1 00:00:03,840 --> 00:00:07,040 Speaker 1: It's Tuesday, the tenth of December twenty twenty four. Welcome 2 00:00:07,040 --> 00:00:09,320 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,320 --> 00:00:11,119 Speaker 1: where we give you the top five business stories you 4 00:00:11,160 --> 00:00:13,520 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,520 --> 00:00:14,880 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,160 --> 00:00:16,400 Speaker 2: Good morning Michael. 7 00:00:16,560 --> 00:00:19,360 Speaker 1: Sean Five stories, five minutes. Let's go Story number one. 8 00:00:19,400 --> 00:00:21,760 Speaker 1: The long term boss of A and Z, Shane Elliott, 9 00:00:21,800 --> 00:00:25,960 Speaker 1: will retire and be replaced by a Portuguese banker who 10 00:00:26,239 --> 00:00:29,319 Speaker 1: the bank's board says is an expert in business risk 11 00:00:29,480 --> 00:00:31,280 Speaker 1: and technology transformations. 12 00:00:31,560 --> 00:00:34,480 Speaker 2: Shane Elliott has been CEO for nine years, longest serving 13 00:00:34,520 --> 00:00:37,800 Speaker 2: boss for major bank in Australia. Now that he's retiring, 14 00:00:38,000 --> 00:00:42,040 Speaker 2: it means that three of the four CEOs have changed 15 00:00:42,040 --> 00:00:44,839 Speaker 2: this year. Well, at least they've announced that they're stepping down. 16 00:00:44,920 --> 00:00:48,560 Speaker 2: The one that is still in the position full time 17 00:00:48,760 --> 00:00:51,920 Speaker 2: is Matt Common from Comwealth Bank. Shane Elliott is considered 18 00:00:51,960 --> 00:00:55,360 Speaker 2: a strong CEO, highlighted by his determination to acquire Sun 19 00:00:55,440 --> 00:00:59,240 Speaker 2: Corps banking business, little tarnished in more recent times by 20 00:00:59,680 --> 00:01:02,320 Speaker 2: after investigation by Assek into whether the traders at the 21 00:01:02,360 --> 00:01:05,279 Speaker 2: bank manipulated the pricing of a fourteen billion dollar dollar 22 00:01:05,319 --> 00:01:08,759 Speaker 2: government blond sale. Misster Eliot will remain until the middle 23 00:01:08,800 --> 00:01:11,080 Speaker 2: of next year before handing over to a gentleman called 24 00:01:11,160 --> 00:01:13,800 Speaker 2: Nuno Martos, a bit of an unknown in the Australian 25 00:01:13,840 --> 00:01:18,319 Speaker 2: banking community unity most recently CEO of HSBC in Europe 26 00:01:18,319 --> 00:01:22,000 Speaker 2: and Mexico. That's eighty seven thousand employees, forty million customers, 27 00:01:22,240 --> 00:01:25,800 Speaker 2: thirty five markets. Apparently he's an expert in business transitions. 28 00:01:25,920 --> 00:01:28,880 Speaker 2: Ain Z's got a couple of big ones going underway 29 00:01:28,880 --> 00:01:31,679 Speaker 2: at the moment. One is their technology stack. The other 30 00:01:31,840 --> 00:01:34,120 Speaker 2: is the sun Corp integration seond. 31 00:01:34,240 --> 00:01:36,800 Speaker 1: Global executives do well in Aussie banks. 32 00:01:37,160 --> 00:01:39,000 Speaker 2: I think the jury is still out on that. Amp's 33 00:01:39,000 --> 00:01:41,760 Speaker 2: had a couple of less and successful international bosses over 34 00:01:41,800 --> 00:01:44,800 Speaker 2: the years. Ain Z and a guy called John McFarland 35 00:01:44,840 --> 00:01:49,360 Speaker 2: actually has a much better track record. Generally, Australian companies 36 00:01:49,640 --> 00:01:52,760 Speaker 2: don't employ international ceo is. The big exception is the 37 00:01:52,760 --> 00:01:56,559 Speaker 2: mining companies. But if you park them, generally we keep 38 00:01:57,880 --> 00:01:59,760 Speaker 2: mostly we have Australians at the top. 39 00:02:00,280 --> 00:02:03,320 Speaker 1: Okay, all right on to story number two. Now, A 40 00:02:03,360 --> 00:02:05,680 Speaker 1: few interesting stats here show and there are around two 41 00:02:05,760 --> 00:02:08,720 Speaker 1: and a half million casual workers in Australia, with the 42 00:02:08,840 --> 00:02:13,119 Speaker 1: vast majority not wanting to go permanent, while working from 43 00:02:13,120 --> 00:02:15,360 Speaker 1: home is slightly less common now than it was a 44 00:02:15,440 --> 00:02:19,400 Speaker 1: year ago, though still more common than pre pandemic. Bunch 45 00:02:19,480 --> 00:02:23,480 Speaker 1: of statistics out of the Bureau of Statistics yesterday, twenty 46 00:02:23,560 --> 00:02:26,639 Speaker 1: two point three percent of workers are now casual three quarters. 47 00:02:26,639 --> 00:02:28,880 Speaker 1: They're happy to keep it that way. Basically people like 48 00:02:28,880 --> 00:02:31,960 Speaker 1: the flexibility in ours. They're also like the higher hourly 49 00:02:32,080 --> 00:02:36,239 Speaker 1: pay rate. Casual employment was hit by the pandemic, went 50 00:02:36,240 --> 00:02:39,120 Speaker 1: from around twenty five percent to twenty one percent, jumped 51 00:02:39,120 --> 00:02:41,600 Speaker 1: again now it's come back down. In terms of work 52 00:02:41,600 --> 00:02:44,720 Speaker 1: from home, thirty six percent of Australians that usually work 53 00:02:44,880 --> 00:02:48,600 Speaker 1: from home. That's more than sometimes work from home usually 54 00:02:48,639 --> 00:02:51,639 Speaker 1: work from home. That is about four percentage points higher 55 00:02:51,680 --> 00:02:56,480 Speaker 1: than pre pandemic. Flexible hours the main reason there once again. Finally, 56 00:02:56,639 --> 00:02:59,760 Speaker 1: trade union membership is on the rise. Thirteen point one 57 00:02:59,760 --> 00:03:02,720 Speaker 1: percent of all employees are a member of a trade union. 58 00:03:03,080 --> 00:03:04,040 Speaker 1: That's up from. 59 00:03:03,960 --> 00:03:05,960 Speaker 2: Twelve and a half cent last year, but well below 60 00:03:06,000 --> 00:03:07,120 Speaker 2: the level of ten years ago. 61 00:03:07,800 --> 00:03:12,200 Speaker 1: Story number three. ASIO says there's no ongoing threat following 62 00:03:12,240 --> 00:03:15,280 Speaker 1: a Melbourne synagogue fire bombing late last week. An incident 63 00:03:15,320 --> 00:03:18,640 Speaker 1: which was yesterday SEAN designated a terrorist attack. 64 00:03:19,080 --> 00:03:22,320 Speaker 2: ASIA Director General Mike Burgess said the agency has been 65 00:03:22,320 --> 00:03:26,200 Speaker 2: conducting its own inquiries no intelligence to suggest that there's 66 00:03:26,360 --> 00:03:30,000 Speaker 2: an imminent terror attack. Having said that the national terrorism 67 00:03:30,080 --> 00:03:33,720 Speaker 2: threat remains the level of it remains it probable, Mister 68 00:03:33,760 --> 00:03:37,120 Speaker 2: Burgess said the security environment is volatile and unpredictable, and 69 00:03:37,280 --> 00:03:41,880 Speaker 2: anti authority beliefs continue to grow while grievances are spreading. 70 00:03:42,120 --> 00:03:44,320 Speaker 2: He added that inflamed language can lead to violence, so 71 00:03:44,400 --> 00:03:47,880 Speaker 2: people need to watch their words. A special AFP operation 72 00:03:48,040 --> 00:03:51,040 Speaker 2: into anti Semitism has been launched following the attack in 73 00:03:51,080 --> 00:03:52,040 Speaker 2: Melbourne last week. 74 00:03:52,320 --> 00:03:54,600 Speaker 1: On to story number four now, the latest news poll 75 00:03:54,720 --> 00:03:58,040 Speaker 1: shows the federal government and opposition tied on a two 76 00:03:58,080 --> 00:04:01,360 Speaker 1: party preferred basis ahead of the Christmas break, though Anthony 77 00:04:01,440 --> 00:04:04,240 Speaker 1: Albanesi does remain the most preferred prime minister. 78 00:04:04,760 --> 00:04:06,920 Speaker 2: The news port in The Australian has good and bad 79 00:04:07,000 --> 00:04:10,120 Speaker 2: news for the government on that two party preferred basis, 80 00:04:10,120 --> 00:04:13,600 Speaker 2: sitting at fifty fifty, that's a slight improvement for Labor 81 00:04:13,640 --> 00:04:17,080 Speaker 2: As preferred prime minister, Mister Alberzi is forty five percent, 82 00:04:17,120 --> 00:04:20,680 Speaker 2: Opposition leader Peter Dutton thirty eight percent. Good news for labor. 83 00:04:20,720 --> 00:04:23,839 Speaker 2: There the coalition's primary vote for one percent to thirty 84 00:04:23,920 --> 00:04:27,240 Speaker 2: nine percent. ALP came in at thirty three percent, the 85 00:04:27,279 --> 00:04:29,880 Speaker 2: Greens at eleven percent. Because the Green's preferences fly to 86 00:04:29,920 --> 00:04:33,160 Speaker 2: the to the ALP, that's why it makes up on 87 00:04:33,200 --> 00:04:35,719 Speaker 2: that two party preferred basis. The bad news for the 88 00:04:35,720 --> 00:04:39,080 Speaker 2: government is that Anthony Alberesi is considered the weakest prime 89 00:04:39,120 --> 00:04:44,279 Speaker 2: minister in decades. Peter Dutton is considered stronger. Albanzi is 90 00:04:44,320 --> 00:04:47,800 Speaker 2: also considered increasingly out of touch with voters, losing an 91 00:04:47,839 --> 00:04:52,160 Speaker 2: advantage over Dutton in areas including cost of living, the economy, 92 00:04:52,279 --> 00:04:53,200 Speaker 2: and social unrest. 93 00:04:54,040 --> 00:04:57,279 Speaker 1: Last one story number five, the global advertising industry will 94 00:04:57,279 --> 00:05:00,960 Speaker 1: push past one trillion US dollar in revenue for the 95 00:05:00,960 --> 00:05:05,839 Speaker 1: first time this year, with Google, Meta, ByteDance, Amazon, Ali 96 00:05:05,880 --> 00:05:10,320 Speaker 1: Baba all tipped to earn in total more than fifty 97 00:05:10,400 --> 00:05:12,520 Speaker 1: percent of the revenue available. 98 00:05:12,880 --> 00:05:17,120 Speaker 2: Quite incredible. Media agency group M estimates that global advertising 99 00:05:17,160 --> 00:05:20,000 Speaker 2: revenue will increase nearly ten percent this year despite tough 100 00:05:20,040 --> 00:05:23,080 Speaker 2: economic conditions. The group forecasts that most of the growth 101 00:05:23,120 --> 00:05:26,800 Speaker 2: will directly benefit the largest sellers of digital advertising in 102 00:05:26,839 --> 00:05:30,480 Speaker 2: the US tech sector, rather than providers For marketing services. 103 00:05:30,520 --> 00:05:33,279 Speaker 2: According to the Financial Times Now the figures didn't include 104 00:05:33,360 --> 00:05:37,360 Speaker 2: US political advertising, which this contribute. This year contributed fifteen 105 00:05:37,560 --> 00:05:41,480 Speaker 2: billion US dollars. Digital advertising is forecast to account for 106 00:05:41,680 --> 00:05:44,000 Speaker 2: seventy three percent of total revenue by the end of 107 00:05:44,040 --> 00:05:47,680 Speaker 2: next year eighty two percent when you add in streaming 108 00:05:47,800 --> 00:05:51,599 Speaker 2: and digital newspapers and magazines. Global b tital print advertising 109 00:05:51,640 --> 00:05:55,200 Speaker 2: revenue will be down this year and next year audio 110 00:05:55,240 --> 00:05:58,120 Speaker 2: will be flat. TV will be up a little bit, 111 00:05:58,160 --> 00:06:00,000 Speaker 2: but only because of that streaming revenue. 112 00:06:00,120 --> 00:06:01,960 Speaker 1: All right, there we go, the top five business stories 113 00:06:01,960 --> 00:06:04,680 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 114 00:06:04,760 --> 00:06:07,599 Speaker 1: is Tuesday, the tenth of December twenty twenty four. Remember 115 00:06:07,640 --> 00:06:09,760 Speaker 1: to hit follow on the podcast, and if five minutes 116 00:06:09,839 --> 00:06:12,240 Speaker 1: isn't enough, you can find our longer daily show called 117 00:06:12,240 --> 00:06:15,280 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 118 00:06:15,320 --> 00:06:17,520 Speaker 1: Thompson and that was the fast five business news by 119 00:06:17,520 --> 00:06:21,520 Speaker 1: Fear and Greed. Have a great day.