1 00:00:03,840 --> 00:00:07,120 Speaker 1: It's Tuesday, the fourteenth of May twenty twenty four. Welcome 2 00:00:07,160 --> 00:00:09,640 Speaker 1: to the Fast five Business News by Fearing Greed. Will 3 00:00:09,720 --> 00:00:11,520 Speaker 1: we give you the top five business stories you need 4 00:00:11,560 --> 00:00:13,920 Speaker 1: to know in just five minutes. I'm Michael Thompson and 5 00:00:13,960 --> 00:00:15,280 Speaker 1: good morning, Sean Aylmer. 6 00:00:15,440 --> 00:00:16,440 Speaker 2: Good morning, Michael. 7 00:00:16,560 --> 00:00:18,520 Speaker 1: We've got five stories to get through in five minutes, 8 00:00:18,560 --> 00:00:21,959 Speaker 1: so let's get cracking. Story Number one, businesses are finding 9 00:00:22,040 --> 00:00:25,000 Speaker 1: trading conditions a bit tougher and are slowing down new 10 00:00:25,079 --> 00:00:28,600 Speaker 1: hires and seeing a drop in sales orders in coming months. 11 00:00:28,840 --> 00:00:31,920 Speaker 2: The National Australian Bank Monthly Business Survey says business conditions 12 00:00:31,920 --> 00:00:34,120 Speaker 2: in our back to long run averages and while business 13 00:00:34,120 --> 00:00:37,080 Speaker 2: confidence is steady, it's still below the long term average. 14 00:00:37,240 --> 00:00:39,720 Speaker 2: NAB Chief economist Al and Osta said the April survey 15 00:00:39,760 --> 00:00:42,599 Speaker 2: marks of milestone, with conditions no longer better than average, 16 00:00:42,720 --> 00:00:46,400 Speaker 2: demonstrating how much the economy is slowing. While conditions and 17 00:00:46,440 --> 00:00:50,440 Speaker 2: the finance, business and property, transporter and recreational services sectors 18 00:00:50,479 --> 00:00:53,599 Speaker 2: and remain robust, it isn't the case in retail. That's 19 00:00:53,600 --> 00:00:56,480 Speaker 2: where things are very tough. Mister Osta said. It's worrying 20 00:00:56,480 --> 00:00:59,520 Speaker 2: for the economic outlook that forward orders have fallen, though 21 00:00:59,560 --> 00:01:03,400 Speaker 2: business are still investing. The survey also shows some positive 22 00:01:03,400 --> 00:01:06,320 Speaker 2: science in terms of inflation easing. I like the NAP 23 00:01:06,360 --> 00:01:08,759 Speaker 2: survey because it gives a great look at different segments 24 00:01:08,760 --> 00:01:10,839 Speaker 2: in the economy, and the overall take is that growth 25 00:01:10,880 --> 00:01:13,080 Speaker 2: is certainly slowing, as is inflation. 26 00:01:13,160 --> 00:01:15,920 Speaker 1: And the business part of the economy. We also got 27 00:01:15,920 --> 00:01:19,280 Speaker 1: a good look at the consumer side yesterday, Sean with 28 00:01:19,360 --> 00:01:23,600 Speaker 1: new Comonwealth Bank figures, highlighting the growing divide between homeowners 29 00:01:23,640 --> 00:01:25,399 Speaker 1: and renters in particular. 30 00:01:25,319 --> 00:01:28,640 Speaker 2: And fascinating stuff. The monthly comm Veage Households Spending Insights 31 00:01:28,680 --> 00:01:31,240 Speaker 2: Index fell last month, with spending growth over the past 32 00:01:31,319 --> 00:01:34,399 Speaker 2: year just two point six percent. The index uses real 33 00:01:34,400 --> 00:01:36,920 Speaker 2: time data from car transactions across the bank, so it's 34 00:01:36,959 --> 00:01:39,080 Speaker 2: more up to date. Then let's say what the ABS does. 35 00:01:39,360 --> 00:01:42,440 Speaker 2: It says well, spending on essentials like education, utilities, mote 36 00:01:42,520 --> 00:01:46,039 Speaker 2: vehicles has risen. Consumers are pulling back on hospitality, food 37 00:01:46,120 --> 00:01:49,680 Speaker 2: and beverage and recreation. Where the real disparity kicks in 38 00:01:49,800 --> 00:01:52,520 Speaker 2: is between renters we're spending growth is up just one 39 00:01:52,520 --> 00:01:55,120 Speaker 2: point three percent and homeowners, where it's up six point 40 00:01:55,200 --> 00:01:57,880 Speaker 2: three percent. Victoria is one of the worst performing states. 41 00:01:58,000 --> 00:02:00,760 Speaker 2: Other side of the coin. Tasmanian, Southustralia and New South 42 00:02:00,760 --> 00:02:02,160 Speaker 2: Wales are among the best. 43 00:02:02,520 --> 00:02:04,720 Speaker 1: Sean story number two and I know you are very 44 00:02:04,840 --> 00:02:07,919 Speaker 1: very excited. You actually look excited. There is a gleam 45 00:02:07,960 --> 00:02:11,720 Speaker 1: in your eyes. Because tonight is the federal budget. It's 46 00:02:11,880 --> 00:02:15,560 Speaker 1: likely to forecast inflation falling back to within the Reserve 47 00:02:15,639 --> 00:02:18,120 Speaker 1: Bank's target range by December this year, which would be 48 00:02:18,160 --> 00:02:20,280 Speaker 1: good news in terms of interest rates and also the 49 00:02:20,280 --> 00:02:21,359 Speaker 1: cost of living crisis. 50 00:02:21,800 --> 00:02:23,600 Speaker 2: Yeah. So the reason we have interest rates at twelve 51 00:02:23,680 --> 00:02:26,280 Speaker 2: years highs is to get inflation back in control, and 52 00:02:26,320 --> 00:02:29,240 Speaker 2: Federal Treasury's forecast will show inflation dropping to two point 53 00:02:29,240 --> 00:02:32,400 Speaker 2: seventy five percent by December this year. We'll stay at 54 00:02:32,400 --> 00:02:34,240 Speaker 2: that level THENTO next year and eventually drop to two 55 00:02:34,280 --> 00:02:36,560 Speaker 2: and a half percent by the end of twenty twenty five. 56 00:02:36,600 --> 00:02:39,480 Speaker 2: Now these are just forecasts, but they do demonstrate that 57 00:02:39,520 --> 00:02:42,760 Speaker 2: Treasury has confidence inflation is back under control, or at 58 00:02:42,800 --> 00:02:45,560 Speaker 2: least getting there. When that happens, the Reserve Bank is 59 00:02:45,840 --> 00:02:48,560 Speaker 2: likely to lower the official cash rate, sending other rates 60 00:02:48,560 --> 00:02:51,880 Speaker 2: on mortgages, personal loans, and credit cards down. Treasury will 61 00:02:51,880 --> 00:02:54,359 Speaker 2: also forecast at the unemployment rate will rise from three 62 00:02:54,360 --> 00:02:56,280 Speaker 2: point eight percent to around four and a half percent 63 00:02:56,560 --> 00:02:59,960 Speaker 2: over the next twelve months, but Finance Minister Katie Gallah 64 00:03:00,040 --> 00:03:02,600 Speaker 2: he said the job isn't done and the budget will 65 00:03:02,600 --> 00:03:04,200 Speaker 2: alleviate cost of imming pressures. 66 00:03:04,720 --> 00:03:08,400 Speaker 1: Story number three, videos showing the stabbing of a Sydney bishop, 67 00:03:08,480 --> 00:03:11,760 Speaker 1: have been allowed back on social media site x globally 68 00:03:11,919 --> 00:03:15,960 Speaker 1: after the Federal Court refused to continue orders barring them 69 00:03:15,960 --> 00:03:16,440 Speaker 1: from view. 70 00:03:17,080 --> 00:03:19,480 Speaker 2: The decision yesterday morning is a blow for the government, 71 00:03:19,520 --> 00:03:22,520 Speaker 2: which had attacked EX owner Elon Musk over his free 72 00:03:22,520 --> 00:03:26,399 Speaker 2: speech stance towards the videos. The e Safety Commissioner had 73 00:03:26,440 --> 00:03:29,040 Speaker 2: persuaded the court to issue an emergency ruling last month 74 00:03:29,120 --> 00:03:31,239 Speaker 2: ordering the videos to be hidden around the world, and 75 00:03:31,320 --> 00:03:34,839 Speaker 2: a hearing that was at too late notice for X's 76 00:03:34,920 --> 00:03:37,839 Speaker 2: lawyers to properly engage with now on Friday last week. 77 00:03:37,840 --> 00:03:40,640 Speaker 2: Ex's lawyers argued that the videos were not sufficiently graphic 78 00:03:40,640 --> 00:03:43,080 Speaker 2: to bean globally, that X had already taken steps to 79 00:03:43,080 --> 00:03:45,760 Speaker 2: bock them from Australian users, and that the Commission had 80 00:03:45,760 --> 00:03:49,000 Speaker 2: not followed legal processes in demanding X hired the videos 81 00:03:49,040 --> 00:03:51,480 Speaker 2: in the first place. The videos, of course, are also 82 00:03:51,480 --> 00:03:56,000 Speaker 2: widely available elsewhere. EX lawyers noted, hence the ruling yesterday. 83 00:03:56,120 --> 00:04:00,800 Speaker 1: Story number four casino group Star Entertainment was leaderless susceptible 84 00:04:00,840 --> 00:04:04,000 Speaker 1: to criminal exploitation as it lagged more than a year 85 00:04:04,080 --> 00:04:08,720 Speaker 1: behind in remediation efforts. The Bell two inquiry heard yesterday. 86 00:04:09,320 --> 00:04:12,520 Speaker 2: Council assisting the inquiry, Casper Condy, said a three point 87 00:04:12,600 --> 00:04:15,520 Speaker 2: two million dollar fraud committed against Star last year involving 88 00:04:15,560 --> 00:04:19,680 Speaker 2: malfunctioning cash machines, show that the company was still vulnerable 89 00:04:19,720 --> 00:04:22,480 Speaker 2: to criminal activities as the ranks of its senior executive 90 00:04:22,480 --> 00:04:26,240 Speaker 2: team remain depleted. The inquiry, this second by Adam Bell, 91 00:04:26,279 --> 00:04:28,200 Speaker 2: a scene to where the Star is suitable to retain 92 00:04:28,240 --> 00:04:31,240 Speaker 2: its Sydney casino license, heard the fraud was a failure 93 00:04:31,279 --> 00:04:34,640 Speaker 2: of internal controls at the company, according to reporting The Australian. 94 00:04:35,440 --> 00:04:38,080 Speaker 2: Mister Condy said it may not be possible to decide 95 00:04:38,120 --> 00:04:41,400 Speaker 2: a time when Star Entertainment will be suitable to retain 96 00:04:41,440 --> 00:04:44,680 Speaker 2: its Sydney casino license, referring to a lost fourteen months 97 00:04:44,720 --> 00:04:47,960 Speaker 2: in the company's reform efforts since mister Bell's first inquiry. 98 00:04:47,720 --> 00:04:51,080 Speaker 1: Okay last one Story number five. This month Sean marks 99 00:04:51,120 --> 00:04:55,600 Speaker 1: the twentieth anniversary of the movie Supersized Me, where director 100 00:04:55,600 --> 00:04:58,960 Speaker 1: and star Morgan Spurlock ate only McDonald's for a month 101 00:04:59,040 --> 00:05:01,159 Speaker 1: to demonstrate the ill the facts that the fast food 102 00:05:01,279 --> 00:05:03,520 Speaker 1: chain had on people. The movie was a big hit, 103 00:05:03,640 --> 00:05:06,520 Speaker 1: grossing twenty two million dollars on a sixty five thousand 104 00:05:06,560 --> 00:05:09,760 Speaker 1: dollars budget, but it did little to stop the growth 105 00:05:09,760 --> 00:05:13,440 Speaker 1: of McDonald's and fast food more broadly right across the US. 106 00:05:14,480 --> 00:05:18,479 Speaker 2: The film itself somewhat worked, with McDonald's discontinuing its supersized 107 00:05:18,520 --> 00:05:21,000 Speaker 2: menu six weeks after it was released, and when it's 108 00:05:21,040 --> 00:05:24,120 Speaker 2: the dangers of too much fast food were raised. But 109 00:05:24,160 --> 00:05:27,160 Speaker 2: twenty years later, McDonald's is much bigger, forty two thousand 110 00:05:27,240 --> 00:05:30,400 Speaker 2: locations worldwide, in fact, that of forty fast food chains 111 00:05:30,400 --> 00:05:33,200 Speaker 2: in the US with more than five hundred locations each. 112 00:05:33,560 --> 00:05:36,640 Speaker 2: According to report the New York Times, fast food in 113 00:05:36,640 --> 00:05:39,800 Speaker 2: the US is the second largest private employment sector in 114 00:05:39,800 --> 00:05:42,920 Speaker 2: the country after hospitals, and thirty six percent of Americans. 115 00:05:42,960 --> 00:05:45,920 Speaker 2: About eighty four million people eat fast food on any 116 00:05:45,960 --> 00:05:48,920 Speaker 2: given day. The three major appeals of fast food remain 117 00:05:49,000 --> 00:05:53,440 Speaker 2: intact cheap, convenient, and taste. The share price for McDonald's 118 00:05:53,480 --> 00:05:57,480 Speaker 2: since Supersize Me came out is up nearly one thousand 119 00:05:57,560 --> 00:06:01,080 Speaker 2: percent twice, return of the Broader, It's and P. Five hundred. 120 00:06:01,520 --> 00:06:03,200 Speaker 1: All right, there we go to the top five business 121 00:06:03,200 --> 00:06:04,239 Speaker 1: stories in five minutes. 122 00:06:04,240 --> 00:06:05,960 Speaker 2: Thank you Sean, Thank you Michael. 123 00:06:06,320 --> 00:06:09,279 Speaker 1: It's Tuesday, the fourteenth of May twenty twenty four. Remember 124 00:06:09,279 --> 00:06:11,479 Speaker 1: to hit follow on the podcast, and if five minutes 125 00:06:11,480 --> 00:06:13,800 Speaker 1: isn't enough, you can find our longer daily show called 126 00:06:13,839 --> 00:06:16,799 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 127 00:06:16,839 --> 00:06:19,040 Speaker 1: Thompson and that was the fast five business news by 128 00:06:19,040 --> 00:06:22,880 Speaker 1: Fear and Greed. Have a great day.