1 00:00:03,840 --> 00:00:07,120 Speaker 1: It's Tuesday, the fourth of June twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,479 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,480 --> 00:00:11,280 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,800 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,880 --> 00:00:14,880 Speaker 1: and Good Morning. 6 00:00:14,600 --> 00:00:17,200 Speaker 2: Sean Aylmer, Good morning, Michael Shawn. 7 00:00:17,280 --> 00:00:20,440 Speaker 1: Five stories in five minutes. Let's going. Story Number one 8 00:00:20,520 --> 00:00:22,800 Speaker 1: is a big one. The Fair Work Commission has awarded 9 00:00:22,800 --> 00:00:25,800 Speaker 1: a three point seven five percent pay rise to two 10 00:00:25,880 --> 00:00:29,720 Speaker 1: point six million minimum wage and Award reliant workers. 11 00:00:29,520 --> 00:00:32,280 Speaker 2: In its annual wage decision. The commission full bench, headed 12 00:00:32,280 --> 00:00:35,440 Speaker 2: by President Adam Hatcher, said the increase factored in cost 13 00:00:35,440 --> 00:00:37,960 Speaker 2: of living pressures felt by households, but he said the 14 00:00:37,960 --> 00:00:41,000 Speaker 2: bench didn't want to award an increase significantly above inflation, 15 00:00:41,520 --> 00:00:43,960 Speaker 2: and the three point seventy five percent also factored in 16 00:00:44,000 --> 00:00:47,200 Speaker 2: the July one tax cuts and the superannuation guarantee increase. 17 00:00:47,440 --> 00:00:49,720 Speaker 2: The amount is slightly above the inflation rate, and in 18 00:00:49,760 --> 00:00:52,000 Speaker 2: dollar terms, the lowest paid worker will receive a little 19 00:00:52,000 --> 00:00:54,960 Speaker 2: over thirty three dollars a week more makes the minimum 20 00:00:55,040 --> 00:00:57,720 Speaker 2: wage nine hundred and fifteen dollars and ninety cents a week. 21 00:00:58,000 --> 00:01:01,480 Speaker 2: The decision directly or indirect effects about twenty five percent 22 00:01:01,560 --> 00:01:04,720 Speaker 2: of the workforce, including those whose wages are set by 23 00:01:04,720 --> 00:01:07,760 Speaker 2: industry awards. Mister Hatcher said the increase was consistent with 24 00:01:07,800 --> 00:01:11,760 Speaker 2: inflation returning to blow three percent by twenty twenty five. 25 00:01:11,920 --> 00:01:14,280 Speaker 2: Basically is blow what the unions wanted, a little above 26 00:01:14,280 --> 00:01:17,360 Speaker 2: what the employers wanted. The full bench also deferred an 27 00:01:17,360 --> 00:01:20,319 Speaker 2: ACTU claim for a four percent pay rise in female 28 00:01:20,400 --> 00:01:23,880 Speaker 2: dominated industries. The Commission will undertake a study to address 29 00:01:24,000 --> 00:01:28,640 Speaker 2: gender undervaluation, particularly in those sectors where women make up 30 00:01:28,680 --> 00:01:29,600 Speaker 2: most of the workforce. 31 00:01:30,280 --> 00:01:33,080 Speaker 1: Sean, what was the reaction like to the decision yesterday? 32 00:01:33,400 --> 00:01:35,560 Speaker 2: Generally, it was pretty good. The federal government has always 33 00:01:35,560 --> 00:01:37,840 Speaker 2: pushed for an increase at least in line with inflation. 34 00:01:37,959 --> 00:01:40,959 Speaker 2: That happened. Economists predicted anything more than four percent would 35 00:01:40,959 --> 00:01:44,560 Speaker 2: be bad. That didn't happen. Small business communities weren't so good. 36 00:01:44,720 --> 00:01:47,080 Speaker 2: Even the employers weren't too worried about this. On Michael, so, 37 00:01:47,120 --> 00:01:49,960 Speaker 2: I'd say it probably treaded that fine line pretty well. 38 00:01:50,360 --> 00:01:52,520 Speaker 1: Seems like most gave it a pass mark all right. 39 00:01:52,560 --> 00:01:56,560 Speaker 1: Onto story number two, Sean. Treasury Secretary Stephen Kennedy yesterday 40 00:01:56,600 --> 00:01:59,560 Speaker 1: gave what to describe as a pretty solid defense of 41 00:01:59,600 --> 00:02:02,320 Speaker 1: the tax system, saying he's quite comfortable with the current 42 00:02:02,360 --> 00:02:06,080 Speaker 1: corporate tax rate and Australia's reliance on income and company 43 00:02:06,080 --> 00:02:06,680 Speaker 1: tax rates. 44 00:02:06,920 --> 00:02:09,919 Speaker 2: Mister Kennedy said, in light of current circumstances, the company 45 00:02:09,960 --> 00:02:12,400 Speaker 2: tax rate is appropriate. He also wouldn't be drawn on 46 00:02:12,400 --> 00:02:15,200 Speaker 2: whether the last month's budget was expansionary or contractionary, but 47 00:02:15,240 --> 00:02:18,040 Speaker 2: said the budget was consistent with inflation returning to target. 48 00:02:18,280 --> 00:02:20,680 Speaker 2: The Treasury Secretary was in front of Senate estimates. He 49 00:02:20,720 --> 00:02:23,040 Speaker 2: said there's a range of factors contributing to the shortage 50 00:02:23,040 --> 00:02:26,920 Speaker 2: of housing, including COVID nineteen related bottlenecks and high inflation. 51 00:02:27,360 --> 00:02:29,640 Speaker 2: Not helping has been a lack of essential infrastructure in 52 00:02:29,680 --> 00:02:32,239 Speaker 2: some at greenfield sites and a shortage of skilled labor. 53 00:02:32,480 --> 00:02:35,079 Speaker 2: Mister Kennedy also warned that the March quarter economic growth 54 00:02:35,080 --> 00:02:37,360 Speaker 2: figure you out tomorrow will be very weak. 55 00:02:37,919 --> 00:02:40,720 Speaker 1: Story number three. This is fascinating sure, and the federal 56 00:02:40,760 --> 00:02:44,840 Speaker 1: government has ordered some offshore shareholders of Rare Earth hopeful 57 00:02:45,040 --> 00:02:49,000 Speaker 1: Northern Minerals to sell down their stakes because it isn't 58 00:02:49,000 --> 00:02:50,120 Speaker 1: in the national interest. 59 00:02:50,360 --> 00:02:53,320 Speaker 2: I've got the Financial Review to thank for explaining this 60 00:02:53,400 --> 00:02:57,280 Speaker 2: one to me, nor the minerals minds two little known minerals, 61 00:02:57,400 --> 00:03:00,520 Speaker 2: dysprosium and terbium. They used in the action of high 62 00:03:00,560 --> 00:03:04,560 Speaker 2: performance Magnet's batteries and defense equipment. Chinese businessman Wu Tao 63 00:03:04,639 --> 00:03:07,240 Speaker 2: bought a nine point nine percent stake in the company, 64 00:03:07,520 --> 00:03:09,360 Speaker 2: and then a couple of years ago tried to up 65 00:03:09,520 --> 00:03:12,160 Speaker 2: to about nineteen point nine percent. Tao is a big 66 00:03:12,160 --> 00:03:14,959 Speaker 2: wig in the Chinese rare Earth's world. He was rebuffed 67 00:03:14,960 --> 00:03:17,639 Speaker 2: by the Foreign Investment Review Board back then. He's now 68 00:03:17,639 --> 00:03:19,880 Speaker 2: accused of orchestrating the buying of shares in the company 69 00:03:19,960 --> 00:03:23,440 Speaker 2: Virus series of related entities and parties. Now, when that 70 00:03:23,480 --> 00:03:26,920 Speaker 2: buying first started, they then see Nick Curtis reported it 71 00:03:27,000 --> 00:03:29,919 Speaker 2: to the Foreign Investment Review Board. Now they've come out 72 00:03:30,120 --> 00:03:33,639 Speaker 2: via Federal treasure Jim Chalmers and ordered some of those 73 00:03:33,680 --> 00:03:37,320 Speaker 2: companies to reduce their stakes. In fact, five companies have 74 00:03:37,400 --> 00:03:40,800 Speaker 2: been asked to reduce their stakes. Such disposal orders are 75 00:03:40,840 --> 00:03:44,320 Speaker 2: extremely rare in commercial matters, and so the implication is 76 00:03:44,360 --> 00:03:48,000 Speaker 2: that Charmers has used his power to prevent a surreptitious 77 00:03:48,240 --> 00:03:51,480 Speaker 2: attempt by Chinese interests to grab control of a promising 78 00:03:51,520 --> 00:03:55,920 Speaker 2: Australian miner. Fascinating story sure is Story number four. 79 00:03:55,960 --> 00:03:58,200 Speaker 1: This is a bit alarming This one. New research from 80 00:03:58,200 --> 00:04:01,680 Speaker 1: the Corporate Watchdog shows that five point eight million Australians 81 00:04:01,680 --> 00:04:04,760 Speaker 1: have struggled to make loan and debt repayments in the 82 00:04:04,800 --> 00:04:05,680 Speaker 1: past twelve months. 83 00:04:05,840 --> 00:04:08,440 Speaker 2: That's nearly half the population with the debt. The top 84 00:04:08,480 --> 00:04:11,080 Speaker 2: reasons people fall into debt are cost of living pressures, 85 00:04:11,120 --> 00:04:15,160 Speaker 2: reduced income and unexpected expenses. Yet thirty percent of Australians 86 00:04:15,160 --> 00:04:18,320 Speaker 2: say they wouldn't seek hardship assistance arrangements from their lender 87 00:04:18,440 --> 00:04:21,000 Speaker 2: or credit provider. In fact, they'd rather sell staff or 88 00:04:21,000 --> 00:04:23,360 Speaker 2: get a second job. The main reasons people don't seek 89 00:04:23,360 --> 00:04:25,719 Speaker 2: help from their lender, according to the Australian Securities and 90 00:04:25,720 --> 00:04:29,400 Speaker 2: Investments Comrission, is anxiety and stress, shame or embarrassment, lack 91 00:04:29,400 --> 00:04:31,440 Speaker 2: of awareness and not knowing where to go for help. 92 00:04:31,600 --> 00:04:34,920 Speaker 2: The research is part of Assex Just Ask Hardship Help 93 00:04:35,000 --> 00:04:38,880 Speaker 2: Is Available campaign, basically reach out if you need help. 94 00:04:39,560 --> 00:04:42,599 Speaker 1: Last one story number five, shan and Video announce the 95 00:04:42,640 --> 00:04:46,279 Speaker 1: next generation of its artificial intelligence processes over the weekend. 96 00:04:47,440 --> 00:04:50,440 Speaker 1: Very exciting thing is though it happened less than three 97 00:04:50,480 --> 00:04:52,840 Speaker 1: months after its last product launch. 98 00:04:53,320 --> 00:04:57,520 Speaker 2: Chief executive YenS And Huang unveiled Reuben, the successor to 99 00:04:57,560 --> 00:05:00,680 Speaker 2: its Blackwill chips for data centers. Black World chips were 100 00:05:00,680 --> 00:05:02,560 Speaker 2: announced in March and an hour in production. They none 101 00:05:02,640 --> 00:05:05,520 Speaker 2: have actually been shipped yet, so Nvidia has announced the 102 00:05:05,520 --> 00:05:09,120 Speaker 2: newest chip before the older jip has even left the factory. 103 00:05:09,400 --> 00:05:11,920 Speaker 2: Huang said a new computer ag starting and he also 104 00:05:12,040 --> 00:05:15,040 Speaker 2: unveiled new AI chip deals with PC makers. Ruben is 105 00:05:15,080 --> 00:05:17,359 Speaker 2: set to start chipping in at twenty twenty six and 106 00:05:17,400 --> 00:05:22,120 Speaker 2: promises improved power efficiency. Energy efficiency is becoming more important 107 00:05:22,160 --> 00:05:25,200 Speaker 2: because of the expansion of AI data centers. That's putting 108 00:05:25,200 --> 00:05:27,920 Speaker 2: strain on the energy grid in some regions. Apparently Reuben 109 00:05:27,960 --> 00:05:28,520 Speaker 2: will help that. 110 00:05:29,120 --> 00:05:30,680 Speaker 1: All right, there, we go to the top five business 111 00:05:30,680 --> 00:05:33,479 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 112 00:05:33,720 --> 00:05:36,400 Speaker 1: It's Tuesday, the fourth of June twenty twenty four. Remember 113 00:05:36,400 --> 00:05:38,560 Speaker 1: to hit follow on the podcast, and if five minutes 114 00:05:38,640 --> 00:05:40,760 Speaker 1: isn't enough, you can find our longer daily show called 115 00:05:40,839 --> 00:05:43,480 Speaker 1: Fear and Greed wherever you're listening to podcasts, or at 116 00:05:43,480 --> 00:05:45,560 Speaker 1: Fearangreed dot com dot au, which is also where you 117 00:05:45,600 --> 00:05:48,279 Speaker 1: can sign up for our free weekly newsletter. I'm Michael 118 00:05:48,320 --> 00:05:50,400 Speaker 1: Thompson and that was the Fast five Business news by 119 00:05:50,400 --> 00:05:51,960 Speaker 1: fear and greed. Have a great day.