Murray Olds: Australian correspondent on the Reserve Bank of Australia leaving interest rates on hold at 4.35 percent

There's no reprieve for Australian borrowers just yet, as the Reserve Bank decided to leave rates on hold.

Australia's Official Cash Rate was held steady at 4.35 percent, in line with expectations from economists.

Australian correspondent Murray Olds says people are screaming for relief - but the Bank is determined to bring inflation down.

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Episode Transcript

Speaker 1 (00:00):
Murray Old Dozzie correspondents with us. Now, Hey, Muzz, good afternoon.

Speaker 2 (00:03):
Heather.

Speaker 1 (00:04):
RBA's kicked the rates on hold.

Speaker 3 (00:06):
Yes they have, indeed, four point three five percent. It's
the fourth time the bank has met this year under
the chairmanship. Very refreshing championship. I must say of the
chairman of the of the Central banks, he's always out.

Speaker 1 (00:24):
Got Muzz back, Muzz Hello, yeah, sorry, but that.

Speaker 2 (00:28):
Heather the old signaled not as flash as the strength
of the Reserve Bank resolve over here. They've kept interest
rates on hold four point three five percent. Michelle Bullet
will be coming out and telling us why the bank
wants inflation down between two and three percent. It's still
too high. We've had thirteen rate rises to this point,
and people are streaming. The cost of living crisis over

(00:49):
here is real, the opposition with a greape line. People
are eating. Are you eating their homes or eating? And
for some families apparently that is exactly what it is.
The situation very complex in Australia. Very strong employment growth.
We saw those figures last month, which means more spending
out in the economy from tens of thousands of new
pay packets and that's not going to help get inflation down.

(01:11):
Yet small businesses struggling, So two households were the cost
of living. That's reflective of course here in the latest
poll that shows Peter Dutton is now preferred Prime Minister
over Anthony Albenezi and the coalition the government fifty to fifty.

Speaker 1 (01:24):
This controversy about the Chinese officials trying to blame the journo,
is this like an actual controversy or is it just
one of those ones we go Chinese officials at it again.

Speaker 2 (01:33):
Oh well, it's it's I mean, it's it's you look
at it and you think, what are you trying to do?
They were trying to stand because this young female Australian
Chinese journalist, right, she was locked up for three years
by Beijing with this nonsense about you know, she was
involved in espionage. As soon as the COVID crisis died down,
she was released and she's back home. She's now working

(01:55):
for Sky News. She was the number one broadcast, you know,
a newsreader on that particular channel. I think she was
coming out of Hong Kong. In any event, she's now
working here in Australia. She's an Aussie citizen and these
clowns from the Chinese embassy and camera were at the
news conference with Albanisi and the Chinese premiere yesterday. He

(02:16):
is the second most powerful political leader in China, so
he's a big deal. And she's there with her Sky
News camera and these clowns. It was like that, I
don't know, the Keystone cops they're trying to stand in
front of the camera so she can't get a shot.
Or the Australian officials, a couple of young women have
sort of edging them along. She's changed seats. The Chinese
officials and the embassy of trying to jump in, and

(02:37):
the Australian women from Foreign Affairs that just a bit
like Ossie rules tackling. They just sort of stand in
their way so there's no way they can block the
female journalist's shot. It is nonsense. What it did, of course,
was distract from a very important meeting between a very
important Chinese leader and Anthony Alberanizi. Lots and lots of

(02:58):
stuff discussed yesterday. You know, obviously military engagements unwanted in
the disputed waters off China. Now they're over in w
way today. China wants to invest a lot more money
in rare earth minerals. So let's see how that goes.

Speaker 1 (03:13):
Mus What do you make about this brew ha about
the Robert Irwin cartoon?

Speaker 2 (03:18):
Well, I mean look, Robert Irwin says, oh've benda fam
mate bonds of beauty, and paul and Hanson's come out
and said no, you haven't, No, no, Paul, Look it's
one Nation. Her political party has been using cartoons for
a while to highlight things that Pauline Hanson One Nation
Bob sees wrong with the Australian political setup. There's a

(03:39):
Queensland election coming up. Pauline Hanson comes from Queensland, so
let's make a cartoon that highlights the incompetence and the
absolute bloody uselessness of the labor government lands. So that's
the character Steve soud of now the dog saying, see
where's We've been evicted from a big exploding because of

(04:01):
native title. Look our vehicles are in stolen by bloody
juvenile the lens and now they have to wait six
miles care He says, oh, I don't like it. It's
the favatory. Take it down, and Pauline says, not on
n Nellie, not while we're getting all this free public city.
So I to stand up lawyers at twenty prices.

Speaker 1 (04:19):
Brilliant stuff. Hey, thank you Mars Gez Gorbert Roby there again.
A Murray Old's Australia corresponding might have been those Chinese
officials having a crack at the old travel line. For
more from Hither Duplessy Allen Drive listen live to news talks.

Speaker 3 (04:31):
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