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Speaker 1: Today on Fear and Greed. Federal Liberals and the Nationals

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Speaker 1: hit pause on splitting the coalition as both sides scrambled

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Speaker 1: to find a compromise so the parties can remain together.

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Speaker 1: The housing market gets set for a big weekend after

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Speaker 1: Tuesday's interest rates cut, and where's Farmer's big plan for

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Speaker 1: Anko the home brand at kmart Plus heavy rainfall triggers

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Speaker 1: widespread floods in New South Wales. And the Enhanced Games,

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Speaker 1: whereby athletes are encouraged to take performance enhancing drugs kicks off.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Friday, the twenty

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Speaker 1: third of May twenty twenty five. I'm Michael Thompson and

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Speaker 1: good morning. Sean Aylmer. Good morning, Michael Shawn. The main

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Speaker 1: story this morning, the Nationals have paused their decision to

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Speaker 1: abandon the coalition after Federal Liberal leader Susan Lee reached

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Speaker 1: out to senior Nationals who opposed the decision to abandon

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Speaker 1: the coalition really in an effort to try and bring

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Speaker 1: the two conservative parties back together. It's quite a mess.

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Speaker 1: This week, the Nationals walked away from the Coalition, blaming

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Speaker 1: the refusal by Lead to recommit immediately to the forced

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Speaker 1: divestiture of supermarkets one, two nuclear power, three a twenty

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Speaker 1: billion dollar regional future fund, and four enforced universal service

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Speaker 1: obligations to make sure there's adequate mobile coverage in the Bush.

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Speaker 1: They're the four big issues. Yesterday, Nationals agreed to the

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Speaker 1: need for shadow cabinet solidarity that had been a sticking point.

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Speaker 1: It also softened its nuclear push just a bit. Both

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Speaker 1: sides were due to announce shadow cabinets yesterday, but they

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Speaker 1: hit the pause button, particularly given the fact there are

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Speaker 1: thirty shadow ministries. Nine of those normal circumstances would go

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Speaker 1: to the NATS. If Susan le gave out those nine

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Speaker 1: portfolios to Liberal members, how does she then go to

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Speaker 1: them and say, oh, by the way, just joking, we're

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Speaker 1: going to take those back, because they're actually ministries or

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Speaker 1: shadow ministries for the NATS.

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Speaker 2: Same deal. David Little Proud, he said, well, I want

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Speaker 2: my own shadow cabinet, and he was going to give

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Speaker 2: all these people basically shadow cabinet positions. Hard for him

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Speaker 2: because then he has to take more than half of

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Speaker 2: those off them. I think they both realized it yesterday. Now,

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Speaker 2: Lee had been speaking to senior Nats who opposed the split,

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Speaker 2: Barnaby Joyce being one example, to others who disagreed with

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Speaker 2: Little Proud on the slit included former leader Michael McCormick,

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Speaker 2: former Minister Darren Chester. So all this is bubbling around

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Speaker 2: and at some point yesterday obviously Susan Lee and even

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Speaker 2: David Little Proud thought okay, this is getting a bit

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Speaker 2: too hard. We need to have a pause here to

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Speaker 2: work out just how we're going to announce shadow ministries.

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Speaker 2: Parliament doesn't sit for quite a few weeks, so they

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Speaker 2: do have time. Yeah.

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Speaker 1: The thing is, there was time beforehand as well coord

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Speaker 1: of delay this and as you wrote yesterday in the

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Speaker 1: Daily Newsletter, David Little Prowd does have a bit of

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Speaker 1: a history of almost jumping the gun a yeah, going

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Speaker 1: too hard too early on these things. And as a

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Speaker 1: result they are in a mess right.

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Speaker 2: Now that actually all of their own making. Yeah, they

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Speaker 2: didn't need to.

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Speaker 1: And staying on the same subject, it seems that the

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Speaker 1: split wasn't just about policy positions, but it was also

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Speaker 1: due to anger over the defection of Just Center number

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Speaker 1: jimper Price to the Liberal Party.

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Speaker 2: So Price defected to the Libs just after the election

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Speaker 2: to run for Deputy Liberal Leader alongside Angus Taylor. That

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Speaker 2: was a Taylor price ticket. It failed. Now. A leaked

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Speaker 2: letter from National Senator Bridget McKenzie, written ten days ago

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Speaker 2: reveals the party first threatened to abandon the coalition straight

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Speaker 2: after defection. Wow, it may not have been the policies.

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Speaker 2: McKenzie complained that prices defection plus the loss of New

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Speaker 2: South Wales Senator Parendavi at the election, meant the Nationals

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Speaker 2: were reduced to four senators and would therefore lose party

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Speaker 2: status in the Senate and all the perks that came

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Speaker 2: with it. Of course, according to the AFR, you need

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Speaker 2: five members in the Senate to be a party and

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Speaker 2: so it's a real risk for the Nationals. So it's

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Speaker 2: more than just policy, according to these media reports, it's

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Speaker 2: also the defection of just enterprise.

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Speaker 1: There were so much in this all right. Taking a

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Speaker 1: look at local markets, How did things go yesterday?

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Speaker 2: Bit of a breathing yesterday. It ended down half percent.

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Speaker 2: The ASX two hundred it finished at eighty three hundred

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Speaker 2: and forty nine points. Tech stocks did best. Energy companies

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Speaker 2: weren't far behind. Some of the individual best stocks. They

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Speaker 2: were the goal miners. In terms of the large caps,

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Speaker 2: the bank's lost ground come off. Bank was down more

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Speaker 2: than one percent. West Farmers also dropped one percent. Macquarie

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Speaker 2: was off a couple of percent. Big miners were mixed.

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Speaker 2: Supermarkets lower. Among the tech stocks worst performers of those

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Speaker 2: large caps Weies, Tech Global, Promedicus, and Zero.

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Speaker 1: And there is plenty going on in international markets at

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Speaker 1: the moment.

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Speaker 2: There really is so on Wall Street. The S and

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Speaker 2: P five hundred tumbled one point six percent yesterday morning

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Speaker 2: after a sale of US government bonds. Disappointed. I know

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Speaker 2: you love bonds, right well I do.

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Speaker 1: Now I find this fascinating. You have made me excited

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Speaker 1: by bonds.

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Speaker 2: Havenent was selling bonds. We know that Moody's downgraded them

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Speaker 2: last week. So the appetite for US sovereign debt US

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Speaker 2: government bonds just was a bit soft, and that scared people.

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Speaker 2: That scared investors. The reason they're worried about it is

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Speaker 2: if you've got ratings agencies downgrading your debt on the

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Speaker 2: back of what Donald Trump is doing, well you just think, well,

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Speaker 2: maybe I should get a bigger sort of yield, a

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Speaker 2: bigger interest rate for the risk on taking, and that's

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Speaker 2: exactly what happened. So equities fell, goal prices rose as

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Speaker 2: a result. Precious metal hit three three two five US

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Speaker 2: dollars an ounce. It's up about four percent this week,

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Speaker 2: doll ozzie dollars sitting around sixty four and a half

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Speaker 2: US cents. Bitcoin kind of worked the opposite to what

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Speaker 2: you'd expect it to work. It actually jumped touched north

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Speaker 2: him high yesterday of one hundred and nine, eight hundred

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Speaker 2: and fifty six US dollars a unit. It then did

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Speaker 2: fall back a bit. Previously it set a high on well,

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Speaker 2: I don't think it was on Donald Trump's inauguration day,

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Speaker 2: but about them just after.

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Speaker 1: It was kind of within twenty four hours. Yes, pretty

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Speaker 1: much direct. Sure, before we go to a break, we

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Speaker 1: do still have a lot that we need to cover.

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Speaker 1: We've got to have one last mention of the ride

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Speaker 1: for Country Kids, which was the three hundred and eighty

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Speaker 1: I can't even say three hundred and eight kilometers anymore

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Speaker 1: because it was more than that.

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Speaker 2: It was three hundred and ninety three, but I'm calling

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Speaker 2: it four hundred.

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Speaker 1: Yeah, I imagine you would have felt every single one

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Speaker 1: of those extra thirteen k's right, so you did it

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Speaker 1: for Royal far West. You're raising money for kids in

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Speaker 1: rural and regional Australia. Now you have done the sums.

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Speaker 1: The money raised by Fear and Greed listeners is pretty staggering.

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Speaker 2: It is fantastic. In fact, more than forty five thousand

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Speaker 2: dollars in total, wow, which is just great. No one

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Speaker 2: was more generous than Michael Miller, the CEO of News Limited.

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Speaker 2: He contributed five thousand dollars and behalf of News. We

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Speaker 2: raised another five thousand dollars courtesy of the team at

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Speaker 2: Nova Entertainment and great partners in this podcast. The rest

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Speaker 2: was very much the overwhelming generosity of LI listeners to

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Speaker 2: the podcast, and it is humbling that so many people

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Speaker 2: would make the effort to log on and put amounts

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Speaker 2: ranging from twenty bucks to one thousand dollars to support

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Speaker 2: what we were doing. In the end, there's a bunch

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Speaker 2: of kids and many that we were not meant that

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Speaker 2: we met, but we met a lot of kids while

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Speaker 2: we're out there, and some of those will actually be

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Speaker 2: the beneficiaries of this money raised. That charity gives rural

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Speaker 2: kids a better start in life, and humbling to be

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Speaker 2: out there and see those guys so humbling to have

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Speaker 2: listeners and Fear and Greed fans actually support us.

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Speaker 1: You are absolutely right, just something else altogether to be

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Speaker 1: just scrolling through that page of donations and just seeing listeners. Yeah,

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Speaker 1: and it's just really quite quite something, So thank you

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Speaker 1: to everybody who donated. It really does mean an awful lot. Now,

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Speaker 1: Shaw and we also have another special announcement to make.

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Speaker 1: We're going from one special announcement to the next, right.

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Speaker 1: We have our first ever live recording of Fear and Greed.

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Speaker 1: It is coming up for listeners in Sydney. The tickets

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Speaker 1: are now available and I will put a link in

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Speaker 1: today's show notes. It is free, entirely free, but we

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Speaker 1: would love to see as many of you there as

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Speaker 1: we possibly can fit into the venue.

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Speaker 2: That's exactly basically, we have never done a live show.

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Speaker 2: So even if you're down like the show, you can

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Speaker 2: just laugh at Michael and I cringing, failing.

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Speaker 1: Because it's the weekend edition we're going to record. It's

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Speaker 1: on a Thursday night, so we're going to record it

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Speaker 1: early and it is going to be a heck of

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Speaker 1: a lot of fun. But no, look, we'll put a

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Speaker 1: link in today's show notes and as many of you

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Speaker 1: as possible, we'd love to see you that.

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Speaker 2: And it's all free. Y, it's absolutely free, and you

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Speaker 2: get something to eat, something to drink and get to

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Speaker 2: laugh at you and I.

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Speaker 1: Yeah, it'll be good fun. All right, Jean, we'll take

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Speaker 1: a quick break. We'll be back in a moment with

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Speaker 1: the rest of the day's business news. Sean. It is

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Speaker 1: a big weekend for the housing market, with twenty four

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Speaker 1: hundred homes across the country going up for auction days

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Speaker 1: after an interest rate cut.

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Speaker 2: Melbourne will have more than a thousand auctions, Sydney will

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Speaker 2: have eight hundred or so. Perth, Brisbane and canber are

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Speaker 2: also very busy. The rate cut very very important that

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Speaker 2: we have a rate cut for the housing market. Even

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Speaker 2: more important our expectations of more cuts later in the year.

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Speaker 2: Markets still reckon. There'll be two more rate cuts. That

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Speaker 2: means by the end of the year you could have

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Speaker 2: a mortgage rate that could be in the high fours,

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Speaker 2: not bad given a lot of us have had rates

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Speaker 2: in the low sixers. The other thing we talk about

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Speaker 2: the preliminary clearance rate every Monday or not, but most

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Speaker 2: Mondays the final clearance rate is actually even more important

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Speaker 2: because that's when the final figures have come in. Melbourne

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Speaker 2: is trending really well and much much above last year.

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Speaker 2: Sydney is below last year. The national levels around sixty

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Speaker 2: five percent, which is actually pretty good for the final

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Speaker 2: clearance rate. So this is going to be a really

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Speaker 2: interesting weekend to see what that interest rate means for

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Speaker 2: the market going forward.

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Speaker 1: This next story, we love talking about it, well, I

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Speaker 1: love talking about it.

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Speaker 2: Yeah.

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Speaker 1: Ancho We's Farmers is the owner of Kmart, obviously, and

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Speaker 1: the plan is to accelerate its Ancho brand offshore, including

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Speaker 1: actually Ancho branded stores.

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Speaker 2: You know, I do washing at home and it is remarkable.

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Speaker 2: My kids are a bit older when I'm doing my

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Speaker 2: Washington sometimes I do their washing everything. Why are you

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Speaker 2: doing your kids washing? Good point, but let's just park

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Speaker 2: that how many Anco goods my kids are. It's just incredible.

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Speaker 2: It's been a real staff for West Farmers and Kmart

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Speaker 2: is now the conglomerate's second biggest earner. So it owns

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Speaker 2: Bunnings that's the Biggs earn. It also owns lithium properties.

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Speaker 2: It's got office works, a bunch of places. Camar now

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Speaker 2: the second biggest earner. Around eighty five percent of goods

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Speaker 2: sold at kmart are Renco products. There's already an Anco

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Speaker 2: branded store in Manila, and Wes Farmer's chief executive Rob

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Speaker 2: Scott says there'll be new store openings this year to

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Speaker 2: test that brand proposition. He says the brand's products are

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Speaker 2: resonating with gust with customers globally, from furniture and home

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Speaker 2: in Canada, to wooden toys in the US to its

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Speaker 2: broad general merchandise range in the Philippines. Where's is also

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Speaker 2: looking to develop its Atomic a brand and a bid

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Speaker 2: to capitalize on the booming demand for beauty and skincare.

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Speaker 1: Products sean a really serious story this one. Heavy rainfall

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Speaker 1: is continuing along the New South Wales coast as floodwaters

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Speaker 1: claimed the lives of at least two people, with others missing.

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Speaker 2: Around fifty thousand people are expected to be isolated by

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Speaker 2: rising floodwaters, and hundreds of people have been rescued by

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Speaker 2: the state's emergency rescue services. Major towns along the north

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Speaker 2: coast are inundated with water. Flood warnings have reached as

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Speaker 2: far south as Sydney. Some areas in the state are

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Speaker 2: expecting three hundred millimeters of rain in just twenty four hours.

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Speaker 2: The federal government has activated flood payments for some areas.

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Speaker 2: Supermarkets are closing the banks working with customers in distress.

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Speaker 1: Just very quickly. The Albanesi government is considering progressively lowering

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Speaker 1: the thirty three percent luxury car tax as part of

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Speaker 1: its free trade negotiations with the European Union, rather than

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Speaker 1: cutting it in one hit.

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Speaker 2: That's exactly right. The talks the trade mister Don Farrell's

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Speaker 2: office follow anecdotal reports they buy a strike by those

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Speaker 2: considering purchasing vehicles to attract the tax. According to the

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Speaker 2: Australian So, for example, the tax adds about eleven thousand

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Speaker 2: bucks to the price of a new Toyota land Cruise.

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Speaker 2: At the same time, new quarterly figures revealed sales of

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Speaker 2: electric vehicles fell to their lowest level in two years.

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Speaker 2: Admitted decline in overall vehicle sales.

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Speaker 1: Okay. Moving to international news now Sean, the US Pentagon

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Speaker 1: has formally accepted a four hundred million US dollar luxury

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Speaker 1: jumbo jet gifted by Qatar that is going to be

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Speaker 1: used as the US President's plan. It's going to be

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Speaker 1: the new air Force one spite bipartisan concerns about ethics

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Speaker 1: and security. There's a lot of red flags on this.

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Speaker 2: A lot of red flags. Donald Trump wants the aircraft

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Speaker 2: to be used as Air Force one while Bowing completes

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Speaker 2: two new jets. They've been long delayed. To be honest,

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Speaker 2: the gift needs to be modified before it can fly.

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Speaker 2: The president. Democrats have heavily criticized the acceptance of the jet.

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Speaker 2: Chuck Schumer, the top Democrat in the US Senate, he

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Speaker 2: said the plane is the largest foreign gift to an

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Speaker 2: American president in modern history. That's saying something. Before we

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Speaker 2: leave Donald Trump, I'm not sure where he saw the

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Speaker 2: meeting with the South African President Cyril Ramaposa. It was

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Speaker 2: in the White it was in the Oval office. Trump

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Speaker 2: started talking about South Africa's alleged mistreatment of white farmers.

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Speaker 2: He alleged white genocide and land caess, including showing a

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Speaker 2: video that they rolled in a TV. And he started

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Speaker 2: showing a video in the Oval Office that, according to

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Speaker 2: the President, shows graves of white people. It was quite distressing, really,

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Speaker 2: I must say the South African president did a remarkable

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Speaker 2: job to stay so cool.

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Speaker 1: Finally, Sean the Enhanced Games have set their inaugural competition

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Speaker 1: for May twenty twenty six in Las Vegas, with swimming,

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Speaker 1: athletics and weightlifting. That'll be fun on the agenda for

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Speaker 1: athletes using substances that are banned in official competition, much

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Speaker 1: to the consternation of anti doping bodies.

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Speaker 2: Australian founder Aaron Desuza has urged athletes to take a

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Speaker 2: gamble on the competition that he believes can transform sports science.

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Speaker 2: Not surprisingly, critics disagree, basically calling it a free show.

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Speaker 2: According to routers, organized as are pushing what they say

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Speaker 2: is one of the biggest success stories so far. A

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Speaker 2: Greek swimmer has not made the podium in four Olympics,

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Speaker 2: then swam two hundredths of a second faster in the

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Speaker 2: fifty meter freestyle than the official world record that stood

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Speaker 2: for fifteen years. He earned a million dollars for the feet.

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Speaker 2: The other person who was hoping to get that to

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Speaker 2: break the world record with performance enhancing drugs was former

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Speaker 2: Ozzie Olympian James Magnuson. He's also part of the Enhanced Games.

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Speaker 2: The Games have held swimming up as an example of

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Speaker 2: what can be possible under their regime. The enhanced games

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Speaker 2: operate under the principle that banning performance enhancing drugs in

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Speaker 2: major competition does not protect athletes, but rather stifles their performance.

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Speaker 1: Okay, Up next, Sean is the Fear and Great daily interview.

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Speaker 1: You are speaking today with Carmen Becker, who is the

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Speaker 1: partner in charge of KPMG Customer Advisory.

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Speaker 2: Really interesting chat is about customer experience and why some

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Speaker 2: businesses do so well, and particularly I mean we're talking

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Speaker 2: a bit about Bunnings, but Mecca is another great example

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Speaker 2: of a retailer that does well. There are six major

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Speaker 2: pillars that brands need if they want to be well

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Speaker 2: loved by their customers. Just love, but actually the experience

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Speaker 2: of customers using their brands brings them back again, and

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Speaker 2: we go through that. It's a great chat with Carmen.

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Speaker 1: Yeah, it's a great one. It is coming up next

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Speaker 1: in the Fear and Greed playlist, or you can get

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Speaker 1: it at Fearangreed dot com dot au, which is also

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Speaker 1: where you sign up for our free daily newsletter.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It's Friday, the twenty third of May twenty twenty five.

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Speaker 1: Make sure you're following the podcast. Please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson,

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Speaker 1: and that was fear and greed. Have a great day.