1 00:00:04,120 --> 00:00:06,720 Speaker 1: Welcome to the Saturday edition of The Fast Five Business 2 00:00:06,720 --> 00:00:09,320 Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello 3 00:00:09,440 --> 00:00:13,360 Speaker 1: Sean Aylmer. Him Michael Sean. On weekdays, it's all about 4 00:00:13,360 --> 00:00:15,320 Speaker 1: the Fast Five. We do the top five business stories 5 00:00:15,360 --> 00:00:19,480 Speaker 1: in five minutes. Great podcast, definitely worth following on the weekend, 6 00:00:19,480 --> 00:00:21,600 Speaker 1: though we still keep it to five minutes. But we're 7 00:00:21,600 --> 00:00:23,959 Speaker 1: going to pick out the biggest business story of the week, 8 00:00:24,079 --> 00:00:27,320 Speaker 1: the most remarkable business story, a mystery category that we 9 00:00:27,480 --> 00:00:30,280 Speaker 1: change every week just to keep you guessing, and our 10 00:00:30,400 --> 00:00:35,640 Speaker 1: favorite business related story. Let's jump straight into the biggest story. 11 00:00:35,640 --> 00:00:38,440 Speaker 1: It's a good place to start and really for me, 12 00:00:38,520 --> 00:00:41,040 Speaker 1: this week, it was all about inflation this week. Inflation, 13 00:00:41,080 --> 00:00:43,560 Speaker 1: inflation inflash. Everyone was talking about it. I mean maybe 14 00:00:43,600 --> 00:00:45,960 Speaker 1: not kind of school or kind of out on the street, 15 00:00:46,000 --> 00:00:48,440 Speaker 1: but a lot of people weren't talking about people. A 16 00:00:48,479 --> 00:00:51,919 Speaker 1: lot of economists were talking about it. Short because underlying inflation, 17 00:00:53,240 --> 00:00:55,240 Speaker 1: which is the one obviously that the Reserve Bank pays 18 00:00:55,280 --> 00:00:57,520 Speaker 1: close attention to, came in higher than expected it in 19 00:00:58,040 --> 00:01:01,600 Speaker 1: the December quarter, higher than than many economists were expecting, 20 00:01:01,640 --> 00:01:03,800 Speaker 1: higher than the RBA was expecting. You add to that, 21 00:01:03,840 --> 00:01:06,840 Speaker 1: the really strong jobs market because we had those that 22 00:01:07,000 --> 00:01:11,959 Speaker 1: really strong set of labor force figures last week, and 23 00:01:12,160 --> 00:01:15,319 Speaker 1: something is looking really likely, very very very very likely, 24 00:01:15,360 --> 00:01:17,120 Speaker 1: perhaps that we are going to see an interest rate 25 00:01:17,200 --> 00:01:20,039 Speaker 1: hike when the Reserve Bank Board meets in just a 26 00:01:20,040 --> 00:01:22,800 Speaker 1: few days time. We've got all four major banks predicting 27 00:01:22,800 --> 00:01:26,280 Speaker 1: a hike. So, I mean, if you're a mortgage holder, 28 00:01:26,680 --> 00:01:28,640 Speaker 1: kind of strap in right. 29 00:01:29,000 --> 00:01:31,720 Speaker 2: Yeah, exactly. My biggest story of the week is what's 30 00:01:31,760 --> 00:01:36,000 Speaker 2: going on in global markets, starting with currencies. The US 31 00:01:36,040 --> 00:01:37,800 Speaker 2: dollars full and out of bed. People are just a 32 00:01:37,800 --> 00:01:40,480 Speaker 2: little nervous about the US at the moment. That's helped 33 00:01:40,480 --> 00:01:43,040 Speaker 2: currencies like the Aussie dollar, which hit seventy and a 34 00:01:43,080 --> 00:01:46,160 Speaker 2: half US cents during the week. We've got golden new record, 35 00:01:46,280 --> 00:01:48,520 Speaker 2: silver and new record. We had one day there where 36 00:01:48,560 --> 00:01:52,040 Speaker 2: Microsoft lost twelve percent in value, four and forty billion 37 00:01:52,160 --> 00:01:55,120 Speaker 2: US dollars in value. I mean, that's kind of the 38 00:01:55,560 --> 00:01:59,000 Speaker 2: just that alone is more than BHPN commall have been 39 00:01:59,080 --> 00:02:03,680 Speaker 2: combined crazy trading basically. I mean, the reason they fel 40 00:02:03,760 --> 00:02:08,560 Speaker 2: is that investors are worried about their AI story. It's 41 00:02:08,680 --> 00:02:10,679 Speaker 2: just this sort of new world order is sort of 42 00:02:10,680 --> 00:02:14,360 Speaker 2: being established around markers because of the actions of the 43 00:02:14,520 --> 00:02:18,080 Speaker 2: US and fears about US debt getting out of control. 44 00:02:18,200 --> 00:02:19,640 Speaker 2: Pretty remarkable week, really. 45 00:02:19,919 --> 00:02:22,280 Speaker 1: Yeah, that Microsoft drop is huge and you just see 46 00:02:22,320 --> 00:02:25,440 Speaker 1: Bill Gates was at the Tennis Australian Open this week 47 00:02:25,560 --> 00:02:27,680 Speaker 1: and the single photo I saw of him he looked 48 00:02:27,880 --> 00:02:30,840 Speaker 1: rather glum. I'm assuming it's because of that. It always does. 49 00:02:31,960 --> 00:02:34,520 Speaker 1: It always just looks quite serious, doesn't he He does, he does. 50 00:02:34,600 --> 00:02:36,280 Speaker 2: Can I tell you my most remarkable story? 51 00:02:36,480 --> 00:02:36,960 Speaker 1: Please do? 52 00:02:37,320 --> 00:02:40,880 Speaker 2: This is the week or the December quarter. We found 53 00:02:40,880 --> 00:02:44,160 Speaker 2: out this week during the December quarter renewable supplied the 54 00:02:44,200 --> 00:02:49,880 Speaker 2: majority of Australia's electricity needs more than fossil fuels. First 55 00:02:49,919 --> 00:02:53,600 Speaker 2: time that has ever happened. Why is it solar panels 56 00:02:53,600 --> 00:02:56,360 Speaker 2: making difference? Installation of batteries one hundred and forty five 57 00:02:56,360 --> 00:03:00,480 Speaker 2: thousand household batteries installations. Now that actually allows people to 58 00:03:00,600 --> 00:03:04,120 Speaker 2: store and use energy even if the wind ain't blowing 59 00:03:04,440 --> 00:03:08,079 Speaker 2: and the sun ain't shining. Really good news. A couple 60 00:03:08,120 --> 00:03:12,880 Speaker 2: of reasons variable sorry, Renewable energy is cheaper and of 61 00:03:12,919 --> 00:03:15,720 Speaker 2: course fewer carbon emissions, a lot fewer than fossil fuel. 62 00:03:16,080 --> 00:03:19,720 Speaker 2: Quite a remarkable week that we found out for that 63 00:03:19,720 --> 00:03:22,839 Speaker 2: for the first time for a quarter, renewables out did 64 00:03:22,880 --> 00:03:23,600 Speaker 2: fossil fuels. 65 00:03:23,840 --> 00:03:26,160 Speaker 1: Yeah, I'll tell you the sun was certainly shining in 66 00:03:26,240 --> 00:03:30,799 Speaker 1: Victoria this week sean epic heat wave, new temperature record 67 00:03:30,840 --> 00:03:33,760 Speaker 1: for the state forty eight point nine degrees in Wholpi 68 00:03:33,800 --> 00:03:37,000 Speaker 1: up in the northwest of the state. You had and 69 00:03:37,000 --> 00:03:40,760 Speaker 1: then you had Manique Ryan MP coming out calling for 70 00:03:40,800 --> 00:03:42,920 Speaker 1: heat waves to we taken more seriously because they kill, 71 00:03:42,960 --> 00:03:45,080 Speaker 1: and saying that we should name them after the companies 72 00:03:45,120 --> 00:03:47,360 Speaker 1: that she says it is causing them. Call it category 73 00:03:47,360 --> 00:03:50,440 Speaker 1: four heat waves Santos or category four heat wave Woodside. 74 00:03:50,560 --> 00:03:52,120 Speaker 1: I think a little bit tongue in cheek, but she 75 00:03:52,160 --> 00:03:54,640 Speaker 1: probably had a serious there was a serious point behind it. 76 00:03:54,680 --> 00:03:56,520 Speaker 1: But all pretty remarkable, don't. 77 00:03:56,360 --> 00:03:59,080 Speaker 2: You think, I think so? Tell us what's our mystery category? 78 00:03:59,200 --> 00:04:01,720 Speaker 1: Our mystery? Sure? And it's very rare that we have 79 00:04:02,280 --> 00:04:04,960 Speaker 1: two stories that we can split across this one category 80 00:04:05,160 --> 00:04:08,680 Speaker 1: when it is our favorite leadership spill because there are 81 00:04:08,680 --> 00:04:12,240 Speaker 1: two happening at the same time, Shall I go first? 82 00:04:12,400 --> 00:04:12,680 Speaker 2: Sure? 83 00:04:13,440 --> 00:04:17,400 Speaker 1: The Liberal Party debarkle, it's continuing. Susan Lee is on 84 00:04:17,440 --> 00:04:19,560 Speaker 1: borrow time, and I suspect that's only because I can't 85 00:04:19,560 --> 00:04:22,039 Speaker 1: figure out or can't decide or can't agree on who's 86 00:04:22,040 --> 00:04:23,800 Speaker 1: going to replace it. Because this week we had the 87 00:04:23,800 --> 00:04:27,359 Speaker 1: two likely contenders, Andrew Hasty and Angus Taylor, holding a 88 00:04:27,400 --> 00:04:29,839 Speaker 1: meeting with a couple of Conservative power brokers. The problem 89 00:04:29,920 --> 00:04:31,800 Speaker 1: is both of them want to be the leader, neither 90 00:04:31,839 --> 00:04:34,360 Speaker 1: one wants to be the deputy. Neither is conceding, neither 91 00:04:34,400 --> 00:04:36,880 Speaker 1: has got the support and able to rally the support 92 00:04:36,960 --> 00:04:38,920 Speaker 1: outright in order to get this done on their own. 93 00:04:40,279 --> 00:04:44,080 Speaker 1: Late yesterday we saw Andrew Hasty reportedly pulling out of 94 00:04:44,240 --> 00:04:50,280 Speaker 1: that at leadership race. It effectively extends this period I 95 00:04:50,279 --> 00:04:53,960 Speaker 1: suppose purgatory for the Liberal Party. We don't know what's 96 00:04:54,000 --> 00:04:55,840 Speaker 1: going to happen. It does feel like it is going 97 00:04:55,880 --> 00:04:58,920 Speaker 1: to happen eventually, and then the big challenge will either 98 00:04:58,960 --> 00:05:01,320 Speaker 1: of those people, either of those who will certainly have 99 00:05:01,360 --> 00:05:04,120 Speaker 1: what it takes to lure voters back from the tials 100 00:05:04,240 --> 00:05:07,279 Speaker 1: from one nation to get the coalition back together as well. 101 00:05:07,279 --> 00:05:10,480 Speaker 2: Sean, Yes, my favorite leadership spill comes from the Nats, 102 00:05:10,520 --> 00:05:15,840 Speaker 2: the other part of the coalition, MP Colin Boyce. He 103 00:05:15,920 --> 00:05:19,480 Speaker 2: called for a leadership spill against David Little Proud on Monday. 104 00:05:19,760 --> 00:05:22,080 Speaker 2: I don't think he've kind of consulted with anyone who 105 00:05:22,080 --> 00:05:25,039 Speaker 2: just announced his intention on Sky News and off we go. 106 00:05:25,200 --> 00:05:30,320 Speaker 2: Now there's eighteen people in the NATS party room. He 107 00:05:30,440 --> 00:05:32,880 Speaker 2: would be lucky to get two vats. He'll get his own. 108 00:05:33,120 --> 00:05:35,479 Speaker 2: Maybe we'll get someone else, but that's about it. No 109 00:05:35,680 --> 00:05:38,560 Speaker 2: chance of winning, at least he has called it. So 110 00:05:38,640 --> 00:05:40,760 Speaker 2: we're going to have a leadership spill from the NATS 111 00:05:41,080 --> 00:05:43,440 Speaker 2: on Monday. Now what he's complaining about is the fact 112 00:05:43,440 --> 00:05:46,839 Speaker 2: that they've left the coalition. Conservative politics at the moment 113 00:05:46,920 --> 00:05:47,760 Speaker 2: a bit of a debikle. 114 00:05:48,120 --> 00:05:52,240 Speaker 1: Yeah, certainly is favorite story of the week, Sean, give 115 00:05:52,279 --> 00:05:53,440 Speaker 1: us a good one. Look. 116 00:05:53,440 --> 00:05:55,039 Speaker 2: I'd like the fact that the EU and India had 117 00:05:55,120 --> 00:05:57,480 Speaker 2: RATI fighted a mega trade deal. The two groups are 118 00:05:57,520 --> 00:06:00,480 Speaker 2: pushing to rethink trade ties on the back of all 119 00:06:00,480 --> 00:06:04,279 Speaker 2: these US tariffs. We've also got EU doing a deal 120 00:06:04,440 --> 00:06:07,479 Speaker 2: with Latin America. We have Keith Starmer in the UK 121 00:06:08,000 --> 00:06:11,360 Speaker 2: from the UK in China, we had a China Canada 122 00:06:11,360 --> 00:06:15,520 Speaker 2: deal last week. Just the resetting of trade deals around 123 00:06:15,520 --> 00:06:19,599 Speaker 2: the world is really really fascinating to watch. And I 124 00:06:19,680 --> 00:06:21,120 Speaker 2: kind of studied some of this when I was at 125 00:06:21,240 --> 00:06:24,520 Speaker 2: university and it's my favorite story just because it's policy 126 00:06:24,520 --> 00:06:24,880 Speaker 2: and action. 127 00:06:25,480 --> 00:06:27,360 Speaker 1: Yeah, I'll give a quick little shout out to the 128 00:06:28,760 --> 00:06:32,320 Speaker 1: prospect that Kevin Rudd could potentially have a crack at 129 00:06:32,680 --> 00:06:35,400 Speaker 1: becoming the Secretary General of the UN. A lot of 130 00:06:35,440 --> 00:06:38,880 Speaker 1: talk around there around the place this week that maybe 131 00:06:38,880 --> 00:06:40,520 Speaker 1: that was the reason why he finished up as the 132 00:06:41,120 --> 00:06:43,359 Speaker 1: Australia's ambassador to the US, so that he could have 133 00:06:43,400 --> 00:06:46,360 Speaker 1: a second go at running the UN. He tried back 134 00:06:46,400 --> 00:06:50,640 Speaker 1: in twenty sixteen, the Coalition refused to endorse him. Who knows, 135 00:06:50,880 --> 00:06:53,799 Speaker 1: maybe it's his time now, It's probably, it's very unlikely, 136 00:06:53,839 --> 00:06:55,279 Speaker 1: but it's still a bit of fun to talk about. 137 00:06:55,640 --> 00:06:58,320 Speaker 1: Sure is Okay? There we go five minutes and pretty 138 00:06:58,360 --> 00:06:59,839 Speaker 1: much everything you need to know in the world of business. 139 00:06:59,839 --> 00:07:02,279 Speaker 1: Thank you, Sean, Thank you Michael. Don't forget to hit 140 00:07:02,360 --> 00:07:04,880 Speaker 1: follow on the podcast and head along to Fearangreed dot 141 00:07:04,920 --> 00:07:06,400 Speaker 1: com dot I you to sign up for our free 142 00:07:06,480 --> 00:07:08,839 Speaker 1: daily newsletter. I'm Michael Thompson and this is the past 143 00:07:08,839 --> 00:07:10,400 Speaker 1: five business news by Fear and Greed.