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Speaker 1: The Reserve Bank makes it very clear there are no

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Speaker 1: interest rate cuts on the horizon. University has worn that

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Speaker 1: fourteen thousand jobs could go, and Google is ruled to

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Speaker 1: have been quashing competition in a judgment with potentially huge

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Speaker 1: ramifications for search. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Wednesday,

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Speaker 1: the seventh of August twenty twenty four. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer. Good morning, Michael, Sean. The

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Speaker 1: main story this morning, the Reserve Bank has dashed hopes

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Speaker 1: for a rate cup anytime soon, worried that inflation is

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Speaker 1: falling slower than it previously thought.

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Speaker 2: The Central Bank yesterday left the benchmark cash rate at

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Speaker 2: four point three five percent, the levels it's been for

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Speaker 2: nine months, saying inflation is still some way above the

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Speaker 2: midpoint of the two to three percent target range. Governor

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Speaker 2: Michelle Bullocks had only two options were considered at the

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Speaker 2: bank's board meeting Ray or hold and hold for a while.

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Speaker 2: She said a near term reduction in the cash rate

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Speaker 2: doesn't align with the board's current thinking. Pouring cold water

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Speaker 2: on hope's rates would fall before the end of this year.

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Speaker 2: The Bank has pushed out to the middle of twenty

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Speaker 2: twenty six, when it thinks inflation will return to around

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Speaker 2: two and a half percent. That's because the economy is

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Speaker 2: growing a bit faster than the Reserve Bank expected and

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Speaker 2: there isn't enough capacity to meet the high demand. But

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Speaker 2: there is plenty of uncertainty in all this. The Bank

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Speaker 2: says there is still upside risks to inflation, especially services inflation.

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Speaker 2: Also wages growth has peaked, but it's still too high.

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Speaker 2: On the other hand, my metum in economic activity has

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Speaker 2: been weak. There's also uncertainty around how long monetary policy

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Speaker 2: takes to work and what's going on overseas. The money

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Speaker 2: comment in all this was at the very end of

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Speaker 2: the statement. It's said that returning inflation to target is

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Speaker 2: the priority. What's not said in that it's not about

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Speaker 2: full employment, it's all about inflation.

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Speaker 1: So what was the response to the announcement, Because I

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Speaker 1: know everyone kind of watches for two thirty pm to

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Speaker 1: come around, and the moment that it happens kind of

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Speaker 1: everyone's kind of waiting with baited breath. What was the

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Speaker 1: response to the announcement? And then I suppose what was

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Speaker 1: the response to Governor Michelle Bullock's press conference afterwards as well,

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Speaker 1: because you get a lot more insight then, don't you.

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Speaker 3: Yeah, you sure.

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Speaker 2: There wasn't a huge amount going on immediately afterwards, Equities

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Speaker 2: didn't do much. There wasn't a lot going on. With

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Speaker 2: the dollar, it jumped up just a little bit. It's

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Speaker 2: trading around sixty five US since. When asked about all

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Speaker 2: the turmoil and financial markets in recent days, the government

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Speaker 2: basically said it didn't play a role in the board's deliberations.

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Speaker 2: She also said it's important to resist peer pressure. So

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Speaker 2: she was asked about everyone else's cutting interest rates. We've

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Speaker 2: had the Bank of England, the European Central Bank, Bank

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Speaker 2: of Canada cut rates, us fed's talking about it. Doesn't

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Speaker 2: that put pressure on her? And she basically came in

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Speaker 2: and said it's important to resist peer pressure. The overwhelming

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Speaker 2: feeling after yesterday's announcement and press conferences is that the

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Speaker 2: Reserve Bank is just still some way away from even

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Speaker 2: thinking about cutting interest rates, and that, you know, I

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Speaker 2: think that surprised some people that rates are on hold,

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Speaker 2: and just the fac that they're still talking about higher

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Speaker 2: interest rates and still such a prominent part of their

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Speaker 2: discussion just a little more hawkish, a little more worried

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Speaker 2: about what's going on in inflation than people perhaps had hoped.

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Speaker 1: The fact that cutting wasn't really part of the discussion

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Speaker 1: at all, I suppose may be a bit surprising. And

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Speaker 1: you actually put that to our guest today just speaking

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Speaker 1: too after the show. And if you're going to talk

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Speaker 1: to anybody today to get an insight into this decision

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Speaker 1: by the Reserve Bank board, this is the person to

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Speaker 1: speak to. Lucy Ellis, chief economist at Westpac.

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Speaker 3: Yeah.

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Speaker 2: So Lucy twelve months ago or less than twelve months ago,

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Speaker 2: was actually the chief economist at the Reserve Bank, so

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Speaker 2: she knows exactly how the bank operates. She says something

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Speaker 2: really interesting in this about how the central bank is

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Speaker 2: now framing monetary policy. She actually gives it a bit

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Speaker 2: of a take, and she said it was I mean,

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Speaker 2: she was somewhat surprised by some of the things that

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Speaker 2: came out yesterday. She talks about that things like the

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Speaker 2: aggregate demand in the economy and supplying the economy, and

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Speaker 2: the timing of how the Reserve Bank is thinking about

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Speaker 2: when it should move on rates. She is really fascinating

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Speaker 2: because of all the people in the market. She's the

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Speaker 2: one that knows the inside of the bank as well

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Speaker 2: as anyone.

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Speaker 1: Yeah, it is a fascinating interview, so well worth sticking

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Speaker 1: around for. It's coming up after the show. Okay, local markets,

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Speaker 1: how do they perform yesterday?

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Speaker 3: Given the big.

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Speaker 2: Sell off on Wall Street on Monday night, yesterday's performance

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Speaker 2: was pretty encouraging. This in PAX two hundred closed up

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Speaker 2: almost half a percent to seven six hundred and eighty

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Speaker 2: one points now. Of course, the previous two sessions Friday,

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Speaker 2: last week Monday this week combined sent the balls down

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Speaker 2: five and a half percent. Generally, it was the interest

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Speaker 2: rate sensitive stocks that did best. Industrial property giant Goodman

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Speaker 2: Group led the way following some big falls from Goodman

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Speaker 2: the previous couple of sessions. West Farmers also outperformed, as

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Speaker 2: did energy giant Santos, mcquarie Group, and some US focused

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Speaker 2: companies like Branbles and Aristocrat Leisure and they all did

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Speaker 2: pretty well as well. Uranium miners they were up. One

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Speaker 2: company that didn't do well was imaging group pro Medicus.

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Speaker 2: It tumbled seven percent, the worst of the top two

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Speaker 2: hundred that Although there wasn't really any news to explain

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Speaker 2: why mind you, Promedicus is up about seventy percent over

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Speaker 2: the past gym. It's always worth looking at the banks

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Speaker 2: in these times. While Commonwealth Bank jumped two point four

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Speaker 2: percent yesterday and Westpac and National Australia Bank were off

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Speaker 2: about one percent, Aines actually dropped slightly, but all the

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Speaker 2: banks are still some way below their recent peaks and

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Speaker 2: their recent peaks of Wednesday Thursday last week.

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Speaker 3: The big four.

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Speaker 2: Banks represent four of the six largest companies on the bors,

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Speaker 2: so what they do really matters. National Australia Bank is

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Speaker 2: off nine percent over the past week, Commonwealth Banks off

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Speaker 2: eight percent, west Pack and ains that are off seven percent.

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Speaker 2: That's a lot of value out of the market in

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Speaker 2: those five days.

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Speaker 1: Yeah, certainly is What about international markets? What's the latest?

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Speaker 2: Well, Michael, yesterday we talked about how the Japanese market

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Speaker 2: fell thirteen percent on Monday. Yesterday it was up ten percent.

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Speaker 2: Exporters like tech companies and audio makers leading the way.

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Speaker 2: Come see co'msar, easy, come, easy go.

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Speaker 3: Whoever you want to put.

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Speaker 1: Up and down like a fiddler's elbow, Sean.

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Speaker 3: I've never heard like a fiddler's elbow.

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Speaker 2: The Japanese market is very much like a fiddler's elbow.

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Speaker 1: Oh, I'm glad I could contribute something to the show.

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Speaker 1: To the show today, here you are providing all of

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Speaker 1: this kind of analysis and insight and all the latest

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Speaker 1: kind of news, and all I give you is a

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Speaker 1: fiddler's elbow.

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Speaker 3: Elbow, I like it, though I might use it myself.

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Speaker 2: Oils also recovered somewhat from its seven month low earlier

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Speaker 2: in the week. Attention is now very much refocusing on

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Speaker 2: the troubles in the Middle East. Brent's trading around seventy

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Speaker 2: eight US dollars a barrel. Traders are still bracing for

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Speaker 2: retaliatory action by Iran and regional militias on Israel. That's

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Speaker 2: after the assassinations of HESBLA and HMAS officials, although Teyran

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Speaker 2: has come out and reiterated it wants to avoid all

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Speaker 2: our war. Gold come back a bit. It's trading around

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Speaker 2: twenty four hundred US doll's announced. The Aussie as I

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Speaker 2: mentioned before, is around sixty five US. Since cryptos are

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Speaker 2: also down. They came off a lot yesterday and they're

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Speaker 2: still down. Bitcoins trading around fifty five thousand US dollars

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Speaker 2: a unit.

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Speaker 1: Sean, speaking of news and analysis and insight. There has

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Speaker 1: never been a more important time to head along to

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Speaker 1: the Fear and Greed website Fearangreed dot com dot Au

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Speaker 1: and sign up for our free weekly newsletter because it

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Speaker 1: comes out today. It comes out in just a couple

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Speaker 1: of hours time mid morning. It's more than a couple

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Speaker 1: of hours, really, isn't it. But I've round it down.

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Speaker 1: But Sean, the podcast is all about the news. The

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Speaker 1: newsletter is the views, and so that's why I think

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Speaker 1: it's it is absolutely vital. Go to the website, sign up.

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Speaker 1: The newsletter is entirely free, and you will be privy

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Speaker 1: to everything that is going on inside Sean Aylmer's head.

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Speaker 2: And it's quite a ride up there, I've got to

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Speaker 2: tell you.

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Speaker 3: Oh, it's quite a ride.

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Speaker 1: It feels like we need a sealed section, a sealed

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Speaker 1: section of the newsletter, just like dolling.

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Speaker 2: Yeah, there a section that you can put some spice

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Speaker 2: into or something, because there's a lot of really boring stuff.

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Speaker 2: In my mind, I just.

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Speaker 1: I led us there, and then once I did, I

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Speaker 1: didn't want to be there.

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Speaker 3: I'm trying to get us out.

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Speaker 1: Yeah, goodness. May anyway, go to the website Fearinggreed dot

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Speaker 1: com dot. Are you sign up for the newsletter. It's

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Speaker 1: out this morning, so now's the perfect opportunity to do it.

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Speaker 1: In the meantime, Sean, We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean universities

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Speaker 1: are warning that fourteen thousand jobs could go as the

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Speaker 1: government pushes ahead with its plan to cap international student numbers,

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Speaker 1: a policy that institutions say will have a catastrophic effect

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Speaker 1: on the sector.

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Speaker 2: University's Australia Chief Executive Luke she told a parliamentary inquiry

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Speaker 2: the government was using students as canon fodder and unfairly

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Speaker 2: blaming them for the housing crisis. He said proposed legislation

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Speaker 2: to cap international student numbers was pole driven and a

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Speaker 2: political smoke screen as a labor government tries to gain

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Speaker 2: an upper hand in the migration battle ahead of the

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Speaker 2: next election. This is according to a report in nine Media.

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Speaker 2: She said that even without the proposed student caps, the

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Speaker 2: government had already taken a sledgehammer to the international education sector,

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Speaker 2: with visa grant raids down twenty three percent, or almost

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Speaker 2: sixty thousand students over the past year. He said that

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Speaker 2: number already represents a four point three billion dollar hit

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Speaker 2: to the economy and could cost the university sector alone

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Speaker 2: over fourteen thousand jobs. The federal government has since tightened

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Speaker 2: visa rules to make it harder for international students to

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Speaker 2: come in the country, as it uses the sector as

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Speaker 2: a key mechanism to slash migration. Big battle ahead.

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Speaker 1: There, I'm going to say. Anthony Albernezi is under pressure

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Speaker 1: Sean to take stern action on Iran's ambassador in Canberra

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Speaker 1: after social media comments which called for a quote wiping

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Speaker 1: out of Israelis in Palestine by twenty twenty seven and

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Speaker 1: also referred to Israelis as a quote Zionist plague.

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Speaker 2: Mister Alberanzi called the comments abhorrent and hateful, saying they

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Speaker 2: had no place. The remarks were made by Ambassador Armored

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Speaker 2: Sadegi over the weekend, and the Prime Minister said that

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Speaker 2: the Department of Foreign Affairs and Trade had held talks

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Speaker 2: with the ambassador since then, though there's no indication of

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Speaker 2: any disciplinary action. The Coalition called for him to be

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Speaker 2: kicked out of the country. Meanwhile, news that the government

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Speaker 2: is looking to create a new special visa pathway for

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Speaker 2: Palestinians so they don't have to return to Gaza has

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Speaker 2: prompted questions over necessary security checks. Yesterday, the government was

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Speaker 2: on the defensive. Assistant Minister for Trade Timmeres said that

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Speaker 2: Tony Burke, as the Immigration Minister, was laser focused on

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Speaker 2: security checks for Palestine and refugees coming from Gaza.

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Speaker 1: Thousands of Australian travelers will be granted express entry into

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Speaker 1: the United States from late next year after Australia was

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Speaker 1: granted access to the US Global Entry Program.

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Speaker 2: In the first phase of the deal, about one thousand

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Speaker 2: Australians who have traveled to the US five or more

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Speaker 2: times than the past twelve months will be granted expedited

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Speaker 2: entry into America. A second phase, which requires laws to

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Speaker 2: be passed in Parliament and Canberra, will allow an unlimited

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Speaker 2: number of Australians quick entry into the US. According to

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Speaker 2: a report in The Financial Review, Australia joins the list

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Speaker 2: of other nations, including the UK and Singapore that are

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Speaker 2: taking part in the program, in which time sensitive transit

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Speaker 2: information is shared quickly with the US. It's all about

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Speaker 2: boosting business between the two countries. Australia's participation in the

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Speaker 2: Global Entry Program was announced back in twenty eighteen. Hit

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Speaker 2: barriers in twenty twenty during the COVID nineteen pandemic and

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Speaker 2: its aftermath. Anyway, it's up and running again, makes it

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Speaker 2: a lot easier to get in and out of the US.

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Speaker 1: Sean Penfold's owner, Treasury Wine Estates, will sell its more

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Speaker 1: affordable wine brands, including wolf Blass, Linderman's, Yellow Gland, and

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Speaker 1: Blossom Hill, as that segment suffers from an exodus of

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Speaker 1: budget strapped drinkers.

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Speaker 2: As part of a structural review that Treasury has been

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Speaker 2: working on for most of this year, it will exit

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Speaker 2: its commercial wine brands, and how they put it, they're

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Speaker 2: basically bottles of one itself around ten bucks. There may

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Speaker 2: be other sales as well, pending on the review, and

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Speaker 2: Treasury hopes to outline its future operating model at its

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Speaker 2: full year result, which is August fifteen. Consumers globally are

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Speaker 2: shifting to higher priced, higher quality bottles of wine, but

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Speaker 2: they're actually consuming less as well. Now about seventy five

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Speaker 2: percent of Treasury's profit comes from the Penfolds business, which

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Speaker 2: has been split out on its own, and also its

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Speaker 2: luxury wine portfolio in the United States. Now, the proposed

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Speaker 2: investment of the four large commercial brands adds to the

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Speaker 2: big changes that are going on in that sector. Last month,

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Speaker 2: French group panout Ricard said it's selling its Jacob's Creek

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Speaker 2: brand to Accolade Wines, which is another one of Australia's

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Speaker 2: big wine players. Certainly lots going on in that segment

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Speaker 2: of the market.

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Speaker 1: Woodside share price fell more than five percent yesterday to

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Speaker 1: its lowest level since early twenty twenty two, after saying

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Speaker 1: it'll spend three point seven billion dollars to buy a

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Speaker 1: low carbon ammonia project in Texas.

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Speaker 2: The project is under construction and expects the first batch

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Speaker 2: of ammonia to be available next year. Now, you know

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Speaker 2: the great thing about these sort of stories, I know

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Speaker 2: absolutely nothing about ammonia and Texas text and ammonia particularly.

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Speaker 1: So it's quite a niche topic, isn't it It is?

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Speaker 3: It is?

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Speaker 2: So did you ammonia so mostly? I mean it's mostly

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Speaker 2: used in agriculture as fertilizer, which agg being one of

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Speaker 2: the big boom areas over the next decade century or so,

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Speaker 2: we need to produce a lot more. So fertilizer really matters,

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Speaker 2: So ammonia matters. It's also a refrigerant gas and it's

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Speaker 2: used in the making of plastics, textiles, and explosives. Interesting,

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Speaker 2: it actually is derived from natural gas. I didn't realize

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Speaker 2: that thing. I definitely didn't know. It's also a major

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Speaker 2: producer of CO two. In fact, ammonia production accounts for

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Speaker 2: around one point eight percent of global carbon dioxide emissions.

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Speaker 2: No really, yeah, it's incredible.

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Speaker 1: That I am genuinely I know, I know, my kind

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Speaker 1: of surprised voice and face kind of both looks and

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Speaker 1: sound sarcastic, but I'm genuinely surprised by that one point

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Speaker 1: eight percent just from ammonia production.

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Speaker 2: Yeah. Well that's according to the Royal Society of the UK,

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Speaker 2: which Who am I to argue with them.

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Speaker 1: I'm not going to pick a fight with them. They

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Speaker 1: sound very official. Please go on.

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Speaker 2: So, companies like Woodside are pushing into what they call

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Speaker 2: lower carbon ammonia, so essentially it means manufacturing ammonia but

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Speaker 2: actually having a carbon sequestration with it. Now, in this case,

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Speaker 2: they're talking about carbon capture and storage, so it's actually

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Speaker 2: not so much the production process reducing the amount of

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Speaker 2: carbon that's omitted. It's actually capturing the carbon and doing

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Speaker 2: something with it, which is why this is a low

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Speaker 2: carbon ammonia plant. I n none about that until I

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Speaker 2: did research on this story.

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Speaker 3: That's great. One of the great things about Fear and Greed.

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Speaker 2: And doing this job is you get to find out

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Speaker 2: all this stuff that you wouldn't know otherwise.

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Speaker 3: You Know.

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Speaker 1: What I love in particular about that is our bonus podcast,

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Speaker 1: Ask Fear and Greed, which comes out on Tuesdays and Thursdays.

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Speaker 1: So there was an episode out yesterday. It comes out

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Speaker 1: midday on a Tuesday and Thursday, and it's where we

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Speaker 1: answer listener questions and you've got to go back and

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Speaker 1: listen to You have to go back and listen to

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Speaker 1: you yesterday's question because it came from Haley and it

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Speaker 1: was about when we say that markets have priced in

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Speaker 1: the chance of a rate cut, what does that mean?

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Speaker 1: Where does that kind of pricing income from? How do

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Speaker 1: you calculate the percentage? And you did a lot of research, it's.

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Speaker 2: Just it's hard to it's just hard to understand, you know,

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Speaker 2: Like I no, So we did this show and that's fine.

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Speaker 3: Last it, I was in the shower and I thought, actually,

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Speaker 3: all it is.

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Speaker 2: You know when you've been doing something and then like

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Speaker 2: four hours later or in this case, was like twelve

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Speaker 2: hours later just hit me. I thought, all it is

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Speaker 2: is just like the price of bond relative to the

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Speaker 2: benchmark interest rate.

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Speaker 3: That's it. It's that gap.

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Speaker 1: Anyway, if you want to hear Sean take five minutes

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Speaker 1: to increase what you just explained in five seconds, go

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Speaker 1: and check out ours Fear and Greed from yesterday because

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Speaker 1: it is actually a lot of fun. But it's also

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Speaker 1: a way to learn more about a whole bunch of

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Speaker 1: different topics.

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Speaker 3: We'll be confused.

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Speaker 1: Yeah, if there's something that you would like us to

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Speaker 1: shed a bit of light on, whether it's about markets

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Speaker 1: or economics or anything to do with finance and business,

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Speaker 1: then send it on through via the website or our

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Speaker 1: social media platforms and we will get to it. And

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Speaker 1: yesterday was really just a treat, wasn't it, Sean. We

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Speaker 1: must move on. The Queensland government, facing defeat at the

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Speaker 1: October election, is making some fairly drastic promises to turn

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Speaker 1: around its ailing fortunes.

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Speaker 2: I'm loving this election because Steven Miles of Premiere is

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Speaker 2: promising all sorts of things.

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Speaker 3: A little off left field often now.

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Speaker 2: He used his annual State of State addresses yesterday to

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Speaker 2: announce that a re elected Labor government would open twelve

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Speaker 2: publicly owned fuel stations. So the government will own the

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Speaker 2: fuel stations, and they'll introduce a cap on daily petrol

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Speaker 2: price increases. I've no more than five cents a leater,

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Speaker 2: and if a service station is changing prices, it needs

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Speaker 2: to release that information a day in advance so you

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Speaker 2: can go and get your petrol before it goes up. Now,

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Speaker 2: the Liberal National Party opposition called it economic vandalism that

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Speaker 2: would push out independent operators. Of course, we've had a

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Speaker 2: few other crackers from the Queensland government. Of course, the

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Speaker 2: fifty cent public transport faares which going on at the moment.

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Speaker 2: There's the thousand dollars electricity rebates to every household. There's

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Speaker 2: a reduction in car registrations of about twenty percent. You know,

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Speaker 2: when the Reserve Bank starts complaining at some point about

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Speaker 2: government spending to money, you know where they're going to

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Speaker 2: be looking at least.

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Speaker 1: At least you know that these are some creative ideas.

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Speaker 3: Right they are. That's true, that's true.

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Speaker 1: Yeah, I love a bit of creativity and politics do.

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Speaker 2: In a state owned petrol stations and this is nothing

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Speaker 2: like what they're talking about, but it does sort of

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Speaker 2: remind me of some old Soviet nineteen seventies movie where

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Speaker 2: people are lining up for.

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Speaker 1: Gas to get their fuel rations.

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Speaker 3: To get the fuel rations. That's it.

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Speaker 1: Yeah, yeah, you get like a little cupful every day. Anyway,

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Speaker 1: we're getting way off topic here, Sean. We've got a

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Speaker 1: few big stories still to get through international news. A

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Speaker 1: judge has ruled that Google's ubiquitous search engine has been

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Speaker 1: illegally exploiting its dominance to squash competition and stifle innovation,

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Speaker 1: in a major decision that has the potential now to

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Speaker 1: shake up the Internet and really actually hobble one of

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Speaker 1: the world's best known companies.

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Speaker 2: The highly anticipated decision, issued by the US District Court

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Speaker 2: comes nearly a year after the start of a trial

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Speaker 2: pitting the US Justice Department against Google in the country's

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Speaker 2: biggest antitrust showdown in a quarter of a century. After

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Speaker 2: reviewing reams and reams of evidence that included testimony from

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Speaker 2: top executives at Google, Microsoft, Apple during last year's ten

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Speaker 2: week trial, Judge Emmett Meta concluded that Google is a monopolist.

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Speaker 2: Can hardly say that word, a monopolist, and it has

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Speaker 2: acted as one to maintain its monopoly. The judge said

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Speaker 2: Google's dominance in the search market is evidence of its monopoly.

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Speaker 2: According to report on Associated Press, Google enjoys an eighty

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Speaker 2: nine point two percent share of the market for general

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Speaker 2: search services ninety four point nine percent on mobile devices.

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Speaker 2: The ruling said it represents a big setback for Google

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Speaker 2: and its parent Alphabet, which argued its popularity stemmed from

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Speaker 2: consumer's overwhelming desire to use a search engine so good

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Speaker 2: at what it does that it has become synonymous with

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Speaker 2: looking things up online. Google's search and processes and estimated

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Speaker 2: eight and a half billion queries per day, nearly double

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Speaker 2: its daily volume from twelve years ago. Google does intend

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Speaker 2: to appeal the findings, but we've been waiting for this one,

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Speaker 2: and it's a big one.

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Speaker 1: It certainly is now. Starbucks Sean is finding the going tough,

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Speaker 1: suffering second straight quarterly drop in sales, increasing pressure now

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Speaker 1: on the group's leadership team.

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Speaker 2: The world's largest coffee chain cited a cautious consumer environment

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Speaker 2: when reporting a three percent drop in global comparable sales

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Speaker 2: for the three months at the end of June, the

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Speaker 2: previous the March quarter that was off four percent. The

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Speaker 2: disappointing results come with Starbucks negotiates with an activist investor,

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Speaker 2: Elliott Investment Management, which has been seeking changes at the

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Speaker 2: board level and at the management level. The board and

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Speaker 2: management have also faced public critique from Howard Schultz. Now

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Speaker 2: he's quite famous in Starbucks. He's three times he's been

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Speaker 2: the chief executive. He's done it, left, done it, left again,

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Speaker 2: then came back. They keeping back to help build up

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Speaker 2: the company. He first took the reins in nine to

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Speaker 2: eighty five. He remains its sixth largest shareholder. But Starbucks

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Speaker 2: isn't quite ubiquitous with coffee, but certainly the best known

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Speaker 2: coffee chain seems to be struggling a bit.

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Speaker 1: Yeah, all right. Up next is the Fear and Greed

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Speaker 1: Daily Interview. Your guest today, Lucy Ellis chief economist at

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Speaker 1: Westpac and former chief economist at the Reserve Bank.

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Speaker 2: It's a fantastic insight into how the Reserve Bank thinks

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Speaker 2: and what's going on around interest rates following yesterday's announcement

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Speaker 2: that interest rates are on hold and will be on

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Speaker 2: hold for some time.

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Speaker 1: Yeah, it is a must listen. It is up next

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Speaker 1: in the Fear and Greed Playlist on your podcast platform

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00:21:38,040 --> 00:21:40,200
Speaker 1: or at Fearangreed dot com dot au, which is also

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00:21:40,200 --> 00:21:43,600
Speaker 1: where you sign up for the free weekly newsletter out

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Speaker 1: a little bit later on today. Thank you very much, Sean.

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Speaker 3: Thank you, Michael.

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Speaker 1: It is Wednesday, the seventh of August twenty twenty four.

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00:21:49,359 --> 00:21:52,000
Speaker 1: Make sure you're following the podcast and please join us

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00:21:52,040 --> 00:21:56,040
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson

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00:21:56,040 --> 00:22:00,119
Speaker 1: and that was Fear and Greed. Have a great day.