Dobbo Chats – Interest rates (1 October)

0:00Welcome back to Rural Queen's Land Today. Well, there's no question the biggest issues that we have here at the moment was that interest rate hike on Tuesday, 4.6%. The most it's been in 15 years and don't think the banks aren't going to pass it on. Federal treasure of gym charmers has done nothing but drive this economy into the ground and they can go on this cream and renewable push but I tell you what the exos and the tax that they're collecting and still still it goes up. We're in a bad situation, cost of living through the roof and there is a lot of people doing it extremely tough at this moment. The fact is that the Australian economy is nowhere near it's been and it's interesting you know. There's a lot of statements that gym charmers has made and it's interesting that the

1:02courier mile have come out and you know it is very very very very concerning. So the courier mile go on fact check some of the things. Okay, here's what he said and whether or not it's reality. It is near universal expectation that rates will go up around the world including Australia September 26. That's correct. So he said that Australia's official cash rate is 4.6 is higher than any other developed country except Iceland. It's 4% in the US, 3.75% in Britain, it's 1.25% in Japan. Can you believe that the highest? The highest. Now New Zealand have a rate of 2.75 and the inflation is 4.1. The US have the same inflation rate as Australia and their interest rates are cheaper.

2:03UK the same. It's embarrassing. Here's another one. We're not immune from global pressures but we are better placed and better prepared to confront them. That's wrong. Better than who? Have a look at the comparisons. Anywhere around the world developed nations are doing a better than what we are. So Jim Charmers is lied on that one. I don't want to see Australia workers carry the can for decisions which are not being taken on the other side of the world to prolong the war which have been absolutely disastrous for the cost of living point of view from an economic point. So they're blaming the war. That's not true. Now the University of New South Wales economics professor Richard Holden is arguing Charmers is gaslighting Australia's by offering them a different opinion. He said you could get inflation under control. The government spending was under control and that's the thing they do not know how to stop spending. That's the biggest thing. Australia are playing a hefty price for nine months of Russian aggression. It's not true.

3:04Before the 2022 election Anthony Albanese government promised to cut energy bills by $275 a year. Didn't do it. Keep them rising. Now depending on rebates and where you live it rose 32% in 12 months. So they said they're going to cut it and it rose 32% in 12 months. That's what we're dealing with. Then the rates rose higher than inflation over two years. In July 2026, the Commonwealth Bank said electricity seed prices had risen 22% in 12 months. Go back to 2022. Energy bills are going to be cut. No, no, no, that's not right. Now here's what else you said. My responsibility is to make the reserve bank job as easy as possible. That means not splashing cash around unnecessarily. He said that in 2022. That's incorrect. The reserve jobs, the reserve bank's job has been far easier given it lifted rates for the fourth time this year. Charmers has splashed cash around. The government debt has passed a trillion dollars.

4:08A trillion dollars. Now when the Albanese government came to power, the nation's debt was 558 billion. It is now a trillion dollars. Like what part do we not understand of that? The reality is, there's another statement that the government's changed hands at a time of high and rising inflation and rising interest rates. That's true. Official interest rate was 0.10%. Now after the 17th rates rise as well as three rate drops, the Albanese government came to power. It sits at a rate significantly higher than Hong Kong, Israel, South Korea, New Zealand, Canada, Denmark, Taiwan, Sweden, Singapore, as well as the US, Britain and Japan. That's the fact. He is the laughing stock of the world. And Jim Charmers can say whatever he wants, but he is doing nothing to provide any confidence.

5:10You wonder why people are leaving in droves. You wonder why the loophole into their spending and the continual spending is starting to really, really cause grief. Well, the reason is that they are not doing the job that they are entrusted to do. You've got to understand this, what this federal government, and I'll give you a little bit of an idea with the GST. The ACT receives the same GST beach protection funding per person as Queensland. Yet last time I looked, there's no coastline on the ACT. The same amount of cash per person for coastline protection as what Queensland is in the GST carver. Now on Wednesday, yesterday, he attacked the Independent Commonwealth Grant's Commission

6:11who distributes the GST after Queensland. 2.3 billion fall was the largest cut of any jurisdiction. Now it's no surprise. They're run by an LNP. Now the GST met the dology. The LNLOC ABC, it receives the same cash per capita for coastal management of Queensland. What the bloody hell is going on? Last year the ACT received an extra 3 million from environmental protection, while Queensland lost 9 million. The ACT poured in territory of Jarvis Bay was administered by the Commonwealth. Queensland's main land coastline was littered with communities, public infrastructure, and national assets, but yet they don't get the money. This is the problem. Queensland's growing 39%. GST pool has grown by 80%. Queensland has grown by 39%.

7:13New South Wales has a 66% more. Victoria 116, Western Australia 397. We are going backwards in the last three years and there's no surprising why. And the government is doing everything they can from a federal level to see us go down the GERGLY. It's not right, it's not cool, and it needs to change. I'm about sick to death of it. I really am. And the sooner we get this fixed, the better off we're all going to be. We're going to take a break, come back. This is where we're all going to send it.