1 00:00:06,080 --> 00:00:08,840 Speaker 1: Welcome to fear and greed business news you can use today. 2 00:00:08,960 --> 00:00:12,080 Speaker 1: A surge in jobs dashes hopes of any more rate cuts, 3 00:00:12,320 --> 00:00:15,960 Speaker 1: the Liberal Party officially DUMPSN at zero, and a Sydney 4 00:00:15,960 --> 00:00:19,079 Speaker 1: fortune teller and her daughter charged over an alleged seventy 5 00:00:19,160 --> 00:00:22,280 Speaker 1: million dollar fraud scheme. Plus a house in northern New 6 00:00:22,320 --> 00:00:25,239 Speaker 1: South Wales sells for just one dollar and the US 7 00:00:25,360 --> 00:00:28,440 Speaker 1: penny minted for the very last time. It is Friday, 8 00:00:28,520 --> 00:00:31,800 Speaker 1: the fourteenth of November twenty twenty five. I'm Michael Thompson 9 00:00:31,800 --> 00:00:33,080 Speaker 1: and good morning, Sean Aylmer. 10 00:00:33,200 --> 00:00:36,760 Speaker 2: Good morning. What a neclectic mix of stories we have today. 11 00:00:36,800 --> 00:00:40,000 Speaker 1: It is a real mixed bag, Sean. The main story 12 00:00:40,159 --> 00:00:42,960 Speaker 1: this morning, hopes of a rate cut over the next 13 00:00:43,000 --> 00:00:47,720 Speaker 1: six months, really nosedived after the unemployment rate fell to 14 00:00:48,000 --> 00:00:51,360 Speaker 1: four point three percent last month, adding to evidence that 15 00:00:51,440 --> 00:00:55,040 Speaker 1: inflation pressures remain in the Australian economy. 16 00:00:55,200 --> 00:00:57,360 Speaker 2: The drop in the jobless rate from four and a 17 00:00:57,400 --> 00:00:59,920 Speaker 2: half a cent in September to four point three percent 18 00:01:00,080 --> 00:01:03,440 Speaker 2: in October came after the number of employed people rose 19 00:01:03,520 --> 00:01:07,400 Speaker 2: by forty two thousand, well above expectations. If you look 20 00:01:07,480 --> 00:01:10,880 Speaker 2: behind that top line number fifty five thousand more full 21 00:01:10,880 --> 00:01:16,200 Speaker 2: time employees offset slightly by thirteen thousand part time employees. 22 00:01:16,600 --> 00:01:19,440 Speaker 2: Their participation rate, which is the percentage of working age 23 00:01:19,440 --> 00:01:22,399 Speaker 2: Australians in the labor force, held steady at a very 24 00:01:22,480 --> 00:01:23,760 Speaker 2: high sixty seven percent. 25 00:01:23,959 --> 00:01:24,080 Speaker 1: Now. 26 00:01:24,080 --> 00:01:27,120 Speaker 2: The Reserve Bank has consistently warned that it felt the 27 00:01:27,200 --> 00:01:31,920 Speaker 2: labor market remained tight, but with the unemployment rate considered 28 00:01:32,000 --> 00:01:36,720 Speaker 2: the best broad measure of employment, the ABS data yesterday 29 00:01:36,880 --> 00:01:40,960 Speaker 2: suggests well, it did suggest things easing. Yesterday's data suggests 30 00:01:41,400 --> 00:01:45,200 Speaker 2: maybe not. The Reserve Bank has said fewer workers were 31 00:01:45,200 --> 00:01:48,440 Speaker 2: being laid off, more people were voluntaryly quitting their jobs 32 00:01:48,440 --> 00:01:52,280 Speaker 2: to take up other employment, and there was less uneremployment 33 00:01:52,560 --> 00:01:56,720 Speaker 2: as part time has secured more hours. Maybe they were right. 34 00:01:56,760 --> 00:01:59,440 Speaker 2: In fact, on Wednesday, Deputy Governor Andrew Howses said the 35 00:01:59,480 --> 00:02:02,800 Speaker 2: local labor market was very strong compared to other countries. 36 00:02:02,920 --> 00:02:06,120 Speaker 2: They're probably running around this morning feeling very vindicated at 37 00:02:06,120 --> 00:02:07,080 Speaker 2: the moment, the Reserve Bank. 38 00:02:07,160 --> 00:02:13,000 Speaker 1: Oh yeah, yeah. The the interesting thing here is financial markets, 39 00:02:13,040 --> 00:02:16,679 Speaker 1: because it was better than expected. Right, this number was 40 00:02:16,720 --> 00:02:19,960 Speaker 1: a lot stronger than was expected. There was quite a 41 00:02:20,000 --> 00:02:21,720 Speaker 1: reaction by financial markets. 42 00:02:21,840 --> 00:02:25,360 Speaker 2: Yeah, so bond markets reflect interest rate expectations. You know that, Michael, 43 00:02:25,480 --> 00:02:28,600 Speaker 2: very well. I do. Before yesterday data the local marketed 44 00:02:28,639 --> 00:02:31,240 Speaker 2: priced in kind of about a sixty seventy percent chance 45 00:02:31,639 --> 00:02:33,400 Speaker 2: of a rate cut by the middle of next year. 46 00:02:33,880 --> 00:02:37,360 Speaker 2: Following the release, that immediately fell to thirty percent or 47 00:02:37,360 --> 00:02:39,960 Speaker 2: a little less than that. And we're not talking I mean, 48 00:02:40,040 --> 00:02:42,320 Speaker 2: we're talking about there may not be any more rate 49 00:02:42,360 --> 00:02:43,360 Speaker 2: cuts full stop. 50 00:02:43,480 --> 00:02:44,600 Speaker 1: It might be the end of it. 51 00:02:44,680 --> 00:02:46,400 Speaker 2: That might be the end of it. The local boss 52 00:02:46,480 --> 00:02:48,760 Speaker 2: took a dive on the news. The s and PA 53 00:02:48,880 --> 00:02:51,920 Speaker 2: six two hundred fell one percent to a ten week 54 00:02:52,080 --> 00:02:54,760 Speaker 2: low immediately after the news. Now it came back a bit, 55 00:02:55,080 --> 00:02:58,240 Speaker 2: but the point with interest rates, lower interest rates helps earning, 56 00:02:58,280 --> 00:02:59,960 Speaker 2: so if we're not going to get lower interest rates, 57 00:03:00,200 --> 00:03:03,520 Speaker 2: earnings won't be helped. Therefore, shares were sold off. The 58 00:03:03,480 --> 00:03:06,800 Speaker 2: ausidollar jumped on the news. Sixty five point six zero 59 00:03:07,000 --> 00:03:10,920 Speaker 2: US sense. Basically in the short term, interest rates matter 60 00:03:11,040 --> 00:03:14,040 Speaker 2: for currencies now. Federal treasure Jim Chalmers was pretty upbeat 61 00:03:14,040 --> 00:03:15,760 Speaker 2: about the whole thing. He said it was a very 62 00:03:15,800 --> 00:03:18,080 Speaker 2: positive result in Australia is one of the few countries 63 00:03:18,120 --> 00:03:20,400 Speaker 2: around the world that has kept people in jobs in 64 00:03:20,440 --> 00:03:23,960 Speaker 2: the face of global uncertainty. That four point three percent 65 00:03:24,040 --> 00:03:26,399 Speaker 2: number is tracking close to the Reserve Bank's forecast now. 66 00:03:26,919 --> 00:03:29,720 Speaker 2: Leading indicators of the jobs markets suggest it is slowing, 67 00:03:30,080 --> 00:03:32,560 Speaker 2: but the labor market is making it very tough for 68 00:03:32,600 --> 00:03:34,600 Speaker 2: the Reserve Bank to cut interest rates again. 69 00:03:34,880 --> 00:03:39,240 Speaker 1: Okay, let's have a look at politics now. Sure, Sure, 70 00:03:39,360 --> 00:03:41,760 Speaker 1: because we said this is a mixed bag and there 71 00:03:41,800 --> 00:03:43,040 Speaker 1: is a lot we've got to get through. 72 00:03:43,120 --> 00:03:47,120 Speaker 2: The coalition were wading through the serious stuff upfront, because 73 00:03:47,120 --> 00:03:48,320 Speaker 2: it does start to get sillier. 74 00:03:48,440 --> 00:03:51,880 Speaker 1: There are some fascinating stories coming up after the break. 75 00:03:52,280 --> 00:03:56,920 Speaker 1: The coalition would repeal Australia's near end long term climate 76 00:03:57,000 --> 00:03:59,760 Speaker 1: targets from legislation if it returns to government. 77 00:04:00,120 --> 00:04:03,640 Speaker 2: Position leader Susan Lee confirmed that the Liberal Party will 78 00:04:03,640 --> 00:04:06,760 Speaker 2: abandon its policy commitment to achieve net zero emissions by 79 00:04:06,800 --> 00:04:10,680 Speaker 2: twenty fifty, joining coalition partner the Nationals. Send your Liberals. 80 00:04:10,760 --> 00:04:13,960 Speaker 2: After a three hour meeting yesterday morning, agreed to remain 81 00:04:14,120 --> 00:04:17,520 Speaker 2: in the Paris Agreement if elected, and would set interim 82 00:04:17,560 --> 00:04:21,320 Speaker 2: emission reduction targets, but the Libs wouldn't commit Australia to 83 00:04:21,360 --> 00:04:24,400 Speaker 2: any long term aspiration to reach net zero. Yesterday, Lee 84 00:04:24,440 --> 00:04:28,520 Speaker 2: said Australians deserve affordable energy and responsible missions reduction, and 85 00:04:28,560 --> 00:04:32,039 Speaker 2: the Liberal Party could do both without zero commitments. The 86 00:04:32,080 --> 00:04:35,160 Speaker 2: next step is the Libs the Nats to negotiate a 87 00:04:35,320 --> 00:04:38,280 Speaker 2: sure a shared position on climate change, much easier now 88 00:04:38,279 --> 00:04:41,520 Speaker 2: that they both have dumped net zero that schedule to 89 00:04:41,560 --> 00:04:42,680 Speaker 2: occur over the weekend. 90 00:04:44,320 --> 00:04:49,720 Speaker 1: Australia's chance of hosting next year's cop Meeting Sean appears 91 00:04:49,760 --> 00:04:54,960 Speaker 1: somewhat remote after the Turkish president wrote to our Prime 92 00:04:55,000 --> 00:04:58,520 Speaker 1: minister saying he will not back down from his country's 93 00:04:58,520 --> 00:05:02,440 Speaker 1: bid to claim hosting rights for next year's UN Climate Summit. 94 00:05:02,680 --> 00:05:06,960 Speaker 2: Yeah so. Anthony Alberzi said that President Erdigan had written 95 00:05:06,960 --> 00:05:09,920 Speaker 2: to him to restate Turkey's desire to host the event, 96 00:05:09,920 --> 00:05:13,400 Speaker 2: which typically attracts about fifty thousand visitors to the host city, 97 00:05:13,920 --> 00:05:17,520 Speaker 2: leaving the two countries at an in pass with just 98 00:05:17,560 --> 00:05:20,680 Speaker 2: over a week left to resolve the issue. Now. Alberanzi 99 00:05:20,839 --> 00:05:23,960 Speaker 2: had written to Urdigan twice in the last month and 100 00:05:23,960 --> 00:05:26,159 Speaker 2: an attempt to strike a deal which could involve splitting 101 00:05:26,160 --> 00:05:29,479 Speaker 2: hosting duties between the two countries. If an agreement can't 102 00:05:29,520 --> 00:05:31,760 Speaker 2: be reached, neither country will host it will end up 103 00:05:31,760 --> 00:05:33,200 Speaker 2: being hosted by a German city. 104 00:05:33,400 --> 00:05:40,719 Speaker 1: Okay, that's the series look asterwards, but there is a 105 00:05:40,760 --> 00:05:41,640 Speaker 1: real mixed bag. 106 00:05:41,480 --> 00:05:43,320 Speaker 2: For this couple. They start going downhill. 107 00:05:43,400 --> 00:05:45,240 Speaker 1: Okay, we will take a quick break back in a 108 00:05:45,279 --> 00:05:55,159 Speaker 1: moment with the rest of the day's business news. Sean 109 00:05:55,200 --> 00:05:59,679 Speaker 1: the Corporate Regulator has launched civil penalty proceedings against research 110 00:05:59,720 --> 00:06:04,640 Speaker 1: house SQM Research, alleging that it published misleading favorable ratings 111 00:06:04,680 --> 00:06:07,560 Speaker 1: for the shield Master Fund and failed to meet required 112 00:06:07,600 --> 00:06:08,960 Speaker 1: standards in its reporting. 113 00:06:09,080 --> 00:06:11,159 Speaker 2: What you need to know about this story is that 114 00:06:11,200 --> 00:06:15,920 Speaker 2: the shield Master Fund failed. This is really significant as 115 00:06:16,320 --> 00:06:20,120 Speaker 2: getting a bit antsy about research houses and ratings agencies. 116 00:06:20,200 --> 00:06:22,280 Speaker 2: Remember a couple of weeks ago, in its report on 117 00:06:22,320 --> 00:06:24,680 Speaker 2: the private credit sector, the regulator had a swipe at 118 00:06:24,760 --> 00:06:29,160 Speaker 2: ratings agencies, saying they had limited capacity for independent verification 119 00:06:29,360 --> 00:06:33,560 Speaker 2: in the private credit sector. Now it's doing SQM Research, 120 00:06:33,600 --> 00:06:36,479 Speaker 2: one of the big research houses around town, claiming that 121 00:06:36,560 --> 00:06:39,560 Speaker 2: in reports issued in October twenty twenty one, March twenty two, 122 00:06:39,640 --> 00:06:44,000 Speaker 2: and October twenty two, it rated various shield classes as 123 00:06:44,200 --> 00:06:48,359 Speaker 2: three and three quarter stars favorable without actually properly verifying 124 00:06:48,360 --> 00:06:55,279 Speaker 2: information or addressing inconsistencies. Assek alleges the firm misrepresented that 125 00:06:55,320 --> 00:06:59,280 Speaker 2: it had a reasonable basis and exercised due care in 126 00:06:59,360 --> 00:07:03,320 Speaker 2: giving the to the Shield Master Fund. Approximately fifty eight 127 00:07:03,400 --> 00:07:07,560 Speaker 2: hundred investors relied on financial advisors who used SQM research 128 00:07:07,760 --> 00:07:11,200 Speaker 2: report to recommend Shield. That's what ACIK doesn't like. 129 00:07:11,920 --> 00:07:13,680 Speaker 1: This story is not going away, is it. 130 00:07:14,120 --> 00:07:18,760 Speaker 2: No, it's really really interesting that ACIK is getting aggressive 131 00:07:18,920 --> 00:07:22,280 Speaker 2: on research houses and ratings agencies, particularly because so many 132 00:07:22,280 --> 00:07:24,520 Speaker 2: of us rely on them when we think about where 133 00:07:24,520 --> 00:07:25,320 Speaker 2: we're going to put our money. 134 00:07:25,400 --> 00:07:29,760 Speaker 1: Yeah. Absolutely, Now, accounting software group Zeros after tax profit 135 00:07:29,840 --> 00:07:32,160 Speaker 1: rose forty two percent in the first half of its 136 00:07:32,160 --> 00:07:36,080 Speaker 1: financial year. That's its strongest performance in years. Yet investors 137 00:07:36,120 --> 00:07:39,000 Speaker 1: dumped the stock yesterday, with at share price falling nine percent. 138 00:07:39,200 --> 00:07:42,080 Speaker 2: Yes, investors weren't impressed with Zero's quality of earnings, and 139 00:07:42,120 --> 00:07:46,440 Speaker 2: we're concerned about the pace of customer acquisitions. CEOs A 140 00:07:46,560 --> 00:07:49,880 Speaker 2: Kinder seeing Cassidy said the core of zero success was 141 00:07:49,920 --> 00:07:53,880 Speaker 2: its performance against a key industry benchmark, so called rural forty. 142 00:07:54,560 --> 00:07:58,080 Speaker 2: Without getting to technical the widely watched metrics is a 143 00:07:58,120 --> 00:08:03,360 Speaker 2: healthy growing as company. Software as a service company should 144 00:08:03,360 --> 00:08:06,040 Speaker 2: have revenue growth plus profit margin of more than forty percent. 145 00:08:06,480 --> 00:08:08,280 Speaker 2: I don't ask me to explain that one any further. 146 00:08:08,680 --> 00:08:11,160 Speaker 2: Zero reported a rule of forty outcome of forty four 147 00:08:11,160 --> 00:08:15,320 Speaker 2: point five percent. All that's fine. Vestors didn't like it, No, 148 00:08:15,480 --> 00:08:17,520 Speaker 2: nine percent set off love that. 149 00:08:17,560 --> 00:08:19,360 Speaker 1: We promised that stories were going to get a bit 150 00:08:19,400 --> 00:08:22,800 Speaker 1: silly after the break. So far we have not lived 151 00:08:22,880 --> 00:08:23,840 Speaker 1: up to the promise. 152 00:08:23,560 --> 00:08:25,400 Speaker 2: That we made in sure that's coming, I promise. 153 00:08:25,680 --> 00:08:28,560 Speaker 1: Okay, that was zero. The rest of the ASX yesterday 154 00:08:28,600 --> 00:08:30,800 Speaker 1: we did mention briefly the abduct of the. 155 00:08:30,800 --> 00:08:34,120 Speaker 2: Jobs percent then finished half percent lower to eight seven 156 00:08:34,320 --> 00:08:37,720 Speaker 2: five three points. Broadly, the tech stocks and property groups 157 00:08:37,720 --> 00:08:41,320 Speaker 2: sold off. Materials companies did best. Ain Z fell five percent. 158 00:08:41,360 --> 00:08:45,760 Speaker 2: It went ex dividend though, and Westpac were lower. CBA higher, 159 00:08:45,840 --> 00:08:49,320 Speaker 2: But most of the action really was with the tech stocks. 160 00:08:49,600 --> 00:08:53,240 Speaker 1: Can we give a special shout out to Drone Shields? 161 00:08:53,400 --> 00:08:56,199 Speaker 1: It has been a share marker Darling really this year? 162 00:08:56,559 --> 00:09:01,160 Speaker 1: Not anymore this year? Yeah, it's share price thirty one 163 00:09:01,320 --> 00:09:05,480 Speaker 1: percent yesterday after the chair and chief executive both sold 164 00:09:06,000 --> 00:09:07,880 Speaker 1: a significant amount of stock. 165 00:09:08,040 --> 00:09:12,120 Speaker 2: Yes so, Chief executive Olig Vornick sold nearly fifteen million chairs, 166 00:09:12,400 --> 00:09:15,400 Speaker 2: valued at about fifty million dollars. It was when he 167 00:09:15,440 --> 00:09:18,520 Speaker 2: sold them, not anymore. Chairman Peter James sold at twelve 168 00:09:18,520 --> 00:09:22,800 Speaker 2: point three five million dollars worth of shares. Investors don't 169 00:09:22,880 --> 00:09:26,200 Speaker 2: like it when management sell out. The thirty one percent 170 00:09:26,280 --> 00:09:30,400 Speaker 2: drop yesterday took the month long drop a little bit 171 00:09:30,400 --> 00:09:31,960 Speaker 2: over a month to sixty six percent. 172 00:09:34,280 --> 00:09:37,439 Speaker 1: Sean, This is a both a serious story and it 173 00:09:37,480 --> 00:09:41,120 Speaker 1: is quite extraordinary in the detail as well. A Sydney 174 00:09:41,160 --> 00:09:43,680 Speaker 1: woman who claimed to be a fortune teller and Fung 175 00:09:43,720 --> 00:09:46,640 Speaker 1: shwe master and her daughter as well. They've both been 176 00:09:46,760 --> 00:09:51,079 Speaker 1: charged over an alleged seventy million dollar fraud and money 177 00:09:51,120 --> 00:09:52,000 Speaker 1: laundering scheme. 178 00:09:52,160 --> 00:09:55,800 Speaker 2: Please say. The pair duped vulnerable clients into taking out 179 00:09:55,920 --> 00:09:59,800 Speaker 2: large lines based on false predictions that they would soon 180 00:09:59,840 --> 00:10:01,239 Speaker 2: meet a billionaire. 181 00:10:01,880 --> 00:10:02,080 Speaker 1: Right. 182 00:10:02,800 --> 00:10:06,640 Speaker 2: The woman allegedly pocketed the proceeds through a sophisticated network 183 00:10:06,720 --> 00:10:10,840 Speaker 2: of fake companies and bank accounts officers sees luxury goods, 184 00:10:10,840 --> 00:10:13,440 Speaker 2: gold bars, and casino chips during raids at the pairs 185 00:10:13,800 --> 00:10:16,320 Speaker 2: thirteen million dollar home. Now it's part of an investigation 186 00:10:16,480 --> 00:10:19,640 Speaker 2: into a broader syndicate by Strike Force at Middleton, set 187 00:10:19,720 --> 00:10:23,000 Speaker 2: up to investigate a criminal group allegedly using stolen identities 188 00:10:23,080 --> 00:10:26,280 Speaker 2: to get loans for ghost cars, masurely luxury cars that 189 00:10:26,280 --> 00:10:28,719 Speaker 2: don't exist. The New South Wales Crime Commission has now 190 00:10:28,720 --> 00:10:31,600 Speaker 2: frasen seventy five million dollars in assets linked to the syndicate. 191 00:10:32,120 --> 00:10:35,120 Speaker 2: The head of the New South Wales Financial Crime Squad said, 192 00:10:35,440 --> 00:10:38,840 Speaker 2: I quote what began as an investigation into fraudulent car 193 00:10:38,920 --> 00:10:42,280 Speaker 2: financing has expanded into uncovering one of the most sophisticated 194 00:10:42,280 --> 00:10:46,200 Speaker 2: financial crime syndicates I have seen in my career end quote. 195 00:10:46,400 --> 00:10:49,079 Speaker 2: So one of the most sophisticated financial crime syndicates he's 196 00:10:49,080 --> 00:10:53,920 Speaker 2: seen is a feng Shui master and fortune teller watching 197 00:10:54,000 --> 00:10:59,840 Speaker 2: teller duping seventy million dollars allegedly just extraordinary. 198 00:11:00,920 --> 00:11:04,320 Speaker 1: Finally, before we get to international news, sean a couple 199 00:11:04,480 --> 00:11:08,200 Speaker 1: in northern New South Wales has paid one dollar for 200 00:11:08,280 --> 00:11:11,520 Speaker 1: a house located on the floodplains of Lismore, which is 201 00:11:11,640 --> 00:11:14,360 Speaker 1: possibly the cheapest house sold in the last century. 202 00:11:14,440 --> 00:11:16,600 Speaker 2: I made that last bit up. I've mean it could 203 00:11:16,640 --> 00:11:19,120 Speaker 2: be the chiefest houseald sold ever. I'm sure house has 204 00:11:19,200 --> 00:11:21,360 Speaker 2: been given away. But one dollar, yeah, one dollar. 205 00:11:21,400 --> 00:11:25,120 Speaker 1: Because occasionally you hear about kind of remote towns, particularly 206 00:11:25,120 --> 00:11:28,200 Speaker 1: in kind of Queensland, that will sell houses for a 207 00:11:28,280 --> 00:11:30,720 Speaker 1: dollar or five dollars or something and they're just doing 208 00:11:30,720 --> 00:11:32,840 Speaker 1: it as a as an effort to build up a population. 209 00:11:32,920 --> 00:11:34,320 Speaker 1: But this is a bit different. 210 00:11:34,480 --> 00:11:37,160 Speaker 2: So eleven properties sold at the auction this week at 211 00:11:37,160 --> 00:11:40,719 Speaker 2: the Woomba Mawoomba rs so you can pronounce that better 212 00:11:40,760 --> 00:11:45,679 Speaker 2: than wabam Wollemba will that's it Wollemba RSL. Four homes 213 00:11:45,720 --> 00:11:49,320 Speaker 2: sold for five dollars, another for two hundred dollars and 214 00:11:49,440 --> 00:11:53,040 Speaker 2: this one for one dollar. Basically about fourteen or fifteen 215 00:11:53,080 --> 00:11:55,280 Speaker 2: thousand dollars for the eleven homes in total. The young 216 00:11:55,320 --> 00:11:58,200 Speaker 2: couple that bought the two hundred dollar house used to 217 00:11:58,240 --> 00:12:00,240 Speaker 2: rent it. They went to the RSL the see what 218 00:12:00,280 --> 00:12:04,240 Speaker 2: it would get and walked out owning it. Now a 219 00:12:04,280 --> 00:12:06,000 Speaker 2: little bit of a catch with this. It's part of 220 00:12:06,000 --> 00:12:08,840 Speaker 2: the New South Wales government's buyback scheme for food affected housing. 221 00:12:08,880 --> 00:12:12,800 Speaker 2: The government's purchased the homes and land and are selling 222 00:12:13,360 --> 00:12:16,240 Speaker 2: the homes or the houses. So buyers they've got to 223 00:12:16,240 --> 00:12:19,000 Speaker 2: cut the house in half, load it on truck, restump 224 00:12:19,040 --> 00:12:22,200 Speaker 2: it on their own land. That probably need to glue 225 00:12:22,200 --> 00:12:24,680 Speaker 2: it together or whatever you do. You cut the house 226 00:12:24,760 --> 00:12:27,720 Speaker 2: in half, you've probably got renovation in there too. But 227 00:12:27,800 --> 00:12:33,400 Speaker 2: basically we're talking about. 228 00:12:32,440 --> 00:12:35,559 Speaker 1: I suddenly just you were going so well and then 229 00:12:35,600 --> 00:12:38,640 Speaker 1: your lack of knowledge when it comes to it's like 230 00:12:38,760 --> 00:12:39,440 Speaker 1: do you buy. 231 00:12:39,320 --> 00:12:42,720 Speaker 2: House glowing the restumping. I was really proud that I knew. 232 00:12:42,480 --> 00:12:46,080 Speaker 1: That that sounded that sounded legit, but the gluing. 233 00:12:45,800 --> 00:12:47,800 Speaker 2: Kind of so it probably costs, you know, one hundred 234 00:12:47,840 --> 00:12:51,240 Speaker 2: thousand dollars plus renovation costs, but that's better than what 235 00:12:51,280 --> 00:12:52,880 Speaker 2: four or five hundred thousand for a new home. 236 00:12:53,040 --> 00:12:55,600 Speaker 1: Yeah, yeah, that's it is a pretty incredible story, and 237 00:12:55,640 --> 00:12:58,079 Speaker 1: it comes out of kind of what was such an 238 00:12:58,120 --> 00:13:01,960 Speaker 1: awful time with those those floods up there. But now 239 00:13:02,080 --> 00:13:06,480 Speaker 1: hopefully these couples can take these houses and build something 240 00:13:06,520 --> 00:13:06,960 Speaker 1: new out. 241 00:13:06,800 --> 00:13:09,000 Speaker 2: Of it, lose them together again, glue them. 242 00:13:08,920 --> 00:13:12,800 Speaker 1: Back together again. Short turning to international news. Now, President 243 00:13:12,800 --> 00:13:16,440 Speaker 1: Donald Trump has signed a spending package to reopen the 244 00:13:16,520 --> 00:13:20,480 Speaker 1: US government, a measure passed by the Republican led House 245 00:13:20,520 --> 00:13:24,440 Speaker 1: that ended the record forty three day shutdown. 246 00:13:24,559 --> 00:13:27,440 Speaker 2: The package extends funding for the federal government through to 247 00:13:27,600 --> 00:13:31,240 Speaker 2: January thirty and includes fully funding for the Agriculture Department, 248 00:13:31,440 --> 00:13:35,240 Speaker 2: military construction, and the legislative branch. The resolution of the 249 00:13:35,280 --> 00:13:39,119 Speaker 2: standoff ensures paychecks for federal employees, including air traffic controllers 250 00:13:39,480 --> 00:13:42,440 Speaker 2: and sends hundreds of thousands of furloughed government workers back 251 00:13:42,480 --> 00:13:46,400 Speaker 2: to the job, but it postponed until later this year. 252 00:13:46,880 --> 00:13:51,640 Speaker 2: The central political fight how to address the expiration of 253 00:13:51,720 --> 00:13:54,199 Speaker 2: hefty healthcare subsidies that are set to be cut off 254 00:13:54,280 --> 00:13:55,479 Speaker 2: for millions of households. 255 00:13:56,400 --> 00:14:00,360 Speaker 1: Finally, Sean feels like the end of an era. Does 256 00:14:00,640 --> 00:14:04,400 Speaker 1: I like that the very last penny in the US 257 00:14:04,679 --> 00:14:08,960 Speaker 1: worth one cent has been minted after President Donald Trump 258 00:14:09,200 --> 00:14:12,160 Speaker 1: ordered the coin discontinued earlier this year. 259 00:14:12,280 --> 00:14:14,360 Speaker 2: Yeah, so it will still be legal tender, but just 260 00:14:14,400 --> 00:14:17,800 Speaker 2: won't be manufacturing anymore. Do you know how many pennies 261 00:14:17,760 --> 00:14:18,599 Speaker 2: are in circulation? 262 00:14:19,160 --> 00:14:19,720 Speaker 1: Quite a few? 263 00:14:20,080 --> 00:14:25,120 Speaker 2: Like many, three hundred billion billion with a B. Yeah, 264 00:14:25,120 --> 00:14:28,440 Speaker 2: so that would be three billion US dollars yep worth 265 00:14:28,440 --> 00:14:34,800 Speaker 2: of pennies. That'd be very heavy, Yes, yes, it would. 266 00:14:36,520 --> 00:14:40,560 Speaker 1: Do you know what they made of no zinc and copper? 267 00:14:40,960 --> 00:14:44,320 Speaker 2: Well, I was gonna say copper, like they lose I'm 268 00:14:44,320 --> 00:14:45,960 Speaker 2: going to get it wrong. I think it's like eighty 269 00:14:46,000 --> 00:14:50,200 Speaker 2: million a year making them, so the really yeah, like 270 00:14:50,400 --> 00:14:54,320 Speaker 2: minting them they go. So I would imagine zinc and 271 00:14:54,360 --> 00:14:56,960 Speaker 2: copper probably worth quite a bit more than what they 272 00:14:57,080 --> 00:15:00,000 Speaker 2: used to be I mean there's a big issue for retailers. 273 00:15:00,080 --> 00:15:03,160 Speaker 1: Oh you mean they lose the value because of the 274 00:15:03,720 --> 00:15:05,720 Speaker 1: value of the materials going into I thought you meant 275 00:15:05,720 --> 00:15:07,200 Speaker 1: they physically lost them. 276 00:15:07,280 --> 00:15:09,600 Speaker 2: Okay, right, No, no, no, no, no, down the back of 277 00:15:09,640 --> 00:15:13,800 Speaker 2: the couch, that kind of thing possible as well as possible. No, 278 00:15:13,880 --> 00:15:17,600 Speaker 2: the minting of them is a loss making operation. A 279 00:15:17,680 --> 00:15:20,040 Speaker 2: lot of discussion. We had this in Australia many years ago. 280 00:15:20,040 --> 00:15:21,440 Speaker 2: I can vaguely remember when we. 281 00:15:21,440 --> 00:15:23,479 Speaker 1: Dropped the one on two cent coin. 282 00:15:23,640 --> 00:15:26,000 Speaker 2: Yeah, so what do you get charged if it's you know, 283 00:15:26,600 --> 00:15:29,680 Speaker 2: fifty two dollars and fifty three cents, Well, it's actually 284 00:15:29,720 --> 00:15:32,400 Speaker 2: fifty five cents. They're having that argument in the US 285 00:15:32,440 --> 00:15:35,840 Speaker 2: at the moment. Basically, retailers won Congress to authorize rounding 286 00:15:35,880 --> 00:15:38,920 Speaker 2: up prices to override state and local laws that don't 287 00:15:38,920 --> 00:15:41,720 Speaker 2: allow it. Did our last time the US discontinued the 288 00:15:41,760 --> 00:15:48,040 Speaker 2: currency eighteen sixty seven, when the half cent was discontinued. 289 00:15:48,360 --> 00:15:50,800 Speaker 2: I never realized there was a half cent. 290 00:15:52,880 --> 00:15:56,760 Speaker 1: No, that was that was a little bit before before 291 00:15:56,840 --> 00:16:00,520 Speaker 1: my time. Nighttime quick pop quiz for you. Yeah, Australian 292 00:16:00,520 --> 00:16:03,960 Speaker 1: one and two cent coins. What were the animals on them? 293 00:16:04,040 --> 00:16:10,920 Speaker 2: Wombat. No just a kidnap. No kangaroo khala stop stop. 294 00:16:11,160 --> 00:16:14,720 Speaker 1: The one cent coin was the feather tailed glider right, 295 00:16:15,080 --> 00:16:17,320 Speaker 1: and the frill neck lizard on the two cent You 296 00:16:17,360 --> 00:16:18,400 Speaker 1: remember that one they do? 297 00:16:18,480 --> 00:16:22,760 Speaker 2: I don't remember it. Anyone that could see us would 298 00:16:22,760 --> 00:16:26,560 Speaker 2: be seeing Michael's hands doing the frillings like that. 299 00:16:26,640 --> 00:16:29,720 Speaker 1: Yeah, anyway, we might have to post that video on 300 00:16:29,880 --> 00:16:32,640 Speaker 1: I think our Instagram definitely. It's not a LinkedIn thing, 301 00:16:32,720 --> 00:16:35,800 Speaker 1: that's not but maybe an Instagram Okay. Up next is 302 00:16:35,840 --> 00:16:38,000 Speaker 1: Fear and Greed Q and A. Today you're speaking with 303 00:16:38,080 --> 00:16:40,520 Speaker 1: Annie Harrison from U Bank, which is a great support 304 00:16:40,560 --> 00:16:41,160 Speaker 1: of the podcast. 305 00:16:41,400 --> 00:16:43,600 Speaker 2: It's a great kind of one a one on what 306 00:16:43,600 --> 00:16:45,000 Speaker 2: to think about if you're getting a home line so 307 00:16:45,240 --> 00:16:47,680 Speaker 2: many ways. It's for first home buyers or people who 308 00:16:47,760 --> 00:16:49,360 Speaker 2: just want to get into the market and haven't done 309 00:16:49,400 --> 00:16:52,640 Speaker 2: it for a while, just the really simple things you 310 00:16:52,680 --> 00:16:55,240 Speaker 2: have to consider when taking out a homeland And. 311 00:16:55,240 --> 00:16:56,400 Speaker 1: It was great, wasn't she Yeah? 312 00:16:56,440 --> 00:16:56,640 Speaker 2: Fun? 313 00:16:56,760 --> 00:16:58,640 Speaker 1: Yeah, really good chat. It's coming up next in the 314 00:16:58,640 --> 00:17:01,480 Speaker 1: Fear and Greed playlist or at Fearangreed dot com. Today 315 00:17:01,520 --> 00:17:04,399 Speaker 1: you which is also where the daily newsletter lives. If 316 00:17:04,400 --> 00:17:06,199 Speaker 1: you want to sign up headlong to the website or 317 00:17:06,400 --> 00:17:07,920 Speaker 1: click on the link in the show notes and you'll 318 00:17:07,920 --> 00:17:09,800 Speaker 1: get it in your inbox every morning by six am. 319 00:17:09,880 --> 00:17:12,280 Speaker 1: Thank you Sean, Thank you Michael. It's Friday, the fourteenth 320 00:17:12,280 --> 00:17:14,359 Speaker 1: of November twenty twenty five. Make sure you're following the 321 00:17:14,359 --> 00:17:17,399 Speaker 1: podcast and please join us online on LinkedIn, Instagram, x 322 00:17:17,760 --> 00:17:20,640 Speaker 1: TikTok and Facebook. I'm Michael Thompson and that Wasphear and Greed. 323 00:17:20,920 --> 00:17:21,600 Speaker 1: Have a great day.