1 00:00:03,520 --> 00:00:06,560 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,600 --> 00:00:09,399 Speaker 1: for Friday, the fourth of July twenty twenty five. Are 3 00:00:09,440 --> 00:00:11,920 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:11,960 --> 00:00:14,160 Speaker 1: happened today that you need to know about. Let's go 5 00:00:14,360 --> 00:00:17,400 Speaker 1: story number one. The S and p ASX two hundred 6 00:00:17,440 --> 00:00:20,200 Speaker 1: climbed zero point one percent today to set a new 7 00:00:20,360 --> 00:00:24,000 Speaker 1: closing record at eighty six hundred and three points. Eight 8 00:00:24,120 --> 00:00:26,520 Speaker 1: of the eleven sub industries were up today, led by 9 00:00:26,560 --> 00:00:29,840 Speaker 1: the tech and retail sectors. Appened Life three sixty and 10 00:00:29,880 --> 00:00:32,159 Speaker 1: Wistech Global. All those tech stocks had a good day 11 00:00:32,200 --> 00:00:35,080 Speaker 1: after a solid lead in from Wall Street. We're stronger 12 00:00:35,120 --> 00:00:38,559 Speaker 1: than expected job start, a boosted confidence about the US economy. 13 00:00:38,960 --> 00:00:43,320 Speaker 1: Retail stocks think West Farmers, Premier Investments. They also climbed 14 00:00:43,360 --> 00:00:46,320 Speaker 1: on hopes of an interest rate cut next week. On 15 00:00:46,360 --> 00:00:49,960 Speaker 1: the flip side, Comwealth Bank fell almost one percent. It's 16 00:00:50,000 --> 00:00:52,680 Speaker 1: now down more than seven percent from its recent intra 17 00:00:52,800 --> 00:00:54,880 Speaker 1: day record. Not a good day as well for some 18 00:00:54,920 --> 00:00:58,280 Speaker 1: of the big miners, with both BHP and Rio Tinto 19 00:00:58,360 --> 00:01:01,640 Speaker 1: losing ground on the story number two, and Prime Minister 20 00:01:01,720 --> 00:01:05,560 Speaker 1: Anthony Aberezi has urged businesses to resume their rightful places 21 00:01:05,560 --> 00:01:08,320 Speaker 1: the primary source of growth in our economy, and he's 22 00:01:08,360 --> 00:01:10,679 Speaker 1: hoping that a round table held next month will do 23 00:01:10,920 --> 00:01:13,360 Speaker 1: just that now. Speaking in an event in Sydney today, 24 00:01:13,720 --> 00:01:16,920 Speaker 1: the PM said, and I quote, in a strong, dynamic 25 00:01:16,959 --> 00:01:20,160 Speaker 1: and productive economy, government should be a driver of growth, 26 00:01:20,360 --> 00:01:23,960 Speaker 1: but not the driver of growth. As quite a wide 27 00:01:24,080 --> 00:01:27,280 Speaker 1: ranging speech, he also said he assumes that he'll receive 28 00:01:27,319 --> 00:01:29,880 Speaker 1: a letter next week confirming Australia will stay on its 29 00:01:29,920 --> 00:01:33,399 Speaker 1: ten percent baseline tariff from the US. The ninety day 30 00:01:33,520 --> 00:01:37,759 Speaker 1: pause on reciprocal tariff's ends next week, making July nine 31 00:01:38,000 --> 00:01:41,479 Speaker 1: effectively a second Liberation Day, but the Prime Minister says 32 00:01:41,480 --> 00:01:43,880 Speaker 1: he thinks the day will pass without too much impact 33 00:01:43,880 --> 00:01:46,080 Speaker 1: on Australia because we're not the ones where tariff's will 34 00:01:46,160 --> 00:01:49,400 Speaker 1: jump back up overnight. And also worth a mention of 35 00:01:49,440 --> 00:01:51,760 Speaker 1: this one. In laying out his economic vision for his 36 00:01:51,840 --> 00:01:56,080 Speaker 1: second term, mister Albanezi said he hasn't given any consideration 37 00:01:56,360 --> 00:01:59,800 Speaker 1: to raising the GST and lowering income tax. When asked 38 00:01:59,840 --> 00:02:04,760 Speaker 1: to directly whether he's considered raising the GST, he said no, 39 00:02:05,480 --> 00:02:09,880 Speaker 1: I'm a supporter of progressive taxes. Consumption taxes, by definition, 40 00:02:10,040 --> 00:02:12,640 Speaker 1: are regressive in their nature. Sounds a little bit like 41 00:02:12,639 --> 00:02:14,640 Speaker 1: he's already made up his mind, which should make for 42 00:02:14,680 --> 00:02:18,119 Speaker 1: an interesting talkfest next month. Onto story number three. Now 43 00:02:18,160 --> 00:02:21,359 Speaker 1: and Quantus customers won't know until next week whether their 44 00:02:21,440 --> 00:02:25,160 Speaker 1: data has been accessed and what has potentially been stolen 45 00:02:25,200 --> 00:02:28,160 Speaker 1: within that as part of a cyber attack against the airline. 46 00:02:28,400 --> 00:02:31,600 Speaker 1: Quantis today gave an update on the hack We seeo 47 00:02:31,680 --> 00:02:36,079 Speaker 1: Vanessa Hudson defending the airline's handling of the crisis. Details 48 00:02:36,080 --> 00:02:38,960 Speaker 1: of up to six million Quantus customers were accessed through 49 00:02:39,000 --> 00:02:43,280 Speaker 1: a third party vendor. Eighty percent of those were members 50 00:02:43,320 --> 00:02:46,240 Speaker 1: of the Quantus frequent Flyer scheme. We learned today, and 51 00:02:46,240 --> 00:02:49,280 Speaker 1: with a forensic investigation underway, the airline expects to be 52 00:02:49,360 --> 00:02:52,440 Speaker 1: able to share details of the individual customers data affected 53 00:02:52,800 --> 00:02:56,360 Speaker 1: sometime next week. Vanessa Hudson says, and I quote, we 54 00:02:56,480 --> 00:03:01,200 Speaker 1: feel very confident that our frequent flyer database is very secure. 55 00:03:01,360 --> 00:03:03,720 Speaker 1: But he's also pledged to learn valuable lessons from the 56 00:03:03,760 --> 00:03:07,840 Speaker 1: cyber attack. Story number four. China is reportedly planning to 57 00:03:07,880 --> 00:03:12,120 Speaker 1: offer cash payments to families to encourage couples to have children. 58 00:03:12,280 --> 00:03:15,440 Speaker 1: The government is looking to provide payments equivalent to about 59 00:03:15,560 --> 00:03:18,160 Speaker 1: seven hundred and fifty dollars a year for each child 60 00:03:18,240 --> 00:03:21,160 Speaker 1: until they turn three. This is according to Bloomberg, It's 61 00:03:21,200 --> 00:03:24,960 Speaker 1: an initiative intended to slow the rate of population decline 62 00:03:25,000 --> 00:03:27,480 Speaker 1: in the world's second largest economy. It is a long 63 00:03:27,520 --> 00:03:30,959 Speaker 1: way from the one child policy that China abandoned about 64 00:03:31,000 --> 00:03:34,520 Speaker 1: a decade ago, which allowed couples to only have one child. 65 00:03:34,920 --> 00:03:38,560 Speaker 1: Eighteen point eight million berths were registered in China in 66 00:03:38,640 --> 00:03:42,080 Speaker 1: twenty sixteen when the one child policy was dumped. Last year, 67 00:03:42,400 --> 00:03:46,000 Speaker 1: the birth rate was half that. Now. It's hoped cash 68 00:03:46,040 --> 00:03:49,920 Speaker 1: handouts will correct the slide, slightly reminiscent of the baby 69 00:03:49,920 --> 00:03:52,360 Speaker 1: bonus that was introduced here in what two thousand and 70 00:03:52,400 --> 00:03:55,000 Speaker 1: four and that did see a slight uptick in the 71 00:03:55,000 --> 00:03:58,840 Speaker 1: birth rate. Finally, story number five, US President Donald Trump 72 00:03:58,840 --> 00:04:02,560 Speaker 1: has scored a major with his flagship legislation, the One 73 00:04:02,680 --> 00:04:06,520 Speaker 1: Big Beautiful Bill Act, passing Congress early this morning. Donald 74 00:04:06,520 --> 00:04:09,720 Speaker 1: Trump had put a deadline of July four, Independence Day 75 00:04:09,760 --> 00:04:11,920 Speaker 1: on this one getting through, and he made it just 76 00:04:12,320 --> 00:04:14,560 Speaker 1: with the US House of Reps passing the bill by 77 00:04:14,640 --> 00:04:16,880 Speaker 1: just four votes two hundred and eighteen to two hundred 78 00:04:16,880 --> 00:04:19,440 Speaker 1: and fourteen. Still a win's a win, and this is 79 00:04:19,480 --> 00:04:22,159 Speaker 1: a big win for the president. This bill makes his 80 00:04:22,279 --> 00:04:26,200 Speaker 1: twenty seventeen tax cuts permanent and delivers new tax cuts 81 00:04:26,200 --> 00:04:29,120 Speaker 1: that he promised during last year's campaign. But it also 82 00:04:29,200 --> 00:04:32,760 Speaker 1: cuts spending to social programs like medicaid and funds the 83 00:04:32,800 --> 00:04:37,919 Speaker 1: administration's crackdown on immigration. Two Republicans did vote against the legislation, 84 00:04:37,960 --> 00:04:40,560 Speaker 1: one who's more moderate and one who didn't think it 85 00:04:40,600 --> 00:04:43,760 Speaker 1: cuts spending enough. The bill will add about three point 86 00:04:43,839 --> 00:04:45,840 Speaker 1: four trillion new S dollars to the nation's debt over 87 00:04:45,880 --> 00:04:47,960 Speaker 1: the next decade. It'll be signed into law by the 88 00:04:48,000 --> 00:04:51,479 Speaker 1: President tomorrow morning, Australian time, just in time for the 89 00:04:51,520 --> 00:04:54,560 Speaker 1: Fourth of July fireworks. That's it for the afternoon report 90 00:04:54,720 --> 00:04:57,400 Speaker 1: for Friday, the fourth of July twenty twenty five. Make 91 00:04:57,440 --> 00:04:59,440 Speaker 1: sure you hit follow on the podcast and we'll be 92 00:04:59,440 --> 00:05:01,880 Speaker 1: back tomorrow morning with the weekend edition of Fear and Greed. 93 00:05:02,120 --> 00:05:03,960 Speaker 1: A'm Michael Thompson. Enjoy your evening.