Interview with Laura Jayes, Sky News, AM Agenda
10th August 2022
Laura Jayes: Welcome back. The Australian Council of Trade Unions has moved to institute the biggest economic restructure since the 1970s. In a push to drive down the cost of living and boost jobs. The proposal includes more taxes on businesses profiting from inflation, price controls on goods and services, and tasking the Reserve Bank with prioritising unemployment figures. Joining me live is the Shadow Finance Minister Jane Hume. We've heard from Sally McManus. She says we can't just tinker around the edges. Do you agree?
Jane Hume: Well, this isn't just tinkering around the edges. Laura, these are wholesale changes that I'm not entirely sure that the government were aware this was going to be the agenda that they were going to prioritise after the election. It does seem to be quite strange priorities. Before the election, the government we're talking about the cost of living, making sure that we reduce electricity prices by $275 over the next two years. Yet immediately after the election, it does seem to be the union's agenda that has been reprioritised, whether it be Sally McManus overhauling the RBAs priorities, whether it be dismantling the ABCC, or whether it be repealing superannuation legislation on behalf of Labors union masters. I'm not entirely sure the Australian public was ready for this. Now the job summit that's coming out will be a very important event, in which a lot of these demands get aired. The real test, of course, will be when Labor starts ruling out some of these demands from the union masters, and I would welcome that opportunity for Labor to start ruling out some of these demands. Let's not forget that when the coalition left government, we left government with the lowest unemployment rate that we had seen in around 48 years, and it continued to fall. Yet now Sally McManus is saying that the RBA should prioritise reducing unemployment, not reducing inflation, but inflation and the cost of living is really the issue of the day.
Laura Jayes: Well, you say this is a very important event you refer to as the job summit, but it's an invitation you've declined? Can't be that important?
Jane Hume: Well, let's face it, the Labor government invited the Leader of the Opposition, Peter Dutton, via the media. Now, if this is a genuine and authentic invitation, why on earth did the media get to hear about it before the Leader of the Opposition did? I think you know, a news alert for Labor here, the media is not their postman. If they were genuine about a respectful invitation to the Leader of the Opposition, it would have happened directly. So while it's an important event because, let's face it, what we're going to hear at this event is an airing of Labor's true agenda. At the same time, I think that this is an important opportunity for the Australian public to hear really what it was that they voted in because it certainly wasn't a reduction in the cost of living, which was what was promised at the election.
Laura Jayes: We've just seen the Commonwealth Bank post a $10 billion cash profit, where all of our interest rates are going up at the moment. So what does that result tell you about the impact of these rising interest rates?
Jane Hume: Well, rising interest rates are going to have an enormous effect not just on businesses but also on households. You know, we've seen that there's been, what is it, four now heading to five continuous rate increases, which are affecting hip pockets of all Australians. It's not just their mortgage rates, obviously; it's their business borrowing costs as well. The cost of living is feeding out of the cost of filling up your tank, the petrol bowser the grocery checkout. There is the continual cost of living pressures, what we are hearing from the Labor Government...
Laura Jayes: Yeah, but I'm referring to the billion dollar profit from the Commonwealth Bank, Australia's biggest mortgage lender, don't people rightfully look at that this morning and go, Well, that's where the extra money is going too? I'm paying more every month, and it's just going into the CBA's coffers.
Jane Hume: Well, actually, you know, over the last 25 years, real wages have increased in line with productivity. The Commonwealth Bank is owned by shareholders, by private shareholders, and many of those are retirees and many of which are in superannuation funds. I think what the ACTU is suggesting when it talks about super profits and super profit taxes is that businesses shouldn't be profitable and that all money should go back to the workers. Now, economics 101 would suggest that no economy can function in that way unless potentially you are communist China or socialist Russia. That's not how a democratic capitalist and democratic society operates. Indeed if we decided to create those super profit taxes, again, not something that we heard about prior to the election, something that we've only heard about as part of the agenda since the election, I am very much doubt that that would have been electorally palatable. That's something that I think that we would welcome seeing the government rule out even before this job summit even began, we want to make sure that we maintain an independent RBA and that we maintain a sustainable economy.
Laura Jayes: Okay, you are leading this review and how the party can win back voters. Let me ask you about this on two fronts, is the Liberal Party and Peter Dutton in particular being urged to be less shouty when it comes to China, in light of you losing votes, voters and seats in those Chinese electorates?
Jane Hume: Well, we've certainly taken a long hard look at those electorates where there was a large number of Chinese voters, and there, there was a shift away from the coalition. That said, the messages that we heard have been doubled down now by the Labor governments. So I think that maybe this conversation has shifted a long way in a very short period of time. That said, we want to make sure that, as opposition, when we go into the government, we govern for all Australians. There are around a million Australians out there of Chinese descent. They are just as important as any other Australians and their needs and considerations should be served most in our minds as well.
Laura Jayes: So you think because perhaps Labour's being a bit more bolshie on the China issue, it may be neutralises it for you?
Jane Hume: I wouldn't say that it neutralises it. It's something that we need to take into consideration. I think we've had this conversation before, Laura. If you ask 20 people why the coalition failed to win the last election, you'll get 20 different answers. This review is very broad reaching, and it looks at a number of different issues, and a number of different communities, whether it be regional communities, whether it be inner-city communities, whether it be migrant communities, whether it be genders, whether it be ages. It's really important that we consider all demographics and the way that they responded to the coalition to our messages and to our policies at the last election in order to succeed in future elections.
Laura Jayes: Well, you've got the worst female representation in Parliament since 1993. This is at a time when the parliament as a whole has improved. It's actually the best female representation we've ever seen. But for the liberals, it's the worst since 1993. There was a 2016 report that had that you commissioned and paid for to get 50 per cent representation by 2025. What was actually implemented? And can you see the results of that?
Jane Hume: Well, unfortunately, losing good Members of Parliament, good women in parliament is a byproduct of losing elections. In fact, had we been successful at the last election, we would have increased the number of women in our ranks. That said, it's really important that we consider our gender makeup because we want to better reflect the people whom we represent. Most importantly, though, we've had this conversation before also, Laura, the reason why you want more women in parliament is that a diverse Parliament or a diverse party makes for better decision makings or the wisdom of crowds theory. The more diverse voices there are around the table, the better the decisions that get made, the better decisions that get made better policy, better politics. Not only does having more women around the table, change the conversation, but it also emboldens those that might be susceptible to uncritical groupthink. That's why you want that wisdom of crowds. So there is an electoral imperative, certainly, and that will be considered in the review. But most importantly, it makes better politics.
Laura Jayes: I'm just about to go live with Simon love, who's got some developments on the IBAC story this morning. What is going on down there in Victoria? Is Matthew Guy got any chance of winning this election, given what's going on?
Jane Hume: Well, I hope that Matthew Guy has a good chance of winning the next election because, quite frankly, we've been through over a decade now of one of the most sinisterly corrupt governments, Labor governments, that this country has ever seen. With the number of ministers that have resigned and the scandals that continually come out of IBAC. I'm actually astounded that Daniel Andrews can still front up every single day, Mr. Teflon, and nothing seems to stick. I think in November that there will be a considerable shake-up. It will be on the Liberals, and that's why we need to make sure that we have our A game on, that we have the best candidates in the field that we have a really strong campaign. That's exactly what we're working towards down here.
Laura Jayes: Jane Hume, as always, thanks so much for your time.
Jane Hume: Great to be with you, Laura.