full

Episode 409 - Australians are Ripe for tax reform

In this episode we discuss:

(00:42) Intro

(02:31) Rudd Trolley

(04:49) Newspoll

(09:40) Essential Poll

(18:26) Smoking Laws

(21:31) New Zealand Property Laws

(23:33) Victorian Inquiry

(28:50) Submarines

(32:12) CPI does not include interest rates

(34:28) Causes of Inflation

(38:52) Small Nuclear Reactors

(43:58) Gina's Christmas Wish

(47:48) Cry for Argentina

(50:28) Identity Trap by Yascha Mounk


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Transcript
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Suburban Eastern Australia, an environment that has, over time,

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evolved some extraordinarily unique groups of homosapiens.

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But today, we observe a small tribe akin to a group of meerkats that

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gather together atop a small mound to watch, question and discuss the

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current events of their city, their country and their world at large.

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Let's listen keenly and observe this group fondly known as the

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Iron Fist and the Velvet Glove.

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Yes, the Iron Fist and the Velvet Glove and Joe the Tech Guy.

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We're back, the three of us, episode 409.

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If you're in the chat room like James is, say hello.

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Yes, another episode where we're going to talk about, news and

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politics and sex and religion.

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Don't know if there'll be that much sex or religion in this one.

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Lots of talk about tax, I reckon.

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Lots of you know, polls about tax.

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Tax in New Zealand, an inquiry in Victoria about, about

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property, which then entails tax.

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So, tax, tax, tax, maybe, is what this episode's gonna look at.

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I'm Trevor, aka The Iron Fist coming in loud and clear from regional Queensland.

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Scott, the Velvet Club.

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Scott, how are you?

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Not too bad.

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Thanks Trevor.

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Good day, Trevor.

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Good day, Joe.

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Good day listeners.

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I hope everyone's well and Joe has flicked over to a different system.

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He's four or five G or something because the other system wasn't working.

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Hopefully we won't have any mishaps along the way.

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Joe, with a snitzel under your belt.

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Having had a trip to Munich, I gather.

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You are fine.

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I am.

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Morning, you mm.

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You were telling us you had a schnitzel for breakfast and a schnitzel for lunch.

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Lunch, dinner, whatever it was.

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Okay.

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Yes.

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Whilst in Munich, you have to.

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Yes, while in Rome.

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Yes.

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Right.

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So, Yes, we're gonna talk about Some poles.

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Talk about things that happen in New Zealand.

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Little bit about submarines.

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Can't miss that out.

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Inflation.

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I've been making a mistake about inflation, gotta rectify that.

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And Small Modular Nuclear Reactors, and Gina Rinehart's Christmas

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Wish, amongst other things.

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So, let's kick it off.

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Now who was it last week?

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I was talking about the trolley.

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Wheeling the trolley into the cabinet room.

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That was you, Joe.

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Right.

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So, I came across an article in John Menendee's blog from Jack Waterford

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talking about that whole situation and apparently it was invented by Kevin Rudd.

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Did you know that?

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Not till I read the article, no.

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Hmm, so Jack Waterford writing the John Menendee blog was talking about

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how our current Attorney General, when looking at the Robodead Inquiry...

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Decided there were 56 recommendations rather than 57.

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And the fact that the 57th was this thing about freedom of information and trying

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to give the public better access to it.

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And he says that this was, you know, really the recommendation

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57 was about dropping the Rudd Trolley as a claim of exemption.

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And he says that the Rudd trolley was invented by a young public

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servant working in the office.

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Office of Wayne Goss Heaven Rudd.

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In the post Fitzgerald days in the early 80s, in the fervor of reform,

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Goss had committed himself to a Queensland Freedom of Information Act.

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In operation, it proved deeply inconvenient.

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It was a bit too liberal, and embarrassing material was being given

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out, and then they decided to put any embarrassing papers on a trolley, and

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wheel them through the cabinet room, then claim they were cabinet documents.

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Naturally the rule was widely admired and copied by public servants

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everywhere, so the Rudd trolley, apparently that's where it originated.

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Mmm.

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That doesn't surprise me.

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Hmm.

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Mind you, you know, the Goss government was a good one.

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Goss state government.

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Absolutely, it was.

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I mean, coming in after all those years of J.

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P.

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Jockey Peterson was such a relief.

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Good guy, died early, cancer, Wayne Goss.

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Yeah, it was brain cancer, wasn't it?

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I think it might have been.

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Yeah, and Kevin Rudd was one of the guys in his office.

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He then went on to bigger and better things s polls, news poll so news

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poll came out with an article, well it was reported in the Australian,

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the Coalition leads Labor on the primary vote 38 to 31 percent.

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On a two party preferred basis, Labor and the Coalition are neck and neck.

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at 50 percent each.

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Surprise you there, Scott or Joe?

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Ah, not especially, but you know, there is a long time between

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now and the next election.

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Um, I think that the, uh, the loss on the referendum will be forgotten by then,

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so then you'll be able to move forward then, and when people actually have to

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sit down and make a decision between Dutton and Albanese, it's a no brainer

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you're gonna go with Albanese, because...

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You know, it's only a matter of time before Chalmers takes the job.

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JoBs and growth.

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No, Jim Chalmers.

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Jim Chalmers takes the job from Albanese.

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Yeah, he won't actually knife him or anything like that.

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I just think to myself, he's probably the, he's probably the logical successor.

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Right.

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Because he, he...

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Do you think people's vote at the next election will be determined?

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by their feeling that Charmers will come in to replace Albanese?

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Well, it's one of those things.

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I think that's something that would be playing on their mind because

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they'd think to themselves, like, God, I can't give Dutton a shot.

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So they're going to think to themselves, we've got to give, we've

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got to give Albanese another go.

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But that's okay, because if he fails, then Charmers will take the job.

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Well, I think it's...

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I do see that the Murdoch rags have been heavily after Albanese

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trying to wedge him, especially about this asylum seeker thing.

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About, you know, great headlines about how Dutton has held Albanese to account,

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and oh my god, you know, just wheel out the, it's all Peter Dutton's fault,

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excuse Mr Albanese, why don't you?

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But then the News Corp papers and the Fairfax did that to Dan Andrews.

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He completely ignored them.

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He never gave them any interviews.

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He just ran his own show on his own social media.

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And won handsomely every time, cause he just didn't pander to them, but

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he, you know, led and actually did stuff that people could point to.

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So...

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He also got on the beers.

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Yes.

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Fell down a set of stairs.

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Is that what you mean?

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Yes.

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Yeah.

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No, no, no.

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The song, Get On The Beers, I don't think did his image any harm.

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Right.

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But...

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You remember the mix up from COVID.

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No.

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No, I don't remember.

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Okay, that's a classic.

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He said that, he said, look, this is not an excuse for you

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to go out and get on the beers.

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So this guy did a mash up for it and said, you know, get on the beers,

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get on the beers, get on the beers.

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Mmm.

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Anyway, check it out on YouTube.

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I just think it's an indictment of, of this Albanese government

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that they've just done nothing.

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They're very soft.

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And it was such...

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They're very soft.

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You know, they haven't, they haven't done anything that you can point to and say,

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well, this is something Albo has done.

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Because he's nothing.

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He has, I never liked his, I never liked his position on very fast trains, but

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Jesus Christ, I would give something to have something that I could point

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to and say, okay, this is a policy.

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But he has done nothing.

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He has rolled over on everything that was objectionable that the

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coalition government wanted to throw, and he has agreed with it.

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If you think of how on the nose the Morrison government was, and how pathetic

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Dutton has been, and despite all of that, if you'd have said after the last election

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that come this time it would have been...

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tEa Party preferred an even horse race.

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Oh, I've thought.

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Er, yeah.

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Yeah.

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Yeah.

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So it's been a really amazingly poor performance.

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I know.

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It's been, it's been pathetic actually.

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Mm-Hmm.

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Anyway, it's just one of those things.

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It's I would've thought that by the time people actually have to make

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their mind up, they're gonna actually go with Albanese, head of Dutton.

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But, I think that, I think that Albanese can't feel comfortable because I

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suspect that the Greens are possibly going to pick up a couple of extra

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seats, which will then give them five.

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said.

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It would be a Labour minority government.

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Yes.

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So it would mean a coalition with the Greens, and I don't

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see a problem with that.

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Hmm.

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Yeah.

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I don't either.

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But if you're a Labour person, you should be furious at how pathetic.

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This mob have been to allow that to happen, so yeah, so that's

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interesting from News Poll.

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Now, Essential Poll has come out with some interesting stuff and I reckon it showed

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a surprising willingness on the part of the Australian population to explore

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some new taxes and new initiatives.

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So people were asked To what extent do you support or oppose the following measures?

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Capping prices for electricity and gas, uh, we've got 70 percent of people either

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strongly or somewhat supporting it.

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Actually 42 percent strongly supporting.

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Looks like about maybe 9 percent against.

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So that's capping electricity and gas.

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Placing limits on rental increases, we've got 62 percent in favour.

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Only 14 percent against the rest of the owners.

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Is that 14 percent of the property owners?

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Maybe, yes.

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A tax on retailers making excessive profits.

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56 percent in favour and only 15 percent against.

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A one off levy on the incomes of people earning more than

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a million dollars a year.

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We've got 53 percent in favour and we've got only 17 percent against.

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Thank you.

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Like, these, to me, sound like fairly radical proposals.

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Well, the first two are free money for the average person, so of course

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people are going to vote for it.

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And the last one is more money coming in and it's not coming out

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of my pocket for the average person.

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So, again, not a surprise.

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Well, but it does smack a type of socialism.

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They sound an awful lot like green policy.

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Yes.

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I think...

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It's just a strong number.

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When you consider that, what did we say previously, just now, that two party, just

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on the coalition was leading Labor 38 to 32, so there's 38 percent of people out

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there are coalition voters, but only, you know, minimal numbers were against these

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Labor slash, well, green policies, really.

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So, yeah, I thought that was a strong response.

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This is the small business owner that thinks they're better off

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under a coalition government without realising that actually all

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the value goes to the big end of town, not the little end of town.

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Yeah, well, strong numbers of people in support of capping prices on

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electricity and gas, placing limits on rental increases, taxing retailers

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for making excessive profits, and a one off levelling on people earning

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more than a million dollars a year.

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Like, pretty strong stuff.

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Here's some more tax measures.

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Prevent wealthy families from using family trusts to split their assets.

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Favour, only 15 percent against.

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Here's a good one.

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Only allow people to claim negative gear in tax concessions

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on one investment property.

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We've got 47 percent in favour.

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Only 16 percent against, and Taxing deceased estates worth more than

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5 million, 40 percent in favour, 18, no, 20, 26 percent against.

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Let me just repeat those figures, so that was 40 percent in favour, and

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26 percent against, taxing deceased estates worth more than 5 million.

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So, Scott.

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The rest we don't know.

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Tax on deceased estates.

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Inheritance tax.

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Who'd have thought?

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No, no, a death tax.

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Come on, get it right.

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Yeah, well, whatever you want to call it, but on one, on estates

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worth more than 5 million does that surprise you that so many people...

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Because how many people are actually going to inherit five million dollars in one go?

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I think that's, I think that's the total, that's the total value of the estate.

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Five million dollars is the threshold, then after that you've got to divvy

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it up and all that type of thing.

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I'm not surprised at all by that because it's like, like Joe said,

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not a lot of people are actually going to fall into that category.

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So they think to themselves, well, it's not going to affect me, so I don't care.

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Still, I reckon in the past people would, you know, in America, for example, they're

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against taxing millionaires because every American considers that they're just a

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temporarily disadvantaged millionaire who's down on their luck and, you know,

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come next year they will be in that class so they don't want millionaires taxed.

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Maybe Australians have given up and have gone, well, at the current rate

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things are going, it's clearly not going to apply to me, so let's do it.

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I think Australians are more pragmatic.

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Hmm.

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Hmm.

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Right, finally, the Stage 3 tax cuts.

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sO, people were asked, uh, the tax changes should go ahead as

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planned, 20 percent of people agree.

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The tax changes should go ahead for those earning less than 200, 000, but not

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for people earning more than 200, 000, 22 percent of people agreed with that.

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The tax changes should be revised, so they mostly benefit those on low

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and middle incomes, 41%, and the tax changes should not go ahead at all, 16%.

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So, the government's current policy of, of just doing what the coalition

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was going to do, and, and just going ahead with those tax cuts.

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Only 20 percent of Australians agree with it.

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Yet.

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That's what they're going to do anyway.

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So, risky territory for Laiva.

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It is, for sure.

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It's one of those things, it was a bloody stupid thing that he did.

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Well, no, because it meant that then Murdoch press couldn't lambast him for

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increasing taxation and run a scare story.

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But, he's, what's the point of being in power?

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What is the point of being in power?

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Had he actually said, he said, look, Had he actually said, look,

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if we win this, if we win this, we're going to have a look at them.

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Then he would have actually said, well, we said we're going to have a look at

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them, we've had a look at them, we've decided they're far too generous,

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so they're going to be pared back.

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And then he could actually say, look, we didn't destroy them completely,

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we kept these, but these, these...

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These gargantuan tax cuts for the very wealthy have got to go.

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I, I, I wonder how much Labor is now beholden to the big end of town.

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Well, it's that right wing of the Labor Party, with Richard Marles, that is...

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Running the show, and the left wing Albanese faction just has to do whatever

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they want to, as part of their deal.

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Sounds awfully familiar.

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Malcolm Turnbull, anybody?

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Yeah, yeah.

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It does, doesn't it?

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It's so grim.

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Just, just think, after all these years and all the struggle, and you

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finally get into the position you wanted to be in, if you're Albanese.

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And then you just do nothing.

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I just, ugh, how can you live with yourself?

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Anyway, how do you sleep at night?

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It's one of those things, I think Richard Mahle's going to rear the day when they

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have to go into coalition with the Greens.

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Wow.

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Ah, anyway.

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Because the Greens are not going to roll over like that.

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The Greens are going to insist, the Greens are going to insist that they're going

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to have a look at, they're going to have a look at AUKUS, they're going to have

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a look at Stage 3 tax cuts, and they're actually going to do something on that.

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You know, it might be what...

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to vote Green, doesn't it?

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It might be what Albanese needs, that he can just say to the right wing Richard

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Mahle's section, faction, and say...

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Sorry guys, but we're in a coalition with the Greens and we

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just have to do this stuff now.

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This is the best deal we could get.

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We're shying.

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Like, maybe it'll be good all round.

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It gives them an excuse.

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Yes.

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Yes.

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I suppose it depends on how likely that that could end up splitting the

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Labor Party with the right wing faction running off to join the LNP, which...

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No, right wing faction.

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Right wing faction of Labor isn't going to run off to join the

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LNP, that's not going to happen.

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No, no, they'll join the Australian Conservatives.

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Yeah, yeah.

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Alright, I can remember talking about smoking laws, way back in

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the beginning of this podcast.

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And talking about the idea that, that you should really just have a cut off date and

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say okay from now on, anyone who's, um, 18 years or younger can't buy a cigarettes,

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and then next year it'll be people 19 years and younger, and then the following

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year it'll be 20 and under, as a way of trying to allow adults who are currently

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smoking to continue, if they must, but trying to just put a stop to this,

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this habit that's just killing people.

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And anyway, New Zealand had adopted that plan.

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And so legislation was introduced under the Jacinda Ardern led government

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that would ban cigarette sales next year to anyone born after 2008.

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And modelling has suggested that the laws would save up to 5, 000 lives every year.

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And it's even inspired the UK government to announce a similar

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ban for young people for smoking.

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Problem is...

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There's a new national party and this, none of this was mentioned in the run

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up to the election but apparently one of the things they're going to do is get rid

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of this proposed law before it actually gets started and one of the reasons

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is that, that the national party which won 38 percent of the vote is in a, is

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in a coalition with two other parties.

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And the other parties wanted this law removed.

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Well, the Libertarian Party did.

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Yes.

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Did you know that they're going to share the role of the Deputy Prime Minister?

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So, one of the coalition partners, the leader, I think it's that

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Winston character, is going to be...

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Yeah, he's going to be deputy for 18 months.

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And then...

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The leader of the other party is going to be the deputy for the next 18 months.

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That's how they're going to share the role of deputy.

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That's unique.

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But anyway, that's what's going to happen and it's being sold to the electorate as

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a good idea because they need the tax.

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And also small businesses we're going to lose out.

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Yes.

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So, so we, we carry on killing people because small businesses

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will struggle if we don't sell.

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Yes, yes, that's right.

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Where did it say that?

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Yeah, news agents and other groups like that had complained.

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Yeah.

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We can't sell these, because we can't sell these cancer inducing killing sticks.

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We're not making as much money, so this is a bad law.

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There we go.

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That's happening in New Zealand.

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And, uh, the other thing from New Zealand, ... Negative gearing and

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capital gains stuff on properties.

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So, so they ditched negative gearing in 2021.

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aNd changes to capital gains, um, have been being made since 2015 in New Zealand.

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And if you want to know what effect that has on properties and mortgages,

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There's a chart on the screen.

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The top line, um, so this is, um, oops, sorry, don't show that one.

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Thank you, Joe.

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This is showing the proportion of, of property lending to different groups.

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So the biggest group, um, are the owner occupiers.

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These are people not buying their first home, but with a mortgage on their...

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on their second or third or whatever sort of principal place of residence.

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Back in 2015, investor loans were 30 percent of the loan market

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and first home buyers were 10%.

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And that was in 2015.

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Now, as these changes have taken effect, first home buyers as a percentage of

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the loan market are around the 25%.

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Up from 10, and the investor component has dropped from 30 down to about 18.

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So, changing the laws, the tax laws, to make it less attractive for investors,

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has ended up with a result, where there's less investors borrowing,

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presumably less investors owning property, I can only assume is the case.

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It has an effect.

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So there we go.

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That's that's New Zealand, and...

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Apparently, there was a Victorian inquiry into rental and housing affordability.

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Guess what it recommended?

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Scrap the First Home Buyers Grant.

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Why did it recommend that?

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I'll give you one guess, dear listener.

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Because it boosts the balance.

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It's inflationary.

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It's an inflationary effect on property prices.

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And instead use the money to build public social housing dwellings.

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60, 000 of them.

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And lobby the government, the Federal Government, to examine these tax

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concessions for investment properties.

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Those were the recommendations from the Inquiry.

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No surprises there.

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So, um, although with rent caps they were looking at rental price regulation.

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And the Inquiry said, Although rental freezers provide obvious benefits to

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renters, the Committee believes that they should only be considered as a

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short term solution in extreme times.

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Such as, during the COVID 19 pandemic, and according to the inquiry, there

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is inconsistent evidence on the long term efficacy of rental caps.

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So, question mark over the effectiveness of rental caps.

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The big long term experiment is New York with their fixed, there

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are a certain number of residences that are fixed rental costs.

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Hmm.

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And it generally means that maintenance doesn't get done on them.

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And, uh, it's not necessarily been good for the property.

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Yep.

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Landlords sort of give up on properties and wait for the tenant to die.

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Is that kind of what happens?

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Yeah, because I think they're allowed to change the rent once the tenant moves out.

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Yeah.

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Yeah.

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Yeah.

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It's one of those things, it's it all sounds very good, but when you actually

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look at it, it's not all that great.

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And you end up, you end up with people living in slum conditions and all that

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sort of stuff, still having to pay rent.

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Hmm.

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So the inquiry is suggesting that...

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Only as a short term solution in extreme times for sort of, rental freezes.

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So, that all makes sense.

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Yeah.

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So what would be an extreme time?

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Would they consider that the current rental crisis and all that

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sort of stuff, would they consider that to be an extreme time or not?

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I think the Greens do.

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So, the Greens are reported as saying, the report found that a rent freeze

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is appropriate in times of extreme crisis like during COVID lockdowns.

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Well, renters are worse off now than since the pandemic became,

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began, so it's time to act.

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I guess given the high immigration numbers and the lack of housing on

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the market, they've got an argument.

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Yeah, it's one of those things that's I think we're having a long,

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sensible discussion about what a level of immigration is, what an

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acceptable level of immigration is.

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But you've actually got to do it without Pauline Hanson and all that

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type of thing, because she'll just be beating the drum on that type of thing.

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It's just, you know, we've got to get nurses and all that sort of

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thing from other overseas because we don't train enough of them here.

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And it's just a hell of a mess.

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But also we've got all the baby boomers retiring and

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they didn't have as many kids.

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So yeah, you need the young demographic in paying tax.

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Exactly.

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So you've got to bring them in from overseas.

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It's heavy.

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Yeah, so it's one of those things we've actually got to, that's why I said we've

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got to have a sensible conversation about it, so that you get rational debates,

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and then you've actually got to make a decision about it, because, you know, I

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think it's, what was it, 300 or 500, 000 migrants or something like that are aiming

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to bring in over the next 12 months?

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That's a hell of a lot.

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Hmm.

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Well, we seem to be short on places to put people.

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Yes, exactly.

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Yeah.

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Well, you know, for the landowners, you've got to force

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the property prices up somehow.

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Yeah.

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But, and again there, there have been a number of reports saying that

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there isn't a shortage of places.

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That they just...

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Unoccupied, vacant, yes.

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I've heard conflicting things on that.

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Land approved for construction, but that the owners are sitting

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on it till the value increases.

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They don't want to, they don't want to glut the market.

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Yes, land banking.

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So developers will not will not develop the lots because if they, you know, 500

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lots on the market, the price would drop.

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Whereas if they drip feed the market, um, The price was, will be maintained.

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So, yeah, you've just actually got to actually say to people, well, this,

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this lot's been, this block of land is now available for development.

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You've got 12 months to actually carve it up.

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Otherwise, we'll, we'll take, we'll take it back from you and that type of thing.

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Use it or lose it.

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Exactly.

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I remember saying that on census night, there was 1 million properties vacant, but

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apparently that figure is not quite right.

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I'll come back to that another time.

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I do remember hearing that and then hearing that that was

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a misleading statistic, so.

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Right, just briefly on submarines, because this is the

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Iron Fist Velvet Glove podcast.

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This is the submarine podcast.

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This is the submarine podcast.

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So.

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Scott Morrison negotiated the AUKUS submarine deal, claiming it was

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necessary to achieve a credible deterrent against China, and

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Anthony Albanese agreed with that.

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However, U.

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S.

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Congressional Budget Office has a problem with that assertion, because the U.

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S.

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is having to sell Australia three to five of its existing nuclear submarines.

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And they're short of submarines, and in theory, there is no guarantee that

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Australia will release or provide those submarines in a war against China.

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So the Congressional Budget Office is saying, we're short on submarines, we're

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going to give three to five of them to the Australians who are not necessarily

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going to use them against the Chinese.

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Therefore, the deterrent effect of this policy, from the Chinese point of view,

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would be to worry less about a submarine threat than if the deal wasn't there.

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Which makes sense.

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If we want deterrence, really, nuclear weapons is the way to go.

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Yes.

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We can do that.

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Why not?

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You're right.

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That might be stupid enough.

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Well, because there'll be a coalition Labor Greens government.

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Next election, and the Greens won't allow it.

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That's why, Joe.

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Okay.

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But, I like this, I like this theory.

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That if the whole point of the submarines is as a deterrent, and you've decided

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to carve off a section of the fleet to a country who suddenly may not employ them

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the way you want to against China, you've actually reduced your deterrent effect.

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Makes sense.

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Well, no, no.

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So, so deterrent for the Americans, but deterrent for the Australians.

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So there's no guarantee that America is going to step in if

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China tries to invade Australia.

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Yes.

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Whereas if we have the submarines, in theory, we're controlling

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them to stop the Chinese Navy.

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Yes.

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I don't think the Chinese are worried about us acting

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unilaterally with our submarines.

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So from the Chinese point of view, happy days.

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Those stupid Westerners, they've just split their fleet

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up when they're short on subs.

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Subs are less of a threat, is the overall impression that the Chinese would have.

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See, what you need, what you need is American businesses in the

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north of Australia, so that America will step in if there's any chance

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of them losing their businesses.

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Well, they will but the problem is they've given three to five of their submarines

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to us So that's that's the assessment that the Americans have made that

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they've reduced their deterrent effect.

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So I think it's a compelling argument It's undercut deterrence of China

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exactly the opposite of the claims of Scott Morrison and Albanese Right.

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I've been talking about interest rates and inflation and I've been saying

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that if when the Reserve Bank raises interest rates, then the interest is part

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of the basket of goods that's used to calculate CPI, and that's not correct.

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So, my son, Zach got me on that the other day, and we've actually said this way

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back in episode 363, so I'd forgotten we'd said that, but Before 1998, the

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CPI measured interest paid on mortgages.

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But this was changed at the behest of the Reserve Bank, which didn't want

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its measure of inflation to go up every time it raised interest rates.

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So, that was late 1998, CPI measured interest on mortgages, but it stopped.

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So, since then...

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Well, I'd cocked up because I thought it was right.

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Hmm, so since then the Bureau has measured owner occupiers housing costs by taking

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the price of building a new house or unit.

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This doesn't make much sense since not many people buy a

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newly built home each quarter.

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So they've been measuring housing costs by the price of new houses and new units.

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But the Bureau also calculates a separate cost of living index.

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Which uses the same prices as the CPI, but restores mortgage interest

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rates into that calculation.

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And uses slightly different weights to take account of different spending

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patterns of particular household types.

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So, probably the more accurate measure would be...

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The Cost of Living Index as opposed to the CPI, so, so there we go.

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Interest doesn't actually make its way into the CPI, it makes its

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way into the Cost of Living Index.

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I've been misleading you for the last month or so on that

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one, but we did actually say Either way, it is inflationary.

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Mm, yes.

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So, so that was that part.

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Causes of inflation.

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Anthony Albanese says inflation is part of a global phenomenon.

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The Reserve Bank says it's largely homegrown and, um, Miss Bullock, I

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think she's the current head of the RBA.

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Yep.

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Michelle Bullock.

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Yep.

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She said early driver of inflation was supply chain problems during

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COVID 19 pandemic, worsened by the Russian invasion of Ukraine.

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But on Wednesday, she said there's several signs that inflation was domestically

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driven and at risk of remaining elevated.

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sHe said it's not just petrol, electricity and rent.

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Quote, this is from the Reserve Bank, Hairdressers and dentists,

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dining out, sporting and other recreational activities.

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The prices of all these services are rising strongly, she said.

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Hang on, a dentist is recreation, is it?

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No, hairdressers and dentists, dining out, sporting and

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other recreational activities.

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Well, exactly.

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She says, this reflects domestic economic conditions and is an

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indication that aggregate demand is sufficiently greater than aggregate

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supply to sustain these price increases.

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So, you consumers out there, going to the dentist, increased demand without an

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increased supply of dentist is leading to a rise in the price of dental services.

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Honestly, these Reserve Bank people, they just did Economics 101 with

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supply and demand curves and, and that's the only way of thinking,

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basically.

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Yeah, but, I can understand what you're saying, but...

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What she was saying was right though, you know, you, you don't have an increase

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in dentists and all that sort of stuff.

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You've got an increase in demand for dentists, so there's going

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to be an increase in the price.

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Could it be that people have just been putting off dental

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stuff because they had to?

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Yeah, I know that.

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I know that, but it's one of those things you've got, if you look at it

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purely in supply and demand, the demand for dental, dental procedures goes up.

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The supply of dentists doesn't move, so the only thing that can move is the price.

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Yeah, the RBA approaches this as a, as a rampant economy that's spending too much.

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And needs to be, be reigned.

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Yeah.

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What it needs to be reed in.

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Yeah.

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Which is exactly what they're, what they've done and, and it just doesn't

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make sense that people are willy-nilly getting dental services and need to

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be reed in by higher interest rates.

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This is not discretion to curb their dental express expenses.

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Same with hairdressers.

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Like, I dunno, I imagine a lot of the cost of the hairdressers is the.

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Various creams and dyes and what not, you probably don't

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have to worry about that, Joe.

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Is he rubbing your head?

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Could it be that it's the cost of the various ointments and bits

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and pieces that they're using?

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The rent and their place and all that sort of thing?

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Yeah.

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Rather than just...

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Everybody's suddenly increased their demand for hairdressing services.

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Well of course they had, they were all doing their barber

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stuff at home during lockdown.

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So everybody being released out of the community, everybody now needs a haircut.

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Now obviously, that's inflationary.

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Yeah.

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Because they weren't before COVID.

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Yeah.

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Yeah, there are more people having more haircuts now since COVID.

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Yes.

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It just strikes me as...

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People who are out of touch and relying on very simple supply and

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demand models that don't necessarily apply well to what's really happening.

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So, anyway there was a an article from the it was either the

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Chaser or the Batuda or somebody.

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The headline was, Selfish young person apologises for driving up inflation, but

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you just can't really ignore a root canal.

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That's where we're at.

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Ah, is John in the chat room?

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Because I'm about to talk about small modular nuclear reactors.

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Doesn't look like he's there.

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Chris Bowen, he's our Energy Minister.

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He says, we respect other countries plans, but in Australia's context, nuclear

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for Australia is a fantasy wrapped in delusion, accompanied by pipedream.

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And there's an article in the Guardian, so...

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The only company to have a small, modular nuclear power plant approved in the U.

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S.

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and this has been cited by the Australian opposition as evidence of

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a burgeoning global nuclear industry.

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It's had to cancel the project due to rising costs.

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New scale power announced plans announced a drop plans to build.

Speaker:

It's it's small modular nuclear reactor, and essentially, the

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figures just don't add up.

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They couldn't get enough people to commit to buying the electricity.

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The cost of producing the plant, um, accelerated way beyond

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what was originally planned.

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And, uh, it just doesn't add up.

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So, industry experts say that...

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SMRs, Small Modular Reactors, are not commercially available, but nuclear energy

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is more expensive than alternatives, and in a best case scenario could

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not play a role in Australia for more than a decade, and probably not

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before 2040, and the Australian Energy Market Operator found renewable energy

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could be providing 95 percent of the country's electricity by that time.

Speaker:

So...

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So, yeah, as Don says, fusion is the answer because fusion is always 20 years

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off, which serves the purpose of a nuclear reactor, which is to delay renewables

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and keep burning fuel, fossil fuel.

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Yes.

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One of the great things about renewables is everybody having it on their house.

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It decentralises power, both power literally and power of large corporations.

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But the grid isn't designed for that, unfortunately.

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Yeah, I know.

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The other day I was at home and that sort of stuff and I realised my air conditioner

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in the land room turned off and I thought to myself, what the hell was that?

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Because everything else was still working.

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And then I realised the power's being turned off.

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So that was the only sign that I had was the...

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Electricity had been cut off to my house because the air

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conditioner in the lounge room died.

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So, because my battery and everything like that, it just kicked in and just

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kept the electricity flowing to my house.

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But for some reason, they haven't got my they haven't got my air conditioner in

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the lounge room hooked up to the battery.

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Probably because it's too big.

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So, a battery can only supply so much power and an air

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conditioner uses a lot of power.

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Yeah, I know, but, so it draws, the air conditioner draws from your solar panel.

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Yeah, it does.

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Right, but not from the battery.

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Yeah.

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There we go.

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But, you know, it's just one of those things, I just noticed that...

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When the like it's only happened twice up here, but when the electricity

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is cut off, I notice that the air conditioner in the lounge room dies,

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but everything else still works.

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So that's how I know that the power's been turned off.

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And when the electricity is, is still running to the house and all that

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sort of stuff, I'm still drawing, I'm still drawing electricity on

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everything out of that from my battery.

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Anyway, it just is what it is.

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It's one of those things I I see up here.

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There are a lot of houses that are getting solar on their roof.

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And I just think to myself, that's a very good thing because, um, that

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will play very much into the hands of the state government because all that

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surface electricity that's going to be produced will be used to pump the water.

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Back up to the main dam, then it'll flow down to the through the what the

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hell's in through the hydropump...

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Pumped hydros.

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Turbines.

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Yes.

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Pumped hydros.

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It's going to run down through the hydro generators.

Speaker:

That's if they actually build the pumped hydro.

Speaker:

I know they've talked about it, but No, it's pretty much announced its a done.

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It was, I don't think there's any hesitation on that.

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Oh, it's, it's a done deal.

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But has it started?

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I don't know.

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No, it hasn't started yet.

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Mm.

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But it ha They ha they have actually, I gather they've already set aside

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the land and that sort of stuff.

Speaker:

I gather the government's already in purchase mode and that sort of thing to

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purchase the land from the landholders.

Speaker:

And then after that, it'll be over.

Speaker:

Anyway, that's small nuclear reactors.

Speaker:

Gina Reinhart this one came from the Courier Mail.

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She's called on the Federal Government to give the nation a Christmas bonus

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in the form of a petrol excise tax cut.

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According to Miss Reinhart, every few dollars counts for people in tough times.

Speaker:

With the stroke of a pen, the Government could deliver minor, short

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term relief to millions by cutting the petrol tax for households.

Speaker:

Ooh, a wicked fundage.

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We could fund it by removing the the benefits that mining

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companies get for their fuel.

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So we could actually move the tax cuts away from the mining companies to the

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small individuals and that would have zero impact on net revenue from the budget.

Speaker:

So mining companies get a special tax deal, do they?

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Yeah.

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Do they not pay the excise?

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They don't pay any excise on their off road vehicles.

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Or they pay a reduced excise, yeah.

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Right, okay, yeah.

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I don't think they pay anything on their off road vehicles.

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So the, the diesel that goes into those trucks and that sort of stuff,

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they don't pay any excise on that.

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It's good of Tina to be thinking of this, you know, of the little people.

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She says no one's asking...

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Oh shit, fattest bitch.

Speaker:

She says nobody's asking for a handout, we just need the government

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to take less money from Australians.

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She says, I have long spoken out about Australians being overtaxed and

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overcharged by government, which has its roots in excessive government spending.

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Yeah, because rich people tend to pay more tax than poor people.

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Rich people use less services than poor people, so they want to

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pay less tax to fund poor people.

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She says, we teach children far more about cunning emissions and woke agendas than

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we do about mining that powers Australia's economy and enables those Australians

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employed in the industry to have some of the highest wages in the world.

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The resources industry contributes more corporate tax.

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And all other industries combined.

Speaker:

It's mining taxes that pay for our government, teachers,

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police, nurses, non voluntary firefighters and emergency services.

Speaker:

Gentlemen, do you know why the resources industry contributes more corporate

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tax than all other industries combined?

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Because it's the only core, it's the only, the only industry that's making money.

Speaker:

No, because they believe that the stuff they mine out of the ground is taxed.

Speaker:

They're not buying raw materials, they're being taxed.

Speaker:

So every, any other sector, it's raw materials are a cost, not a tax.

Speaker:

And that's why they claim it's the highest tax.

Speaker:

The reason is they can't offshore their profits.

Speaker:

Well that's, that's true.

Speaker:

So they're digging rocks out of Australian soil and it's really hard for them

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to set up international agreements.

Speaker:

Where they get charged IP services and other stuff that they can

Speaker:

shift their profits offshore.

Speaker:

So, that's why they're actually paying tax is they can't offshore their income.

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Well, BSP said a red hot go at it.

Speaker:

They've done their, they've moved their accounts receivable

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funds over to Singapore.

Speaker:

Yeah.

Speaker:

But Gina, who says Australian miners are some of the highest paid.

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Workers, she wanted to change that.

Speaker:

She wanted to excise the whole of North Australia from the human resources laws,

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whatever they're called, the industrial relations things, so that she could

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bring in cheap labor from overseas.

Speaker:

Are you suggesting she's hypocritical?

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Yeah, of course she's a hypocrite.

Speaker:

She's just a teeny amount.

Speaker:

She's an evil bitch.

Speaker:

We mentioned.

Speaker:

Argentina and the crazy new president they've got there.

Speaker:

He signalled that he may exonerate Argentina's imprisoned

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dictatorship officers.

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He said that the military were guilty only of excesses.

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Um, The 1976 Dictatorship, which Millais is keen to reappraise, imposed policies

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similar in many ways to his, including semi de dollarisation, um, there's 1,

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200 convicted Dictatorship officers.

Speaker:

And anyway, I think we mentioned last week, I'm not sure if we did, or last time

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we spoke about it, was It's all going to go to shit in Argentina, and it'll end

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up with the military getting involved.

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And this is just further evidence to me that the military's going to get involved.

Speaker:

So he wants officers on his side?

Speaker:

Correct.

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He's going to get them all out of jail and get the military on

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side for when things go to shit.

Speaker:

He'll be able to employ them to keep his regime operating.

Speaker:

That's, I think, where we're headed in Argentina.

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That's a real worry.

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You know, I could, I said at the time, I said last week when we

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were talking about it, I said that I could understand the Argentines

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that had a gut full of Peronism.

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But, you know, to go this far to the other side was just ridiculous.

Speaker:

Mm hmm.

Speaker:

I Was hoping I would see it today.

Speaker:

The High Court supposedly today was going to come out with its reasons

Speaker:

about the detention decision it made.

Speaker:

I thought it was tomorrow.

Speaker:

Yeah, I thought it was going to be today.

Speaker:

So, we'll wait till next week and talk in depth about the actual

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decision and the reasons behind it.

Speaker:

So...

Speaker:

Oh, the latest gossip was that the government knew all about that

Speaker:

they had a risky case and they were going to ship him off to America.

Speaker:

Really?

Speaker:

I haven't seen that.

Speaker:

That's what they were saying.

Speaker:

Yeah, the opposition have said, oh, obviously the government knew

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because they were in talks with America to send the guy over there.

Speaker:

Okay, so if the opposition said that, it definitely wasn't the case.

Speaker:

Probably.

Speaker:

But, but you know, this is News Corpse, who are digging up fresh bodies to...

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Yeah, it's complete nonsense then.

Speaker:

I think, I think they were surprised.

Speaker:

Right.

Speaker:

I think, but, yeah.

Speaker:

Anyway reading a book at the moment, might talk about next week, The Identity Trap.

Speaker:

A Story of Ideas and Power in Our Time by Yasha Munk.

Speaker:

And it's talking about the way that we have shifted from universal

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ideas of treating everybody equally to, to treating people based on

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their identity and creating special laws that apply based on identity.

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And...

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It's a really good read, so far, and I just, as I read it, I am just

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applying these concepts to the whole voice debate, and how we approach

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that, and so, I'm finding that quite interesting, so, if you're interested

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in, in the idea of identity politics, and how, and how the world has moved

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from universal Rights of equality to rights that depend on your identity,

Speaker:

then I recommend this, and I'll probably talk more about it next week, I reckon.

Speaker:

So, that's the Identity Trap.

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Hmm.

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And that's about it, dear listener.

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I reckon we've gone through it all.

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Anything you guys got to talk about at all?

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EUrope's lurch to the right was something that the better half

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was talking to me about tonight.

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He was concerned, I think was probably where it was basically headed, was

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with Goethe Wilde's ascension to the prime ministership of the Netherlands.

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hE likes to throw rocks at Angela Merkel wherever he can because he said

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that he said it was her, you know, that saying, oh yes we can and that

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sort of thing when they opened up the borders and let all those people

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in from Syria and everything else.

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And he was saying that he believes that Gerd Bilders is a example of what was

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going to happen from that type of thing.

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Now, I haven't read enough about the Netherlands or anything else as

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to whether or not they have a big Islamic population or anything else.

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But it really wouldn't surprise me that that could have been one of the things

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that kicked him in the head, because I think it was you, Trevor, that said that

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once the population of Muslims gets up to 5%, then they start to agitate for

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their own laws and that type of thing.

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So it really wouldn't surprise me that that could have

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actually happened over there.

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Hmm.

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Could have.

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So, Ayaan Hirsi Ali was a Dutch refugee and she's written quite extensively about

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her experiences as a new immigrant and she was saying that she had come from

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a tribal regime, and to be suddenly dumped in a very, very different society.

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bEing given money by the government, and she couldn't understand how it all

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works, and she had a contempt for it.

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And she says that we as a society are doing immigrants a disservice by not

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embracing them, by not, by basically just dumping them into the community and

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saying, there you are, get on with it.

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Rather than, this is what the laws are, this is how our society works.

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She advocated actually for church groups to go out and embrace them.

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But there's no reason it couldn't be other community groups.

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Hmm.

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Well, integration's a dirty word.

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Sounds like assimilation.

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Yeah, it's one of those things.

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I honestly believe we've actually got to actually, we've got to have several

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serious conversations in this country.

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One of them has to be, assimilation is not a dirty word.

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You know, we've actually got to have a conversation with everyone

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to make them understand that assimilation is not a dirty word.

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See, that's what the Chinese said to the Uyghurs.

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Yes.

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Essentially.

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Yeah, I know.

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There's a sense of re education camp.

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They see hard as terrorists and they said, Guys, this is how our country works.

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Off you go to re education camp.

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Re education camp with a big shed and all that sort of stuff.

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Make them work for nothing.

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But, you know, it's just one of those things.

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It's all part of the training program, isn't it, Trevor?

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The Uyghurs actually...

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Weren't fresh immigrants.

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A and, but hang on, they had lived there for a very long time.

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You, you, and they've also, they've also had their, just upon your concept,

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part of their country taken over by the Ha Chinese, the Hahan Chinese had

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been moved out there and they tried to dilute them and they, yes, they were

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the only people that weren't required to abide by the one co abide by the one

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child law and all that sort of stuff.

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But you know, it's, I think.

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One of those bloody brutal things that they've done.

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Assimilation is the destruction of the small party's ways and means.

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Yeah, of the history of their culture.

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The minorities.

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Assimilation, I think, is, um, a fusion of taking the best of both.

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You'll find that the Uyghurs have got a thriving Uyghur culture.

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Like, they're able to practice their culture, no problem.

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Right.

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I know, it's one of those things that, that, that, it's just, it just, you

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know, it just, only two minutes ago, you were saying about teaching people

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about, teaching people about what our country's about, and they were saying,

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well, that's what the Chinese did, and you just went off and said, well...

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Yeah, but, but except in that situation, like, it was exactly the

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concept that you were arguing for, but when I point out that that's what

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the Chinese did, you were, you were, you were, yeah, you've got me there.

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All right I have to go away and think about that.

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There we go.

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It's one of those things, I just think to myself that

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what was I saying?

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Sorry?

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What's that?

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You said the Uyghurs are closer to the Aboriginals in that, no, the

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Uyghurs were conducting jihadist terrorism, like elements of them

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were, so that was the problem.

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Yeah, yes.

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Yeah, I don't think they were all involved in that.

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No, of course not.

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And a lot of them ended up in concentration camp,

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or in a re education camp.

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No, not all of them did.

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But a lot of them did, though, end up in re education camps.

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And a lot of them were working for slave labour.

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Well, we don't know.

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It's very hard to know what went on.

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No, exactly.

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Because there's a Christian nutter, is the main person that

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the world's relying on for what actually happened with the Uyghurs.

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That's the problem.

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Who is that?

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Oh, he's like a Christian nutter of some sort.

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I can't remember his name, but he's the main source of the whole...

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Isn't that his tautology?

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Yes, it is.

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Indeed.

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Anyway.

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Yeah.

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A bunch of Arab countries have been over there now and said, it's all good.

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We're happy with how we are.

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Okay.

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Okay.

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Islam brothers are being treated.

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And thanks for the bridges and the roads, and the Belton Road.

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Oh, exactly.

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Well, there we go, we're done and dusted for another episode.

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We'll be back next week.

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We're going to talk about identity for sure.

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Do I have to read this book or not?

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No, I'll just provide notes.

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Alright, we'll talk about stuff then.

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Talk to you then.

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Bye for now.

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And it's a good night from me.

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And it's a good night from him.

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Good night.

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The Iron Fist and the Velvet Glove
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