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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the eighteenth of June twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story Num. One.

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Speaker 1: The Reserve Bank of Australia Board left the official cash

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Speaker 1: rate on hold today at four point three five percent.

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Speaker 1: The Central Bank sounded a touch more hawkish than previous meetings,

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Speaker 1: highlighting the challenges involved with getting inflation lower. Following the announcement,

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Speaker 1: market economists said there was a slightly higher chance of

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Speaker 1: a rate rise in the future, though most believe the

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Speaker 1: next move will be down and that will occur late

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Speaker 1: this year or early next year. Story number two. The

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Speaker 1: S and PA SEX two one hundred close the day

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Speaker 1: up one percent to seven seven hundred and seventy eight points,

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Speaker 1: notwithstanding a slight hiccup after the Reserve Bank rates announcement.

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Speaker 1: Utilities led the way, followed by financials and industrials, and

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Speaker 1: it was one of the best sessions in more than

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Speaker 1: a month. Commonwealth Bank hit an all time high, closing

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Speaker 1: at one hundred and twenty seven dollars and ninety eight

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Speaker 1: events up two percent on the day. That's despite high

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Speaker 1: profile investor Phil King saying he's betting against the bank,

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Speaker 1: expecting its share price to fall. National Australian Bank also

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Speaker 1: jumped two percent to reach another nine year high. Mcquarie

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Speaker 1: Group surged two point six percent, while CSL A and Z, Telstra, Transurban,

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Speaker 1: Aristocrat Leisure and Coals all outperformed. Best on the day

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Speaker 1: was Toll Road Group at Las Arteria, which raise more

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Speaker 1: than five percent. Wilt Sigma Healthcare was up another four

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Speaker 1: and a half percent. Worst was ford escw Its share

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Speaker 1: price tumbled five point two percent following a one point

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Speaker 1: one billion dollar block trade on Monday night after the

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Speaker 1: closing bell. Now, a block trade is a privately negotiated

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Speaker 1: sale or purchase of a large block of shares, in

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Speaker 1: this case, Forest Hue Metals Group. Media reports say the

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Speaker 1: trade was being off at at twenty one dollars sixty share,

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Speaker 1: a six percent discount to ford Escu's last trading price.

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Speaker 1: Beach Energy share price fell two point two percent after

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Speaker 1: the energy group said it will cut spending operating custs

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Speaker 1: and jobs and raise the hurdle in returns for future

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Speaker 1: projects bid to improve the company's performance. All in all,

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Speaker 1: a very busy day on the market. Story number three.

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Speaker 1: Communications Minister Michelle Rowland said that she is very keenly

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Speaker 1: watching studies in Australium about the effect of social media

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Speaker 1: on children's health, though she stopped short of endorsing a

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Speaker 1: push in the US for cigarette style warnings. Earlier this week,

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Speaker 1: the US Surgeon General suggested that warnings be placed on

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Speaker 1: social media due to risks to kids' mental health. Mister

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Speaker 1: Roland today says she was very keenly watching several reviews

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Speaker 1: and trials the government has commissioned on the problems from

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Speaker 1: social media, including Facebook, TikTok, Instagram and YouTube. She also

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Speaker 1: mentioned a trial of an age threshold to use social

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Speaker 1: media apps. She said Australia was ahead on regulation and

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Speaker 1: delivered education programs in schools to warn about the dangers

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Speaker 1: of social media. It comes in a week that both

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Speaker 1: sides of politics have endorsed the concept of lifting the

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Speaker 1: legal age for accessing social media from thirteen years to

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Speaker 1: sixteen years. Story number four. Yesterday we heard about the

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Speaker 1: Polly's getting a pay rise. Now it's the public servants

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Speaker 1: with the head of the Department of Prime Minister and

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Speaker 1: Cabinet becoming the first federal bureaucrat to earn more than

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Speaker 1: one million dollars a year. Department of Prime Minister and

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Speaker 1: Cabinet Secretary Glenn Davis is the highest paid secretary in

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Speaker 1: the public service. He'll take home in extra thirty four

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Speaker 1: thousand dollars a year in line with the new changes

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Speaker 1: they come into effect on July one. That takes his

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Speaker 1: salary to one million, eleven thousand, four hundred and two dollars.

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Speaker 1: Treasury Secretary Stephen Kennedy will receive thirty three thousand dollars more,

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Speaker 1: takes him to about nine hundred and eighty six thousand dollars,

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Speaker 1: while level three department secretaries covering departments like Attorney General's Defense, Education, Finance,

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Speaker 1: Home Affairs, they'll receive a thirty two thousand dollars pay

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Speaker 1: rise to nine hundred and sixty one thousand dollars. Remember

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Speaker 1: this compares to the Prime minister salary for six hundred

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Speaker 1: and seven thousand dollars and story number five. The new

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Speaker 1: South Wales budget was released today. Higher property taxes is

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Speaker 1: a feature as his more frontline public servants and nine

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Speaker 1: years of budget deficits, there weren't any energy rebates as

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Speaker 1: other states have offered, but transfer duties and land tax

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Speaker 1: will deliver nearly eight billion dollars extra over the next

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Speaker 1: four years. The budget shows that the state's GST revenue

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Speaker 1: will be about six billion dollars lower than previously forecasts

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Speaker 1: through to twenty twenty eight. In terms of spending, the

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Speaker 1: government is aiming to deliver thirty thousand new homes on

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Speaker 1: surplus government land that will be freed up for development.

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Speaker 1: That will also be money for domestic violence support services,

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Speaker 1: a rebate of payroll tax to gps who bulk bill

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Speaker 1: and more money for more essential workers. There's also one

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Speaker 1: and a half billion dollars for maintenance at hundreds of

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Speaker 1: public schools across the state, and more money for health

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Speaker 1: services in regional Australia. That's it if the Afternoon Report

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Speaker 1: for Tuesday, the eighteenth of June twenty twenty four. Don't

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Speaker 1: forget to follow on the podcast and find Fear and

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Speaker 1: Greed on LinkedIn, Instagram, x TikTok and Facebook. Join Michael

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Speaker 1: Thompson and I Tomorrow I'm wanting for the Fast five

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Speaker 1: by Fear and Greed, the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Sean Alma

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Speaker 1: enjoy your evening,