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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Friday, the fourth of July twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: Storry number one. The S and p ASX two hundred

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Speaker 1: climbed zero point one percent today to set a new

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Speaker 1: closing record at eighty six hundred and three points. Eight

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Speaker 1: of the eleven sub indictries were up today, led by

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Speaker 1: the tech and retail sectors. Appened Life three sixty and

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Speaker 1: Wise Tech Global. All those tech stocks had a good

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Speaker 1: day after a solid lead in from Wall Street. We're

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Speaker 1: stronger than expected job start, a boosted confidence about the

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Speaker 1: US economy. Retail stocks think West Farmers, Premier Investments. They

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Speaker 1: also climbed on hopes of an interest rate cut next week.

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Speaker 1: On the flip side, Comwealth Bank fell almost one percent.

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Speaker 1: It's now down more than seven percent from its recent

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Speaker 1: intra day record. Not a good day as well for

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Speaker 1: some of the big miners, with both BHP and ryot

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Speaker 1: Tinto losing ground. Under story number two, and Prime Minister

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Speaker 1: Anthony Aberanezi has urged businesses to resume their rightful places

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Speaker 1: the primary source of growth in our economy, and he's

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Speaker 1: hoping that a round table held next month will do

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Speaker 1: just that now. Speaking in an event in Sydney today,

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Speaker 1: the PM said, and I quote, in a strong, dynamic

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Speaker 1: and productive economy, government should be a driver of growth,

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Speaker 1: but not the driver of growth. As quite a wide

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Speaker 1: ranging speech, he also said he assumes that he'll receive

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Speaker 1: a letter next week confirming Australia will stay on its

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Speaker 1: ten percent baseline tariff from the US. The ninety day

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Speaker 1: pause on reciprocal tariff's ends next week, making July nine

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Speaker 1: effectively a second Liberation Day, but the Prime Minister says

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Speaker 1: he thinks the day will pass without too much impact

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Speaker 1: on Australia because we're not the ones where tariffs will

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Speaker 1: jump back up overnight. And also worth a mention of

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Speaker 1: this one. In laying out his economic vision for his

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Speaker 1: second term, mister Alberenezi said he hasn't given any consideration

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Speaker 1: to raising the GST and lowering income tax. When asked

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Speaker 1: directly whether he's considered raising the GST, he said no,

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Speaker 1: I'm a supporter of progressive taxes. Consumption taxes, by definition,

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Speaker 1: are regressive in their nature. Sounds a little bit like

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Speaker 1: he's already made up his mind, which should make for

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Speaker 1: an interesting talkfest next month. Onto story number three. Now

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Speaker 1: and Quantus customers won't know until next week whether their

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Speaker 1: data has been accessed and what has potentially been stolen

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Speaker 1: within that as part of a cyber attack against the airline.

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Speaker 1: Quantis today gave an update on the hack We seeo

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Speaker 1: Vanessa Hudson defending the airline's handling of the crisis. Details

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Speaker 1: of up to six million Quantus customers were accessed through

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Speaker 1: a third party vendor. Eighty percent of those were members

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Speaker 1: of the Quantus frequent Flyer scheme. We learned today, and

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Speaker 1: with a forensic investigation underway, the airline expects to be

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Speaker 1: able to share details of the individual customers data affected

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Speaker 1: sometime next week. Vanessa Hudson says, and I quote, we

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Speaker 1: feel very confident that our frequent flyer database is very secure.

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Speaker 1: But he's also pledged to learn valuable lessons from the

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Speaker 1: cyber attack. Story number four. China is reportedly planning to

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Speaker 1: offer cash payments to families to encourage couples to have children.

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Speaker 1: The government is looking to provide payments equivalent to about

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Speaker 1: seven hundred and fifty dollars a year for each child

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Speaker 1: until they turned three. This according to Bloomberg, it's an

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Speaker 1: initiative intended to slow the rate of population decline in

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Speaker 1: the world's second largest economy. It is a long way

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Speaker 1: from the one child policy that China abandoned about a

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Speaker 1: decade ago, which allowed couples to only have one child.

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Speaker 1: Eighteen point eight million berths were registered in China in

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Speaker 1: twenty sixteen when the one child policy was dumped. Last year,

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Speaker 1: the birth rate was half that. Now. It's hoped cash

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Speaker 1: handouts will correct the slide, slightly reminiscent of the baby

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Speaker 1: bonus that was introduced here in what two thousand and

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Speaker 1: four and that did see a slight uptick in the

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Speaker 1: birth rate. Finally, story number five, US President Donald Trump

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Speaker 1: has scored a major win with his flagship legislation, the

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Speaker 1: One Big Beautiful Bill Act, passing Congress early this morning.

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Speaker 1: Donald Trump had put a deadline of July four, Independence

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Speaker 1: Day on this one getting through, and he made it

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Speaker 1: just with the US House of Reps passing the bill

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Speaker 1: by just four votes two hundred and eighteen to two

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Speaker 1: hundred and fourteen. Still a win's a win, and this

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Speaker 1: is a big win for the president. This bill makes

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Speaker 1: his twenty seventeen tax cuts permanent and delivers new tax

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Speaker 1: cuts that he promised during last year's campaign. But it

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Speaker 1: also cuts spending to social programs like medicaid and funds

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Speaker 1: the administration's crack down on immigration. Two Republicans did vote

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Speaker 1: against the legislation, one who's more moderate and one who

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Speaker 1: didn't think it cuts spending enough. The bill will add

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Speaker 1: about three point four trillion new S dollars to the

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Speaker 1: nation's debt over the next decade. It'll be signed into

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Speaker 1: law by the President tomorrow morning Australian time, just in

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Speaker 1: time for the Fourth of July fireworks. That's it for

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Speaker 1: the afternoon report for Friday, the fourth of July twenty

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Speaker 1: twenty five. Make sure you hit follow on the podcast

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Speaker 1: and we'll be back tomorrow morning with the weekend edition

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Speaker 1: of the Fast five Business News by Fear and Greed.

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Speaker 1: A'm Michael Thompson. Enjoy your e