About this transcript: This is a full AI-generated transcript of THIS Is How Australia's Economy Is Being Sabotaged — Gerard Rennick Full Interview from Unemployable Media, published July 10, 2026. The transcript contains 20,694 words with timestamps and was generated using Whisper AI.
"Our Tax Act makes it harder for small business and businesses in Australia to compete with offshore companies because they don't have to pay the same amount of tax as what onshore companies here in Australia do. Today we are joined by Senator Gerard Rennick from Queensland. 600,000 immigrants, that"
[00:00:00] Speaker 1: Our Tax Act makes it harder for small business and businesses in Australia to compete with offshore companies because they don't have to pay the same amount of tax as what onshore
[00:00:07] Speaker 2: companies here in Australia do. Today we are joined by Senator Gerard Rennick from Queensland.
[00:00:13] Speaker 1: 600,000 immigrants, that is going to put a lot of pressure on carbon emissions, household rents and of course the cost of living. Immigration has been said that's what's propping
[00:00:23] Speaker 3: this real estate market so what are some of the things that you would do to try and fix it without
[00:00:27] Speaker 1: crashing it. Things would be obviously lower immigration and fixed capital controls but then what we need to do is to actually be able to. One of the most frustrating taxes is you know they
[00:00:37] Speaker 2: hit a million dollar payroll and now they get payroll tax so they're actually disincentivised
[00:00:42] Speaker 1: to create jobs. Payroll tax is a stupid tax. 75% of those renewables are owned by foreign companies right. What we did with our energy system which most of you can understand back in 1985, we sold out and we're letting other countries exploit us like we're an active third world country and we've got
[00:00:57] Speaker 2: that. What's up guys welcome to this very special episode of Unemployable today. We are joined by Senator Gerard Rennick from Queensland. This is an absolute cracker. We covered some of the biggest issues that are on the minds of Australians today from immigration to house prices to the fact that we're selling off our foreign assets. We are giving away our children's future and so much more. This is one juicy interview. Please like, comment, subscribe and share this information with fellow Australians. Every Australian needs to hear this interview. We need to get far more active in this country. It is time to stop letting our good nature and our she'll be right mate attitude persist. It is time to actually stand up and fight and vote and get the country that we deserve back. With that said, I hope you enjoy it. We certainly did. Bye for now. What's up everybody. Welcome to this very special episode of Unemployable today. We have a very special guest here in the studio with us. None other than Senator Gerard Rennick. Now, before we get into this guys and before you savage us in the comments, yes, we will have Albo or Dutton on here if they choose to accept their invitations. But for now we are really enjoying putting a spotlight on these voices in the Australian political landscape that get less of the spotlight and we know you guys are enjoying it as well. This is going to be an absolute ripper of a podcast and I just want to encourage you if you don't know the policies or you like what you hear on the pod go over to unemployable.com.au/rennick which is R-E-N-N-I-C-K as in Gerard Rennick and we have prepared for you there a free 25-minute summary in podcast format of all 26 policies that uh the people first party have so that you can just sit there and listen to it and we encourage you to do this as we're leading to the election get educated learn the policies so that you make your vote count with that said welcome to the studio Gerard how are you yeah good thanks Adam thanks for having me here mate we are stoked to have you and um you know we've been going through your content online and we there's so much to talk about but I think what would be a really good place to start is just like give the listeners a
[00:03:24] Speaker 1: a bit of background as to who you are like where you grew up how you grew up and what your background is prior to politics yeah cheers thanks Adam uh I grew up in Chinchilla born there 1970 uh son of a farmer and a midwife at Chinchilla Hospital uh stayed I went to school uh up until 15 uh out of Chinchilla then I went away to boarding school for the last two years in Toowoomba uh moved to Brisbane to get a Bachelor of Commerce uh then graduated went back to the Oldby in Chinchilla for three years where I worked in small business uh business services in a tax accountancy firm then went overseas for what I thought would be about two years but ended up being seven years so I had uh six months backpacking throughout Africa to get to London two years based out of London uh then I got a job based out of Amsterdam for another not quite three years uh where I had about eight months in the states eight months in Brazil eight months Norway eight months in Amsterdam and six months in a few other countries just doing finance work um so you know lodging financial statements um so you know lodging financial statements buying companies installing software uh things like that uh then I quit that went backpacking uh for about 20 months after that so uh long story short uh I went um down to Turkey for Anzac Day then flew across to Pakistan did the routes of the world Karakoram Highway across to Beijing caught the Trans-Siberian back to Moscow and St. Petersburg then legged down Eastern Europe uh then legged down Eastern Europe uh back to Turkey into the Middle East so Syria Jordan Israel uh crossing Egypt uh dived there for quite a couple of weeks off where I just dived in the Red Sea for a couple of weeks uh then flew across to Spain uh then flew across to Spain and Portugal uh back down into Morocco then um Mali and Senegal uh came back up to Spain flew across the states did the eastern states flew down to South America did another loop around there at the carnival and caught up a few friends I had there from Brazil uh then flew back to London where I had a couple of months in London waiting for all the Stan visas so then I came home by I flew across to Moscow went back down to Kazakhstan to Turkmenistan Uzbekistan into Iran went back up to Pakistan India then uh Nepal where I did the Anapurna circuit flew back down to Southeast Asia where I surfed in Nias for almost a month then legged it around Southeast Asia so Vietnam Cambodia Laos and Thailand and then came home so uh I finished that that was my seven years overseas lived in Brisbane for six years where I worked at Bank of Queensland so I was a treasury accountant there management accountant there managed the banking operations uh from the accounting side of things at the Bank of Queensland then got married uh moved to Sydney where I worked for Westfield for almost six almost seven years in tax and treasury uh and in that time I got a master's of tax law um down at Sydney and I finished my master's of finance as well uh and then moved back home in my early 40s after we had our first son in uh Sydney uh and then I had a couple of contracting roles here in Brisbane then uh decided to basically stay at home for a few years and help raise my children uh because I felt you know you want to be there my mum passed away so I thought I want to be there for my children um while they're young uh and while I did that I thought I'll have a crack at politics and so I uh effectively got nominated for the third position on the senate ticket about six years ago and luckily enough got into parliament and I've been a senator since then so all of that is to say you have seen outside of Canberra
[00:06:48] Speaker 2: you have had a job other than a politician and interestingly because I did watch some of your long-form content online and I couldn't help but think what's this dude's background like he's got a real business finance mind which is really comforting given the world that we are living in today so you're actually qualified to speak on financial matters as well which is really awesome so that the move into politics like what was your what was driving you like I've seen your content you're one guy that will stand up at senate sorry at um inquiries and and you will actually push and fight and you know you will push them on points and I get a sense that there's a real reason you're in this job why did you go into politics what are you passionate about before we get into some specific
[00:07:34] Speaker 1: policy stuff I'll give you two answers one for the broad answer and one's a very specific answer I'll start with the specific answer first section 128 f of the 1936 tax act is when I realized I was going to have to do something uh to to help you know save our country uh and that was uh the section of this act was called the public offer test and what that meant was uh was that uh corporations that issue bonds in the primary market don't have to pay withholding tax now uh if you're not you know involved in treasury in tax like I was you would not have a clue what the sex that section of the tax that meant but what it meant was was that foreign banks or any corporation that lends money to Australia the interest we pay them uh they don't have to pay any tax on that here in Australia and I was immediately like well hang on if I earn interest income on my bank account or pensioners many pensioners earn interest income on their bank accounts they've got to pay tax and it was uh and that was while I was doing my master's of tax law at Sydney University so I was sitting in the old tax law the law um building on Philip Street uh in one of the bottom buildings and I can remember it was just the moment I it was one of those sliding door moments where I thought you know what I'm gonna have to do something about this because no one else out there on Main Street will understand it uh so that was I guess my knowledge so so that's where I felt like it had value as a politician um and that gave me the conviction to run because our tax act is designed to uh make it hard it makes our tax act makes it harder for small business and businesses in Australia to compete with offshore companies because they don't have to pay the same amount of taxes what uh onshore companies here in Australia do and when you've got what we call arbitrage that taxation arbitrage Australian businesses can't compete and as a result of these you know um what I call reverse tariffs it's funny because there's we'll talk about this later there's a lot of discussion about Trump bringing in tariffs we've actually got our own government has placed reverse tariffs on Australian businesses through these through the tax act by making us pay more tax here in Australia than what you do if you take your profits offshore now that's the specific answer the general answer is I want to make sure our children get the same opportunities our forefathers gave to us I want to stand up for Australians who try to stand up for themselves and I believe the role of government is to serve the people not control the people and by serving the people that means building infrastructure uh sovereign infrastructure dams power stations road rail ports airports telecommunications that can't compete so they're natural monopolies uh so you don't have the elasticity of choice that you might say with a small business or you know greengrocer or something like that and we've got to build that infrastructure and that infrastructure generates recurring revenue to pay for the recurring costs of schools and hospitals so that's you know that's the big big picture stuff is that we've just got to make sure we we leave our children uh same you know give our children the same opportunities our forefathers gave to us because our forefathers made a lot of sacrifices to make this country the great country it is and I'm determined I mean as I've gotten older I mean as I said my mum passed away 10 years ago this month you know I know the sacrifices she made uh to make sure our children you know myself we all got ahead my brothers and sisters and I'm just you know now that I'm older in life I've had a fantastic youth and career I'm just driven to make sure that we don't stuff it up what specific opportunities do
[00:10:51] Speaker 2: you see young Australians today have are getting taken away are defraying oh housing affordability
[00:10:58] Speaker 1: number one that's number um and then obviously the opportunities and and so housing affordability and then self-reliance and teaching our children that to be able to stand on their own two feet not just from an individual perspective but from a national perspective as well so if they're got to pay a fortune for power bills uh they're having their money taken away I did a post just this week on how superannuation funds now one superannuation fund but it's typical of the others are now investing seven out of every ten dollars that's going in the superannuation offshore uh so these opportunities that that money should be invested into this country through building infrastructure not buying infrastructure but actually building it so that then you can get more more uh essential services like schools and hospitals and you know from this great state of Queensland I'm old enough to remember what the national party Joe B.O.P. Peterson did when he opened up the Bowen coal basins in central Queensland when he did that in the 60s and 70s he basically started to create three forms of income for the state coal royalties the royalties from the freight trains and then the charges the poor charges from the ships that went offshore he did it for coal he then did it for the bauxite deposits up in Weepa except he wouldn't give uh the companies that were mining that bauxite an export license so in order to export the bauxite they had to evaluate it hence the creation of Gladstone uh so where then now the ships have to go around the Gladstone and be turned you know the bauxite gets turned into aluminum or aluminium uh so that generated more revenue there building dams you know all of that sort of thing so building infrastructure creates opportunities and then for jobs and by building infrastructure for example you take coal-powered fire stations you're not just generating revenue for the state the more coal-powered fire stations you have the more supply you have you're pushing down the energy energy get feeds into everything it's an input cost for everything it makes it easier for our businesses to compete um so so the opportunities for our children to also compete set up their own small business we want to make sure they can do that and as i just pointed out before they can't compete against foreign corporations if foreign corporations are paying less tax uh than what australian businesses
[00:13:05] Speaker 4: are here so you mentioned housing affordability is the number one problem um just for the audience that they're listening what's what's in your view what's the number one problem and what's your solution
[00:13:14] Speaker 1: okay so the number one problem is obviously immigration uh it is way too high and it's pushing out many australians um from being able to able to buy a house but there's another uh problem as well and there's immigration what we know is human immigration human capital coming in there's also financial capital and this is one of the things we've got some people out there saying we should just take immigration back to zero we can't go right back to zero right now because we don't have the skill set in this country we would be short of tradies and short of other people doing a lot of physical work if all the immigrants were to leave overnight just like that so we do have to lower the immigration rate but what we also have to do is we have to understand how we got ourselves into this problem and this is where in 1985 poor keating lifted what was they called financial deregulation they lifted capital controls so that was financial capital controls so in 1985 uh there was eight billion dollars in foreign debt amongst the four between the four major banks by 2008 there was 800 billion dollars in foreign debt so what that did was and all of that money so that so when keating lifted capital controls he said we're not going to restrict banks from going offshore and borrowing money right so when i was at the bank of queensland for example the bank of queensland was borrowing about 60 percent its wholesale funding was about 60 percent offshore and only 40 percent onshore right so what that meant was for every dollar say million dollars we lent on housing only 400 000 of it came from domestic savings the rest of it came from offshore so you apply that across all the banks over that 23 year period from 2008 1985 to 2008 8 billion 800 billion it got lent against housing that drive house prices up from three to four times earnings to 10 to 12 times earnings it then meant that two parents had to go back to work it then yeah led to the creation of the child care industry right now in 2008 there was the financial gfc financial crisis so in order to stop the house market from crashing because everyone had all this debt and a lot of retirees lost their superannuation like storm financial and that in order to stop house prices from crashing kevin rudd allowed the parents or foreign students to buy property here okay and that would prop up the housing market and save the banks right because the banks have enormous amount of influence that then started the foreign student explosion so if you look at the foreign student numbers it took off after the gfc and that was designed to prop up houses in this this country so we went from lifting restrictions on financial capital in 1985 which then led to us lifting restrictions on human capital from 2008 right i mean we've always had immigration but it sort of started to take off and and it's one thing say when we had the immigration after world war one or i mean my great great parents are um from the irish potato famine so they came here and came as settlers as farmers right so it's one thing when immigrants come here they go to the regions and they start at value adding but if they're coming here as students and they're living on campus or just basically studying but not at and so increasing the demand side but not supplying any goods and services themselves into the economy you're going to create you know a services problem which is what we've got now and i think we're up to something like i'll stand and be corrected on this something like two million temporary visas in this country so it's completely out of control um so that that is what led to uh the situation we're in today uh and that's what we've got to reverse what what i don't understand what you just said was
[00:16:41] Speaker 2: you said that it was because the capital controls were lifted that all this money the banks were able to get it from overseas why what surely there was a demand for the money for it to be filled why did they have to go why couldn't they just get it domestically all that additional borrowing because
[00:16:55] Speaker 1: prior to 1985 all the banks could lend out because they were restricted from borrowing foreign capital right so they could only lend out what people deposited into the bank account and your savings was linked to earnings right and that's why so for the first generation it was like a party so so it's like if i took our children you know but i assume you've got children or we took them to the comic book shop and there was a comic book there for five dollars and every week they earned five dollars mowing the lawn the most they could pay for a comic book per week would be five dollars and if i came along and said look i'll lend you 20 bucks so now they've got 25 dollars what's that comic book worth 25 dollars but is the their earnings increased no so this is the problem so so we we had what they call the neoliberal or economic rationalist period where it's like governments all governments bad um let's deregulate the market and of course that had other consequences as well so the victorian state bank collapsed in the late 80s because they used to be just a typical savings bank where they'd go and borrow you know people would put a term deposit or make deposits with the victorian state bank and then they'd lend that money out again well they because the regulation they were allowed to buy a merchant bank or tri-continental at the end of the 80s with the scarce boom and the bond you know with the heady days of the late 80s and they bought this merchant bank which basically collapsed which meant that the victorian state bank collapsed uh and a lot of victorians moved to queensland as a result of that i'm sure some of your listeners have probably got parents who came from victoria so that reckless it'd be like getting rid of traffic lights on on the highway like you just
[00:18:28] Speaker 2: so what i'm what i'm getting at is if i went into a bank in 1985 for a home loan yeah how would it be different pre that change to after that change as a consumer trying to borrow money the difference
[00:18:37] Speaker 1: would be you'd get dressed up in a suit uh and this is what my father tells me is 89 no 90 actually uh in a couple of months but uh back in the day you'd have to get dressed up in a suit and you would take you would get a ticket in the queue and they would only the banks would only lend money
[00:18:52] Speaker 2: to the most credit worthy people was the deposits the same bigger deposits bigger deposits and and all
[00:18:58] Speaker 1: the banks could lend was what people say put into their bank account so dollar for dollar one for one so there's no fractional reserve lending nothing but you well yeah so well the fractional reserve lending is a bit of a misnomer so banks have to have 10 equity right but what people think is is that they just issue credit on a computer that's not correct the other 90 of money they lend has to come from savings or term deposits right or after 1985 offshore markets right so what you're saying
[00:19:26] Speaker 2: in 1985 is that banks had far less capital to lend yes therefore they were far more choosy about who they were lending it to yeah and there was far less money people people buy getting mortgages whereas today because of these capital controls being lifted a heap of cash came in from overseas yes that and that encouraged the banks to lower their lending criteria and make it easier for people to
[00:19:49] Speaker 1: borrow which then of course supply demand drove price drop drop yeah asset prices up and of course that was all added and abetted about 10 years later by ARPA which was split off by the RBA who stopped including the prices of houses and land existing houses and existing land in the CPI index so how do you put that genie back in the bottle well you got to bring back capital controls and you I mean you couldn't do it all at once you'd have to sort of reduce the amount the banks could borrow from offshore gradually but the key point is if banks can only lend what people deposit within Australia it means that you can't live beyond your means so it's like if we our children graduated from high school and instead of them just spending a week down at schoolies we we gave them a credit card for 50 grand yeah and they went out and spent that 50 grand but they had no income that's reckless expenditure right because you you know you want them to be able to repay it I mean you want them to be able to invest it and this was the thing housing even though it's still very important I mean it's the most important asset you can have is a consumption asset in the sense that it's not a factory making you know widgets and gadgets and things like that and business banking went from about 50 or 60 percent of a bank's book to down to about 20 or 30 percent and of course there's two reasons that a because housing lending went up so much and businesses now big businesses don't have to borrow as much and use as much debt because they rely on the equity market through superannuation so we had this other whammy so 1985 I just talked about the capital controls we also had the button plan introduced in 1985 which is where we abolished a lot of tariffs and the button was named up the button plan was named up to senator john button who was a victorian labor senator and basically we said right we can't compete with Asia we're going to get rid of tariffs and we're just going to let all our manufacturing go offshore now as and that along with the privatization of our infrastructure because our state governments used to train a lot of apprentices as well through the electricity board and things like that we've lost our skill set so 40 years later in 2025 all of those people that were getting uh apprentices so in 19 so my best mate left school 40 years ago this year and he left school to become a diesel mechanic so in great when I started grade eight we had four classes when I finished grade eight we had about down to one or two classes in 19 my sister who's six years older than me when she started grade eight she had four classes at high school in chinchilla when she finished grade 12 she had half a class because most of the men or the boys men left to go and get apprenticeships or trades or get out there in the real world today of course we now have most of our students go on to university but what we've got is all of that that last generation of where we had more people getting trades adding skills real skills are now retiring and as a result we're losing our what I call you know people with the skill sets who are on the tools they're all now you know retiring and what do we got we've got you know broken brainwashed young people uh with a hex debt with no real life skills I mean they've gone to university and and look there's important degrees you can get at university obviously medicine engineering architecture yeah they are valuable thing but you know other degrees like sports management for example you know we don't need to be studying sports management even things like nursing my mother became a nurse because she was taught in the ward uh things like that we don't necessarily be be taught in the classroom you're better off being taught on the on the workshop floor or in the hospital or in the classroom um so that is the thing we're de-skilling now add to the asset in price so there's that 1985 and and that education thing was the Dawkins plan in 1990 where the government started funding education so that's where we went away from so take the button plan and the Dawkins plans together we've gone from being on the tools and and having real life skills and you know skills that you can use in a manufacturing industry or something like that to being you know classroom skills and all the more the softer skills that don't necessarily add value and then the real kicker on top of that superannuation so that's today you're taking 12 percent you know soon to be in July you're going to be the government yeah it's going to force you to give up 12 percent of your income and give it to somebody you've never met uh and you won't get it back until you're 67 and there's no guarantee you're going to get it back until you're 67 now 12 percent of your top line income for people on an average wage is 50 to 60 if not 100 percent of their actual um savings so you're reducing their savings capacity to even buy a house and superannuation is a false economy because if house prices are going up seven percent you need your superannuation to go up by 10 percent just to break even because remember you can only save for a house after your after you pay tax so if you earn a hundred thousand dollars a year and pay it's not quite thirty thousand dollars tax at a hundred but you know let's say it is just for sake of simplicity you need to be earning you know if you want to say yeah buy a million dollar house i know that's expensive well it's expensive but it's not far off the median price of brisbane prices brisbane now you might need to save uh seventy thousand dollars a year you've got to make a hundred thousand dollars so superannuation doesn't actually generate a 10 return they get about a six or seven percent return but you're falling behind in your capacity to buy a house so what we've seen is is uh now 40 percent of people who retire and these figures are a couple of years old this was pre-covid actually 40 percent of people retire now retire with a mortgage that's up from 10 percent in 1992 so so where we've increased asset prices we've reduced earnings capacity we've reduced our productive capability and this is how we're becoming our economy is becoming more vulnerable to external shocks i i'm a big property
[00:25:23] Speaker 3: guy right yes and i want to know how is jared and people first going to fix the housing affordability crisis without crashing the market because in my opinion a lot of australians wealth versus overseas like the us and stuff is held in real estate we are a pro-property um country right and we've we've heard of you know uh net zero immigration and all these types of things and immigration has been said that that's what's propping this real estate market so what are some of the things that that you would do to try and um one fix it without crashing it okay so the first two things would be obviously lower
[00:26:08] Speaker 1: immigration and fixed capital controls but then what we need to do is to actually be able to put more money into people's pockets especially young people's pockets so that they can afford housing and get into housing and we want to lift the tax free threshold of forty thousand dollars it's currently 18 200 so uh if we lifted the tax free threshold from 18 200 to forty thousand dollars that would save about three and a half thousand dollars a year and put three and a half thousand dollars more into people's pockets who earn that money secondly we'd make superannuation voluntary so that young people if they want to pay off the house can pay off but save for a deposit or pay off the house they can pay it off faster or save for a deposit faster you're saying use their superannuation
[00:26:48] Speaker 4: contribution now to buy a house absolutely yeah the best form of retirement is to own your own house and so would that be governed by like let's say there's a super contribution is 12% now that 12% they can't just go and piss it up the wall down the pub but that 12% needs to be allocated to a dedicated mortgage account or something along those lines no 12% they can they can keep it if they
[00:27:08] Speaker 1: want to waste it at a pub that's their bad luck they'll get the pension when they retire what's the
[00:27:12] Speaker 3: long-term impact of that they get the pension when they retire and that's that yeah is there any is there any more impacts that you can see because let's let's be straight majority of people do not know how to manage money right and the reality is i think like we've seen it during covet yeah right people got some handouts whether they do went to jerry harvey harvey norman bought the tvs bought the blenders about all the fancy things right they didn't actually go out and save it or invest it so how would that affect long-term impact in regards to i guess the quality of life and the pressure on on government in regards to funding what somebody has spent because we're assuming that people are going to be putting it into property but the reality is boats and cars are
[00:28:01] Speaker 1: a lot more sexy i'm not assuming that at all actually i'm assuming that a lot of people will go and and and spend it and you know what they do when they get their lump sum those people who spend it throughout their life you know those same people do when they get their lump sum super at 60 they go out and buy a boat or take an overseas holiday anyway when you say that uh people i disagree with you i think many people out there will save for their own house but you're right there's a large number of people that won't be responsible and they will spend it but i don't see why those people the people who do want to get ahead should be held back by those irresponsible and i think there's more people who are responsible than it's not but here's the key point the cost of superannuation concessions tax concessions today are 60 billion dollars the cost of the pension and that mainly goes most of that goes to the upper 20 of income retirees they won't get the pension anyway the cost of the pension is 55 billion dollars that goes to the bottom 50 of income retirees plus 20 on a part pension so the cost is an income income tax retirement review predicted this a few years ago and this year just happened jim chalmers he got it was very was not spoken about uh the media were very quiet about it last december but in the my info report when they came out with a tax expenditure statement the combined tax concessions for superannuation was 60 billion dollars now add to that the cost of managing superannuation so the last figure done by the productivity commission uh about six years ago it should need to be updated but it was about one percent the cost of managing superannuation across the economy is 30 billion dollars all right so add that to the 60 billion dollars that is a huge amount of money that's almost the same amount of money we spend on defense we spend on an army of financial engineers in their ivory palaces um on top of that you now have three we have four trillion dollars in superannuation three trillion dollars of that is controlled by industry and retail funds about 30 predominantly the bulk of that is controlled by about 20 uh industry and retail funds who are not elected all right that's one of our policies of people first but guess what if you control three trillion dollars in capital you control industry and every time you land on a plane or you go and as many of your listeners will be out there they've gone to meetings and they've had to do a welcome the country at a boardroom meeting um or they'll land on a plane they have that the acknowledgement of country or they have all these sort of work things coming into corporations that is because the people running companies today are being driven by ideology and not productivity and we cannot have you read a finance set of financial statements today there's more words in a set of financial statements issue yeah if you get on there and read a set of yeah an annual report from a company there's more words in there than there are numbers right if someone who's been a financial account for 30 odd years i can tell you that is not right okay i want to see the numbers i don't
[00:30:52] Speaker 2: want to see the verbiage um when you say the verbiage do you mean woke ideology in there or are
[00:30:57] Speaker 1: you talking just language generally oh language in general you know they'll talk about you know um yeah how many men are employed to women i mean there's an entire agency in in canberra called the uh what's it called the gender workplace equality agency that employs about 30 people and you have to if you're a certain size company you have to report to this agency how many men and women yeah ticking all those things you know in in the um voice for example most companies gave two million dollars or millions of dollars to the yes vote not the no vote they should have stayed right out of it i go and get uh cash out of the my banks which is commonwealth bank atm now there's a little acknowledgement of country and a little plaque next to the atm you know what are they spending money on that stuff for but this is this is the problem when you control three trillion dollars and most of it now as i said earlier is seven out of every ten dollars is being invested offshore now bob hawk said when he brought in super super yeah so seven out of ten dollars of
[00:31:51] Speaker 2: a new super yeah new super yeah is going overseas not being invested into australian infrastructure
[00:31:56] Speaker 3: and ownership of that's correct yeah i i liked what you said before and um i love this policy the superannuation one by the way because i think at the end of the day if you want to take the money now you should be able to right because we're basically saying to people live an average life now thinking that you have this money that's devaluing in my opinion every day every week every year yeah to say that you're going to have 300 grand in your superannuation account at 65 right but what you said is true if the people are going to spend it on that now they're most likely going to spend it on that then so the decision is do you want to live a half-decent life and enjoy while you're young right or do you want to leave live an average life now to then try and live in a half-decent life when you're 65 and enjoy those things and in my opinion i rather enjoy life when you have the health and you can actually go and and travel the world and do what you want i i went uh to europe last year and i i had this realization of when i was there and we're in italy and we're overlooking the water and i remember this guy he was about seven odd years old and he was walking around with an oxygen tank and i was just like is that what we is that is that what retirement is going to look like and uh so yeah i i think it's interesting policy and very good and
[00:33:19] Speaker 1: it's really interesting so that forty thousand dollar i'd like to get it to fifty thousand on that tax free but if you earn forty thousand dollars today you pay about three and a half thousand dollars income tax you'll pay once it hits two percent four thousand eight hundred and super so let's just round that up five thousand uh your disposable income from forty thousand goes back to thirty one and a half thousand dollars now that if you're not already below the cost of living at forty thousand which most people probably already are you're certainly going to go below the cost of living so we're putting for people on median incomes what we're doing is is we're delaying today for the future but we're driving people below the the poverty line which is then going to make it harder to keep their job because if they've got a flat tire or they needed a dental fix or they've got to you know own a house i mean you don't want them losing their house like taking away eight and a half thousand dollars out of forty thousand when it costs you forty thousand to live is actually an obstacle but if we i can quote the australian superannuation financial association the median balance for women aged 60 to 64 for superannuation is 158 000 dollars now they they they but those figures are a couple years old but that's after superannuation is 30 years old women who've been um it's so in other words the assets test for going on a part pension is 312 000 so half the women aged 60 to 64 aren't anywhere near to even going off the pension so superannuation isn't doing its job of getting people off the pension the same percentage of retirees if i think it's a little bit higher actually are on a full pension today than what there was in 1992 so all we're doing is is sending 30 30 billion dollars in fees to the financial engineers uh you know tax and sessions the wealthy and i'm one of them i don't you know i shouldn't be getting tax and sessions in my superannuation i don't need it um especially when someone that earns more than 18 200 is paying 16 cents in the dollar you know when they're 24 000 say 34 000 below the poverty line we want these people who get out get up and get uh get out of bed every day and put their nose to the ground stone on low incomes to be keeping their head above water because i can tell you it's the low-income earners that keep the wheels turning in this country i yeah as i grew up in chinchilla i did fruit picking i did you know worked at the royal exchange when i was at university all those roles you know hospitality you know ship workers the cleaners they're the people that keep the wheels turning if they're getting out of bed for an average income of 60 or 70 000 a year i want to make sure that they keep keep their head above the water and and it's completely wrong that we give generous and dick smith will admit this right he says it's ridiculous he pays next to no tax on his superannuation he's a multi-millionaire he puts that in ads in the paper about a great guy dick um it is completely ridiculous that our tax system gives generous tax 60 billion dollars worth of tax concessions to super and yet we we have 55 billion dollars for the pension i mean you know we've got to encourage those people who are doing it tough who still get up when they could be sitting in you know probably if they worked the system could get 40 or 50 grand in handouts or you know faked an injury to get on ndis these guys are actually still working and we've got like if i if i you know there's some other policies i reckon i'd love to lift the tax free threshold all the way to 100 if i could um i probably couldn't get there in one go but i i reckon i could probably
[00:36:31] Speaker 4: get 65 or 70 without back to the um uh the um 985 with the lifting the lid on the um bringing on offshore capital i mean is that one of your policies moving forward now you'd like to try and put that genie back in the bottle so to speak and if so have you had any um uh with the feedback it'd be interesting from the banks i mean the most obviously more money they can get in and then get out there's well they can profitable so i mean it'd be interesting to try and see how that would
[00:36:54] Speaker 1: work yeah oh absolutely well tough titty i mean it's the federal government gives the banks the banking license we'll make the rule thanks very much if they don't like it then next time there's a gfc we won't bail them out it'll be good night banks but what we'll do is instead what we want to do is is this is where the infrastructure bank comes in now do you guys are you guys familiar with the balance sheet not really no not not intimately right okay well you got an asset okay let me just you're an asset over here right so that's your asset then we have this thing over here called debt and equity you know what debt another word for debt and equity is we're familiar with balance sheets just not the aussie balance okay so it's called capital right now you'll often hear oh we've always relied on foreign capital the that's you hear politicians say that rubbish all the time that's complete and utter insult to our pioneering forefathers the words of our national anthem is wealth for toil right our wealth is basically from hard labor right people working out there you know turning the soil into crops etc etc what we want to do is replace foreign so we've gone in 1985 we're at 14 million people that's our asset right today we have 28 million people over here we have filled the credit side up so for every debit there's a credit we have filled the credit side up with foreign debt okay instead of domestic equity right now our forefathers when they went off in world war ii and fought to save our country and our pioneering forefathers built this country up uh in terms of modern australia they built the title title is equity right mortgage is debt title is equity so back to your asset if i say i've got my farmer i've got a tractor and i'm going to order the farmer i go out to the farm i'll look for a tractor all right when i say i've got debt and equity what is the real instrument under debt and equity it's either a mortgage or it's a debt or equity we have the equity to this country so instead of using what our heating did is sold australia out because he said we're no going to longer use domestic equity we're going to allow foreign banks to lend us their paper okay in exchange for our hard assets and that's completely ridiculous so we want to replace that foreign debt with domestic equity so just in the same way as public companies bhp might issue new shares to build a new coal mine we want to issue new shares to build dams power stations road rail ports airports and telecommunications maybe not so much telecommunications anymore thanks to elon musk and starlink um now let's look at the other six assets we issued that so the way we do that is we issue one share and call it untapped wealth start an infrastructure bank in canberra canbera the infrastructure bank will now lend to the federal or state government for any of those six assets so let's take a dam for example let's say it costs a billion dollars to build a big dam right what we currently do is borrow a billion dollars offshore and then that means the first billion dollars we make in wealth from that dam we've got to repay offshore right plus 25 years interest at four percent say just that's that's another billion dollars in interest we've just given away two billion dollars in wealth untapped wealth because we are using someone else's paper instead of ours we we are paying another country to use their printing press when we should be issuing our own script and we're not even taxing them you were saying yeah on yeah on that on the interest that's exactly there's no withholding taxes to them on the interest either so there's a double whammy absolutely so many of your listeners would be familiar with the stupid scenario we have with renewables at the moment where we're shutting down our own homegrown coal-powered fire stations and then in buying uh renewables made offshore and then i think 75 of those renewables are owned by foreign companies right what we did with our energy system which most of you can understand we have did that with our financial markets back in 1985 okay we sold out and we're letting other countries exploit us like we're an african third world country and we've got to stop that finish that uh damn story though so you got the billion dollars
[00:40:38] Speaker 2: yeah right and we've we've take we're taking the money from offshore bank yeah we're paying them interest offshore they're not paying us any tax on the interest that we're paying yeah that's right and we've we've we've lost a billion dollars in in in in the capital and the interest yeah how would the the infrastructure bank work so canberra lends the state the billion dollars yeah so the fact the
[00:40:57] Speaker 1: infrastructure bank will lend the state government a billion dollars for 50 years now it won't just lend a billion dollars like that it will lend like five million dollars a week so it'll be a work in progress initially so obviously you'll be paying wages you'll be buying a couple of d10s to you know scoop you know push the dirt out um concrete you know so progress progress payments yeah yeah progress payments the interest payments on that come back to the fed yeah that's right by the people exactly and then that that infrastructure bank will then make a profit so let's just so we'll be start generating earnings that stay here in australia rather than interest that goes offshore and it's owned by the australian people and the initial capital for the infrastructure bank and that will be issued from it from from just in the same way companies issue new shares we will issue new
[00:41:46] Speaker 2: equity slash infrastructure bonds so what the whole premise here is the australian people own this land absolutely and so if somebody wants to come along and build a mine or build a infrastructure project we say no problem we're going to create shares you're going to buy the shares or what no the shares are going to be owned by the people yeah and then you issue the debt to the state
[00:42:06] Speaker 1: we issue the debt to the state so the people will own the bank but it won't be for mines it's got to be for those seven sovereign assets it's got it that's very strict you've got it but but so just that's hold stay with me here right you have to slow it down for us yeah sorry sorry guys and some of your listeners will have listened to this a couple of times i know it's complex but it's really really important it's a great idea and i'm loving it i just want to make sure people don't miss it yeah now that's so so now that's known in the business as quantitative easing right so which part issuing the infrastructure bonds okay right because remember it's called the so we've doubled our debits over here 14 million people to 28 million people we have to increase the volume of capital right in the system to match the increasing size of the population 1937 banking royal commission the real banking royal commission into banking in australia said the central bank should always control the volume of capital in the system 1985 paul keane abolished that and let foreign banks control the volume of capital we're going back to using our equity instead of debt right now um where was i with that now the reason why we've got to do that is because what the rba currently our rba only uses qualitative easing that's where they change the price of money on the first tuesday of every month or they manipulate interest rates that is speculation nothing short of speculation the only people that make money out of that is who banks right they're not making anything out of that right now inflation is a relative number we had because of the ridiculous scenario in covert where they printed 300 billion dollars and paid people to stay at home and get brainwashed by the premiers we had a drop in supply and an increase in demand and and that drop in supply wasn't just covert that goes all the way back to the 1980s when we got rid of manufacturing so our supply has been dropping all the time while demand has been increasing all the time through rising immigration right bigger so so immigration is the difference between demand and supply sorry inflation is the difference between demand and supply what the rba does they they manage the demand side of the economy and they do that by punishing hard-working australians through no fault of their own it's a form of tax they don't call it a tax but it's a form of tax right so after their stupid stupid behavior throughout code where the reckless economic management they have punished hard working australians by lifting interest rates 14 times to drive demand down now that's an austerity measure why why is our government imposing austerity on australians after the crap they went through in covert what we need to do is have a productivity measure to lift supply because we're going to increase immigration and we've already done that forget about stopping it now we've gone from 14 million people to 28 million people in the last 40 years right we've got to increase supply that is why we need this infrastructure bank as well because by doing it this way we will lift supply and lift productivity and that's really really important and and and now the naysayers the economic rationalists will go oh that's reckless you can't print money out of thin air that's complete rubbish right all money comes
[00:45:06] Speaker 2: out of thin air it's what companies do every day when they ipo or they raise exactly exactly
[00:45:11] Speaker 1: but here's the thing here's the thing it's not whether or not you issue credit out of thin air it's what you match the credit against now you understand the difference between secured and unsecured lending the infrastructure bank will enforce secured lending what the art what our government currently does now they just go and borrow money from offshore and what are they secured against our children's taxes our children our tax base and our children our children are going to inherit the debt because of our our stupidity today and i'm determined to stop that right so what we need to do is to actually uh bring the infrastructure bank in and but when we issue that new credit we have to issue it against an asset and we asset issue it against assets that come out of thin air so what's the assets that come out of thin air rain yeah what we yep sunlight yeah soil yep that's title we have title over all that every time it rains right if you or you take livestock for example you stick a bull in a paddock with 20 cows you come back a year later you've probably got you know hopefully 20 18 calves every year mother nature is giving us recurring wealth for free out of the sky and that falls across our seven million square kilometers now what we currently do is all that wealth that comes out of the sky thanks to mother nature we give to the foreign banks all right because we are stupid we are dumb and we are stupid and weak because we fell for keating's garbage in 1985 we need to be securing that to our children we need our forefathers gave us that title and we've got to make sure we give the title of those assets that recurring wealth to our children and that is why that that's what the infrastructure bank will do because every time you've got a dam then you've got start irrigating you'll increase land values increase more land tax you'll produce more crops you'll reduce the the number of flat floods and droughts um you'll make it a wealthier country likewise with power stations you burn our coal cheaper energy generating revenue for the state governments um and cheaper energy for our small business we're giving our children opportunities so that is where that's the solution now that's the infrastructure bank i want a public bank over here like we used to have with the commonwealth bank and that's basically where we go back to you know and if we start generating more earnings over here and create more small business we'll have more savings have more savings we don't need to go offshore anymore because we can just lend out you know when people retire and they put their money into fixed interest at four percent well the bank and take it and lend it out at six percent but we're not living beyond our means yep now the profit from the commonwealth from that's the public bank here and the infrastructure bank over here will then go into a development bank and that will then fund more loans to things like councils to build sewage works and things like that but the beauty of it is when the councils um say state government's building a hospital instead of them borrowing money from a private bank and then all that interest like i said the 25 years of four percent all that interest going offshore guess what the interest then goes back to the development bank the development bank goes back to the federal government and we reduce our taxes even more because we're actually retaining the earnings from this country this massive country seven million square kilometers with only 28 million people living in it we're retaining our earnings here from the productivity our own productivity instead of paying it offshore to these foreign banks for nothing more than putting money out
[00:48:31] Speaker 3: of thin air sorry why don't more people know about you because like like you can obviously sit here and that that's a lot of information for us to take in right but you can you can see obviously the finance background right and like when i listen to you i can't help but to think of someone like a donald trump at the same time who has a i shouldn't say a similar background but that business finance mind right like you can't not anyone can think the way you do right just because they have some policies and like the whole like i look at a country like it's a business you know like yeah yeah right like you said there's a it's a balance sheet there's financial statements to a country and i think that it hasn't
[00:49:20] Speaker 4: been looked at that way from for many many years and just just to add to that um like you've the people first has been around since 2024 just last year you obviously haven't come three months you haven't come to this concept in the last three months you've been banging this drum for quite a
[00:49:35] Speaker 1: while i've been banging this drum when i was in the liberal party for five years i was secretary of the backbench committee i took it to jim chalmers i took it to josh fridenberg i took it to stephen and kennedy the head of treasury his words to me at the end of it was we don't want japanification of australia i was like what do you mean you don't want japanification of australia i japan well you don't want high-speed rail going everywhere being on time and all that of course we are but just back to your comment about us being a business but we're not in the business of profits we're in the business of services so our business is delivering schools and hospitals and infrastructure
[00:50:06] Speaker 3: and getting out of people's lives it's delivering lifestyle yeah delivering a lifestyle so the
[00:50:11] Speaker 1: profits we uh is is freedom you know greater choice you know high high standard of living and that's what we do by returning retaining that earnings we can lower taxes uh empower people not just to have more money to buy their own houses but empower our entrepreneurs to run small businesses and and succeed
[00:50:30] Speaker 5: there's world it's that time of year again at unemployable where we're opening up our unemployable business coaching program it's over a 12-month period and with that you get private one-on-one coaching group coaching as well as private and live events throughout the year you can get private coaching with me and not only me but our panel of experts that we have put together these panel of experts have been in our network and are the exact people that we use in our business successes people from branding sales marketing our lawyers our accountants everyone that has helped build our businesses you have access to if this sounds of interest go to www.unemployable.com.au forward slash coaching and register your interest to see if it's a fit for you and us hope to see
[00:51:21] Speaker 2: you there because we need these people to be able to live in these cities and that's what's so sad is that like you said there the people who are teachers and nurses and stuff can't afford to live there anymore and we need them here yeah but the other the one i want to loop back because this is all fantastic the other thing that you spoke about before we rolled tape and we were chatting to you was uh there's a huge and i get all time on social media and we heard it when pauline and malcolm were here about how australians in their mind have this idea that we get paid nothing for our liquid natural gas and other resources and you were explaining how that's actually a misnomer it's not that we get nothing it's the tax incentives and the tax structures that result in that but we do have royalties and all that stuff can you explain to us how we're not getting screwed over yeah sure
[00:52:07] Speaker 1: okay so so there's a conception out there that we don't get anything for our minerals that's that's not true so our our minerals that are state owned on the land the state governments charge royalties now for for example here in queensland on coal the royalty on coal up to a hundred dollars sale price of a hundred dollars is seven percent the royalty on coal uh between 100 and 150 i think off the top of my head's 12 and a half percent it then goes to 15 from 150 to 200 and then right up to over 400 it goes to 30 percent uh yeah gold i think it's five percent in wa i think mine always five percent in wa that's just the royalty that's just the royalty now there's other taxes as well that they yeah there's other taxes as well so and then on top of that obviously if they still make a profit they'll pay 30 cents in the dollar on the profit they make they pay payroll tax uh on all the people they employ and then they pay gst on all the doses the utes um all the expenditure that they spend they're paying gst now where they're not paying uh tax on our our resources is on offshore gas tax or royalties royalties yeah so what we've got instead a flat royalty on the top line for our offshore gas now offshore gas is managed by the federal government not the state government is what they call this petroleum resource rent tax now that was designed in a way to make sure that effectively it was almost impossible that they would ever pay you know a petroleum resource rent tax and that's because they're allowed to index the cost of construction so if it took 10 years to build an oil rig say a million dollars a year for 10 years so it was 10 million dollars they can appreciate the actual um cost of that million dollars but here you know i appreciate it so they can index the cost over time which basically means if you're indexing at the rate of inflation about four percent but here's the thing what they do is they set up uh offshore loans on that million dollars so from 10 years ago and they'll borrow money at say eight or nine percent from offshore and that gets added to the million dollars every year plus the indexation so as i said before you know 25 years at four percent you double it when it's nine percent it'll only take 11 years to double the costs right so effectively it's almost impossible under the petroleum resource tax to pay any petroleum resource rent tax right so get rid of all that complexity which so this is what people first want to do and just charge an offshore royalty between five and ten percent on offshore gas sales now chevron got busted about a decade ago uh by the tax office and their dodgy transfer pricing the ato need to lift their game by the way they don't do enough on transfer pricing uh with multinationals um but then they go hard after our small businesses here but chevron were charging nine percent on intercompany loans when they borrowed from their bank at about two or three percent and they got caught out only because of emails that admitted they got caught out but the big thing about a lot of people love to bag our mining our mineral companies our mining companies here in australia they pay the most amount of tax more amount of tax than anyone else it's all the uh it's this going back to this withholding tax system that i spoke which why i ran initially you take pfizer so in 2022 they made 1.4 billion dollars in sales here they transferred about a billion dollars of that back to ireland now the withholding tax rate on royalties paid to ireland is 10 cents ireland has a company tax rate of 12 and a half cents so on so that means 10 plus 12 and a half is 22 and a half less the 30 cents they pay here they save seven and a half cents so it's called a seven and a half cent arbitrage on a billion dollars that's 75 million dollars but as it actually turns out that they get a credit on the 10 percent withholding tax they paid here back in ireland so they're only paying actually 12 and a half cents all up 10 here and two and a half cents in ireland so they're saving 17 and a half cents shifting that money offshore now whether it's fiza whether it's mcdonald's whether it's general motors you take when we shut down our car industries no one ever asked how much money in interest royalties and rent did general motors pay back to detroit or one of their subsidiaries in an offshore tax haven it was enough to make sure they never made a profit here because if they made a profit here they'd pay 30 cents and a dollar the tax treaties with the us uh for uh uh between zero and ten some of them are zero so they would get a 30 cent arbitrage tax arbitrage by shifting that money offshore that is the real killer um not withstanding the offshore gas that's also a problem but the the onshore minerals isn't isn't as bad how much would it like if you did a just let's say it's
[00:56:43] Speaker 2: 10 royalty for the offshore gas if you implemented that and there was no way to get around it how much
[00:56:48] Speaker 1: would that bring back to the australian economy in your estimation it would be in in billions i couldn't tell you how much but i would estimate that if we were to lift our withholding tax rate much higher from say about 10 to 20 percent we would we would be collecting if we didn't at least collect 10 or 20 billion dollars i'd be very surprised because i think that's sort of some
[00:57:07] Speaker 2: comparison with the middle eastern country was it oman or somewhere yeah qatar qatar yeah and we've got have we got similar oil reserves there or like what's the well well so i i so this was one of the
[00:57:20] Speaker 1: first things i looked into back in 2019 when i became a senator qatar's gas is very shallow and it's a better higher quality uh product than our gas which is offshore in deep waters and it is a lot more expensive to drill and as well as that our wages are also um much more expensive as well um because qatar's right in the middle of the arabian peninsula there where you know it's just they can get cheap labor from india and bangladesh and places like that so it look look it's it's it's certainly a um something we should benchmark against but we won't collect as much money because our gas is deeper and it's not as high quality and obviously it's further to the market so to ship it to japan you know japan from wa i think it's you know 14 hours of shipping versus say from qatar to europe may only be a few
[00:58:08] Speaker 4: hours through the suiz canal and these these offshore um um gas and and so forth they're in australian waters hence why we can yeah so why is this massive difference from offshore to onshore
[00:58:19] Speaker 1: like just because the difference between state and federal governments right so keating yet again i think it was keating who designed the petroleum resource rent tax in the late 80s yet again these guys don't understand numbers that they didn't realize and they're all falling over themselves to get the industry up and running and how it gave away he signed contracts with japan in early 2000 that were extremely cheap it wasn't just the royalty issue some of these contracts are 20 or 30 year contracts and of course they don't understand that the the how powerful exponential interest is right if you're increasing something of two or three percent every year over 20 years suddenly the price if you're getting as you pointed out before eric that the actual real real dollar value is actually decreasing the longer it goes on um and that's and so you've got the real the sale price not going anywhere but under the petroleum resource rent tax tax the costs are being appreciated every year but that the sale contracts weren't designed with an indexation inflation oh yeah just gave it away i don't know i don't understand that like it's that's basic one-on-one it's just well that's what politicians you don't really fuck but but but we see it with renewables right look we're shutting down our own um you know homegrown power stations that use homegrown resources because we're you know uh obsessed with climate change right we're just we're destroying our own economy and we did it with the financial people sort of jump up and down about immigration but what they don't understand about immigration is we did exactly you know human capital uh you know lifted controls on human capital around 2008 we lifted controls on financial capital in 1985 and that that's what led to the human capital crisis i want to i
[00:59:54] Speaker 2: want to talk about your view on state and federal governments generally in a minute because you have some pretty strong views around that and probably covert i think woke australians up to realize how much power the states can have but i just want to just cap for listeners we won't have time to go into immigration more deeply but i'd encourage you guys to listen to um gerard's full policies right for his party by going to the website unemployable.com.au forward slash rannick and you can get a full like 25 minute podcast that goes through all 26 policies but just on the immigration you've got like you're proposing a cap on uh immigration that they have to go into regional areas when they come in a total ban on extremists coming in deport all illegals abolish the appeals process um no dodgy education providers which is just uh you know pumping numbers up and 10 years you've got to be here before you can get benefits basically so that all mostly makes a lot of sense to me so go and um mostly go and go and listen to the full thing but you know i want to change gears to covert for a minute there's so much we could talk about here with you there's just so many rabbit holes like that's just one little area covert i think um changed this country in a lot of ways it certainly woke a lot if there's if there's a few positives it woke a lot of people up politically i think i know i didn't really give a shit about politics until covert and they took my freedoms and that's my number one value in life and we just i was one of those people that took it for granted and then we saw all of a sudden that the australian prime minister didn't really run the country anymore that the states did that these they became czars you've got some pretty strong ideas around the cost of and the way that we are set up can you sort of speak to those quickly about the that how we've got so many layers of
[01:01:41] Speaker 1: government and the cost and all that well well so um i actually raised this issue prior to code but so in my maiden speech i called for a federation convention or a constitutional convention around
[01:01:51] Speaker 2: change it to federation we actually put that on the page your maiden speech if you want to watch it
[01:01:55] Speaker 1: where that podcast is we put it there as well because i said there's nothing more destructive in this country than the ambiguous responsibilities and a vertical fiscal um imbalance between federal and state governments i mean we've got two health departments to education departments to environment partners to water departments to money yeah to tourism so we've got a duplication of our bureaucracy right so yet again i said our job is to deliver services and as i said in my maiden speech the last 40 years we've sold all the infrastructure that provides services and then we've marched on into the family home in the classroom the bedroom covert into the doctor's waiting room superannuation into the boardroom telling people how to live their lives so we no longer provide services we impose regulation wake up australia yeah so we've gone from serving the people to controlling the people and that is directly related to the size of the bureaucracy in this country and there's no greater example of that than the duplication of roles and responsibilities between state and federal governments now add to that the franklin dam decision all right and you may want to go what this franklin dam decision got to the price of eggs in china everything because in 1983 this is another one of these killer policies that hawk brought in the hawk keating government brought in that has had devastating impacts on this country that people don't realize 1983 yeah and this isn't about the environment whether or not you think that franklin dam should be damned or not at franklin river should have been damned or not this is about the powers of the federal and state government 1983 paul keating went to the high court and said we anytime we sign sign a foreign treaty we can override the powers of the states because under the constitution 5129 federal government's responsible for foreign treaties they signed a foreign treaty um unesco to protect the environment hawk said we have to protect the franklin river under this treaty so they went and did a deal with the united nations it's at the franklin dam you know it's it's a it's now a unesco protected world site heritage site you can't damn it so that took away so the states under our federation the states have plenary powers right so they give powers to the federal right to the federal government not the other way around you know the reason why that really matters is because you cannot get anything built so you know how i said before we'd have the infrastructure bank the dams and the state governments build dams we've had one dam built in queensland since that decision and that was the burdick and uh not the burdick and the um uh the one up in bunderburg it's escaped my mind but it had to come down it got built and came down anyway uh paradise dam sorry um uh now i'll give you a recent example of how that's impacted us there was a gold mine in new south wales last year that spent 190 million dollars paid the state government 190 million dollars to get environmental approvals to build a gold mine it then went to the federal government who then kiboshed it on cultural grounds right because every time you want to get something done in this country not only do you have to go get approvals from the state government the state once that's done you've gone get a second lot of approvals from the federal government now do you think the federal government that's that's manned by you know third or fourth generation bureaucrats brainwashed with woke ideology are going to ever approve another dam or gold mine or anything like that in this country ever again never absolutely not and that's because the franklin dam decision allowed the federal government to under any treaty they sign with the united nations or whoever to block any development or progress in this country it's almost like we need to set the constitution on fire and start it again because it's all the semester hence the convention so and i've changed that from a constitutional convention to a federation convention because there's two things one would be constitutional issues but the other thing is there's a lot of things we can change without touching the constitution that would be low hanging fruit so for example i've got a policy like if it was left to me uh let's take health to the fed give health responsibility for funding health to the federal government and give education back to the state governments now the reason why i say that is that education is a competition of ideas health however is very inelastic if i'm bitten by a big black snake out in the back out back somewhere i'm not going to get on the phone and look for the cheapest hospital across australia am i i'm going to get to the closest hospital so there's very you know yeah there's there's there's there's inelasticity of choice so there's not a lot of competition in health you're going to go to the closest hospital right down here in the gold coast even you've got the choice between public and private but that's it you're not going to drive to adelaide because it's going to be ten dollars cheaper so um but then likewise uh and and then because health now we currently manage federally medicare uh the pbs scheme private hospitals uh the ndis aged care why not just wrap it all into one and then fund your local so you've got the gold coast region down here that's one health area metro south metro north and and and then you give money to those regions and then they manage it at the operational level on the ground um likewise with education we've got this argument all the time between public and private school funding just give it all back to the states and say you've got to give the same amount of money to every student you can scale it based on you know the poverty but that would be much more transparent and i don't want the national curriculum being designed in canberra because they they're pushing all this stuff through the national curriculum that then gets pushed on the principles that then gets pushed on the teachers and where's the parents pushing back on this they're not there because they're back at work the second parents back at work right so we've got to get rid of the national curriculum but in that little switcheroo and these numbers are about five years old it would cost the federal government um 50 billion dollars to pick up health and we save 30 billion dollars by ditching education so the federal government would be 20 billion dollars worth off worse off and the state governments would be 20 billion dollars better off what we do in exchange for that is state governments get rid of payroll tax which is a stupid tax and we bring back stamp duty on share trading which is a tax on speculation so about 40 to 50 of the market today is traded by high frequency foreign traders we should bring back a one percent stamp duty on on share transactions yeah to people who hold shares they'll say if you hold your cbas or your bhps the amount of money you will save in payroll tax you will get increased dividends and will be much more productive payroll tax is a stupid tax so just those three ideas alone apart from getting rid of the duplication of the bureaucracies would save billions and make us much more productive because we wouldn't have to go through two sets of regulations a lot of our entrepreneurs listening to this one of the most
[01:08:12] Speaker 2: frustrating taxes is you know they hit a million dollar payroll yeah now they get payroll tax so yeah they're actually disincentivized to create jobs yeah they go to sri lanka or philippines yeah somewhere so often they get to that threshold and they start looking at offshoring or firing australians yeah that's what they do yeah because of this stupidity
[01:08:32] Speaker 1: and the regulations six different you know threshold six different rates and and where do you work if you're you're running a national business and you've got a manager and working out of five different
[01:08:40] Speaker 2: states and your company's large and small falling foul of the complexity like yeah coles and woolies you know when they short play employees in my mind they might do a lot of things but i don't think they have a board meeting in sydney going let's figure out a way to screw all our employees it's it's just such a complex system that even the biggest what do you think of that do you think that there's that
[01:08:59] Speaker 1: kind of underhandedness happening not with payroll tax um they do do it with offshoring profits and but not yeah it's too hard to play games yeah you've got it you know you've got to have a shop in um brisbane to sell groceries right so yeah i want to have a chat about a policy um and a lot of
[01:09:17] Speaker 3: the viewers here are in property and entrepreneurship businesses yeah and you've got a policy which i've found quite interesting but i want to learn a little bit about it myself and it's the siege uh is to remove the cgt so capital gains tax discount and instead index the cost of uh the cost base of assets so can you explain that because a lot of people here will own properties a lot of people here will own businesses sure and when you know that that's a big thing for all of us right going oh we just sold a business and we get 50 capital gains tax exemption yes right is it better for us or is it worse for us
[01:09:58] Speaker 1: it'll depend the longer you hold the better it'll be so we're going to average capital gains over the period of the time you held it so if you hold now for over 12 months and you made 400 grand profit yep you'd pay tax on 200 right or what you do is you'd pay the so you made 400 grand profit you'd be up in the high tax so 45 cent bracket you pay 23 and a half cents yeah what i'm proposing is that if you held it for 10 years you would pay divided by 10 and you'd you'd pay the average of the average rate on forty thousand dollars a year so under my policy if you got the forty thousand dollars tax free you'd pay nothing right but if let's say it was a million it was a hundred thousand a year so the tax on 25 um uh hundred thousand is just under 25 thousand so let's say 25 cents in the dollar on 100 000 you'd pay 25 cents on the million because all right what i don't like about the 50 cgt discount is it's a blunt instrument right so it doesn't take into account the longevity you held an asset and you get indexation on that as well right whereas the 50 cgt you can hold it for 12 months make a million dollars and pay half the rate of tax the same rate of tax if you held something for 20 years and i don't think that's right i think we want to encourage people to hold longer because once there's a lot of speculators of hold 12 what they do is actually on the stock market they make a killing they will actually move offshore to become a non-resident cash out and then they pay no tax because they don't have to under the capital so there's a section in the tax act that says if you're a um own less than 10 of shares in a company so a non-portfolio interest you don't have to pay capital gains tax if you're a foreigner so people will move overseas cash out their lump sum game and then come back home again um so i'd get rid of that taxes role so that so basically in the big
[01:11:44] Speaker 3: scheme of things the longer you hold the asset the better off you will be yeah but if you're in for a quick win if you hold something for one or two years you'll be worse off yeah okay yeah because i
[01:11:53] Speaker 1: want to incentivize long-term holding assets and being productive rather than speculating yeah the other
[01:12:01] Speaker 2: thing just flipping assets yeah the other policy you have that i think will resonate with a lot of aussies spanning foreign ownership key assets yeah i think especially given where we are in the world we're pretty isolated down here yeah and we're seeing ports and different things being sold off huge tracts of farmland being sold off how would that work and is there a way to if if if if someone
[01:12:23] Speaker 1: like you as prime minister could you retrospectively buy back these assets we can make an offer i wouldn't seize the assets i mean i'd let the people you know eventually a lot of these ports are currently on leases so we could buy the lease out or just let the lease lapse so a lot of these so some of these leases are 50 year leases and they're already 15 20 years into it but that is the point of the infrastructure bank as well is that we could start buying back assets and we would have to do that if we were to make superannuation voluntary there's going to be a problem with superannuation this is another issue on superannuation about like i i'd expect around 2040 so superannuation came in in 1992 so after about 48 years an entire generation when people start to retire withdrawals are going to start to exceed contributions so that means money going out is going to start to exceed money going in so money going in has inflated these industrial assets as the money starts to go out it's going to to start push the yeah super funds are going to have to start liquidating these these big infrastructure assets they won't it won't it won't happen as you know suddenly but it will happen so you're going to need the government to step back in again and start buying this that's where we need that infrastructure bank and the profits from that infrastructure bank to start buying it back
[01:13:37] Speaker 2: but you want to ban foreign ownership of what are those key assets infrastructure housing and
[01:13:43] Speaker 1: agricultural land so they can't buy houses foreigners they can't buy houses they can buy units if you want to buy a unit that's fine uh but you can't buy houses and land so so only the unit but not the land interesting yeah and farmland no farm no farmland or aussie owned or logsy owned i don't think
[01:14:00] Speaker 3: people understand how much agriculture has been sold off i was at a a private equity uh luncheon a couple weeks ago and one of the speakers was a very successful uh family business and they uh sold off a massive macadamia business they owned one of the biggest macadamia farms and somebody asked who bought it and it was a foreign uh a foreign company and then she went on to say that that same company owns 70 percent now of the whole nuts business in all of australia 70 percent controlled by one foreign company that obviously is probably not paying much tax yeah that'd be well here's the thing
[01:14:43] Speaker 1: um there's an actual another section in the tax act actually similar to the one so it's 855 of the 1997 act called the non-portfolio interest test that water rights have been deemed a non-real asset so that means if a foreigner by water buys irrigation water rights in this country they shouldn't be allowed to do it at all um they make a capital gain on it they don't have to pay capital gains tax so number one we shouldn't let them buy it but not only do we not let them buy it we then say you don't have to pay tax on it so how are our farmers who are trying to buy water who's running this place yeah
[01:15:16] Speaker 3: but controlling the number one asset with is water because without water it doesn't matter how much gold you have doesn't matter how much bitcoin you have how much property you have you're finished yeah
[01:15:27] Speaker 1: and yet again i have raised this issue i have tried to get it up in the party room got nowhere this is one of the reasons i went out on my own because i wanted to get this stuff out here yeah um because just yeah it just scrapped yeah weeping tears of blood we've got a little bit time left not much i
[01:15:44] Speaker 2: know you've got to go to another meeting and we appreciate the time you're giving us i've got two big ones here i don't know which one to go to one i know that you want to have a parliamentary inquiry into the mismanagement of covert and that whole show and also um the other big one is i love it when you talk about thermodynamics and the climate scam which of those would you like to tackle i'll tackle
[01:16:04] Speaker 1: both i mean the first one is self-evident now the inquiry in the cave it look i don't care how they do it you know everyone says let's have a royal commission into it you can have a royal commission but doesn't mean to say people are going to go to jail people need to be held to account how you get to that end i don't care but people need to be held to account step one and step two these mrna vaccines are not safe a traditional vaccine okay so so you got to understand i'll touch on this very briefly right pathogens you've got three types of pathogens bacteria double-stranded dna single stranded mrna right so your bacteria doesn't mutate most a lot of your vaccines are bacteria-based right that means if you get and they're blood-borne and then you've got two immune systems you've got mucosal system right which is your snot and things like that and then you've got your systemic system which is in your blood your blood's controlled by igg immunoglobin g and your mucosal system's controlled by immunoglobin a for viral respiratory trans um uh transmission if you put something in your arm you are only going to get an igg response in your blood you are not going to get a mucosal response so vaccines do not work for respiratory diseases they only work for blood-borne diseases if you put you there if you put a nasal spray up your nose and then that that can create you know an iga response right so keeping all that in mind the mrna vaccine is different to the a normal protein vaccine right covet had 29 proteins normally if you had a protein vaccine for that virus you would pull off um the uh spike protein and you'd get the other 28 proteins that is a big it's like 28 people walking through that door over there it can't travel around your body it can't cross the endothelium thelium in your bloodstream and travel throughout your body what they did with the mrna vaccine is they took the spike protein they got the mrna for the spike protein and stuck it inside a lipid and that's hence the word nanoparticle nanoparticle means one to ten to the power of negative nine right as opposed to a normal sized particle which is a millionth or a micron which is one ten to the power of negative six so imagine a thousand of you there adam that's a much bigger object than one of you right that means so this mrna vaccine because it's a nanoparticle could travel throughout your body step one right step two it uses transfection so those lipids were slightly polarized i won't go into too much detail but what that meant is it could cross the cell membrane of any cell so the virus could only cross the membrane of a cell with an ace receptor an antigen converting enzyme not all organs in your body have cells with uh ace receptors in particular your spleen which produces white blood cells now this is very very important because if that vaccine could cross in and the mrna inside that vaccine could travel throughout your body and cross any cell membrane it can go into any cell right step two step three you're now inducing because it's gone inside your um cells a t-cell response so if you go back to your initial protein vaccine 28 proteins it's big big big or you know big macromolecule it can't travel across your body it stays up in your arm and stays close to your lymph nodes up in your arm your immune system recognizes it as a foreign agent sends the b cells to kill the foreign agent right go back to the mrna vaccine it's now attacked inside your cells your immune system won't use b cells it'll use t cells killer cells to go in there and kill your own otherwise healthy cells so it's kind of like chemotherapy vaccine style except it goes across any organ right so these these mrna vaccines cannot target the actual cells that carry the virus all right now remember that also single-stranded mrna virus mutates very easily bacteria won't mutate it doesn't mutate and you have double-stranded dna so when edward jenner created a vaccine that was for smallpox that's a double-stranded dna so you know your crick watson model here you've got the little hydrogen bonds that hold the two ladders together no but i'm gonna say yes yeah so um so you'll see it it's the famous dna helix model yes yeah so so like it's like a ladder and you've got the little steps you know the thing so the hydrogen bonds hold it hold it in place so very hard to mutate single-stranded mrna mutates very easily so there's no point vaccinating against the single mrna stream because it will mutate faster and you'll create this thing called immune imprinting that the next time the next fire as it mutates the next virus you get your immune system will react slower so mrna vaccines will induce an autoimmune response that damages your body hence myocarditis and all these so it's super dangerous super potentially that's super dangerous i mean a lot of the stuff broke up mrna broke up so a lot of people got a dose but it wasn't even you know the mrna had already broke up but if you manage to get one that has still intact and it goes to the wrong parts of your body it's a bit of a lottery it's like a russian roulette it is super dangerous so number one it's not safe and number two it's not effective anyway because you're not going to stop transmission so that's the big key thing there so the thermodynamics
[01:21:15] Speaker 2: so just on that i mean that when you think about the cost and the impact and the borrowing of our future children's wealth with all the money that was created and like the impact of that on the australian people the psychology of our kids being locked at home the financial impact which is still into the future it's enormous and there's been no apologies there's been nobody held to account there's been almost nothing it's just like it never happened and the people who oversaw it just sailed off into the sunset with their government this is why so many australians are pissed off yeah um and and i i just wanted to add my two cents on the end there and and i would love for that to happen myself and if you're a listener here drop a comment below because i think there's one question if if any of these other guys come in i'm going to ask them do you think you owe the australian people an apology you know because i think they do yeah absolutely um based on the fact that i think i did a quick poll on my instagram and i said only answer this if you got vaccinated it do you regret it and it was like 90 percent of people who got it regret it obviously everybody else who didn't get it obviously don't agree with it so most of the country i think is pissed off about this yeah um so thank you for
[01:22:25] Speaker 1: answering and what's worse is is that covet itself is engineered in the world handle uh and i mean that's a whole rabbit another rabbit hole we could go down to but fauci in january 2017 said at georgetown university the day before trump was inaugurated on his first term that there will be a surprise infectious disease outbreak in the term of trump's presidency now had there been a bunch of mozzies coming from mexico yep fair enough you could see that there was a pathogen out there but who predicts that a surprise infectious disease outbreak in relation to a political term very very
[01:22:56] Speaker 2: strange yeah yeah yeah it was of course a bat flying over a pig trial or something yeah
[01:23:01] Speaker 1: pandeline yeah pandeline a raccoon dog yeah yeah yeah anyway so moving on from that let's finish off
[01:23:06] Speaker 2: with the uh the climate scam um explain to us and it's like i know for you this probably is simple but in a simple language because all of us trees is way above our playground i just had a science lesson so as simple as you can like how the thermo i heard you speak about this in another pod we talked about thermodynamics and why here's the science of it you talked about a ute hitting another ute and all this
[01:23:30] Speaker 1: stuff plain english awesome okay um it's it's so it's we could break this down a number of ways so i'll start with a very simple stuff um first of all i've asked for the net zero stuff so this isn't the science this is the way we're going to measure net zero i've asked the csiro on the mod for the model they're going to calculate net zero and the answer i got was which one i said what do you mean which one and that and reply was well there's 40 different models to calculate net zero so first of all all if there's 40 different models to calculate net zero clearly the science isn't settled number two i've asked the csiro do you include photoplankton in your models and the answer was no the reason why i asked that question is photoplankton absorbs about 30 40 of the world's co2 in the oceans models only are based on land-based usage and i ignore that there's thing called convection in the atmosphere i.e the wind what we know as the wind that blows a lot of the co2 offshore into the ocean where it's sucked up by the photoplankton and the photoplankton responds to co2 i.e the expanse you know get more of it just like green grass grows faster grass grows faster after it rains um so we have natural natural stabilizers in the planet already to deal with an increase in co2 so the more of it it absorbs the plankton the more of it is made and produced well no see uh photoplankton absorbs co2 yes but
[01:24:52] Speaker 2: does the photoplankton expand as a result of absorbing it yeah yeah so yeah so the more that's coming it's
[01:24:57] Speaker 1: expanding as well yeah exactly and photoplankton's whale food right so you know it's actually good for the whales win-win win-win um now the science of it is one of the uh the term itself greenhouse gas effect is a complete and utter misnomer uh there's this idea they've used the term that there's yeah a greenhouse gas traps convection it stops a greenhouse is a solid and it it stops hot air from rising right so to compare a gas which is what co2 is to a solid first of all is a big fail right like anyone that says you know co2 acts like a greenhouse is is comparing gas to a solid you don't know what you're talking about step one step two um hot air rises okay so this idea that hot air gets trapped is not true if you look at a hot air balloon you put hot air in it what happens it rises up in the atmosphere you boil the jug the steam rises to the top right what traps heat and and it's i don't like using that term and i'll explain why in a minute in the atmosphere is gravity right and this goes and and um so where do i go from there so what what heat is is is or temperature is a measure of mean molecular momentum so what we're trapping gravity what creates heat in the atmosphere is the molecules and heat now heat is kinetic energy the energy of motion and we know that heat is directly energy is directly connected uh related to mass that's einstein's uh special theory of relativity from 1905 e equals mc squared energy is mass times the motion of that mass okay now 1900 1915 he came up einstein came up with a general theory of relativity which introduced gravity into the theory uh and that was necessary because all bodies are accelerating as a result of gravity gravity is the force that can that keeps us on planet earth when you throw a ball up into the air and that ball comes back down to earth it's not the actual radiation from the co2 that's pushing the ball down it's gravity and that is what it's actually the gravitational effect that gives us heat in the atmosphere it traps the molecules and the molecules collide with everyone else now if i was to lodge my tax return and say my income had changed uh the tax office would come back to me and say that's not good enough you have to be specific right yet the government wants us to pay billions of dollars uh in taxes to pay subsidies to deal with climate change if you're going to charge that you need to be very specific about what we get in return for spending that money all science is based on mathematics the reason why einstein's famous is because he came up with that well he came up quite a number of theories but one of them was equals mc squared he then came up with his theory of general relativity the most famous scientist before isaac uh before albert einstein was isaac newton in 1607 18 1687 he came up with the universal theory of gravitation he didn't just you know as we're taught at school see an apple fall from the tree and go that's gravity he actually came up with a formula for gravity which was the product of the masses of the two objects and then and that was over the square of the distance between them this law this universal law of gravitation was used in the early 19th century the 1800s uh by astronomers who couldn't who couldn't understand using the universal law of gravitation while the planet traveled in the orbit they did they knew that there must have been another planet out there that's how they discovered pluto gravity is very hard to conceptualize at the at the small level but on the planetary level that's you know it actually works i mean it still works here but we just see it as something more denser than something else right and that comes back to the mass okay but the reason why that matters is that when you want to know the impact of uh um of co2 on the atmosphere it comes back to the mass so it is true that increasing co2 in the atmosphere to the extent you're increasing mass in the atmosphere will actually increase the temperature and we know that because co2 is a gas and you ask yourself well all science is based on mathematics is there an algorithm between gas and temperature yes there is it's called the ideal gas law pv equals nrt uh p for pressure v for volume n for the number of molecules let's assume that's steady r is a constant and t is temperature ie energy so if we strip out the um so let's do the sums here pressure is force over volume so that is take out your two volumes you're less with force force second law of uh newton's um law of motions is mass times acceleration so we now got mass times acceleration equals temperature ie energy take the a out and you'll recognize mass equals energy that goes back to einstein's 1905 theory right add the a back in and you get the general theory of relativity from 1915 but here's the key thing that a represents what gravity right so it's gravity that drives drives heat in the atmosphere now you can throw uh you can increase so temperature is a measure of mean molecular momentum so that's how fast all the molecules are moving in the atmosphere and the faster they move the hotter it is heat is the combined volume of that system so there's more heat in the ocean than there is in a boiling jug but the temperature of the boiling jug is much hotter right so look at heat as being the entire volume of the system uh contained amongst all those molecules right so what happens is when radiation hits that um that pool of energy so gravity you know when you've got a magnet and you've got two magnets together they can pull each other right you know if you've got a a bathtub and you start putting water and eventually it fills up and then starts to spill over gravity can only hold so much energy in based on so the earth can obviously hold a you know very big atmosphere but if you add too much heat heat works against gravity right so when radiation comes in and heat something up the other molecules will be heated and they'll escape escape yeah it's escape velocity of about 11 meters per second and yeah up high enough and you'll escape the earth's gravity right so yes radiation added to the atmosphere every day will increase the temperature of the earth but this the the gravitational pull of the atmosphere will only can take can only hold so much right now the other thing is so so as that temperature is increased here so just like you throw a rock onto into a lake you'll get you know you'll get way waves right eventually that will settle back down again that is gravity working you can't have convection without gravity so gravity is what drives convection and conduction uh and and the whole idea so if we go back to what these guys want you to believe so we can disprove it another way the climate alarmist wants you to believe you add 100 parts per million of co2 to the atmosphere that's one part per 10 000 they want you to believe that what that one part per 10 000 of co2 can heat up the other 10 000 molecules by one degree now under the first law of thermodynamics right so energy is neither created or destroyed it's just transformed or transferred right you can't get something out of nothing so in order for that one molecule to heat up 10 000 other molecules by one degree it's i'm ignoring specific densities here just ignore that time being um it's got to be 10 000 degrees celsius that cannot happen under the first law of thermodynamics which is that energy is either uh it's called the energy conservation so you can't even their theory you can just disprove forget about all the stuff about gravity you can just use the first law of thermodynamics to disprove that you can't get energy out of something they're trying to argue that basically one molecule can heat up 10 000 other molecules by one degree that's complete ridiculous that's ridiculous because the co2 molecule would have to be 10 000 degrees celsius which it can't be so if we just went ahead and we just like
[01:32:42] Speaker 2: and forgot the greenies and gagged them all up and then just developed the world and pull people out of poverty what would be the actual increase in your opinion of our global temperature okay so we can
[01:32:53] Speaker 1: work out so this is using math yeah using math so pv equals nrt so for every 100 parts per million that's one part per 10 000 the temperature of the atmosphere is 287 degrees kelvin or 15 degrees celsius plus the 272 for kelvin this the ideal gas law is expressed in kelvin so you go one over 10 000 times 272 which is 0.027 of a degree not 0.27 0.027 you times it by the specific density of carbon dioxide so carbon dioxide's got what one carbon molecule at six which has six uh protons and two oxide at um an oxygen molecule is eight uh protons so eight plus eight plus eight plus six is 22 uh the average density of the atmosphere is about 13.8 that's because you've got what 80 percent nitrogen and 20 oxygen so nitrogen is seven plus seven 14 uh n2 o2 is six plus six eight plus eight sorry which is um 16 yeah so 23 over about 23 become dioxide over 14 it was 60 80 nitrogen so yeah 14 so sorry the specific density must be 14.2 sorry um so it's about one and a half so you just go one and a half um so i carbon dioxide is about one and a half heavier times heavier than n2 and o2 combined in weighted average which is the bulk of the atmosphere times 0.027 is about 0.43 i think on the top of my head um so basically for every hundred parts per million of co2 assuming that it's not sucked up by plankton uh photoplankton which most of it is uh you'll increase the atmosphere of the planet by 0.04 of a degree um so 0.04 of one degree yeah yeah which you know for the price of bringing six billion people out of poverty i'd argue is worth it but it's it's it's virtually negligible so we should be out of the paris climate change accord and all that yeah absolutely and and but it's important to emphasize just because you don't believe in climate change doesn't mean to say you don't care about the environment no of course and there's and there's three separate issues here one one is right do we care about the environment absolutely of course we do right we do care about the environment do we believe in climate change yeah we believe in climate change because the climate change is every day but do we believe that you should um spend money on something that you can't quantify absolutely not right so that's the other issue and and and the question is how do we deal with living in the world we do today and protect our beautiful you know um nature our biodiversity and and and our environment uh and i can assure you renewables on an industrial scale is not the way to do it um and that's that's the that's the issue i think you know the small little you know you do get some nitrogen oxide and sulfur dioxide out of carbon uh out of coal-powered fire stations a lot of that is scrubbed out and collected so it doesn't go anywhere uh but carbon dioxide the most renewable form of energy on earth is the process of photosynthesis one of which three ingredients is is carbon dioxide the other two being o2 and h2o uh water oxygen and carbon dioxide to somehow think the carbon dioxide is a pollutant is completely rubbish it is the source of life without carbon dioxide the plants can't breathe photoplankton can't float breathe we won't have whales um and you know we won't have trees so this whole idea of demonizing carbon dioxide is a complete not a myth yeah just
[01:36:13] Speaker 2: all these greenies you are killing whales you are killing whales when you're just yeah
[01:36:18] Speaker 1: you're starving and starving them a photoplankton and this is the ridiculous thing many of your listeners can understand forget the science but you know that renewables it's not good for the environment but we're actually you know importing these renewables yeah these renewables are owned by foreign companies and they're and they're replacing our own homegrown resources and you know what was once government owned i mean a lot of these uh you know government-owned power stations we've kept our uh coal powered fire stations up here in queensland only just but in other states they were privatized they were then bought out by private companies who shut them down and then started rent um becoming rent seekers for renewable energy that type of madness we did that with capital controls in 1985 we're doing it with immigration this is where our governments are going wrong they've got everything back to farm where they're serving the interests of foreign foreign people you know foreigners in front of australians and look you know as i said before i spent seven years traveling around the world went to 84 countries i'm you know i still believe there's one race the human race but when it comes to governing you your responsibility is the people that elect you not the people that don't elect you
[01:37:21] Speaker 2: i think that's a great place to uh to to end it today that is
[01:37:26] Speaker 4: this checker has got like eric she's got a test coming up for 20 questions after this mate if you fail uh that that g-wag it's mine which will blast it we'll see it i actually can now say you know
[01:37:36] Speaker 3: sometimes in the pocket like i'm somewhat intelligent i can't say that anymore
[01:37:43] Speaker 2: it would be lovely gerard to see somebody in power who's actually really smart and not to blow smoke up your ass but we really do um need that kind of level of intellect and uh it's just so refreshing and we really appreciate you coming in and i've watched you at senate estimates you know and the little you know videos and i just want to encourage you and the people that you're working with to keep doing what you're doing holding their feet to the fire we need people with high iqs and that are prepared to be one of the things i think being australian politicians one of the hardest gigs in the world like as we've you know a very unique culture here where we crucify our pollies um so and it's a pretty thankless job i'm sure at times oh look i actually get a lot of thanks from uh the
[01:38:29] Speaker 1: constituents so thanks to all your listeners that do support me i really appreciate it look the criticism of our politicians is actually justified no i'm serious because no they are weak and insipid i mean i don't get yeah okay fair enough not every one of them's a rocket scientist but what i what i dislike about the people in the major parties and some of them are my former colleagues who are still friends of mine that the amount of self-loathing that goes on within the liberal party from college yeah they call me they still call me i mean they're still friends of mine right and they whinge and they moan and they hate themselves because they know they're not fighting the fight and they're gagged um and you know i was listening to the old classic ten to one by midnight all this morning on the way down and power and passion it says better to die on your feet than live on your knees some of these politicians need to actually start being prepared to die on their feet politically so that our children don't have to live on their knees because we are suffering because not only do they not have the vision you know to and the solutions to get australia out of the mess we're in they don't have the courage to even fight and i think they go hand in hand if you know what the solutions are and you know what you believe in and you know that you know what you're doing is right you'll have the courage but one of the reasons why a lot of these people don't have the courage is the gag they're not they're not actually doing what they really should be doing which is fighting the fight they're sitting there being told to shut up and they shut up because they're afraid of losing their job
[01:39:47] Speaker 2: senator gerard rennick thank you so much if you want to get all the policies guys unemployable.com.au forward slash rennick r-e-n-n-i-c-k if you want him in a concise format or if you want to go directly to his website it is gerard rennick.com.au and social media as well pretty easy to find jump short yeah sure yeah senator gerard rennick um so guys i hope you've enjoyed it please drop a comment let us know do you want more guests like this what did you learn today um you know engage in debate because the more you engage with this video uh the more it will be promoted by the algorithm i don't know how we're going to go with all the covet stuff in it maybe we're going to get uh misinformation warnings uh all over it but the more you engage and do those little things it just helps grow the number of views and the number of the level of engagement and enables us to get more people like this on the pod because the attention is here um and that is how the platforms and the algorithms work so thank you so much for your support guys and we'll see you soon remember vote that's that's the thing vote put them at the top of the card the person you want cheers hey there i hope you enjoyed that episode of unemployable if you'd like to watch another episode Just click there.