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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The Reserve Bank governor gives an upbeat assessment to the

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Speaker 1: local economy, but WARN's international pressure's lurk. Prime Minister Anthony

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Speaker 1: Abneasy questions whether the optist boss, Stephen Rue should keep

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Speaker 1: his job, and Australia formally recognizes the Palestinian state. Plus

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Speaker 1: investors take big bets on the share prices of the

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Speaker 1: big tech companies falling and the rush to buy granny flats.

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Speaker 1: It is Tuesday, the twenty third of September twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning, Adam Lange.

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Speaker 2: Good morning, Michael, Adam.

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Speaker 1: The main story this morning Reserve Bank of Australia Governor

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Speaker 1: Michelle Bullock appeared before a parliamentary committee yesterday and it

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Speaker 1: was a very wide ranging discussion, but if we kind

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Speaker 1: of get to the heart of it, the basic message

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Speaker 1: was the local economy is recovering well at the moment,

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Speaker 1: supported by interest rate cuts, but and it's a big butt,

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Speaker 1: the global economic uncertainty could really spoil the party.

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Speaker 2: Yeah, Michael.

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Speaker 3: It was a broad appraisal and starting with the economy,

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Speaker 3: Governor Michelle Bullock said the recovery in household consumption is

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Speaker 3: forecast to keep going and the inflation outlook is good,

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Speaker 3: with prices likely to settle in the middle of the

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Speaker 3: Central Bank's target range of two to three percent. Now

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Speaker 3: recent rate carts can be seen already impacting the housing

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Speaker 3: market and consumption.

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Speaker 2: She said.

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Speaker 3: The global environment is particularly uncertain and unpredictable, but given

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Speaker 3: where interest rates are today, there is room to move

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Speaker 3: if things go downhill. The economy is close to full

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Speaker 3: employment and that is one of the main RBA goals,

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Speaker 3: but productivity growth has not picked up and there is

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Speaker 3: pressure on labor costs, so the RBA governor said one

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Speaker 3: of the reasons for the low productivity rate is the

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Speaker 3: rise of non market industries such as health, education, and

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Speaker 3: the public service. While they have a lower productivity rate,

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Speaker 3: they are essentially to an advanced economy.

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Speaker 2: We all need them, she added.

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Speaker 3: Bullock said the economy is seeing a step change in

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Speaker 3: the world trading system, which has the potential to trigger

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Speaker 3: a market downturn. She pointedly said that there isn't a

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Speaker 3: great deal of risk priced into equities, adding that there

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Speaker 3: wasn't a lot of risk price into high credit. Risk companies.

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Speaker 3: Reading between the lines, Bullock is saying market valuations might

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Speaker 3: be just a little bit too high at the moment.

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Speaker 1: Yeah, that is an interesting point that one Adam and

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Speaker 1: our colleague, our Fear and Greed colleague, Sean Almer digs

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Speaker 1: into that in the editorial in today's newsletter. If you

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Speaker 1: haven't signed up to that one already, there's a link

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Speaker 1: in today's show notes. You can do it a Fearangreed

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Speaker 1: dot com today you. But apart from the economy, Michelle

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Speaker 1: Bullock had a lot to say. She disagreed with the

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Speaker 1: big banks that lower interchange fees, which are paid by

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Speaker 1: merchants to banks that issue credit cards, would reduce fraud prevention.

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Speaker 1: She also said that frequent flyer points were designed to

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Speaker 1: drive wealthy Australians to use their credit cards and that

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Speaker 1: was paid for by younger and lower income consumers.

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Speaker 3: Michelle Bullock said she was somewhat surprised at comments made

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Speaker 3: by New Australian Banking Association CEO Simon Birmingham last week

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Speaker 3: that the Reserve Bank of Australia's planned intervention on interchange

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Speaker 3: fees could lead to weaker consumer protection at a time

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Speaker 3: when Australians are losing billions of dollars a year to scams.

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Speaker 3: Another issue causing the governor a few headaches is the

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Speaker 3: renovation of the headquarters of the Reserve Bank at sixty

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Speaker 3: Martin Place. Bullock has low confidence at the cost, which

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Speaker 3: has blown out to one point two billion dollars from

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Speaker 3: the initial estimate of two hundred and sixty million, will

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Speaker 3: be kept at that level. The figure has jumped on

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Speaker 3: the back of a major asbestos problem and the project

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Speaker 3: has transformed from a refurbishment to a knockdown rebuild for

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Speaker 3: our reserve bank. Isn't it funny that we're having that

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Speaker 3: problem with the Reserve Bank here? And the FED had

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Speaker 3: very similar challenges with blowouts on building renovations and refurbishments

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Speaker 3: in the US as well, so it seems to be

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Speaker 3: a problem common to central banks. I mean that is

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Speaker 3: only two but I mean that's almost a trend, right, Yeah.

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Speaker 2: High risk.

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Speaker 3: But how's that two hundred and sixty million becomes one

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Speaker 3: point two billion and Michelle Bullock doesn't have confidence in

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Speaker 3: that number staying capped to that level.

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Speaker 2: So it could go even further.

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Speaker 1: Yeah, not good at all. Okay, moving away now from

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Speaker 1: the Reserve Bank Adam. The federal government will review whether

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Speaker 1: Optis and at Singaporean parent company Singtel have underinvested in

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Speaker 1: their networks, while Prime Minister Anthony up an easiest question

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Speaker 1: whether the Optis chief executive, Stephen Rue, should keep his job.

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Speaker 3: Yeah, Michael, this is difficult terrain. We know there is

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Speaker 3: tragedy involved in this story. A failure in the Optus

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Speaker 3: Triple zero service last week due to a network failure

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Speaker 3: resulted in three people dying. Mister Rue said initial investigations

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Speaker 3: suggest that the proper process wasn't followed by operators. Yesterday,

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Speaker 3: the government said new legislation may be necessary to prevent

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Speaker 3: similar emergency call failures in the future, and it would

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Speaker 3: look into whether Optus had underinvested in its network. Reform

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Speaker 3: measures that were suggested after Optus's last major network outage

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Speaker 3: in twenty twenty three, including the start of temporary disaster

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Speaker 3: roaming tests, have not yet been implemented. The roaming test

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Speaker 3: would force rival network providers to share their infrastructure during disasters. Meanwhile,

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Speaker 3: speaking to ABC News Breakfast from the UN General Assembly

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Speaker 3: in New York, Prime Minister Anthony Albanezi said he would

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Speaker 3: be surprised if r was not considering his position. After

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Speaker 3: the triple zero failure last week, the Prime Minister promised

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Speaker 3: a thorough investigation of the outage, saying Optus's behavior was

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Speaker 3: completely unacceptable.

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Speaker 1: Okay, Taking a look now at local markets, the Australians

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Speaker 1: share market closed up zero point four percent yesterday adam

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Speaker 1: to eighty eight hundred and eleven points a rally in

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Speaker 1: mining stocks and amid a broad uptick in commodity prices. Well,

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Speaker 1: that was really the driving yesterday and it was offset

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Speaker 1: somewhat by losses in financials.

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Speaker 2: Yeah, that's right, Michael.

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Speaker 3: Resource stocks jumped due to a rise in iron ore, copper, lithium,

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Speaker 3: and gold prices. Fortes Ke Metals, Rio Tinto and BHP

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Speaker 3: were all higher. Gold stocks rose on the back of

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Speaker 3: a higher price for the precious metal, with Northern Star

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Speaker 3: surging and the big banks generally and relatively underperformed. In

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Speaker 3: corporate news, biotech staff farmer sowed more than sixty percent

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Speaker 3: after agreeing to a licensing agreement with Genetech to develop

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Speaker 3: new cancer therapies and plumbing supplies. Group Reeese jumped on

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Speaker 3: the back of plans to buy back two hundred and

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Speaker 3: fifty million dollars worth of shares.

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Speaker 1: All right, we still have a fair bit to cover, Adam.

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Speaker 1: Let's take a very quick break. We'll be back in

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Speaker 1: a moment with the rest of the day's business news.

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Speaker 2: Adam.

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Speaker 1: Israeli Prime Minister Benjamin Netanyahu hasud there will never be

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Speaker 1: a Palestinian state after Australia, Canada and Britain simultaneously recognized

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Speaker 1: the state of Palestine.

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Speaker 3: Here Michael Netnia, who threatened reprisals and accused Prime Minister

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Speaker 3: Anthony Albanesi and the other countries' leaders of rewarding terror.

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Speaker 3: He said there would be no Palestinian state to the

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Speaker 3: west of the Jordan River, and analysts now expect Israel

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Speaker 3: will push to annex the West Bank and increase the

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Speaker 3: construction of settlements. Albanzi said the cycle of violence needs

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Speaker 3: to end, highlighting the humanitarian catastrophe that's unfolding in Gaza.

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Speaker 3: Australia has said it will not establish an embassy or

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Speaker 3: any other diplomatic infrastructure unless the Palestinian authority recognizes Israel's

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Speaker 3: right to exist, agrees to hold democratic elections, and disavows hamas.

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Speaker 1: Adam Federal Treasury has been presented with a model to

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Speaker 1: support bank branches in the bush that would see the

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Speaker 1: country's nine largest lenders transfer one hundred and fifty three

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Speaker 1: million dollars each year to smaller banks under an alternative

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Speaker 1: plan for a rural banking levee.

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Speaker 3: Here, Michael, this is really interesting and as according to

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Speaker 3: a reporting the Australian Financial Review, the plan submitted to

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Speaker 3: Treasury by the Regional Banking Investment Alliance would provide financial

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Speaker 3: support for five thousand bank branch workers in regional locations.

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Speaker 3: The model would provide a three hundred thousand dollars subsidy

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Speaker 3: to every regional or remote bank branch. This would be

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Speaker 3: funded by contributions from banks based on the size of

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Speaker 3: their lending. The cross subsidy model attempts to share the

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Speaker 3: high cost of operating branches in remote, low population areas.

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Speaker 3: The three hundred thousand dollars per branch subsidy is estimated

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Speaker 3: to represent around one third of the actual cost of

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Speaker 3: a branch, providing a meaningful contribution to its running costs.

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Speaker 3: Under the proposed model, which has been considered by Treasury officials,

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Speaker 3: nine banks, including each of the major banks, IG and Macquarie,

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Speaker 3: would be net payers of one hundred and fifty three

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Speaker 3: million dollars a year, while thirty seven banks would be

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Speaker 3: receivers of the funding.

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Speaker 1: Now, Adam, this next story combines two of our great loves.

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Speaker 1: I love talking about property, you love talking about data.

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Speaker 1: So this is a report from Domain, the online property group,

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Speaker 1: and it tells us that granny flats are back in fashion.

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Speaker 1: Budget conscious home buyers are looking for cheaper options across

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Speaker 1: the country and granny flats are right up there.

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Speaker 2: Yeah.

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Speaker 3: We had Sean talking last week about building a fence

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Speaker 3: slash mote around his property at home, and here we've

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Speaker 3: got some brand new trends that are coming back. People

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Speaker 3: are looking for affordable, flexible living arrangements and granny flats

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Speaker 3: are having their moment. Domain suggests that reflects both multi

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Speaker 3: generational living and rental income potential. So the research examines

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Speaker 3: what people are searching for and granny flats with a

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Speaker 3: most searched term in Sydney and there is a surge

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Speaker 3: in interest in Perth and Adelaide. Searches for duel or

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Speaker 3: dual living have skyrocketed as well. Despite for now actual pressures,

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Speaker 3: lifestyle remains a top priority. Paul continues to rank in

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Speaker 3: the top five searches across all capital cities. In Melbourne,

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Speaker 3: character homes are back in vogue and art deco is

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Speaker 3: in the top spot, while heritage is also up in

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Speaker 3: the search category. So while three bedroom houses remain the

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Speaker 3: most searched property type nationally, many buyers are adjusting their expectations.

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Speaker 3: Townhouses and units are gaining traction as more budget conscious alternatives,

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Speaker 3: especially in high demand areas.

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Speaker 1: There's so much in all of that.

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Speaker 2: I love it.

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Speaker 1: I just love the fact that granny flats have just

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Speaker 1: kind of had a massive resurgence and that they number

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Speaker 1: one in Sydney, in the top ten for Brisbane and

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Speaker 1: adelaide go the granny.

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Speaker 2: Flat, Michael, aren't you working from one right now?

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Speaker 3: Yes, we don't call it a granny flat. There's no

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Speaker 3: granny there.

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Speaker 1: My home office and everything is set up in the

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Speaker 1: in the granny flat. And was this subject of much

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Speaker 1: DIY disaster in the process, But it's all better now.

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Speaker 1: It's better now, as long as I don't touch anything

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Speaker 1: good now. Beef prices Adam are on the rise, with

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Speaker 1: Australia's process a cow indicator the combination of words I've

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Speaker 1: never said before, reaching a record high price. As the

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Speaker 1: United States ramps up imports of lean beef.

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Speaker 3: Yeah, Michael, the indicator has gone beyond three hundred and

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Speaker 3: ninety cents a kilogram for the first time, and he's

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Speaker 3: up more than thirty percent over the past year. Meat

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Speaker 3: and Livestock Australia says there is a global shortage of

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Speaker 3: lean beef and that's pushing up prices, with output from

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Speaker 3: the US particularly weak. Lean beef, as the name suggests,

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Speaker 3: has less fat content and that's around fifteen percent compared

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Speaker 3: with regular beef at around twenty five percent. The US

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Speaker 3: Department of Agriculture is forecasting beef imports will reach five

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Speaker 3: point three six billion pounds this year, and that was

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Speaker 3: fifteen point seven percent higher than the year before. Brazil

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Speaker 3: is the largest supplier, followed by Australia. However, with a

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Speaker 3: fifty percent tariff placed on Brazilian imports into the US,

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Speaker 3: Ossie beef is likely to be in demand.

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Speaker 2: There you go.

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Speaker 1: Turning to international news now, Adam and President Donald Trump

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Speaker 1: has suggested that Fox Corp. Chairman Lachlan Murdoch and his

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Speaker 1: father Rupert are involved in the US takeover of the

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Speaker 1: video app TikTok from its Chinese owners.

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Speaker 2: Yes.

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Speaker 3: In an interview, Donald Trump was asked to name the

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Speaker 3: individuals investing in TikTok. It follows the White House announcing

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Speaker 3: over the weekend that the US operations of TikTok will

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Speaker 3: be majority owned and controlled by American investors, and this

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Speaker 3: is according to Bloomberg. The deal was finalized in a

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Speaker 3: phone call on Friday between Trump and Chinese President Jijingping,

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Speaker 3: and the White House said the arrangement would be signed

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Speaker 3: in the coming days. Trump said, I hate to tell

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Speaker 3: you this, but a man named Lachlan is involved. Lachland

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Speaker 3: is That's a very unusual name. Lachlan Murdock and Rupert

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Speaker 3: is probably going to be in the group. I think

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Speaker 3: they're going to be in the group.

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Speaker 2: End of quote.

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Speaker 3: Trump also mentioned Larry Ellison, the chairman of Oracle, and

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Speaker 3: Michael Dell, chairman of Dell Inc. The TikTok deal designed

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Speaker 3: to comply with a bipartisan law that went into effect

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Speaker 3: in January twenty twenty five requiring parent company Byte Dance

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Speaker 3: Limited to divest from TikTok in the US would see

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Speaker 3: Byte Dance with a less than twenty percent steak.

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Speaker 1: I love how he gives live updates on commercial negotiations.

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Speaker 3: How they felt did they know their names are going

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Speaker 3: to get dropped in this I mean and a big

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Speaker 3: list of names too, Larry Ellison, Michael Dell, Rubbit, and LOCKLW.

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Speaker 2: Murdoch.

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Speaker 1: Yeah, he didn't miss anyone.

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Speaker 2: Now one more.

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Speaker 1: Adam and Video has taken the top spot among the

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Speaker 1: most better gainst by investors, with Tesla, Microsoft, and Apple

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Speaker 1: coming in at numbers two, three, and four. It demonstrates

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Speaker 1: that many investors believe big tech is way overpriced.

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Speaker 3: Yes, the data from S three Partners effectively shows the

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Speaker 3: companies that investors think will four in price. Shortening of

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Speaker 3: stock means investing on the basis that a company's share

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Speaker 3: price will actually fall. So while Apple used to be

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Speaker 3: the most shortened stock on Wall Street, it's Nvidia now.

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Speaker 3: Thanks to its meteoric rise in recent months, the share

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Speaker 3: price of the biggest company on Wall Street is up

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Speaker 3: nearly fifty percent in the past six months. For a

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Speaker 3: few years now, investors have predicted big tech to crash.

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Speaker 3: It hasn't happened yet, Michael, thanks in large part to

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Speaker 3: the Ai revolution. But still, these are the names of

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Speaker 3: the most shorted stocks in the world.

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Speaker 1: All right up next, Adam is fear and Greed Q

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Speaker 1: and A. And our guest today is Derek Gascoigne who

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Speaker 1: is coming to us from unisuper a great supporter of

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Speaker 1: this podcast, and talking about some of the mistakes, the

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Speaker 1: most common mistakes made by retirees or people preparing for retirement.

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Speaker 1: And there's a bit of busting some myths and misconceptions

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Speaker 1: along the way, including how much you actually need to

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Speaker 1: have a comfortable retirement, and he goes right into some

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Speaker 1: of the stats, some of the figures that he has

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Speaker 1: seen clients have in the past. So it is a

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Speaker 1: great conversation. It is coming up next to the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearandgreed

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Speaker 1: dot com dodau.

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Speaker 2: Thank you, Adam, Thank you Michael.

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Speaker 1: It is Tuesday, the twenty third of September twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.