1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Friday, the thirteenth of March twenty twenty six. Welcome 2 00:00:07,120 --> 00:00:09,520 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,320 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,760 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,840 --> 00:00:15,280 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,520 --> 00:00:18,479 Speaker 2: Morning Michael. Give us that follow message one last time 7 00:00:18,720 --> 00:00:19,040 Speaker 2: for the. 8 00:00:19,040 --> 00:00:22,759 Speaker 1: Last time, Sean. Yes, if you're listening on Spotify and 9 00:00:22,800 --> 00:00:25,720 Speaker 1: you're listening through the your daily drive playlist, that playlist 10 00:00:26,079 --> 00:00:28,520 Speaker 1: it's days a numbered Sean. It's only got a few 11 00:00:28,560 --> 00:00:32,280 Speaker 1: days left, So please hit follow on the Fast five 12 00:00:32,360 --> 00:00:35,560 Speaker 1: so that you can hear us after that playlist has disappeared, 13 00:00:35,880 --> 00:00:37,960 Speaker 1: and we will be in your ears every day with 14 00:00:38,040 --> 00:00:40,919 Speaker 1: the top five business stories in five minutes. Let's get 15 00:00:40,960 --> 00:00:43,920 Speaker 1: on with it. Story number one. Energy Minister Chris Bowen 16 00:00:44,240 --> 00:00:47,440 Speaker 1: says Australia has thirty six days of petrol and twenty 17 00:00:47,560 --> 00:00:51,000 Speaker 1: nine days of jet fuel and the government will temporarily 18 00:00:51,080 --> 00:00:54,720 Speaker 1: allow dirtier petrol on the roads to boost the country's 19 00:00:54,800 --> 00:00:55,600 Speaker 1: energy supplies. 20 00:00:55,800 --> 00:00:59,160 Speaker 2: Bowen insisted US show his fuel supplies were secure and 21 00:00:59,200 --> 00:01:01,600 Speaker 2: there was no need for buying, and then he dropped 22 00:01:01,600 --> 00:01:04,400 Speaker 2: emission standards. It means fuel quality standards will be amended 23 00:01:04,640 --> 00:01:07,759 Speaker 2: to allow higher sulfur levels for the next sixty days. 24 00:01:07,760 --> 00:01:10,880 Speaker 2: That allows around one hundred million liters of a month 25 00:01:11,240 --> 00:01:14,679 Speaker 2: of new petrol supply that would otherwise have been exported 26 00:01:14,720 --> 00:01:16,800 Speaker 2: to be part of the domestic supply, but once the 27 00:01:16,840 --> 00:01:20,560 Speaker 2: demand for fuel had doubled and a national coordination mechanism 28 00:01:20,720 --> 00:01:24,120 Speaker 2: will be convened to respond to supply chain issues. 29 00:01:24,760 --> 00:01:27,720 Speaker 1: Now. That announcement came after Brent crude surge nearly ten 30 00:01:27,800 --> 00:01:30,760 Speaker 1: percent to push above one hundred US dollars a barrel 31 00:01:30,800 --> 00:01:33,959 Speaker 1: again yesterday, hitting the local share market. That the surge 32 00:01:34,040 --> 00:01:37,440 Speaker 1: really came after a Raq stopped operations at its oil 33 00:01:37,520 --> 00:01:40,760 Speaker 1: ports after two tankers were targeted by explosive laden boats. 34 00:01:41,080 --> 00:01:44,880 Speaker 1: Also not helping was Omar moving its tanker fleet away 35 00:01:44,920 --> 00:01:48,520 Speaker 1: from its main oil terminal, effectively stopping supply from that country. 36 00:01:48,840 --> 00:01:52,640 Speaker 1: The actions overshadowed the release of emergency reserves by the 37 00:01:52,640 --> 00:01:57,040 Speaker 1: International Energy Agency. The total release SEAN will be four 38 00:01:57,120 --> 00:02:01,280 Speaker 1: hundred million barrels globally from thirty two member countries. Just 39 00:02:01,320 --> 00:02:03,200 Speaker 1: to give that a little bit of perspective, it's about 40 00:02:03,200 --> 00:02:05,920 Speaker 1: the same as would flow through the Strait of Humus 41 00:02:06,320 --> 00:02:07,600 Speaker 1: over twenty days. 42 00:02:08,000 --> 00:02:10,600 Speaker 2: That means a lot of oil. Oil experts said the 43 00:02:10,639 --> 00:02:13,680 Speaker 2: global oil market is shifting from a short term gear 44 00:02:13,760 --> 00:02:17,239 Speaker 2: political shock to a prolonged supply squeeze as the Middle 45 00:02:17,280 --> 00:02:20,600 Speaker 2: East conflict disrupts production and exports. What's that mean for 46 00:02:20,680 --> 00:02:24,639 Speaker 2: US Higher petrol prices for longer, higher inflation, more chance 47 00:02:24,680 --> 00:02:27,760 Speaker 2: the Reserve banklifting interest rates. That impacted the local share 48 00:02:27,760 --> 00:02:30,280 Speaker 2: market yesterday, which closed down about one point three percent 49 00:02:30,320 --> 00:02:31,919 Speaker 2: on the back of those oil prices. 50 00:02:32,320 --> 00:02:36,600 Speaker 1: Okay, moving on to story number two now Sean household 51 00:02:36,639 --> 00:02:40,320 Speaker 1: spending fell last month for the first time since September 52 00:02:40,360 --> 00:02:43,720 Speaker 1: twenty twenty four, marking a shift from steady growth and 53 00:02:43,840 --> 00:02:47,000 Speaker 1: raising questions about the need for more interest rate hikes. 54 00:02:47,040 --> 00:02:50,040 Speaker 1: The Commonwealth Bank's household spending in the X fell half 55 00:02:50,040 --> 00:02:53,960 Speaker 1: a percent, and spending was down across half the twelve categories. 56 00:02:54,280 --> 00:02:56,359 Speaker 1: Utilities had the biggest monthly fall. 57 00:02:56,400 --> 00:02:58,400 Speaker 2: In an your terms. The pace of growth slowed to 58 00:02:58,680 --> 00:03:01,399 Speaker 2: under five percent. Come Off Bank chief economist Belinda Allen 59 00:03:01,440 --> 00:03:04,200 Speaker 2: said it was too early to call a sustained slow down. 60 00:03:04,680 --> 00:03:08,960 Speaker 2: But but but discretionary categories were softening first, and that's 61 00:03:09,040 --> 00:03:12,680 Speaker 2: typically where households pull back when budgets are under pressure. 62 00:03:12,919 --> 00:03:15,560 Speaker 2: Of course, the Reserve Bank Board meets early next week. 63 00:03:15,760 --> 00:03:19,359 Speaker 2: Given the surgeon oil prices or four major banks are 64 00:03:19,360 --> 00:03:22,760 Speaker 2: now tipping rate hikes on Tuesday and then again in May. 65 00:03:23,720 --> 00:03:27,440 Speaker 1: Story number three, the golden child of the local tech sector, 66 00:03:27,520 --> 00:03:30,919 Speaker 1: at Lassian will cut ten percent of its workforce, saying 67 00:03:30,960 --> 00:03:33,799 Speaker 1: that artificial intelligence has reduced the number of people it 68 00:03:33,919 --> 00:03:37,320 Speaker 1: needs and the cost savings will be deployed in developing AI. 69 00:03:37,480 --> 00:03:41,080 Speaker 1: In the business that is about sixteen hundred jobs, about 70 00:03:41,280 --> 00:03:43,320 Speaker 1: nearly five hundred of those are expected to come from 71 00:03:43,360 --> 00:03:48,160 Speaker 1: Australian operations. It is sean the highest profile local company 72 00:03:48,200 --> 00:03:51,080 Speaker 1: to slash jobs as a result a direct result of 73 00:03:51,120 --> 00:03:51,960 Speaker 1: the growth of AI. 74 00:03:52,440 --> 00:03:55,080 Speaker 2: Co founder and chief executive Mike cannon Brooks also said 75 00:03:55,080 --> 00:03:58,120 Speaker 2: that the company's chief technology officer was going. At Lassian 76 00:03:58,240 --> 00:04:01,080 Speaker 2: is listed on NASDAQ in the US. Its share price 77 00:04:01,080 --> 00:04:03,840 Speaker 2: has dropped sixty six percent in the past twelve months. 78 00:04:03,960 --> 00:04:07,160 Speaker 2: It's part of what market watches are calling sas bocolips, 79 00:04:07,440 --> 00:04:10,480 Speaker 2: where software service providers are being hammered because of the 80 00:04:10,520 --> 00:04:14,440 Speaker 2: potential for AI to replace what they do. Canon Brooks well. 81 00:04:14,440 --> 00:04:19,080 Speaker 2: He says AI can help at Lessian do what it does, 82 00:04:19,120 --> 00:04:21,480 Speaker 2: and the decision was made to spend more money investing 83 00:04:21,480 --> 00:04:24,000 Speaker 2: in AI rather than all those staff members. 84 00:04:24,880 --> 00:04:28,160 Speaker 1: Story number four. At least three point two million Australians, 85 00:04:28,240 --> 00:04:32,280 Speaker 1: or one in seven, experienced personal fraud last financial year. 86 00:04:32,320 --> 00:04:34,960 Speaker 1: That's double the level of a decade ago. Card fraud 87 00:04:35,040 --> 00:04:37,400 Speaker 1: is the big one, according to the Bureau of Statistics, 88 00:04:37,760 --> 00:04:41,279 Speaker 1: with ten percent of the population experiencing it each year. 89 00:04:41,440 --> 00:04:45,040 Speaker 1: Total losses from card fraud were estimated to be two 90 00:04:45,080 --> 00:04:47,560 Speaker 1: point two billion dollars. Can you believe that? 91 00:04:47,839 --> 00:04:50,719 Speaker 2: Yeah? But the good news it's about three quarters of 92 00:04:50,760 --> 00:04:54,680 Speaker 2: that it's reimbursed by the bank or card issuer. The 93 00:04:54,760 --> 00:04:58,440 Speaker 2: surfe also found that around six hundred thousand people experienced 94 00:04:58,480 --> 00:05:00,760 Speaker 2: a scam of some sort in the last year, but 95 00:05:00,760 --> 00:05:03,320 Speaker 2: that was actually less than a year earlier. Far fewer 96 00:05:03,440 --> 00:05:06,480 Speaker 2: fishing scams. People just a bit more savvy about that 97 00:05:07,000 --> 00:05:10,800 Speaker 2: other weight might call mainstream scams include identity theft that 98 00:05:10,920 --> 00:05:13,200 Speaker 2: was reported two hundred and twenty times two hundred and 99 00:05:13,240 --> 00:05:16,920 Speaker 2: twenty thousand times in the year, and online impersonation five 100 00:05:17,000 --> 00:05:17,960 Speaker 2: hundred thousand times. 101 00:05:19,000 --> 00:05:21,320 Speaker 1: Story number five. What do you make of this one? 102 00:05:21,440 --> 00:05:25,880 Speaker 1: Sean British banknotes are losing the politicians and literary figures 103 00:05:25,960 --> 00:05:31,400 Speaker 1: and welcoming hedgehogs and badges instead. The next generation of 104 00:05:31,480 --> 00:05:35,560 Speaker 1: pound notes will feature wildlife native to the UK, according 105 00:05:35,600 --> 00:05:37,720 Speaker 1: to the Bank of England, after half a century in 106 00:05:37,760 --> 00:05:41,679 Speaker 1: which that status was reserved for historical figures, including people 107 00:05:41,720 --> 00:05:43,839 Speaker 1: like Winston Churchill and Jane Austen. 108 00:05:43,839 --> 00:05:46,680 Speaker 2: Central Bank held the public consultation and refreshing its money 109 00:05:46,760 --> 00:05:51,400 Speaker 2: last year forty four thousand responses. Basically, you know, badges 110 00:05:51,440 --> 00:05:54,480 Speaker 2: and hedgehogs and those sorts of things came out first. 111 00:05:54,520 --> 00:05:59,640 Speaker 2: Basically nature came first, architecture and then mark second, historical figures. Third, 112 00:06:00,040 --> 00:06:02,320 Speaker 2: the bank set it's looking for images that symbolized the UK, 113 00:06:02,440 --> 00:06:05,240 Speaker 2: resonated with the public and weren't divisive. This will be 114 00:06:05,320 --> 00:06:08,039 Speaker 2: divisive though, because at the moment the labor government is 115 00:06:08,200 --> 00:06:10,640 Speaker 2: very patriotic and given what's going on in the world, 116 00:06:10,680 --> 00:06:15,279 Speaker 2: that's not a surprise. The right side of politics reform 117 00:06:15,400 --> 00:06:19,680 Speaker 2: UK has really taken control. It's not unlike one nation. 118 00:06:19,760 --> 00:06:21,960 Speaker 2: I mean, I'm stretching the analogy there a little bit, 119 00:06:22,160 --> 00:06:25,360 Speaker 2: but it's certainly very splintered. So anything like this, any 120 00:06:25,480 --> 00:06:28,880 Speaker 2: change to something that's very typically British is going to 121 00:06:29,000 --> 00:06:31,239 Speaker 2: cause all sorts of problems and noise. 122 00:06:31,680 --> 00:06:35,640 Speaker 1: I suspect hedgehogs have never considered themselves particularly controversial before. 123 00:06:35,760 --> 00:06:38,480 Speaker 2: Sure not badges for that matter. Indeed, there we. 124 00:06:38,400 --> 00:06:40,640 Speaker 1: Go, the top five business stories in five minutes. Thank 125 00:06:40,680 --> 00:06:41,200 Speaker 1: you very much. 126 00:06:41,320 --> 00:06:41,920 Speaker 2: Thanks Michael. 127 00:06:42,040 --> 00:06:45,000 Speaker 1: It's Friday, the thirteenth of March twenty twenty six. Remember 128 00:06:45,000 --> 00:06:47,640 Speaker 1: to hit follow on the podcast. And if five minutes 129 00:06:47,720 --> 00:06:50,200 Speaker 1: isn't enough for you, you can find our longer daily 130 00:06:50,240 --> 00:06:53,360 Speaker 1: show called Fear and Greed wherever you listen to podcasts. 131 00:06:53,360 --> 00:06:55,520 Speaker 1: I'm Michael Thompson and that was the fast five business 132 00:06:55,520 --> 00:06:57,560 Speaker 1: news by Fear and Greed at a great date.