The Two Jacks - Episode 143 - RBA Raises Rates, Coalition in Crisis, and Epstein Files Revelations

Show Notes - Episode 143

Recorded: 3 February 2026

Released: 8 February 2026

Episode Description

Jack the Insider (Joel Hill) and Hong Kong Jack tackle the RBA's surprise interest rate hike, the coalition's post-election implosion, and dive deep into the Epstein files fallout. From Gaza peace plans to Japanese economic roller coasters, plus Carlton's dodgy pre-season training—it's all here.

Timestamps & Topics

00:25 - Welcome & RBA Breaking News

The Reserve Bank hikes interest rates by 0.25 percentage points as predicted, with markets forecasting two more increases this year in response to 3.8% inflation.

01:29 - Interest Rates: The Blunt Instrument

Discussing government spending as the inflation driver and the uneven effects of rate hikes on mortgage holders versus savers.

03:35 - Trump vs The Fed

How the US Federal Reserve dropped rates under pressure from Trump despite similar inflation to Australia, and the risks of economic overheating.

05:22 - Blame the Barmy Army?

A tongue-in-cheek theory from KO: Did England's cricket supporters spending during the Ashes tour drive up inflation to 3.8%?

06:49 - Cocaine Economics

Australia's most expensive drugs in the world, Rugby World Cup memories, and why Western Australia pays double.

08:38 - Coalition Chaos: Nationals Hold On

David Littleproud's leadership survives as spill motion fails, but Andrew Hastie drops out of Liberal leadership race.

09:33 - The Oxford Connection

Angus Taylor, Tony Abbott, and Australia's history of Oxford-educated prime ministers—from Gorton to Turnbull.

10:09 - Angus Taylor's Shadow Treasurer Struggles

Troy Bramston's scathing assessment of Taylor's poor performance and lost economic credibility for the Coalition.

11:37 - Coalition Split Continues

Littleproud rejects reconciliation attempts while Sussan Ley remains Liberal leader, with potential "none-of-the-above" candidates waiting in the wings.

12:13 - Listener Ray on Electoral Math

The great compulsory preferential voting debate: why the Nationals win 15 seats on 3% of first preferences while Greens get one seat on 12%.

14:26 - Anthony Green's Patience

The legendary election analyst educates Twitter on how Labor would have won 85 seats under first-past-the-post voting.

15:26 - One Nation's Coalition Targets

Anthony Green's analysis reveals 20 Liberal and National seats at risk from One Nation, with only five Labor seats vulnerable.

17:27 - Could One Nation Replace the Nationals?

Exploring the possibility of a major conservative realignment, with potential Nationals MPs considering defection.

19:35 - What Do the Nationals Stand For?

From "agrarian socialists" to today's identity crisis—the party that used to represent farmers now struggles to define its purpose.

21:05 - Anti-Semitic Abuse at Sydney University

Former staff member Rose Nakard faces court on stalking and intimidation charges for allegedly calling Jewish students "fucking filthy Zionists" and "parasites."

24:45 - Community Response Over Legislation

Why community rejection of hate speech matters more than criminalising phrases like "globalise the intifada," and the problems with new laws affecting police discretion.

27:21 - $25 Billion Hospital and NDIS Deal

Albanese and state premiers sign massive health funding package while agreeing to limit NDIS growth to 6% or less.

28:21 - Autism and the NDIS Debate

Moving mild forms of autism out of NDIS into schools—sensible reform or cost-shifting? Only 23% of NDIS costs despite larger recipient numbers.

29:38 - The NDIS Needs a Medicare-Style Rethink

Comparing the transition from Medibank to Medicare: why the NDIS needs root-and-branch reform, not just tinkering.

31:03 - Chronic Illness Left Out

People with ME, CFS, MS, and fibromyalgia struggle to access NDIS support while other areas may be over-serviced.

33:26 - Spain's Migrant Amnesty

Spain grants legal status to 500,000 undocumented migrants—stark contrast to anti-immigration sentiment across Europe.

35:48 - Epstein Files: 3 Million Pages

Two million documents missing, Kevin Rudd brushes off Epstein's name-dropping, and Peter Mandelson's career implodes.

36:36 - What Was Epstein's Business?

Unpacking the mystery: Victoria's Secret rip-off, half-billion-dollar investment clients, and the missing financial footprint.

38:22 - Mandelson in His Underpants

The former UK ambassador to the US photographed with young woman, now "unemployable"—very odd for a gay man.

39:22 - Chomsky, Woody Allen, and Strange Dinner Parties

The inexplicable nature of intellectuals dining with Epstein, and Brett Ratner's creepy Epstein photos despite #MeToo allegations.

42:33 - Clintons Agree to Testify

Bill Clinton offers four-hour congressional interview, Hillary to make sworn statement about Epstein connections.

43:28 - Andrew and Mandelson Under Pressure

Prince Andrew pushed to testify while Mandelson faces questions about unexplained £75K payments and acting as Epstein's lobbyist while a cabinet minister.

46:15 - Put Your Pants On for Photos

Why do old blokes keep getting photographed in their underwear with Epstein? A plea for sartorial sense.

48:13 - Board of Peace: Trump's $1 Billion Club

Explaining Trump's confusing Gaza oversight initiative: permanent seats cost US$1 billion paid into Trump-managed accounts, not US Treasury.

50:35 - Russia, Saudi Arabia, and the Stans

The "very nice countries" signing onto the Board of Peace, while Europe says no en masse and Canada gets uninvited after Carney's tariff speech.

51:56 - UAE Taking Control of Gaza

More important than the Board of Peace: United Arab Emirates moving to run Gaza's civilian administration with Israeli and US backing.

52:24 - Spain's 500,000 Migrant Amnesty

Southern European states bearing the brunt of arrivals while finding their own solutions—Italy's Albania processing reduces numbers by 60%.

53:50 - France's Budget Finally Passes

After four months of deadlock, Macron's government gets budget through with no-confidence motions failing, bringing rare stability.

54:42 - Global Energy Prices: Ireland Tops the List

Household electricity costs compared: Ireland, Italy, and Belgium most expensive in Europe; Russia at just 7 cents per kilowatt hour versus Australia's 26 cents.

56:31 - Canadian Energy: 12 Cents Per Kilowatt Hour

Mark Carney's priority to reduce energy costs in Canada, currently lower than the US at 12.5 cents.

57:50 - European GDP: Tepid Growth

Germany, UK, and France stuck around 1-1.5% growth, with Spain and Portugal outperforming at 2.5%, while Russia posts 4% driven entirely by military spending.

59:59 - Russia's War Economy Trap

With 2% unemployment, 8% inflation, and 20% interest rates, Russia's 4% GDP growth masks an economy with "nothing to go for it" without the war.

01:02:19 - Why Would Russia End the War?

No economic incentive to stop fighting when military spending drives the economy and ending the war means economic collapse and regime change risk.

01:04:22 - European Army Talk

Germany and France push controversial European army concept alongside NATO—bad idea with chain of command issues, likely won't happen.

01:07:38 - Japan's Liz Truss Moment

PM Takeichi's tax and spending pledges spook markets: ¥5 trillion revenue shortfall, £137 billion stimulus, cash handouts, and approval ratings sliding from 75% to 58%.

01:10:23 - Chagos Islands: The Deal That Won't Die

British Indian Ocean Territory dispute: Diego Garcia military base, Mauritius sovereignty claims, and why the US and Australia oppose the UK deal.

01:13:48 - France's Immigration Rhetoric

Marine Le Pen's inflammatory language about asylum seekers, and why "remigration" policies face huge practical and legal obstacles.

01:16:28 - London Murder Prosecutions at 13-Year Low

Only 39% of murders result in charges as London's crime crisis deepens, despite accusations of two-tier policing favouring establishment figures.

01:19:23 - Melania: The Movie

Brett Ratner's documentary earns $8 million in the US against $40 million production costs—but it's about access to Trump, not profit.

01:22:38 - Australian Open: Record Numbers

Women's final delivers 3.8 million viewers (up 30% from 2024), total tournament audience up 9.3% to 14.3 million, cementing status as global sporting event.

01:26:39 - Usman Tariq's Unusual Action

Pakistani spinner's legal but confounding bowling: shuffle-shuffle-stop-bowl delivery frustrates Cameron Green and raises eyebrows.

01:28:58 - Should Steve Smith Play T20?

Mark Waugh says yes—36-year-old leg-spinner/batsman is Australia's best player. Missing Tim David as Pakistan dominates the series.

01:31:24 - Carlton's Training Video Disaster

Dropped marks and out-of-bounds kicks in pre-season footage—but fans' hope springs eternal until about May.

01:32:07 - King Street Chair-Throwing Meme

Bloke throws chair at bouncers, accidentally knocks out his mate instead. Victorian government announces "toughest chair laws in Australia." Stand up, Victoria.