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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello

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Speaker 1: Sean Aileman.

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Speaker 2: Hello Michael Sean.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. On the weekend, we

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Speaker 1: still keep it, obviously to five minutes, but we're going

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Speaker 1: to pick out the biggest business story of the week,

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Speaker 1: the most remarkable story, a mystery category that changes every week,

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Speaker 1: and then our favorite business related story. What let's start

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Speaker 1: with the biggest though obviously what was yours for me?

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Speaker 2: It was the economics. We've got inflation figures for April.

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Speaker 2: They showed that both headline and underlying inflation are within

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Speaker 2: the Reserve Bank target band. Then we've got business investment

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Speaker 2: figures is very important to economic growth business investment and

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Speaker 2: it is slow. What we found out two weeks ago

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Speaker 2: is that the Reserve Bank is thinking more about economic

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Speaker 2: growth a little less about inflation. The data this week

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Speaker 2: says that economic growth needs a kickstart and inflation is

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Speaker 2: trending down. Put all that together in the mix master,

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Speaker 2: my favorite economics mix master, and it just looks like

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Speaker 2: there'll be more into straight cuts later in the year.

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Speaker 1: Okay. The other big story I think this week, Sean

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Speaker 1: was tariffs. And I know we've been talking about tariffs

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Speaker 1: for weeks and weeks and weeks and weeks now, but

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Speaker 1: the uncertainty continues, and it really popped up again this week.

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Speaker 1: It started with a fifty percent tariff on imports from

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Speaker 1: Europe starting next week, according to the US President Donald Trump.

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Speaker 1: Markets were rattled, the Aussie dollar surged. That was at

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Speaker 1: the beginning of the week. Middle of the week, he

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Speaker 1: had two courts in the US both rule that the

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Speaker 1: President had overstepped his legal authority by using emergency powers

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Speaker 1: and that these reciprocal tariffs because the sweeping ones were

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Speaker 1: just not on end of the week, back on again,

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Speaker 1: Federal Appeals Court agreeing to temporarily keep the tariffs while

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Speaker 1: the appeal was being large. It's all heading to the

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Speaker 1: Supreme Court and the debarcle. The uncertainty for markets, all

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Speaker 1: of that, Sean continues. Incredible.

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Speaker 2: Can't you say, my mass remarkable story? Please do Federal

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Speaker 2: Labor approving Woodside Energy's bid to extend the life of

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Speaker 2: its North Northwest Sheriff guest development until twenty seventy, so

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Speaker 2: much in this. Did you know that the pre runner

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Speaker 2: to Woodside bought this bit of land through three hundred

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Speaker 2: and seventy thousand square commuters, So it's a fair bit

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Speaker 2: of land chunk off the coast for one hundred pounds

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Speaker 2: in the mid sixties. This is what they're arguing about.

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Speaker 1: Now.

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Speaker 2: It's taken seven years to get to the point where

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Speaker 2: the federal government has said, yep, you can keep open

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Speaker 2: the Northwest Shelf until twenty seventy. Remarkable that a labor

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Speaker 2: government who is very focused on renewable energy has allowed

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Speaker 2: this to happen.

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Speaker 1: The other yeah, that is the most remarkable story of

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Speaker 1: the week. The other big one was the about face

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Speaker 1: by Telstra in terms of strategy, and really it is

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Speaker 1: about AI. It is about connectivity. They announced the five

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Speaker 1: year plan for the telco throughout the week and it

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Speaker 1: is all about kind of the network engaging customers as

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Speaker 1: part of this this idea of connectivity that everybody needs

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Speaker 1: connectivity all the time, and really it is about the

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Speaker 1: owning the digital infrastructure around it. The Infraco business, which

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Speaker 1: was one the previous boss of Telstra was actually planning

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Speaker 1: to sell, so it is a bit of an about face.

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Speaker 1: Remarkable story. Yes, maybe not quite as remarkable as yours, though, Sean.

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Speaker 2: Let me tell you, well, we have a mystery category

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Speaker 2: each week, and given that Elon is leaving the building,

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Speaker 2: I think we should have a musk category. Kind of

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Speaker 2: the best Musks story for me, the fact that he

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Speaker 2: is leaving the building. He finally has left a doge

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Speaker 2: the Department of Government Efficiency. He was set up to

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Speaker 2: cut two trillion US dollars from the US budget, manage

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Speaker 2: one hundred and seventy five billion, about eight percent of

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Speaker 2: the promise, and even that one in seventy five billion

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Speaker 2: hasn't been verified. Donald Trump he said this will be

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Speaker 2: his last day, but not really, because he will always

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Speaker 2: be with us helping all the way. Elon is terrific,

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Speaker 2: That's what Donald Trump said. I'm sure Elon's gone back

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Speaker 2: to try and write things at his ev maker tesla

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Speaker 2: and of course at SpaceX.

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Speaker 1: Michael, Well, funnily enough, that was my Elon Musk story

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Speaker 1: of the week, because he is going to have a

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Speaker 1: bit to do at SpaceX because there was another explosion

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Speaker 1: there this week, Sean, the third in a row. This

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Speaker 1: is a bad one. The first one using the recycled boosters,

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Speaker 1: you know, the ones that they catch out of the sky.

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Speaker 1: It just didn't work as it was supposed to. They

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Speaker 1: got it, got up into space, the booster attached and lost.

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Speaker 1: They lost contact with it. The actual starship itself couldn't

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Speaker 1: let its satellites, it's it's dummy satellites out because the

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Speaker 1: door wouldn't open, and then the starship experienced what SpaceX

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Speaker 1: called a rapid unscheduled disassembly. In other words, it blew

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Speaker 1: up and look. Elon Musk is the eternal optimist. He

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Speaker 1: says that this was a big improvement on the previous

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Speaker 1: two because of this one actually made it to space,

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Speaker 1: so look on the bright side. What was your favorite

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Speaker 1: story this week? Sewan?

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Speaker 2: It came from Justice Michael Lee, one of the country's

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Speaker 2: best known judges. The corporate regulator ACIC is rapping up

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Speaker 2: its case against the former board of troubled casino operator Entertainment.

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Speaker 2: Justice League made comment he's basically upset about the fact

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Speaker 2: that directors keep saying that they should not have the

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Speaker 2: burden going through hundreds of pages of documents that might

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Speaker 2: have shed light on things that were going wrong, like

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Speaker 2: money laundry. Over to you, Justice Lee, and I quit.

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Speaker 2: People just can't keep on saying that, oh well, it's

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Speaker 2: all too difficult for us to read the material that's

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Speaker 2: presented to a board. These non executive directors say, well,

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Speaker 2: don't give me all the director's fees. Please, don't give

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Speaker 2: me all the director's fees because I can't get through

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Speaker 2: the work. I don't think that happens, Justice, Lee, I

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Speaker 2: think you correct.

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Speaker 1: Last one for me sean favorite story, Just a quick one,

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Speaker 1: little rags to riches story here. Hayley Bieber, model and

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Speaker 1: wife of Justin has sold her makeup and skincare brand

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Speaker 1: Road to Elf Beauty for about a billion US dollars.

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Speaker 1: She has a lot of Instagram followers fifty five million

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Speaker 1: I think fifty fifteen million on TikTok, and really that

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Speaker 1: is one of those brands that has been built only

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Speaker 1: since twenty twenty two was when she launched it, and

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Speaker 1: it has become very popular, particularly with Jenza millennials, with

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Speaker 1: products of course, sewn your favorite tied lip treatment with

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Speaker 1: all of its mines and various bits and pieces. Anyway,

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Speaker 1: one billion that US dollars. Justin Bieber is worth about

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Speaker 1: three hundred million US dollars, so that is one wealthy couple.

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Speaker 2: Did you know that Haley Bieber is the daughter of

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Speaker 2: Stephen Baldwin. So I'm not sure whether it's a Rex

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Speaker 2: Richard story, but.

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Speaker 1: I own that was just a bit of just a

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Speaker 1: bit of mayo An the story. Okay, there we go,

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Speaker 1: five minutes and pretty much everything you need to know

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Speaker 1: in the world of business. Sean.

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Speaker 2: Thank you very much, Thank you, Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X.

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Speaker 1: I'm Michael Thompson and this is the past five business

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Speaker 1: news by Fear and Great