Anthony Albanese maintains his government's still in contact with the trump administration, pressing its case for a reprieve from tariffs. And the campaign trail today took Peter Dutton to a steelmaker which could be harmed by America’s rising trade barriers. But which is supporting the coalition's policy for cheaper gas.
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00:00Seeking certainty when it's hard to find, Anthony Albanese's belief in markets is unshakable.
00:10He went to one, savouring the prospect of rate cuts to come.
00:16The markets have an expectation that there will be another rate cut just after the election.
00:23While castigating the tariffs likely to cause them.
00:26It certainly is not an appropriate action and it certainly isn't reciprocal.
00:32In downtown towers, Jim Chalmers bunkered with central bankers and regulators.
00:37We are confident that we can weather up these global conditions.
00:40Barely pausing campaign hostilities.
00:43Peter Dutton's lies about the budget and the economy are bordering on pathological.
00:47They can throw mud, you would expect it.
00:49Further west, Peter Dutton got to touch and feel a Trump tariffed product.
00:54What about this orange one?
00:55A rolled steel for colour bond, which if exported to America would be hit with a 25% charge.
01:02And you've got the option, I suppose, of just setting up in the US.
01:06But he didn't come for a tariff chat.
01:08Blue Scope happens to be a massive gas user.
01:12We can bring down the cost of steel and bricks.
01:15The opposition leaders finally released the figuring behind the plan to hold back more East Coast gas
01:21for domestic rather than foreign customers.
01:24I think we can see an impact very quickly.
01:26His modelling by Frontier Economics suggests industrial gas prices could fall by 15% and immediately
01:34when new contracts are signed.
01:36For retail prices paid by households, price cuts of 7% for gas and 3% for electricity
01:43are predicted.
01:44By when?
01:45Progressively, with a lag and ultimately is Frontier's wide open timeline.
01:50The Coalition's, well, it depends.
01:54We should be seeing, after 12 months of operation, an impact on bills.
02:01By the end of this calendar year, and that's when you'll start to see a reduction in those prices.
02:06Yeah, Andrew?
02:07Retail prices?
02:08Yes.
02:09The only gas policy that the Coalition have is gaslighting the Australian public.
02:14Apart from those contradictions on timing, the Coalition's document makes no prediction
02:19of any flow on savings that could come from price cuts for big gas users.
02:24Peter Dutton's not as reticent, though.
02:26He's promising food and grocery prices will fall, showing a faith in markets that hasn't
02:32recently been rewarded and which he's now certain to be held to.