1 00:00:04,000 --> 00:00:07,040 Speaker 1: It's Wednesday, the thirteenth of August twenty twenty five. Welcome 2 00:00:07,080 --> 00:00:09,440 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 --> 00:00:13,680 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,720 --> 00:00:15,360 Speaker 1: and Good morning Natalie McDonald. 6 00:00:15,520 --> 00:00:17,239 Speaker 2: Good morning Michael, Natalie. 7 00:00:17,320 --> 00:00:19,720 Speaker 1: Five stories in five minutes. We have got a lot 8 00:00:19,720 --> 00:00:21,440 Speaker 1: to get through and not much time. Story number one 9 00:00:21,440 --> 00:00:23,599 Speaker 1: is a big one. The Reserve Bank Board of Australia 10 00:00:23,640 --> 00:00:27,680 Speaker 1: has delivered a much anticipated rate cut, voting unanimously to 11 00:00:27,760 --> 00:00:31,080 Speaker 1: slash the official cash rate by twenty five basis points 12 00:00:31,120 --> 00:00:32,560 Speaker 1: to three point six percent. 13 00:00:32,960 --> 00:00:35,440 Speaker 2: The interest rate cut is the third of a cycle, 14 00:00:35,520 --> 00:00:39,080 Speaker 2: following cuts in February and May, the Central Bank upsetting 15 00:00:39,120 --> 00:00:42,880 Speaker 2: expectations with its decision to hold last month. In a statement, 16 00:00:42,920 --> 00:00:45,640 Speaker 2: the Central Bank said the Board remains cautious to global 17 00:00:45,640 --> 00:00:49,000 Speaker 2: developments as well as those here at home, calling yesterday's 18 00:00:49,040 --> 00:00:54,080 Speaker 2: twenty five basis point cut appropriate. Bank Governor Michelle Bullock warning, however, 19 00:00:54,280 --> 00:00:57,040 Speaker 2: not to expect rates to go too low. She opened 20 00:00:57,040 --> 00:00:59,800 Speaker 2: the press conference with the explanation that because we didn't 21 00:00:59,800 --> 00:01:02,320 Speaker 2: take rates as high as some other countries, it may 22 00:01:02,360 --> 00:01:04,880 Speaker 2: be that we don't need to reduce rates as much either. 23 00:01:05,360 --> 00:01:08,320 Speaker 2: She did say though that the RBA's economic forecasts are 24 00:01:08,360 --> 00:01:10,800 Speaker 2: based on a couple more rate cuts, but wouldn't be 25 00:01:10,880 --> 00:01:13,759 Speaker 2: led on whether that would be at consecutive meetings. 26 00:01:14,480 --> 00:01:16,800 Speaker 1: The other take home message out of the RBA meeting 27 00:01:16,840 --> 00:01:20,759 Speaker 1: this warning about productivity still being far too low at 28 00:01:20,800 --> 00:01:22,640 Speaker 1: this point. So that is really a challenge then for 29 00:01:22,680 --> 00:01:25,720 Speaker 1: the government to help resolve. But if we put all 30 00:01:25,720 --> 00:01:28,160 Speaker 1: that to one side, let's get to self interest here. 31 00:01:28,480 --> 00:01:31,520 Speaker 1: What does this mean now for homeowners? 32 00:01:31,959 --> 00:01:34,240 Speaker 2: Well, CBA was the first cub off the ranks, acting 33 00:01:34,280 --> 00:01:37,160 Speaker 2: to match the Reserve Bank and lower interest rates zero 34 00:01:37,160 --> 00:01:40,360 Speaker 2: point two five percent, with its Big four piers following suit. 35 00:01:40,880 --> 00:01:43,960 Speaker 2: How much homeowners now save will depend, of course, on 36 00:01:44,000 --> 00:01:46,440 Speaker 2: how much your home loan is. Repayments on a seven 37 00:01:46,560 --> 00:01:49,760 Speaker 2: hundred and fifty thousand dollars mortgage will be around one 38 00:01:49,800 --> 00:01:52,520 Speaker 2: hundred and thirteen dollars less per month, or one hundred 39 00:01:52,560 --> 00:01:55,320 Speaker 2: and fifty dollars lower for a million dollar mortgage. 40 00:01:55,400 --> 00:01:58,080 Speaker 1: Okay, so good news and potentially more good news to come. 41 00:01:58,400 --> 00:02:00,440 Speaker 1: Let's move on to story number two now and Star 42 00:02:00,600 --> 00:02:03,960 Speaker 1: Entertainment has struck a fifty three million dollar deal to 43 00:02:04,000 --> 00:02:07,640 Speaker 1: sell its fifty percent steak in Brisbane's Queenswarf Casino. 44 00:02:07,560 --> 00:02:10,440 Speaker 2: The struggling casino operator reaching an agreement with its Hong 45 00:02:10,560 --> 00:02:13,720 Speaker 2: Kong based business partners after missing a key deadline two 46 00:02:13,720 --> 00:02:18,040 Speaker 2: weeks ago and following months of tense negotiations. The move 47 00:02:18,200 --> 00:02:20,880 Speaker 2: helps star reduce debt and avoid at least two hundred 48 00:02:20,880 --> 00:02:24,960 Speaker 2: and twelve million dollars in upcoming equity contributions to the project, 49 00:02:25,280 --> 00:02:28,880 Speaker 2: Star offloading other assets, including a Brisbane hotel and car parks. 50 00:02:29,200 --> 00:02:32,040 Speaker 2: Investors responding to the news with shares ending the day 51 00:02:32,120 --> 00:02:35,720 Speaker 2: up nearly twenty four percent at eleven cents. 52 00:02:36,360 --> 00:02:40,640 Speaker 1: Okay, story number three? How about this one? Airlines cashing 53 00:02:40,680 --> 00:02:43,000 Speaker 1: in on a big shift in how we travel as 54 00:02:43,040 --> 00:02:48,560 Speaker 1: demand for business first class and premium premium economy all saw. 55 00:02:49,200 --> 00:02:53,000 Speaker 2: Flight Center saw an eighteen percent lift in international premium 56 00:02:53,000 --> 00:02:56,000 Speaker 2: class bookings last year versus a ten percent rise in 57 00:02:56,200 --> 00:02:59,200 Speaker 2: economy bookings, and this is why carriers like A New 58 00:02:59,280 --> 00:03:02,880 Speaker 2: Zealand and Con are redesigning cabins to fit almost half 59 00:03:02,919 --> 00:03:06,680 Speaker 2: their seats in premium. Emirates is even ripping out ten 60 00:03:06,760 --> 00:03:10,040 Speaker 2: thousand economy seats in order to boost its premium offering 61 00:03:10,440 --> 00:03:13,400 Speaker 2: and passengers are paying up despite costing as much as 62 00:03:13,400 --> 00:03:16,320 Speaker 2: ten times more. A business class return to la can 63 00:03:16,400 --> 00:03:19,839 Speaker 2: cost more than thirteen thousand dollars in premium economy close 64 00:03:19,880 --> 00:03:21,240 Speaker 2: to five thousand. 65 00:03:21,440 --> 00:03:23,839 Speaker 1: Story number four. This one's out of the US, where 66 00:03:23,840 --> 00:03:27,560 Speaker 1: the Trump administration has extended the current tariff pause on 67 00:03:27,680 --> 00:03:31,480 Speaker 1: Chinese imports for another ninety days, delaying a potential escalation 68 00:03:31,560 --> 00:03:33,440 Speaker 1: between the world's two largest economies. 69 00:03:33,800 --> 00:03:36,720 Speaker 2: President Trump confirmed he had signed the executive order for 70 00:03:36,760 --> 00:03:39,800 Speaker 2: the extension in a post on his truth social platform, 71 00:03:39,920 --> 00:03:42,920 Speaker 2: adding that all other elements of the agreement would remain 72 00:03:42,960 --> 00:03:45,760 Speaker 2: the same. Now, what this means is that the US 73 00:03:45,840 --> 00:03:49,680 Speaker 2: won't increase tariffs beyond the existing thirty percent, while China 74 00:03:49,880 --> 00:03:53,680 Speaker 2: keeps its duty steady at ten percent. China saying it 75 00:03:53,760 --> 00:03:56,240 Speaker 2: hopes to see positive signals from the US on the 76 00:03:56,280 --> 00:03:59,480 Speaker 2: basis of equality, respect, and mutual benefit. 77 00:04:00,400 --> 00:04:03,280 Speaker 1: Finally, story number five, a little bit of royal news 78 00:04:03,280 --> 00:04:06,440 Speaker 1: to finish this off, The Duke and Duchess of Sussex, 79 00:04:06,800 --> 00:04:11,280 Speaker 1: Meghan and Harry, really have quashed speculation around their one 80 00:04:11,360 --> 00:04:15,440 Speaker 1: hundred million dollar partnership with Netflix, signing a new multi 81 00:04:15,520 --> 00:04:18,159 Speaker 1: year film and TV deal. The thing is, we just 82 00:04:18,160 --> 00:04:18,800 Speaker 1: don't know how much. 83 00:04:18,839 --> 00:04:22,360 Speaker 2: It's four if only, and it's a real surprise because 84 00:04:22,400 --> 00:04:25,279 Speaker 2: despite poor viewing figures for some of the couple's projects, 85 00:04:25,520 --> 00:04:28,640 Speaker 2: Netflix has maintained its first look arrangement with the pair, 86 00:04:29,000 --> 00:04:31,240 Speaker 2: which means the streamer gets the first shot at any 87 00:04:31,279 --> 00:04:36,679 Speaker 2: projects from their productions team. Upcoming content includes a second 88 00:04:36,680 --> 00:04:39,920 Speaker 2: season of With Love Megan, a Christmas special, and a 89 00:04:39,960 --> 00:04:43,919 Speaker 2: documentary on orphaned children in Uganda. Worth the reminder that 90 00:04:43,960 --> 00:04:47,279 Speaker 2: the couple's twenty million dollar Spotify deal collapsed in twenty 91 00:04:47,320 --> 00:04:51,240 Speaker 2: twenty three, but clearly Netflix continues to see commercial potential 92 00:04:51,279 --> 00:04:52,200 Speaker 2: in brand Sussex. 93 00:04:52,320 --> 00:04:54,159 Speaker 1: Yes, indeed, all right, there we go the top five 94 00:04:54,200 --> 00:04:56,799 Speaker 1: business stories in five minutes. Thank you very much, Natalie, 95 00:04:56,880 --> 00:04:59,559 Speaker 1: Thank you Michael. It is Wednesday, the thirteenth of August 96 00:04:59,560 --> 00:05:02,440 Speaker 1: twenty twenty remembered hit follow on the podcast and if 97 00:05:02,440 --> 00:05:04,800 Speaker 1: five minutes isn't enough, you can find our longer daily 98 00:05:04,839 --> 00:05:07,520 Speaker 1: show called Fear and Greed wherever you listen to podcasts, 99 00:05:07,600 --> 00:05:10,359 Speaker 1: or head along to Fearandgreed dot com dot au and 100 00:05:10,440 --> 00:05:12,920 Speaker 1: sign up for our free daily newsletter all the news 101 00:05:12,960 --> 00:05:15,080 Speaker 1: you need to know in your inbox by six am. 102 00:05:15,160 --> 00:05:17,239 Speaker 1: I'm Michael Thompson and that was the fast five business 103 00:05:17,320 --> 00:05:19,880 Speaker 1: news by fear and greed. Have a great day.