Murray Olds: Australian correspondent on Australia's unemployment rate holding steady at 4.2 percent

Australia's national unemployment rate held steady at 4.2 percent in August.

The number of employed people grew by 47,500, and the number of unemployed people declined by 10,500, according to reports.

Australian correspondent Murray Olds says this will encourage the Reserve Bank to hold off on cutting interest rates when they next meet.

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Episode Transcript

Speaker 1 (00:00):
International correspondence with ends and eye insurance, peace of mind
for New Zealand business, Murriold.

Speaker 2 (00:07):
Does it correspondence for that's amas good happening, Heather. So
your unemployments holding steadya.

Speaker 3 (00:13):
Four point two percent?

Speaker 1 (00:14):
That's right, fifty thousand jobs, just under fifty k jobs
added in August. And the participation rate this is measured
the number of working age Australians either in jobs or
looking for jobs. That's at a record high sixty seven percent.
So that's a pretty rosy picture. But what it does
is add to the consensus over here that the Reserve

(00:36):
Bank is going to hold off cutting interest rates here
for even longer. Despite that aggressive rate cut out of Washington,
the US Central Bank taking half a percentage point of
inflation is still too high in Australia. Sticky inflation they
call it, hanging around for far too long. And this
strong growth in jobs will not help get inflation down.

(00:56):
So you know, a talk of a double disolution of legs,
forget it, an early raid cut, I don't think so.

Speaker 3 (01:03):
A lot of moving parts and all of this over.

Speaker 2 (01:04):
Here can tell me about the massive drug bust in Sydney.

Speaker 1 (01:08):
Oh, this is like out of a Tom Cruise film
you see on a plane. A massive drug ring apparently
been doing the rounds here in mainly in Sydney, but
we understand also drugs going into State. But police at
state and federal little's over here. So they've smashed an
organization called the Commission. Now allegedly the people behind this

(01:30):
Commission were responsible for supplying you're sitting down one point
two tons of cocaine and Sydney alone in four months
one point two tons of coke, so powerful. Police say
the Commission could basically set the price it wanted by
controlling how much it released out of the market. Your
drugs hidden in vehicles and are taken all over the place.

(01:52):
Allegedly they found twenty million bucks with a coke at
the home of a Sydney guy back in April, and
that led then to the investigator's unravel calling this much
bigger drug ring.

Speaker 3 (02:01):
They're calling their commission.

Speaker 1 (02:03):
On Wednesday morning, at six o'clock in the morning, coordinated
raids across twenty properties in Sydney, drugs valued a fifty
five million bucks found. They've got weapons, They've got eight
hundred thousand bucks in cash, bulletproof vests like I say,
it's a movie script, but it's real.

Speaker 3 (02:19):
It's on the streets of Sydney.

Speaker 2 (02:21):
Must I mean that seems like a huge amount of
coke to take out. If these guys, If these guys
are peddling that much coke, that's got to basically dry
up the market, mustn't it.

Speaker 1 (02:30):
Well, it would certainly a strangle opposition. And the background
to this this commission apparently the commission.

Speaker 3 (02:38):
Rose up out of the ashes of an.

Speaker 1 (02:40):
Earlier drug gang that was broken up three two or
three years ago. So there's a demand for cocaine here
and it's it's pretty clear it's getting into the country
and being supplied by some pretty ruthless people.

Speaker 2 (02:53):
Do you see the guns that Do you see the
pink gun in the Sydney Morning Erald. Yeah, yeah, I
mean these so that I don't know what you call that,
but you know the thing at the top of a
handgun where you sort of slide it backwards and it
cocks the bullet again.

Speaker 3 (03:06):
Yeah, what's that called?

Speaker 2 (03:07):
I don't know, mars, but that's pink. So these guys
have got a bit of flair, haven't they.

Speaker 3 (03:12):
They got a bit of more front than George Street
most jeez.

Speaker 2 (03:15):
I so yeah, okay, what are you Rickons going to happen?
Are we going to beat the Wallabies or what?

Speaker 3 (03:20):
Well, look it's I'm an all Black fan. I bleed black,
of course.

Speaker 1 (03:24):
And you'd think after two narrow losses to the best.

Speaker 3 (03:27):
Team in the world right now, the spring box.

Speaker 1 (03:30):
And the Wallaby is getting that absolute flogging from the argis,
you'd have to think New Zealand's going to start red
hot favorites and sitting on Saturday night.

Speaker 3 (03:38):
But you know there's beware the wounded Wallaby. I mean, really, a.

Speaker 1 (03:41):
James Slipper going to become the most capped Australian rugby
union player ever if he comes off the bench one
hundred and forty Test matches. He's currently equal with George Gregan,
and that we love to hate George Gregan. There's a
brand new half back combination Nick White and Noah la
Lacio coming back into the Joe Schmidt team. But sixty
seven points to twenty seven when the Wallaby's lead I

(04:02):
think was at twenty points to three and they got
flogged in the second half. So look, some new faces,
some firepower coming back from injury.

Speaker 3 (04:11):
And here's the thing. At some point Heather the.

Speaker 1 (04:14):
Wallabies are going to end this letter's Low Cup horror
run of twenty two years.

Speaker 3 (04:18):
I love rubbing it into my Aussie mates. I've just
adore it. But it's going to come to an end
at some point. Who knows? Is that this year? Look?
I don't think so, but stranger things have happened.

Speaker 2 (04:27):
I'll tell you what. Even if it does come to
an end, it's only coming to an end because you've
got a Kiwi coach, right, so you can keep rubbing
that on in muzk.

Speaker 1 (04:35):
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