1
00:00:04,240 --> 00:00:06,760
Speaker 1: Welcome to the weekend edition of the Fast five Business

2
00:00:06,760 --> 00:00:09,240
Speaker 1: News by Fear and Greed. Oh Michael Thompson and Hello

3
00:00:09,320 --> 00:00:09,880
Speaker 1: Adam Lang.

4
00:00:10,240 --> 00:00:11,680
Speaker 2: Good morning Michael, Adam.

5
00:00:11,720 --> 00:00:13,400
Speaker 1: On weekdays, it's all about the Fast five of the

6
00:00:13,400 --> 00:00:15,680
Speaker 1: top five business stories in five minutes. On the weekend,

7
00:00:15,680 --> 00:00:17,240
Speaker 1: we still keep it to five minutes, but we are

8
00:00:17,239 --> 00:00:19,479
Speaker 1: going to pick out the biggest business story of the week,

9
00:00:19,680 --> 00:00:23,040
Speaker 1: the most remarkable business story, a sleeper story, one that's

10
00:00:23,040 --> 00:00:24,760
Speaker 1: flying under the radar a little bit, and then our

11
00:00:24,800 --> 00:00:28,520
Speaker 1: favorite story. Let's jump straight into it. What was the

12
00:00:28,520 --> 00:00:30,200
Speaker 1: biggest business story this week?

13
00:00:30,400 --> 00:00:32,600
Speaker 3: Michael, My biggest story is the cost of living, or

14
00:00:32,600 --> 00:00:35,760
Speaker 3: as the social media machinery likes to call it, cosey lives.

15
00:00:36,159 --> 00:00:38,160
Speaker 3: And the data was coming at us from left, right

16
00:00:38,200 --> 00:00:40,720
Speaker 3: and center to make the cost of living the biggest

17
00:00:40,760 --> 00:00:44,000
Speaker 3: story of the week. The Australian Bureau of Statistics announced

18
00:00:44,000 --> 00:00:47,239
Speaker 3: the Consumer Price Index also known as inflation, fell from

19
00:00:47,320 --> 00:00:49,720
Speaker 3: three point eight percent in June to three point five

20
00:00:49,760 --> 00:00:53,080
Speaker 3: percent in the twelve months to July. That's some better news.

21
00:00:53,400 --> 00:00:56,560
Speaker 3: Then we had the House of Representatives Economics Committee, which

22
00:00:56,600 --> 00:00:59,720
Speaker 3: is an explosion of cost of living data. Our biggest bank,

23
00:01:00,160 --> 00:01:04,039
Speaker 3: Wealth Bank CEO Matt Common confirmed their customers are spending

24
00:01:04,120 --> 00:01:07,800
Speaker 3: much more on essentials, far less on discretionary items and

25
00:01:07,959 --> 00:01:11,680
Speaker 3: savings are quickly being depleted. Then new research from Roy

26
00:01:11,720 --> 00:01:13,840
Speaker 3: Morgan this week show the more than one point six

27
00:01:13,920 --> 00:01:17,280
Speaker 3: million mortgage holders were at risk of mortgage stress. And

28
00:01:17,319 --> 00:01:21,000
Speaker 3: then Deloitte Access Economics published estimates that Australia has been

29
00:01:21,040 --> 00:01:24,520
Speaker 3: in a retail recession for eighteen months and predicted it's

30
00:01:24,560 --> 00:01:27,200
Speaker 3: going to be brutal for the retail market from now

31
00:01:27,319 --> 00:01:30,160
Speaker 3: until Christmas. Michael, what was your biggest story?

32
00:01:30,600 --> 00:01:32,319
Speaker 2: Yeah, there's plenty on cost of living, wasn't there?

33
00:01:32,520 --> 00:01:34,960
Speaker 1: The other big one this week I thought was the

34
00:01:35,360 --> 00:01:38,480
Speaker 1: Government releasing its long awaited white paper into the domestic

35
00:01:38,600 --> 00:01:43,039
Speaker 1: aviation industry fifty six initiatives intended to improve the traveler experience,

36
00:01:43,440 --> 00:01:46,680
Speaker 1: enhanced competition, assist the industry towards a more sustainable future.

37
00:01:46,680 --> 00:01:49,480
Speaker 1: Airlines will have to show cause why flights have been

38
00:01:49,520 --> 00:01:52,760
Speaker 1: delayed or canceled. The Government's promised to lower the barrier

39
00:01:52,840 --> 00:01:56,000
Speaker 1: for entry for newcomers. There's going to be a new

40
00:01:56,040 --> 00:02:00,560
Speaker 1: independent Aviation industry Omberdsman Scheme, a charter of customer rights,

41
00:02:01,160 --> 00:02:03,480
Speaker 1: the even the government's own travel policies are going to

42
00:02:03,480 --> 00:02:06,080
Speaker 1: be overhauled. Quantus currently gets more than eighty percent of

43
00:02:06,120 --> 00:02:09,680
Speaker 1: domestic flight spending from politicians and judges and the like,

44
00:02:10,080 --> 00:02:12,639
Speaker 1: even though it's more expensive. That is going to change.

45
00:02:12,680 --> 00:02:13,080
Speaker 2: Overall.

46
00:02:13,120 --> 00:02:15,240
Speaker 1: This is huge because it's going to create a blueprint

47
00:02:15,240 --> 00:02:18,120
Speaker 1: for the aviation industry through to twenty fifty. It sorely

48
00:02:18,200 --> 00:02:20,640
Speaker 1: needed a quick little side note as well. Adam Quantis

49
00:02:20,680 --> 00:02:23,160
Speaker 1: reported its full year results this week, delivering a one

50
00:02:23,160 --> 00:02:26,560
Speaker 1: point twenty five billion dollar profit, down twenty eight percent

51
00:02:26,880 --> 00:02:29,959
Speaker 1: from the record result in twenty twenty three. Quantus CEO

52
00:02:30,080 --> 00:02:32,400
Speaker 1: new CEO Vanessa Hudson doing a huge amount of work

53
00:02:32,400 --> 00:02:34,760
Speaker 1: at the moment still to restore that custom of faith

54
00:02:34,840 --> 00:02:37,600
Speaker 1: in the Quantus brand, costing about two hundred and thirty

55
00:02:37,639 --> 00:02:40,400
Speaker 1: million dollars to do so. Lots happening in the aviation

56
00:02:40,520 --> 00:02:44,480
Speaker 1: space this week. Most remarkable story can I suggest.

57
00:02:44,080 --> 00:02:47,160
Speaker 2: One for this? Sure, Michael, It's actually two parts really.

58
00:02:47,160 --> 00:02:51,600
Speaker 1: The most remarkable stories plural was the performance of two

59
00:02:51,680 --> 00:02:54,600
Speaker 1: US behemoths who both made headlines on the same day.

60
00:02:54,840 --> 00:02:58,040
Speaker 1: The first was chip maker and Vidia. Huge numbers and

61
00:02:58,200 --> 00:03:01,400
Speaker 1: Vidia's revenue came in at thirty billion US dollars in

62
00:03:01,480 --> 00:03:04,440
Speaker 1: the second quarter, up sixteen percent on the previous quarter,

63
00:03:04,560 --> 00:03:08,120
Speaker 1: ahead of previous guidance, ahead of analyst expectations, but the

64
00:03:08,160 --> 00:03:11,120
Speaker 1: company's share price still fell nearly nine percent in the

65
00:03:11,160 --> 00:03:14,960
Speaker 1: hours after the announcement, despite exceeding all the expectations. The

66
00:03:15,040 --> 00:03:18,240
Speaker 1: problem is investors just expect so much now from Nvidia,

67
00:03:18,520 --> 00:03:22,960
Speaker 1: they expect their expectations to be blown away. The other

68
00:03:23,080 --> 00:03:26,720
Speaker 1: story was a more traditional company making money in a

69
00:03:26,760 --> 00:03:30,000
Speaker 1: more traditional way, Berkshire Hathaway, the company of legendary investor

70
00:03:30,040 --> 00:03:32,200
Speaker 1: Warren Buffett. On the same day as we're talking about

71
00:03:32,200 --> 00:03:35,600
Speaker 1: in Vidio, Berkshire Hathaway became the first US company outside

72
00:03:35,640 --> 00:03:39,800
Speaker 1: the tech sector to surpass one trillion US dollars in

73
00:03:39,920 --> 00:03:44,000
Speaker 1: market value, just in time for Warren Buffett's ninety fourth birthday.

74
00:03:44,040 --> 00:03:46,280
Speaker 2: Adam, what was your most remarkable story?

75
00:03:46,480 --> 00:03:49,680
Speaker 3: Well, Michael, I'm sticking with those remarkable numbers. My story

76
00:03:49,840 --> 00:03:52,280
Speaker 3: was the big Australian in the boardroom, and that is

77
00:03:52,360 --> 00:03:55,880
Speaker 3: BHP's results this week. They weren't just impressive, they were

78
00:03:55,880 --> 00:03:59,560
Speaker 3: a master class in corporate strategy, the tale of two metals,

79
00:03:59,600 --> 00:04:02,680
Speaker 3: and a remarkable glimpse into the future of mining. BHP

80
00:04:02,840 --> 00:04:05,360
Speaker 3: may have missed out on an Anglo American for now,

81
00:04:05,600 --> 00:04:07,960
Speaker 3: but it is clearly still on the hunt for assets

82
00:04:08,000 --> 00:04:11,400
Speaker 3: and their future. Is Copper iron ore the unsung hero

83
00:04:11,520 --> 00:04:14,840
Speaker 3: supporting our nation's wealth and tax coffers raked in a

84
00:04:14,960 --> 00:04:19,760
Speaker 3: whopping seventy one percent of BHP's twenty billion dollar underlying profit.

85
00:04:20,120 --> 00:04:23,280
Speaker 3: It's the cash cow, the golden goose. But did BHP

86
00:04:23,400 --> 00:04:28,080
Speaker 3: sing its praises? Not really, Instead the spotlight was on Copper. Yeah,

87
00:04:28,120 --> 00:04:31,600
Speaker 3: it's a fascinating story. That one sleeper story. What did

88
00:04:31,640 --> 00:04:35,080
Speaker 3: you find? What's kind of flying under the radar? Well, Michael,

89
00:04:35,120 --> 00:04:37,280
Speaker 3: do you give yourself the right to disconnect?

90
00:04:38,040 --> 00:04:40,200
Speaker 2: Probably not as much as I should. Well, this is

91
00:04:40,200 --> 00:04:41,280
Speaker 2: one to pay attention to.

92
00:04:41,400 --> 00:04:44,240
Speaker 3: The new right to disconnect laws began this week and

93
00:04:44,320 --> 00:04:46,479
Speaker 3: Sean Aylmer wrote about this in our weekly Fear and

94
00:04:46,480 --> 00:04:50,000
Speaker 3: Green newsletter. And it's a massive sleeper story. On the surface,

95
00:04:50,080 --> 00:04:53,240
Speaker 3: it might seem like just another workplace regulation, but let's

96
00:04:53,240 --> 00:04:56,080
Speaker 3: dig a little deeper. It will not stop people working

97
00:04:56,080 --> 00:04:59,960
Speaker 3: outside there allotted hours, but it will change workplaces because

98
00:05:00,080 --> 00:05:03,320
Speaker 3: management and workers will have to consider and discuss what

99
00:05:03,360 --> 00:05:07,239
Speaker 3: they think is reasonable. Australia is following nations including France,

100
00:05:07,320 --> 00:05:10,719
Speaker 3: Spain and Belgium in introducing the right to disconnect laws

101
00:05:10,760 --> 00:05:14,200
Speaker 3: to protect workers. Employers now face fines of up to

102
00:05:14,320 --> 00:05:17,240
Speaker 3: ninety three thousand dollars for getting in touch with an

103
00:05:17,240 --> 00:05:21,720
Speaker 3: employee for non essential reasons outside of work hours. Michael,

104
00:05:21,760 --> 00:05:22,360
Speaker 3: what did you have?

105
00:05:22,839 --> 00:05:24,240
Speaker 2: Look min just a quick mention?

106
00:05:24,360 --> 00:05:28,360
Speaker 1: Really, perhaps the golden era of Airbnb coming to an end,

107
00:05:28,920 --> 00:05:31,480
Speaker 1: the tired turning a little bit on short stay accommodation

108
00:05:31,720 --> 00:05:34,240
Speaker 1: in Victoria this week the state government imposing a seven

109
00:05:34,279 --> 00:05:37,480
Speaker 1: point five percent levy on bookings for things like Airbnb.

110
00:05:37,760 --> 00:05:39,640
Speaker 1: But we also saw some data that shows that about

111
00:05:39,640 --> 00:05:41,880
Speaker 1: two hundred and eight thousand holiday homes are listed for

112
00:05:41,960 --> 00:05:45,360
Speaker 1: rent every month on average, the vast majority through Airbnb.

113
00:05:45,560 --> 00:05:49,160
Speaker 1: The prices are falling fallen by eleven percent, while fewer

114
00:05:49,240 --> 00:05:51,760
Speaker 1: than half of all short term rentals around the country

115
00:05:51,800 --> 00:05:54,320
Speaker 1: are occupied. With Melbourne and the Gold Coast among the

116
00:05:54,320 --> 00:05:58,480
Speaker 1: weakest end hotels are now performing better. There's more people

117
00:05:58,520 --> 00:06:01,360
Speaker 1: staying in hotels than there were before, so it may

118
00:06:01,400 --> 00:06:03,520
Speaker 1: be maybe just a little bit of a shift in

119
00:06:03,560 --> 00:06:07,719
Speaker 1: that space. Favorite story, Adam, can I nominate one that

120
00:06:07,800 --> 00:06:09,520
Speaker 1: might be our joint favorite story?

121
00:06:09,680 --> 00:06:09,840
Speaker 3: Oh?

122
00:06:10,000 --> 00:06:11,760
Speaker 2: You can, Michael and I do agree.

123
00:06:11,800 --> 00:06:15,919
Speaker 1: It is a absolutely whopping diamond that was discovered. The

124
00:06:15,960 --> 00:06:20,480
Speaker 1: second largest diamond ever discovered has found in Botswana. This

125
00:06:20,480 --> 00:06:23,559
Speaker 1: thing's an absolute beast of a gem, two four hundred

126
00:06:23,600 --> 00:06:26,919
Speaker 1: and ninety two carrots, second only to the Cullen and

127
00:06:26,960 --> 00:06:29,680
Speaker 1: diamond which was dug up in South Africa in nineteen

128
00:06:29,760 --> 00:06:32,719
Speaker 1: oh five. That one was a hefty three one hundred

129
00:06:32,720 --> 00:06:34,320
Speaker 1: and six carrots. It was cut up in use for

130
00:06:34,360 --> 00:06:37,480
Speaker 1: the British Royal family's crown jewels. This new one, it's

131
00:06:37,520 --> 00:06:40,200
Speaker 1: still in one piece for now. It is huge. It

132
00:06:40,200 --> 00:06:43,479
Speaker 1: looks like a giant apple. Canadian company called Lukara discovered

133
00:06:43,640 --> 00:06:47,159
Speaker 1: their mind are using new X ray technology. The stone

134
00:06:47,320 --> 00:06:50,680
Speaker 1: is thought to be worth around forty million US dollars.

135
00:06:50,880 --> 00:06:54,400
Speaker 1: When the find was announced, Lacara's share price jumped by

136
00:06:54,440 --> 00:06:57,840
Speaker 1: about forty percent. It is just an incredible story. If

137
00:06:57,839 --> 00:07:01,160
Speaker 1: you haven't checked it out, go and google google Lukara

138
00:07:01,240 --> 00:07:04,279
Speaker 1: Diamond or something like that. The pictures are amazing.

139
00:07:04,760 --> 00:07:05,920
Speaker 2: What a find. Michael.

140
00:07:06,320 --> 00:07:08,800
Speaker 1: Yeah, absolutely, there we go five minutes and pretty much

141
00:07:08,839 --> 00:07:10,360
Speaker 1: everything you need to know in the world of business.

142
00:07:10,360 --> 00:07:11,800
Speaker 3: Thank you, Adam, Thank you Michael.

143
00:07:11,880 --> 00:07:13,560
Speaker 1: We'll be back on Monday morning with the top five

144
00:07:13,560 --> 00:07:15,880
Speaker 1: business stories in five minutes. Don't forget to hit follow

145
00:07:15,920 --> 00:07:18,960
Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and

146
00:07:19,200 --> 00:07:21,280
Speaker 1: X are Michael Thompson and this is the Fast five

147
00:07:21,320 --> 00:07:22,720
Speaker 1: Business news but here and great