July 9, 2024 • 5 mins
Our weekly business chat with the managing director of IronDuke partners.
- Federated farmers being accused of being “at war with nature”
- Lots of people calling for a bipartisan approach to our long term infrastructure needs.
- The reserve bank about to report in a few hours on its latest interest rate decision.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Whether it's gun boots or rugby boots. The Country Sport
Breakfast has you covered on gold Sport your home of
live commentary.
Speaker 2 (00:08):
You're trying to say, oh yeah, is business is business time?
Speaker 3 (00:22):
What you're trying to say You're trying to say it
time for business time.
Speaker 2 (00:31):
Right, time to talk business. We get down to business.
Speaker 3 (00:33):
So on a Wednesday morning and catch up with fellow
Riley from Iron Duke Partner's Morning Fill Morning. I want
to start with Federated farmers have been accused of being
at war with nature over changes to fresh water rules.
I mean that sounds pretty dramatic, is it true?
Speaker 1 (00:49):
Listen, of course it's not true.
Speaker 3 (00:51):
And this.
Speaker 1 (00:53):
Committee at Parliament a few days ago where some green
NGOs and you'd expect them to come up with some
pretty florid sort of land which and they did, you know,
ar with No. It's it's pretty ugly language, isn't it.
But interestingly that Law Society also said that you know,
that bastion of conservatism, which says more to me about
the new that the nature of the current law society
than actually the value of the language. I mean, I
(01:15):
just think it's very unhelpful to use that kind of
florid language and describing what farmers are actually arguing about,
which was a real pieces of the resource management to
statute books, which basically made it almost impossible for them
to utilize water in any sensible way. And I think
farmers are right to say, well, look, we need to
keep the water clean. Of course that's right, but we
also need to utilize it. And there was a demonstration
(01:37):
that far too offen under the last government. They'd say
we're about managing resources when in fact that what they
are about was stopping people using resources. And this was
a classic of the case. So it's a bit sad that,
you know, bodies I respect, like the law society say
something to say words like that, But that's life. We
need to move forward. And good on the farmers for
advocating for not just their interest but the prosperity of
(01:58):
the communities they serve, and I think or proper water management,
which is what farmers are all about, and.
Speaker 3 (02:02):
I know that they're doing their very very best to
manage it in the correct way too, aren't.
Speaker 1 (02:06):
They percisely right? And some are bad actors, of course
they are, But you can't then say, well, look, all
farmers should just you know, put up with these incredibly
difficult hoops and rules and so on just because of
the actions of a few. Prosecute the few and let
the let the good guys get on with it.
Speaker 2 (02:19):
Yeah, totally all right.
Speaker 3 (02:20):
Hey, lots of people are calling for bipartisan approach to
our long term infrastructure needs.
Speaker 2 (02:25):
Now that sounds good. Do you think it's going to work.
Speaker 1 (02:28):
Well, it's just not. As you're seeing a lot of
us in the newspapers right now. You know, we need
a long term view of that infrastructure. Well that's the politicians.
I mean, they're the guys with the short term view, right,
And the fact of the matter is that, you know,
politics gets in the way of long term planning, particularly
around infrastructure. Of the example often uses the last the
last government that center there in Cressipims government started not
(02:50):
a single new major road in their six years in power.
This government wants to start fifteen. Well that's not going
to work. Neither of those are sustainable, right, So I
think the you know, so how do you get all
this long term story? And I take a view that
you can't trust the politicians. Actually, you need to get
the people involved. And I was at the launch last
night of a new initiative out of a walk from
Universion called Koi TI, which is about getting citizens more
(03:13):
engaged in what we call deliberate of democracy. And I
think that's absolutely right. I think you need to tell
the public what the issues are and and some of
the trade offs and balances and some of that need
to be drawn in and get them to hold politicians
to account. I know that sounds a bit you know,
but Kumbai are But I think it's the reality of it.
I think we do need to get more public pressure
on politicians to do the right thing for the long
(03:33):
term and infrastructure. We can't trust them to get it right.
Speaker 2 (03:36):
Yeah, we put them there, so you have worked for
un Yeah.
Speaker 1 (03:39):
That's right. We need to keep them accountable, that's right.
Speaker 2 (03:41):
Yeah.
Speaker 3 (03:41):
The Reserve Bank back to report, I guess in a
couple of hours actually on its latest interest or rate decision.
Speaker 2 (03:47):
You reckon there'll be any good news there?
Speaker 1 (03:49):
Yeah, Well, the good news won't be an interest rate itself.
Of course, they're definitely going to leave it alone. There
was some talk, of course a month or two about
them potential increasing it, and there's still some talk of
that across the ditch in Australia. I don't think they'll
do that because clearly every number and you and I've
been talking about this for the last few weeks, every
number and anybody listening will know that our economy is tanking.
It's in distraits and difficult times. So I'm very surprised
(04:11):
if they raised interstrates. But that the language, the stuff
you would look out for for listeners is what the
Reserve Bank says about when they look to ease. At
the moment, they're saying that's all the way on September
twenty twenty five. That's what they're talking about. That's a
long way away. Nobody in the real world thinks that's
going to happen that way. Everybody thinks it's going to
be earlier. So the language to watch out for in
today's announcement is not about the interest rate that won't change,
(04:34):
but about what the Reserve Bank says about their forward Look.
You know, when do they think they might start easing,
And if they say it's likely to come a bit
further forward and to say the early part of twenty
twenty five, then that will help markets a lot. That'll
help build confidence that we can see through this, that
you know, we're at the bottom now and it is
a way out. So I think that's the big language
to watch out for today.
Speaker 2 (04:52):
They say it fantastic Phil.
Speaker 3 (04:54):
Hey, next time you're at an airport, grab a copy
of the latest Classic Driver magazine. They've done a feature
on my bm W in it, so you'd love reading that.
Speaker 1 (05:03):
They're covering the Rostue ones now.
Speaker 2 (05:04):
Yeah, mate, you have a look at it. You want
to buy? Its good on you, Phil.
Speaker 1 (05:10):
See you mate, gs B.
Speaker 2 (05:11):
Philo Riley from from Iron Duke Patners
Whether it's gun boots or rugby boots. The Country Sport
Breakfast has you covered on gold Sport your home of
live commentary.
Speaker 2 (00:08):
You're trying to say, oh yeah, is business is business time?
Speaker 3 (00:22):
What you're trying to say You're trying to say it
time for business time.
Speaker 2 (00:31):
Right, time to talk business. We get down to business.
Speaker 3 (00:33):
So on a Wednesday morning and catch up with fellow
Riley from Iron Duke Partner's Morning Fill Morning. I want
to start with Federated farmers have been accused of being
at war with nature over changes to fresh water rules.
I mean that sounds pretty dramatic, is it true?
Speaker 1 (00:49):
Listen, of course it's not true.
Speaker 3 (00:51):
And this.
Speaker 1 (00:53):
Committee at Parliament a few days ago where some green
NGOs and you'd expect them to come up with some
pretty florid sort of land which and they did, you know,
ar with No. It's it's pretty ugly language, isn't it.
But interestingly that Law Society also said that you know,
that bastion of conservatism, which says more to me about
the new that the nature of the current law society
than actually the value of the language. I mean, I
(01:15):
just think it's very unhelpful to use that kind of
florid language and describing what farmers are actually arguing about,
which was a real pieces of the resource management to
statute books, which basically made it almost impossible for them
to utilize water in any sensible way. And I think
farmers are right to say, well, look, we need to
keep the water clean. Of course that's right, but we
also need to utilize it. And there was a demonstration
(01:37):
that far too offen under the last government. They'd say
we're about managing resources when in fact that what they
are about was stopping people using resources. And this was
a classic of the case. So it's a bit sad that,
you know, bodies I respect, like the law society say
something to say words like that, But that's life. We
need to move forward. And good on the farmers for
advocating for not just their interest but the prosperity of
(01:58):
the communities they serve, and I think or proper water management,
which is what farmers are all about, and.
Speaker 3 (02:02):
I know that they're doing their very very best to
manage it in the correct way too, aren't.
Speaker 1 (02:06):
They percisely right? And some are bad actors, of course
they are, But you can't then say, well, look, all
farmers should just you know, put up with these incredibly
difficult hoops and rules and so on just because of
the actions of a few. Prosecute the few and let
the let the good guys get on with it.
Speaker 2 (02:19):
Yeah, totally all right.
Speaker 3 (02:20):
Hey, lots of people are calling for bipartisan approach to
our long term infrastructure needs.
Speaker 2 (02:25):
Now that sounds good. Do you think it's going to work.
Speaker 1 (02:28):
Well, it's just not. As you're seeing a lot of
us in the newspapers right now. You know, we need
a long term view of that infrastructure. Well that's the politicians.
I mean, they're the guys with the short term view, right,
And the fact of the matter is that, you know,
politics gets in the way of long term planning, particularly
around infrastructure. Of the example often uses the last the
last government that center there in Cressipims government started not
(02:50):
a single new major road in their six years in power.
This government wants to start fifteen. Well that's not going
to work. Neither of those are sustainable, right, So I
think the you know, so how do you get all
this long term story? And I take a view that
you can't trust the politicians. Actually, you need to get
the people involved. And I was at the launch last
night of a new initiative out of a walk from
Universion called Koi TI, which is about getting citizens more
(03:13):
engaged in what we call deliberate of democracy. And I
think that's absolutely right. I think you need to tell
the public what the issues are and and some of
the trade offs and balances and some of that need
to be drawn in and get them to hold politicians
to account. I know that sounds a bit you know,
but Kumbai are But I think it's the reality of it.
I think we do need to get more public pressure
on politicians to do the right thing for the long
(03:33):
term and infrastructure. We can't trust them to get it right.
Speaker 2 (03:36):
Yeah, we put them there, so you have worked for
un Yeah.
Speaker 1 (03:39):
That's right. We need to keep them accountable, that's right.
Speaker 2 (03:41):
Yeah.
Speaker 3 (03:41):
The Reserve Bank back to report, I guess in a
couple of hours actually on its latest interest or rate decision.
Speaker 2 (03:47):
You reckon there'll be any good news there?
Speaker 1 (03:49):
Yeah, Well, the good news won't be an interest rate itself.
Of course, they're definitely going to leave it alone. There
was some talk, of course a month or two about
them potential increasing it, and there's still some talk of
that across the ditch in Australia. I don't think they'll
do that because clearly every number and you and I've
been talking about this for the last few weeks, every
number and anybody listening will know that our economy is tanking.
It's in distraits and difficult times. So I'm very surprised
(04:11):
if they raised interstrates. But that the language, the stuff
you would look out for for listeners is what the
Reserve Bank says about when they look to ease. At
the moment, they're saying that's all the way on September
twenty twenty five. That's what they're talking about. That's a
long way away. Nobody in the real world thinks that's
going to happen that way. Everybody thinks it's going to
be earlier. So the language to watch out for in
today's announcement is not about the interest rate that won't change,
(04:34):
but about what the Reserve Bank says about their forward Look.
You know, when do they think they might start easing,
And if they say it's likely to come a bit
further forward and to say the early part of twenty
twenty five, then that will help markets a lot. That'll
help build confidence that we can see through this, that
you know, we're at the bottom now and it is
a way out. So I think that's the big language
to watch out for today.
Speaker 2 (04:52):
They say it fantastic Phil.
Speaker 3 (04:54):
Hey, next time you're at an airport, grab a copy
of the latest Classic Driver magazine. They've done a feature
on my bm W in it, so you'd love reading that.
Speaker 1 (05:03):
They're covering the Rostue ones now.
Speaker 2 (05:04):
Yeah, mate, you have a look at it. You want
to buy? Its good on you, Phil.
Speaker 1 (05:10):
See you mate, gs B.
Speaker 2 (05:11):
Philo Riley from from Iron Duke Patners
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