1 00:00:06,200 --> 00:00:08,639 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,680 --> 00:00:10,959 Speaker 1: business news for people who make their own decisions. 3 00:00:11,039 --> 00:00:13,360 Speaker 2: I'm Adam Lang, and good morning, Sean Ailmer. 4 00:00:13,640 --> 00:00:15,080 Speaker 3: Good morning, Adam Lang. 5 00:00:15,960 --> 00:00:18,000 Speaker 1: This is our weekend show, which is all about the 6 00:00:18,000 --> 00:00:20,280 Speaker 1: two of us nominating what we think is the biggest 7 00:00:20,280 --> 00:00:23,800 Speaker 1: story of the week, the most remarkable story, the sleeper story, 8 00:00:23,840 --> 00:00:26,880 Speaker 1: and our favorite story listeners would I hope I now 9 00:00:26,920 --> 00:00:29,560 Speaker 1: realize that Michael Thompson is not here at the moment. 10 00:00:29,560 --> 00:00:33,519 Speaker 1: He's on holidays, and so I'm running the gauntlet against 11 00:00:33,560 --> 00:00:37,200 Speaker 1: Sean so to help decide the winner in the different 12 00:00:37,240 --> 00:00:40,440 Speaker 1: categories we've got today, I'm very pleased to welcome back 13 00:00:40,479 --> 00:00:43,560 Speaker 1: to Fear and Greed the wonderful Tim Burrows from Unmade Tim, 14 00:00:43,640 --> 00:00:45,280 Speaker 1: welcome back, well. 15 00:00:45,000 --> 00:00:47,280 Speaker 4: Thank you very much for the welcome. Adam Ike. I 16 00:00:47,320 --> 00:00:50,560 Speaker 4: do feel I feel like I'm in a class below 17 00:00:50,680 --> 00:00:54,040 Speaker 4: the two of you, though, having listened to last week's 18 00:00:54,440 --> 00:00:57,400 Speaker 4: weekend edition where I discovered of the three of us, 19 00:00:57,760 --> 00:01:00,080 Speaker 4: two of us have been members of the Chairman's and 20 00:01:01,520 --> 00:01:05,640 Speaker 4: I am not one of them, so I'm already feeling inadequate. 21 00:01:05,760 --> 00:01:07,960 Speaker 4: So I kind of yeah, I'll definitely be playing the 22 00:01:08,040 --> 00:01:10,360 Speaker 4: role of the man of the people in the absence 23 00:01:10,400 --> 00:01:10,920 Speaker 4: of Michael. 24 00:01:11,520 --> 00:01:13,000 Speaker 5: Do you know what I find it hard about having 25 00:01:13,000 --> 00:01:14,959 Speaker 5: a guess judged him. It's the fact that I just 26 00:01:15,000 --> 00:01:18,080 Speaker 5: don't feel quite as eda is to abuse you, like 27 00:01:18,120 --> 00:01:22,120 Speaker 5: when Adam's are judging no problems. It's season and Tim, 28 00:01:22,280 --> 00:01:24,640 Speaker 5: I think you are a lovely man and have thought 29 00:01:24,680 --> 00:01:26,840 Speaker 5: that for many years. So everything I say in the 30 00:01:26,880 --> 00:01:29,840 Speaker 5: next twenty minutes I apologize for. But it is that 31 00:01:29,959 --> 00:01:30,679 Speaker 5: been season on you. 32 00:01:31,160 --> 00:01:33,880 Speaker 4: Well, absolutely, and I must admit I've been having a 33 00:01:33,920 --> 00:01:37,039 Speaker 4: little think about. Obviously, it'll be very much based on 34 00:01:37,520 --> 00:01:41,759 Speaker 4: Adam's scoring system, although I do kind of picture, as 35 00:01:41,800 --> 00:01:44,600 Speaker 4: you can see, I've got this crappy old Biro in 36 00:01:44,640 --> 00:01:47,880 Speaker 4: my hand and literally the back of for my scoring, 37 00:01:48,320 --> 00:01:51,120 Speaker 4: whereas I kind of picture when when Adam's doing it, 38 00:01:51,120 --> 00:01:53,280 Speaker 4: he's kind of doing it with a maybe a fountain 39 00:01:53,360 --> 00:01:57,000 Speaker 4: pen or a quill on marchment. So I think I'm 40 00:01:57,320 --> 00:02:01,840 Speaker 4: I'm the oldie Adam Lang for these things. I think 41 00:02:01,880 --> 00:02:04,640 Speaker 4: I will have one one slight twist on his scoring though, 42 00:02:04,680 --> 00:02:07,840 Speaker 4: which is that there might just be a bonus point 43 00:02:07,920 --> 00:02:09,519 Speaker 4: available for best sladge. 44 00:02:10,160 --> 00:02:14,760 Speaker 5: Oh hey, I like, especially when I'm up against such 45 00:02:14,800 --> 00:02:17,040 Speaker 5: a nice person like Adam who doesn't sleep. 46 00:02:17,120 --> 00:02:18,720 Speaker 2: Yeah, that's not my strong suit. 47 00:02:19,080 --> 00:02:20,079 Speaker 1: Nah Nah. 48 00:02:20,440 --> 00:02:21,680 Speaker 5: Let's jump into it though. 49 00:02:21,560 --> 00:02:23,240 Speaker 2: Suan over to you. Let's kick it off. 50 00:02:23,480 --> 00:02:26,760 Speaker 5: Biggest story, Tim, We've done a bit of colluding all 51 00:02:26,840 --> 00:02:30,000 Speaker 5: very legally or very legally, and decided the biggest art 52 00:02:30,040 --> 00:02:32,080 Speaker 5: of the week is the US election. You can't go 53 00:02:32,240 --> 00:02:34,480 Speaker 5: past that. So what we decided was that it just 54 00:02:34,520 --> 00:02:36,320 Speaker 5: has to pick out what we thought was the biggest 55 00:02:36,320 --> 00:02:39,720 Speaker 5: part of the biggest story and go with that. So 56 00:02:39,800 --> 00:02:43,520 Speaker 5: the US election biggest story, we are picking it apart 57 00:02:43,600 --> 00:02:47,480 Speaker 5: a little bit bigger story for me, what the hell 58 00:02:47,600 --> 00:02:49,880 Speaker 5: is going on with we the people? 59 00:02:50,600 --> 00:02:51,280 Speaker 3: We the people? 60 00:02:51,400 --> 00:02:54,000 Speaker 5: Of course, that's the first three words of the Constitution 61 00:02:54,400 --> 00:02:58,200 Speaker 5: of the United States of America, created in seventeen eighty seven, 62 00:02:58,280 --> 00:03:01,720 Speaker 5: ratified in seventeen eighty eight, firms that the government of 63 00:03:01,760 --> 00:03:06,040 Speaker 5: the country exists to serve the citizens. Government is for 64 00:03:06,200 --> 00:03:09,480 Speaker 5: the citizens. So Donald Trump and Jade Evans, just like 65 00:03:09,600 --> 00:03:13,440 Speaker 5: Joe Biden and Carmla Harris, now they serve the people. 66 00:03:14,440 --> 00:03:16,560 Speaker 3: Who knew who knew? 67 00:03:17,080 --> 00:03:19,360 Speaker 5: I always thought Americans were a touch matt, but given 68 00:03:19,360 --> 00:03:22,359 Speaker 5: how powerful the economy is, the incredible technology and innovation 69 00:03:22,520 --> 00:03:25,519 Speaker 5: coming out of that country, the prowess of its arts 70 00:03:25,560 --> 00:03:29,200 Speaker 5: and sporting spheres. I was always happy to forgive failings. 71 00:03:30,600 --> 00:03:33,640 Speaker 5: Things have changed, as we saw this week. According to 72 00:03:33,680 --> 00:03:36,680 Speaker 5: the New York Times, the number one issue from exit 73 00:03:36,720 --> 00:03:43,640 Speaker 5: polling in the election was belief in democracy. Yet Donald Trump, 74 00:03:44,280 --> 00:03:50,480 Speaker 5: who is by far the least democratic candidate one were 75 00:03:50,600 --> 00:03:55,760 Speaker 5: the people. Number two issue the economy. They're voting on 76 00:03:55,800 --> 00:04:01,040 Speaker 5: the economy. The US economy is phenomenally strong. I mean 77 00:04:01,280 --> 00:04:03,520 Speaker 5: not in terms of its growth rate, though it is 78 00:04:03,520 --> 00:04:06,160 Speaker 5: that one of the fastest growing major economies in the world, 79 00:04:06,520 --> 00:04:09,520 Speaker 5: just its resilience and its ability to not go into recession. 80 00:04:09,520 --> 00:04:12,280 Speaker 5: We have falling rates, we have falling inflation. The share 81 00:04:12,360 --> 00:04:16,760 Speaker 5: market is at record levels. The Democrats actually run the 82 00:04:16,800 --> 00:04:18,520 Speaker 5: economy at the moment. I don't know whether the people 83 00:04:18,600 --> 00:04:21,039 Speaker 5: remembered that, but it seemed to work against Carmel Harris. 84 00:04:21,080 --> 00:04:25,080 Speaker 5: Number three was immigration. Third issue immigration, Yet the US, 85 00:04:25,360 --> 00:04:28,320 Speaker 5: the US was totally built on immigration. It is a 86 00:04:28,320 --> 00:04:33,680 Speaker 5: great nation because of immigration. Number four issue women's rights 87 00:04:33,680 --> 00:04:36,719 Speaker 5: and abortion. Too hard to get my head around that one. 88 00:04:37,160 --> 00:04:40,359 Speaker 5: You know, the US is debating stuff that other nations 89 00:04:41,320 --> 00:04:43,480 Speaker 5: what we take for granted, even if some of US 90 00:04:43,480 --> 00:04:45,560 Speaker 5: don't always act that way it is. It is just 91 00:04:45,600 --> 00:04:48,760 Speaker 5: a fundamental right. So this whole weed of people thing 92 00:04:48,839 --> 00:04:53,600 Speaker 5: has been scratched. Trump won white male voters. He also 93 00:04:53,640 --> 00:04:56,480 Speaker 5: won more black and Hispanic voters than previously, and the 94 00:04:56,520 --> 00:05:00,480 Speaker 5: Women for Trump movement is real. The US election changes 95 00:05:00,560 --> 00:05:05,560 Speaker 5: the whole landscape of American politics, an incredible comeback against 96 00:05:05,560 --> 00:05:09,320 Speaker 5: the odds, against all the star power of the Taylor's 97 00:05:09,360 --> 00:05:12,440 Speaker 5: lists of the world. I just hope Donald Trump's read 98 00:05:12,440 --> 00:05:15,240 Speaker 5: the Constitution because it should actually be about. 99 00:05:14,960 --> 00:05:17,680 Speaker 3: We the people. But I don't know whether it is. 100 00:05:18,640 --> 00:05:20,680 Speaker 3: I was on a rent there. I was on a rent, 101 00:05:20,800 --> 00:05:21,039 Speaker 3: not me. 102 00:05:21,080 --> 00:05:23,279 Speaker 5: Micha would have interrupted me and just said, shut up, Shan, 103 00:05:23,640 --> 00:05:24,080 Speaker 5: get on it. 104 00:05:25,000 --> 00:05:25,640 Speaker 3: I'm fired up. 105 00:05:26,200 --> 00:05:28,280 Speaker 4: I'm just believed there wasn't a number five. 106 00:05:30,240 --> 00:05:33,719 Speaker 3: Exactly all right over to me, Tim. 107 00:05:34,040 --> 00:05:36,760 Speaker 1: For me, the biggest business element of the US election 108 00:05:36,839 --> 00:05:40,159 Speaker 1: result is the economic after shock that will come from 109 00:05:40,200 --> 00:05:43,640 Speaker 1: Donald Trump's trade and tariff policies. Now we are talking 110 00:05:43,640 --> 00:05:47,479 Speaker 1: about significant numbers here. Tariffs could be as high as 111 00:05:47,520 --> 00:05:51,479 Speaker 1: sixty percent for China and twenty percent for Australian products. 112 00:05:51,680 --> 00:05:53,120 Speaker 2: Trump's proposed trade. 113 00:05:52,920 --> 00:05:56,120 Speaker 1: Changes and not just about protecting American jobs, They could 114 00:05:56,120 --> 00:06:01,240 Speaker 1: actually up in global trade dynamics and directly impact Australia's 115 00:06:01,360 --> 00:06:04,960 Speaker 1: exports and imports in the United States, As the biggest 116 00:06:05,000 --> 00:06:08,360 Speaker 1: economy in the world, they hold the single most powerful 117 00:06:08,400 --> 00:06:11,280 Speaker 1: influence on global trade and policy. So when the US 118 00:06:11,440 --> 00:06:16,120 Speaker 1: changes direction, the whole world will feel the effects. For Australia, 119 00:06:16,200 --> 00:06:19,239 Speaker 1: which obviously heavily relies on exports like iron ore, coal, 120 00:06:19,320 --> 00:06:22,800 Speaker 1: green energy commodities and agricultural products, any shifts in the 121 00:06:22,880 --> 00:06:26,320 Speaker 1: US trade policy will create ripple effects higher tariffs. 122 00:06:25,920 --> 00:06:27,240 Speaker 3: And hd on card On. 123 00:06:28,680 --> 00:06:32,800 Speaker 5: Adam, I'm protest, Tim. I got a protest, Adam right 124 00:06:32,880 --> 00:06:33,279 Speaker 5: up front. 125 00:06:33,360 --> 00:06:35,920 Speaker 2: It's better be a good sledge, it is. 126 00:06:36,000 --> 00:06:37,839 Speaker 5: Why are we talking about what happened this week? Are 127 00:06:37,880 --> 00:06:42,200 Speaker 5: we talking about what maybe perhaps could happen in the future. 128 00:06:42,440 --> 00:06:44,720 Speaker 5: What are the rules of this game here? Because Adam, 129 00:06:44,760 --> 00:06:48,240 Speaker 5: you're talking about stuff that might happen, and let's face it, 130 00:06:48,279 --> 00:06:51,000 Speaker 5: Donald Trump said a lot of stuff that never actually 131 00:06:51,000 --> 00:06:53,679 Speaker 5: comes to fruition. Within twenty four hours of being elected, 132 00:06:53,680 --> 00:06:55,560 Speaker 5: he's going to stop the Middle East end of the 133 00:06:55,640 --> 00:06:56,360 Speaker 5: Ukrainian War. 134 00:06:56,400 --> 00:06:58,080 Speaker 3: I don't think they're ending at the moment. 135 00:06:58,080 --> 00:07:02,080 Speaker 4: Right quick, Whi's ruling. I think there's been plenty said 136 00:07:02,120 --> 00:07:07,800 Speaker 4: about tariffs that suggests it's on the agenda. Adam, please continue, 137 00:07:09,200 --> 00:07:10,360 Speaker 4: Thank you, Thank you. 138 00:07:10,360 --> 00:07:13,040 Speaker 2: Fair judge, you're also extremely handsome. 139 00:07:13,080 --> 00:07:16,160 Speaker 1: Now back to those higher tariffs and trade barriers wouldn't 140 00:07:16,160 --> 00:07:19,920 Speaker 1: make our entire industries. That could potentially lead to job 141 00:07:20,000 --> 00:07:22,840 Speaker 1: losses and squeezing profit margins. 142 00:07:23,080 --> 00:07:24,480 Speaker 2: And then there's our imports sector. 143 00:07:24,600 --> 00:07:28,560 Speaker 1: USA produced consumer goods, technology products, cars could see heavily 144 00:07:28,760 --> 00:07:33,000 Speaker 1: rising costs and that would hit Australian consumers directly. Now 145 00:07:33,240 --> 00:07:36,880 Speaker 1: to Sean, perhaps your point, let's not overlook the volatility 146 00:07:37,000 --> 00:07:40,920 Speaker 1: of Trump's decision making. Who knows actually what he'll do next. 147 00:07:41,320 --> 00:07:45,440 Speaker 1: That unpredictability leaves Australian businesses in a bind and adding 148 00:07:45,480 --> 00:07:49,440 Speaker 1: another layer of risk across multiple industries. It's not just 149 00:07:49,560 --> 00:07:53,280 Speaker 1: an American story. It will ripple across borders and directly 150 00:07:53,320 --> 00:07:57,360 Speaker 1: impact Australia's economy and perhaps all of our hip pockets. 151 00:07:57,760 --> 00:08:03,080 Speaker 4: Tim interesting, so Sean has managed to pick a single 152 00:08:03,120 --> 00:08:07,720 Speaker 4: topic and then turn it into an omnibus. As you 153 00:08:07,840 --> 00:08:11,480 Speaker 4: might know, I don't always love omnibuses. It's it's skilled 154 00:08:11,480 --> 00:08:13,720 Speaker 4: team or would it be omnibi? I'm not sure what 155 00:08:13,760 --> 00:08:21,000 Speaker 4: the plural theses on the by of omnibuses, and I 156 00:08:21,400 --> 00:08:24,160 Speaker 4: you know, I got slightly nervous to begin with with 157 00:08:24,280 --> 00:08:28,160 Speaker 4: Chun's where we sort of started talking about democracy and think, well, 158 00:08:28,800 --> 00:08:30,400 Speaker 4: is this a business podcast or a. 159 00:08:32,040 --> 00:08:37,360 Speaker 5: Social more fundamental business than democracy? Come on, we can't have. 160 00:08:37,440 --> 00:08:39,920 Speaker 4: Well well, well, then he turned to economy, which is 161 00:08:39,960 --> 00:08:41,959 Speaker 4: where where obviously I was hoping he would go, and. 162 00:08:41,920 --> 00:08:44,239 Speaker 2: That was very well arguing back on safe ground. 163 00:08:44,360 --> 00:08:47,960 Speaker 4: Back on safe ground. I must admit, though, I it 164 00:08:48,040 --> 00:08:52,839 Speaker 4: does feel to me that the big story is going 165 00:08:52,880 --> 00:08:55,680 Speaker 4: to be tariffs, and there's been so much said about 166 00:08:56,320 --> 00:08:58,720 Speaker 4: how Donald Trump seems to be even more obsessed with 167 00:08:58,760 --> 00:09:02,680 Speaker 4: them the last time. So I am going to narrowly 168 00:09:02,800 --> 00:09:06,840 Speaker 4: give round one to Adam, a narrow. 169 00:09:06,559 --> 00:09:11,600 Speaker 3: Victory, absolutely appalling. Go on. 170 00:09:12,840 --> 00:09:15,160 Speaker 4: On your sledging than that if you want the bonus point. 171 00:09:15,559 --> 00:09:15,719 Speaker 3: Well. 172 00:09:15,960 --> 00:09:17,720 Speaker 5: To be honest, I was sledging Adam in the middle 173 00:09:17,760 --> 00:09:21,200 Speaker 5: of his about what garbage he's talking about. I didn'talize 174 00:09:21,200 --> 00:09:23,360 Speaker 5: I was supposed to sledge you. Okay, I'll get into 175 00:09:23,400 --> 00:09:23,720 Speaker 5: that now. 176 00:09:24,720 --> 00:09:27,439 Speaker 1: Shall I go first for the most remarkable story of 177 00:09:27,480 --> 00:09:28,040 Speaker 1: the week, Shawn? 178 00:09:28,200 --> 00:09:30,160 Speaker 2: Please do alrighty, Tim. 179 00:09:30,520 --> 00:09:33,080 Speaker 1: My most remarkable story this week is the Reserve Bank 180 00:09:33,120 --> 00:09:36,160 Speaker 1: of Australia's decision to keep the cash rate on hold 181 00:09:36,200 --> 00:09:39,640 Speaker 1: at four point three five percent doing nothing. 182 00:09:39,880 --> 00:09:45,480 Speaker 6: Come on, nothing happened, Sorry the sledge To my point, Adam, 183 00:09:45,880 --> 00:09:50,120 Speaker 6: to my point Sean, Yes, doing nothing is a massive 184 00:09:50,200 --> 00:09:51,960 Speaker 6: statement of doing something. 185 00:09:52,200 --> 00:09:55,360 Speaker 1: The RBA has one big weapon to keep inflation between 186 00:09:55,360 --> 00:09:58,480 Speaker 1: two and three percent and keep unemployment down, and that's 187 00:09:58,520 --> 00:10:01,120 Speaker 1: the cash rate. Also to us as the price of 188 00:10:01,200 --> 00:10:04,920 Speaker 1: debt or interest rates. The recent September quarter inflation number 189 00:10:04,960 --> 00:10:09,720 Speaker 1: show inflationary pressures do persist. We currently have the highest 190 00:10:09,720 --> 00:10:12,920 Speaker 1: interest rates in twelve years, but with a trimmed mean 191 00:10:13,000 --> 00:10:15,760 Speaker 1: inflation rate of three and a half percent, we're still 192 00:10:15,760 --> 00:10:19,559 Speaker 1: sitting above the RBA's target range. The fight against inflation 193 00:10:19,880 --> 00:10:24,000 Speaker 1: is far from over now. Unemployment is in a historically 194 00:10:24,040 --> 00:10:27,120 Speaker 1: low range at four point one percent, and there's still 195 00:10:27,320 --> 00:10:31,160 Speaker 1: pretty healthy job creation. So the RBA's decision to maintain 196 00:10:31,280 --> 00:10:35,280 Speaker 1: this restrictive setting highlights the delicate balance it's trying to achieve, 197 00:10:35,320 --> 00:10:39,239 Speaker 1: pushing inflation down while avoiding a hard landing for the economy. 198 00:10:39,679 --> 00:10:43,079 Speaker 1: For Australians, our economic belts will have to stay tight 199 00:10:43,280 --> 00:10:46,600 Speaker 1: as we head into this vital festive season, with consumers 200 00:10:46,600 --> 00:10:50,600 Speaker 1: spending likely to be more restrained this Christmas, into the 201 00:10:50,600 --> 00:10:54,760 Speaker 1: summer holidays and potentially into twenty twenty five. The Reserve 202 00:10:54,800 --> 00:10:58,800 Speaker 1: Bank's cautious stance underscores its commitment to getting inflation under control, 203 00:10:59,120 --> 00:11:02,439 Speaker 1: even if that means a slower, more gradual path back 204 00:11:02,480 --> 00:11:05,640 Speaker 1: to growth, and that delicate balancing act makes the RBA's 205 00:11:05,679 --> 00:11:08,760 Speaker 1: cash right decision the most remarkable story of the week. 206 00:11:09,160 --> 00:11:14,720 Speaker 3: Sean, nothing happened, so what was big this week? 207 00:11:14,840 --> 00:11:17,079 Speaker 2: He's going well on the sledging so far. 208 00:11:17,160 --> 00:11:19,520 Speaker 5: The RBA sat on its ass and did nothing. 209 00:11:19,640 --> 00:11:22,680 Speaker 1: I don't know if it's got quality, but it's got quantity. 210 00:11:23,640 --> 00:11:26,880 Speaker 5: The most remarkable story by a country mile this week 211 00:11:27,440 --> 00:11:32,640 Speaker 5: is the Big four banks. I have absolutely no idea 212 00:11:32,679 --> 00:11:35,839 Speaker 5: how they do it, but they are powerhouses. We had 213 00:11:35,880 --> 00:11:42,920 Speaker 5: three reporting this week and despite the naysayers, the share 214 00:11:42,960 --> 00:11:47,079 Speaker 5: prices of the banks are at multi year or record 215 00:11:47,280 --> 00:11:51,040 Speaker 5: highs Commonwealth Bank this week hit a new record high 216 00:11:51,040 --> 00:11:53,760 Speaker 5: of one hundred and forty five dollars and fifty eight cents. 217 00:11:53,800 --> 00:11:56,440 Speaker 5: It's up forty five percent over the past year. In 218 00:11:56,520 --> 00:12:01,400 Speaker 5: terms of market capitalization, it's worth almost thirty billion dollars 219 00:12:01,400 --> 00:12:05,880 Speaker 5: more than BHP. It is five times bigger than Telstra, 220 00:12:06,480 --> 00:12:10,199 Speaker 5: it is a juggernaut. The other three big banks reported 221 00:12:10,240 --> 00:12:12,559 Speaker 5: this week. Westpac released its full year earnings to the 222 00:12:12,640 --> 00:12:15,080 Speaker 5: end of September. They show a three percent drop in 223 00:12:15,160 --> 00:12:18,080 Speaker 5: profit to seven billion dollars, but the all important net 224 00:12:18,080 --> 00:12:20,520 Speaker 5: interest margin, essentially the difference between what the bank pays 225 00:12:20,520 --> 00:12:23,120 Speaker 5: on deposits what it receives on loans, it rows an 226 00:12:23,160 --> 00:12:26,240 Speaker 5: impressive eight basis points. Westpac share prices up more than 227 00:12:26,320 --> 00:12:29,680 Speaker 5: fifty percent over the past year. National Australian Bank also 228 00:12:29,720 --> 00:12:33,160 Speaker 5: reported its profit came in about eight percent lower on expectations. 229 00:12:33,320 --> 00:12:35,880 Speaker 5: Its share price is up thirty five percent over the 230 00:12:35,920 --> 00:12:38,840 Speaker 5: past year. A and Z came out yesterday eight percent 231 00:12:38,880 --> 00:12:42,520 Speaker 5: drop in its net profit six point five billion dollars. 232 00:12:42,559 --> 00:12:44,440 Speaker 5: Mind you, its share price is up more than twenty 233 00:12:44,520 --> 00:12:48,439 Speaker 5: percent for the year. Can they keep going? The consensus 234 00:12:48,559 --> 00:12:50,520 Speaker 5: is no, but that's pretty much been the view ever 235 00:12:50,520 --> 00:12:52,400 Speaker 5: since Commonwealth Bank was about one hundred and ten bucks 236 00:12:52,400 --> 00:12:54,000 Speaker 5: a share. It's now what one hundred and forty five 237 00:12:54,040 --> 00:12:58,200 Speaker 5: dollars a share. Like Americans love for Donald Trump, Australia's 238 00:12:58,280 --> 00:13:00,640 Speaker 5: love for the banks is just a bit of a mystery, 239 00:13:00,800 --> 00:13:05,280 Speaker 5: but it is remarkable team. 240 00:13:03,720 --> 00:13:06,800 Speaker 4: Well interestingly for both of you. Both of you made 241 00:13:07,120 --> 00:13:13,680 Speaker 4: small unforced errors there, Adam, this did this was unfair. 242 00:13:13,880 --> 00:13:14,760 Speaker 4: I decided there's. 243 00:13:14,559 --> 00:13:16,880 Speaker 2: Also going to be sledging by the judge. 244 00:13:17,760 --> 00:13:19,319 Speaker 4: Well there were. I decided there was also going to 245 00:13:19,400 --> 00:13:22,800 Speaker 4: be a secret minus point as well, and it was 246 00:13:22,840 --> 00:13:24,920 Speaker 4: going to be one mark off for whoever was first 247 00:13:24,920 --> 00:13:26,680 Speaker 4: to mention the cash right this week. 248 00:13:30,080 --> 00:13:34,199 Speaker 5: It is boring. It is boring. Team, Well, you've just conceded. 249 00:13:34,360 --> 00:13:35,280 Speaker 5: It's really dull. 250 00:13:35,760 --> 00:13:40,120 Speaker 4: It's very well argued, considering we were talking about the 251 00:13:40,200 --> 00:13:46,520 Speaker 4: decision to do nothing similarly. Sure, I'm really surprised in 252 00:13:46,600 --> 00:13:50,000 Speaker 4: the open goal that you you missed. Which is one 253 00:13:50,040 --> 00:13:52,520 Speaker 4: of the most significant things to me as someone who 254 00:13:52,520 --> 00:13:55,960 Speaker 4: writes about media, was Combat's announcement they were launching a 255 00:13:56,040 --> 00:14:00,200 Speaker 4: retail media network, which is massive for the me der 256 00:14:00,240 --> 00:14:02,880 Speaker 4: world as a new revenue stream for them. So I 257 00:14:04,200 --> 00:14:07,400 Speaker 4: think you could have You could have easily taken this 258 00:14:07,520 --> 00:14:11,040 Speaker 4: round home, Sean, if if only you'd mentioned that. But 259 00:14:12,600 --> 00:14:16,960 Speaker 4: tem you narrowly took home that round. Oh you can 260 00:14:17,000 --> 00:14:20,160 Speaker 4: disagree with me if you like, Yes, giving you the round, 261 00:14:20,320 --> 00:14:21,600 Speaker 4: but just not buy a lot. 262 00:14:21,880 --> 00:14:23,240 Speaker 3: Well, thank you, I appreciate that. 263 00:14:23,320 --> 00:14:26,160 Speaker 2: No, Sean, do protest. Excellent move. 264 00:14:26,280 --> 00:14:28,480 Speaker 4: Now you can withdraw the protest if you like. 265 00:14:28,840 --> 00:14:30,840 Speaker 5: Now, now, the truth of this is, like last night 266 00:14:31,120 --> 00:14:33,960 Speaker 5: Adam and I were discussing the stories and we did 267 00:14:34,040 --> 00:14:38,440 Speaker 5: have the Commonwealth Bank what's it called combat not combact media. 268 00:14:38,440 --> 00:14:40,960 Speaker 5: I can't remember what it's called, but it's we were 269 00:14:41,000 --> 00:14:43,240 Speaker 5: discussing it. It's like one of us have to do 270 00:14:43,320 --> 00:14:47,120 Speaker 5: this for Tim, don't we And we left we left 271 00:14:47,120 --> 00:14:50,800 Speaker 5: it out there as like as well as a sleeper story. 272 00:14:51,160 --> 00:14:53,880 Speaker 5: And I did my sleeper story before Adam, and Adam 273 00:14:53,880 --> 00:14:56,920 Speaker 5: didn't pick it up. And so what I've just realized 274 00:14:57,040 --> 00:15:00,320 Speaker 5: is that, yes, a huge own goal because I've had 275 00:15:00,320 --> 00:15:01,040 Speaker 5: thrown that in. 276 00:15:01,960 --> 00:15:03,080 Speaker 3: I would have trounced him. 277 00:15:03,120 --> 00:15:04,200 Speaker 2: You could have romped him. 278 00:15:04,280 --> 00:15:09,280 Speaker 4: Yes, yes, a missed opportunity, but still a narrow victory. 279 00:15:09,400 --> 00:15:11,640 Speaker 4: So I make it one round each at this stage. 280 00:15:12,120 --> 00:15:13,120 Speaker 2: Wow, neck and neck. 281 00:15:13,400 --> 00:15:15,160 Speaker 1: Well, let's go to a break and we'll be back 282 00:15:15,240 --> 00:15:26,000 Speaker 1: shortly for the final finish. Welcome back to the weekend edition, Sean. 283 00:15:26,040 --> 00:15:28,200 Speaker 1: Why don't you kick us off with your nomination for 284 00:15:28,280 --> 00:15:29,480 Speaker 1: sleeper Story of the week. 285 00:15:30,680 --> 00:15:31,720 Speaker 3: Yes, I will. 286 00:15:32,000 --> 00:15:36,120 Speaker 5: The story itself isn't exactly a sleeper, but the response 287 00:15:36,200 --> 00:15:36,760 Speaker 5: good start. 288 00:15:37,240 --> 00:15:41,760 Speaker 3: Yeah, No, Adam, Adam Adam him was. 289 00:15:41,720 --> 00:15:44,200 Speaker 2: Bonusing Sledge points. I had to have a crack. 290 00:15:46,440 --> 00:15:51,400 Speaker 3: Welcome to first grade, Adam Sledge. 291 00:15:51,520 --> 00:15:53,720 Speaker 4: It seems to have taken you completely off course. 292 00:15:56,160 --> 00:15:57,880 Speaker 2: Very unfamiliar ground for me too. 293 00:16:00,400 --> 00:16:02,800 Speaker 3: Oh wow, Adam, I'm so proud of it. 294 00:16:03,360 --> 00:16:06,400 Speaker 5: Starting with the story, the managing director and founder of 295 00:16:06,440 --> 00:16:09,360 Speaker 5: Mineral Resources, Chris Ellison, will step down within eighteen months. 296 00:16:09,400 --> 00:16:11,040 Speaker 5: We found that out this week after the board of 297 00:16:11,080 --> 00:16:14,200 Speaker 5: the minor found he used company resources for his personal 298 00:16:14,240 --> 00:16:19,440 Speaker 5: benefit and had not acted with integrity. He allegedly benefited 299 00:16:19,440 --> 00:16:22,400 Speaker 5: through an offshore tax scheme. He was caught, he repaid 300 00:16:22,400 --> 00:16:24,800 Speaker 5: the ato. He didn't actually tell the board about all that, 301 00:16:24,960 --> 00:16:25,800 Speaker 5: not for a couple of years. 302 00:16:25,840 --> 00:16:26,200 Speaker 3: Anyway. 303 00:16:26,680 --> 00:16:28,600 Speaker 5: There are other bits and pieces that came out of 304 00:16:28,640 --> 00:16:31,480 Speaker 5: the board inquiry, like he used staffers to look after 305 00:16:31,520 --> 00:16:36,680 Speaker 5: his boat, personal finances. There was from some cheap rent 306 00:16:36,800 --> 00:16:41,160 Speaker 5: for a family member. The bit which I can't fathom 307 00:16:41,560 --> 00:16:45,160 Speaker 5: this week is that he still has eighteen months before 308 00:16:45,200 --> 00:16:51,400 Speaker 5: he leaves the business notwithstanding those findings. Remember that phrase, 309 00:16:51,440 --> 00:16:54,600 Speaker 5: he didn't act with integrity, used company resources for his 310 00:16:54,680 --> 00:16:57,520 Speaker 5: personal benefit. This is what the board's saying. And then 311 00:16:57,600 --> 00:17:00,000 Speaker 5: they're saying, ah, look, you can hang around for an 312 00:17:00,160 --> 00:17:02,920 Speaker 5: eight eight months. Now the sleeper bit here. 313 00:17:03,640 --> 00:17:05,040 Speaker 4: I was hoping there would be one. 314 00:17:05,320 --> 00:17:06,560 Speaker 3: Yeah, now there's a sleeper bit here. 315 00:17:06,600 --> 00:17:11,760 Speaker 5: Tim, Wake up, Wake up, Come on, focus, Tim, Why 316 00:17:11,800 --> 00:17:13,000 Speaker 5: is it that your eyes are wandering? 317 00:17:15,480 --> 00:17:15,800 Speaker 3: Come on? 318 00:17:16,119 --> 00:17:19,719 Speaker 1: Keep Weather's got one head resting on his hand. 319 00:17:20,040 --> 00:17:22,800 Speaker 2: You know, when's he going to get to the point? 320 00:17:24,840 --> 00:17:28,840 Speaker 5: The sleeper bit. The sleeper bit, this is important. We 321 00:17:28,880 --> 00:17:31,800 Speaker 5: didn't hear much about it, but it happened. Australia's sovereign 322 00:17:32,000 --> 00:17:35,400 Speaker 5: wealth fund, the Future Fund, took a few days. In fact, 323 00:17:35,400 --> 00:17:36,960 Speaker 5: this story has been running for a few weeks, but 324 00:17:37,400 --> 00:17:41,360 Speaker 5: only late this week it piped Don He said, well, 325 00:17:41,359 --> 00:17:43,240 Speaker 5: we actually have an eighty eight million dollar stake in 326 00:17:43,359 --> 00:17:45,680 Speaker 5: mineral Resources. We're just going to have a bit of 327 00:17:45,720 --> 00:17:48,200 Speaker 5: a look at what happened. And it went and asked 328 00:17:48,200 --> 00:17:51,040 Speaker 5: the board for more information from the company. It's requested 329 00:17:51,600 --> 00:17:54,600 Speaker 5: to engage with the company board. So if you're a 330 00:17:54,600 --> 00:17:57,000 Speaker 5: major shareholder, you would tend to talk to the CEO, 331 00:17:57,160 --> 00:17:59,680 Speaker 5: not the board. The Future Fund actually wants to talk 332 00:17:59,720 --> 00:18:03,120 Speaker 5: to the board. That's sort of I get that it's 333 00:18:03,119 --> 00:18:05,400 Speaker 5: a new ones for many people, but that's really really 334 00:18:05,480 --> 00:18:08,480 Speaker 5: important in terms of transparency that they're not going to 335 00:18:08,480 --> 00:18:12,639 Speaker 5: the CEO. They're actually going to the board. The Future 336 00:18:12,640 --> 00:18:16,880 Speaker 5: Fund chief executive Raphael Aren't said the issues raised are 337 00:18:17,000 --> 00:18:21,040 Speaker 5: serious and need to be looked at. To ride They're serious, 338 00:18:21,040 --> 00:18:23,240 Speaker 5: really seriously need to be looked at. Of course they are. 339 00:18:23,520 --> 00:18:27,080 Speaker 5: If any investigate needs to take corporate governance seriously, it 340 00:18:27,240 --> 00:18:30,600 Speaker 5: is the Future Fund. Tim you have a staken that, Adam, 341 00:18:30,760 --> 00:18:32,639 Speaker 5: you have a stake in that. I have a staken that. 342 00:18:33,400 --> 00:18:36,960 Speaker 5: This story has plenty to play out. But the whole 343 00:18:37,000 --> 00:18:42,959 Speaker 5: idea of shareholder activism sparked by the Future Fund is 344 00:18:43,040 --> 00:18:47,639 Speaker 5: really really important to how markets operate. And the Future 345 00:18:47,640 --> 00:18:50,600 Speaker 5: Fund isn't an activist investor. But this week they came 346 00:18:50,640 --> 00:18:53,600 Speaker 5: and said, hey, this ain't good enough. We're gonna Well, no, 347 00:18:53,800 --> 00:18:55,520 Speaker 5: I shouldn't say that. They didn't say that this isn't 348 00:18:55,520 --> 00:18:57,880 Speaker 5: good enough. They simply said, we want to talk to 349 00:18:57,920 --> 00:19:00,960 Speaker 5: the board about this. This could it off not just 350 00:19:00,960 --> 00:19:03,520 Speaker 5: the mineral resources, but for other companies. They're going to 351 00:19:03,520 --> 00:19:06,400 Speaker 5: throw a wiseeat global into that. This could actually set 352 00:19:06,440 --> 00:19:09,680 Speaker 5: up off activism over the next twelve months that will 353 00:19:09,720 --> 00:19:13,240 Speaker 5: improve how markets function. I'm actually quite excited about this 354 00:19:13,280 --> 00:19:19,400 Speaker 5: story done. I want an immediate response from Tim, I think. 355 00:19:19,200 --> 00:19:20,800 Speaker 4: You pulled it back in the second half. I was 356 00:19:20,840 --> 00:19:22,800 Speaker 4: beginning to wonder how you're going to justify it as 357 00:19:22,840 --> 00:19:26,400 Speaker 4: a sleeper, and then we began we began to sort 358 00:19:26,400 --> 00:19:29,879 Speaker 4: of I'm not much of a well, I'm not a 359 00:19:29,880 --> 00:19:32,280 Speaker 4: taller fisherman, so I might have my analogies wrong, but 360 00:19:32,280 --> 00:19:34,639 Speaker 4: it feels like you you threw your cast out and 361 00:19:34,640 --> 00:19:36,840 Speaker 4: then you started to pull the liane back. 362 00:19:36,640 --> 00:19:39,399 Speaker 3: In once I'd snag the fish. 363 00:19:39,480 --> 00:19:42,960 Speaker 2: It was a very, very wide and dull net at first, though. 364 00:19:43,040 --> 00:19:44,920 Speaker 4: And we'll have to wait and see whether it's a 365 00:19:45,080 --> 00:19:47,879 Speaker 4: minnow or a giant trout. 366 00:19:48,760 --> 00:19:51,120 Speaker 3: Yeah, cast away out and. 367 00:19:51,040 --> 00:19:54,280 Speaker 2: See how you go and the whale, all right, Tim. 368 00:19:54,359 --> 00:19:56,720 Speaker 1: The sleeper story for me this week isn't just the 369 00:19:56,800 --> 00:20:00,399 Speaker 1: scandal over those flight upgrades for politicians, it is the 370 00:20:00,440 --> 00:20:04,640 Speaker 1: intensifying landscape of political positioning as we approach a federal 371 00:20:04,640 --> 00:20:08,520 Speaker 1: election in this country. With unofficial campaigning already underway, both 372 00:20:08,560 --> 00:20:11,920 Speaker 1: major parties are feeling the heat to address voters' top 373 00:20:11,960 --> 00:20:16,160 Speaker 1: concerns the cost of living, soaring property prices, spiraling costs 374 00:20:16,160 --> 00:20:18,520 Speaker 1: in health care and age care, and the challenge of 375 00:20:18,560 --> 00:20:21,520 Speaker 1: low productivity. There is, also, of course, Tim, as you 376 00:20:21,560 --> 00:20:24,119 Speaker 1: would expect me to say a serious need for tax reform, 377 00:20:24,400 --> 00:20:28,160 Speaker 1: a topic that politicians often avoid, but one that voters well. 378 00:20:28,160 --> 00:20:33,320 Speaker 1: This voter in particular are increasingly demanding solutions for now. Interestingly, 379 00:20:33,760 --> 00:20:36,920 Speaker 1: one of the rare bipartisan areas to gain broad support 380 00:20:37,080 --> 00:20:40,320 Speaker 1: this week is the proposal to limit social media access 381 00:20:40,680 --> 00:20:45,320 Speaker 1: to individuals sixteen and older. Protecting young Australians aligns well 382 00:20:45,359 --> 00:20:46,600 Speaker 1: with public tenement. 383 00:20:46,280 --> 00:20:51,639 Speaker 5: And protest protest protest team team, mister anti omnibus, Tim 384 00:20:52,359 --> 00:20:57,800 Speaker 5: tell me we've got like flight upgrades, We've got political positioning. 385 00:20:57,840 --> 00:21:02,840 Speaker 5: That's the second story, unofficial camp painting property prices. I 386 00:21:02,840 --> 00:21:04,600 Speaker 5: think got a run in there. We've got health care 387 00:21:04,680 --> 00:21:06,119 Speaker 5: in there, we've got aged carey in there, we've got 388 00:21:06,119 --> 00:21:08,480 Speaker 5: productivity in there. I think what was this last one 389 00:21:08,480 --> 00:21:11,200 Speaker 5: that you started talking about? The social media? 390 00:21:11,560 --> 00:21:15,439 Speaker 4: On to social media? Hey, so the questionnaires? Is Adam 391 00:21:15,480 --> 00:21:18,800 Speaker 4: about to bring them all together with one singing Brad 392 00:21:18,880 --> 00:21:21,080 Speaker 4: and we just need to hear him wrap up. So 393 00:21:21,160 --> 00:21:23,159 Speaker 4: let's let's see where he can do it. But I 394 00:21:23,240 --> 00:21:24,560 Speaker 4: do hear what you're saying. 395 00:21:24,880 --> 00:21:27,159 Speaker 2: Let's tantalize, go on, Adam. 396 00:21:29,000 --> 00:21:32,719 Speaker 1: Protecting young Australians a lines well with public sentiment and 397 00:21:32,760 --> 00:21:36,000 Speaker 1: could serve as a less contentious rallying point. But the 398 00:21:36,000 --> 00:21:41,160 Speaker 1: big battle grounds will be around economic policies for. 399 00:21:41,000 --> 00:21:47,280 Speaker 5: Real eight things before he says that, But the big battleground. 400 00:21:47,000 --> 00:21:48,679 Speaker 2: It's important to give context. 401 00:21:49,000 --> 00:21:53,560 Speaker 1: I think sean the lasting solution to those everyday pressures. 402 00:21:53,640 --> 00:21:56,600 Speaker 2: Tim. Last last time you're on, I called it cost 403 00:21:56,640 --> 00:21:57,040 Speaker 2: of living. 404 00:21:57,040 --> 00:21:59,960 Speaker 1: But because he lives, Tim, this is what it's all about, 405 00:22:00,080 --> 00:22:02,840 Speaker 1: Cause he lives. This year and this week, we've seen 406 00:22:02,920 --> 00:22:06,879 Speaker 1: pressure on incumbent governments worldwide to prove their metal on 407 00:22:06,960 --> 00:22:09,400 Speaker 1: the cost of living. There seems to be an anti 408 00:22:09,520 --> 00:22:13,200 Speaker 1: incumbent sentiment in the air, and Australians will be scrutinizing 409 00:22:13,280 --> 00:22:17,560 Speaker 1: each party's plans to tackle these core hip pocket issues. 410 00:22:17,840 --> 00:22:21,200 Speaker 1: The federal election may be months away, but these simmering 411 00:22:21,240 --> 00:22:25,000 Speaker 1: pressures of free upgrades and economic credibility on an incumbent 412 00:22:25,040 --> 00:22:29,240 Speaker 1: Albanese government make this story a true sleeper likely to 413 00:22:29,280 --> 00:22:32,800 Speaker 1: shape the six months ahead. Judged Tim over to you, 414 00:22:33,600 --> 00:22:35,040 Speaker 1: hm Adam. 415 00:22:35,160 --> 00:22:38,679 Speaker 4: Sadly you've made this one quite easy for me, I. 416 00:22:38,560 --> 00:22:40,560 Speaker 2: Think, sadly. 417 00:22:42,480 --> 00:22:48,000 Speaker 4: Coardly for me, sadly for you, because I cannot point 418 00:22:48,040 --> 00:22:51,760 Speaker 4: to the part of your answer where you identified the 419 00:22:51,880 --> 00:22:56,320 Speaker 4: thing where the fuse was let this week. Even if 420 00:22:56,359 --> 00:22:58,280 Speaker 4: we argue about the flights. 421 00:22:57,920 --> 00:23:03,840 Speaker 2: That was, well, we'll take that as constructive criticism. Tim. 422 00:23:04,200 --> 00:23:06,760 Speaker 5: No, no, Adam, that's what I like about you and 423 00:23:06,760 --> 00:23:11,040 Speaker 5: the feedback you received. Just whack him, would you don't? 424 00:23:11,359 --> 00:23:14,400 Speaker 5: Don't cowtow to him being nice to you? Tell him 425 00:23:14,400 --> 00:23:17,639 Speaker 5: what you think? Nine stories in one going omnibus way 426 00:23:17,760 --> 00:23:20,840 Speaker 5: to bring home nothing but verbosity. That's what Tim's trying 427 00:23:20,880 --> 00:23:22,400 Speaker 5: to say. 428 00:23:22,640 --> 00:23:24,720 Speaker 4: Look, I suppose we all have our different styles of 429 00:23:24,760 --> 00:23:29,960 Speaker 4: saying these things. So yes I am. I am indeed 430 00:23:30,080 --> 00:23:34,240 Speaker 4: giving giving Sean this one, and quite quite narrowly. So 431 00:23:34,320 --> 00:23:36,840 Speaker 4: I think it's still all to play for with one 432 00:23:36,840 --> 00:23:37,520 Speaker 4: more round to go. 433 00:23:38,200 --> 00:23:40,600 Speaker 5: What can I just say that that's appalling effort there, Tim, 434 00:23:40,640 --> 00:23:44,840 Speaker 5: because you absolutely whacked Adam and said, mate, there was 435 00:23:44,880 --> 00:23:49,240 Speaker 5: nothing in that right. And yet when you I asked 436 00:23:49,280 --> 00:23:51,040 Speaker 5: for commentary after mind, you said, oh yeah, you brought 437 00:23:51,040 --> 00:23:53,919 Speaker 5: that home. You really reeled the fish in. Yet, just 438 00:23:53,960 --> 00:23:56,400 Speaker 5: like Adam does when he's judged you've gone twenty two 439 00:23:56,480 --> 00:23:59,160 Speaker 5: twenty three or twenty four to twenty three or whatever 440 00:23:59,200 --> 00:24:03,440 Speaker 5: your score R is right, have some courage, mate, Actually 441 00:24:03,480 --> 00:24:05,760 Speaker 5: gives some points to someone and drop others. 442 00:24:06,560 --> 00:24:08,240 Speaker 4: Do you know this is good? This is this is 443 00:24:08,359 --> 00:24:13,200 Speaker 4: better sledging. Whether it's good, whether it's the winning sledge, 444 00:24:13,200 --> 00:24:15,200 Speaker 4: I'm not quite sure. We'll have to wait and see, 445 00:24:15,200 --> 00:24:17,160 Speaker 4: but it's improved sledging. 446 00:24:17,640 --> 00:24:19,960 Speaker 3: Shall we get onto our favorite story? 447 00:24:20,160 --> 00:24:21,520 Speaker 2: All right? Shall I go first? Sean? 448 00:24:21,800 --> 00:24:26,080 Speaker 1: Please do alrighty, Tim, reform might be in the air. 449 00:24:26,640 --> 00:24:30,280 Speaker 1: That's my favorite story this week. When it comes treasure, 450 00:24:32,359 --> 00:24:35,400 Speaker 1: listen to this. My favorite story this week is Treasury 451 00:24:35,520 --> 00:24:42,159 Speaker 1: Secretary Stephen Kennedy's refreshingly straightforward approach to housing affordability. In 452 00:24:42,200 --> 00:24:44,639 Speaker 1: a Senate hearing, Kennedy made it clear that if we 453 00:24:44,680 --> 00:24:47,440 Speaker 1: want to make housing more affordable for Australians, we need 454 00:24:47,480 --> 00:24:51,520 Speaker 1: to stop fixating on tax tweaks and start focusing on supply. 455 00:24:51,880 --> 00:24:54,760 Speaker 1: When he was questioned about cutting capital gains, tax breaks 456 00:24:54,800 --> 00:24:57,679 Speaker 1: or running in negative gearing, he acknowledged quote, They're an 457 00:24:57,760 --> 00:25:01,359 Speaker 1: area of interest, but ultimately not the solution to the 458 00:25:01,400 --> 00:25:06,000 Speaker 1: housing crisis. Kennedy argued that housing affordability isn't a one 459 00:25:06,119 --> 00:25:09,520 Speaker 1: policy fix, and that tax reforms should be considered within 460 00:25:09,560 --> 00:25:13,520 Speaker 1: the broader economic context. The core issue is increasing housing supply, 461 00:25:13,920 --> 00:25:18,439 Speaker 1: which requires governments to finally be strong and coordinate across 462 00:25:18,440 --> 00:25:22,000 Speaker 1: the three levels of federal, state and local council to 463 00:25:22,080 --> 00:25:25,600 Speaker 1: make real estate accessible without it, which is dancing around 464 00:25:25,600 --> 00:25:28,920 Speaker 1: the real problem while Australians struggle to afford a home. 465 00:25:29,320 --> 00:25:32,560 Speaker 1: Treasury has been modeling these reforms for years, but the 466 00:25:32,600 --> 00:25:35,720 Speaker 1: path forward is clear. We need more homes, not just 467 00:25:35,840 --> 00:25:40,199 Speaker 1: more talk. Kennedy's message amongst all of that talk is practical, 468 00:25:40,480 --> 00:25:43,840 Speaker 1: grounded and long overdue, and that is why it's my 469 00:25:43,960 --> 00:25:45,120 Speaker 1: favorite story of the week. 470 00:25:45,480 --> 00:25:49,480 Speaker 5: Sean, what part of that story was this week apart 471 00:25:49,520 --> 00:25:55,080 Speaker 5: from Stephen Kennedy talking? Is that stuff we've known for months? Anyway, 472 00:25:55,160 --> 00:25:57,240 Speaker 5: I'll leave it there. I don't want to comment on 473 00:25:57,640 --> 00:26:01,560 Speaker 5: Adam's story, but my. 474 00:26:03,640 --> 00:26:07,320 Speaker 3: Story I love, I love the follow the money story. 475 00:26:07,520 --> 00:26:09,080 Speaker 3: The Tom Cruise was. 476 00:26:09,119 --> 00:26:12,960 Speaker 1: What was in that movie Show Me the Money, Show. 477 00:26:12,720 --> 00:26:15,720 Speaker 5: Me the Money? Okay, so this is a show Me 478 00:26:15,840 --> 00:26:19,320 Speaker 5: the Money. Yeahn we had it was absolute crack of 479 00:26:19,320 --> 00:26:22,520 Speaker 5: this week. Warren Buffett one of the greatest investors of 480 00:26:22,560 --> 00:26:25,120 Speaker 5: all time, certainly of this generation, but of all time. 481 00:26:25,800 --> 00:26:28,119 Speaker 5: He's cutting his steak in Apple as part of a 482 00:26:28,160 --> 00:26:31,119 Speaker 5: selling spree that's seen his Berkshire Hathway about one hundred 483 00:26:31,160 --> 00:26:34,879 Speaker 5: and sixty six billion US dollars worth of the stock 484 00:26:34,960 --> 00:26:39,119 Speaker 5: over the past couple of years. What's that two seventy million, Ossie. 485 00:26:39,119 --> 00:26:43,679 Speaker 5: It's kind of like dumping Commonwealth Bank and ain Z together, 486 00:26:44,000 --> 00:26:47,000 Speaker 5: you know, just that much money. Buffett's now ditched almost 487 00:26:47,040 --> 00:26:49,600 Speaker 5: two third of what he owned in Apple, which at 488 00:26:49,640 --> 00:26:52,520 Speaker 5: its peak accounted for about one hundred and seventy eight 489 00:26:52,560 --> 00:26:55,520 Speaker 5: billion New ST dollars worth of company stock portfolio. The 490 00:26:55,560 --> 00:26:58,320 Speaker 5: stock sales are real shift by Buffett. A couple of 491 00:26:58,400 --> 00:27:00,679 Speaker 5: years ago he described Apple as one of for giants 492 00:27:00,680 --> 00:27:04,440 Speaker 5: of Berkshire's holdings. But he is dumping it. It comes 493 00:27:04,520 --> 00:27:07,280 Speaker 5: as Apple has all sorts of regulatory challenges. It's facing 494 00:27:07,320 --> 00:27:10,840 Speaker 5: regulatory pressure on its app store. It's author's also been 495 00:27:10,880 --> 00:27:13,840 Speaker 5: a recent US any Trust victory against Google that threatens 496 00:27:13,880 --> 00:27:16,879 Speaker 5: to cut billions of dollars in licensing revenues that Apple 497 00:27:16,960 --> 00:27:20,399 Speaker 5: makes from Google from the search group. To round things out, 498 00:27:20,920 --> 00:27:24,879 Speaker 5: this week, Apple lost the title of top dog on 499 00:27:25,280 --> 00:27:28,960 Speaker 5: Wall Street to end video. Now, we're not investing podcasts. 500 00:27:29,000 --> 00:27:31,119 Speaker 5: We're not saying going by or sell Apple shares or 501 00:27:31,160 --> 00:27:34,440 Speaker 5: anything like that. Get your own advice. But this week 502 00:27:35,480 --> 00:27:40,600 Speaker 5: the great follow the money story is Apple regulatory issues, 503 00:27:40,640 --> 00:27:46,480 Speaker 5: buffet dumping, it losing its top spot over to you, Tim. 504 00:27:46,040 --> 00:27:51,359 Speaker 4: Gosh, I am going to give that one very straightforwardly 505 00:27:51,600 --> 00:27:57,840 Speaker 4: to Sean. I liked your arguments, Adam, and I am 506 00:27:57,880 --> 00:28:00,520 Speaker 4: interested in the topic of hasing affordability. 507 00:28:00,119 --> 00:28:01,520 Speaker 3: And that is boring, wasn't it. 508 00:28:01,720 --> 00:28:06,880 Speaker 4: Well? I hear the point that Sean makes around how 509 00:28:06,960 --> 00:28:09,800 Speaker 4: much of that was really of this week other than 510 00:28:09,920 --> 00:28:16,560 Speaker 4: the common tree. So I sledge worked, did work, but 511 00:28:16,640 --> 00:28:19,320 Speaker 4: remember there is that that one extra point available on 512 00:28:19,359 --> 00:28:22,440 Speaker 4: the sledging. So I've got so I've got Sean having 513 00:28:22,440 --> 00:28:27,080 Speaker 4: won by three rounds to one, quite close. So I 514 00:28:27,119 --> 00:28:29,879 Speaker 4: am actually I'm going to give the best sledge to Adam, 515 00:28:29,920 --> 00:28:35,480 Speaker 4: though just very dry during sleeper when you just kind 516 00:28:35,480 --> 00:28:38,720 Speaker 4: of interceded with good start and then Sean completely lost 517 00:28:38,760 --> 00:28:42,440 Speaker 4: his thread. That's the nature of a good sledge, I think, 518 00:28:42,520 --> 00:28:45,360 Speaker 4: is only put your opponent off the stride. It didn't 519 00:28:45,400 --> 00:28:48,320 Speaker 4: actually make a difference to the outcome though, So our 520 00:28:48,320 --> 00:28:49,920 Speaker 4: winner is Sean. 521 00:28:51,200 --> 00:28:53,960 Speaker 5: Well well done, Sean, thank you, and I think you 522 00:28:54,000 --> 00:28:57,280 Speaker 5: are a wonderful judge. Tim, you truly are. I would 523 00:28:57,360 --> 00:28:59,400 Speaker 5: like to concede that that is an excellent point. Win 524 00:28:59,520 --> 00:29:03,920 Speaker 5: by Adam, because who actually stopped the show. Adam's saying coming. 525 00:29:03,800 --> 00:29:08,320 Speaker 1: Nasty, very uncomfortable with it. 526 00:29:10,760 --> 00:29:11,560 Speaker 2: I'm glad it works. 527 00:29:11,600 --> 00:29:13,560 Speaker 3: Come on, so do the sign off. 528 00:29:14,880 --> 00:29:16,320 Speaker 5: I'll do the sign off out of you are too 529 00:29:16,320 --> 00:29:19,040 Speaker 5: flumos by the whole thing that is the weekend edition 530 00:29:19,240 --> 00:29:23,640 Speaker 5: from Fear and Greed. Tim, you have been one of 531 00:29:23,640 --> 00:29:25,960 Speaker 5: the truly great judges. Thank you very much for being 532 00:29:26,000 --> 00:29:26,440 Speaker 5: part of it. 533 00:29:26,720 --> 00:29:28,280 Speaker 4: Always a pleasure, never mature. 534 00:29:29,240 --> 00:29:33,840 Speaker 5: Lovely Adam, big effort, thank you, sure, really good effort, 535 00:29:33,960 --> 00:29:35,320 Speaker 5: really nice try. 536 00:29:35,840 --> 00:29:38,720 Speaker 2: Oh god, that's being damned with faint praise, isn't. 537 00:29:38,520 --> 00:29:39,040 Speaker 3: It it is? 538 00:29:39,480 --> 00:29:42,000 Speaker 5: Yeah, make sure you're following the podcast during its sideline 539 00:29:42,040 --> 00:29:44,600 Speaker 5: on LinkedIn, Instagram, TikTok, Facebook, and next I'm sure a 540 00:29:44,800 --> 00:29:45,440 Speaker 5: man that was. 541 00:29:45,440 --> 00:29:47,800 Speaker 3: Fear and Greed Business News. Have a great weekend.