Jeremy Cordeaux is back in a cold, wet garage with Pete and Gary, and the headline number is staggering: federal debt has passed $1 trillion, a one with twelve zeros after it. He works through what that means, roughly $29.6 billion a year in interest, about $569 million every single week, and contrasts it with 2006, when Peter Costello declared Australia debt-free, sold Telstra and set up the Future Fund. He argues a government this poor at managing money has little to show for the debt beyond "a masterclass in what not to do."
He also breaks down how David Speers, in his view, sprung a trap on One Nation's newly elected member David Farley on Insiders, turning a reasonable point about skilled visas into a "new member goes rogue" headline, and warns One Nation to stop being naive with a hostile press. Along the way: the 4.5% unemployment rate and 16,000 jobs lost in a month that barely made the news, the tobacco excise that has collapsed from $16.3 billion to $4 billion while illicit smokes supply 80% of the market, why there is no excise on fast food or a sugar tax, agreement (for once) with the Greens that the government runs "a protection racket" for the gambling industry, Ben Carroll's promise of ten free dental clinics in a broke Victoria, the Malinauskas government misreading the felling of Adelaide's parkland trees, 103-year-old Spitfire pilot Harry Young flying again, and a contested reflection on the 60th anniversary of the Wave Hill walk-off. Plus this day in history from Neil Armstrong to Sean Connery and the liberation of Paris.
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