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

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Speaker 1: Westpac's results gets everyone excited about the banks again, sending

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Speaker 1: the ASX yet another all time high. Unemployment falls to

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Speaker 1: four point two percent. Plus more results from the full

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Speaker 1: year company reporting season and what happens if you sneak

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Speaker 1: a look at your client's emails and trade on what

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Speaker 1: you find. It is Friday, the fifteenth of August twenty

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Speaker 1: twenty five. 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 banks are back. Just a

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Speaker 1: day after Commonwealth Banks profit report triggered a bank's sell off,

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Speaker 1: Westpac has posted a cracker.

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Speaker 2: It sure has.

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Speaker 3: Michael new CEO Anthony Miller says Westpac's quarterly net profit

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Speaker 3: lifted fourteen percent to one point nine billion, as business

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Speaker 3: lending rose five percent and customer deposits added ten billion dollars. Now,

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Speaker 3: remember this is the CEO who wants to bring back

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Speaker 3: hustle culture to banking. He's holding meetings on weekends, he

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Speaker 3: wants people back in the office and he says he

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Speaker 3: even works on Christmas Day now so far, having been

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Speaker 3: appointed CEO in December, twenty twenty four, he's delivering the numbers.

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Speaker 1: Yeah, his first numbers are really a gift for shareholders.

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Speaker 1: Investors flocked back to Westpac's shares, sending them up more

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Speaker 1: than six percent yesterday.

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Speaker 2: Yeah. Banks matter, Michael.

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Speaker 3: Not only are they the biggest part of the stock market,

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Speaker 3: but they're also the best indicator of how the Australian

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Speaker 3: economy is performing.

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Speaker 2: Overall.

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Speaker 3: Miller says households are benefiting from lower inflation and falling

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Speaker 3: interest rates, which means lower levels of customer stress. Under

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Speaker 3: these conditions, he expects a further recovery in economic activity

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Speaker 3: and more lending growth.

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Speaker 2: Yeah.

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Speaker 1: Massive result. And of course, this is an economy that's

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Speaker 1: already performing pretty well, as we saw yesterday with what

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Speaker 1: can only be described as a solid set of employment numbers.

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Speaker 3: Yes, the Australian Bureau Statistics said yesterday that twenty fourth

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Speaker 3: outan and five hundred new jobs were created in July,

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Speaker 3: sending the unemployment rate down from four point three percent

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Speaker 3: in June to four point two percent last month. That

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Speaker 3: was in line with expectations and just goes to demonstrate

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Speaker 3: the remarkable resilience of the Australian economy. It's good news

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Speaker 3: for wages, but potentially not so good for mortgage holders

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Speaker 3: because strong employment growth could mean another rate cut is

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Speaker 3: now less likely. Economists say these job numbers mean we

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Speaker 3: probably shouldn't bank on another rate cut next month, and

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Speaker 3: it's now more likely that the next cut will be

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Speaker 3: in November or December. Remember, the Reserve Bank of Australia

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Speaker 3: is not actually scheduled to meet in October this year.

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Speaker 3: It will all hinge on the next Australian Bureau Statistics

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Speaker 3: monthly Consumer Price Index indicator. Excitingly, Michael, those figures are

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Speaker 3: due out on the twenty seventh of August.

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Speaker 1: I'm going to say, I don't think it's taken me

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Speaker 1: a lot longer to get used to the RBA meeting

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Speaker 1: eight times a year on these different dates. I just

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Speaker 1: I really did appreciate the first Tuesday of every January consistency.

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Speaker 1: It was nice, wasn't it.

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Speaker 3: It was easy to plan creatures of habit, aren't we, Michael?

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Speaker 1: We certainly are adam Taking a look at local markets yesterday,

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Speaker 1: the SMPA IS X two hundred climbed zero point five

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Speaker 1: percent to close at eight eight hundred and seventy four points.

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Speaker 1: That's another record high, and also came as the market

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Speaker 1: hit an intra day high of eight eight hundred and

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Speaker 1: ninety nine point one points, so close to that eighty

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Speaker 1: nine hundred mark. And Adam, that is now four days

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Speaker 1: in a row of a new intra day high.

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Speaker 3: It is remarkable, Michael. Isn't it not that I'm thinking

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Speaker 3: of the weekend edition or anything.

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Speaker 1: As if you aren't. You are sizing up the stories

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Speaker 1: that you are going to be using tomorrow.

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Speaker 2: I know so, Michael.

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Speaker 3: Seven of the eleven sectors were positive yesterday, and as mentioned,

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Speaker 3: Westpac was the big driver of games. The Australian dollar

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Speaker 3: rose a little after the strong job starter, now up

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Speaker 3: to sixty five point five US sense. That's because people

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Speaker 3: think interest rate cuts are now less likely and that

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Speaker 3: makes the Australian dollar more valuable compared to other currencies.

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Speaker 1: Adam, We've got some more news about productivity ahead of

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Speaker 1: Treasury gem Charmers and his summit next week. It must

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Speaker 1: be very exciting for you to have reform being in

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Speaker 1: the news every single day as a passionate advocate of

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Speaker 1: all kinds of reform. This time though it is a

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Speaker 1: proposed change from the Australian securities and Investments Commission ASCIC,

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Speaker 1: and the change is potentially looking at the way super

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Speaker 1: funds invest in housing.

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Speaker 2: Yeah, Michael.

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Speaker 3: Normally the rule is that when a super fund buys

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Speaker 3: a property investment, it has to disclose the stamp duty

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Speaker 3: paid as a fee to members, and that means investments

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Speaker 3: in things like buy to rent housing look worse than

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Speaker 3: if they invested in a listed real estate company or

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Speaker 3: bought property overseas. So changing that rule could unlock more

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Speaker 3: than eight billion dollars in new development paid for by

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Speaker 3: super funds, and that would fast track the development of

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Speaker 3: thirty five thousand new homes. The Treasurer said this is

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Speaker 3: a good example of what might come from his economic

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Speaker 3: reform round table.

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Speaker 1: There's details of other likely changes in an ABC report

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Speaker 1: of elked Treasury document listing recommended outcomes.

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Speaker 2: Yeah.

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Speaker 3: This document proposes pausing changes to the National Construction Code,

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Speaker 3: speeding up housing approvals, and using AI to cut environmental

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Speaker 3: red tape. Opposition leader Susan Lay says the leak proves

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Speaker 3: the productivity talks are a stitch up, but the Prime

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Speaker 3: Minister denies the outcomes have already been predetermined.

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Speaker 1: I love that claim. It's such an Australian thing for

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Speaker 1: the opposition leader to get out there and say this

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Speaker 1: is a stitch up. Fantastic. Okay, we've got a lot

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Speaker 1: still to cover. Some great stories coming up, Adam. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. Mercer super is being sued by the

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Speaker 1: Securities Regulator for its approach to refunding insurance premiums to

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Speaker 1: dead members. Yes, Mercer is one of the biggest super

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Speaker 1: funds in the country, with nearly one million customers, and

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Speaker 1: ACIK claims that the seventy billion dollar fund has a

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Speaker 1: pattern of long standing and systemic failure to comply with

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Speaker 1: the law. ACIK says Mercer took too long investigating its

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Speaker 1: issues and shows a lack of care for customers. It's

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Speaker 1: not the only superfund that ACIK is taking on. The

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Speaker 1: regulator is also taking on Cebus and Australian Super Now

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Speaker 1: we're getting deeper into company reporting seasons, so let's do

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Speaker 1: a quick roundup, shall we of some of the latest results,

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Speaker 1: because there were some big ones coming out yesterday. Telstra,

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Speaker 1: for example, to leave it an annual net profit of

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Speaker 1: two point three billion dollars. That is up thirty one

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Speaker 1: percent on last year. The telco also announced a one

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Speaker 1: billion dollar extension to its share buyback. The details here

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Speaker 1: are interesting. Bar earnings, we're up three point five percent

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Speaker 1: as it again lifted the price of phone plans, this

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Speaker 1: time between three dollars and five dollars a month. That

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Speaker 1: cost of living crisis keeps.

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Speaker 3: Hitting, Yeah, Michael, up thirty one percent on last year's earnings.

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Speaker 3: That is a pretty exceptional result. Operating expenses were the

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Speaker 3: big story, down six percent, partly on the back of

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Speaker 3: letting some threey two hundred jobs go. Telstra shares fell

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Speaker 3: two point six percent on the result, but they are

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Speaker 3: up by about a quarter since the beginning of the year.

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Speaker 3: Telstra now says some twenty five million phones, watches and

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Speaker 3: other gadgets are hooked up to its network in Australia.

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Speaker 1: One of the other comments that I thought was really

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Speaker 1: interesting from Chief executive Vicky Brady Adam. She said that

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Speaker 1: all of Telstra's staff are expected to use artificial intelligence

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Speaker 1: every single day in order to become more efficient. That's

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Speaker 1: that's certainly kind of modeling that behavior that the company

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Speaker 1: expects in order to keep it moving forward as a

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Speaker 1: tech company as much as a Telco.

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Speaker 3: Right, So, Michael, are you following this guideline. I know

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Speaker 3: we don't work at Telsha, but would you do that?

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Speaker 1: Probably not as much as I should. I need to

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Speaker 1: get more efficient.

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Speaker 3: I definitely do. I'm using it all the time, multiple

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Speaker 3: times daily.

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Speaker 1: Yes, you know what it does help me with, in

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Speaker 1: particular when I'm putting together the Fear and Greed newsletter.

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Speaker 1: And when you go to the bottom, scroll right down

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Speaker 1: to the bottom of the newsletter, you see the tables,

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Speaker 1: the table there because that is something that requires HTML code.

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Speaker 1: Remember HTML code having to do that? God, yes, you

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Speaker 1: know what can do HTML code in an instant chat

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Speaker 1: GPT and so it is fantastic. I feed everything I

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Speaker 1: need into it and it spits out the table.

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Speaker 2: Thank Chat GPT for it.

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Speaker 1: We certainly do. Now, keeping on moving ASX Limited, that's

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Speaker 1: the company that owns and operates the Australian stock market,

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Speaker 1: posted a six percent lift in profit to just over

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Speaker 1: five hundred million dollars.

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Speaker 2: Yeah it said.

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Speaker 3: The higher profit was even by more trading on the

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Speaker 3: market due to the past years volatility. The more we trade,

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Speaker 3: the more they make and AASEX shares lifted one point

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Speaker 3: two percent yesterday.

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Speaker 1: At Sun Corp posted better than expected earnings as insurance

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Speaker 1: margins and investment returns improved. The insurer also pleased shareholders

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Speaker 1: with a share buyback plan. Shares in the company rows

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Speaker 1: three point six percent. Origin Energy Adam shares swored six

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Speaker 1: percent as it posted higher profits of one point four

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Speaker 1: to eight billion dollars.

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Speaker 3: This is a day of hits we're reporting on Michael.

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Speaker 3: Origin said better earnings from its liquefied natural gas business,

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Speaker 3: which sells our gas overseas, offset lower earnings from its

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Speaker 3: local retail and business customers. It's a reminder of the

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Speaker 3: power shareholders have to tell would be acquirers to back off.

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Speaker 3: Remember two years ago Origin investors rejected a sub ten

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Speaker 3: dollars shared takeover offer from Brookfield despite the board recommending approval.

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Speaker 3: Now the stock is in the high twelve dollars range

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Speaker 3: and rising.

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Speaker 1: And one last one in our hit parade here Today,

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Speaker 1: Adam online retailer Temple and Webster posted a twenty one

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Speaker 1: percent lift in revenue to six hundred and one million

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Speaker 1: dollars and higher than expected earnings of eighteen point eight million.

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Speaker 3: The furniture and homewares retailer said strong promotions at the

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Speaker 3: end of the financial year help boost its numbers. Temple

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Speaker 3: and Webster now says it accounts for two point seven

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Speaker 3: percent of the entire Australian furniture and homewares market, and

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Speaker 3: its shares leapt more than eight percent.

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Speaker 1: And finally, Adam, how about some insider trading. It's something

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Speaker 1: that we don't really hear that much about outside of

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Speaker 1: the movies, right.

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Speaker 3: Gordon, Gecko and Wall Street comes to mind. A Sydney

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Speaker 3: man faces fifteen years in prison after pleading guilty to

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Speaker 3: insider trading in two point seven million dollars worth of

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Speaker 3: shares in Platinum Asset Management. Rodney Forrest admitted accessing a

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Speaker 3: client's computer without permission and reading a confidential email about

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Speaker 3: a takeover proposal for the ASX listed fund manager. He

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Speaker 3: then bought Platinum shares before the news was public.

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Speaker 1: Okay, turning to international news now, Adam. European leaders say

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Speaker 1: they have agreed a strategy with US President Donald Trump

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Speaker 1: ahead of his meeting with Vladimir Putin today in Alaska.

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Speaker 1: But having an agreed strategy is one thing. Whether or

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Speaker 1: not it goes that way is another thing altogether.

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Speaker 3: Right, Yeah, we watch this with fascination Michael Trump and

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Speaker 3: Putin are meeting to discuss ending the war in Ukraine,

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Speaker 3: and the meeting has left Europe worried about the risk

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Speaker 3: of Trump doing a deal to give up parts of

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Speaker 3: Ukraine to the Russians, But under the latest strategy, Trump

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Speaker 3: has agreed not to negotiate territory and instead leave those

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Speaker 3: talks up to Ukraine and Russia directly. Trump is warning

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Speaker 3: of very severe consequences if Putin refuses to end the war,

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Speaker 3: but also admits that so far the Russian leader is

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Speaker 3: not listening.

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Speaker 1: And now back in the US, Trump's takeover of the

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Speaker 1: streets of Washington, DC is certainly taking hold, Protesters chanting

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Speaker 1: go home fascists as the National Guard and hundreds of

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Speaker 1: federal law enforcement agents enter the city.

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Speaker 3: It's the first time a president has used emergency powers

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Speaker 3: to take control of the city's police. Trump said he's

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Speaker 3: doing it to reduce violent crime, but his critics say

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Speaker 3: official data shows crime was already falling.

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Speaker 1: And Adam we mentioned earlier in the week the bushfires

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Speaker 1: that have been sweeping across parts of Europe. They are

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Speaker 1: continuing to threaten major cities throughout the region. This heat

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Speaker 1: wave is not going anywhere.

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Speaker 3: No, unfortunately not. People near the Greek city of Patris

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Speaker 3: near Athens were ordered to evacuate, and high winds are

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Speaker 3: driving fires towards homes near Madrid. In Spain, heat alerts

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Speaker 3: are in place and fires are burning in Portugal, Spain,

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Speaker 3: Italy and in the Balkans.

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Speaker 1: And finally, a bit more on JD. Vance's UK holiday.

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Speaker 1: Jeremy Clarkson, the former top gear presenter turned British farming advocate,

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Speaker 1: is now complaining about the US Vice President's visit to

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Speaker 1: England's upmarket Cotswolds district.

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Speaker 2: Yeah.

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Speaker 3: Michael Clarkson posted an image of the Vice president's no

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Speaker 3: flo zone to Instagram, saying it was interrupting the filming

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Speaker 3: of his popular TV show Clarkson Farm and his sidekick

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Speaker 3: Caleb Cooper said harvested crops are getting wet in the

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Speaker 3: rain waiting for the Vice President's giant nineteen vehicle motorcade

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Speaker 3: to pass. He says Vance might be better off driving

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Speaker 3: around the countryside on his own in a small car,

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Speaker 3: because at least then nobody would know who he was.

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Speaker 1: Might have a point there up next, Adam is Fear

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Speaker 1: and Greed Q and A. Today we are taking a

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Speaker 1: closer look at this suggestion, the proposal from the ACTU

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Speaker 1: that we should move towards a four day working week,

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Speaker 1: looking at the pros, looking at the cons and the

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Speaker 1: likelihood of whether it will ever actually happen here in Australia.

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Speaker 1: It's 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 where you can sign up for the newsletter

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Speaker 1: that I mentioned earlier with those fantastically formatted tables at

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Speaker 1: the bottom. I'll put a link in today's show notes

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Speaker 1: as well.

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Speaker 3: Thank you, Adam, Well, look not just for the tables,

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Speaker 3: sign up now.

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Speaker 2: Thank you Michael.

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Speaker 1: It is Friday, the fifteenth of August 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, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and the Atosphere and Greed. Have a great day.