1 00:00:03,960 --> 00:00:07,320 Speaker 1: It's Tuesday, the thirtieth of September twenty twenty five. Welcome 2 00:00:07,320 --> 00:00:09,840 Speaker 1: to the Fast five Business News by Fear and Agreed, 3 00:00:09,840 --> 00:00:11,720 Speaker 1: where we give you the top five business stories you 4 00:00:11,760 --> 00:00:14,120 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,160 --> 00:00:17,360 Speaker 1: and Good morning, Sean Aylmer. Good morning, Michael, Sean. Five 6 00:00:17,400 --> 00:00:20,280 Speaker 1: stories in five minutes. Let's go story number one first 7 00:00:20,360 --> 00:00:24,439 Speaker 1: logically met its chronological story number one. The underlying federal 8 00:00:24,480 --> 00:00:27,560 Speaker 1: budget deficit for the last financial year has come in 9 00:00:27,680 --> 00:00:31,280 Speaker 1: at ten billion dollars, well below the forecast twenty seven 10 00:00:31,320 --> 00:00:34,040 Speaker 1: point nine billion dollars on the back of higher tax 11 00:00:34,080 --> 00:00:36,120 Speaker 1: receipts due to the strong employment market. 12 00:00:36,320 --> 00:00:38,840 Speaker 2: More jobs Michael means more income tax and the labor 13 00:00:38,880 --> 00:00:41,760 Speaker 2: market is better than forecast receipts for thirteen billion dollars higher, 14 00:00:41,760 --> 00:00:44,680 Speaker 2: and apart from income tax, company tax receipts were also higher. 15 00:00:44,880 --> 00:00:47,600 Speaker 2: The higher contributions from server funds due to their strong 16 00:00:47,600 --> 00:00:51,040 Speaker 2: performance payments were about four point six billion dollars lower. 17 00:00:51,080 --> 00:00:53,680 Speaker 2: The majority of those relate to national partnership payments with 18 00:00:53,760 --> 00:00:56,880 Speaker 2: the States treasure Jim Chalmers said Australia now has one 19 00:00:56,880 --> 00:00:59,440 Speaker 2: of the strongest economies in the g twenty, saying that 20 00:00:59,440 --> 00:01:02,280 Speaker 2: in dollar is the biggest ever positive improvement in the 21 00:01:02,280 --> 00:01:05,040 Speaker 2: budget in a single parliamentary term. 22 00:01:05,200 --> 00:01:08,080 Speaker 1: Why does it matter, Sean, Given this was last financial 23 00:01:08,160 --> 00:01:10,320 Speaker 1: year and you always tell us to be forward thinking, 24 00:01:10,440 --> 00:01:11,720 Speaker 1: what's the significance of this? 25 00:01:12,120 --> 00:01:15,120 Speaker 2: So two main areas. One, it's a stronger starting point 26 00:01:15,240 --> 00:01:17,720 Speaker 2: for this financial year. The baseline is now ten billion 27 00:01:17,720 --> 00:01:20,119 Speaker 2: dollars when you start this financial year, so all things 28 00:01:20,160 --> 00:01:23,160 Speaker 2: being equal, this financial year's deficit should also be low. 29 00:01:23,640 --> 00:01:26,360 Speaker 2: The other reason it matters is because it means less debt. 30 00:01:26,800 --> 00:01:29,880 Speaker 2: Chalmers said that debt is now one hundred and eighty 31 00:01:29,920 --> 00:01:33,200 Speaker 2: eight billion dollars lower in the year just ended compared 32 00:01:33,240 --> 00:01:36,840 Speaker 2: to when the government took power, meaning sixty billion dollars 33 00:01:36,880 --> 00:01:39,880 Speaker 2: less debt in interest over the course of the next decade. 34 00:01:40,040 --> 00:01:42,360 Speaker 2: Of course, analysts have looked at the numbers and said, well, 35 00:01:42,560 --> 00:01:45,000 Speaker 2: ten billion dollar deficit is much better than a twenty 36 00:01:45,040 --> 00:01:48,000 Speaker 2: seven point eight billion dollar deficit or twenty seven point 37 00:01:48,040 --> 00:01:52,240 Speaker 2: nine billion dollar deficit. However, the government did spend eight 38 00:01:52,240 --> 00:01:55,600 Speaker 2: percent more nominally in things like aged care, health, those 39 00:01:55,640 --> 00:01:58,360 Speaker 2: sorts of things, so it could have actually done better 40 00:01:58,400 --> 00:01:59,440 Speaker 2: and come in as a surplus. 41 00:01:59,720 --> 00:02:03,120 Speaker 1: Sean on story number two, the chief executive of Optus's 42 00:02:03,200 --> 00:02:07,680 Speaker 1: parent company, Singhtel, will meet with Federal Communications Minister Anika 43 00:02:07,760 --> 00:02:10,799 Speaker 1: Wells in Sydney as the telco struggles to meet its 44 00:02:10,800 --> 00:02:11,959 Speaker 1: community obligations. 45 00:02:12,160 --> 00:02:14,440 Speaker 2: The meeting is set to discuss service standards are set 46 00:02:14,440 --> 00:02:17,160 Speaker 2: out in the Telecommunications Act and service quality and customer 47 00:02:17,240 --> 00:02:21,000 Speaker 2: rights is also being investigated by the Australian Communications and 48 00:02:21,080 --> 00:02:24,440 Speaker 2: Media Authority. Of course, it suffered another triple zero outage 49 00:02:24,440 --> 00:02:26,880 Speaker 2: on Sunday that left customers south of Sydney unable to 50 00:02:26,919 --> 00:02:29,840 Speaker 2: reach the Triple zero network. Nine calls to the emergency 51 00:02:29,840 --> 00:02:34,680 Speaker 2: network failed to connect. OPTAs said, fortunately all callers were unharmed. 52 00:02:35,000 --> 00:02:37,000 Speaker 2: The company hasn't actually been able to explain why the 53 00:02:37,000 --> 00:02:39,880 Speaker 2: service went down. It follows the tributal zero network outage 54 00:02:39,880 --> 00:02:42,240 Speaker 2: eleven days ago that was responsible for the deaths of 55 00:02:42,280 --> 00:02:45,080 Speaker 2: four people. The federal opposition is calling for a review 56 00:02:45,120 --> 00:02:48,160 Speaker 2: of the whole Triplelo ecosystem instead of one just focus 57 00:02:48,200 --> 00:02:51,760 Speaker 2: on Optus. Meanwhile, The Australian is reporting that government owned 58 00:02:51,840 --> 00:02:55,280 Speaker 2: nbn co customers weren't able to dial Triblo on Wi 59 00:02:55,320 --> 00:02:59,120 Speaker 2: Fi calling during separate shutdown in Esperance, Western Australia. On 60 00:02:59,280 --> 00:03:01,959 Speaker 2: Friday that A did seven hundred households. 61 00:03:01,720 --> 00:03:04,240 Speaker 1: Story number three. Home loan war was between the big 62 00:03:04,320 --> 00:03:08,600 Speaker 1: lenders are back sean with aggressive tactics, particularly from Macquary, 63 00:03:08,760 --> 00:03:12,160 Speaker 1: triggering better deals for customers. It's interesting though, that much 64 00:03:12,200 --> 00:03:14,960 Speaker 1: of the competition comes away from interest rates. 65 00:03:15,240 --> 00:03:17,960 Speaker 2: Yes, so they're competing not so much on price, but 66 00:03:18,040 --> 00:03:19,799 Speaker 2: on what you can get out of it. So Commonwealth Bank, 67 00:03:19,840 --> 00:03:22,840 Speaker 2: for example, is offering three hundred thousand quantits loyalty points 68 00:03:23,240 --> 00:03:28,920 Speaker 2: for purely online home loan allocation applications. I mean banks 69 00:03:29,000 --> 00:03:32,400 Speaker 2: love home loan applications that are online. Only about one 70 00:03:32,400 --> 00:03:34,440 Speaker 2: in five occur that way, but it means that the 71 00:03:34,480 --> 00:03:37,400 Speaker 2: banks don't have people to handle it much cheaper. Also, 72 00:03:37,440 --> 00:03:40,280 Speaker 2: they don't need mortgage brokers. Comm Bank in particulars trying 73 00:03:40,280 --> 00:03:43,080 Speaker 2: to pull away from using brokers. Competition and home lend 74 00:03:43,120 --> 00:03:45,200 Speaker 2: has always been pretty ferocious, and in the past couple 75 00:03:45,240 --> 00:03:47,880 Speaker 2: of years it's really come off the boil. As interest 76 00:03:47,960 --> 00:03:51,200 Speaker 2: rates have risen, our rates are falling, strong competition is 77 00:03:51,240 --> 00:03:53,800 Speaker 2: re emerging. Commonwealth Bank has about twenty five percent of 78 00:03:53,800 --> 00:03:56,840 Speaker 2: the mortgage market wespec's at about twenty one percent. Mcquarie 79 00:03:56,920 --> 00:03:59,920 Speaker 2: nowadays is more than six percent and a real player 80 00:04:00,160 --> 00:04:03,120 Speaker 2: in that market among the other majors, as it is 81 00:04:03,160 --> 00:04:05,400 Speaker 2: still offering a three thousand dollars cash back for first 82 00:04:05,400 --> 00:04:06,000 Speaker 2: home buyers. 83 00:04:06,360 --> 00:04:10,480 Speaker 1: Story number four. Melatonin from some online suppliers has been 84 00:04:10,520 --> 00:04:13,680 Speaker 1: found to have as much as four times the amount advertised, 85 00:04:14,000 --> 00:04:17,120 Speaker 1: or even no melatonin at all, according to testing by 86 00:04:17,160 --> 00:04:18,640 Speaker 1: the National Drug Regulator. 87 00:04:18,920 --> 00:04:21,840 Speaker 2: In a new safety note, the Therapeutic Goods Administration said 88 00:04:21,839 --> 00:04:27,200 Speaker 2: patients should stop using unregistered imported melatonin products immediately after 89 00:04:27,240 --> 00:04:31,719 Speaker 2: testing in its laboratories indicated significant discrepancies between the actual 90 00:04:31,720 --> 00:04:35,080 Speaker 2: melotanein amount and what's on the label. According to the ABC, 91 00:04:35,200 --> 00:04:38,000 Speaker 2: almost a dozen different products examined by the TGA were 92 00:04:38,040 --> 00:04:41,680 Speaker 2: found to have significantly more or less melatonin than the 93 00:04:41,760 --> 00:04:44,560 Speaker 2: label the amount. Melatana is a hormone that regulates the 94 00:04:44,600 --> 00:04:49,000 Speaker 2: sleepwake side cycle. A prescription is technically required to use 95 00:04:49,040 --> 00:04:52,680 Speaker 2: meltanin in Australia. It's only a proved for limited circumstances. However, 96 00:04:52,720 --> 00:04:56,120 Speaker 2: it can very easily be bought online from overseas retailers 97 00:04:56,120 --> 00:04:58,280 Speaker 2: without a script, and that's what the TGA is trying 98 00:04:58,279 --> 00:04:58,880 Speaker 2: to crack down on. 99 00:04:59,200 --> 00:05:03,080 Speaker 1: Last one. Story number five. China Sean has officially opened 100 00:05:03,120 --> 00:05:07,200 Speaker 1: the world's highest bridge to the public. It towers six 101 00:05:07,360 --> 00:05:11,080 Speaker 1: hundred and twenty five meters above a gorge in the 102 00:05:11,120 --> 00:05:12,360 Speaker 1: country's southwest. 103 00:05:12,560 --> 00:05:15,719 Speaker 2: Officials say the Grand Canyon Bridge cuts travel time between 104 00:05:15,720 --> 00:05:19,000 Speaker 2: the canyons two sides from two hours to two minutes. 105 00:05:20,000 --> 00:05:23,120 Speaker 2: The bridge, one point five kilometers is made up of 106 00:05:23,200 --> 00:05:27,160 Speaker 2: ninety three segments, weighing a collective twenty two thousand tons, 107 00:05:27,400 --> 00:05:29,719 Speaker 2: nine times higher than the Golden Gate Bridge in San Francisco, 108 00:05:29,839 --> 00:05:32,800 Speaker 2: twice the height of the Eiffel Tower. Earlier this year, 109 00:05:32,839 --> 00:05:35,440 Speaker 2: in August, the testing team drove ninety six trucks onto 110 00:05:35,520 --> 00:05:40,080 Speaker 2: designated points to test the bridge's structural integrity. Who wants 111 00:05:40,120 --> 00:05:42,039 Speaker 2: to be a truck driver? The bridge has now set 112 00:05:42,080 --> 00:05:44,200 Speaker 2: the record for both the world's highest bridge and the 113 00:05:44,279 --> 00:05:47,240 Speaker 2: largest span bridge built in the mountainous area. 114 00:05:47,320 --> 00:05:49,520 Speaker 1: Okay, there we go the top five business stories in 115 00:05:49,560 --> 00:05:52,400 Speaker 1: five minutes. Thank you Sean, Thank you Michael. It is Tuesday, 116 00:05:52,520 --> 00:05:55,120 Speaker 1: the thirtieth of September twenty twenty five. Remember to hit 117 00:05:55,160 --> 00:05:57,800 Speaker 1: follow on the podcast, and if five minutes isn't enough, 118 00:05:57,839 --> 00:06:00,600 Speaker 1: you're going to find our longer daily show called and Greed. 119 00:06:00,880 --> 00:06:03,360 Speaker 1: Wherever you listen to podcasts I'm Michael Thompson and that 120 00:06:03,440 --> 00:06:05,520 Speaker 1: was the fast five business news by fear and greed. 121 00:06:05,839 --> 00:06:06,840 Speaker 1: Had a great day.