Australia's Quality of Life is Tanking | More Taxes For YOU

Added: 2026-05-09

[00:00:00]All righty all, welcome back to the channel. We're back on the internet together again today. Today it's going to be interest rates, the cost of everything going up. Good oldfashioned rant here. I'm sure many people are probably going to resonate with this one. Uh especially after rate increases we all knew were coming, but still they don't hurt any less. Let's jump straight in.

[00:00:18]The Reserve Bank has hiked interest rates for the third time in a row, delivering another blow for the millions of Australians with a mortgage. Governor Michelle Bullock conceding the war in the Middle East has made Australians poorer. This as questions persist over whether Jim Chararma's federal budget next week will help or hinder our fin like they they point to these overseas things. So these these these are price rises that are out of our control.

[00:00:45]But we're as mortgage holders and medium and small businesses who very much rely on debt funding for working capital facilities to operate their businesses.

[00:00:57]They're the ones got to suffer because of something going on in the Middle East. Makes no sense to me. It's not going to stop demand here. It's a supply issue.

[00:01:08]>> Finance editor Chris Kler begins our coverage.

[00:01:12]a rate.

[00:01:13]>> People will buy petrol anyway. You you could you could say it's got to do with fuel and blah blah blah blah blah.

[00:01:18]Everything's going to go up again and then we're going to be in a loop here.

[00:01:22]It's going to be a circularity.

[00:01:25]I can see a few more rate increases this year. I know there'll be a lot of people jumping up and down with the excitement uh on on the sidelines watching the carnage uh unfold not realizing that it just makes it a lot harder for those particular people number one to survive because rents are going to go up the cost of everything's going to go up and uh secondly um your borrowing power is diminished. So if you're sort of waiting and you're just on the edge, you're almost there, you're sitting there with some dry powder waiting for the world to blow up, well guess what uh you can borrow less money. Pike Hatrick and likely more to come. The Reserve Bank today voting 81 to raise the cash rate from 4.1% to 4.35%.

[00:02:04]>> Now I understand this is a really difficult time for households who are already facing higher fuel prices and other cost of living pressures. But we must just raise up the interest for the banks. Awesome. Like the RBA can go and get Fed for all I can say. I mean what is it? You got one thing you can use to try and combat inflation?

[00:02:22]raising uh interest rates on debt, the cash rate.

[00:02:27]It's not working because these things once again, they're not uh they're not demand driven. It isn't people overspending. Yes, there's a cohort out there that are probably overspending who either don't have any debt or they've given up on life, uh given up on trying to save and all that sort of thing, which is probably understandable for any person out there looking at just how expensive everything's gotten in terms of property, etc. So, they're spending up, but other people are bloody tightening their belts uh to the point where they can't be tightened anymore.

[00:02:58]And a lot of families going to be really suffering here. And that's why I say to people, if you're standing on the sidelines thinking that it's great that all this is happening, there are millions of families out there who are really going to be suffering here a lot.

[00:03:10]And there's more suffering to come.

[00:03:11]They're not Gina Reinhardt who you think owns all the house. It isn't Blackstone Group or whatever they're called.

[00:03:18]These are people who are trying to put a roof over their head for their family and have security and they've been able to get into the property market.

[00:03:25]So, you shouldn't be wishing ill will uh on these people. It's a very hard time.

[00:03:32]Very hard time. People say just sell your house and what? Go into the rental market and not it's the vacancy rates are low. Rents are going up for the roof. They're going to go up again.

[00:03:42]That's the thing. People think, "Oh, great. Let's just keep raising the rates. It's going to pull this pressure on the property market.

[00:03:48]All it does, it makes landlords holding costs more expensive and they're going to pass it on to the renter.

[00:03:54]As much as you hate me saying that, it's what happens.

[00:03:58]>> On top of inflation now so that it doesn't get away from us.

[00:04:01]>> All three of last year's rate cuts now erased. Interest rates as tight as they've been for almost 15 years.

[00:04:08]Compared with the start of the year, a family with an $800,000 mortgage is now paying the bank an extra $363 a month. the banks wasting no time passing the hikes on in full.

[00:04:19]>> Australians, >> of course. Of course they do. The thing is, let's talk about how long it takes for them to to to have these h uh the the cuts pass through. There need to be something done about that. Oh, they can email you in a few days and then tell you it's going to be active in a next month or two weeks later or whatever it is. They take their time and drag their feet, but they've got these emails ready to go. Are they going to push the button the second that the RBA decisions made?

[00:04:47]It's just predatory.

[00:04:49]There needs to be a different system out here. Why? So all the money just goes to the banks. They're having record revenues and profits. Yes, you can say, well, their margins are affected as well because their borrowing costs go up and blah blah blah blah blah. End of the day, they're having record record years.

[00:05:04]They're already paying a hefty price for this war in the Middle East and this decision will make things harder for people. Inflation in Australia was already too high before the rec >> What about all the government spending?

[00:05:15]>> What about all the migration? No, we're not talking about that. Let's talk about something that's only been going on for 6 weeks.

[00:05:23]Let's talk about something that's only been going on for six weeks and just say, "Oh, this is a huge thing here."

[00:05:27]It's all spin. Like the government's not in control. The government's actively doing things to drive inflation up. And they this is great because the punters out there, the general public would believe everything they say that it's just related to Iran. It was it was like a couple of years ago they everything was Ukraine. Oh, it's Ukraine. Was Oh, there'll be an earthquake over in Japan.

[00:05:47]Oh, the Japan earthquake. Yeah, just inflation's up because of Japan.

[00:05:52]Give me a break.

[00:05:54]>> Conflict in the Middle East began.

[00:05:56]>> Everyone suffers from rising prices, but rate hikes hit mortgage borrowers and small businesses hardest. Florist Natalie Hollibone is both.

[00:06:05]>> Looks to me like we're all going to be affected by it.

[00:06:08]>> With her flowers flown in from overseas, costs have already soared and they'll go higher.

[00:06:13]>> We're all just struggling to keep our head above water, put food on our table.

[00:06:17]>> Looking at the forecasts, inflation's going to get worse. Prices will rise further and that's despite three interest rate rises so far this year.

[00:06:25]>> It's hard. Those households with mortgages and debt, yes, this is hurting them immensely. The thing is though, and I've said this before, inflation is [clears throat] actually hurting everyone, including those people.

[00:06:36]>> With all of last year's rate cuts now reversed, it would be tempting to say that borrowers are back to square one.

[00:06:42]But in the last year alone, the average loan size has risen by 10%. Of course, we're all worse off because the cost of everything is higher and we're told inflation is still accelerating. this oil shock, this that has been driven by what's gone on in the Middle East, this has complicated things immensely. It has made a tradeoff for us much worse.

[00:07:04]>> And with Tuesday's federal budget threatening to add heat to the economy while the RBA is trying to cool it down.

[00:07:11]>> If you give cost of living relief to households who are up against their budget constraints, they tend to spend a large proportion of it.

[00:07:16]>> It's over to you, Treasurer. Chris Kler, 9 News. Uh as I said this country has gone just absolutely down the gurgler. I mean I want to talk about just think about okay think about all the inflation we've had over the last say six seven years more specifically say last three or four guys it's gone through the roof.

[00:07:36]Think about say you're someone who made $100,000 and you say let's just say core inflation's gone up 25%. As we all know a lot of things have gone up way more than that. Let's just say it's that CPI has gone up by that amount. I'm just I'm just I'm just doing this for argument sake.

[00:07:52]You're no better off now on 100 grand than what you were on $75,000 5 years ago. If not, you're probably worse off because things are even more expensive than what they were then. Like the way of life is just eroding.

[00:08:04]As you hear people saying, I've never from a dollar from a number perspective.

[00:08:08]Uh you get people saying this. I know not everyone's in this camp. I know there are people out there who don't earn a lot of money and that's probably the vast majority of people. But you get people saying things like this. I have never made more money ever. I've never had more income coming in, but feeling poor, feeling like I'm really struggling.

[00:08:27]Feeling like, okay, I I might be earning a salary that five or 10 years ago would make you very comfortable. It was say 100,000, 150,000.

[00:08:38]Now it's just covering cost of living and a mortgage and you're not really saving much.

[00:08:46]I don't know how I really don't know how the working class is doing it. I dare say that's why we're seeing a lot more people on the street. It's horrible.

[00:08:56]>> Let's bring in our political editor, Charles Crouch. Evening, Charles. Is the treasurer on the same page as the RBA?

[00:09:02]>> Yeah, evening Pete. Jim Charas shared details of the budget with Michelle Bulock prior to today's decision. It clearly wasn't enough. The treasurer and every Sydney mortgage holder are now relying on the full budget. next Tuesday to at least help prevent further rate rises. The governor says today's hit to households won't do anything for inflation for 6 months. So, it's not even clear what the budget can do. What is clear is that any handouts in the budget will likely be gobbled up the next time the RBA get together. So, the old philosophy of do least harm seems to be in play tonight. Nice to meet you.

[00:09:40]>> When cost of living bites, even the pub feels the pinch.

[00:09:43]>> We're just out here doing our best. And at the moment, the conditions are providing it, >> making it very difficult. I'm not quite sure how long that can go for.

[00:09:51]>> The opposite.

[00:09:51]>> Well, I say people are being squeezed their absolute limits. Uh, and these people are paying a lot of alcohol tax on top of other taxes, these these uh venue owners. So, they have to put their prices of beers up. You know, people don't have $20 or $17.50 50 to buy a pint of pale ale these days, especially when you got the interest rates going up.

[00:10:13]More and more people will be going to Aldi and more and more people will be uh you know doing mass cooking, which I don't think is a bad thing. Being better with their money, just forced to be better with their money, you know, rice and get a few kilos of mints and then make up some bulk meal and freeze it for the entire week and it might cost you 50 bucks.

[00:10:35]position leader at a CRA cafe and bar as budget speculation and attacks increase.

[00:10:41]>> This government and this prime minister is incompetent, is fraudulent, and is a liar.

[00:10:48]>> That speculation tonight, including a tax offset of around $250 for wage and salary earners, taking money from investment incentives like property and trusts and giving some back to workers.

[00:11:01]>> We went to the election arguing for a better future. uh measures.

[00:11:05]>> Come on. I can't believe people can believe this. This government what they're doing. So, they're trying to take whatever remaining money people with assets have or you don't even have it. They're taxing you on things that uh you don't even get a capital gain on.

[00:11:20]Like, you know, land tax. That's like a fee. That's a subscription to own your own property.

[00:11:26]It's not a tax. It's extortion. That's all that is. You haven't made any money.

[00:11:31]Oh, yeah. Yeah, we're going to take, you know, we're going to take negative gearing off the table. We're going to do this and that. We're giving that money back to you. Here's your five bucks a week. There you go. So, hang on. We we've put mortgage up. You put the rates up. Your mortgage is probably going to go up by 100 bucks a month or more.

[00:11:48]That's 30 bucks a week. 25 bucks a week.

[00:11:50]Here's five bucks a week. Get stuffed.

[00:11:54]Who's voting these mobs in >> this path? It will fuel inflation. who will give with one hand and then take even worse and harder with another.

[00:12:04]>> The Reserve Bank not waiting to find out today.

[00:12:07]>> And the Australian economy is getting absolutely pummeled uh by this war in the Middle East and Australians.

[00:12:13]>> Come on, mate. Come on, mate. You're in charge. You're the treasurer. You were jumping up and down and you were saying how great Labor did and what you've done with your budgeting and all that sort of thing when the inflation started dropping down, which was no uh feat of yours, but you took it. You took the credit for it. You're all over the media. You're out there about a year ago, you were cheering.

[00:12:33]Now look, 12 months later, oh, it's got nothing to do with me. We're getting pummeled by things out of our control.

[00:12:39]>> Are paying the price for that. And we're seeing that again today with this interest rate decision.

[00:12:43]>> He promised Australians some time back that he'd beaten inflation and high interest rates.

[00:12:48]>> But inflation and high interest rates have beaten this treasurer.

[00:12:51]>> As the price of oil soared, more Australians look to electric vehicles with the benefit of tax breaks. Now those incentives will be scaled back just for cheaper options if you can find one.

[00:13:03]>> Australians are making the choice to buy cheaper, cleaner, better cars.

[00:13:08]>> The fringe benefit discount for electric vehicles to continue for Australians buying EVs under $75,000 with a smaller discount for cars between $75 and $90,000, but will no longer apply for more expensive models.

[00:13:23]>> They can't stop spending money. It's a save for the budget. Uh, but it keeps that support going.

[00:13:29]>> Charles Cratcher, 9 News.

[00:13:33]>> I got nothing to say here. Joint's absolutely effed. All right. Recession risk. All great news today, guys. As always, people are saying to me, "Gee, man, you're really negative." But I'm only just talking about what's on the news. I'm talking about what's happening in this world. Unfortunately, we're living in an environment where nothing really good is happening, especially when it comes to our quality of life.

[00:13:51]Yes, things people might win in sports teams and all that sort of stuff. I mean, for me, that's not really something worth talking about, especially once, you know, life is life is just getting really is really beating people down. They're talking about the treasurer getting pummeled by the economy and by things out of his control overseas. What about the average person?

[00:14:10]What about you? What about me? I have a mortgage. I own my home. I'm absolutely have a vested interest in rates not going up. And people say, "Well, gee, man, they're 4.35% cash rate. The cash rate was 17% in 1992.

[00:14:29]Yeah, your debt wasn't 12 times your income. It was three times. It's not even comparable. Like, we're in far worse. We're in the worst economic situations possible ever. We've ever had ever.

[00:14:42]17% on 100 grand adjusted for inflation is no way as bad as what is it? What?

[00:14:51]What are your what are your market rates at the moment? Probably 6% now on a a primary place, a residence loan. Many people have got a million bucks or more.

[00:15:01]That's just the way the world goes these days. Far more pain there.

[00:15:06]>> The cash rate by 25 points up to 4.35%.

[00:15:10]Joining me in the studio now is economist Dmitri Burstein from Eminence Advisory. Good to speak to you again, Dmitri.

[00:15:16]>> Nice to see you, Chris. Um, I was a bit perturbed by Michelle Bulock, the RBA governor, not ruling out the chance of recession. She says our growth is going to be anemic, but she's conscious of the fact that the the economy could be pushed into recession. Do you see that as a threat?

[00:15:32]>> Very much so. Um, she was probably cautious because she doesn't know what's going to be in next week's budget. Um if uh rumors prove true that it'll be a high taxing, high spending budget, um that will not only put upward pressure on uh interest rates, but it'll put downward pressure on economic growth.

[00:15:48]Well, she made it very clear in her press.

[00:15:50]>> Just just bring in more migrants.

[00:15:52]That'll be right. Just keep propping it up as much as possible. The Ponzi, the economy Ponzi, it's not looking good. I think we're we're up sky's limit here. I think I think we're up for a few more. I hate to say it. I I honestly was so happy last year when it kind of felt like we're getting some green shoots in life. You know, we've been pummeled, punched around, beaten around the ring, so to speak. We've been getting um bent over with no lube. It's a handful of sand and the crumb sausage. That's what we've been getting.

[00:16:28]It was like, great, things are going to start going our way a little bit. A little bit of relief's coming. That was very shortlived.

[00:16:36]conference today that increased government spending, cost of living handouts would work against what her interest rate rises are trying to do and therefore effectively help push rates even higher.

[00:16:47]>> Well, that's correct. Uh and uh we saw that in today's Victorian budget where there was a very large cost of living package where the Victorian government was handing out money directly and indirectly. Um what the Reserve Bank governor said was it's you know there's no point in the RBA trying to slow inflation by taking money out of the economy if the government's just putting it right back through handouts.

[00:17:10]>> Spot on. Uh they seem to be in denial about this. Charas and Albani keep saying that the budget can't be the number one cause of inflation. Well, it could be but but no one's even saying it's the number one cause. There are many other factors like increasing electricity prices that they have a role in increasing wages that they have a role in lack of productivity growth that they have a role in. What's going on?

[00:17:33]>> Well, I think >> uh joints mate for 50 bucks. I'm going to take the answer to joint is absolutely cooked.

[00:17:40]Electricity don't get started on that.

[00:17:43]Get me started. They'll come out before the election. They'll say how they're going to bring prices down. All the pun is they're going to bring down property prices, cost of living under control.

[00:17:54]We're going to be looking into the supermarket. It's not just telling you everything you wanted to hear like someone like a bloke on a dating app, you know, telling a single mom with five kids that he wants to commit.

[00:18:06]He was telling you, elbow, he's going to make your life cheaper. He's going to make things better. Got what he wanted, didn't he? He got the vote in and out.

[00:18:14]He did a Jason Bourne on us.

[00:18:19]So when I say us, the general public who vote for this and he'll get in again. I just I [snorts] have no faith in people who hold the majority voting power here, which is the general public because most of them don't have two brain cells to rub together. They're dribbling off their chin. Yeah, interest rates up.

[00:18:39]Yeah, tax negative gearing and CGT.

[00:18:41]Let's tax every company. Yeah, let's just see what that does to the cost of everything.

[00:18:47]It's going to get you, bite you in the ass. [laughter] But let's talk electricity. My bills have probably gone up 50%.

[00:18:56]That's not an exaggeration.

[00:18:59]We're spending what? Tens of billions or hundreds of billions of dollars on all this renewable infrastructure. It can't even be used for many years to the future. And it's going to it's going to result in higher energy prices because someone wants to have a vanity project.

[00:19:14]uh I >> think they are um either in in in denial or in delusion. Um the only source of inflation in economy is government. Uh it's through spending or regulation spending to enhance uh you know uh government spending that pushes more money into the economy or regulation and taxing that suppresses supply. It's the only source of uh the only cause of inflation that's ever possible.

[00:19:38]>> Please tell me I've got this wrong. Uh although it would be very embarrassing if I did cuz I've been going on about it for a while, but they keep claiming that they've made $114 billion worth of savings. Now, budgetary savings, this is a nonsense because each one of their budgets has spent more money. They're now spending 2.5% more of GDP in their budget than they did when they were elected. Uh where are these savings? Uh, you tell me, Chris, because I, you know, I'm a believer that, uh, the accounts always tell the truth because you can't have all these surpluses and yet see debt rising by $150 billion over the term of the uh, Labor government.

[00:20:16]>> So, what what what they're saying is that over the time they've been in government, they've shifted $114 billion from some programs and put it to others.

[00:20:24]Correct. And more, of course.

[00:20:26]Apparently, that's saving money. That's bloody girl mouths at its finest, isn't it?

[00:20:35]net no savings.

[00:20:36]>> It's actually worse than that, Chris, is they've moved stuff off budget.

[00:20:39]>> So, for example, through the various funds that they've set up, they've moved uh move spending off budget to mask it.

[00:20:45]Uh you know, the the ratings agencies will see right through this. Um and in the end, so will the bond markets because ultimately the uh the government's going to go to the bond markets asking for more money.

[00:20:56]>> This is going to create a lot of pain, isn't it? this additional interest rate rise. We're starting to get to higher levels now for mortgage rate holders. A couple of hundred bucks >> starting to What are you talking about?

[00:21:07]>> An extra a month on a lot of average size mortgages. Very much so. Myself included. Um yes. And uh when you uh factor in what what is expected to be tax increases in the coming budget, where we are now is this is 2019 all over again. 2019 this is the plan that the Labour then opposition proposed to take to to to the election. In 2019 it was the big end of town. Now it's you know it's the intergenerational equity.

[00:21:34]It's the same plan different marketing.

[00:21:36]>> Exactly. Different marketing.

[00:21:37]>> Intergenerational equity. That's right.

[00:21:40]And that's the thing because they listen to the pulse on the street and you do have a lot of people who are feeling hopeless. And I want to see people who who do have who do own a property.

[00:21:50]they don't want to see them heavily penalized because the thought process is uh the heavily penalized people get uh the easier it's going to be uh for those other people who are jumping up and down in in with happiness and rubbing their hands together uh it's going to be easier for them just to stand on the sidelines and buy all the properties in uh distress I want to talk about property ownership and the mentality around it people going to own a house if they own that house just because the rates go up they're not just going to sell it unless They are absolutely forced. They will borrow. They will do whatever they got to do. They got to get money from somewhere. They'll work two, three jobs to keep that house. They will cut every discretionary expense. They will reduce every non-discretionary expense as much as possible. I'm talking eating rice and beans.

[00:22:38]They will hang on for dear life to that house. It is not going anywhere. all these rate hikes and all these other things that are happening. All it does, it makes it harder for people who are standing on the sidelines to get in without even realizing it. And the government's pulling the wool over these people eyes so they get the majority support. You know, you get intergenerational warfare. I talk about it quite a bit on this channel, like boomer hate and Gen X hate and Gen Z's hating, millennials and above because they've, you know, they were born at a certain time in life and things are easier and all of that. And so that's the target market for this. They're really plugging into that uh mindset.

[00:23:15]>> This is what kills me, right? They're pretending what they're going to do to housing that is increase taxing taxes on housing um investments. They're pretending that's going to make life easier for the young and that's going to increase housing supply. Now, you think about what a tax does to something. It it limits its supply. It reduces it, right? And even Labour knows this.

[00:23:36]Labour loves they want to get rid of carbon. They had a carbon tax, right?

[00:23:39]They wanted to stop us smoking. They gave a cigarette tax. They want to cut down on alcohol abuse, higher taxes on alcohol. You know, they want sugar out of stuff. They want to tax sugar. Yet suddenly taxes on housing is going to create more of it. It's insane. Yes. Um if the government wants to address intergenerational equity, the first and best thing it can do is cut taxes on labor. Young people, the main thing they have to sell to the market is their time. And when the government is taxing it at ever higher rates because of bracket creep, the average tax rate is going up, you know, in bucket loads. All the projections of, you know, a budget surplus in the never never they're on predicated on bracket creep. If the the reason people are negatively gearing is because income tax is too high, the reason that uh capital gains taxes are allegedly such a big loss to the budget is because it's half of the marginal tax rate, half the half the tax rates. And the only way they can do that is to, you know, pursue a supply side agenda that starts with reducing government spending, reducing regulation, reducing taxes, >> making it easier for people to invest and look.

[00:24:52]>> Yeah. and which is not going to happen.

[00:24:53]We're just going to get more tax and somehow that makes things better for everyone as it's taking from Peter to pay Paul and then it gets taken from Paul to pay somebody else.

[00:25:06]That's why labor labor voters, you know, they love it. They want to see it's like tall poppy. They want to see anybody who's doing okay heavily penalized and taxed into the ground. And you guys need to understand the system that we're living in that it's being created.

[00:25:19]They're seeing the loopholes now that people are have who have identified like property and and other assets. And I'm going to get on to this in a second. The capital gains discount.

[00:25:31]They've seen that, you know, people have been able to get their way out of the system. They don't want you out of the system. They want you continuously working. They want to give you enough hope to keep you working hard so you continue to pay tax, continue to buy products and pay levies on everything else. Uh so the government keeps getting uh income. There's nothing worth. It's it's a symbiotic relationship here. They they're seeing that there's loopholes, people getting out, making enough money where they can maybe peel back their working hours so they don't have to stress too much about money. People who have learned the game and played it.

[00:26:02]Don't hate the game, guys. Learn the game and play it. Uh those people, they're closing the loopholes on those people. They don't want them to get out of the system. They want them very much entrapped in the system because they can generate high incomes which is a lot of tax. Once again, you get all this in this country about tax the rich and tax people who are earning high good money. The vast m majority of population is of tax, right? The of the tax that is paid by the population is on people that are over that 190k threshold.

[00:26:33]So, I don't know why people are screaming about more or less this country doesn't give you much incentive a lot of the time to be more successful because you get progressively taxed more the more successful you are.

[00:26:44]Is that not socialism? The US has flat tax brackets or some of their highest ones in in some of the states they're about 30%.

[00:26:53]I was telling an accountant, a guy I know over in Texas, I was telling him about our tax system and the tax rates and he couldn't believe it. He almost dropped his beer when I was telling him.

[00:27:01]He couldn't believe it. His mouth was open. He said, "You got to get out of there. That joint's fucked."

[00:27:07]>> Look after themselves. Thanks.

[00:27:09]>> All right, I might leave it there. It's been a good rant today. Uh, look, thank you all very much for watching. Once again, put in the comments. And as you said, I'm quite passionate about these things. I hate seeing Australians quality of life uh be eroded.

[00:27:22]Everybody's not just the halves and the have nots, the property owners and versus the non-propy owners. This hurts everybody. It really does in different ways that you're not going to see until you experience it.

[00:27:33]uh for those people that are standing on the sidelines and and saying it's great and they can't they want to see rates go up another you know 100 basis points in the next few months and they can't wait for it because their savings accounts going up and all that.

[00:27:48]Just be careful what you wish for because just think about what you guys were saying when you that we had that huge spike uh in the mortgage the mortgages right the cash rate where it went up 13 times in a matter of 18 months or whatever it was. Guess what happened? your rent went up 50%. So, please do not wish for that because that is coming. That is coming. This this country is going to get a lot worse. I know I rant about it. Number one, guys, no, I'm not a landlord. I have been one, but I'm not one. And I'm telling you now, if I was one and all my costs were going up, rents going up. Thanks for watching. See you in the next video.