1 00:00:03,920 --> 00:00:06,880 Speaker 1: It's Thursday, the fourth of December twenty twenty five. Welcome 2 00:00:06,920 --> 00:00:09,119 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,160 --> 00:00:11,000 Speaker 1: where we give you the top five business stories you 4 00:00:11,080 --> 00:00:13,480 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,480 --> 00:00:14,880 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,000 --> 00:00:16,279 Speaker 2: Good morning, Michael Show. 7 00:00:16,280 --> 00:00:18,759 Speaker 1: On the economy, this is story number what I'll just 8 00:00:18,800 --> 00:00:20,840 Speaker 1: jumped straight into it. I'm that excited about this. It's 9 00:00:20,880 --> 00:00:24,080 Speaker 1: expanding at a two point one percent clip, with consumers, 10 00:00:24,160 --> 00:00:27,479 Speaker 1: business and the government driving growth. Of bad news is 11 00:00:27,480 --> 00:00:30,520 Speaker 1: that inflation pressures a rising taking an interest rate cut 12 00:00:30,520 --> 00:00:31,240 Speaker 1: off the agenda. 13 00:00:31,280 --> 00:00:33,120 Speaker 2: It was probably a good result for the government for 14 00:00:33,159 --> 00:00:35,880 Speaker 2: the Central Bank, for business and consumers allow anyone wanning 15 00:00:35,920 --> 00:00:39,040 Speaker 2: a rate cut. Well, the GDP numbers from the ABS 16 00:00:39,200 --> 00:00:41,560 Speaker 2: didn't do much to help the cause yesterday. Growth for 17 00:00:41,640 --> 00:00:44,200 Speaker 2: the quarter zero point four percent, fueled by high spinning 18 00:00:44,320 --> 00:00:48,080 Speaker 2: by businesses, particularly data centers. Consumer spinning was weaker than June, 19 00:00:48,120 --> 00:00:51,440 Speaker 2: though it was still pretty decent, while government spending continues 20 00:00:51,440 --> 00:00:54,200 Speaker 2: to contribute to growth. The trade sector was solid. Imports 21 00:00:54,200 --> 00:00:56,639 Speaker 2: were helped by the appreciation of the aud in. So far, 22 00:00:56,920 --> 00:00:59,160 Speaker 2: the Trump tariffs haven't hit the local economy in a 23 00:00:59,200 --> 00:01:02,920 Speaker 2: negative way anyway. On a per capital basis, growth was flat, 24 00:01:02,960 --> 00:01:06,679 Speaker 2: suggesting economic growth is only rising because of population growth. 25 00:01:06,720 --> 00:01:09,119 Speaker 2: Productivity picked up a bit, though still a bit weak. 26 00:01:09,440 --> 00:01:12,679 Speaker 2: Big downside on the data. As you mentioned, inflation also 27 00:01:12,840 --> 00:01:16,480 Speaker 2: the reduction and inventories detracted zero point five percentage points 28 00:01:16,520 --> 00:01:18,800 Speaker 2: from growth, a bit of an anomaly in the way 29 00:01:18,840 --> 00:01:21,600 Speaker 2: the numbers are put together. Zero point five percentage points 30 00:01:21,680 --> 00:01:24,360 Speaker 2: is a big, big number. If that wasn't there, the 31 00:01:24,360 --> 00:01:26,120 Speaker 2: economy would be looking pretty good. 32 00:01:26,600 --> 00:01:30,160 Speaker 1: What's the bottom line here, Sean? How is the economy performing? 33 00:01:30,520 --> 00:01:31,560 Speaker 1: What does it mean for rates? 34 00:01:31,680 --> 00:01:34,280 Speaker 2: The consensus among economists is that the national accounts are 35 00:01:34,319 --> 00:01:36,600 Speaker 2: a pretty solid set of numbers showing a broadening of 36 00:01:36,600 --> 00:01:39,160 Speaker 2: economic growth along with inflation pressures. That raises the question 37 00:01:39,200 --> 00:01:42,320 Speaker 2: of whether the economy's a capacity and therefore the Reserve 38 00:01:42,319 --> 00:01:44,560 Speaker 2: Bank needs to lift interest rates to slow things down. 39 00:01:44,640 --> 00:01:44,800 Speaker 1: Now. 40 00:01:44,880 --> 00:01:48,760 Speaker 2: Yesterday, the RBA Governor Michelle Bullet was in Senate estimates. 41 00:01:48,840 --> 00:01:51,040 Speaker 2: She said it wasn't clear whether the economy was running 42 00:01:51,080 --> 00:01:55,000 Speaker 2: above capacity or not. She also said the whole purpose 43 00:01:55,000 --> 00:01:56,880 Speaker 2: of the RBA board is to bring inflation to the 44 00:01:56,880 --> 00:01:58,800 Speaker 2: midpoint of its target range of two to three percent 45 00:01:59,040 --> 00:02:02,560 Speaker 2: haven't done it yet, so I reckon the GDP figures slash. 46 00:02:02,600 --> 00:02:06,400 Speaker 2: Michelle Bullock put it all together. Definitely no rate carts. 47 00:02:06,520 --> 00:02:07,840 Speaker 2: Maybe a rate rise next year. 48 00:02:08,000 --> 00:02:10,440 Speaker 1: Okay, Moving on to the story number two. A pretty 49 00:02:10,520 --> 00:02:13,400 Speaker 1: remarkable story this one. The executive assistant to the boss 50 00:02:13,400 --> 00:02:16,720 Speaker 1: of the Future Fund racked up twenty thousand dollars in 51 00:02:16,800 --> 00:02:20,080 Speaker 1: bills on two business class trips, one of which was 52 00:02:20,120 --> 00:02:23,200 Speaker 1: to inspect hotel rooms for the Sovereign Wealth Fund Senior 53 00:02:23,240 --> 00:02:23,960 Speaker 1: management team. 54 00:02:24,000 --> 00:02:27,120 Speaker 2: Senator David Pocock in Senate Estimates accused Future Fund Chief 55 00:02:27,120 --> 00:02:31,840 Speaker 2: Executive Raphael Aren't of spending taxpayer money in a cavalier way. 56 00:02:32,360 --> 00:02:35,720 Speaker 2: The executive assistant had taken the other trip to assist 57 00:02:35,760 --> 00:02:38,760 Speaker 2: the Future Funds board. Not sure what that actually means, 58 00:02:38,960 --> 00:02:43,359 Speaker 2: Aunt said her trip resulted or the original trip resulted 59 00:02:43,400 --> 00:02:46,320 Speaker 2: in savings higher than the cost, though Pocock then asked 60 00:02:46,360 --> 00:02:48,600 Speaker 2: whether it could have been done online or over the phone. 61 00:02:48,800 --> 00:02:52,839 Speaker 2: Aunt himself attended the Exclusive Members Club thirty three at Disneyland. 62 00:02:53,120 --> 00:02:55,040 Speaker 2: He was under fire for that one. He said it 63 00:02:55,080 --> 00:02:57,440 Speaker 2: was for business. They was unable to save taxpayers or 64 00:02:57,480 --> 00:02:59,720 Speaker 2: Disney picked up the bill for it. He said he 65 00:03:00,080 --> 00:03:03,160 Speaker 2: wanted to learn about Disney's training programs. The Future find 66 00:03:03,240 --> 00:03:05,440 Speaker 2: established in two thousand and six. Of course, overseas a 67 00:03:05,520 --> 00:03:08,680 Speaker 2: portfolio for the Commonwealth of about two hundred and sixty 68 00:03:08,720 --> 00:03:09,840 Speaker 2: one billion dollars. 69 00:03:10,360 --> 00:03:13,760 Speaker 1: Story number three is very much along the same line 70 00:03:13,800 --> 00:03:17,240 Speaker 1: similar themes. I suppose you'd say, Communications Minister Annika Wells 71 00:03:17,520 --> 00:03:21,600 Speaker 1: is under fire after billing taxpayers seventy thousand dollars to 72 00:03:21,639 --> 00:03:25,160 Speaker 1: host an event in New York, spooking Australia's teen social 73 00:03:25,200 --> 00:03:28,280 Speaker 1: media ban, and for spending almost one hundred thousand dollars 74 00:03:28,360 --> 00:03:31,040 Speaker 1: on flights to attend the United Nations General Assembly. 75 00:03:31,120 --> 00:03:34,400 Speaker 2: Wells and a staff member flew to the September UN 76 00:03:34,600 --> 00:03:37,960 Speaker 2: General Assembly meeting after delaying her departure following the Optus 77 00:03:38,040 --> 00:03:41,120 Speaker 2: triple zero outage that was linked to three deaths Now, 78 00:03:41,120 --> 00:03:43,680 Speaker 2: a senior public servant also flew in New York earlyer 79 00:03:43,680 --> 00:03:45,720 Speaker 2: than planned. I have some sympathy for Wills in this one, 80 00:03:45,760 --> 00:03:47,920 Speaker 2: because she did stay back due to the optics outage, 81 00:03:48,080 --> 00:03:49,960 Speaker 2: but the details of the costs make it hard to 82 00:03:49,960 --> 00:03:52,880 Speaker 2: be too kind. Wells return commercial flights to New York 83 00:03:53,040 --> 00:03:57,320 Speaker 2: one return business class airfare thirty four thousand dollars. Deputy 84 00:03:57,400 --> 00:04:01,680 Speaker 2: chief staff's cost thirty eight thousand dollars personal when earlier 85 00:04:01,720 --> 00:04:06,520 Speaker 2: twenty two thousand dollars just seems extraordinarily expensive, Yeah it does. 86 00:04:06,680 --> 00:04:09,280 Speaker 1: Story number three. Twenty twenty five has proven a year 87 00:04:09,280 --> 00:04:12,640 Speaker 1: of contradictions in the housing market, according to Domain, with 88 00:04:12,760 --> 00:04:16,400 Speaker 1: the first interest rate cuts in four years being somewhat 89 00:04:16,440 --> 00:04:19,680 Speaker 1: swamped by rising property prices in every capital city. 90 00:04:19,480 --> 00:04:22,359 Speaker 2: In this sense of year wrap, Domain said prices rose everywhere. 91 00:04:22,360 --> 00:04:25,560 Speaker 2: On average, houses rose nine percent, unit seven percent. Investors 92 00:04:25,560 --> 00:04:27,640 Speaker 2: flooded back to the market. They ended up competing with 93 00:04:27,680 --> 00:04:30,679 Speaker 2: first home buyers, they say, called affordable cities of Risbon, 94 00:04:30,720 --> 00:04:34,360 Speaker 2: Adelaide and Perth are no longer that affordable. The rate 95 00:04:34,400 --> 00:04:36,880 Speaker 2: cuts in February, May and August reignited by a confidence 96 00:04:36,880 --> 00:04:40,080 Speaker 2: pushing clearance rates to multi year highs, but that boosted 97 00:04:40,120 --> 00:04:42,719 Speaker 2: price grapth, overwhelming the benefits of the rate reductions. 98 00:04:42,839 --> 00:04:46,119 Speaker 1: Last one story number five. Consumers are buying earlier ahead 99 00:04:46,120 --> 00:04:49,200 Speaker 1: of Christmas this year, but the total number of shoppers 100 00:04:49,240 --> 00:04:51,479 Speaker 1: will fall as cost of living pressures persist. 101 00:04:51,640 --> 00:04:53,960 Speaker 2: Sixty eight percent of Australian adults planned to buy gifts 102 00:04:54,000 --> 00:04:56,520 Speaker 2: this Year's just actually down from last year. Total gift 103 00:04:56,560 --> 00:05:00,279 Speaker 2: spending is forecast rice slightly twelve billion dollars average spend 104 00:05:00,320 --> 00:05:03,960 Speaker 2: seven fifty seven dollars. Those thirty five to forty nine 105 00:05:04,040 --> 00:05:06,400 Speaker 2: year old's the other one, spending most eight fifty three 106 00:05:06,480 --> 00:05:09,279 Speaker 2: dollars on average. According to this Straining Retailers Association, the 107 00:05:09,400 --> 00:05:11,880 Speaker 2: six week running too Christmas, which includes the just completed 108 00:05:11,920 --> 00:05:15,400 Speaker 2: Black Friday Cyber Monday period, is the most important one 109 00:05:15,480 --> 00:05:21,480 Speaker 2: for retailers. The Retailers Association says title spend we're talking everything, groceries, gifts, alcohol, 110 00:05:21,520 --> 00:05:24,000 Speaker 2: the whole she bang forecast to come in at seventy 111 00:05:24,040 --> 00:05:27,800 Speaker 2: two point four billion dollars this year. An interesting trend 112 00:05:27,960 --> 00:05:30,960 Speaker 2: is the ongoing shift back towards more bricks and mortar 113 00:05:31,080 --> 00:05:33,640 Speaker 2: shopping as a proportion of tatle shopping. 114 00:05:33,880 --> 00:05:36,120 Speaker 1: All right, there we go, the top five business stories 115 00:05:36,279 --> 00:05:39,120 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday, 116 00:05:39,160 --> 00:05:41,880 Speaker 1: the fourth of December twenty twenty five. Remember to hit 117 00:05:41,920 --> 00:05:44,520 Speaker 1: follow on the podcast, and if five minutes isn't enough, 118 00:05:44,560 --> 00:05:46,800 Speaker 1: you can find our longer daily show called Fear and 119 00:05:46,920 --> 00:05:49,640 Speaker 1: Greed where if you listen to podcasts. I'm Michael Thompson 120 00:05:49,680 --> 00:05:51,520 Speaker 1: and that was the fast five business news by fear 121 00:05:51,560 --> 00:05:52,840 Speaker 1: and greed, Have a great day.