July 18, 2024 • 6 mins
Australia's unemployment rate rose over 4% as the country added more than 43,000 full-time jobs
Economists had previously expected 20,000 roles but the job-market is significantly tighter than thought to be.
Australia Correspondent Murray Olds told Mike Hosking the cost of living is biting harder too.
He says more people are looking for extra work and wish to work longer hours, but explains that could cause some problems next month when the Reserve Bank contemplates new cash rates and interest rates
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
In Australia hour on Make Murray Old's Morning to you.
Speaker 2 (00:02):
Good morning Mike, how you have some very well.
Speaker 1 (00:05):
Come to the union thing, because that's the big deal
in the moment. But on the subject of jobs, those,
I mean, you're just churning them out like dollar bills
at the moment.
Speaker 2 (00:12):
Very strong jobs growth and yet unemployment went up. How
do you explain that. Well, there's a bunch of different reasons.
Lots of moving parts. More than fifty thousand jobs were
created in Australia last month, most of them full time.
But unemployment went up to four point one percent. And
why is that when more people are looking for work?
And why is that? Because the cost of living crisis
(00:34):
is biting even harder, more people are looking for extra
work as well, they want to work longer hours. This
time last year the unemployment rate was three point five
percent pre COVID five percent. So the big question here politically,
what's going to happen next month when the Reserve Bank
meets to look at you know, the cash rate over here,
the interest rate that the central Bank is setting against
(00:57):
against which all the other banks are lending out money
for homes and whatnot. So in the biggest enemy for
this economy over here, according to the Central Bank, is inflation.
You've got fifty thousand extra pay packets in the system.
That's going to generate more inflation is the fear because
they'll be out buying you know, you know, white goods
and you know, school shoes and all the rest of it.
(01:20):
So on the one hand, you've got more people in work,
but that on the other hand, that can fuel inflation,
and that's what they're concerned about. Mate.
Speaker 1 (01:27):
Well, they're sort of stuck, aren't they, because because the
reason they see you see where different to you the
reason and you're sort of the American story. The American
story is that you've got a bit of life, or
enough life in the economy for the Reserve Bank to go,
oh jeez, I don't want to cut yet, because we're
going to fire this place up where the exact opposite.
We're so buggered they're about to move hopefully. But a
lot of Australians wouldn't go, oh yeah, nut's going really well,
(01:49):
so no wonder we're not getting any cuts.
Speaker 2 (01:50):
You'd be absolutely not, absolutely not. I mean very few
people over here are saying that. I mean, if you're
a politician. You know you're guaranteed to it in fifty
kye plock your bottom on the nice level seats. If
you're ordinary Joe Blow, you're doing it tough. You've got
a mortgage, or you're trying to pay rent, you're trying
to find a place to live, you're trying to put
food on the table, and the hot this old cliche.
(02:13):
People are choosing. It's as simple as this, that choosing, Mike,
between eating and eating and if you come and this
is the first world country, for goodness sake, it's just astonishing, right.
Speaker 1 (02:23):
The Union scandal, which I am embarrassed to say, with
the exception of the show, really hasn't been covered to
the extent in this country it should have been, because
the level of scandal involved in this is I mean,
this goes back correct me if I'm wrong, But as
a kid I used to go to Australia to visit
my dad and it was known then in Victoria that
the Union movement was as shonky as a shonky thing.
(02:47):
And yet here in twenty twenty four suddenly O Wat's
his name drops, a few you know, suitcases round at
a mate's place and we're all going, oh, hold on,
is a bit dodgy, is it?
Speaker 2 (02:57):
Mate? The bloke you were referring to on your schoolboy
visits to this country was a guy called Norm Gallagher,
and he ran something called the Builder's Laborers Federation with
an iron fist, to the extent that mister Gallagher had
a lovely holiday home down on the Victorian Coach. The
allegation went built on the on the back of kickbacks
(03:18):
and all the labor supplied by the Builders Labour's Federation
and compliant supplies giving them, you know, ten for the
roof and plading for the walls and whatnot. And you know,
you move forward forty years, fifty years, and all of
a sudden there's a different name and the same ratings
going on that there are a bunch of allegations, really
good reporting, the journalism by the nine network over here
(03:41):
Television sixty minutes had it so to all the Fairfax mastertheads. Basically,
what you've got is a it's a union these days
called the Construction, the CFMU, you know, the Forestry and
so on, the bad Apple boat and this box is
the Construction. And the allegations go that it's been infiltrated
(04:04):
by organized crime. I'm talking serious organized crime and by bikies,
all of whom are getting really lucrative jobs to be
safety officers on work sites and so on. And what
that allows them to do is then if you're trying
to put a high rise development in, all of a sudden,
you have to cough up thousands and thousands of dollars
to guarantee work site peace. And there's been astonishing allegations
(04:30):
that have surfaced. I mean, apparently the police installed a
secret camera in the ceiling of a union office here
in Sydney, and there's a bloke handing over five thousand
dollars in cash a couple of years back to guarantee
industrial peace on his building site. And that was just
the cost of doing business. Well, you know, imagine poor
old alban Easy. I mean, look, labor and unions joined
(04:54):
at the hip, always have been, always will be. But
this is the last thing alban Easy needs. This donated
millions of dollars to state and federal coffers of the
Labor party all of a sudden, front page all around
the country. These guys are crooks. It stinks. So Albanesian
Company are going to cut the union loose the unions
saying are you kidding? There was one guy in Queensland
(05:16):
and there's knuckle dragger up there who's a union heavy
He said Albanes, he soiled his trousers and that the
union will never ever ever back down. Will Hello, this
is a guy who this is a guy who used
to be on the National Executive of the Australian Labor Party.
Speaker 1 (05:33):
Just sent to see the letter. So they write to
concern Business Rights to do Ciner Allen, who now leads Victoria.
He doesn't reply. They get so frustrated for a year,
well while she's in charge of all of this in
the government. While they get frustrated, they then send the
letter to Albanizu, who also doesn't reply. I mean this goes.
I just can't overstate that you've got crooks directly connected
(05:57):
to the Prime Minister of Australia.
Speaker 2 (06:00):
It's the allegation that you're talking about. It's an indigenous
labor high firm. It supplies indigenous workers to building sites. Well,
in twenty twenty two, this labor high firm wrote to
the then Infrastructure Minister in Victoria she's now the Premier,
and said that this stinks. She didn't do anything for
a year and then this Labor high firm says, well,
(06:20):
bugger that, I'm going to write to the Prime Minister.
He did nothing. I mean, look, nothing to see here,
move along. Well no, that's not good enough anymore. And
this is massively embarrassing for the Labor Party.
Speaker 1 (06:31):
That's the truth. Hey mate, go well this weekend. We'll
catch up next Friday.
Speaker 2 (06:34):
Cheers Michael.
Speaker 1 (06:34):
The message good to see you again. Murray holds out
of Australia.
Speaker 2 (06:37):
For more from the Mic Asking Breakfast, listen live to
news talks.
Speaker 1 (06:41):
It'd be from six am weekdays, or follow the podcast
on iHeartRadio.
In Australia hour on Make Murray Old's Morning to you.
Speaker 2 (00:02):
Good morning Mike, how you have some very well.
Speaker 1 (00:05):
Come to the union thing, because that's the big deal
in the moment. But on the subject of jobs, those,
I mean, you're just churning them out like dollar bills
at the moment.
Speaker 2 (00:12):
Very strong jobs growth and yet unemployment went up. How
do you explain that. Well, there's a bunch of different reasons.
Lots of moving parts. More than fifty thousand jobs were
created in Australia last month, most of them full time.
But unemployment went up to four point one percent. And
why is that when more people are looking for work?
And why is that? Because the cost of living crisis
(00:34):
is biting even harder, more people are looking for extra
work as well, they want to work longer hours. This
time last year the unemployment rate was three point five
percent pre COVID five percent. So the big question here politically,
what's going to happen next month when the Reserve Bank
meets to look at you know, the cash rate over here,
the interest rate that the central Bank is setting against
(00:57):
against which all the other banks are lending out money
for homes and whatnot. So in the biggest enemy for
this economy over here, according to the Central Bank, is inflation.
You've got fifty thousand extra pay packets in the system.
That's going to generate more inflation is the fear because
they'll be out buying you know, you know, white goods
and you know, school shoes and all the rest of it.
(01:20):
So on the one hand, you've got more people in work,
but that on the other hand, that can fuel inflation,
and that's what they're concerned about. Mate.
Speaker 1 (01:27):
Well, they're sort of stuck, aren't they, because because the
reason they see you see where different to you the
reason and you're sort of the American story. The American
story is that you've got a bit of life, or
enough life in the economy for the Reserve Bank to go,
oh jeez, I don't want to cut yet, because we're
going to fire this place up where the exact opposite.
We're so buggered they're about to move hopefully. But a
lot of Australians wouldn't go, oh yeah, nut's going really well,
(01:49):
so no wonder we're not getting any cuts.
Speaker 2 (01:50):
You'd be absolutely not, absolutely not. I mean very few
people over here are saying that. I mean, if you're
a politician. You know you're guaranteed to it in fifty
kye plock your bottom on the nice level seats. If
you're ordinary Joe Blow, you're doing it tough. You've got
a mortgage, or you're trying to pay rent, you're trying
to find a place to live, you're trying to put
food on the table, and the hot this old cliche.
(02:13):
People are choosing. It's as simple as this, that choosing, Mike,
between eating and eating and if you come and this
is the first world country, for goodness sake, it's just astonishing, right.
Speaker 1 (02:23):
The Union scandal, which I am embarrassed to say, with
the exception of the show, really hasn't been covered to
the extent in this country it should have been, because
the level of scandal involved in this is I mean,
this goes back correct me if I'm wrong, But as
a kid I used to go to Australia to visit
my dad and it was known then in Victoria that
the Union movement was as shonky as a shonky thing.
(02:47):
And yet here in twenty twenty four suddenly O Wat's
his name drops, a few you know, suitcases round at
a mate's place and we're all going, oh, hold on,
is a bit dodgy, is it?
Speaker 2 (02:57):
Mate? The bloke you were referring to on your schoolboy
visits to this country was a guy called Norm Gallagher,
and he ran something called the Builder's Laborers Federation with
an iron fist, to the extent that mister Gallagher had
a lovely holiday home down on the Victorian Coach. The
allegation went built on the on the back of kickbacks
(03:18):
and all the labor supplied by the Builders Labour's Federation
and compliant supplies giving them, you know, ten for the
roof and plading for the walls and whatnot. And you know,
you move forward forty years, fifty years, and all of
a sudden there's a different name and the same ratings
going on that there are a bunch of allegations, really
good reporting, the journalism by the nine network over here
(03:41):
Television sixty minutes had it so to all the Fairfax mastertheads. Basically,
what you've got is a it's a union these days
called the Construction, the CFMU, you know, the Forestry and
so on, the bad Apple boat and this box is
the Construction. And the allegations go that it's been infiltrated
(04:04):
by organized crime. I'm talking serious organized crime and by bikies,
all of whom are getting really lucrative jobs to be
safety officers on work sites and so on. And what
that allows them to do is then if you're trying
to put a high rise development in, all of a sudden,
you have to cough up thousands and thousands of dollars
to guarantee work site peace. And there's been astonishing allegations
(04:30):
that have surfaced. I mean, apparently the police installed a
secret camera in the ceiling of a union office here
in Sydney, and there's a bloke handing over five thousand
dollars in cash a couple of years back to guarantee
industrial peace on his building site. And that was just
the cost of doing business. Well, you know, imagine poor
old alban Easy. I mean, look, labor and unions joined
(04:54):
at the hip, always have been, always will be. But
this is the last thing alban Easy needs. This donated
millions of dollars to state and federal coffers of the
Labor party all of a sudden, front page all around
the country. These guys are crooks. It stinks. So Albanesian
Company are going to cut the union loose the unions
saying are you kidding? There was one guy in Queensland
(05:16):
and there's knuckle dragger up there who's a union heavy
He said Albanes, he soiled his trousers and that the
union will never ever ever back down. Will Hello, this
is a guy who this is a guy who used
to be on the National Executive of the Australian Labor Party.
Speaker 1 (05:33):
Just sent to see the letter. So they write to
concern Business Rights to do Ciner Allen, who now leads Victoria.
He doesn't reply. They get so frustrated for a year,
well while she's in charge of all of this in
the government. While they get frustrated, they then send the
letter to Albanizu, who also doesn't reply. I mean this goes.
I just can't overstate that you've got crooks directly connected
(05:57):
to the Prime Minister of Australia.
Speaker 2 (06:00):
It's the allegation that you're talking about. It's an indigenous
labor high firm. It supplies indigenous workers to building sites. Well,
in twenty twenty two, this labor high firm wrote to
the then Infrastructure Minister in Victoria she's now the Premier,
and said that this stinks. She didn't do anything for
a year and then this Labor high firm says, well,
(06:20):
bugger that, I'm going to write to the Prime Minister.
He did nothing. I mean, look, nothing to see here,
move along. Well no, that's not good enough anymore. And
this is massively embarrassing for the Labor Party.
Speaker 1 (06:31):
That's the truth. Hey mate, go well this weekend. We'll
catch up next Friday.
Speaker 2 (06:34):
Cheers Michael.
Speaker 1 (06:34):
The message good to see you again. Murray holds out
of Australia.
Speaker 2 (06:37):
For more from the Mic Asking Breakfast, listen live to
news talks.
Speaker 1 (06:41):
It'd be from six am weekdays, or follow the podcast
on iHeartRadio.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.