David & WillDavid Pemberthy and Will Goodings six to nine five double A Breakfast.
I was.
Here's the mac received manifest. You're eating the dorgs. I tell you about any buses sex and he wanted to not turning up the day and the dumb matts.
And he is spinning around this morning because he's hours away from just commandeering the budget lock up with Stephen Mulligan. David will be there as well. It's going to be a big morning, big day in state politics. Before we get to that, Matt and good morning to you, I just want to shout out a text that sort of goes to the infinite reach of view in this segment, and it comes to us from Gabby. Gabby texted about something he said last week. Gabby said, please passed us on to man. On last thursday's chat, he mentioned the little religious shop on Findon Road. I'm the owner of that little shop with lots of rosaries, Christian supplies, adelaide. We see many different items in the shop, which is open to the public. I would come from a list at a five double A from the time I wake up at five thirty am to six pm every day. And how about this anyone who today mentions matt Abraham's name received ten percent off any Rosary Beat purchase. My wife Rachel also work with Matthew at the Catholic Church office. Regards Gabby Christian Surprise Adelaide.
Good on you, Gabby. See what about that? Everyone's listening.
I'm bless her, Gaby.
I love the idea of the crazy Rosary beat sale.
Rosary Beat how they go.
You by mine?
I'll give you one Rosary Beat free.
I've gone crazy. Cunningham's Catholics.
And this is a true story of one of the Archbishop PHILP. Wilson, the late Archbishop Philip Wilson, who whose lawyer banned me from having any contact with him or the church. But let's put that aside. He he he said he once went into you know, he had the cross crucifix on the full crucifix and he went into a country survey on a trip and the girl serving behind the counter, the one behind the count, said, I've got one of those pointing to his cross, but mine doesn't have the little man on it.
Anyway, set off.
Just Mention's name.
People will do that. Getting brace yourself. You can have a busy day anyway, Where were we it's budget day.
It is budget day, man, you're going to be there, yes, yes, I won't be commandeering it unless you can commandeer a budget lock up from.
The back of the room. No, it was cast a thousands there though. Yeah.
Yeah, there is a piece, isn't it.
I mean we do.
I know we've said this before, but it is a It is a set piece where you go into the some sort of palatial room at the Adelaid Convention Center with views over our gorgeous city and get about ten minutes to have a cup of tea or something or whatever you want, and then the Treasurer gets up and talks you through his budget with a big white board thing, you know, PowerPoint presentation, which is exactly what is in front of you as you're reading it. But that's okay. So it goes for about well it.
Feels like our does go for about it now.
Yeah, And then there's a press conference after that.
Then they have a little bragman, there's a press conference.
You get your quotes.
Yeah, and but before the treasure gets up, the Premier arrives and tells us how wonderful the treasure is. They went to university together their mates and off they go trust him like a brother from another mother. But this story in the TiSER today, and I heard you talking about it driving on the way in that the incredibly shrinking budget surplus, which was going to be one hundred and seventy something, who's counting one hundred and seventy eight hundred and seventy two has come down to eighteen million, which is it's nothing.
It's not really a.
Surplus loose change.
You know, they probably got it was probably in deficit. And he said the treasurer can't go in there, you know, because mal Nawskus was on you know, five double a breakfast with Pember and Will only twenty four hours earlier saying, well, we you know, we've returned surpluses in every three years and it's going to be surpluses for the rest of the rest of our living sort of eternity while I'm premier, which are both the same thing, and can you find me a serving, and that treasure going okay, okay, well maybe if we cut out a few press sex, we can come up with eighteen millions for a few for a few payments, don't pay contract. No, no, they wouldn't have cut them out, so and yeah, so you come up with eighty million dollars. I mean being a bit cynical here, but it's not hard to find in this massive, multi billion dollar budget eighteen million dollars stuck in the whole log somewhere.
What about Will's point though about the future surplus projections.
Yeah, projected to be four than forty nine million at the midyear budget review. It's down to well, according to the Treasury himself this morning and it's been to the advertis it's down to one hundred and seventy nine dollars.
As though, that's this is a fantastic turnaround from eighteen million to one hundred and seventy nine, where it's actually from four hundred million to one hundred and seventy nine, and it won't be one hundred and seventy nine.
But I'm going to get my caucul later out, so I don't.
Don't do maths on air, journo maths. So this is what we're faced with in a budget. One of the excuses in Inverted Commas he gives is that they had to rescue the Whaler Steel Works, well the money to rescue from my reading of it, unless I missed something. The money to rescue the Whaler steel Works came from the money that was ear marked for the big hydrogen project, which has been put on ice.
Correct.
So it shouldn't have been an extra expenditure, is what you're saying.
It shouldn't be at all.
And the ah.
That sort of went nowhere, the hydrogen project and the State Prosperity Project, which was all part of the hydrogen thing, that's vanished up up someone's clacker. I suppose you know in treasury. It's not to put too far a point on us. I didn't really mean to say that, but.
Job writing headlines for the engine years. I missed my calling.
I missed my calling.
But do you remember the State Prosperity Project?
He doesn't.
They had beer mats and beer coasters.
Advertiser would they get they could have half a billion dollars for the giant wrap around ads that ran.
Yeah, yeah, yeah, they were all high fiving, Thank you very much.
Was probably your Clive Farmer ring it up there a bit of money like to spend.
Only if you insists, clide. So yeah, so there we are that there's money washing everywhere in a big budget. One of the things that we will be washing everywhere, will be staked that I think is projected to hit forty billion dollars roughly.
Yeah, I reckon it'll be closer to fifty.
Yeah.
Okay, well, look what's ten billion among friends?
Really, our population isn't ten times out of Tasmania?
Is it no? Be about three or three or four?
Yeah?
But isn't now so isn't our debt potentially ten times the size of their debt?
It's probably less.
It's more you compare it to debt to revenues the kind of way you generally would compare it, not debt to population.
And I reckon, I've thought of a line for a piece I'm going to do for the Os tomorrow, don't you reckon? Guys that if say you've got like a bit of a drinking problem, it helps if your next door neighbors are George Best and Keith Moon. Because everything's relative in life, and the fact that it sort of doesn't matter to a degree how profligate or reckless Steve Mullikan and Peter Mallen ouse Cazarre with their money, they're never going to look as bad as Victoria.
That's right.
Yeah, And you put that to the premier and oh no, no, no, there were a lot better than Victoria. On paraphrasing him here he mentioned by the way debt debt to revenue. He said, this is the important fact that there are several ways of measuring debt. You can have debt to revenue. You can have debt to gross state product, and you pick the one that you want. So debt to state product is how much you make as a state, how much you export, all that sort of gear, how much activity you generate, compared to how much debt you're carrying, debt to revenue. If you look that up, most of the big sites say, for a company or a government, a comfortable level of debt to revenue, in other words, how much debt you're caring and how much money you're making. Now, in the case of a government, they're making the money from US taxpayers largely and big corporations, but there's payroll tax, there's land tax, there's stamp duty, all that sort of caper.
So your debt to.
Revenue, the comfortable level should be around thirty or forty percent. Right ours is very close to ninety percent, and it's projected to over the next four years get to one hundred and ten percent. When it gets over one hundred percent, that means that you are borrowing money to pay your interest payments. So your revenue isn't covering your interest payments. You are borrowing money to pay your internet payments. And that's what we're doing.
By thirty June twenty twenty eight, non financial public sectors, forget that debt to revenue one hundred and thirty four point five percent.
That's right.
It's meant to be thirty, thirty or forty percent. That's what Rory's tyd was comfortable. Then we're told, I know, fifty is okay. And then and this is by the way, Rob Lucas, you know, coming up, coming up, so it's not exclusively a labor thing. Then we were told, oh, you know, sixty is okay. Oh, seventies getting towards a tipping point that's uncomfortable. No, we're going to be We're going to be over one hundred percent. And as you said, in two to three years time, nearly one hundred and forty percent. That's amazing.
The treasure is here is that the well everyone else is doing it argument seems to be holding a way. Because I mentioned Victoria but New South Wales is in a similar boat, and we've now got the state labor governments all over the country that are borrowing heavily to pay for infrastructure.
On the never and ever, the Treasurer will argue, the spin on this today will be interest repayments won't be higher despite the debt going higher because of reduced borrowing costs at the moment, So expect to hear a bit about that today despite the net debt figure going out.
Hey, we're going to take a quick break. We'll come back in more with more, just a moment. Six to eight Matt Abraham and the five double a breakfast studio.
Lots of good text coming throw on zero four eight zero eight thirteen ninety five as Matt takes us through his thoughts on the state. But do you want to get the spin Matt and any other loose thoughts before we round it out.
No, let's hop into a little bit of spin, Matts now, machete laws, I want you. The first bit of spin is from Premier Peter mel Nawskus in an excellence on an excellent breakfast program yours yesterday, day before Tuesday. Time flies when you're having fun, So on Tuesday, when we'll have a listen to this, because this is this is this is sort of almost pure spin because it shows a politician who's able to sort of begin to answer the question, pivot into bagging his opponent, and then get back on track seamlessly, seamlessly.
Have a listened to this. Vicentazi was saying yesterday labor must bear mashitties.
Today, Oh well, well, well, I think Vince has got to start to pay a bit of attention to the legislation that passes through the parliament that he supports.
I mean, they voted for this, These are the toughest.
I mean, if they weren't so obsessed with their internal divisions and culture wars, he'd probably have a bit more time available to himself to pay attention to the legislation that he votes for. We've got the toughest knife laws in the country.
Back on track, slap slap slaps, and you know, you know, mister Tazi is in trouble when they use the full first name, so you know, it's like you're in trouble with your mum. When Matthew so Vincent that is, well, we've got net zero policy, but I am giving that ten out of ten. Now we're fully expecting today, well, we know that debt will go up, and it has gone up in the past three budgets. Of first three budgets of Stephen Mulligan, debt has gone up. And if anybody says to him, why can't you reduce debt? I think he might have to channel the former UK Prime Minister Therese May Sadly.
I have not been able to do so I tried three times.
Wouldn't be great if he does, sadly, and I'm going to be talking about I've got a clue. But people use that, you know, why don't you give up alcohol? And that's a believe that they bump up there. Anyway, three budgets, three out of ten.
Matts mat Our abd and correspondent to Dave Lloyd's texting in he said he's got an idea to reduce state debt. He said, what we do is we buy all the rosary beads today at ten percent off and then sell them next week at full price.
Should we send that one though, to the Treasury? Do you think.
Well?
I mean, I think they've got enough stock down at the I think so. The Christian Supplies shop on Finder and rud.
And well they have for now wait and see, he wrote, Tell.
Dave and Wilson get down there.
As for the five double a price, well enjoy the biscuits and the coffee.
Then thank you very much.
We've seen a few hours. Man is dress code? Smart case?
Is a dress?
Should I?
Since?
Have you ever worried about that?
About
