Murray Olds: Australian correspondent on Australia's unemployment rate reaching 4.1 percent

Over in Australia, the unemployment rate rose to 4.1 percent in June.

This is a higher figure than economists had predicted - and surpassed the previous figure of 4 percent.

Australian correspondent Murray Olds says this has prompted concern regarding interest rates, as the Reserve Bank might have to factor this in for their next announcement. 

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Episode Transcript

Speaker 1 (00:00):
Murray olds as well as from Australia this afternoon day,
Murray after Jack and speaking of unemployments, Australia is not
too different from New Zealand. In this department. The unemployment
rate has increased.

Speaker 2 (00:11):
Yeah, it's ticked up four point one percent the latest figure,
despite the fact last month more than fifty thousand new jobs,
extra jobs were created, most of them full time. So
what's going on? Well, the simple fact of the matter
is more people now are looking for work because of
the cost of living crisis that's biting even harder over here.
This time last year, three and a half percent was

(00:32):
the unemployment rate. Now pre COVID it was over five percent.
So the big question now, of course, will interest rates
have to go up to try and hose down inflation.
The Reserve Bank meets early in August, and these job
numbers will be of concern because look, I mean, more
people in work is good, right, more people are working,

(00:53):
there are more jobs being created. That's also going to
fuel inflation, is the fear because all those extra pay
packets who washing around in the economy. Now for the
Reserve Bank over here, public enemy number one definitely is
inflation and some economists are now tipping the bank's going
to pull the trigger in August and lift rates by
a quarter of one percent. That's the cash rate, just

(01:14):
to keep tapping the inflation break and households need that
like a bang on the head.

Speaker 1 (01:19):
Yeah, labor has taken aim at the embattled construction union.

Speaker 2 (01:23):
Oh but heavens above. I mean it was just I mean,
the big question is why has it taken them so long?
I mean state governments and the federal labor government. They've
been in bed with unions ever since they were set up.
They were set up by unions. So gee, wheez, big
surprise that labour's in bed with unions. But here's the thing,
this is a bedmate you don't want because there have

(01:46):
been so many allegations against the Look, it's a big
omnibus union. The construction, the Sea of him he, construction, forestry, mining,
blah blah blah. Most of them are fine. It's the
construction buffheads who, according to newspapers and sixty minutes over here,
the construction side of things have been absolutely raughting the system,

(02:07):
getting organized crimes, infiltrated building sites. Bikis have got key jobs.
We had the building the Master Builders Association. On the
other morning. I know the guy who runs it here
in New South Wales. He says, thousands of dollars change
hands just to guarantee peace on building sites. The union
tells bosses, tells developers who they can and can't hire.

(02:31):
They cop bribes as I said, for on site peace,
and those who don't pay, well, they've just you know,
good luck getting your concrete on time. Here's the thing,
all these kickbacks and so on can add thirty percent
to the cost of a building project. That's labor and materials,
and the builder's labor a bigger part of the builder's

(02:52):
labors that was outlawed by Bob Hawk all those years ago.
The new version of the twenty first century version the
Construction Union is now being threatened with an independent administrator. Basically,
the people who have been running a show are going
to be kicked out and they are howling. So it's
Peter Dutton, and I bet Peter Dutton's winning a lot
of friends over here by saying, my mate, you bud,

(03:14):
you will you know this is what you've reaped now
is what you sawed. As soon as Labour won the
last election, they abolished the building industry watchdog that was
set up by Scott Morrison. What do they expect?

Speaker 1 (03:27):
Yeah, yeah, yeah, I'm not surprised. Hey, I have nothing
to base us on except for vibes. But I reckon
here in New Zealand, among rugby league fans, I reckon
eighty to ninety percent would be Queensland Reds fans. So
a lot of disappointed people. Yeah, this is a a
lot of disappointed people after last night.

Speaker 2 (03:46):
But well, you know it is very tribal, no doubt
about that. I mean Richard Muwanga very interested to read
about him this week. He was in the New South
Wales camp before the big game, big decider in Brisbane.
It was one each New South Wales got pumped in Sydney,
went down in Melbourne. They absolutely smoked Queensland. So you know,
you get a decide in Queensland, that's a big event.

(04:09):
And Muranga was making the point that all of his
family's Reds fans, he's the only one who likes New
South Wales. Anyway. It was I think, hand on heart
one of the greatest games of the rugby league I
can remember. It was absolutely gripping, it was brutal, huge
hits big tackles, you know, pinpoint kicking, great passing and
all paid at one hundred and one miles an hour.

(04:31):
Half time was two nil to got only one penalty
goal two all they had four to two to Queensland.
And then the last ten eleven twelve minutes, New South
Wales gets two tries to bust the wide open. So
it was fantastic with two unique moments. Jack. One guy
was sin bend. He was sitting on the bench. He
wasn't even playing, but he's joined in a bit of

(04:52):
a stink on the sideline and I guess he decides
to wander in like a big puffed Ola Kauwatu who
was who plays for my team? Man, he's going to
get to two weeks banned from the game because he
wasn't even playing. He was in a suit, in a
blazer and a pair of chinos. He's gone waddling into
the little It wasn't even a fight, it was a slap. Yeah,

(05:14):
and oh the kawa Whos decided to shove his nose
and well thanks for that, Genia, Good on you idiot. Anyway,
New South Wales says bragging rights for another year.

Speaker 1 (05:22):
Yeah, yeah, very good. Hey, thanks so much time for
your time, Murray always appreciated. Murray olds with us from Australia.
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