1 00:00:06,440 --> 00:00:10,600 Speaker 1: Property values increased in August, but Melbourne has fallen behind. 2 00:00:11,039 --> 00:00:14,600 Speaker 1: The art market is suffering a major price crunch, and 3 00:00:14,800 --> 00:00:18,119 Speaker 1: AI dating is now on the scene. Welcome to Fear 4 00:00:18,120 --> 00:00:20,479 Speaker 1: and Greed. Daily business news for people who make their 5 00:00:20,520 --> 00:00:23,840 Speaker 1: own decisions. It is Monday, the second of September twenty 6 00:00:23,840 --> 00:00:27,080 Speaker 1: twenty four. I'm Michael Thompson and good morning Adam Lang. 7 00:00:27,400 --> 00:00:29,160 Speaker 2: Good morning, Michael, Adam. 8 00:00:29,160 --> 00:00:32,080 Speaker 1: The main story this morning all about property. Home values 9 00:00:32,120 --> 00:00:35,040 Speaker 1: were up zero point five percent nationally last month, but 10 00:00:35,159 --> 00:00:40,440 Speaker 1: Melbourne's median dwelling price has fallen behind Perth and Adelaide 11 00:00:40,520 --> 00:00:43,760 Speaker 1: for the first time since core Logic's records began. 12 00:00:44,280 --> 00:00:47,199 Speaker 3: Yeah, Michael, this is a fascinating real estate market at 13 00:00:47,240 --> 00:00:51,200 Speaker 3: the moment. Brisbane, Perth and Adelaide are experiencing solid price 14 00:00:51,280 --> 00:00:54,400 Speaker 3: growth and that's led by Perth, which was up two percent. 15 00:00:54,800 --> 00:00:57,240 Speaker 3: Sydney was up zero point three percent in August, but 16 00:00:57,320 --> 00:01:00,720 Speaker 3: Melbourne fell back zero point two percent and that leaves 17 00:01:00,720 --> 00:01:03,880 Speaker 3: its medium dwelling price behind Perth for the first time 18 00:01:03,920 --> 00:01:07,160 Speaker 3: since twenty fifteen and behind Adelaide for the first time ever. 19 00:01:08,200 --> 00:01:10,200 Speaker 1: So what are the experts saying in terms of the 20 00:01:10,880 --> 00:01:13,120 Speaker 1: fallback in prices in Melbourne. 21 00:01:13,160 --> 00:01:14,039 Speaker 2: What's causing it. 22 00:01:14,319 --> 00:01:16,959 Speaker 3: Or core logic experts point to a few different reasons. 23 00:01:17,000 --> 00:01:19,760 Speaker 3: One of them is the relatively new investor taxes, but 24 00:01:19,800 --> 00:01:23,120 Speaker 3: perhaps the more significant factor is that Victoria has been 25 00:01:23,160 --> 00:01:26,240 Speaker 3: driving more new housing supply than pretty much any other 26 00:01:26,280 --> 00:01:29,800 Speaker 3: state for years. More supply means lower prices, and we 27 00:01:29,880 --> 00:01:32,400 Speaker 3: are seeing this in action in many ways. This is 28 00:01:32,440 --> 00:01:35,120 Speaker 3: good news for those struggling to get onto the property ladder. 29 00:01:35,280 --> 00:01:38,240 Speaker 3: The latest data provided some good news for renters with 30 00:01:38,360 --> 00:01:41,280 Speaker 3: rental prices remaining flat for the second month in a row. 31 00:01:41,400 --> 00:01:44,240 Speaker 3: That should help with those struggling with affordability in the market. 32 00:01:44,640 --> 00:01:48,680 Speaker 1: And Adam Springs selling season has now officially kicked off 33 00:01:48,760 --> 00:01:52,080 Speaker 1: because we now officially are in spring. How did weekend 34 00:01:52,080 --> 00:01:53,240 Speaker 1: auctions perform. 35 00:01:53,360 --> 00:01:55,920 Speaker 3: Well, Michael Spring is definitely here in the auction results too. 36 00:01:55,960 --> 00:01:58,200 Speaker 3: When you look at the temperature all the housing market 37 00:01:58,560 --> 00:02:02,040 Speaker 3: Spring is. Their preliminary data shows a seventy three point 38 00:02:02,160 --> 00:02:05,000 Speaker 3: four percent clearance rate for the combined capitals, but so 39 00:02:05,160 --> 00:02:07,760 Speaker 3: far only results have been made available for one THY 40 00:02:07,880 --> 00:02:10,240 Speaker 3: three hundred and ninety three of the two THY two 41 00:02:10,320 --> 00:02:13,160 Speaker 3: hundred and fifty five that went under the hammer in Melbourne. 42 00:02:13,240 --> 00:02:15,840 Speaker 3: It hit seventy two point seven and in Sydney it 43 00:02:15,880 --> 00:02:18,960 Speaker 3: was seventy four point two percent. These may change the 44 00:02:19,000 --> 00:02:21,399 Speaker 3: final auction figures are reported, but it's a really good 45 00:02:21,400 --> 00:02:23,440 Speaker 3: indicator of a strong start to sprint. 46 00:02:23,760 --> 00:02:26,440 Speaker 1: Yeah, indeed, all right, Taking a look now at local 47 00:02:26,560 --> 00:02:29,799 Speaker 1: markets where things finished up. On Friday, the S and 48 00:02:29,840 --> 00:02:32,160 Speaker 1: PA s X two hundred closed up zero point six 49 00:02:32,200 --> 00:02:36,120 Speaker 1: percent to eight thousand and ninety two points, leaving the 50 00:02:36,160 --> 00:02:39,800 Speaker 1: market up zero point eight five percent over Really what 51 00:02:39,960 --> 00:02:41,720 Speaker 1: was another busy earnings week? 52 00:02:42,160 --> 00:02:42,840 Speaker 2: Yeah, Michael. 53 00:02:42,919 --> 00:02:45,200 Speaker 3: The stock market end of the week less than fifty 54 00:02:45,240 --> 00:02:47,880 Speaker 3: points below the record high which was surpassed at the 55 00:02:47,919 --> 00:02:50,800 Speaker 3: beginning of August, and that was driven by strong dividends 56 00:02:51,040 --> 00:02:53,359 Speaker 3: and a general view that earnings did not point to 57 00:02:53,400 --> 00:02:56,359 Speaker 3: companies being under too much pressure. That's not to say 58 00:02:56,400 --> 00:02:59,399 Speaker 3: there weren't some themes in this season, though, of challenges 59 00:02:59,440 --> 00:03:01,440 Speaker 3: from consumer who are anxious to hold on to their 60 00:03:01,440 --> 00:03:04,600 Speaker 3: money during this cost of living crisis and are shifting 61 00:03:04,639 --> 00:03:08,440 Speaker 3: from expensive to budget conscious products. A key example of 62 00:03:08,440 --> 00:03:11,240 Speaker 3: this trend on Friday was Harvey Norman, which reported a 63 00:03:11,280 --> 00:03:14,200 Speaker 3: four percent drop in revenue and a thirty five percent 64 00:03:14,240 --> 00:03:17,080 Speaker 3: decline in net profit and their shares slumped. It has 65 00:03:17,120 --> 00:03:19,600 Speaker 3: been a challenging earning season for retail. 66 00:03:19,639 --> 00:03:20,000 Speaker 2: Michael. 67 00:03:20,360 --> 00:03:23,440 Speaker 1: Yeah, it's also challenging in another space as well, Adam, 68 00:03:23,440 --> 00:03:26,040 Speaker 1: and that's the advertising market. We've got an interview coming 69 00:03:26,120 --> 00:03:31,240 Speaker 1: up after the show today with the CEO of Nine Entertainment, 70 00:03:31,400 --> 00:03:34,800 Speaker 1: Mike Sneezeby. Now, this interview is part of our series 71 00:03:34,800 --> 00:03:37,120 Speaker 1: that we've been doing with Osby's. The team at Osby's, 72 00:03:37,240 --> 00:03:40,280 Speaker 1: which is Australia's leading provider of live and on demand 73 00:03:40,400 --> 00:03:44,040 Speaker 1: video of the latest news in Australian business markets, economy 74 00:03:44,040 --> 00:03:46,120 Speaker 1: and startups. You can sign up at Osby's dot com 75 00:03:46,120 --> 00:03:48,640 Speaker 1: dot au. It is free. But this chat with Mike 76 00:03:48,720 --> 00:03:52,600 Speaker 1: Sneezeby really does kind of pinpoint some of the challenges 77 00:03:52,680 --> 00:03:55,280 Speaker 1: that a company like Nine is facing. Ane such a 78 00:03:55,320 --> 00:03:59,200 Speaker 1: fascinating business, isn't it, because it's it's kind of your 79 00:03:59,280 --> 00:04:03,440 Speaker 1: legacy media traditional media. You've got your free to air TV, 80 00:04:03,840 --> 00:04:07,240 Speaker 1: your radio, your print, your newspapers, but then you've also 81 00:04:07,320 --> 00:04:10,160 Speaker 1: got all of the digital elements as well, the digital 82 00:04:10,200 --> 00:04:13,880 Speaker 1: news outlets of all of these stan your broadcast, video 83 00:04:13,920 --> 00:04:19,000 Speaker 1: on demand, and this enormous enormous pressure that is coming 84 00:04:19,040 --> 00:04:22,559 Speaker 1: in from outside as well from the digital giants things 85 00:04:22,600 --> 00:04:24,760 Speaker 1: like kind of Meta and Google that are coming in 86 00:04:24,800 --> 00:04:27,920 Speaker 1: and competing in the same market for the same advertisers, 87 00:04:28,279 --> 00:04:30,800 Speaker 1: and companies like nine are getting crunched. 88 00:04:31,240 --> 00:04:33,680 Speaker 3: Yeah, Michael, it's fascinating in a business sense, but it's 89 00:04:33,720 --> 00:04:36,240 Speaker 3: also fascinating in a political sense too. And what might 90 00:04:36,279 --> 00:04:37,800 Speaker 3: happen with regulatory changes? 91 00:04:37,960 --> 00:04:38,159 Speaker 2: Yeah? 92 00:04:38,160 --> 00:04:41,440 Speaker 1: Absolutely, And Mike Sneeze does address some of this during 93 00:04:41,800 --> 00:04:44,000 Speaker 1: the conversation. It is well worth the listener's coming up 94 00:04:44,000 --> 00:04:47,760 Speaker 1: after the show. Now checking overseas markets thanks to blue 95 00:04:47,800 --> 00:04:52,000 Speaker 1: Chip Communication, the experts helping financial services companies market, communicate 96 00:04:52,040 --> 00:04:55,440 Speaker 1: and grow. Visit blue Chip Communication, dot com, dot Au. 97 00:04:55,480 --> 00:04:57,080 Speaker 1: It's all about China at the moment, isn't it. 98 00:04:57,080 --> 00:04:58,720 Speaker 2: Adam, Yeah, look, no surprise. 99 00:04:58,920 --> 00:05:01,520 Speaker 3: In China, the central focus has continued to be the 100 00:05:01,560 --> 00:05:05,279 Speaker 3: residential property market slump, and according to China Real Estate 101 00:05:05,320 --> 00:05:08,520 Speaker 3: Information Corp. Figures new home sales from the top one 102 00:05:08,640 --> 00:05:11,279 Speaker 3: hundred real estate companies fell twenty six point eight percent 103 00:05:11,320 --> 00:05:14,880 Speaker 3: over the year. This dampens demand and puts downward pressure 104 00:05:14,880 --> 00:05:17,960 Speaker 3: on iron ore prices, and they're obviously a significant input 105 00:05:18,000 --> 00:05:20,560 Speaker 3: to the steel needed for construction and that affects US. 106 00:05:20,920 --> 00:05:24,599 Speaker 3: Despite this, iron ore rallied ten percent in ten days, 107 00:05:24,640 --> 00:05:27,800 Speaker 3: recently pushing back past the US one hundred dollars a ton. 108 00:05:28,160 --> 00:05:32,600 Speaker 3: China's Metallurgical News, which is Chinese Communist Party affiliated, warned 109 00:05:32,640 --> 00:05:36,640 Speaker 3: that the price spike is quote irrational and lacks fundamental support. 110 00:05:37,600 --> 00:05:40,440 Speaker 3: Hedge funds, asset managers, and speculative traders are betting on 111 00:05:40,480 --> 00:05:44,160 Speaker 3: a decline in the US dollar. Commodity Futures Trading Commission 112 00:05:44,240 --> 00:05:48,040 Speaker 3: data shows traders have positioned nine point eight billion dollars 113 00:05:48,080 --> 00:05:50,640 Speaker 3: tied to more losses for the currency, and that's the 114 00:05:50,680 --> 00:05:53,599 Speaker 3: most since the year began. And Michael, this one's bad 115 00:05:53,640 --> 00:05:56,720 Speaker 3: news for many of us. The global coco shortage situation 116 00:05:57,040 --> 00:06:01,080 Speaker 3: is getting worse. The International co Co Organization has published 117 00:06:01,240 --> 00:06:05,159 Speaker 3: new estimates that demand will exceed production by four hundred 118 00:06:05,200 --> 00:06:08,240 Speaker 3: and sixty two thousand metric tons for the twelve months 119 00:06:08,279 --> 00:06:10,600 Speaker 3: to October this year, and that is an increase of 120 00:06:10,640 --> 00:06:13,880 Speaker 3: twenty three thousand metric tons. That increase was on their 121 00:06:13,920 --> 00:06:17,200 Speaker 3: May forecasts. As Paul Weather continues to be challenging. 122 00:06:18,200 --> 00:06:19,840 Speaker 1: Well, we're wrapping up the markets there with a bit 123 00:06:19,880 --> 00:06:21,360 Speaker 1: of bad news, Adam. 124 00:06:21,320 --> 00:06:25,159 Speaker 3: Wrapping it up Coco nice one, Michael, Oh, yeah, that. 125 00:06:25,680 --> 00:06:29,400 Speaker 1: Was deliberate of course, I certainly intended that one. We 126 00:06:29,480 --> 00:06:31,400 Speaker 1: do have a fair bit to get through. We'll be 127 00:06:31,440 --> 00:06:33,080 Speaker 1: back in a moment with the rest of the day's 128 00:06:33,080 --> 00:06:33,800 Speaker 1: business news. 129 00:06:39,839 --> 00:06:40,159 Speaker 2: Adam. 130 00:06:40,200 --> 00:06:43,280 Speaker 1: The Coalition has everything on the table as it bangs 131 00:06:43,279 --> 00:06:46,800 Speaker 1: into shape its housing policy for the upcoming election. But 132 00:06:47,080 --> 00:06:50,240 Speaker 1: comments from Senator Andrew Bragg, who is the Opposition to 133 00:06:50,240 --> 00:06:54,520 Speaker 1: housing spokesperson, were pretty telling yesterday about the new plans 134 00:06:54,560 --> 00:06:56,560 Speaker 1: brewing to boost home ownership. 135 00:06:56,760 --> 00:06:57,000 Speaker 2: Yeah. 136 00:06:57,040 --> 00:07:00,200 Speaker 3: Michael Bragg was speaking to the ABC Insiders program and 137 00:07:00,320 --> 00:07:04,039 Speaker 3: was particularly pointing towards the multitude of options in working 138 00:07:04,120 --> 00:07:06,880 Speaker 3: with the states and territories. In particular, he referenced tying 139 00:07:06,920 --> 00:07:10,360 Speaker 3: home completion rates to federal funding rates and measures to 140 00:07:10,400 --> 00:07:13,520 Speaker 3: speed up the approval process and construction of homes. He 141 00:07:13,600 --> 00:07:17,000 Speaker 3: specifically referenced the structure in New Zealand where payments to 142 00:07:17,040 --> 00:07:20,320 Speaker 3: councils have recently been linked to housing completions. He would 143 00:07:20,400 --> 00:07:23,520 Speaker 3: also not rule out cutting GST payments to the states 144 00:07:23,720 --> 00:07:27,440 Speaker 3: if they don't tackle housing supply to the federal government's satisfaction. 145 00:07:27,760 --> 00:07:30,000 Speaker 3: Another area of focus over the weekend was what the 146 00:07:30,040 --> 00:07:33,800 Speaker 3: proposed caps will be on international students. The Coalition has 147 00:07:33,840 --> 00:07:36,280 Speaker 3: been tight lipped on numbers, but said these would be 148 00:07:36,320 --> 00:07:37,000 Speaker 3: revealed soon. 149 00:07:37,520 --> 00:07:40,520 Speaker 1: And still in politics, Adam Prime Minister Anthony Abernezi is 150 00:07:40,560 --> 00:07:44,120 Speaker 1: backflipped again on his decision to drop a plan to 151 00:07:44,240 --> 00:07:49,280 Speaker 1: include LGBTQ related questions in the twenty twenty sixth census. 152 00:07:49,320 --> 00:07:53,320 Speaker 1: This was a subject of a lot of debate last week. 153 00:07:53,680 --> 00:07:56,120 Speaker 3: Yeah, it was Michael in every five years. The census 154 00:07:56,160 --> 00:08:00,000 Speaker 3: is a critical source of information for policymakers, academics, companies 155 00:08:00,240 --> 00:08:02,840 Speaker 3: and nonprofits, as well as a general understanding of our 156 00:08:02,920 --> 00:08:06,400 Speaker 3: population and challenges. There's always a debate about which questions 157 00:08:06,440 --> 00:08:09,400 Speaker 3: to ask to capture the right details while balancing it 158 00:08:09,440 --> 00:08:12,720 Speaker 3: with not making it too lengthy or onerous or invasive. However, 159 00:08:12,760 --> 00:08:16,160 Speaker 3: the addition of deeper questions on gender identity and sexuality 160 00:08:16,480 --> 00:08:20,880 Speaker 3: has proven controversial until late last week, Albanesi was ready 161 00:08:20,880 --> 00:08:24,280 Speaker 3: to keep them out of the census to avoid divisiveness 162 00:08:24,280 --> 00:08:27,760 Speaker 3: and controversy, including difficulties for those who are not comfortably 163 00:08:27,840 --> 00:08:31,640 Speaker 3: able to reveal this sexual orientation. That's despite it being 164 00:08:31,640 --> 00:08:35,280 Speaker 3: a commitment ahead of the twenty twenty two election. Albanizi 165 00:08:35,320 --> 00:08:37,160 Speaker 3: has now said there will be a question in the 166 00:08:37,200 --> 00:08:41,440 Speaker 3: census if ABS tests prove successful. He said, this would 167 00:08:41,440 --> 00:08:44,920 Speaker 3: be one question on the topic of sexuality and sexual preference. 168 00:08:45,320 --> 00:08:47,920 Speaker 1: Now, Adam, I'm sure you are very, very excited about 169 00:08:47,920 --> 00:08:48,560 Speaker 1: this next one. 170 00:08:48,640 --> 00:08:49,199 Speaker 2: Imagine you. 171 00:08:49,880 --> 00:08:52,520 Speaker 1: I haven't actually checked your calendar on your desk, but 172 00:08:52,559 --> 00:08:55,040 Speaker 1: I'm sure you're just ticking off the days like one 173 00:08:55,080 --> 00:08:56,520 Speaker 1: of those olds, like an advent count. 174 00:08:56,520 --> 00:08:58,079 Speaker 2: I'm guessing you mean Wednesday, Mike. 175 00:08:58,160 --> 00:09:01,600 Speaker 1: I'm talking about Wednesday. National Out's a due on Wednesday, 176 00:09:02,480 --> 00:09:05,760 Speaker 1: which is kind of the highlight of probably your week. 177 00:09:05,840 --> 00:09:09,920 Speaker 1: But a survey of economists by Bloomberg shows an overwhelming 178 00:09:10,000 --> 00:09:13,160 Speaker 1: view that the economy is currently in its worst growth 179 00:09:13,280 --> 00:09:17,600 Speaker 1: period since the nineteen nineties recession, excluding, of course, the 180 00:09:17,600 --> 00:09:18,679 Speaker 1: COVID nineteen period. 181 00:09:19,200 --> 00:09:19,880 Speaker 2: Yeah, michael On. 182 00:09:19,920 --> 00:09:23,160 Speaker 3: The survey shows that economists on average think real GDP 183 00:09:23,400 --> 00:09:25,559 Speaker 3: grew by just zero point two percent in the three 184 00:09:25,640 --> 00:09:28,400 Speaker 3: months to June. That would put annual growth at zero 185 00:09:28,440 --> 00:09:31,360 Speaker 3: point nine percent, are slowing from one point one percent 186 00:09:31,400 --> 00:09:34,560 Speaker 3: the previous quarter. It would also be the sixth consecutive 187 00:09:34,600 --> 00:09:39,520 Speaker 3: per capita decline where population growth outpaces GDP growth. Underpinning 188 00:09:39,559 --> 00:09:41,680 Speaker 3: a lot of this sluggishness is a drop in household 189 00:09:41,760 --> 00:09:45,040 Speaker 3: spending with the cost of living and higher interest rates. 190 00:09:45,040 --> 00:09:48,640 Speaker 3: To rein in inflation having a major impact. However, low 191 00:09:48,679 --> 00:09:52,720 Speaker 3: residential construction and business investment levels are also an ongoing challenge. 192 00:09:52,920 --> 00:09:55,160 Speaker 3: It might sound grim, but this is pretty much what 193 00:09:55,240 --> 00:09:57,719 Speaker 3: the Reserve Bank of Australia has been expecting and their 194 00:09:57,800 --> 00:10:00,320 Speaker 3: viewers that the economy will pick up quickly from here here. 195 00:10:00,760 --> 00:10:03,760 Speaker 3: Treasurer Jim Chalmers told the media late yesterday that it 196 00:10:03,760 --> 00:10:06,360 Speaker 3: would be no surprise if the economy was soft in 197 00:10:06,400 --> 00:10:09,720 Speaker 3: the June quarter amid high interest rates and global volatility. 198 00:10:10,320 --> 00:10:14,640 Speaker 1: Construction workers adam on enterprise bargaining agreements in Victoria and 199 00:10:14,679 --> 00:10:18,800 Speaker 1: New South Wales have seen their wages triple over the 200 00:10:18,840 --> 00:10:22,320 Speaker 1: last twenty years. The wage growth has pushed past the 201 00:10:22,360 --> 00:10:26,560 Speaker 1: pay rises seen during the equivalent time for public sector doctors, 202 00:10:26,640 --> 00:10:28,120 Speaker 1: teachers and public servants. 203 00:10:28,120 --> 00:10:31,160 Speaker 3: More broadly, Yeah, this one's an outlier, Michael. The new 204 00:10:31,240 --> 00:10:35,520 Speaker 3: pay analysis by quantity surveying firm RLB, reported by The 205 00:10:35,559 --> 00:10:39,040 Speaker 3: Australian Financial Review shows that the hourly wages of those 206 00:10:39,120 --> 00:10:44,160 Speaker 3: under deals handled by the CFMEU, ETU and CEPU unions 207 00:10:44,440 --> 00:10:47,720 Speaker 3: were up two hundred percent from two thousand to twenty 208 00:10:47,760 --> 00:10:51,160 Speaker 3: twenty four, compared to a ninety five percent rise in 209 00:10:51,200 --> 00:10:55,000 Speaker 3: the Consumer Price Index. The analysis comes amid contracting companies 210 00:10:55,080 --> 00:10:59,280 Speaker 3: fight to alter EBAs and rapidly rising construction costs, but 211 00:10:59,360 --> 00:11:02,320 Speaker 3: this argument will not change the five percent annual pay 212 00:11:02,400 --> 00:11:06,000 Speaker 3: rises baked in until twenty twenty seven to twenty twenty eight. 213 00:11:06,600 --> 00:11:10,480 Speaker 1: ADAM new ACID data shows that almost half of millennials 214 00:11:10,679 --> 00:11:14,640 Speaker 1: are not knowledgeable about maximizing their super and are less 215 00:11:14,640 --> 00:11:19,599 Speaker 1: engaged than older generations. It's possible that some better superannuation 216 00:11:19,760 --> 00:11:22,319 Speaker 1: smartphone apps might be on the cards as the regulator 217 00:11:22,400 --> 00:11:26,200 Speaker 1: encourages the super funds just to do better with engaging 218 00:11:26,440 --> 00:11:27,400 Speaker 1: younger Australians. 219 00:11:27,679 --> 00:11:28,240 Speaker 2: Yeah, Michael. 220 00:11:28,240 --> 00:11:30,880 Speaker 3: The new research came from ASEX Money Smart as part 221 00:11:30,880 --> 00:11:35,160 Speaker 3: of a superannuation roundtable featuring Commissioner Simone Constant and a 222 00:11:35,240 --> 00:11:38,960 Speaker 3: series of financial journalists, advisors and academics, and it seems 223 00:11:38,960 --> 00:11:42,240 Speaker 3: that ACIK was surprised that millennials, they're the first generation 224 00:11:42,280 --> 00:11:45,199 Speaker 3: who actually grow up with compulsory super they're not as 225 00:11:45,280 --> 00:11:47,559 Speaker 3: tapped in as we would like them to be. One 226 00:11:47,559 --> 00:11:49,640 Speaker 3: of the ways the regulator is trying to close this 227 00:11:49,800 --> 00:11:53,160 Speaker 3: gap is by launching a new consumer awareness campaign geared 228 00:11:53,160 --> 00:11:56,160 Speaker 3: towards younger people, encouraging them to think more about their 229 00:11:56,240 --> 00:12:00,839 Speaker 3: superannuation and extra contributions and simone cons and pointed out 230 00:12:01,000 --> 00:12:04,280 Speaker 3: that where other financial apps off a minute by minute access, 231 00:12:04,640 --> 00:12:07,920 Speaker 3: this type of clarity isn't available for super fund members. 232 00:12:08,200 --> 00:12:10,000 Speaker 3: And you'd think that is a big nudge to the 233 00:12:10,040 --> 00:12:12,840 Speaker 3: super funds to think about ways they can catch up. 234 00:12:13,160 --> 00:12:16,280 Speaker 1: Yeah, I suspect it might be. Okay, turning to international 235 00:12:16,320 --> 00:12:19,839 Speaker 1: news now, and here's a controversial one. I think it's 236 00:12:19,840 --> 00:12:23,360 Speaker 1: pretty controversial and I'm sure I'm sure people will have 237 00:12:23,440 --> 00:12:29,280 Speaker 1: some feedback about a new academic paper from researchers at 238 00:12:29,320 --> 00:12:32,840 Speaker 1: the University of Toronto and the University of Miami think 239 00:12:32,920 --> 00:12:36,800 Speaker 1: that digital asset holders are more likely to have personality 240 00:12:36,840 --> 00:12:44,160 Speaker 1: traits like narcissism, machiavelianism, sadism, they're even psychopaths, Adam, And 241 00:12:44,200 --> 00:12:47,960 Speaker 1: by digital assets they mean things like cryptocurrency. 242 00:12:47,480 --> 00:12:50,280 Speaker 3: Doesn't seem like it's on a charm offensive, doesn't Michael. 243 00:12:50,600 --> 00:12:53,040 Speaker 1: No, No, they've really kind of picked the type here, 244 00:12:53,120 --> 00:12:53,559 Speaker 1: haven't they. 245 00:12:53,960 --> 00:12:54,320 Speaker 2: Yeah. 246 00:12:54,840 --> 00:12:58,360 Speaker 3: Now, this paper further said the cryptocurrency ownership is associated 247 00:12:58,400 --> 00:13:02,040 Speaker 3: with people who are more like to believe in conspiracy theories, 248 00:13:02,400 --> 00:13:07,040 Speaker 3: support extremist groups, and share populist sentiments. It found Those 249 00:13:07,040 --> 00:13:10,720 Speaker 3: who owned cryptocurrency also score higher on measures of paranoia, 250 00:13:11,080 --> 00:13:14,760 Speaker 3: a need for chaos, and a victimhood mentality. The paper 251 00:13:14,800 --> 00:13:17,440 Speaker 3: has received its fair share of mainstream media coverage and 252 00:13:17,520 --> 00:13:20,640 Speaker 3: excitement from social media posters. However, Michael I have to 253 00:13:20,640 --> 00:13:24,040 Speaker 3: point out that its surveyed two thousand and one American adults, 254 00:13:24,440 --> 00:13:27,600 Speaker 3: of whom under thirty percent said they owned or had 255 00:13:27,679 --> 00:13:31,560 Speaker 3: owned cryptocurrency. At the same time, Bloomberg is reporting that 256 00:13:31,600 --> 00:13:36,080 Speaker 3: Australia is now the fastest growing market for bitcoin ATMs, 257 00:13:36,360 --> 00:13:38,400 Speaker 3: where you can feed in cash to get crypto in 258 00:13:38,440 --> 00:13:41,280 Speaker 3: a digital wallet. The US has the majority of the machines, 259 00:13:41,280 --> 00:13:44,120 Speaker 3: and that's about thirty two thousand, but it's picking up 260 00:13:44,240 --> 00:13:45,640 Speaker 3: fastest in Australia. 261 00:13:46,720 --> 00:13:50,320 Speaker 1: I've never seen a bitcoin ATM Nope, nor I. So 262 00:13:50,440 --> 00:13:52,600 Speaker 1: it might be a fast growing market, but it's still 263 00:13:53,120 --> 00:13:54,359 Speaker 1: relatively sluggish. 264 00:13:54,600 --> 00:13:55,200 Speaker 2: Yeah. 265 00:13:55,240 --> 00:13:56,920 Speaker 3: In my case, Michael, I wonder if I have to 266 00:13:56,920 --> 00:13:58,400 Speaker 3: be looking for it to notice it. 267 00:13:58,840 --> 00:14:01,120 Speaker 1: Oh, you know what, You'll probably go to the shops 268 00:14:01,120 --> 00:14:05,000 Speaker 1: now today and you see what one goodness me, But 269 00:14:05,080 --> 00:14:07,679 Speaker 1: don't go and get any bitcoin, because that will confirm 270 00:14:07,800 --> 00:14:11,000 Speaker 1: that you are, in fact a psychiasticist. 271 00:14:11,080 --> 00:14:13,480 Speaker 2: Pavilion is I just love it. 272 00:14:13,520 --> 00:14:16,200 Speaker 1: That is a fantastic That is a study that is 273 00:14:16,280 --> 00:14:21,720 Speaker 1: guaranteed to rile people up now, Adam, from psychopaths to 274 00:14:21,800 --> 00:14:25,880 Speaker 1: the high end art market. It's been suffering a bit 275 00:14:25,920 --> 00:14:29,200 Speaker 1: of a downturn, a fairly sharp downturn globally. Have you 276 00:14:29,280 --> 00:14:34,120 Speaker 1: noticed it, Michael, Yes, yes, I really have. It's causing 277 00:14:34,120 --> 00:14:37,160 Speaker 1: me to lose sleep at night, Adam, because it's seen 278 00:14:37,240 --> 00:14:41,600 Speaker 1: top collectors and sellers cautious about listing and buying good 279 00:14:41,960 --> 00:14:45,440 Speaker 1: The bad sentiment has now hit famous auction house Southarby's, 280 00:14:45,800 --> 00:14:49,760 Speaker 1: which reported an eighty eight percent fall in its core 281 00:14:49,840 --> 00:14:53,000 Speaker 1: earnings to eighteen point one million dollars in its first 282 00:14:53,000 --> 00:14:55,800 Speaker 1: half results. It also reported a twenty five percent drop 283 00:14:55,800 --> 00:14:56,640 Speaker 1: in auction sales. 284 00:14:57,200 --> 00:15:00,280 Speaker 3: Yeah, Michael, is incredible data. Among the factors weighing down 285 00:15:00,360 --> 00:15:02,680 Speaker 3: is a drop in spending on high end goods from China, 286 00:15:02,800 --> 00:15:05,560 Speaker 3: where the economy is under significant pressure and the property 287 00:15:05,600 --> 00:15:08,720 Speaker 3: market is softening. As we heard earlier, Southeby's revenues fell 288 00:15:08,800 --> 00:15:11,040 Speaker 3: twenty two percent to five hundred and fifty eight point 289 00:15:11,040 --> 00:15:14,280 Speaker 3: five million. Auction Sales on luxury goods like art have 290 00:15:14,400 --> 00:15:17,960 Speaker 3: been under pressure, with rival auction house Christie's suffering at 291 00:15:17,960 --> 00:15:20,840 Speaker 3: twenty two percent drop over the first half. A London 292 00:15:20,840 --> 00:15:24,800 Speaker 3: based data firm art Tactic recently noted that evening sales 293 00:15:24,840 --> 00:15:27,480 Speaker 3: results at major houses in Hong Kong such as Christi, 294 00:15:27,600 --> 00:15:31,480 Speaker 3: Southeby's and Phillips have been down forty percent. According to ArtWatch, 295 00:15:31,680 --> 00:15:34,400 Speaker 3: there's now been a decline in guarantees from auction houses 296 00:15:34,400 --> 00:15:38,280 Speaker 3: and third parties, prompting behind the scenes auctions. However, the 297 00:15:38,360 --> 00:15:41,760 Speaker 3: lower priced artwork buying activity for pieces below US one 298 00:15:41,800 --> 00:15:45,880 Speaker 3: million is still relatively robust, good news for some there, Michael. 299 00:15:46,400 --> 00:15:48,240 Speaker 1: Finally, Adam, I mentioned this one at the top of 300 00:15:48,280 --> 00:15:50,920 Speaker 1: the show, and I know you've been very anxiously waiting 301 00:15:50,960 --> 00:15:56,320 Speaker 1: for it. Artificial intelligence is the proposed solution to lots 302 00:15:56,360 --> 00:15:58,720 Speaker 1: of different challenges these days, and how it makes kind 303 00:15:58,720 --> 00:16:01,560 Speaker 1: of writing emails e and kind of solves a whole 304 00:16:01,640 --> 00:16:06,960 Speaker 1: bunch of the big challenges facing humanity. Now it is 305 00:16:07,160 --> 00:16:10,960 Speaker 1: changing dating. There is a whole swathe of dating apps, 306 00:16:11,000 --> 00:16:14,840 Speaker 1: top dating apps and now tapping into AI to help 307 00:16:14,880 --> 00:16:16,840 Speaker 1: people up their romance game. 308 00:16:17,720 --> 00:16:20,400 Speaker 3: Michael, I'm not sure what to make of all of this, 309 00:16:20,520 --> 00:16:23,640 Speaker 3: but Tinder, Hinge, Bumble and Grinder have all told the 310 00:16:23,680 --> 00:16:26,680 Speaker 3: Financial Times that they are currently building or testing AI 311 00:16:27,160 --> 00:16:30,720 Speaker 3: as a quote unquote wingman sort of buddy option for users. 312 00:16:31,000 --> 00:16:33,920 Speaker 3: These AI bots would help develop ice breakers and pick 313 00:16:34,000 --> 00:16:37,120 Speaker 3: up lines, provide feedback, and help with profile changes to 314 00:16:37,160 --> 00:16:40,800 Speaker 3: help you reach a possible partner better, such as outsourcing 315 00:16:40,840 --> 00:16:44,280 Speaker 3: profile photo selection to an AI. They may even provide 316 00:16:44,280 --> 00:16:46,920 Speaker 3: feedback on your flirting, which sounds like it could be 317 00:16:46,960 --> 00:16:50,240 Speaker 3: pretty brutal. It was particularly amusing to hear one description 318 00:16:50,280 --> 00:16:54,640 Speaker 3: from Grinder's chief product officer, aj Balance. You might find 319 00:16:54,680 --> 00:16:58,560 Speaker 3: your AI wingman chatting with someone else's a wingman to 320 00:16:58,640 --> 00:17:01,160 Speaker 3: work things out. Watching that unfold. 321 00:17:01,480 --> 00:17:03,920 Speaker 1: What happens if the AI wingmen kind of hit it 322 00:17:03,960 --> 00:17:08,560 Speaker 1: off and then they decide they don't need the humans anymore. 323 00:17:08,800 --> 00:17:11,480 Speaker 1: And this is this could be where it starts, Adam. 324 00:17:11,280 --> 00:17:13,359 Speaker 3: An AI wingman virtual affair. 325 00:17:13,600 --> 00:17:17,280 Speaker 1: Indeed, all right up next is fear and Greed the 326 00:17:17,280 --> 00:17:20,920 Speaker 1: week ahead and with Stephen coculis enjoying a well earned 327 00:17:20,920 --> 00:17:25,280 Speaker 1: Breakupsy like our friend and colleague Sean Aylmer and wingman, 328 00:17:25,440 --> 00:17:28,320 Speaker 1: they're not. They're not holidaying together. It actually does sound 329 00:17:28,359 --> 00:17:30,560 Speaker 1: like they could be away together at the same time, 330 00:17:30,600 --> 00:17:33,639 Speaker 1: but they are not. You are speaking instead to e 331 00:17:33,760 --> 00:17:35,560 Speaker 1: Wise chief Economist Charelle Murphy. 332 00:17:35,880 --> 00:17:38,320 Speaker 3: Yes, Michael, we took a brief look at last week's 333 00:17:38,320 --> 00:17:41,080 Speaker 3: start of the monthly CPI data, which is very important, 334 00:17:41,480 --> 00:17:44,439 Speaker 3: and even more importantly going to look ahead at the 335 00:17:44,480 --> 00:17:47,160 Speaker 3: GDP numbers we're expecting to see on Wednesday. And also 336 00:17:47,600 --> 00:17:50,000 Speaker 3: Michelle Bullock's got a couple of speaking engagements that we 337 00:17:50,040 --> 00:17:50,440 Speaker 3: talk about. 338 00:17:50,600 --> 00:17:53,080 Speaker 1: Yeah, it is a really good episode, well worth a listen, 339 00:17:53,160 --> 00:17:56,080 Speaker 1: just to get yourself nice and prepared for a big 340 00:17:56,119 --> 00:17:58,760 Speaker 1: week in the economy. It's coming up next, followed by 341 00:17:59,040 --> 00:18:02,600 Speaker 1: the Fear and Greed Business Interview, Today's chat with Mike Sneezebe, 342 00:18:02,600 --> 00:18:06,639 Speaker 1: the CEO of nine Entertainment, talking to our friends from Osby's. 343 00:18:06,760 --> 00:18:09,240 Speaker 1: You can find out more about Osby's at Osby's dot 344 00:18:09,280 --> 00:18:12,080 Speaker 1: com dot au and sign up. It is entirely free, 345 00:18:12,320 --> 00:18:14,160 Speaker 1: so plenty of good listening coming up in the Fear 346 00:18:14,200 --> 00:18:17,080 Speaker 1: and Greed playlist on your podcast platform or at Fearangreed 347 00:18:17,080 --> 00:18:17,880 Speaker 1: dot com dot au. 348 00:18:18,240 --> 00:18:19,959 Speaker 2: Thank you, Adam, Thank you Michael. 349 00:18:20,119 --> 00:18:22,840 Speaker 1: It is Monday, the second of September twenty twenty four. 350 00:18:22,880 --> 00:18:25,240 Speaker 1: Make sure you're following the podcast and please join us 351 00:18:25,480 --> 00:18:29,639 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson, 352 00:18:29,640 --> 00:18:31,680 Speaker 1: and that was fear and greed. Have a great day.