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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The Treasurer flags tax reform as his three day summit

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Speaker 1: wraps up. The local share market smashes through nine thousand

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Speaker 1: points for the first time, and the owners of Rebel

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Speaker 1: Sports say theft from stores has reached an industrial level.

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Speaker 1: Plus the major mismatch in Australia's housing market, and FED

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Speaker 1: chair Jerome Powell set to give the speech of his life.

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Speaker 1: It is Friday, the twenty second of August twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning Natalie McDonald. Good morning Michael, Natalie.

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Speaker 1: A massive show to get through this morning. The main story.

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Speaker 1: We have been talking about it for a few days,

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Speaker 1: but finally there's some substance coming out of this. Treasurer

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Speaker 1: Jim Chalmers has flagged tax reform targeting older generations as

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Speaker 1: he wrapped up his three day economic reform round table,

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Speaker 1: declaring the focus now is on three things intergenerational fairness,

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Speaker 1: encourage businesses to invest, and creating a simpler, more sustainable

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Speaker 1: tax system to fund services.

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Speaker 2: Easy easy, easy, But just how that will happen is actually,

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Speaker 2: in fact very much in the air. The Treasurer has

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Speaker 2: ruled out an external tax review, saying the government will

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Speaker 2: develop policies which could mean tackling supernuation concessions, family trusts,

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Speaker 2: and capital gains tax, potentially offset by lower income tax.

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Speaker 2: He also left open the Productivity Commission's proposal for a

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Speaker 2: twenty percent company tax rate for businesses under one billion

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Speaker 2: dollars in turnover, with big operators staying at thirty percent

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Speaker 2: and all businesses paying a five percent cash flow tax.

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Speaker 2: Alongside the tax debate, Charm has confirmed a series of

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Speaker 2: immediate reforms, scrapping more nuisance tariffs, fast tracking environmental approvals

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Speaker 2: for housing and energy projects, simplifying the construction code, and

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Speaker 2: moving ahead with a road user charge for electric and

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Speaker 2: hybrid vehicles to replace lost fuel ex size.

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Speaker 1: Yeah, it's interesting. There were a few commitments that came

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Speaker 1: out of that yesterday, but a lot of those were

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Speaker 1: flagged on the way in really as things that were

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Speaker 1: likely to come out anyway. How have the main parties

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Speaker 1: responded to everything that did come out of this, because

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Speaker 1: there has been so much talk and a fair bit

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Speaker 1: of tension along the way.

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Speaker 2: Too exactly that. But business groups say that the three

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Speaker 2: days were actually productive and there are reports of positive conversations.

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Speaker 2: They were pretty blunt on the potential for higher levees

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Speaker 2: on large companies like banks and miners, saying it would

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Speaker 2: drag on investment and fail the basic test of lifting productivity.

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Speaker 2: Union struck a slightly different note. ACTU secretary Selling Mannas

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Speaker 2: backed wealth taxes but warned against custer income tax that

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Speaker 2: could undermine medicare and education. Inside the summit itself, there

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Speaker 2: was a little bit of tension yesterday, just a little bit,

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Speaker 2: just a touch with Shadow Treasurer at Ted O'Brien accusing

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Speaker 2: Child of overspending and locking in deficits. But some good

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Speaker 2: news on one of the most controversial issues heading into

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Speaker 2: the summit, the call for copyright protection to be removed,

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Speaker 2: giving AI access to Australian content. The airfar reports a

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Speaker 2: quick informal conversation between Selling mc manus and tech billionaire

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Speaker 2: Scott Farqua led to commitments for ongoing collaboration between unions

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Speaker 2: and the Tech Council to work out how to pay

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Speaker 2: media companies and other content creators for the content used

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Speaker 2: to train AI models.

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Speaker 1: Isn't it funny that came out of really what was,

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Speaker 1: according to the FINN, really a five minute conversation just

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Speaker 1: on the sidelines of it. And it's what we often

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Speaker 1: talk about, the fact that you have these big summits,

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Speaker 1: particularly overseas like the G seven or the G twenty,

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Speaker 1: and a lot of the real diplomacy and the real

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Speaker 1: results actually come out of these little conversations that take

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Speaker 1: place on the sidelines. And we've we've seen that happen

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Speaker 1: in the last few days. Clearly here in Canberra too.

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Speaker 2: You got to shoot your shirt.

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Speaker 1: Yeah, absolutely absolutely, and maybe sometimes away from the strict

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Speaker 1: structure of it that there might be a little bit

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Speaker 1: more room for negotiation. Let's take a look at the

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Speaker 1: local market now, because yesterday was a I think the

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Speaker 1: technical term is a heck of a day, a new

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Speaker 1: record for the s and PASX two hundred, pushing through

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Speaker 1: the nine thousand point mark for the first time, lifted

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Speaker 1: higher by what was one of the busiest days on

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Speaker 1: the corporate calendar this reporting season.

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Speaker 2: It really was a whopper. We saw a lot of

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Speaker 2: beats there for the market and the result really the

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Speaker 2: local boss adding one hundred and one points or one

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Speaker 2: point one percent to nine thousand and nineteen points. That's

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Speaker 2: also an intra day high. By the way, investors flocked

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Speaker 2: to industrials, with gains from trans Urban up more than

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Speaker 2: three percent after City upgraded the stock to a buy,

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Speaker 2: and Brambles sawing more than thirteen percent following the news

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Speaker 2: of a six hundred and twenty two million dollar buy back.

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Speaker 2: We spoke about buybacks already this week really coming through strong.

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Speaker 2: Also strength coming in through the naturals, with gains across

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Speaker 2: all of the big four. Communications services in fact, were

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Speaker 2: the only sector in the red. But if we zoom

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Speaker 2: in on some of the day's worst performers, James Hardy

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Speaker 2: continuing to fall down another nine point four percent after

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Speaker 2: broker down grades off the back of wednesday substantial earnings mess.

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Speaker 2: That's down about thirty five percent in two days. Analysts

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Speaker 2: are warning that next week's earning results will be a

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Speaker 2: real test of this rally. Though. We've got Cole's Wool, Worse, Endeavor,

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Speaker 2: Flight Center, Santos West Farmers, and plenty more to come

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Speaker 2: next week.

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Speaker 1: Yeah, it's going to be a bumper week next week.

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Speaker 1: It seems a very good time to sign up for

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Speaker 1: the Fear and Grade daily newsletter. It wasn't that a

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Speaker 1: natural segue? Ver natural so smooth, That's why they call me. No,

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Speaker 1: they don't call me.

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Speaker 2: No one. No one does Michael, they don't.

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Speaker 1: Okay, So headlong to Fearangreed dot com dot au and

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Speaker 1: sign up for the newsletter. It is in your inbox

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Speaker 1: every weekday morning by six am and it takes about

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Speaker 1: three or four minutes to read and it just gives

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Speaker 1: you everything you need to know for the day to

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Speaker 1: set you up very successfully. At I'll put a link

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Speaker 1: in today's show notes as well, so it is very

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Speaker 1: easy to do. Quick break. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Natalie.

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Speaker 1: Commonwealth Bank has backflipped on plans to cut forty five

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Speaker 1: call centered jobs it had replaced with an AI voicepot

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Speaker 1: after conceding to the Fair Work Commission that workloads hadn't declined,

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Speaker 1: they had in fact increased.

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Speaker 2: So despite claiming the new system reduced calls by two

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Speaker 2: thousand a week, CBA admitted the number of calls had

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Speaker 2: actually risen, forcing managers to work overtime and cover phones.

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Speaker 2: How bad for them, poor managers. Forty five workers who

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Speaker 2: were told their jobs were redundant have now been asked

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Speaker 2: to stay, with CEO Matt Corman apologizing and pledging a

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Speaker 2: review of processes. Unions have jumped on the uturn, saying

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Speaker 2: it's proof banks addressing up job cuts as innovation, demanding

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Speaker 2: stronger consultation before AI changes roll out.

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Speaker 1: Yeah, I mean it's not many jobs overall as a

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Speaker 1: number in terms of forty five jobs, but it is

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Speaker 1: quite significant in terms of what it means and the

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Speaker 1: potential therefore companies to make cuts quickly based on the

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Speaker 1: potential impact of AI, not yet knowing actually how it

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Speaker 1: will play out. So this is one that a lot

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Speaker 1: of companies I suspected watching quite closely, and.

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Speaker 2: I think especially just to add when you think about

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Speaker 2: how much CEO Matcommon did actually center a lot of

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Speaker 2: his results around announcement around how CBA were approaching AI.

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Speaker 1: Yeah, it is a good point. Now this next one's interesting.

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Speaker 1: New research has highlighted a major mismatch in Australia's housing market,

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Speaker 1: where homes are often too big for the households that

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Speaker 1: occupy them.

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Speaker 2: Data from property research group Toutality shows that most new

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Speaker 2: homes are built for families, but more than sixty percent

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Speaker 2: of households are just one or two people. Loan person households,

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Speaker 2: especially seniors, struggle to find suitable options. With one bedroom

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Speaker 2: and studio apartments making up just six percent of housing stock,

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Speaker 2: experts say high transaction costs like stamp duty keep people

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Speaker 2: in homes bigger than they actually need. Some suggest tax

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Speaker 2: reforms or changes to pension rules to encourage downsizing. And

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Speaker 2: something that's at the center of this is the fact

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Speaker 2: that builders are actually still focused on larger homes, aiming

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Speaker 2: for that resell value, while construction capacity lags behind government

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Speaker 2: targets to deliver one point two million new homes. And

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Speaker 2: lets say that promoting smaller, more flexible homes could speed

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Speaker 2: up supply and make housing more accessible. But Michael, just

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Speaker 2: one point that I want to make on here. This research,

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Speaker 2: as I say it's come from Totality, it's come from

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Speaker 2: Australian head of research at Totality, Eliza Owen, who has

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Speaker 2: really received an awful lot of personal backlash off of this.

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Speaker 2: And I don't think it's okay. I think what we're

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Speaker 2: looking at is a broader Australian housing issue. We know

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Speaker 2: there is an affordability and accessibility issue when it comes

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Speaker 2: to Australian property, and I don't think that some of

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Speaker 2: the critique that has been levied at one individual is fair.

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Speaker 1: No, you've got to put this research out there for

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Speaker 1: people to discuss it, right, and especially when it leads

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Speaker 1: to conversations as well about stamp duty for instance, which

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Speaker 1: I mean, there aren't too many people that go around

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Speaker 1: saying stamp duty is a fantastic tax and we should

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Speaker 1: have more of it. I suspect it's the other way around,

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Speaker 1: and data like this really does encourage that conversation, So

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Speaker 1: I think it is a really worthwhile conversation to have now.

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Speaker 1: Child safety advocates are calling for urgent national action ahead

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Speaker 1: of a key meeting of state and territory education ministers today.

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Speaker 2: Key national reforms under discussion include a national Early Childhood

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Speaker 2: Reform Commission, a central work of Registry, mandatory child safety training,

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Speaker 2: and a trial of CCTV in the centers. The push

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Speaker 2: follows a damning Victorian review trig go by allegations of

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Speaker 2: child sex abuse at a Melbourne childcare center. Earlier this week,

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Speaker 2: the federal government followed through on its promise to publicly

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Speaker 2: name childcare centers that are failing to meet the national standards,

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Speaker 2: listing twenty nine early childhood education and care services that

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Speaker 2: have had conditions placed on their funding for failing to

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Speaker 2: meet national quality standards for several years. Since new legislation

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Speaker 2: passed parliament last month, advocates warn the system has long

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Speaker 2: prioritized providers over children, and without consistent national action, loopholes

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Speaker 2: could let offenders move between states.

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Speaker 1: I mentioned this next one at the top of the show.

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Speaker 1: Super Retail chief executive Anthony Heriti has labeled organized crime

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Speaker 1: attacks at its Rebel Sports stores in Victoria as out

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Speaker 1: of control.

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Speaker 2: This is such an interesting narrative to have emerged this

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Speaker 2: earning season, so he's referencing what's being called industrial scale theft.

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Speaker 2: And this resulted in a slight decline in Rebel's Grace

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Speaker 2: made ugens for the year, but the sports retailers still

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Speaker 2: lodged and almost five percent increase in sales. Stronger than

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Speaker 2: expected results at Super Cheap Auto saw shares finishing the

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Speaker 2: day up twelve percent. But I've got a couple of

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Speaker 2: other results for you too, don't worry. Shares go on.

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Speaker 2: Shares in Biga Cheese climbed eight percent after revealing a

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Speaker 2: seventy four percent lift in profit. Biga Cheese will close

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Speaker 2: its site in northern Victoria by mid twenty six in

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Speaker 2: mid next year, cutting around three hundred jobs as it

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Speaker 2: consolidates processing in the Biga Valley. The company says the

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Speaker 2: move will save thirty million dollars a year and create

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Speaker 2: about one hundred jobs in New South Wales. Goodman Group meanwhile,

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Speaker 2: fairly true to form actually for this company, offering a

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Speaker 2: beat on guidance with strong earnings growth. Here's a fun

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Speaker 2: fact though, on Goodman Group.

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Speaker 1: For you by June, hang on, hang on, hang on,

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Speaker 1: hang on, offering a fun fact on Goodman Group. If

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Speaker 1: you are sitting the bar pretty high with this, go on.

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Speaker 2: We live on the edge here. It's Friday after all.

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Speaker 2: Now by June next year, construction of five hundred megawatts

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Speaker 2: of data centers in Australia and Europe will be underway.

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Speaker 2: I thought that was a fun fact as the company

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Speaker 2: continues the ambitious growth plans that have made it a

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Speaker 2: little bit of a market darling in recent years. Shares however,

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Speaker 2: down almost one point five percent.

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Speaker 1: We may need to discuss the definition of fun. It

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Speaker 1: was a fact, and it was an interesting fact, but

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Speaker 1: I don't know whether it would be objectively described as fun.

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Speaker 1: But anyway we can.

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Speaker 2: Probably well, I'll work on my fun facts before the

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Speaker 2: weekend edition Oh.

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Speaker 1: Yes, Please do Yes. Australian football Natalie is facing fresh

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Speaker 1: warnings about match fixing, with next year's Women's Asian Cup

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Speaker 1: in Perth singled out as a major risk.

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Speaker 2: So integrity experts say gaps in Australia's laws and the

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Speaker 2: rise of illegal offshore betting markets are leaving players and

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Speaker 2: referees exposed. It follows a pretty fascinating case of an

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Speaker 2: ex A League player, Riku Donzaki, who admitted betting on

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Speaker 2: his own cards, pocketing more than twenty thousand dollars before

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Speaker 2: being caught by tab Corp and reported to police. Sport

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Speaker 2: Integrity Australia warns that football's global popularity, underpaid players and

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Speaker 2: limited education programs heightened vulnerability, particularly in lower leagues, with

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Speaker 2: next year's Women's Asian Cup in Perth flag as a

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Speaker 2: massive risk. That's a direct quote that one. The federal

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Speaker 2: government has promised new laws to strength and protections, but

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Speaker 2: with Western Australia still relying on older codes, experts warn

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Speaker 2: the system isn't ready all.

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Speaker 1: Right, turning to international news now and it's been touted

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Speaker 1: as the speech of his life, which is a big call, right,

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Speaker 1: But Tonight, Australian time Federal Reserve Chair Jerome Powell will

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Speaker 1: take to the podium at Jackson Hole. Really under fire

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Speaker 1: from both US President Donald Trump and now some of

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Speaker 1: his own colleagues too.

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Speaker 2: Trump has spent months for rating Power for refusing to

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Speaker 2: cut interest rates, just this week writing on truth Social

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Speaker 2: that Jerome Powell is hurting the industry very badly. Trump

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Speaker 2: also nominating economist Stephen Mirron to the FRED board. Mirron

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Speaker 2: backs deep cuts and has even fluted reforms that could

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Speaker 2: allow presidents to sack FED chairs as well. Meanwhile, descent

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Speaker 2: within the FED is growing, with multiple governor's breaking ranks

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Speaker 2: to support cuts of the July meeting. Markets are betting

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Speaker 2: on at least a quarter point cut in September, but

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Speaker 2: mixed economic data such as soft jobs data, hot producer prices,

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Speaker 2: and also of course trans taris have left Power with

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Speaker 2: little room to move. Investors clearly going to be watching

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Speaker 2: this speech very very very closely for any hints on

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Speaker 2: next moves.

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Speaker 1: Yes, indeed, all right, one last one. Direct flights are

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Speaker 1: set to resume between India and China for the first

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Speaker 1: time in five years, as the relations between the two

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Speaker 1: countries really kind of thaw now amid antagonistic US policies

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Speaker 1: kind of, they've become friendlier.

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Speaker 2: Easing thoring certainly out the refrigerator. Prime Minister Modi, President

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Speaker 2: hujing Ping will meet in China later this month and

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Speaker 2: so that their first meeting in seven years. Alongside recommencing flights,

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Speaker 2: the two sides also agreed to issue tourist visas again,

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Speaker 2: boost trade ties, and even begin talks on their long

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Speaker 2: disputed Himalayan boundary. Ties hit rock bottom in twenty twenty,

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Speaker 2: but analysts say Donald Trump's trade wars with both nations

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Speaker 2: have nudged them into tactical cooperation, but experts warn this

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Speaker 2: is no reset with border tensions, China's ties with Pakistan

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Speaker 2: and water dispute still unresolved.

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Speaker 1: All right, Coming up next is Fearing Greed Q and A.

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Speaker 1: And today I really enjoyed this one. We're speaking with

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Speaker 1: Joe Lathan, who is the head of Project Kaiper for Australia.

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Speaker 1: Now we've talked about Project Kaiper in the last couple

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Speaker 1: of weeks. It is the big tie up between Amazon

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Speaker 1: and NBNC to bring high speed satellite internet to pretty

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Speaker 1: much the whole country. It's replacing some older satellites that

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Speaker 1: nbn CO has had. It brings a new competitor to

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Speaker 1: Starlink into the market. A lot in this conversation is

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Speaker 1: coming up next in the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com. Today you

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Speaker 1: thank you, Natalie, Thank you Michael. It is Friday, the

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Speaker 1: twenty second of August twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook. I'm Michael Thompson and that was

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Speaker 1: Fear and Greed. Have a great day.