Murray Olds: Australian correspondent on the Reserve Bank of Australia leaving rates on hold

There's no Christmas gift for Australian mortgage holders - as the central bank has left rates unchanged again.

The Reserve Bank of Australia has kept the OCR in place at 4.35 percent, in line with expectations from economists.

Australian correspondent Murray Olds says this will come as a blow to Prime Minister Albanese - as the cost of living crisis is set to be a hot-button issue for voters ahead of the election.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
Australian correspondent to Mary olds Is with us this afternoon, Murray.
The Reserve Bank, they've held steady.

Speaker 2 (00:05):
Yes, indeed they have very good afternoon, Ryan. The Reserve
Bank over here, last meeting for the year, and this
is the bank of course it sets official interest rates,
and lots of hope obviously yet dashed. If there was
any hope. Most economists were saying, there's nowhere known. They're
going to go today and they haven't and now we're
looking at maybe before the end of the financial year,

(00:28):
which in Australia is the end of June. So there's
no hope. For Anthony Alberanezi Son was saying he was
hoping for an interest rate cunt because you know before
the election whenever that's going to be held, must be
held by May. So is there going to be one
before then? Because cost of living is going to be
the single biggest issue in the election over here, and

(00:49):
so if he was waiting for one, sorry, no good.
And indeed it's going to be an election notwithstanding whatever
Peter Dutton has to say about all the peripheral stuff,
it's going to be about cost of living first and foremost.

Speaker 1 (01:06):
No doubt about it any and poor old Elbow hasn't
had a good time in the polls of late has he?
And Duston you mentioned Dutton. He's he's announced he's not
going to stand in front of the Aboriginal flag if
he becomes Prime minister.

Speaker 2 (01:21):
Yeah, that's right. I mean, that's about all he's got
really to offer. Peter Dutton. He's in charge of the
no aliciencies labor. Now. What Dutton's done here has appealed
purely to the you know, the Conservatives over in Australia. Absolutely,
you know, the right wing and go, oh you beauty Pete.
He won't stand in front of the Aboriginal flag. Well
you know, I mean there's a lot of people have

(01:42):
been saying, well, it's he says it's all about unity,
but it's clearly just another another I suppose a bit
of meat thrown to the right wing. Who hates who
hates Alvin Easy, They like Dutton. They say it's time,
you know, Elbows stuffed up with labor. As soon as
Albanzi got in he stood before the Australian flag, the

(02:05):
Aboriginal flag and the Torres straight Iroland flag. Well, Dunton says,
forget that he's given that a big backhander. He's also
given you an example of the way that Dutton is
operating over here now, as you say, riding high on
the poles. He's given ALBANIZI your backhand. If for not
slapping Woolworths in a pub group for saying that we're
going to celebrate aust Australia Day, He's ever it's Albanese.
He's rolled to go out and give Wilworths a bloody,

(02:27):
bloody nose. They saying, well, you got to sell Australia
Day merchandise. Well, no, it's not what the Prime Minister does.
But it doesn't matter. Dutton's making hay and he's doing
very well on the poles.

Speaker 1 (02:37):
As you say, yeah, feeling confident by this. By the
looks and sounds of it too, Poor old Rupert Murdoch
are not getting his way in court.

Speaker 2 (02:45):
I wouldn't be saying poor old Rupert Murdoch. I've never
heard those words in the same sentence. But I'd love
to be a flying the wall of the Murdock Christmas
Party because they are all here. We understand they're all here.
Some may have left on the back of this ruling
in Nevada. It's a New York Times story that's been
reported that Rupert Murdoch. The long story short Murdoch, after

(03:10):
a second divorce, he set up what was called an
irrevocable family trust that would share all the voting rights
about the future of News Corporation and any other News
corp entities. Those four adult children, Prudence from his first marriage,
then Lachlan, Elizabeth, and James. Those four would share all
the voting rights going forward. All children that Murdoch has,

(03:32):
he has the two with Wendy Den, for example, all
would share the money, and there's plenty of it. It's
about he's word about fifty billion US dollars. But he
wanted to change that irrevocable trust because he wanted to
make sure Lochlan, his oldest son, going forward after Rupert's death,
that Lochlan would have control of the empire. Lochlan is conservative.

(03:53):
The other three much more progressive, much more liberal in
our liberal sense of the word. And Lachlan anyway. Dad failed,
He failed to convince the court in Nevada that would
be in the best entries of all involved. His argument was,
if my conservative sons in charge going forward, the business
would be a hell of a lot better and provide

(04:15):
better financial dividends to all the children than if the
other three can vote them down on different things. Anyway,
the court said, where's the quotes here? That Murdock had
acted in bad faith quote and had carefully crafted a
charade to try and win over the court. So he's failed.
There's going to be an appeal that would be fascinating.

(04:35):
But like I say, mate, wouldn't it be fun to
be a fly on the wall at the Murdoch Christmas
party here in Sydney?

Speaker 1 (04:40):
I certainly would be. I bet the food would be good. Murray,
thank you for that.

Speaker 2 (04:44):
Murray.

Speaker 1 (04:44):
Old's thee Australia correspondent with us. 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.