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

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Speaker 1: Economic conditions for small businesses are improving, but insolvency levels

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Speaker 1: remain near record high levels. The Federal government prepares to

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Speaker 1: negotiate with the Coalition and the Greens over its environmental legislation,

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Speaker 1: and French authorities arrest two suspects over the Louver break in. Plus,

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Speaker 1: the average superannuation balance heads towards two hundred thousand dollars,

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Speaker 1: with fewer older Australians relying on the age pension, and

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Speaker 1: Quantus upgrades its in flight menus. It is Monday, the

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Speaker 1: twenty seventh of October twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Shown the main story this morning. Economic conditions for small

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Speaker 1: businesses have improved over the past year, though you've got

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Speaker 1: to say it's hardly golden times. According to a new

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Speaker 1: report from the Reserve Bank. It comes as new figures

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Speaker 1: show and solvency rates remain at historically high levels.

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Speaker 2: Yes, the good and the bad in this story. The

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Speaker 2: Reserve Bank has a regular program of liaising with small

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Speaker 2: business and a small business advisory panel. In its most

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Speaker 2: recent report well. It says that measures of business conditions

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Speaker 2: and confidence have improved but remain weaker than for large businesses.

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Speaker 2: Many small businesses have stayed profitable. Good news there, mostly

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Speaker 2: by implementing cost saving initiatives. A key challenge still is

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Speaker 2: obtaining finance on terms that their needs. Although things are

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Speaker 2: getting a little bit better, credit has become cheaper, with

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Speaker 2: variable lending rates for small businesses declining by more than

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Speaker 2: the cash rate this year. Credits also become more readily

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Speaker 2: available the small business thanks to stronger competition in that

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Speaker 2: business lending market. We've heard from most of the major

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Speaker 2: banks that they are chasing that business lending market.

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Speaker 1: So the Reserve Bank may think that this is the case.

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Speaker 1: But there are still high numbers of insultancies across the

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Speaker 1: country right yes, and.

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Speaker 2: Little sign of relief. So the Reserve Bank has this

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Speaker 2: theoretical model, and if you look at what's going on

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Speaker 2: broadly at a macro level, I'm sure this is true. However,

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Speaker 2: insulveency rates are still running at near record highs eleven

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Speaker 2: one hundred insolvencies last month alone. That's a lot of

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Speaker 2: small businesses going bad. The construction sector leads the way.

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Speaker 2: Those numbers are stabilizing. Where they're really rising is in

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Speaker 2: transport a credit according to Creditor Watch, so truckies, for example,

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Speaker 2: under real pressure, hit hard by high fuel costs, higher rates,

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Speaker 2: and strong competition from low cost foreign backed competitors. The

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Speaker 2: outlook isn't that promising. Notwithstanding what the Reserve Bank says

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Speaker 2: b to be payment to fault, so business to business

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Speaker 2: payment to fault. They've jumped five percent from August to September.

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Speaker 2: Creditor Watch says that's a leading indicator of future insolvencies.

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Speaker 2: Business failure rates are now fifteen point one percent above

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Speaker 2: the ten year average, with third and beverage administratives report

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Speaker 2: in transport sectors most at risk. So at a macro level,

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Speaker 2: things might look like they're getting better. At a micro level,

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Speaker 2: people are still finding it pretty tough.

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Speaker 1: It's interesting, isn't it, because you kind of have this

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Speaker 1: perception of the Reserve Bank just using the key data

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Speaker 1: releases that they look for inflation. They look at kind

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Speaker 1: of various bits and pieces as they come in, but

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Speaker 1: they're also liaising with small business. They're also trying to

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Speaker 1: get a feel for what business is like on the ground.

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Speaker 2: Yeah, that's exactly right, and they've been doing it for

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Speaker 2: many years, and I'm sure, I'm sure they're very good

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Speaker 2: at it. I don't want to be due critical here,

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Speaker 2: I space, but those credit watch numbers don't lie. When

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Speaker 2: you've got business failure rates fifteen percent higher than the

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Speaker 2: ten year average, things aren't good.

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Speaker 1: No, okay, now, Seana look overseas a softer inflation report

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Speaker 1: in the US over the weekend aug as well for

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Speaker 1: rate cuts in the world's biggest economy, and that should,

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Speaker 1: in theory, help the local market today.

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Speaker 2: In theory, Michael Futures Training suggests the SMPASEX two hundred

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Speaker 2: will open higher. The inflation data in the US helped

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Speaker 2: up the odds for a rate cut in that country

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Speaker 2: when the US Federal Reserve meets later in the week.

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Speaker 2: It's a very big week for local markets with the

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Speaker 2: September quarter Consumer Price Index due out on Wednesday. That

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Speaker 2: is the big one. That's the one that'll be pidal

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Speaker 2: and whether or not we get another rate cut if

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Speaker 2: it comes in above expectations, no chance below expectations. Maybe

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Speaker 2: we get a rate cut next month on Melbourne Cup Day,

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Speaker 2: let's hope. So there's also a meeting between US President

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Speaker 2: Donald Trump and China's Jijing Ping on the sidelines of

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Speaker 2: this week's APEC meeting. That'll play a role in markets too.

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Speaker 1: Speaking of APEC, Prime Minister Anthony alberinezi As heading to

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Speaker 1: the APEC meeting later in the week, you only just

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Speaker 1: got back from the US. You don't get much of

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Speaker 1: a prime minister.

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Speaker 2: Does he get frequent flypoints? Well?

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Speaker 1: I suppose no. If you're flying on an air Force jet,

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Speaker 1: you wouldn't get ready. I mean, when you're going to

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Speaker 1: cash those in, you're not You're not going to go

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Speaker 1: and book it at an air Force flight to go

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Speaker 1: to Fiji or something. They do.

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Speaker 2: Prime ministers still get the first cast flights when they retire.

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Speaker 2: I think they do.

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Speaker 1: I'm sure they would. I mean I know that they

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Speaker 1: have cut down a lot of those those perks and

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Speaker 1: the benefits, but surely still got that. I'm going to

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Speaker 1: research that one for you.

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Speaker 2: Sure.

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Speaker 1: But so he's going to APEC later in the week,

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Speaker 1: but before then, I think he's already headed. He's off

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Speaker 1: Is it Malaysia for the annual meeting of the Association

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Speaker 1: of Southeast Asian Nations or Asian Yes Asian asien see

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Speaker 1: this is one of those ones that I mean, you

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Speaker 1: say it Asian, Asian, you take your pick, but it's

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Speaker 1: one of those initialisms that just does not sound the

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Speaker 1: way that it looks, and we should just scrap it entirely.

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Speaker 2: As in, you really know that you're getting sick of

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Speaker 2: the Prime minister's travel when you just start talking about

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Speaker 2: the acronyms being used as oppose what's going on. Yeah,

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Speaker 2: he was graded by Malaysia's Prime Minister n My Ibrahim yesterday.

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Speaker 2: He's due to hold a blot by lateral meeting with

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Speaker 2: Japan's new Prime Minister to Keech, of course, the first

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Speaker 2: woman to hold that position. He then heads to South

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Speaker 2: Korea for APEX. At a forum today, the Prime Minister

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Speaker 2: is expected to argue that the best way to enhance

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Speaker 2: security and resilience of the global economy is not to

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Speaker 2: turn it inwards, but to look outwards.

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Speaker 1: Okay, plenty still to come. Sean will be back in

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

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Speaker 1: Sean Environment Minister Murray Watt is open to watering down

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Speaker 1: a contentious new power to preemptively reject developments in return

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Speaker 1: for coalition support from major overhaul of federal environment laws.

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Speaker 2: What's also prepared to reach a deal with the Greens

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Speaker 2: who want stronger protections for native forests as part of

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Speaker 2: his efforts to find a Senate majority and pass this

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Speaker 2: legislation now. Late last week, What said he would introduce

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Speaker 2: to Parliament a major overhaul of Australian's environmental laws, aimed

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Speaker 2: at hastening approvals for resources and renewables projects, while getting

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Speaker 2: a new national Environmental Protection agency powers to stop environmental

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Speaker 2: destruction and punished law breakers, according to the Finn Review. Yesterday,

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Speaker 2: Opposition leader Susan Lee was out talking about it. She

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Speaker 2: called on What to split the bill into two tranches,

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Speaker 2: saying the Coalition could more readily pass changes to streamline

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Speaker 2: project approvals while dealing with more contentious issues such as

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Speaker 2: the new Environmental Protection Agency.

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Speaker 1: Later Understaying in Politics, Labor will enshrine copyright protections for

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Speaker 1: the country's creative industries, rejecting a big push by the

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Speaker 1: tech giants to access data to train their AI systems.

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Speaker 2: Yes, this is a story in The Australian. Today, the

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Speaker 2: government said it's still well. Yesterday, the government said it's

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Speaker 2: still consulting on possible updates to Australia's copyright laws one

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Speaker 2: very close to your heart, Michael, but it will not

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Speaker 2: consider a proposed exception for text and data mining. Basically

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Speaker 2: where those big tech guys artificials the practice that allows

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Speaker 2: artificial intelligence developers to access the works of content creators

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Speaker 2: for free and without permission to inform its AI models. Now.

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Speaker 2: Attorney General Michelle Roland said sensible and workable solutions were

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Speaker 2: needed to harness the opportunities presented by AI, but any

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Speaker 2: such outcomes should not come at the expense of Australia's

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Speaker 2: creative and media sectors. You're smiling on this one, Michael.

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Speaker 2: You like it.

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Speaker 1: I know I'm biased, but as someone who has written

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Speaker 1: a couple of novels, I'm very very happy to see

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Speaker 1: this development, Sean. And I know I should leave that

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Speaker 1: out of it, but I am grinning right now now, Sean.

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Speaker 1: Australians superannuation account balances have reached a record high of

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Speaker 1: almost one hundred and seventy three thousand dollars on average,

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Speaker 1: with those aged between sixty five and sixty nine years

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Speaker 1: of age holding more than four hundred and twenty thousand dollars.

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Speaker 2: There is still a gender gap among the eighteen million

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Speaker 2: account holders in Australia. Males average one hundred and ninety

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Speaker 2: two thousand, females one hundred and fifty five. But thing

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Speaker 2: I mean, super animation does work and I think that's

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Speaker 2: a wonderful thing ever since it was introduced to compulsory

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Speaker 2: superannuation in nineteen ninety two. Now these figures are from

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Speaker 2: the super sectors peak body ASPHA a thirty year old

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Speaker 2: earning the median wage today, they've probably saved about thirty

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Speaker 2: thousand super already. They're on track to retire with more

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Speaker 2: than six hundred thousand dollars. That six hundred thousand dollar

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Speaker 2: mark is considered the amount needed for a comfortable retirement. Also,

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Speaker 2: fewer Australians are relying primarily on the age pension, with

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Speaker 2: super increasingly becoming the main source of retirement income. Michael

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Speaker 2: our newsletter today. I tee off on this because I

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Speaker 2: think Australia super sector is one of the great kind

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Speaker 2: of Oh plot well, it was a great policy of

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Speaker 2: the nineteen nineties. But in terms of where Australia leads

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Speaker 2: the world, super and retirement incomes is definitely there.

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Speaker 1: Yeah. So if you haven't signed up to the newsletter,

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Speaker 1: it's entirely free. I'll put a link into today Show Notes.

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Speaker 1: You can also do it at Fearangreed dot com dot au.

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Speaker 1: And I mean, of course you get to read Sean's

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Speaker 1: take on superannuation. But perhaps an even greater incentive is

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Speaker 1: the chance to win at one of three or possibly

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Speaker 1: six at merchandise packs. We've got the Fear and Greed cap.

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Speaker 1: We've got the Fear and Greed mea mug, the most

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Speaker 1: Enthusiastic mug, which is a fantastic little mug, great for

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Speaker 1: holding all kinds of liquids. And that's it. I know,

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Speaker 1: I said merchandise pack, and it sounds like there's a

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Speaker 1: whole lot more. But really the exclusivity of this should

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Speaker 1: make up for the quantity. Sean. Let's talk airlines, one

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Speaker 1: of my favorite topics. Quantus has upgraded its in flight menu,

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Speaker 1: making it more Australian. I thought it was already quite Australian.

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Speaker 1: There's a lot of kind of Australian things on it.

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Speaker 1: But there are pies, there are now toasties. There's garlic prawns,

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Speaker 1: and there's jam drops.

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Speaker 2: I have never liked jam drops even as a kid.

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Speaker 1: Oh didn't realize you are alien.

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Speaker 2: There are more than seventy new options, including an egg

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Speaker 2: and chizzo toasty with tomato chutney. It's an egg and

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Speaker 2: chrizzo tasty, bacon and egg toasty, fair enough churizza.

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Speaker 1: No no, no no. You know what if they did

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Speaker 1: a sausage sizzle, if it was just if you could

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Speaker 1: just order a piece of bread and a sausage, a

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Speaker 1: little bit of young and tomato sauce, and he paid

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Speaker 1: three bucks for it. It's like Bunnings in the sky Shorn.

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Speaker 2: They do have a beef sausage burrito wrap, but that

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Speaker 2: kind of works against the whole bozziness of it, doesn't it.

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Speaker 1: Yeah, we're trying to make it. No, they're trying to

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Speaker 1: make it exotic. We want Australian food in the sky.

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Speaker 2: How about the macadamia butterscotch cake. That sounds pretty Goodies

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Speaker 2: down there, if you want to go a bit flasher,

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Speaker 2: then buy a business class ticket. You might get garlic

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Speaker 2: prawn's with parmesan cream and feather chini lamb and Rasmy

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Speaker 2: pie that doesn't even a meat pie really, that's a

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Speaker 2: bit that is flash smoked salmon with the chenie pickles

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Speaker 2: and lemon and a Brillian onion tart with beetroot relish

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Speaker 2: and rocket. Sounds like kind of the restaurants that you

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Speaker 2: go to, Michael, this sort of place.

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Speaker 1: Oh please.

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Speaker 2: The new menu is based on a six week rotation,

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Speaker 2: so passengers are less likely to get the same meals.

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Speaker 2: Lounges will also get an upgrade freshly made cinnamon scrolls.

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Speaker 2: I'm a sucker for a cinema me too.

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Speaker 1: We could make that the official food of fear and green.

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Speaker 2: Yeah, yeah, yeah, and so you know that. You know,

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Speaker 2: we were based in France for quite a few weeks.

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Speaker 2: Recently they do cinnamon scrolls better than anyone else. Oh,

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Speaker 2: just letting you know.

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Speaker 1: Now it feels like you're bragging, but.

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Speaker 2: Egan baking Kisha's. They're also available in the lounge of

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Speaker 2: sausage drills from Noondaily. Even getting the timing of us

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Speaker 2: quite says around twenty million meals in flight every year.

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Speaker 2: That's pretty amazing.

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Speaker 1: That's a lot. Okay, made me very hungry for very

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Speaker 1: early in the morning, Sean craving a cinnamon scroll. Turning

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Speaker 1: to International News Now and a collection a collective rather

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Speaker 1: of right wing podcasters, bloggers, and, as they put it,

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Speaker 1: true conservatives are the new members of the Pentagon Press Corps.

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Speaker 1: After agreeing to a revised access policy that most mainstream

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Speaker 1: media actually refused to sign.

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Speaker 2: So major television networks, newspapers, radio stations walked out of

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Speaker 2: the Pentagon, which is the headquarters of the Department of

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Speaker 2: Defense or War depends Donald Trump say's Department of War.

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Speaker 2: I think it's officially I don't know anyway, the Department

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Speaker 2: of the Pentagon. The list of outlets refusing to sign

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Speaker 2: the new policy include The New York Times, The Washington Post, CNN,

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Speaker 2: all the major broadcast networks, including Fox News, which has

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Speaker 2: a tendency to be right leaning. Let's face it, Pentagon

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Speaker 2: press passes have gone to outlets including Lindel TV, founded

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Speaker 2: by Pillow entrepreneur and conspiracy theorist Mike Lindell, the right

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Speaker 2: wing network Real America's voice program Frontlines run by the

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Speaker 2: late Charlie Kirks, Turning Point USA, a sub state newsletter

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Speaker 2: called The Washington Reporter, and a far right conspiracy website

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Speaker 2: called The Gateway Pundit. One of the new sites to

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Speaker 2: sign up, Red State described itself as offering unapologetic reporting

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Speaker 2: and opinion by true conservatives for true conservatives, Michael, freedom

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Speaker 2: of the press when it comes to the Pentagon is

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Speaker 2: officially dead.

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Speaker 1: Yeah, unfortunately, I think you might be right there. Finally, Sean,

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Speaker 1: we talked a lot about this story last week. In

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Speaker 1: a major development overnight, two suspects have been arrested over

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Speaker 1: the theft of precious crown jewels from the Louver Museum.

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Speaker 1: According to French media, one taken into custody as it

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Speaker 1: was preparing to take a flight from Paris. I don't

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Speaker 1: know where it was heading, but it was getting out

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Speaker 1: of that.

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Speaker 2: He's heading to Algeria, or at least to Algeria. Yes,

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Speaker 2: apparently that's what the media is reporting, and that's what

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Speaker 2: the BBC's reporting. Items worth one hundred million US dollars

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Speaker 2: were stolen from the world's most visited museum last Sunday

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Speaker 2: when four thieves wielding power tools broke into the building

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Speaker 2: in broad daylight. Kem was facing the wrong way. The

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Speaker 2: guards run away, not lot going right for that one.

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Speaker 2: The Paris prosecutors I've said in a statement that the

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Speaker 2: arrests had been made on Saturday evening. Now they didn't

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Speaker 2: specify how many people, but apparently it is two people.

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Speaker 2: According to reports in French media yesterday, DNA found at

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Speaker 2: the scene of the robbery led to the identification of

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Speaker 2: one of the suspects. Suspects, so apparently the gang left

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Speaker 2: behind a number of items, including gloves and a high

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Speaker 2: fizz jacket. So we thought that the buffoonery was mostly

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Speaker 2: to do with the Louver security system, perhaps extended to

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Speaker 2: the thieves as well.

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Speaker 1: Oh what a great that story has now entirely become

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Speaker 1: self contained within a week. That is a ripper of

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Speaker 1: a story and it keeps giving. Yeah, yeah, a great

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Speaker 1: way to finish up. Next Sean is Fear and Greed

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Speaker 1: Q and A. Today's guest amp Deputy Chief Economist Diana Massena.

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Speaker 1: This is of course the week ahead. We're looking at

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Speaker 1: the quarterly inflation figures, talking about the Fed potentially making

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Speaker 1: your rate decision, but we're also asker how much attention

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Speaker 1: an economist pays to Wall Street and the middle of

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Speaker 1: earning season getting some big results. I think five of

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Speaker 1: the Magnificent Seven report in just two days this week,

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Speaker 1: and Deanna has a really interesting take on what economists

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Speaker 1: can learn about the health of the economy from what

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Speaker 1: some of the biggest companies in the world are actually reporting.

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Speaker 1: So that what's coming up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com today you which is where you sign up for

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Speaker 1: that free daily newsletter. Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Monday, the twenty seventh of October twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson.

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