Australia's sharemarket has taken a hammering as investors voice concerns over the escalating conflict in the Middle East.
After it resumed trading today, the ASX 200 slumped 260.30 points or 2.9 per cent to 8590.708 - and dropped by 4 percent overall.
Australian correspondent Oliver Peterson says this is the worst day for the Australian markets since last year's 'Liberation Day'.
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Speaker 1 (00:00):
Oliver Peterson ABC Perth Radio Drive presenters with us, Hey, Olli.
Speaker 2 (00:04):
Hed I got a bone to pick with you and
Rayleane Ramsey.
Speaker 1 (00:07):
Oh yeah gone.
Speaker 3 (00:08):
Then, well, Zach Lomax rugby league reject designed for the
Western Force, and if I was the Hurricanes, I'd.
Speaker 2 (00:15):
Be absolutely well shaking in the boots.
Speaker 3 (00:19):
Let's just put it like that, because this Friday night
he's going to dominate the Hurricanes when he makes his
debut for the Western Force.
Speaker 1 (00:24):
Come on, Lomax, So why was he rejected by the NRL.
Speaker 3 (00:29):
Because he took a deal to leave the Eels to
say he may play rugby three sixty but that obviously
never eventuated. So then he took a deal which said
he couldn't play for another rugby league club for two years.
Speaker 2 (00:39):
So yeah, he's gone to the Force and then we
were returned to rugby league.
Speaker 1 (00:43):
Will do you reckon?
Speaker 3 (00:43):
But come on, I'm just trying to give the Western
Force just some sort of pump up because they're.
Speaker 2 (00:46):
Hopeless, do you know what.
Speaker 1 (00:47):
I don't mind it though, but the problem is, Ollie,
I always feel really excited because the NRL boys are
fast day, they play a fast game. They're really good
at it, But when they come over to rugby union
they get bogged down by the crap that goes on
in rugby union and then and they never really fire.
Look at Sonny Bill Williams.
Speaker 2 (01:02):
Here here, and how good with the wars on Friday? Mate?
I'm getting I'm getting on the wars. I've decided I'm
going to be an honorary New Zealander this year. Tata
boy just played out of his skin.
Speaker 3 (01:12):
And I know he's only sort of holding that position
till Luke Metcalf gets back.
Speaker 2 (01:15):
But gee, how are good go the wars?
Speaker 1 (01:17):
I know? Well, I mean, look, it's better for you.
The wars are better than the wast and Force. I
like what you did that, So you're welcome to come
and join us. Now, listen, what is going on in
the AX that you people freaking out?
Speaker 2 (01:31):
Oh big time?
Speaker 3 (01:32):
I mean the market as you and I talk now
has just lost one hundred and twenty billion, That's right,
one hundred and twenty billion with a B in value
and it's still going to trade for another two hours
and twenty.
Speaker 2 (01:41):
One minutes today.
Speaker 3 (01:43):
Now, Brent crude has skyrocket as much as twenty five
percent today, So it's US one hundred and fifteen dollars
a barrel. It's our worst day since Liberation Day in
April of last year. All lords, as I said, off
one hundred and twenty billion dollars in value and we're
all just sort of nutting our fingernails at the moment.
The A six two hundred down and four point two
(02:03):
percent as we speak now, and the oil price if
you look at it over the last month, the chart,
I mean, we go back to the start of this
month at seventy dollars a barrel as we talk right now,
at surge past one hundred and fifteen dollars a barrel.
Speaker 1 (02:16):
That is quite extraordinary, that little line upwards in the
last few days as wild a. Yeah, okay, now, so
what is it that the coalition is worried about? If
they want to have a new level of vetting for
migrants from some countries.
Speaker 3 (02:28):
So what they're looking to do is they're going to
consider forcing people who appeal their visa cancelations to do
so in their country of origin rather than granted bridging visas. Now,
this is something which has been quite interesting at the
moment because clogging up not only the courts, but it's
cloging up obviously all of our Pacific islands as well
with Australians or want to be Australians who are trying
(02:48):
to appeal that process and that can now take years
and years and years. So what the Coalition is trying
to do, and it's quite complicated, but effectively change the
legislation going back to the sixties I think it's the
fifties in fact, which we mean that somebody would potentially
return to their country of origin while waiting for their
application to be processed or maybe overturned. Whether or not
(03:10):
the Opposition is able to do that, well, that would
be obviously a stroke of the pen from the Parliament.
But this is at the moment also being looked at
by various different agencies.
Speaker 2 (03:19):
Around the world, the likes of the United Nations, etc.
Speaker 3 (03:21):
Saying you know, the Australians obviously have a responsibility to
people who might be coming to their country and not
forcing them back into countries where they have fled for
whatever reason it may be. So this is something that
obviously Angus Taylor is trying to wean back that one
nation vote again, Heather, He's got that bi election in
Farah at the moment that he's keeping a close eye
on Susan Lee's former seat. The polls pointing towards a
one nation vote. So these are the sorts of policy
(03:43):
areas that the Coalition is trying to dance in at
the moment. So we were very disaffected, disenfranchised Australian voter.
Speaker 1 (03:50):
Now what's jbhifi done.
Speaker 3 (03:53):
Well, what they've done is on soul these ideas of
additional warranties to people that they actually don't need under
Australian consume a low you know, if something breaks you
by four thousand dollars television, it breaks within two years,
it should be repaired or replaced. They've been selling basically
junk warranties to say you can have this, you know,
for five, six, seven years. One of the big law
firms here, Morris Blackburn's taking them on saying effectively they're
(04:14):
not worth the paper they're printed on or the text
message that you receive.
Speaker 2 (04:17):
And there's a bit to that.
Speaker 3 (04:19):
Like the Consumer Agency and watchdogs around the States and
the territories here in Australia tend to agree.
Speaker 2 (04:24):
So I reckon this one might.
Speaker 3 (04:25):
Have a little bit of success getting those everybody darranties
that you.
Speaker 2 (04:28):
Don't need or because you think you need it right now.
Speaker 1 (04:31):
But doesn't it everybody you don't sell you this crap
and you just no leave in New Zealand. You just
got to say no now.
Speaker 3 (04:36):
Yeah, well that's right, you got to say no. But
you know you think, oh, I've brought a four thousand
dollars TV. If I've pay another couple of hundred bucks
to make sure it doesn't break in ten years, I'll
do it.
Speaker 2 (04:43):
But you don't need it to right.
Speaker 1 (04:45):
Yeah, I suppose you've got to know. You've got to
listen to Consumer New Zealand Ollie. Thank you appreciated. Oliver Peterson,
ABC Perth Radio Drive presenter. For more from Hither Duplessy
Allen Drive, listen live to news talks it'd be from
four pm weekdays, or follow the podcast on iHeart Radio
ou
Oliver Peterson ABC Perth Radio Drive presenters with us, Hey, Olli.
Speaker 2 (00:04):
Hed I got a bone to pick with you and
Rayleane Ramsey.
Speaker 1 (00:07):
Oh yeah gone.
Speaker 3 (00:08):
Then, well, Zach Lomax rugby league reject designed for the
Western Force, and if I was the Hurricanes, I'd.
Speaker 2 (00:15):
Be absolutely well shaking in the boots.
Speaker 3 (00:19):
Let's just put it like that, because this Friday night
he's going to dominate the Hurricanes when he makes his
debut for the Western Force.
Speaker 1 (00:24):
Come on, Lomax, So why was he rejected by the NRL.
Speaker 3 (00:29):
Because he took a deal to leave the Eels to
say he may play rugby three sixty but that obviously
never eventuated. So then he took a deal which said
he couldn't play for another rugby league club for two years.
Speaker 2 (00:39):
So yeah, he's gone to the Force and then we
were returned to rugby league.
Speaker 1 (00:43):
Will do you reckon?
Speaker 3 (00:43):
But come on, I'm just trying to give the Western
Force just some sort of pump up because they're.
Speaker 2 (00:46):
Hopeless, do you know what.
Speaker 1 (00:47):
I don't mind it though, but the problem is, Ollie,
I always feel really excited because the NRL boys are
fast day, they play a fast game. They're really good
at it, But when they come over to rugby union
they get bogged down by the crap that goes on
in rugby union and then and they never really fire.
Look at Sonny Bill Williams.
Speaker 2 (01:02):
Here here, and how good with the wars on Friday? Mate?
I'm getting I'm getting on the wars. I've decided I'm
going to be an honorary New Zealander this year. Tata
boy just played out of his skin.
Speaker 3 (01:12):
And I know he's only sort of holding that position
till Luke Metcalf gets back.
Speaker 2 (01:15):
But gee, how are good go the wars?
Speaker 1 (01:17):
I know? Well, I mean, look, it's better for you.
The wars are better than the wast and Force. I
like what you did that, So you're welcome to come
and join us. Now, listen, what is going on in
the AX that you people freaking out?
Speaker 2 (01:31):
Oh big time?
Speaker 3 (01:32):
I mean the market as you and I talk now
has just lost one hundred and twenty billion, That's right,
one hundred and twenty billion with a B in value
and it's still going to trade for another two hours
and twenty.
Speaker 2 (01:41):
One minutes today.
Speaker 3 (01:43):
Now, Brent crude has skyrocket as much as twenty five
percent today, So it's US one hundred and fifteen dollars
a barrel. It's our worst day since Liberation Day in
April of last year. All lords, as I said, off
one hundred and twenty billion dollars in value and we're
all just sort of nutting our fingernails at the moment.
The A six two hundred down and four point two
(02:03):
percent as we speak now, and the oil price if
you look at it over the last month, the chart,
I mean, we go back to the start of this
month at seventy dollars a barrel as we talk right now,
at surge past one hundred and fifteen dollars a barrel.
Speaker 1 (02:16):
That is quite extraordinary, that little line upwards in the
last few days as wild a. Yeah, okay, now, so
what is it that the coalition is worried about? If
they want to have a new level of vetting for
migrants from some countries.
Speaker 3 (02:28):
So what they're looking to do is they're going to
consider forcing people who appeal their visa cancelations to do
so in their country of origin rather than granted bridging visas. Now,
this is something which has been quite interesting at the
moment because clogging up not only the courts, but it's
cloging up obviously all of our Pacific islands as well
with Australians or want to be Australians who are trying
(02:48):
to appeal that process and that can now take years
and years and years. So what the Coalition is trying
to do, and it's quite complicated, but effectively change the
legislation going back to the sixties I think it's the
fifties in fact, which we mean that somebody would potentially
return to their country of origin while waiting for their
application to be processed or maybe overturned. Whether or not
(03:10):
the Opposition is able to do that, well, that would
be obviously a stroke of the pen from the Parliament.
But this is at the moment also being looked at
by various different agencies.
Speaker 2 (03:19):
Around the world, the likes of the United Nations, etc.
Speaker 3 (03:21):
Saying you know, the Australians obviously have a responsibility to
people who might be coming to their country and not
forcing them back into countries where they have fled for
whatever reason it may be. So this is something that
obviously Angus Taylor is trying to wean back that one
nation vote again, Heather, He's got that bi election in
Farah at the moment that he's keeping a close eye
on Susan Lee's former seat. The polls pointing towards a
one nation vote. So these are the sorts of policy
(03:43):
areas that the Coalition is trying to dance in at
the moment. So we were very disaffected, disenfranchised Australian voter.
Speaker 1 (03:50):
Now what's jbhifi done.
Speaker 3 (03:53):
Well, what they've done is on soul these ideas of
additional warranties to people that they actually don't need under
Australian consume a low you know, if something breaks you
by four thousand dollars television, it breaks within two years,
it should be repaired or replaced. They've been selling basically
junk warranties to say you can have this, you know,
for five, six, seven years. One of the big law
firms here, Morris Blackburn's taking them on saying effectively they're
(04:14):
not worth the paper they're printed on or the text
message that you receive.
Speaker 2 (04:17):
And there's a bit to that.
Speaker 3 (04:19):
Like the Consumer Agency and watchdogs around the States and
the territories here in Australia tend to agree.
Speaker 2 (04:24):
So I reckon this one might.
Speaker 3 (04:25):
Have a little bit of success getting those everybody darranties
that you.
Speaker 2 (04:28):
Don't need or because you think you need it right now.
Speaker 1 (04:31):
But doesn't it everybody you don't sell you this crap
and you just no leave in New Zealand. You just
got to say no now.
Speaker 3 (04:36):
Yeah, well that's right, you got to say no. But
you know you think, oh, I've brought a four thousand
dollars TV. If I've pay another couple of hundred bucks
to make sure it doesn't break in ten years, I'll
do it.
Speaker 2 (04:43):
But you don't need it to right.
Speaker 1 (04:45):
Yeah, I suppose you've got to know. You've got to
listen to Consumer New Zealand Ollie. Thank you appreciated. Oliver Peterson,
ABC Perth Radio Drive presenter. For more from Hither Duplessy
Allen Drive, listen live to news talks it'd be from
four pm weekdays, or follow the podcast on iHeart Radio
ou
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