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

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Speaker 1: The National Cabinet establishes a fuel task Force, as the

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Speaker 1: Competition Watchdog launches an investigation into the petrol companies. The

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Speaker 1: unemployment rate jumps to four point three percent, and international airfares,

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Speaker 1: having already risen, a set to go even higher. Plus

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Speaker 1: the richest two hundred and fifty Australians and gas supplies

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Speaker 1: targeted in the war in the Middle East. It is Friday,

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Speaker 1: the twentieth of March twenty twenty six. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning. The National Cabinet has established

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Speaker 1: a task force to coordinate the distribution of fuel to

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Speaker 1: areas of need, and has also raised the prospect of

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Speaker 1: rationing if the Middle East conflict drags on. Prime Minister

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Speaker 1: Anthony Albenezi question whether there was any need for the

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Speaker 1: US and Israel to continue hostilities against Iran given that

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Speaker 1: the objective of denying Iran the ability to develop nuclear

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Speaker 1: weapons has largely been achieved. The PM was critical of

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Speaker 1: Iran's unprovoked attacks on Gulf States, attacks which are disrupting

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Speaker 1: oil and now increasingly gas supplies as well. That's right.

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Speaker 3: Alberanezi not also nominated Anthea Harris, the former head of

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Speaker 3: the Australian Energy Regulator, to be the head of the

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Speaker 3: Fuel Task Force, the Fuel Zar as we're talking about yesterday,

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Speaker 3: Each state and territory will have a representative zalits or

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Speaker 3: something like that. Albanizi said there were more measures coming

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Speaker 3: to address broader supply chain issues and called on drivers

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Speaker 3: to not take more fuel than necessary before the meeting

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Speaker 3: you Havawaile's Premier Chris men said contingencies for fuel rationing

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Speaker 3: would be discussed.

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Speaker 1: Now as the meeting progressed yesterday, the Competition watchdog actually

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Speaker 1: announced an investigation into allegations of anti competitive behavior by

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Speaker 1: major fuel supplies Airpole, BP Mobile and Viva Energy.

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Speaker 3: Chair of the A Trible Cgenic Cascottlieb said the agency

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Speaker 3: had received reports about concerning behavior relating to diesel availability

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Speaker 3: to independent wholesalers and distributors servicing regional and rural Australia.

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Speaker 3: She said the Australian Consumer and Competition Commission doesn't normally

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Speaker 3: publicly announce investigations, but given the significance of the issue,

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Speaker 3: this time they did. In other words, they are holding

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Speaker 3: a big stick over the company, saying do the right thing.

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Speaker 1: Wow, National cabinet, a new task force, the potential for rationing,

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Speaker 1: an a triple C investigation. This has all the hallmarks

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Speaker 1: of a crisis right now.

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Speaker 3: Sean it does it? Certainly does. I think it's fair

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Speaker 3: to call this a crisis.

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Speaker 2: Okay. Now.

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Speaker 1: Attacks in the Middle East pushed up oil and gas

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Speaker 1: prices yesterday that hit the local share market hard. The

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Speaker 1: S and PASX two hundred closed down one point seven

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Speaker 1: percent yesterday to just under eighty five hundred points.

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Speaker 3: Plenty going on started. We had what was going on

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Speaker 3: overnight yesterday. Then we had the US Fed not moving

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Speaker 3: on interest rates yesterday morning. They sounded like they might

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Speaker 3: not move again at all. That hit the interest rate

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Speaker 3: sensitive stocks, so tech companies, property companies, they were sold off.

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Speaker 3: The price of gold fell, and the local diggers got

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Speaker 3: hit hard and all the star of Luicia, Neumont all

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Speaker 3: sharply low. In fact, four of the five worst performing

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Speaker 3: stocks in the ASEX two hundred yesterday were gold miners,

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Speaker 3: so that says something about that. Of course, the winners

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Speaker 3: for the energy companies oil going through one hundred and

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Speaker 3: ten US dollars a barrel. Gas prices on the rise.

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Speaker 3: Companies like Santos, Woodside, and Pole all did really well.

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Speaker 3: Best in the day was Viva Energy, another were refiner.

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Speaker 3: So too did the coal companies.

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Speaker 2: They did well.

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Speaker 3: So we ended up with white Haven, New Hope and

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Speaker 3: ye end Cold all jumping. These energy stocks are benefiting

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Speaker 3: from what's going on.

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Speaker 1: You mentioned the Federal Reserve. What exactly did the FED

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Speaker 1: say about interest rates in the world's beggest economy, Well

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Speaker 1: chairs round.

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Speaker 3: Powell said he wasn't sure what comes next. Not often

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Speaker 3: you get bureaucrats saying, don't really know what's going to happen.

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Speaker 3: Infation in the US remains above target. It is falling,

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Speaker 3: but it's not coming down as fast as hoped. Pale

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Speaker 3: said the war in the Middle East could be good

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Speaker 3: or it could be bad for the economy. He FED

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Speaker 3: does what's known as a dot plot, which shows future

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Speaker 3: interest rates, so it's kind of the views of the

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Speaker 3: different governors where they think it will land. It does

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Speaker 3: suggest one more rate cut in the US.

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Speaker 2: Powell then told people to ignore what.

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Speaker 3: That said because of all the uncertainty, very very uncertain times.

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Speaker 1: You can say that again, that is quite extraordinary. Okay,

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Speaker 1: we still have a fair bit to cover Sewan. Big

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Speaker 1: start to the show, though, We'll be back in a

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

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Speaker 1: The economy added nearly forty nine thousand jobs last month,

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Speaker 1: but the unemployment rate rose to four points three percent as.

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Speaker 2: More people looked for work.

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Speaker 1: The participation rate of the labor market, which is the

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Speaker 1: share of people in a job or looking for work,

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Speaker 1: jumped to sixty six point nine percent. It was interesting

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Speaker 1: because while in January there was a surge in full

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Speaker 1: time jobs and a drop in part time roles, February

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Speaker 1: saw things switch around. It went the other way totally.

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Speaker 3: So part time employment was up seventy nine thousand, full

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Speaker 3: time down thirty thousand. The Australian Bureau of Statistics said

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Speaker 3: there was a particularly sharp increase in part time employment

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Speaker 3: among those aged sixty five and over, and fewer people

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Speaker 3: the normal retired during the month by leaving jobs. Not

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Speaker 3: hard to extrapolate to say older Australians are just finding

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Speaker 3: things a little bit tougher and private numbers jump around.

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Speaker 3: The rule of thumb is to keep an eye on

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Speaker 3: the unemployment rate at four point three percent. It is

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Speaker 3: still well below the four point six percent rate that

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Speaker 3: the Reserve Bank says is needed for the labor market

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Speaker 3: to be in sync for demand its applied to be

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Speaker 3: in sync. If it's not in zync, if it's four

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Speaker 3: point three not four point six, were you're going to

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Speaker 3: get inflationary pressures from.

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Speaker 2: The labor market.

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Speaker 3: Notwithstanding the rise in the unemployment rate from four point

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Speaker 3: one to four point three percent last month, the labor

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Speaker 3: market is in pretty good shape. Now, we had the

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Speaker 3: Reserve Bank governor earlier in the week saying exactly that

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Speaker 3: he said, the labor markets. She said, the labor market's

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Speaker 3: in a pretty good place. She's less worried about that

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Speaker 3: than she's about inflation. So there's nothing in those that

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Speaker 3: data yesterday to suggest that it's a reason to, you know,

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Speaker 3: kind of hold interest rates or anything like that.

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Speaker 1: Sean, Can we just stay in the ever exciting world

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Speaker 1: of economics, fir, please phrase minute two more. The Reserve

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Speaker 1: Bank has released its semi annual health check of the

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Speaker 1: financial system, which I note that you have marked on

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Speaker 1: the calendar and put big kind of circles around it.

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Speaker 1: It is like you're very exciting semi annual Christmas and

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Speaker 1: the good news, at least for the Central Bank is

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Speaker 1: that households have rebuilt mortgage buffers to withstand higher interstrates

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Speaker 1: and a prolonged conflict in the Middle East. It says

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Speaker 1: the risks to the global financial system have increased, and

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Speaker 1: not just because of the conflict in the Middle East.

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Speaker 1: The war also heightens the likelihood of operations, cyber and

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Speaker 1: security disruptions.

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Speaker 3: That's right, the Reserve Banks had Ustralian banks are in

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Speaker 3: a strong position to continue to support the economy even

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Speaker 3: if conditions deteriorate. This all came as Treasure Jim Chalmers

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Speaker 3: downgraded the government's productivity forecast from one point five percent

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Speaker 3: to one point two percent. He also promised substantial savings

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Speaker 3: in the upcoming federal budget and conceded that government spending

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Speaker 3: was helping fuel inflation.

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Speaker 1: Sean to mention this one at the top of the show.

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Speaker 1: International airfares are on the rise, with the head of

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Speaker 1: Quantus International warning they could end up much higher as

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Speaker 1: the carrier reviews ticket prices at least once a fortnite.

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Speaker 1: I'm actually surprised to find out that it's only once

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Speaker 1: a fortnite. I thought it would have been substantially more

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Speaker 1: often than that. Speaking of the Dexation Australia Tourism Conference,

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Speaker 1: cam Wallace said costs had risen more quickly in the

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Speaker 1: past few weeks than he had ever experienced in his

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Speaker 1: aviation career.

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Speaker 3: So prices at this point are up only about five

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Speaker 3: percent of national carrier but given jet fuel prices are

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Speaker 3: up about one hundred and fifty percent and flights on

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Speaker 3: European routes are more than ninety percent full for quantas,

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Speaker 3: I think it can guarantee that prices are going to

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Speaker 3: rise quite a bit more. It came as toories in Australia,

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Speaker 3: research showed that more than eighty percent of operators who

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Speaker 3: have had bookings canceled in recent weeks, or eight percent

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Speaker 3: have had bookings canceled in recent weeks, and about half

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Speaker 3: that is based on the war. Now fuel accounts for

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Speaker 3: about one quarter of expenses of carriers and airlines around

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Speaker 3: the world, So you would imagine that the introduction of

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Speaker 3: surch charges, which we've started to see, is going to

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Speaker 3: increase sharply to cover these high costs.

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Speaker 1: Now I enjoy this time of year shown when the

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Speaker 1: Australian releases its list of richest people in the country

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Speaker 1: because it is great for voyeurs like myself and like

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Speaker 1: you as well. There's no denying us. Yes, For the

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Speaker 1: first time in eight years, the combined wealth of the

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Speaker 1: top two hundred and fifty ouzsies has in fact fallen.

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Speaker 3: Yeah, that's mostly because the value of Mike Cannon Brooks

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Speaker 3: and Scott Farquarr is down thirty five billion, so they've

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Speaker 3: fallen twenty five billion across the two fifty. Those two

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Speaker 3: at Lassian guys down thirty five billion over the last year.

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Speaker 3: Now the Atlassonian share price is down about fifty two

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Speaker 3: percent of the last year. These numbers were done a

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Speaker 3: few weeks ago and though it was down like sixty

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Speaker 3: three percent or something at that point. Yeah, so pushed

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Speaker 3: them from four and five to twelve and thirteen. They're

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Speaker 3: still worth a lot of money, so let's not get

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Speaker 3: too upset. They're still billionaires. Jenna Rhinhart The Game takes

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Speaker 3: out the top spot forty two billion dollars in wealth.

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Speaker 3: In fact, her wealth was down about four billion dollars

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Speaker 3: as well. Second ninety three year old Harry Triggerboff truly

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Speaker 3: one of Australia's most incredible business people. He's at thirty

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Speaker 3: four billion dollars. Merrison, of course, Third is cardboard box

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Speaker 3: manufacturer Anthony Pratt, Think Visity Industries at about thirty billion dollars.

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Speaker 3: Then we've got Clive Palmer, Camba duo, Melanie Perkins and

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Speaker 3: Cliff Obret. Nicola Forrest, former wife of Fortescues Andrew Forrest,

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Speaker 3: is seventh on the list eighteen billion dollars, just ahead

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Speaker 3: of her her former husband. He's at eight. Newcomers to

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Speaker 3: the top ten Wall Street infrastructure guru Mike Durrell at

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Speaker 3: nine he runs a big fund out of Wall Street,

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Speaker 3: and ten his media baron turned mining services and building

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Speaker 3: materials magnate Kerry Stokes. So what we have it's almost

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Speaker 3: like an old fashion list with the tech guys dropping

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Speaker 3: down and the property and kind of industrials guys doing best.

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Speaker 2: Old school, very old school. Yeah, I like it.

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Speaker 1: And Anthony Pratt, I was just I couldn't remember whether

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Speaker 1: he was now a US citizen, but he's still an

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Speaker 1: Australian citizen, isn't he? But wasn't he an ara an

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Speaker 1: honorary colonel or something in the in the US?

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Speaker 3: I think I'm going to get the number wrong, But

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Speaker 3: He's promised to invest five billion dollars into the US.

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Speaker 3: He has tried very hard to carry favor with Donald

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Speaker 3: Trump and some mixed results.

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Speaker 2: Michael mixed results.

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Speaker 1: Mixed results turned into international news. Now Sean, the city

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Speaker 1: housing the world's largest gas export plant in Qatar, has

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Speaker 1: been targeted in the war in the Middle East. I

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Speaker 1: believe it's is it raf Raffan Industrial City. Raffen Industrial

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Speaker 1: City was the subject of missile attacks that came as

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Speaker 1: Israel and the US bomb a key Iranian gas field

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Speaker 1: that triggered a surgeon oil and gas prices and also interestingly,

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Speaker 1: a bit of a split between the US and Israel.

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Speaker 1: We had the US President Donald Trump distancing himself from

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Speaker 1: the Israeli attack and said that no further attacks would

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Speaker 1: take place of that nature. He then said the US

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Speaker 1: would destroy Iran's South Pars gas field if the country

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Speaker 1: continues striking the energy infrastructure of its Middle Eastern neighbors.

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Speaker 1: It's all getting really really, I mean, every single one

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Speaker 1: of these attacks has massive flow on effects to the

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Speaker 1: global economy.

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Speaker 3: Yeah, it's very hard to know where it's going to land.

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Speaker 3: Qatar's Foreign ministry yesterday said Iran had now crossed all

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Speaker 3: red lines attacking civilian infrastructure in Qatar, UAE, Saudi Arabia.

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Speaker 3: Saudi Arabia reserved the right to take military action if

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Speaker 3: necessary following attacks on golf countries, while vessels near the

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Speaker 3: Strait of Hormuz are not in but near the Strait

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Speaker 3: of Hormuz have also been attacked. Reports suggest the Trump

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Speaker 3: administration is considering deploying thousands of troops to the Middle

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Speaker 3: East as the US decides what to do next. Now,

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Speaker 3: securing the straight up for mus seems to be the

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Speaker 3: goal to allow vessels, particularly oil, to flow through that.

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Speaker 3: But to do that you actually need troops literally on

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Speaker 3: Iranian soil. So I mean mostly it's probably air and navy,

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Speaker 3: but you still do need troops on one side of

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Speaker 3: that straight which is Iran.

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Speaker 2: So it's just very, very difficult to know where this lands.

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Speaker 1: Michael, Yeah, yeah, you said it earlier that everything kind

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Speaker 1: of is defined by uncertainty right now, totally up Next,

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Speaker 1: Sean is fearing greed q and a jarb. Borman is

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Speaker 1: your guest today. Here's the director of strategy at a

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Speaker 1: consultancy group named Outrun Global.

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Speaker 3: Nice not to be talking about the wars, about how

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Speaker 3: businesses are run, you know, and how they can be

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Speaker 3: run better. Jared talks about the distinction between rolls on

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Speaker 3: one hand and tasks on the other and why that's

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Speaker 3: really really important in an AI world, and we talk

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Speaker 3: a little bit about how businesses can take those first

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Speaker 3: steps towards used AI. It's a fantastic practical chat about

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Speaker 3: running a business.

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Speaker 1: Yeah, that's actually a really good way to put it. It

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Speaker 1: is coming up next to the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearandgreed dot com dot au,

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Speaker 1: which is also where you sign up for the free

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Speaker 1: daily news theater, and I'll put a link to that

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Speaker 1: one in the show notes as well. So it's just

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Speaker 1: a single click and an email address and away you go.

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Speaker 1: Thank you very much, Sean, Thank you, Michael. Get very

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Speaker 1: excited about that newsletter, don't we. It is Friday, the

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Speaker 1: twentieth of March twenty twenty six. Make sure you're following

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Speaker 1: the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook.

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Speaker 2: I'm Michael Thompson. That was Fear and Greed.

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Speaker 1: Have a great day.