1 00:00:03,840 --> 00:00:06,560 Speaker 1: It's Thursday, the twenty ninth of January twenty twenty six. 2 00:00:06,640 --> 00:00:09,360 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,360 --> 00:00:11,039 Speaker 1: where we give you the top five business stories you 4 00:00:11,160 --> 00:00:13,520 Speaker 1: need to know in just five minutes. Oh Michael Thompson, 5 00:00:13,520 --> 00:00:14,800 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,080 --> 00:00:16,680 Speaker 2: Good morning, Michael, Sean. 7 00:00:16,880 --> 00:00:18,880 Speaker 1: Five big stories in five minutes. Let's roll with a 8 00:00:18,880 --> 00:00:21,280 Speaker 1: story number one. The Reserve Bank is set to lift 9 00:00:21,400 --> 00:00:25,560 Speaker 1: interest rates next week after a disappointingly high inflation reading 10 00:00:25,600 --> 00:00:30,840 Speaker 1: for the December quarter, fueled by rising costs for housing, construction, electricity, 11 00:00:30,920 --> 00:00:31,440 Speaker 1: and food. 12 00:00:31,960 --> 00:00:34,279 Speaker 2: The annual CPI figure came in at three point eight 13 00:00:34,320 --> 00:00:37,559 Speaker 2: percent for the full twenty twenty five year, up from 14 00:00:37,640 --> 00:00:39,560 Speaker 2: three point two percent for the year to September, not 15 00:00:39,680 --> 00:00:42,879 Speaker 2: totally unexpected, clearly above the central banks two to three 16 00:00:42,880 --> 00:00:46,760 Speaker 2: percent target band. What was disappointing the trimmed mean rate 17 00:00:46,760 --> 00:00:49,480 Speaker 2: of inflation, which takes out all the volatile items, came 18 00:00:49,520 --> 00:00:51,440 Speaker 2: in at about three point three percent or three point 19 00:00:51,479 --> 00:00:53,800 Speaker 2: four percent, which depending on which measure you use, that 20 00:00:53,960 --> 00:00:58,280 Speaker 2: was higher than expected. Inflation re pressures were fairly broadly based, 21 00:00:58,520 --> 00:01:02,040 Speaker 2: driven by essentials like housing, food. Put Yesterday, strong inflation 22 00:01:02,240 --> 00:01:05,520 Speaker 2: data next to the last week's strong employment market information, 23 00:01:06,160 --> 00:01:09,679 Speaker 2: and you're going to get a rate rise coming. In fact, 24 00:01:09,959 --> 00:01:13,479 Speaker 2: all four big banks are now forecasting a rate rise 25 00:01:13,680 --> 00:01:14,200 Speaker 2: next week. 26 00:01:15,480 --> 00:01:18,600 Speaker 1: Is this the beginning sewan of a run of higher 27 00:01:18,600 --> 00:01:19,279 Speaker 1: interest rates? 28 00:01:20,880 --> 00:01:23,959 Speaker 2: No clear answers. Some have called any rate hike next 29 00:01:23,959 --> 00:01:26,720 Speaker 2: week and insurance tightening just to make sure the economy 30 00:01:26,720 --> 00:01:30,000 Speaker 2: inflation doesn't fire up too much. Others expect two or 31 00:01:30,000 --> 00:01:33,040 Speaker 2: three increases this cycle. The trend is not our friend, Michael, 32 00:01:33,280 --> 00:01:35,520 Speaker 2: when it comes to prices at the moment, but then 33 00:01:35,640 --> 00:01:38,760 Speaker 2: by no means spiraling out of control. There were a 34 00:01:38,840 --> 00:01:41,960 Speaker 2: bunch of reasons why, you know, a bunch of people 35 00:01:41,959 --> 00:01:44,679 Speaker 2: traveling around Australia because of the ashes test series that 36 00:01:44,720 --> 00:01:47,440 Speaker 2: pushed prices up, so there were some unusual things. Fruit 37 00:01:47,480 --> 00:01:49,240 Speaker 2: and veged prices were high in the normal because of 38 00:01:49,280 --> 00:01:52,080 Speaker 2: whether they're strong demand for beef and lamps, so they 39 00:01:52,080 --> 00:01:55,320 Speaker 2: were higher priced. But all in all, not a great 40 00:01:55,360 --> 00:01:58,640 Speaker 2: reading on inflation. Probably doesn't want and sure it means 41 00:01:58,720 --> 00:02:02,040 Speaker 2: rate hike next week, and you know, in all likelihood 42 00:02:02,080 --> 00:02:03,200 Speaker 2: another one later in the year. 43 00:02:03,480 --> 00:02:05,960 Speaker 1: Okay, moving on to story number two now, Shawn. The 44 00:02:06,200 --> 00:02:09,960 Speaker 1: Aussie dollar is buying around seventy US since, having hit 45 00:02:09,960 --> 00:02:11,640 Speaker 1: a new three year high yesterday. 46 00:02:12,120 --> 00:02:14,360 Speaker 2: It's not just about interest rates rising in Australia, but 47 00:02:14,400 --> 00:02:17,440 Speaker 2: also a week US dollar against a basket of currencies, 48 00:02:17,480 --> 00:02:20,040 Speaker 2: the greenbacks trading around a four year low. For example, 49 00:02:20,280 --> 00:02:22,320 Speaker 2: it's at its weakest against the euro and u K 50 00:02:22,360 --> 00:02:24,959 Speaker 2: pound since the middle of twenty twenty one. Back to 51 00:02:24,960 --> 00:02:28,280 Speaker 2: the Aussie dollar six most traded global currency according to 52 00:02:28,320 --> 00:02:31,480 Speaker 2: the Bank for International Settlements, it's behind the usd euro, Yen, 53 00:02:31,560 --> 00:02:33,840 Speaker 2: British pound, and Chinese rend mimbi. You think about that, 54 00:02:33,840 --> 00:02:35,919 Speaker 2: we're kind of punching about our weight there a commodities 55 00:02:36,000 --> 00:02:39,440 Speaker 2: currency primoriti prices rise, we tend to do well. Also 56 00:02:39,520 --> 00:02:41,959 Speaker 2: one of the most traded currencies for a few hours 57 00:02:41,960 --> 00:02:44,600 Speaker 2: a day. That's between the US training and European training 58 00:02:44,760 --> 00:02:48,160 Speaker 2: as everyone piles into the Aussie held as a reserve currency. 59 00:02:49,000 --> 00:02:50,600 Speaker 2: Plenty going for it at the moment. The other one, 60 00:02:50,639 --> 00:02:53,120 Speaker 2: I just want to mention, while we're talking about global markets, 61 00:02:53,200 --> 00:02:57,239 Speaker 2: gold new high yesterday of over fifty two hundred US 62 00:02:57,240 --> 00:02:59,080 Speaker 2: dollars an ounce just extraordinary. 63 00:02:59,280 --> 00:03:03,560 Speaker 1: Story three. Federal Nationals leader David Little Proud faces a 64 00:03:03,680 --> 00:03:07,960 Speaker 1: leadership challenge next week when parliament resumes at National MP 65 00:03:08,160 --> 00:03:11,200 Speaker 1: Colin Boyce, who had been rumored to be kind of 66 00:03:11,440 --> 00:03:14,320 Speaker 1: heading off to one Nation, says instead he's going to 67 00:03:14,320 --> 00:03:16,080 Speaker 1: move a spill motion on Monday. 68 00:03:16,160 --> 00:03:18,679 Speaker 2: And he made the announcement on Sky News and wasn't 69 00:03:18,680 --> 00:03:21,399 Speaker 2: really clear that he consulted anyone about it either. While 70 00:03:21,400 --> 00:03:24,040 Speaker 2: Little Proud it's likely to gain much more support than 71 00:03:24,080 --> 00:03:26,640 Speaker 2: Boyce in the eighteen strong party room, it just does 72 00:03:26,760 --> 00:03:30,079 Speaker 2: show how unsettled the NATS are at the moment. Boyce 73 00:03:30,240 --> 00:03:33,680 Speaker 2: yesterday said that last week's decision to leave the coalition 74 00:03:34,120 --> 00:03:36,800 Speaker 2: by the Nats was political suicide, adding that the party 75 00:03:36,920 --> 00:03:39,760 Speaker 2: was going off the political cliff. Of course, Little Proud 76 00:03:39,840 --> 00:03:43,120 Speaker 2: lid that split after Liberal leader Susan Lee accepted the 77 00:03:43,120 --> 00:03:48,320 Speaker 2: resignations of three Nationals front benches after they breached cabinet 78 00:03:48,400 --> 00:03:51,000 Speaker 2: solidarity by voting against laws allowing the government to ban 79 00:03:51,120 --> 00:03:54,280 Speaker 2: Nazi and other hate groups. For her part, Susan Lee, 80 00:03:54,320 --> 00:03:57,440 Speaker 2: she also faces a potential leadership threat, though she may 81 00:03:57,520 --> 00:04:00,280 Speaker 2: benefit from the more conservative side of the part already 82 00:04:00,360 --> 00:04:03,960 Speaker 2: being split over who the alternative candidate should be, should 83 00:04:03,960 --> 00:04:06,360 Speaker 2: it be Angus Taylor or Andrew Hasty, So maybe she'll 84 00:04:06,400 --> 00:04:07,200 Speaker 2: hang on for a little bit. 85 00:04:07,920 --> 00:04:11,280 Speaker 1: Story number three oil and gas is the story number four. 86 00:04:11,600 --> 00:04:14,200 Speaker 1: I think it is Michaels. I've lost count. The stories 87 00:04:14,200 --> 00:04:17,320 Speaker 1: are that big today. Sean oil and gas giant Woodside 88 00:04:17,360 --> 00:04:21,920 Speaker 1: reported record output in twenty twenty five, but has flagged 89 00:04:21,960 --> 00:04:24,240 Speaker 1: a drop in production as the group searches for a 90 00:04:24,240 --> 00:04:24,840 Speaker 1: new CEO. 91 00:04:25,400 --> 00:04:29,080 Speaker 2: Yes, that's right. Last year, mego Neill, former boss. She 92 00:04:29,240 --> 00:04:32,560 Speaker 2: went off to join BP. Last year Woodside produced the 93 00:04:32,560 --> 00:04:34,760 Speaker 2: equivalent of one hundred and ninety nine million barrels of 94 00:04:34,800 --> 00:04:38,320 Speaker 2: oil and gas. That's about five hundred thousand barrels a day. 95 00:04:38,440 --> 00:04:40,560 Speaker 2: Quite incredible. This year it'll be about one hundred and 96 00:04:40,560 --> 00:04:42,240 Speaker 2: eighty million dollars because they've got to close down their 97 00:04:42,240 --> 00:04:45,760 Speaker 2: Pluto LNG joint venture for five weeks. What did you 98 00:04:45,800 --> 00:04:47,720 Speaker 2: think about this? Why do you actually measure oil in 99 00:04:47,760 --> 00:04:50,359 Speaker 2: a barrel? So I started searching up. Apparently in the 100 00:04:50,400 --> 00:04:53,320 Speaker 2: eighteen sixties, early producers used all sorts of containers to 101 00:04:53,360 --> 00:04:55,839 Speaker 2: transport oil, which is normally done on wagons and boats. 102 00:04:56,000 --> 00:05:00,279 Speaker 2: What they had plenty of was whiskey barrels. Irish whisky 103 00:05:00,320 --> 00:05:03,120 Speaker 2: barrels often, and so that's what they did. They decided 104 00:05:03,160 --> 00:05:06,120 Speaker 2: to put him in barrel or reuse the whiskey barrels 105 00:05:06,120 --> 00:05:09,359 Speaker 2: for oil thirty two gallons one hundred and sixty meters. 106 00:05:09,480 --> 00:05:13,159 Speaker 1: There you go, Oh great fact. Okay, last one story 107 00:05:13,200 --> 00:05:17,320 Speaker 1: number five shot Drone Shields chief executive Olig Vaornick yesterday 108 00:05:17,360 --> 00:05:19,960 Speaker 1: said and that he sold almost fifty million dollars of 109 00:05:20,000 --> 00:05:22,880 Speaker 1: stock last year to cover a tax bill and to 110 00:05:22,920 --> 00:05:24,799 Speaker 1: secure his financial future. 111 00:05:25,520 --> 00:05:27,560 Speaker 2: Yes. In the background to this, he sold a bunch 112 00:05:27,600 --> 00:05:31,240 Speaker 2: of shares, as did the chair. As a result, the 113 00:05:31,240 --> 00:05:33,600 Speaker 2: group's share price fell thirty percent one day, and all 114 00:05:33,600 --> 00:05:35,840 Speaker 2: these shareholders saying, hold on, why are you selling out? 115 00:05:35,839 --> 00:05:38,760 Speaker 2: At this point he said at the time that he ran. 116 00:05:38,880 --> 00:05:41,680 Speaker 2: You know, he was a dangerous job. He's selling drones 117 00:05:41,720 --> 00:05:45,560 Speaker 2: to Ukraine. He needed some sort of security from that. 118 00:05:45,960 --> 00:05:48,360 Speaker 2: Yesterday he kind of gave us a better in a 119 00:05:48,400 --> 00:05:52,960 Speaker 2: better explanation. Needed twenty five million dollars tax to cover tax. 120 00:05:53,200 --> 00:05:57,440 Speaker 2: Fair enough, twenty five million left. He also renovated his house, which, 121 00:05:57,480 --> 00:06:01,520 Speaker 2: as he put it, went out of control. He also 122 00:06:01,560 --> 00:06:04,520 Speaker 2: wanted to secure his financial future. Amazing story morning. He 123 00:06:04,600 --> 00:06:07,120 Speaker 2: and his mother lived in public housing in Christchurch after 124 00:06:07,120 --> 00:06:09,960 Speaker 2: the family migrated from Russia to New Zealand. When he's fifteen, 125 00:06:10,040 --> 00:06:12,400 Speaker 2: years old and has got on to b CEO anyway, 126 00:06:12,440 --> 00:06:13,120 Speaker 2: good luck to him. 127 00:06:13,200 --> 00:06:15,320 Speaker 1: Yeah, now he's done a heck of a renovation by 128 00:06:15,320 --> 00:06:17,120 Speaker 1: the sounds of it. There we go show on the 129 00:06:17,120 --> 00:06:19,480 Speaker 1: top five business stories in five minutes. Thank you very much, 130 00:06:19,680 --> 00:06:22,120 Speaker 1: Thank you, Michael. It's Thursday, the twenty ninth of January 131 00:06:22,120 --> 00:06:26,160 Speaker 1: twenty twenty six. Remember to please hit follow on the podcast, 132 00:06:26,560 --> 00:06:28,480 Speaker 1: and if five minutes isn't enough, you can find our 133 00:06:28,480 --> 00:06:31,240 Speaker 1: longer daily show called Fear and Greed whereever you listen 134 00:06:31,320 --> 00:06:33,559 Speaker 1: to podcasts. I'm Michael Thompson and that was the past 135 00:06:33,560 --> 00:06:36,080 Speaker 1: five business news by Fear and Greed. A great day.