1 00:00:03,880 --> 00:00:07,080 Speaker 1: It's Wednesday, the third of July twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,399 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,440 --> 00:00:11,240 Speaker 1: where we give you the top five business stories you 4 00:00:11,280 --> 00:00:13,840 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,840 --> 00:00:17,520 Speaker 1: and Good morning, Sean Aylmer, Good morning, Michael Shawn. Five 6 00:00:17,560 --> 00:00:19,600 Speaker 1: big stories to get through in five minutes, so let's 7 00:00:19,600 --> 00:00:22,640 Speaker 1: get cracking. Story number one. The Reserve Bank has warned 8 00:00:22,680 --> 00:00:26,400 Speaker 1: that further delays in reducing inflation could spark an interest 9 00:00:26,440 --> 00:00:30,600 Speaker 1: rate hike in August because the Central Bank fears embedding 10 00:00:30,760 --> 00:00:32,639 Speaker 1: higher price expectations and. 11 00:00:32,600 --> 00:00:34,839 Speaker 2: The Reserve Bank Boards minutes of its meetings from two 12 00:00:34,880 --> 00:00:37,479 Speaker 2: weeks ago, which were released yesterday, the Bank said it's 13 00:00:37,520 --> 00:00:40,000 Speaker 2: forecast for inflation to return to the midpoint of the 14 00:00:40,040 --> 00:00:43,080 Speaker 2: target band by mid twenty twenty six is at risk 15 00:00:43,320 --> 00:00:46,040 Speaker 2: pushing out the timeline carries the potential for embedding higher 16 00:00:46,040 --> 00:00:49,320 Speaker 2: inflation expectations and that ain't acceptable to the Board and 17 00:00:49,400 --> 00:00:52,760 Speaker 2: i QUOTE members acknowledged different flation expectations were to arise 18 00:00:52,840 --> 00:00:56,560 Speaker 2: materially from current levels, it could require significantly higher interest 19 00:00:56,600 --> 00:00:59,400 Speaker 2: rates to bring inflation back to target. The Board said. 20 00:00:59,440 --> 00:01:02,200 Speaker 2: The limited inflation data since the previous meeting had increased 21 00:01:02,240 --> 00:01:04,720 Speaker 2: the risk that getting inflation lower would take more time. 22 00:01:05,000 --> 00:01:07,360 Speaker 2: The really important data point that comes at the end 23 00:01:07,360 --> 00:01:09,760 Speaker 2: of this month, when we get Dune quarter inflation numbers. 24 00:01:10,040 --> 00:01:12,800 Speaker 2: They are much more comprehensive than what we've had so far. 25 00:01:13,720 --> 00:01:16,000 Speaker 1: It really looks like it could be a lineball decision. 26 00:01:16,440 --> 00:01:19,080 Speaker 2: Yeah, much more than many people realize. The inflation numbers 27 00:01:19,080 --> 00:01:21,240 Speaker 2: this month really are critical. The Reserve Bank Board also 28 00:01:21,319 --> 00:01:24,759 Speaker 2: talked about what was happening with consumption. Consumer spending seems 29 00:01:24,800 --> 00:01:29,240 Speaker 2: to be higher than previously expected. Global economies slowly improving. 30 00:01:29,319 --> 00:01:32,080 Speaker 2: Business conditions are stable. Put all that together, well, that 31 00:01:32,360 --> 00:01:35,480 Speaker 2: adds to the argument to lift interest rates. However, the 32 00:01:35,520 --> 00:01:37,959 Speaker 2: Board said the economy is broadly tracking on a path 33 00:01:38,040 --> 00:01:41,520 Speaker 2: consistent with returning inflation to target in twenty twenty six. 34 00:01:41,680 --> 00:01:44,360 Speaker 2: Good news there, while preserving a lot of employment gains, 35 00:01:44,440 --> 00:01:46,560 Speaker 2: let's hope say. The bottom line is there's no certainty 36 00:01:46,600 --> 00:01:48,560 Speaker 2: about which way the next move in rates is. 37 00:01:49,160 --> 00:01:52,800 Speaker 1: Okay, wonder storry number two now, the government's proposal to 38 00:01:52,960 --> 00:01:56,360 Speaker 1: phase out live sheep exports past the Senate on Monday. 39 00:01:56,120 --> 00:01:59,160 Speaker 2: Night, and that trigger day ferocious response from some farming 40 00:01:59,160 --> 00:02:01,680 Speaker 2: groups who have vowed to campaign in labor health seats 41 00:02:01,720 --> 00:02:04,639 Speaker 2: in Western Australia. The National Farmers Federation accused the government 42 00:02:04,640 --> 00:02:07,280 Speaker 2: of selling out farmers for political gain after the industry 43 00:02:07,280 --> 00:02:11,520 Speaker 2: had made significant investments to address animal welfare concerns live 44 00:02:11,639 --> 00:02:14,920 Speaker 2: cheap exports. The problems without has always been about animal welfare. 45 00:02:15,120 --> 00:02:17,680 Speaker 2: The industry's worth about seventy seven million dollars. The decision 46 00:02:17,720 --> 00:02:21,320 Speaker 2: directly effects farmers, shearers and transport operators. Think truckies people 47 00:02:21,320 --> 00:02:24,080 Speaker 2: like that now. Nationals leader David little Proud came out 48 00:02:24,120 --> 00:02:27,560 Speaker 2: after it passed the Senate. He's against the ban, not surprisingly, 49 00:02:27,600 --> 00:02:30,160 Speaker 2: he said if elected, the coalition will readen state live. 50 00:02:30,120 --> 00:02:34,680 Speaker 1: Exports onto story number three. A and Z Bank Sean 51 00:02:34,880 --> 00:02:38,520 Speaker 1: has been criticized for charging fees to dead customers in 52 00:02:38,560 --> 00:02:42,720 Speaker 1: an example of quote serious and systemic misconduct according to 53 00:02:42,720 --> 00:02:46,160 Speaker 1: the committee that oversees the banking industry's Code of Practice. 54 00:02:46,280 --> 00:02:48,720 Speaker 2: A and ZED was sanctioned by the Banking Code Compliance 55 00:02:48,720 --> 00:02:52,000 Speaker 2: Committee yesterday for failing to stop or refund fees charged 56 00:02:52,040 --> 00:02:55,520 Speaker 2: to decease the states as recently as last year. According 57 00:02:55,560 --> 00:02:58,400 Speaker 2: to report in the Financial Review, the banks paid remediation 58 00:02:58,440 --> 00:03:01,400 Speaker 2: of three point two million dollars to almost nineteen thousand states, 59 00:03:01,400 --> 00:03:03,720 Speaker 2: but told the committee that ninety percent of cases involved 60 00:03:03,720 --> 00:03:06,799 Speaker 2: fees in charges not prohibited by the code. The committee 61 00:03:06,800 --> 00:03:08,519 Speaker 2: then went back to them and said that means ten 62 00:03:08,520 --> 00:03:11,640 Speaker 2: percent do relate to fees prohibited under the code. That 63 00:03:11,800 --> 00:03:15,000 Speaker 2: is still far too higher level considered a serious breach. 64 00:03:15,360 --> 00:03:18,960 Speaker 2: Branking Code Compliance Committee chair in Gobie said the significance 65 00:03:19,000 --> 00:03:22,960 Speaker 2: of the deficiencies in amz's compliance frameworks was deeply concerning. 66 00:03:23,400 --> 00:03:27,000 Speaker 1: Story number four is a hugely significant one. Donald Trump 67 00:03:27,360 --> 00:03:31,919 Speaker 1: has one substantial immunity from official acts taken as president 68 00:03:32,200 --> 00:03:35,960 Speaker 1: after the majority Conservatives on the Supreme Court rules that 69 00:03:36,040 --> 00:03:39,480 Speaker 1: presidents and ex presidents cannot be charged for things they 70 00:03:39,520 --> 00:03:41,320 Speaker 1: do as part of their core duties. 71 00:03:42,080 --> 00:03:44,800 Speaker 2: Yes, they can, however, be charged for their private conduct. 72 00:03:44,960 --> 00:03:47,520 Speaker 2: The six to three decision was made along ideological lines, 73 00:03:47,560 --> 00:03:51,320 Speaker 2: with the minority liberal judges releasing a ferocious alternate judgment. 74 00:03:51,640 --> 00:03:53,640 Speaker 2: The decision pretty much ends any chance of the former 75 00:03:53,680 --> 00:03:56,840 Speaker 2: president being tried before the November election. The ruling says 76 00:03:56,880 --> 00:03:59,480 Speaker 2: that the president or ex president isn't a quote here 77 00:03:59,760 --> 00:04:04,240 Speaker 2: entire to at least presumptive immunity from prosecution for all 78 00:04:04,480 --> 00:04:08,680 Speaker 2: his official acts. Quote. The minority decision says that under 79 00:04:08,680 --> 00:04:11,480 Speaker 2: the ruling, the president can order an assassination of a 80 00:04:11,480 --> 00:04:14,440 Speaker 2: political rival and be immune, or a military q and 81 00:04:14,480 --> 00:04:17,400 Speaker 2: still be immune, take a bribe, still be immune. That 82 00:04:17,440 --> 00:04:20,120 Speaker 2: dissenting view also adds that the decision makes a mockery 83 00:04:20,160 --> 00:04:21,920 Speaker 2: of the principle that no man is above the law. 84 00:04:22,240 --> 00:04:25,239 Speaker 2: Trump quickly took to social media, saying all the caps 85 00:04:25,240 --> 00:04:27,919 Speaker 2: of course, big win for our constitution and democracy. Proud 86 00:04:27,920 --> 00:04:30,480 Speaker 2: to be an American president. Joe Biden said the decision 87 00:04:30,560 --> 00:04:33,800 Speaker 2: is an abandonment of a core principle of American democracy 88 00:04:34,080 --> 00:04:37,200 Speaker 2: and will allow Donald Trump self defining power if he's 89 00:04:37,200 --> 00:04:40,120 Speaker 2: elected in November. He said, Donald Trump will now be 90 00:04:40,160 --> 00:04:41,120 Speaker 2: free to ignore the law. 91 00:04:41,320 --> 00:04:44,240 Speaker 1: Something a little lighter To finish on Sean's story, number five, 92 00:04:44,320 --> 00:04:47,320 Speaker 1: the Boston Celtics, the basketball team that won the NBA 93 00:04:47,480 --> 00:04:50,160 Speaker 1: title last month, is up for sale, with a price 94 00:04:50,240 --> 00:04:54,400 Speaker 1: tag likely to be around the five billion US dollar mark. 95 00:04:54,839 --> 00:04:56,160 Speaker 2: Well, if you're going to sell, you may as well 96 00:04:56,160 --> 00:04:58,599 Speaker 2: sell at the tip and the Celtics won last month's 97 00:04:58,720 --> 00:05:01,520 Speaker 2: NBA so they're the most now the most successful team 98 00:05:01,600 --> 00:05:05,000 Speaker 2: in the National Basketball Championship history. The team has purchased 99 00:05:05,040 --> 00:05:07,480 Speaker 2: for three hundred and sixty million dollars about twenty two 100 00:05:07,520 --> 00:05:11,039 Speaker 2: years ago by a consortium of wealthy individuals including venture 101 00:05:11,080 --> 00:05:14,640 Speaker 2: capitalists and real estate developers. Forbes now values it at 102 00:05:14,640 --> 00:05:17,800 Speaker 2: five point seven billion US dollars, according to report in 103 00:05:17,839 --> 00:05:21,360 Speaker 2: The Financial Times. The controlling family and the consortium are 104 00:05:21,400 --> 00:05:25,880 Speaker 2: the Grousebecks, well known Boston family. The decision to sell, 105 00:05:26,120 --> 00:05:28,679 Speaker 2: the family said, was made for a state and family 106 00:05:28,760 --> 00:05:32,120 Speaker 2: planning considerations. That is quite the u state and family 107 00:05:32,120 --> 00:05:35,040 Speaker 2: planning consideration. Currently, the record for a basketball sale is 108 00:05:35,080 --> 00:05:38,480 Speaker 2: the Phoenix Suns and It's women's NBA sist the franchise 109 00:05:38,520 --> 00:05:41,000 Speaker 2: and mercury that sold for four billion dollars back in 110 00:05:41,040 --> 00:05:41,800 Speaker 2: twenty twenty two. 111 00:05:42,120 --> 00:05:44,080 Speaker 1: All right, there we go the top five business stories 112 00:05:44,080 --> 00:05:47,240 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Wednesday, 113 00:05:47,320 --> 00:05:49,760 Speaker 1: the third of July twenty twenty four. Remember to hit 114 00:05:49,800 --> 00:05:52,000 Speaker 1: follow on the podcast, and if five minutes isn't enough, 115 00:05:52,000 --> 00:05:54,080 Speaker 1: you can find our longer daily show called Fear and 116 00:05:54,120 --> 00:05:56,960 Speaker 1: Greed wherever you listen to podcasts. Also head along to 117 00:05:57,000 --> 00:05:59,160 Speaker 1: Fearangreed dot com dot au, which is where you can 118 00:05:59,200 --> 00:06:02,280 Speaker 1: sign up for our every weekly newsletter. It comes out today. 119 00:06:02,680 --> 00:06:04,840 Speaker 1: And one more thing, how do they afford that. Our 120 00:06:04,880 --> 00:06:07,920 Speaker 1: sister podcast is out today. It comes out every week 121 00:06:07,960 --> 00:06:10,080 Speaker 1: all about making your money go a little bit further. 122 00:06:10,400 --> 00:06:13,240 Speaker 1: This week we are talking to a mortgage broker about 123 00:06:13,240 --> 00:06:16,760 Speaker 1: how to handle a potential interest rate rise. I'm Michael 124 00:06:16,760 --> 00:06:18,760 Speaker 1: Thompson and that was the fast fired business news by 125 00:06:18,760 --> 00:06:20,279 Speaker 1: Fear and Greed. Have a great day.