Paul Bongiorno

We're now in the situation where our most important ally is doing us and basically the rest of the world more damage than any of our putative enemies.

I mean, Trump's war in the Middle East has completely thrown the world trading order and economy into disarray at great cost.

Now, when it comes to Trump putting tariffs on us, well, the reality is that Trump has to pay for his excesses, especially for his massive tax cuts to himself and his billionaire mates.

And this is the way he's doing it.

As we know, tariffs are actually a tax that American consumers pay.

But what it does, of course, is make our exports dearer and harder to get into the market.

But the other point, of course, is the decision on the submarines.

The discussion there is it's better to get in-service submarines than used submarines.

Did you see the argument put by the Defence Minister that these nuclear-powered submarines have 30-year life?

And if you get them in the first six years, it's like getting a demo car.

That's exactly right.

Here, this demo is just, it's only got 200 kilometres on the clock, you know.

So, yes, so it looks like, well, what we've got up in lights is that we take what the Americans will give us.

And, of course, Paul Keating, the former Prime Minister, just can't believe that we would cede so much of our sovereign wealth to the Americans.

You know, what is it, $300 billion worth in the process?

Thanks very much, Daniel.

Bye.

Keating said Angus Taylor marks himself out as a political leader unworthy of the leadership of a party that has managed Australia for the greater part of the last century.

Well, Daniel, I've got to say it's looking very bad for everybody, Australia and the government, and we're all in the one boat.

In fact, I don't think we can make a distinction between the government and Australia here.