Karl Stefanovic:
Australian homeowners are hoping to see the first interest rate cut in 4 years this week as the government announces a 2‑year ban on foreign investors buying homes. For more, we’re joined now by Housing Minister Clare O’Neil, live from Melbourne. Clare, good morning, nice to see you this morning. Look, another Monday, another bad poll for you. At least you know what the first question is going to be every week.
Clare O’Neil:
Well, not at all, Karl. I’m thrilled to be on the show talking to you about housing or polling or whatever’s going on for you at the moment so let’s get going.
Stefanovic:
Okay, because it looks at the moment like your party’s in quicksand. Doesn’t matter what you do, you can’t get any purchase with voters.
O’Neil:
We’ve spent the last 3 years working every single day to try to make sure that we help Australians with real difficulties they’re facing with the cost of living and make sure that we manage the budget responsibly to make it easy for the Reserve Bank to make a decision to cut interest rates. Now, you’re probably going to talk this morning about the fact the Reserve Bank Board is meeting today and tomorrow and I’ve got my fingers and toes crossed for homeowners around the country that we start to see some relief. But just to remind your viewers at home for all your criticisms, Karl, our government’s created a million jobs since we’ve been in government. We’ve delivered 2 Budget surpluses after the Coalition said they’d do one each and every year and they didn’t deliver a single one. And we’ve put in place those important measures around a tax cut for every Australian taxpayer, support with cheaper medicine, support with cheaper childcare, all of which the Coalition opposed.
Stefanovic:
But the majority don’t think you deserve to win and the country is heading in the wrong direction. Where do you think you are going wrong then?
O’Neil:
Look, Karl, I think it’s been a really difficult period globally for the economy. And if we look at countries that we compare ourselves to, the UK, the US, Canada, they’ve all gone through some real difficulties similar to what Australians have faced over the last 3 years. What I do want your viewers at home to know is that we’ve got up out of bed every day and we’ve thought how can we make this situation easier for Australians and also carry us through this period? You know, I mentioned a few of those positive economic statistics before. Don’t forget that unemployment in Australia is low and we’ve taken inflation from having a 6 in front of it to having a 2 in front of it.
Now it’s been a difficult period. No one’s going to deny that Australians have been under huge pressures. But all of those things that we’ve done to assist people with cost‑of‑living issues, remember that Peter Dutton came out and opposed those. So, people would be feeling worse today if Peter Dutton had been the Prime Minister. And I think as we come into the straight into the election, you’re going to see a Labor Party with lots of positive, fresh ideas and clear priorities for the country. And Peter Dutton, whose only ideas are to make $300 billion of budget cuts and to build nuclear reactors around the country that are going to raise your energy bills by $1,000. So I think there is going to be a pretty [indistinct].
Stefanovic:
All right. I’ll remind you of that positive messaging once we’re into the election cycle. The RBA, you mentioned them. There’s a whole lot riding on this decision for you and Labor.
O’Neil:
Look, it is a really important day, Karl, and whether the RBA decides to cut rates this week or whether they do that at a future date, what I really want people to see is that we’ve done exactly what was needed for the economy at the time. And what that means is that we’ve done that proper management of making sure that we run fiscal surpluses. We get a budget surplus, hasn’t happened in Australia for the whole of the last decade. We’re making sure that we give people cost‑of‑living relief in every way that we can without adding to inflationary pressures. Things like energy bill price relief, those childcare supports, they’ve actually helped us help people manage the cost of living and bring inflation down. And you’ve seen the results, Karl, you’ve seen those results going from inflation being more than 6 per cent to inflation being just over 2 per cent. So, we are doing everything we can to make this easy for the Reserve Bank.
Stefanovic:
It’s like, it’s like, Clare, that you, you’re desperate to sell the government’s bona fides, but, and you’re frustrated that they’re not listening. I can see it.
O’Neil:
Well, I don’t feel frustrated at all, Karl, and that’s not what this is about. I mean, you know, that’s not what my job is as a politician. My job as a politician is to make sure that I do the right thing and make the right decisions for the Australian people. It’s up to your viewers at home to decide on election day whether they want to, you know, our government’s laid some really important foundations for prosperity for our country, or are they going to go with negative Nelly, Peter Dutton, who’s just criticised the good things our government’s done and doesn’t have a plan for the country. So, that’s a choice of for more people. But, you know, it’s my job. It’s my job to communicate clearly with people. You know, they take what they like from what I say and, you know, on election day, they’ll get the chance ultimately to decide where they want this country to go.
Stefanovic:
Sorry, sorry, negative Nelly took me back to year 7. It’s a great old payout. Look, is it true Jim Chalmers, The Australian, says he’s been going around gagging you all from talking about the RBA decision tomorrow. Is that all true? Is he that nervous about it?
O’Neil:
No, no, no, not at all. Not at all. No, no, definitely not at all. I think Jim’s. I think Jim’s done an amazing job –
Stefanovic:
A little bit, come on.
O’Neil:
Trying to manage all these difficulties that we’ve faced. No, no, no, not at all. I mean, I’m on your show right now talking about it, Karl so obviously he hasn’t done that. No, I think, you know, Jim’s done a really, really good job here of trying to manage what’s been, you know, pretty extremely difficult set of economic circumstances for the country. By the way Karl, you know, we’re talking a lot about that management of the economy. Remember that while we’ve been doing that, we’ve been making really big reforms, things like that, once in a generation aged care reform that Anika Wells has delivered, the housing reforms that I’ve worked with Julie Collins and the Prime Minister to deliver. So, there’s a lot going on and a lot more work to do in a second term for our government.
Stefanovic:
Always good to talk to you, Clare. Thank you. Appreciate it.