Transcript - Interview with Kieran Gilbert, NewsDay, Sky News - 6 August 2024

Tuesday, 6 August 2024

Subjects: Interest rates; markets; RBA; energy affordability.

Live - NewsDay with Kieran Gilbert - Sky News

Kieran Gilbert
Joining us is the Shadow Minister for Energy Affordability, Melissa McIntosh. And you and I have discussed this before, but it's likely to be a bit of relief for mortgage holders this afternoon, at least with rates to remain on hold. Melissa, that's the widespread expectation.

Melissa McIntosh
Thanks, Kieran, for having me on. Relief may be momentarily, but relief from what people are already struggling. And as we just heard, mortgage stress is high. And it's also the case here in Western Sydney. And we have such a reliance, like we're waiting on tenterhooks to find out what the RBA does. And that's not a good place to be when you're reliant just on this one blunt instrument. What we should be relying on is the government, the Albanese Labor Government, to do something about the cost of living stress that every single Australian is facing right now. Whether it is higher energy prices with people paying $1,000 more than they were promised at the last election to groceries to, as we've just heard, mortgages.

Kieran Gilbert
Has the Treasurer not though, got the balance right? When you look at the volatility of the last 48 hours on global markets, he's been talking about the need to get the balance right with a, with a volatile, uncertain outlook to try and put downward pressure on inflation without smashing the economy with cuts. So that's a delicate balancing act. He would argue he's got that balance right.

Melissa McIntosh
There is a whole lot of volatility, as you just said. And we are closely linked in the Australian market to the US. And one of the concerning things around an imminent recession in the US is around unemployment figures. And we saw in 2008, when we had the GFC, what tipped people over the edge when it comes to their financial situation, when it comes to their mental health, was unemployment. And that sent some people to the brink. And we sadly saw suicide rates go up during that time. So here in Australia, we will be looking at the RBA's decision today, but we'll also be looking forward to unemployment figures.