Murray Olds: Australian correspondent on the Reserve Bank holding the OCR steady

Australia's Reserve Bank has kept its Official Cash Rate unchanged - as it waits for the impact of tariffs expected from Donald Trump tomorrow.

New Zealand's Central Bank is still expected to drop our Official Cash Rate 25-basis points next week.

Australian correspondent Murray Olds says the uncertainty around the economy has created complications for the Central Bank.

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Episode Transcript

Speaker 1 (00:00):
Murray Olds is our Australia correspondent, Murray, good afternoon, good made,
good day, right going, Yeah, so no surprises there. The
reserve banks held steady.

Speaker 2 (00:08):
Yeah, that's right exactly. And that was what was the
stat I read this morning, ninety two percent of economists.
So who wants to be precise when you're economists, but
ninety two percent was saying no way, no, they're going
to go today. They did cut in February, the first
rate cut after the one in February. The first rate
cut in February should say since November twenty twenty, so

(00:30):
a long time coming. And the basic word now is
do not hold your breath because of the uncertainty around things. Also,
of course, the Reserve Bank and the Governor Michelle Bullock
very cognizant of criticism that a Reserve Bank cut and
official interest rates today might feed into the election campaign
and give the impression perhaps the independence of the Reserve

(00:53):
Bank would be questioned, given that an interest rate cut
would conceivably give labor a bit of a bit of
help along. So no cut today. Four point one percent
is where it's stopping. And that's very interesting indeed, in
terms of what is going to arrive tomorrow, perhaps the
day after Donald Trump.

Speaker 1 (01:13):
Yeah, and which no one really knows. So I mean,
what's the point trying to guess? I guess now let's
move to the election, because there's a lot to get through.
Doesn't if he wins wants to live.

Speaker 2 (01:22):
Weirribilly Kiribilly House, it's the beautiful residence right on the
edge of Sydney Harbor. Look straight across the harbor of
the Opera House in the city. There's the harbor bridge
on your on your right hand side is are out
in the putting green there right next door of the
Governor General's Sydney Residents. And you know, he was asked,
as they do on the I can't believe it's only

(01:43):
a few days in. It feels like it's been going
for bloody ever. You turn on the telly, you turn
on the radio, there they are burbling away and so
they're on one of these interminable FM interviews. So by Pedro,
how are you going DUTs or where will you live?
A your PM? Well, I think god, I'd like to
live in ord like to live in Sydney, you like,
I quite like Sydney have But well Albanese is all

(02:05):
over that like a cheap suit. He says, oh you know, Hebress, Well,
it's just pathetic. I mean, can you give us some policies.
I want to know what Dutton's nuclear pans go to cost.
What they're both infurious agreement about today. Just to duck
back for a moment on the tariffs that may be
arriving tomorrow. We understand American pharmaceutical manufacturers hate the fact

(02:25):
that Australian pharmaceuticals are subsidized by the government. They think,
hang on, get rid of that subsidy because you know,
we will make more profits. They hate the things like
biosecurity rules that stop beef from other parts of the
world coming in here it may be diseased. I mean, hello,
who thinks American beef producers can produce better cows than OSSI?
I then come our Rossie cows. I'm the best of

(02:47):
the world. So look at all this stuff that's swirling around.
You've got, you know, an analysis today about the whole
brand new generation of young voters who are coming through.
They're called the gen z's, of course, and the and
the what's the other one millennials. So there's a whole
swag of people who are going to vote for the
very first time, and of course the right wing over here,

(03:10):
the Murdock Press. Oh, it's disgrace of labor and doctor
edd in schools and universities and they all vote left.
And so there's going to be a whole lot of this.
I'm going to be neckingus over before the end of
this election campaign. I can assure you.

Speaker 1 (03:23):
Sounds like you're already halfway there. Murray, Murray. We'll finish
with the Teal candidate who's got themselves on the spot
of bother making a sexual comment to a hairdresser. What's
this about?

Speaker 2 (03:36):
Oh, it's just weird. I mean it is significantly weird.
She's a Look, she's a Teal candidate in what's the seed?
Is it North Sydney? Yeah? I think it maybe North Sydney. Anyway,
she's had her hair done, and you know, with a
young nineteen year old female apprentice hairdresser, apparently, as you do,
you get the cameras in, oh, gee, whresh you you

(03:56):
really looked after my hair, thanks very much, And I
didn't even have to sleep with you. What what?

Speaker 3 (04:02):
Uh?

Speaker 2 (04:03):
What is the disconnect with just I mean, hello, It's
as though someone's in a jam tartan and elevator and
the doors of your shot. It's just ridiculous. Why would
you say this?

Speaker 1 (04:12):
This a woman, the candidate's a woman, and a female hairdresser.

Speaker 2 (04:17):
Female hairdresser. I mean, what's the what are you trying
to say?

Speaker 1 (04:22):
Is she lesbian?

Speaker 2 (04:24):
No? I have no idea. I don't know.

Speaker 3 (04:25):
The six preference would never close. You got nice hair
and just been washed. God almighty, you wonder I'm halfway there.
It's just a dumb, dumb coment, completely unnecessary, embarrassed the
young woman probably, and this collective intake of did you
really say that?

Speaker 2 (04:43):
Yes? She did? Stupid, stupid?

Speaker 1 (04:45):
All right, Murray, thank you for that. We'll let you
go have a lie down, Murray Held's astly correspondent. A
long way to go? What is it another month before
the election? It's eight and will he make it? That's
the question.

Speaker 2 (04:57):
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