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Speaker 1: Welcome to the weekend edition of The Fast five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello

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Speaker 1: Sean Aylmer, Hello Michael Sewan. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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Speaker 1: On the weekend, we still keep it to five minutes,

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Speaker 1: of course, but we're going to pick out the biggest

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Speaker 1: business story of the week, the most remarkable business story,

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Speaker 1: a sleeper story, one that's flying under the radar a

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Speaker 1: little bit, and our favorite story. Let's jump straight into it.

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Speaker 1: I reckon that's probably only one truly big story this week,

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Speaker 1: wasn't there.

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Speaker 2: Yeah? I think it's all about the US political and

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Speaker 2: legal system. Part one of that. What's happening to the

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Speaker 2: candidacy of President Joe Biden After last week's disastrous debate

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Speaker 2: with challenger Donald Tump. His performance was so poor there's

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Speaker 2: now a growing one of Democrats wanting him to not run.

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Speaker 2: Might be federal politicians, might be state governors. The polls

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Speaker 2: are heading in the wrong direction for mister Biden. His

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Speaker 2: age really is the big issue. Media reports, which have

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Speaker 2: been denied, suggest the President himself is reconsidering. Part two

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Speaker 2: of this the US Supreme Court ruled the presidents and

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Speaker 2: ex presidents cannot be charged for things they do as

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Speaker 2: part of their core duties. The six' to three decision

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Speaker 2: was made along ideological, lines with the minority liberal judges

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Speaker 2: releasing an absolutely ferocious alternate. Judgment the decision says presidents

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Speaker 2: or ex presidents are entitled to at least presumptive immunity

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Speaker 2: from prosecution for all his official. Acts the minority decision

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Speaker 2: says a ruling makes a mockery of the principle that

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Speaker 2: no man is above the. Law trump was quick to tout,

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Speaker 2: it saying it was a big win for our constitution and.

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Speaker 2: Democracy Joe, biden, well he basically said it was the

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Speaker 2: abandonment of a core principle Of american. Democracy this will

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Speaker 2: have huge ramifications, POLITICAL, jeo, political, economic, social legal for

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Speaker 2: decades to, come not just in THE, us but more

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Speaker 2: broadly around the. World massive, Story, Michael.

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Speaker 1: Yeah, huge huge. Story let's move on to most. Remarkable

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Speaker 1: i've got one for us this, Week, sean AND i

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Speaker 1: think it's remarkable because it has been a remarkable year

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Speaker 1: in property right and started the new financial. Year we

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Speaker 1: tend to look back now at what has kind of

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Speaker 1: happened over the last twelve. Months perth house prices up

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Speaker 1: nearly twenty four percent in one. Year that is just.

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Speaker 1: Extraordinary brisbane up sixteen, Percent adelaid up fifteen, Percent sydney six,

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Speaker 1: Percent darwin And canbra two, Percent melbourne point three. Percent

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Speaker 1: these core logic figures are significant because even though interest

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Speaker 1: rates are at their highest level in, years property just

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Speaker 1: seems to keep on. Going the quick Mention. Sewan there

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Speaker 1: was good news for renters as well this, week with

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Speaker 1: The domain quarterly rent report showing the lowest growth in

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Speaker 1: house rents for three or four years for many capital.

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Speaker 1: Cities good news in the midst of a rental.

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Speaker 2: Crisis, well my most remarkable, Story, michael is how big

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Speaker 2: banks are dominating THE asex two hundred and what that

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Speaker 2: means for. Investors we e've got more of it this

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Speaker 2: week with trees Of Jim chalmers agreeing to let ainz By.

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Speaker 2: Suncorp now The financials index is worth thirty one point

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Speaker 2: five percent of the overall market capitalization of THE asex two.

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Speaker 2: Hundred about a third the value of THE asx two

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Speaker 2: hundred are in, financials of which the big banks throwing

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Speaker 2: mcquarie as well they're the main shares to. Buy weird

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Speaker 2: thing is if your passive investment means you have to

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Speaker 2: own bank. Stocks if you're an active, investor there's a

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Speaker 2: risk if you don't own bank. Stocks and remember bank

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Speaker 2: stocks at the moment are highly. Valued so will the

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Speaker 2: market do anything this? Year well if, not if the

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Speaker 2: banks don't do anything this. Year we've seen this in

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Speaker 2: THE us On Wall street With magnificent, Seven microsoft And Video, Tesla, Amazon,

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Speaker 2: Apple meta And google actually providing most of the umph

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Speaker 2: For Wall. Street exactly the same thing is happening in

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Speaker 2: The australian. Market quite remarkable how quickly this has crept

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Speaker 2: up on.

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Speaker 1: Us, yeah certainly is let's go onto the sleeper story

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Speaker 1: of the. Week CAN i nominate one for, This sean?

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Speaker 1: Please it's going to sound a little bit, strange But

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Speaker 1: i'm putting the big tech companies into the sleeper category

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Speaker 1: because there's actually been a series of stories that kind

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Speaker 1: of demonstrate that these big tech companies are under a

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Speaker 1: little bit of pressure in various. Places Example number, One,

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Speaker 1: meta owner Of instagram And, facebook threatening to block news

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Speaker 1: from its platforms In australia stop local users from sharing

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Speaker 1: links to news. Articles if the government decides to Force

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Speaker 1: meta to negotiate payments with news. Organizations it's already happened In.

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Speaker 1: Canada they've already blocked news In, canada so it could happen.

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Speaker 1: Here Example number Two google likely to face increase competition

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Speaker 1: for search services On android devices because the ARIBLE c

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Speaker 1: is Forcing telstro andopt just not to do a deal With.

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Speaker 1: Google number three big one. Here google's greenhouse gas emissions

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Speaker 1: have surged forty eight percent in the past five years

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Speaker 1: because of the demand for data centers BECAUSE ai obviously

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Speaker 1: growing and growing and. Growing what it means is That

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Speaker 1: google's commitment to get to net zero by twenty thirty

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Speaker 1: is now in. Doubt you put all of these together

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Speaker 1: and suddenly you see these kind of tech companies are

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Speaker 1: fighting a whole lot of little battles on a whole

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Speaker 1: lot of different Front SO i think that's. Fascinating, YES i, Agree.

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Speaker 2: Michael CAN i tell you my favorite? Story? Yes? Please

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Speaker 2: how can you not be happy with the tax cuts

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Speaker 2: that kicked in On july? One, everyone every taxpayer at,

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Speaker 2: least is getting a tax. Cut there's also an increase

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Speaker 2: in the minimum, wage which affects two points se Million australian.

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Speaker 2: Workers they're getting three point seventy five percent. More we're

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Speaker 2: also getting changes paid. Parentally there's a seventy five dollars

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Speaker 2: a quarter energy, rebate indexation of welfare, payments superannuation guarantee

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Speaker 2: rises from eleven to eleven and a half percent more

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Speaker 2: money for. Retirement i'm really loving this last, week all

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Speaker 2: sorts of new money coming to be in people's.

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Speaker 1: Pockets, yeah that is a good news, Story. Seawan one

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Speaker 1: quick mention of THE uk election. Result that election was

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Speaker 1: held On thursday of this week and the results were pretty,

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Speaker 1: clear very early on landslide win to The Labor. Party

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Speaker 1: New Prime Minister Sir Kiir starmer really a reflection and

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Speaker 1: a judgment on kind of fourteen years now Of conservative

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Speaker 1: government Revolving dora of five prime, ministers including the sub

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Speaker 1: fifty day term Of Liz trust and the Party gate

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Speaker 1: scandals Of Boris. Johnson the New Prime, Minister Sir Kiir

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Speaker 1: starmer really one of his biggest controversies is considered to

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Speaker 1: be a little bit. Boring his nickname is No Drama

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Speaker 1: Starmer Boris. Johnson sean once called Him Captain Krasheroony snoozefest

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Speaker 1: the fact is he's actually had a pretty remark ackable

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Speaker 1: kind of legal career recognized with a. Knighthood it's going

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Speaker 1: to be a really really interesting time in THE. UK

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Speaker 1: a landslide.

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Speaker 2: Result, yeah fascinating story that. One.

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Speaker 1: Indeed all, right there we go five minutes and pretty

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Speaker 1: much everything you need to know in the world of.

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Speaker 1: Business thank You, Sean thank You. Michael we'll be back

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Speaker 1: On monday morning with the top five business stories in five.

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Speaker 1: Minutes don't forget to hit follow and join us online On, instagram, TikTok,

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Speaker 1: LinkedIn facebook AND. X I'm Michael thompson and this is

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Speaker 1: the fast five business news both fear And. Greed