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

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Speaker 1: The Federal government agrees to pay another four hundred and

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Speaker 1: seventy five million dollars in compensation to robodebt victims, while

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Speaker 1: the Prime Minister works to distance himself from former Victorian

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Speaker 1: Premier Daniel Andrews. The Quarie Bank challenges the Big Four

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Speaker 1: for a largest slaice of the mortgage market, and four

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Speaker 1: Chinese car brands crack the top ten for car sales

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Speaker 1: in Australia. Plus the ASX bounces back, and the Trump

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Speaker 1: family goes big into crypto. It is Friday, the fifth

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Speaker 1: of September twenty twenty five. Are Michael Thompson and Good morning,

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Speaker 1: Natalie McDonald.

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Speaker 2: Good morning Michael, Natalie.

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Speaker 1: The main story this morning, the Federal government really seemed

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Speaker 1: to spend yesterday putting out fires, one caused by the

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Speaker 1: previous coalition government and another started by a former labor premier.

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Speaker 1: We'll go to the first one first. The Federal government

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Speaker 1: has agreed to pay four hundred and seventy five million

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Speaker 1: dollars in compensation to victims the robodet scheme. Now this

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Speaker 1: is now that the largest class action settlement in Australian history.

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Speaker 1: This was an add on to the previous settlement. ROBODEBT

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Speaker 1: was the automated debt recovery system that unlawfully hounded welfare

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Speaker 1: recipients for money that they just didn't owe, and it

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Speaker 1: pushed many into hardship. A Royal commission later slammed it

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Speaker 1: as crude and cruel.

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Speaker 2: Attorney General Michelle Rowland says the payout, if approved by

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Speaker 2: the Federal Court, is just and fair and will cover

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Speaker 2: more than four hundred and fifty thousand Australians. In twenty twenty,

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Speaker 2: victims of the unlawful robodet scheme one a one point

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Speaker 2: eight billion dollar settlement, but lawyers pushed for more after

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Speaker 2: evidence showed the former Coalition government knew it was legal

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Speaker 2: and went ahead anyway. Yesterday, Labor agreed to pay an

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Speaker 2: extra four hundred and seventy five million dollars in compensation,

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Speaker 2: plus millions more in legal costs and administration. Law firm

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Speaker 2: Gordon Legal, which ran the class action, described it as

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Speaker 2: vindication for victims, although many continue to live with life

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Speaker 2: trauma from that At least two suicides were linked to

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Speaker 2: the scheme.

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Speaker 1: Now I mentioned the other issue for the Federal government.

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Speaker 1: At the moment, Prime Minister Anthony Albanesi has distanced himself

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Speaker 1: from former Victorian Premier Daniel Andrews after Andrews posed in

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Speaker 1: group photos with leaders of North Korea, China, Russia and Iran.

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Speaker 1: Dan Andrews has been roundly criticized really for his decision

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Speaker 1: to travel to China for a huge military parade other politicians.

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Speaker 1: Other Australian politicians described it as a parade for dictators. Yesterday,

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Speaker 1: the PM was the one under pressure to condemn the

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Speaker 1: former premier.

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Speaker 2: Speaking at question time, Anthony Alberanzi told Parliament I am

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Speaker 2: not responsible for what every Australian citizen does, and pointing

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Speaker 2: out that in twenty fifteen, the Abbott government sent then

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Speaker 2: Minister for Veteran Affairs Michael Ronaldson to attend the seventieth

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Speaker 2: anniversary of the formal surrendered by Japan in World War II.

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Speaker 2: But the PM did offer an implicit criticism of former

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Speaker 2: flatmate Andrew's actions, stating that neither he nor Hiss would

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Speaker 2: have gone, saying my position is very very clear, which

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Speaker 2: is we did not send any government representative because it

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Speaker 2: wouldn't have been appropriate, saying I haven't and never will

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Speaker 2: meet Vladimir Putin. I haven't and never will meet the

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Speaker 2: leader of North Korea as well.

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Speaker 1: Sounds like he was stepping quite carefully around that one

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Speaker 1: and definitely didn't want to just come straight out and

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Speaker 1: say Daniel Andrews should not have gone oh.

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Speaker 2: One hundred percent. I don't think he could.

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Speaker 1: Yeah, anyway, local markets, let's move away from politics. Now.

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Speaker 1: How did things go? So?

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Speaker 2: Better?

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Speaker 1: Day? On the burse? Wasn't it? It was?

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Speaker 2: The ASX bounced back from its worst one day sell

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Speaker 2: off since April to close up eighty seven points or

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Speaker 2: one percent, to eighty eight hundred and twenty six, with

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Speaker 2: nine out of eleven sectors in the green, led by

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Speaker 2: tech and consumer stocks and the big four banks. Falls

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Speaker 2: though for Woodside and Santo submit reports that OPEK may

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Speaker 2: consider raising oil output again in October. Over allthough the

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Speaker 2: ABC has crunched the numbers, the index has lost one

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Speaker 2: point seven percent over the last five days, and it's

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Speaker 2: two and a half percent below it's twelve month high.

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Speaker 2: We also saw goldbillion easing back following a week of gains,

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Speaker 2: although investors in Newmont won't have too much Do you

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Speaker 2: complain about the AFI reporting? The stock has jumped ninety

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Speaker 2: percent this year amid geopolitical concerns.

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Speaker 1: Yeah, that is pretty incredible. Can I toss one more

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Speaker 1: into the mix? And it's a retail stock and a

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Speaker 1: bit of a shake up coming. Rip Curl and Katmandu's

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Speaker 1: parent company, KMD Brands is closing up to twenty one

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Speaker 1: stores in a twenty five million dollar revamp to lift

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Speaker 1: profits and reboot its falling share price. The company stock

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Speaker 1: has plunged more than fifty percent over the past year's

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Speaker 1: training at just twenty two cents at the moment, and

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Speaker 1: this was.

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Speaker 2: A story that stopped us in our tracks quite literally

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Speaker 2: on the way to record the show, But CEO of

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Speaker 2: KMD Brands saying that the next level transformation will focus

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Speaker 2: on customer centric growth, revamping store designs, improving digital experiences,

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Speaker 2: and rolling out new concept stores across Australia and New

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Speaker 2: Zealand just for Christmas. The group will also boost data

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Speaker 2: intelligence to make smarter supply chain and business decisions. Chairman

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Speaker 2: David Kirk says the market has undervalued km D and

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Speaker 2: the board is confident the company can self fund the changes.

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Speaker 2: The plan is pretty simple. Cut the underperforming stores, modernize

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Speaker 2: the brand, and turn KMD into something that is stronger

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Speaker 2: and leaner and ultimately a more profitable business for the future.

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Speaker 1: Seems a very good time, Natalie to mention, the data

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Speaker 1: that came out of the Bureau of Statistics yesterday showed

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Speaker 1: another step up in households spending in July. Total household

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Speaker 1: expended to a rose by zero point five percent in July.

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Speaker 1: The annual rate is now up to five point one percent.

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Speaker 1: That's its highest level in nearly a couple of years.

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Speaker 1: We had spending increasing on health and hotels and air travel.

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Speaker 1: Diving out, total expenses on services was up by one

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Speaker 1: point six percent. So it does sound as though there

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Speaker 1: is a bit more confidence, a bit more optimism, and

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Speaker 1: really households are starting to spend a bit of money.

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Speaker 1: Maybe too late for brands though, to save those additional

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Speaker 1: twenty one stores. Okay, we're going to take a very

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Speaker 1: quick break. We will come back in a moment with

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Speaker 1: the rest of the day's business news. Natalie. Australia's Green

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Speaker 1: Bank has locked in its biggest ever clean energy investment

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Speaker 1: with a three point eight billion dollar federal loan for

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Speaker 1: the Marinus Link, which is a three hundred and forty

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Speaker 1: five kilometer under sea cable connecting Tasmania's hydro dams to

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Speaker 1: the mainland. I love this project. It is just really cool.

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Speaker 2: I know. I enjoyed you sending it through to me,

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Speaker 2: being like, this is a cool story.

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Speaker 1: Actually was the word I used, wasn't it?

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Speaker 2: And it is. It's very cool. It's set to start

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Speaker 2: in twenty twenty six and deliver power by twenty thirty.

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Speaker 2: The project will transmit seven hundred and fifty megawatts. That's

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Speaker 2: enough for seven hundred and fifty thousand homes, helping replace

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Speaker 2: coal as it retires in Victoria and New South Wales.

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Speaker 2: The Marinis Link will also balance the grid when solar

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Speaker 2: output drops at night and allow Tasmania tap mainland win

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Speaker 2: and solar. With its high voltage connection three times the

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Speaker 2: capacity of Baslink, it's a game changer for reliability and

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Speaker 2: cheap power. The loan covers eighty percent of the first

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Speaker 2: phase five billion dollar cost, with the rest shared by federal,

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Speaker 2: Victorian and Tasmanian governments. Official say Marinesslink could save households

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Speaker 2: twenty five to thirty six dollars a year while powering

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Speaker 2: Australia is pushed to a coal free and renewable powered grid.

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Speaker 1: Now stand by for perhaps more competition in the mortgage market.

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Speaker 1: Macquarie is slowly becoming a major player in Australia's home

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Speaker 1: loan market, winning almost forty percent of all new mortgage

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Speaker 1: business in July. The big four are not going to

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Speaker 1: like that.

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Speaker 2: No, I don't think so. In fact, CBA have admitted

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Speaker 2: that McCrory is a formidable competitor. The bank added three

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Speaker 2: point two billion dollars in new loans, growing more than

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Speaker 2: six times faster than the Big four. Unlike the majors,

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Speaker 2: McCrory runs lean as a digital only bank with no branches,

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Speaker 2: freeing it to compete on speed and transparency rather than

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Speaker 2: that risky lending. It does a lot of work with

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Speaker 2: brokers and has lifted its overall slice from four point

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Speaker 2: seven to six point three percent in just four years.

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Speaker 2: Alyssa warning the big four are under pressure here, with

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Speaker 2: Westpac and ann Zed stumbling, while mccuori surge is from

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Speaker 2: niche player to really a major thread.

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Speaker 1: This next one is interesting because we've talked for some

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Speaker 1: time about the growth in Chinese car brands in Australia.

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Speaker 1: For the first time, we've got four Chinese car brands

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Speaker 1: now in Australia's top ten for these sales in August,

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Speaker 1: BYD was best place to the four. It came in

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Speaker 1: at number six on the list, followed closely by gwm

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Speaker 1: MG and Cherry. Together. Chinese made vehicles made up almost

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Speaker 1: twenty percent of all sales last month. That is a

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Speaker 1: sixty seven percent jump on the same time last year.

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Speaker 1: That is incredible growth.

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Speaker 2: It's bek and if you look into the numbers, it's

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Speaker 2: really interesting because while many buyers still chose petrol and diesel,

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Speaker 2: almost quarter of Chinese car sales were electric, and that's

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Speaker 2: up seventeen percent from a year ago. The FCAI says

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Speaker 2: the surge shows how quickly ossies are adapting to new

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Speaker 2: options in the car market, still though use remaining. The

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Speaker 2: Ford Ranger topped the charts with nearly five thousand sold,

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Speaker 2: just edging out the Toyota Highlux. The momentum is clear.

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Speaker 2: A decade ago, almost no cars were imported from China,

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Speaker 2: and analysts now predict that by twenty thirty five, Chinese

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Speaker 2: models will make up more than forty percent of new

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Speaker 2: car imports.

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Speaker 1: I would love a duel cabute. Got absolutely no use

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Speaker 1: for it, never carry anything around, but I think I'd

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Speaker 1: look really tough driving one.

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Speaker 2: See my partner's a trade.

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Speaker 1: So does he have that jewel cabute?

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Speaker 2: He does have a dual cablute. A little bit jo

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Speaker 2: it is. It is a Toyota highlux.

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Speaker 1: Of course it is. Of course, I mean the statistics

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Speaker 1: told me that was going to be the case.

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Speaker 2: I've just gone up in in every listener's estimations. Here

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Speaker 2: she may be a brip, but her partners.

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Speaker 1: An Australian trade driving a highlux. There we go now.

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Speaker 1: Burn outrights among educators soaring. Teachers are reporting stress levels

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Speaker 1: nearly forty percent higher than the average worker. This is

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Speaker 1: according to a survey by Deacon University. That's pretty worrying.

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Speaker 2: So it was a survey of nearly nine hundred teachers

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Speaker 2: and two and a half thousand workers, showing educators face

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Speaker 2: heavier workloads, faster paced days, and higher emotional demands than

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Speaker 2: most other professions. Many also take a lot of their

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Speaker 2: stress home with the job, fueling serious work family conflict.

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Speaker 2: Researchers say it comes down to a mismatch between expectations

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Speaker 2: and the time and resources available. Teachers are juggling complex

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Speaker 2: student needs, admin mountains, parent demands, and constant problem solving,

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Speaker 2: often with very little support. The study is warning urgent

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Speaker 2: reforms are needed, from cutting paperwork, reducing workloads, and giving

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Speaker 2: teachers more say in policy. Despite the strain, though, teachers

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Speaker 2: report finding pretty deep meaning in their work, but many

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Speaker 2: fear that it is becoming unsustainable.

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Speaker 1: Finally, before we get to international news, Quantus is getting

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Speaker 1: its first wardrobe makeover in more than a decade. The

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Speaker 1: airline has tapped Australian designer Rebecca Valance, who has dressed

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Speaker 1: apparently British royalty and Hollywood stars, to create its new uniforms.

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Speaker 2: Your enthusiasm for this story is incredible. Well, I need

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Speaker 2: to go back to the Marinus link.

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Speaker 1: This is so cool my theory when it comes to this.

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Speaker 1: I love airlines, I love aviation. I love all plane stories.

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Speaker 1: I don't care what they wear or what they look

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Speaker 1: like anything, as long as it's a safe flight. Like

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Speaker 1: I'm a nervous fire at the best of times, I

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Speaker 1: don't care. If the uniform gets a refresh.

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Speaker 2: Well, then you might actually enjoy this because the focus

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Speaker 2: is going to be on functionality, because pilots can wear

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Speaker 2: the same uniform for twenty hours straight, so it needs

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Speaker 2: to function for them to be able to fly your plane.

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Speaker 2: But the redesign beyond the pilots is actually going to

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Speaker 2: outfit seventeen five hundred staff from pilots to cabin crew

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Speaker 2: and what Quanta's boss, Vanessa Hudson has called the next

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Speaker 2: era for the airline. It's not the first time though,

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Speaker 2: that Quantus has worked with that. She redesigned the pajamas

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Speaker 2: and ammunity kits for Quantus's New York relaunch post pandemic. Also, coincidentally,

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Speaker 2: I just bought a dress by her to wear to

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Speaker 2: a wedding in Spain at the end of September, so

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Speaker 2: you know I'm in there. The final designs, though, won't

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Speaker 2: hit the runway until twenty twenty seven. That is just

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Speaker 2: in time for Quantas's ultra long haul project sum Rose

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Speaker 2: flights to London and New York.

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Speaker 1: All right, moving on from you hate that story, I din't.

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Speaker 1: I din't. I do find it quite interesting. It is

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Speaker 1: just quite foreign to me the world of fashion designers.

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Speaker 1: Can't you tell her? I turn tell me more. I

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Speaker 1: turn up wearing pretty much the same thing every day

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Speaker 1: to the studio. Right, So it is you do?

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Speaker 2: You do have an infinite wardrobe of T shirts and

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Speaker 2: button down shirts.

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Speaker 1: Correct, it is my capsule wardrobe. I have been informed you.

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Speaker 1: How about that? Turning to international news, now, the Trump

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Speaker 1: family is diving headfirst into crypto once again. This week,

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Speaker 1: Donald Trump Junior and Eric Trump, the two sons of

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Speaker 1: the president, launched not one but two new ventures, American Bitcoin,

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Speaker 1: which is a mining business, and WLFI, which is a

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Speaker 1: new token where Donald Trump President is co founder emeritus.

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Speaker 2: Trump also controls billions in trump Coin, which is a

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Speaker 2: meme cryptocurrency and the latest token launch reportedly adding seven

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Speaker 2: point seven billion dollars to the family fortune. But while

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Speaker 2: the Trumps are cashing in, investors haven't been so lucky.

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Speaker 2: Trump Coin's market value has tumbled from ten billion dollars

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Speaker 2: to one point seven billion, while the millennia coin is

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Speaker 2: down two one hundred and sixty nine million dollars. Despite

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Speaker 2: the roller coaster, though, some crypto pros actually see a

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Speaker 2: silver lining that the White House's enthusiasm could boost adoption

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Speaker 2: of decentralized finance. American Bitcoin debuted on Nasdaq. It doesn't

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Speaker 2: actually have its own token. Instead, it will mine and

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Speaker 2: stockpile coins already holding around two and a half thousand

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Speaker 2: coins worth four hundred and eighteen million dollars.

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Speaker 1: Finally, very quick one big news from Argentina. We have

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Speaker 1: been following the saga of the long lost Italian painting

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Speaker 1: that was stolen by the Nazis eighty years ago. Been

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Speaker 1: talking about it now for the last couple of weeks,

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Speaker 1: and police have tracked it down.

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Speaker 2: They have so for those who have not been following

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Speaker 2: this as closely as Michael and I. Portrait of a

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Speaker 2: Lady was snatched from Dutch Jewish collector Jacques Goudsticker during

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Speaker 2: World War Two. Popped up in a real estate listing,

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Speaker 2: but when police arrived, the artwork had vanished. Authority swooped

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Speaker 2: in and arrested the daughter of the Nazi officer who

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Speaker 2: had it, along with her husband. The painting is now

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Speaker 2: touched safe away in a secure chamber and amazingly still

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Speaker 2: in great shape. It's worth around seventy six thousand dollars.

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Speaker 1: Yeah, incredible story. Okay. Up next is Fearing Greed Q

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Speaker 1: and A. Your guest today is Georgie Dent, who is

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Speaker 1: the CEO of the Parenthood, which is a very large

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Speaker 1: advocacy group for Paris. You are talking to her about

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Speaker 1: the push by the federal government the steps it is

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Speaker 1: taking towards universal childcare, not just what that would look

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Speaker 1: like and how it might work, but also why it

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Speaker 1: is so important for business, for families, for the economy

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Speaker 1: more broadly. It is a really good chat. It's coming

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Speaker 1: up after the show, so stick around. Thank you very much, Natalie,

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Speaker 1: Thank you, Michael. It is Friday, the fifth of September

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Speaker 1: twenty twenty five. Don't forget to hit follow on the

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Speaker 1: podcast and join us online on LinkedIn, Instagram, x TikTok

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Speaker 1: and Facebook. I'm Michael Thompson. And that was Fear and Greed.

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Speaker 1: Have a great day.