Over in Australia, the Reserve Bank has opted to leave interest rates on hold at 3.6 percent, in line with expectations from economists.
Experts had largely predicted this, given the current state of inflation data in Australia.
Australian correspondent Murray Olds says it's unlikely Australians will see a rate cut until 2026.
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Speaker 1 (00:00):
And finally an EMU named Frank has been apprehended after
two days on the run in Arizona. Now Frank escaped
from a ranch and wandered the streets of the town
of Cottonwood, paying a visit to Walmart, and police were
finally able to catch the EMU and return him to
his owner. But they say it wasn't easy.
Speaker 2 (00:14):
They didn't run about thirty miles an hour, and I
guess he had on the after burners that day. I
don't know if you're aware. EMUs cannot walk backwards. Their
wegs don't work that way. So if you can chase
them into a corner as they're running ahead of you,
that's the safest and easiest way for both you and
the bird.
Speaker 1 (00:29):
So there's something if you ever find yourself having to
chase an emu. Murray Old's Australia corresponding with us Alo.
Speaker 2 (00:34):
Mus very handy tip here the good afternoon.
Speaker 1 (00:37):
Yeah, who knew? Hey, So you guys have to apparently
start building houses worth half a million dollars.
Speaker 2 (00:44):
This is the big call. It's pretty interesting really. It's
come from the boss of the Australia's second biggest bank,
and this is Westpac Anthony Miller took charge last Christmas
and on Monday, you know, he was unveiling the bank's
full year results and he made this point. He said,
listen on the average salary of around ninety thousand dollars.
(01:05):
Now in Australia, most working age people cannot get on
the property ladder. Banks, he said, generally will then five
to six times the income of borrowers. And that means
the average earner in Australia tops out at just around
half a million, maybe six hundred thousand dollars. And that
you know, with a house price in Sydney the median
one point five million, Well bloody good luck, it's not
(01:28):
much cheaper anywhere else. To be honest. Now, what Miller says,
the single biggest challenges is supply right. The key is
let's build cheaper. Now. The new South Wales government's doing
this in terms of public housing is rolling out what
was the stat I only interviewed her yesterday. Anyway, what
they're doing is using a lot of prefab modules that
(01:50):
are assembled off site, brought in and bolted together, and
the speed is dramatically enhanced. So he says, look, we've
all we all have to play a. You've got to
cut red tape governments, local governments, you have to speed
up the processing time. You've got a streamliner system that
can create an environment where a half billion dollar house
(02:10):
is possible. Well, bloody, good luck with that. Meantime, the
Reserve Bank Board has met today and there's no rate cut.
No one expected that after the inflation figures of last week.
And here's the thing, got a hold steady at three
point six percent. And here's the thing, Heather, The RBA
is now expected to wait until at least the second
half of next year to resume cutting the caps.
Speaker 1 (02:31):
Col Lee, were you guys sitting on three point six
for basically the next year or so?
Speaker 2 (02:36):
Well, next to six months, that's what the market is
pricing in.
Speaker 1 (02:40):
Interesting Okay, Now what happened to the weapons expo.
Speaker 2 (02:43):
Well, there's a couple of Israeli companies that are represented.
I mean, it's a big expo. It's one of the
biggest up we understand of the Southern hemisphere this year.
And at least one of the two Israeli companies that
is represented here has an Australium subsidiary. And so the
protest was organized by a group that's been around for
ever since October seven. This is the Palestine Action Group.
(03:04):
They've been protesting and said he it's about every single weekend.
And they turned out this morning and Darling Harbor, right
in the heart of the city police had set aside
an area for them to protest, and they decided that
wasn't good enough and they moved off and tried to
get down to the water and Darling Harbor where police
horses and so on were there. Ten people arrested, pepper
spray used, and the state government making the point listen, knuckleheads,
(03:27):
this is an industry worth three point four billion dollars
to New South Wales alone. So if you think you're
going to try and stop it, good luck. It's not
going to happen anytime soon.
Speaker 1 (03:36):
Okay, what have you drawn for your sweepsteak?
Speaker 2 (03:39):
I wasn't in a sweep gambling? Oh, I hate gambling.
I've only ever had one bet in the Melbourne Cup
and that was when Kiwi won back in nineteen eighty three.
Speaker 1 (03:47):
And did you make money on it?
Speaker 2 (03:49):
Oh? I only put ten dollars each way on it.
And I needed because I was so inexperienced, I needed
someone up at the tab to put the bet on
for me. I was hopeless.
Speaker 1 (03:57):
All right, you have a much better reason than I do.
I just got left out of the sweepstake. That's how
much they like me. Mas okay, So where have you
been watching it though? Even if you're not going to
beat on it?
Speaker 2 (04:11):
Oh yeah, I just like watching all the all the
young men and women. You know, try and hop on
the bus on the way home after the big day out.
There's I heard you mentioned El Riffer. El Riffer will
start in barrier nineteen. He's the top weight with fifty
nine kilos. He is the favorite. One partner us put
half a million dollars on El Riffer to win three
(04:32):
and a half million dollars, so he is. He will
start favorite. You've got the core Field Cup winner half yours.
If you've got that horse, you've got a good chance.
And you've then got a presage nocturn. I think he's
a gray one. He looks lovely belly and king and
bakaroo on the very end of the other end land
legend changing the guard and something called athabascan athabascan and
(04:55):
with no idea how to say that they're paying out
at sixty bucks for the win. Track is gonna be
soft because they've been running down there and they're jumping
in about twenty minutes.
Speaker 1 (05:04):
Oh good stuff. Yeah you really sure you know what
you're talking about there, muz. Thanks very much. Marry Old's
Australia corresponding. For more from Hither Duplessy Allen Drive, listen
live to news Talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
And finally an EMU named Frank has been apprehended after
two days on the run in Arizona. Now Frank escaped
from a ranch and wandered the streets of the town
of Cottonwood, paying a visit to Walmart, and police were
finally able to catch the EMU and return him to
his owner. But they say it wasn't easy.
Speaker 2 (00:14):
They didn't run about thirty miles an hour, and I
guess he had on the after burners that day. I
don't know if you're aware. EMUs cannot walk backwards. Their
wegs don't work that way. So if you can chase
them into a corner as they're running ahead of you,
that's the safest and easiest way for both you and
the bird.
Speaker 1 (00:29):
So there's something if you ever find yourself having to
chase an emu. Murray Old's Australia corresponding with us Alo.
Speaker 2 (00:34):
Mus very handy tip here the good afternoon.
Speaker 1 (00:37):
Yeah, who knew? Hey, So you guys have to apparently
start building houses worth half a million dollars.
Speaker 2 (00:44):
This is the big call. It's pretty interesting really. It's
come from the boss of the Australia's second biggest bank,
and this is Westpac Anthony Miller took charge last Christmas
and on Monday, you know, he was unveiling the bank's
full year results and he made this point. He said,
listen on the average salary of around ninety thousand dollars.
(01:05):
Now in Australia, most working age people cannot get on
the property ladder. Banks, he said, generally will then five
to six times the income of borrowers. And that means
the average earner in Australia tops out at just around
half a million, maybe six hundred thousand dollars. And that
you know, with a house price in Sydney the median
one point five million, Well bloody good luck, it's not
(01:28):
much cheaper anywhere else. To be honest. Now, what Miller says,
the single biggest challenges is supply right. The key is
let's build cheaper. Now. The new South Wales government's doing
this in terms of public housing is rolling out what
was the stat I only interviewed her yesterday. Anyway, what
they're doing is using a lot of prefab modules that
(01:50):
are assembled off site, brought in and bolted together, and
the speed is dramatically enhanced. So he says, look, we've
all we all have to play a. You've got to
cut red tape governments, local governments, you have to speed
up the processing time. You've got a streamliner system that
can create an environment where a half billion dollar house
(02:10):
is possible. Well, bloody, good luck with that. Meantime, the
Reserve Bank Board has met today and there's no rate cut.
No one expected that after the inflation figures of last week.
And here's the thing, got a hold steady at three
point six percent. And here's the thing, Heather, The RBA
is now expected to wait until at least the second
half of next year to resume cutting the caps.
Speaker 1 (02:31):
Col Lee, were you guys sitting on three point six
for basically the next year or so?
Speaker 2 (02:36):
Well, next to six months, that's what the market is
pricing in.
Speaker 1 (02:40):
Interesting Okay, Now what happened to the weapons expo.
Speaker 2 (02:43):
Well, there's a couple of Israeli companies that are represented.
I mean, it's a big expo. It's one of the
biggest up we understand of the Southern hemisphere this year.
And at least one of the two Israeli companies that
is represented here has an Australium subsidiary. And so the
protest was organized by a group that's been around for
ever since October seven. This is the Palestine Action Group.
(03:04):
They've been protesting and said he it's about every single weekend.
And they turned out this morning and Darling Harbor, right
in the heart of the city police had set aside
an area for them to protest, and they decided that
wasn't good enough and they moved off and tried to
get down to the water and Darling Harbor where police
horses and so on were there. Ten people arrested, pepper
spray used, and the state government making the point listen, knuckleheads,
(03:27):
this is an industry worth three point four billion dollars
to New South Wales alone. So if you think you're
going to try and stop it, good luck. It's not
going to happen anytime soon.
Speaker 1 (03:36):
Okay, what have you drawn for your sweepsteak?
Speaker 2 (03:39):
I wasn't in a sweep gambling? Oh, I hate gambling.
I've only ever had one bet in the Melbourne Cup
and that was when Kiwi won back in nineteen eighty three.
Speaker 1 (03:47):
And did you make money on it?
Speaker 2 (03:49):
Oh? I only put ten dollars each way on it.
And I needed because I was so inexperienced, I needed
someone up at the tab to put the bet on
for me. I was hopeless.
Speaker 1 (03:57):
All right, you have a much better reason than I do.
I just got left out of the sweepstake. That's how
much they like me. Mas okay, So where have you
been watching it though? Even if you're not going to
beat on it?
Speaker 2 (04:11):
Oh yeah, I just like watching all the all the
young men and women. You know, try and hop on
the bus on the way home after the big day out.
There's I heard you mentioned El Riffer. El Riffer will
start in barrier nineteen. He's the top weight with fifty
nine kilos. He is the favorite. One partner us put
half a million dollars on El Riffer to win three
(04:32):
and a half million dollars, so he is. He will
start favorite. You've got the core Field Cup winner half yours.
If you've got that horse, you've got a good chance.
And you've then got a presage nocturn. I think he's
a gray one. He looks lovely belly and king and
bakaroo on the very end of the other end land
legend changing the guard and something called athabascan athabascan and
(04:55):
with no idea how to say that they're paying out
at sixty bucks for the win. Track is gonna be
soft because they've been running down there and they're jumping
in about twenty minutes.
Speaker 1 (05:04):
Oh good stuff. Yeah you really sure you know what
you're talking about there, muz. Thanks very much. Marry Old's
Australia corresponding. For more from Hither Duplessy Allen Drive, listen
live to news Talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio
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