfactual. I mean, what would the economy look like with that without the immigration, It might still look pretty similar, and therefore those capita measures might look better.

We just don't know.

We just don't know.

The reality of this economy is that it is adjusted to these raid hikes. It has slowed down, but we are operating in a world where we have capacity constraints. The government is out there spending very aggressively at both state and federal level and investing, which is good, and that's stopping the private sector expanding. The private spector is not shrinking, and consumption is now a showing signs of responding to The key thing in that report last week was the first lift in household disposable income in two years. Because we haven't had a rate hike for a year, because we've got a tax cut, and because we're getting that employment growth, Household income in Agrien is rising and we're now getting evidence in September and October of lifting retail sales.

The reality of this economy is that it is adjusted to these raid hikes. It has slowed down, but we are operating in a world where we have capacity constraints. The government is out there spending very aggressively at both state and federal level and investing, which is good, and that's stopping the private sector expanding. The private spector is not shrinking, and consumption is now a showing signs of responding to The key thing in that report last week was the first lift in household disposable income in two years. Because we haven't had a rate hike for a year, because we've got a tax cut, and because we're getting that employment growth, Household income in Agrien is rising and we're now getting evidence in September and October of lifting retail sales.

So you're saying Jim Jarvis is right.

So you're saying Jim Jarvis is right.

The nactual fact of spending by the government is doing the right thing by the economy, doing the right thing by the household taking some pressures off, and you can see that in some of the household spending.

The nactual fact of spending by the government is doing the right thing by the economy, doing the right thing by the household taking some pressures off, and you can see that in some of the household spending.

Look, I don't think that the government consumption spending. I'm happy with the investment side, but the consumption spending, I think is putting too much pressure on the economy. It is competing actively with the private sector, and I think we need to consider about pulling back the growth of government recurrence spending. The household sector is recovering, and that's because the tax cuts come through, but most importantly because of employment growth. People describing this economy as weak are not referring to the fact that we are general rating more jobs than just about any time in our Okay, so.

Look, I don't think that the government consumption spending. I'm happy with the investment side, but the consumption spending, I think is putting too much pressure on the economy. It is competing actively with the private sector, and I think we need to consider about pulling back the growth of government recurrence spending. The household sector is recovering, and that's because the tax cuts come through, but most importantly because of employment growth. People describing this economy as weak are not referring to the fact that we are general rating more jobs than just about any time in our Okay, so.

Where do you sense it full employment? Is the reserve Bak sort of hinted it's around four and a half percent. Unions it will talk to cast Goldie. They say that we're probably above it right now, four point one percent. We need you know, really, the rate cuts trying to even create more jobs.

Where do you sense it full employment? Is the reserve Bak sort of hinted it's around four and a half percent. Unions it will talk to cast Goldie. They say that we're probably above it right now, four point one percent. We need you know, really, the rate cuts trying to even create more jobs.

So what's your own sense where it sits.

So what's your own sense where it sits.

Yeah, there's a lot of ambiguity in macroeconomics, and the concept of full employment or the neighbor is the king of ambiguity. We do not know what it is until we've hit it. And the reason it's of four and a half percent is because back in two thousand and seven, the last time we had a bit of inflation, unemployment went to four and a half percent.

Yeah, there's a lot of ambiguity in macroeconomics, and the concept of full employment or the neighbor is the king of ambiguity. We do not know what it is until we've hit it. And the reason it's of four and a half percent is because back in two thousand and seven, the last time we had a bit of inflation, unemployment went to four and a half percent.

What is full employment?

What is full employment?

It is people that will not come into the labor force, will come into work at any price or at any wage. And of course there's frictional that is people changing jobs and people getting reskilled.

It is people that will not come into the labor force, will come into work at any price or at any wage. And of course there's frictional that is people changing jobs and people getting reskilled.

The fact is, if you have underemployment like we have right now, so in other words, you've got a situation where you don't have you've got.

The fact is, if you have underemployment like we have right now, so in other words, you've got a situation where you don't have you've got.

Fairly full employment. That adds to inflation. You can see that in.

Fairly full employment. That adds to inflation. You can see that in.

The wool worst case, No, those inflation pay so they're coming out there and that's going to go right across the industry.

The wool worst case, No, those inflation pay so they're coming out there and that's going to go right across the industry.

It is I mean, this idea that wages are rolling over and coming down and is all fine, apart from the fact it's not the right measure you've got to take in consideration productivity. The fact of the matter is we have such a regulated labor market that the big inflation of the last three years is only really now being responded to in an industrial sense. And we're seeing case after case of unions and other organized workforces trying to justifiably probably make up for their lost living standards because they weren't able to get a pay rise when the inflation came through. We're coming from behind, and we're not going to see this pressure from unions and other parts of the workforce for higher wages go away any time soon, unless the economy really hits the wall and unemployment really rises, which.

It is I mean, this idea that wages are rolling over and coming down and is all fine, apart from the fact it's not the right measure you've got to take in consideration productivity. The fact of the matter is we have such a regulated labor market that the big inflation of the last three years is only really now being responded to in an industrial sense. And we're seeing case after case of unions and other organized workforces trying to justifiably probably make up for their lost living standards because they weren't able to get a pay rise when the inflation came through. We're coming from behind, and we're not going to see this pressure from unions and other parts of the workforce for higher wages go away any time soon, unless the economy really hits the wall and unemployment really rises, which.

It doesn't look like it's going to do.

It doesn't look like it's going to do.

Okay, so fairly quickly the Reserve Bank tomorrow makes its decision.

Okay, so fairly quickly the Reserve Bank tomorrow makes its decision.

But basically you say sits on.

But basically you say sits on.

Its hands, but sits on its hands for now a proved long period of time.

Its hands, but sits on its hands for now a proved long period of time.

That's not what people want to hear going to the election.

That's not what people want to hear going to the election.

I mean, the market's gone and got ahead of itself on the CPI number for October and of course the jeddp no, because it's all a narrative, it's the wrong read. The markets has been dominated by speculators. It suits the government's narrative and the journalists are sort of running with that. It's the wrong way to think about the economy. The fact of the matter is the RBA tomorrow is not going to change its tune. Michelle blocked in to speech ten days ago. She's going to say the same thing because they've got ten weeks till the next board meeting, so they've got to make sure they send the right message and pandering to those new views in the market would be a dangerous thing.

I mean, the market's gone and got ahead of itself on the CPI number for October and of course the jeddp no, because it's all a narrative, it's the wrong read. The markets has been dominated by speculators. It suits the government's narrative and the journalists are sort of running with that. It's the wrong way to think about the economy. The fact of the matter is the RBA tomorrow is not going to change its tune. Michelle blocked in to speech ten days ago. She's going to say the same thing because they've got ten weeks till the next board meeting, so they've got to make sure they send the right message and pandering to those new views in the market would be a dangerous thing.

Well on, Hogan, many thanks for your time, and of course we'll have that rates decision live here on Sky News tomorrow at two thirty Eastern time, coming up after the break.

Well on, Hogan, many thanks for your time, and of course we'll have that rates decision live here on Sky News tomorrow at two thirty Eastern time, coming up after the break.

The Reserve Banks is unemployment is.

The Reserve Banks is unemployment is.

Not an economic problem, yet those who work in the area say the burden is being carried hardest by certain groups in our community. Plus Donald Trump's unique choice to run America's tax system.

Not an economic problem, yet those who work in the area say the burden is being carried hardest by certain groups in our community. Plus Donald Trump's unique choice to run America's tax system.

That's next. It's great to have your company here on Business Now.

That's next. It's great to have your company here on Business Now.

Well.

Well.

As we've put out many times on the program, those with jobs in Australia now number more than fourteen and a half million. Those unemployed will a number around six hundred and twenty five thousand. The unemployment rate remains close to historic lows at four point one percent. And we've talked also about the Reserve Bank today and whether it has the capacity to right now cut interest rates. One thing preventing it is that strong employment market. Today the Australian Council of Social Services released a new report investigating the ranks of those who are unemployed and it's changing. Joining me is the chief executive of VACOST, Cassandra Goldie.

As we've put out many times on the program, those with jobs in Australia now number more than fourteen and a half million. Those unemployed will a number around six hundred and twenty five thousand. The unemployment rate remains close to historic lows at four point one percent. And we've talked also about the Reserve Bank today and whether it has the capacity to right now cut interest rates. One thing preventing it is that strong employment market. Today the Australian Council of Social Services released a new report investigating the ranks of those who are unemployed and it's changing. Joining me is the chief executive of VACOST, Cassandra Goldie.

Joins me.

Joins me.

Now's always going to chat to you about this. You know those numbers fourteen and a half million versus six hundred and twenty five thousand. Some would say those who want a job can get a job, but the problem is those who don't have a job. The face of those people are not young people. They're starting to change, aren't they.

Now's always going to chat to you about this. You know those numbers fourteen and a half million versus six hundred and twenty five thousand. Some would say those who want a job can get a job, but the problem is those who don't have a job. The face of those people are not young people. They're starting to change, aren't they.

This is the picture we've got to understand who is affected by long term unemployment.

This is the picture we've got to understand who is affected by long term unemployment.

Now. Sixty percent of people.

Now. Sixty percent of people.

Relying on that unemployment payment have been out of paid work now for over a year. The majority of them are women, Fifty percent of them have a health condition or a disability, and a third or over fifty five years of age. To this one, the face of what it means to be locked out of the labor mark.

Relying on that unemployment payment have been out of paid work now for over a year. The majority of them are women, Fifty percent of them have a health condition or a disability, and a third or over fifty five years of age. To this one, the face of what it means to be locked out of the labor mark.

So if you say that women are carrying the burden of unemployment, is a person these days better off being on disability support or are they better off being on unemployment benefits?

So if you say that women are carrying the burden of unemployment, is a person these days better off being on disability support or are they better off being on unemployment benefits?

Well, this is one of the changes.

Well, this is one of the changes.

So the access to the disability support pension got really tightened up to a point where it's almost impossible to get on us.

So the access to the disability support pension got really tightened up to a point where it's almost impossible to get on us.

Reality is, you've got to.

Reality is, you've got to.

Show that you've got a disability that is permanent and so for example, if you got cancer, you don't have that diagnosis yet and so you're actually on job seek at the unemployment payment. Now you might get an exemption, but it can that varies from time to time in terms of how long it might take you to get on the Disability support pension. So we do need to understand that whilst we've got this number of people on the unemployment payment, the mismatch between who they are and the labor market is very serious. We've got a declining sort of growth in entry level jobs, lagging behind the overall labor market. And of course those are the kinds of jobs often when you've been locked out for a long time, they're the ones you're trying to get in for but you're not at the front of the kid.

Show that you've got a disability that is permanent and so for example, if you got cancer, you don't have that diagnosis yet and so you're actually on job seek at the unemployment payment. Now you might get an exemption, but it can that varies from time to time in terms of how long it might take you to get on the Disability support pension. So we do need to understand that whilst we've got this number of people on the unemployment payment, the mismatch between who they are and the labor market is very serious. We've got a declining sort of growth in entry level jobs, lagging behind the overall labor market. And of course those are the kinds of jobs often when you've been locked out for a long time, they're the ones you're trying to get in for but you're not at the front of the kid.

We would also agree that the best form of welfare is a job.

We would also agree that the best form of welfare is a job.

That's it.

That's it.

So a person in the workforce is doing much much better and going forward or at least coping better than the person who has no job whatsoever.

So a person in the workforce is doing much much better and going forward or at least coping better than the person who has no job whatsoever.

Let's remember the best form of a job is a great job, and the best form of welfare is something that actually protects you.

Let's remember the best form of a job is a great job, and the best form of welfare is something that actually protects you.

When you can't get a job. We need both us.

When you can't get a job. We need both us.

So that's one part of this message today. As we're worried about rising unemployment.

So that's one part of this message today. As we're worried about rising unemployment.

Okays, given the fact that you've got my EFO coming up in the next week. Also you got budgets coming you know, the government is constrained that the debts amounting, the interest bills are mounting, the deficits amounting. And yet when you go and ask the government, hey, this sector over heat, needs more money. And indeed the ranks of the unemployed are likely to rise before we see interest rate cuts in Australia. That becomes a dilemma for government at a genuine dilemma as to where the money comes from.

Okays, given the fact that you've got my EFO coming up in the next week. Also you got budgets coming you know, the government is constrained that the debts amounting, the interest bills are mounting, the deficits amounting. And yet when you go and ask the government, hey, this sector over heat, needs more money. And indeed the ranks of the unemployed are likely to rise before we see interest rate cuts in Australia. That becomes a dilemma for government at a genuine dilemma as to where the money comes from.

We're at a very serious point in decision making here, aren't we waiting for the Reserve Bank to make its decision tomorrow. We're urging the bank to start to cut rates. We're very worried about the slowing economy. Let's remember us that most of the growth in the economy has been that critical expenditure from government in crucial jobs like age.

We're at a very serious point in decision making here, aren't we waiting for the Reserve Bank to make its decision tomorrow. We're urging the bank to start to cut rates. We're very worried about the slowing economy. Let's remember us that most of the growth in the economy has been that critical expenditure from government in crucial jobs like age.

Care, childcare.

Care, childcare.

These are essential jobs and we must see the growth in that area. But at the same time, we certainly don't want.

These are essential jobs and we must see the growth in that area. But at the same time, we certainly don't want.

To see rising unemployment.

To see rising unemployment.

And of course, as you know, if we continue to not reduce interest rates, we will continue to see a rise in unemployment. We've already had another one hundred and fifty thousand people locked out a paid work because rates have gone up, and we don't want to see that. We want to see genuine full employment because no question better off if you can get your hands on a job.

And of course, as you know, if we continue to not reduce interest rates, we will continue to see a rise in unemployment. We've already had another one hundred and fifty thousand people locked out a paid work because rates have gone up, and we don't want to see that. We want to see genuine full employment because no question better off if you can get your hands on a job.

Okay, So their question of full employment, the Reserve Bank kind of is indicated before it thinks that full employments around an unemployment rate of four and a half percent. It's at four point one percent now, the sort of all time records are three and a half percent. Where is your sense at full incloment.

Okay, So their question of full employment, the Reserve Bank kind of is indicated before it thinks that full employments around an unemployment rate of four and a half percent. It's at four point one percent now, the sort of all time records are three and a half percent. Where is your sense at full incloment.

We want to see it go much lower than that.

We want to see it go much lower than that.

I mean we can and we have in the past, got unemployment down between two to three percent, and there are hundreds of thousands of people.

I mean we can and we have in the past, got unemployment down between two to three percent, and there are hundreds of thousands of people.

Who are better off.

Who are better off.

When you've got that kind of economy where everybody who can and once able to be im paid work really can.

When you've got that kind of economy where everybody who can and once able to be im paid work really can.

Be commy for the government to actually be providing those jobs, so taxpayers effectively employing those people.

Be commy for the government to actually be providing those jobs, so taxpayers effectively employing those people.

Is that what the really these are crucial jobs. Age care, childcare.

Is that what the really these are crucial jobs. Age care, childcare.

I mean, everybody understands that we need to invest properly in those kind of care services. We've had a Royal commission into age care. Nobody wants to see, you know, parents who are being neglected in age care facilities, and so we champion and we welcome the government putting the right subsidies into the age care system so that we could see decent pay and growth in that area.

I mean, everybody understands that we need to invest properly in those kind of care services. We've had a Royal commission into age care. Nobody wants to see, you know, parents who are being neglected in age care facilities, and so we champion and we welcome the government putting the right subsidies into the age care system so that we could see decent pay and growth in that area.

And so do you think now that the Reserve Bank's owners on looking at where is full employment? Do you think that that is a reasonable way to be able to judge interest rates in this country?

And so do you think now that the Reserve Bank's owners on looking at where is full employment? Do you think that that is a reasonable way to be able to judge interest rates in this country?

Well, we had some very important reforms go through the parliament.

Well, we had some very important reforms go through the parliament.

There is a lot of them, weren't there, but one of.

There is a lot of them, weren't there, but one of.

Them was their Reserve Bank reforms we had said, we need to make sure that the Reserve Bank mandate is both about price stability.

Them was their Reserve Bank reforms we had said, we need to make sure that the Reserve Bank mandate is both about price stability.

And full employment.

And full employment.

This is a very careful balancing act you've got to have. There's nothing worse that can happen to you in a cost of living crisis for us, you lose your job.

This is a very careful balancing act you've got to have. There's nothing worse that can happen to you in a cost of living crisis for us, you lose your job.

That is absolutely right.

That is absolutely right.

We don't want to say so doub I would agree entirely with you on that. Cassandra Goaldi always good to have in the program. Many thanks for your time today, and just to finish up, plenty has been made in the past couple of weeks about the sometimes odd cast of characters the Donald Trump's assembling to run government departments in Washington once he becomes the president.

We don't want to say so doub I would agree entirely with you on that. Cassandra Goaldi always good to have in the program. Many thanks for your time today, and just to finish up, plenty has been made in the past couple of weeks about the sometimes odd cast of characters the Donald Trump's assembling to run government departments in Washington once he becomes the president.

There's Robert F. Kennedy, a noted.

There's Robert F. Kennedy, a noted.

Anti vaxxer, and Health Department because Elon Musk in the Department of Government Efficiency, television doctor men At Oz as the Medicare and Medicaid administrator, and to something more mainstream. Trump is indicated he'll keep Jerome Powell as the chair of the US Federal Reserve, which says interest rates for America, even though.

Anti vaxxer, and Health Department because Elon Musk in the Department of Government Efficiency, television doctor men At Oz as the Medicare and Medicaid administrator, and to something more mainstream. Trump is indicated he'll keep Jerome Powell as the chair of the US Federal Reserve, which says interest rates for America, even though.

Trump previously has said he wants to say as well.

Trump previously has said he wants to say as well.

The chairman of the Federal Reserve.

The chairman of the Federal Reserve.

Jerome Powell said he will not leave his post even if you asked him to.

Jerome Powell said he will not leave his post even if you asked him to.

Will you try to replace Jerome pal No, I don't think so. I don't see it, but I think I told him too he would. But if I asked him to, he probably wouldn't. But if I told him too, he would.

Will you try to replace Jerome pal No, I don't think so. I don't see it, but I think I told him too he would. But if I asked him to, he probably wouldn't. But if I told him too, he would.

You don't have plans to do that right now?

You don't have plans to do that right now?

I don't.

I don't.

But for a truly unusual or maybe inspirational appointment, can we direct you to this man that Trump is appointed to run the American Tax Office. The former Congressman Billy Long is a longtime Trump supporter, and now he's been made Commissioner the Internal Revenue Service. Well Long is formerly an auctioneer from Missouri, and it's clearly been appointed to shape things up in the Tax Office.

But for a truly unusual or maybe inspirational appointment, can we direct you to this man that Trump is appointed to run the American Tax Office. The former Congressman Billy Long is a longtime Trump supporter, and now he's been made Commissioner the Internal Revenue Service. Well Long is formerly an auctioneer from Missouri, and it's clearly been appointed to shape things up in the Tax Office.

And with performances like these from.

And with performances like these from.

Twenty eighteen, when he announced nine months of good economic news, you kind of wonder.

Twenty eighteen, when he announced nine months of good economic news, you kind of wonder.

How it's going to go for him.

How it's going to go for him.

Unemployment rate is at a three point nine percent and their eighteen low lay offer in their forty nine year low. Consumer spending is up four tenthseven percent six straight months agains. Consumer confidence is at the highest level in eighteen years.

Unemployment rate is at a three point nine percent and their eighteen low lay offer in their forty nine year low. Consumer spending is up four tenthseven percent six straight months agains. Consumer confidence is at the highest level in eighteen years.

It's a fast drive and he's going to run the tax office anyway. That's in for today's program. Thanks for your company. We'll see tomorrow.

It's a fast drive and he's going to run the tax office anyway. That's in for today's program. Thanks for your company. We'll see tomorrow.