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Speaker 1: The Government outlines its plans for an overhaul of the

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Speaker 1: Australian aviation sector. The cost of living crisis hits the

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Speaker 1: Humble Chicken Schnitty and Ikea takes on eBay Welcome to

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Speaker 1: Fear and Greed. Daily business news for people who make

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Speaker 1: their own decisions. It's Tuesday, the twenty seventh of August

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Speaker 1: twenty twenty four. Are Michael Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: The main story this morning. The Federal government will review

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Speaker 1: its own travel policies and take a tougher approach to

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Speaker 1: Sydney airport slots as it pushes to promote more competition

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Speaker 1: in the domestic airline industry.

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Speaker 2: It follows the release of the government's along awaited White paper.

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Speaker 2: Now you mentioned a couple of recommendations there, Michael. The

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Speaker 2: paper includes fifty six initiatives intended to improve the traveler experience,

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Speaker 2: enhance competition and assist the industry towards a more sustainable future.

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Speaker 2: The government promised to lower the barrier for entry for

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Speaker 2: newcomers by enforcing a use it or lose it approach

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Speaker 2: to Sydney airport slots and at once to introduce greater

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Speaker 2: transparency around airlines and airport's commercial activities. To help identify

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Speaker 2: any anti competitive practices, airlines will have to show cause

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Speaker 2: why flights have been delayed or canceled. Federal Transport Minister

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Speaker 2: Catherine King said the centerpiece of the white paper was

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Speaker 2: an independent aviation industry ombardsman's scheme and a Charter of

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Speaker 2: Customer Rights. The aviation Ombardsman would be industry funded with

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Speaker 2: capacity to handle large numbers of complaints and uphold high

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Speaker 2: levels of service. The Charter of Rights would establish a

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Speaker 2: regime for the fair and appropriate treatment of customers, including

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Speaker 2: actions the airline must take in the event of flight

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Speaker 2: delays and cancelations.

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Speaker 1: And I thought this is interesting. The government's going to

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Speaker 1: stop using quantas, or at least reduce its reliance on Quantis.

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Speaker 2: Yeah, it's a bit rich actually telling people what to

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Speaker 2: do and telling Quantus what to do if it doesn't

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Speaker 2: actually take action itself. Quantus receives more than eighty percent

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Speaker 2: of domestic flight spending from politicians, judges, and some government departments,

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Speaker 2: despite its average ticket price being two hundred and eighty

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Speaker 2: dollars higher for MPs. These changes that we're talking about

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Speaker 2: this morning need legislation. It's not exactly clear when that

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Speaker 2: will happen, though the new ombudsman is expected to be

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Speaker 2: named this week. All this comes in the months after

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Speaker 2: budget carrier Bonza and Rex Regional Express both went into

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Speaker 2: voluntary administration. Quantsan's Jet Star remained the dominant planes in

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Speaker 2: a local market. They've got about two thirds of the

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Speaker 2: market share. This white paper is years in the making, literally,

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Speaker 2: and some of the recommendations have been floating for quite

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Speaker 2: some time. Now it's out. It gives us a blueprint

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Speaker 2: for the industry out until twenty fifty. It also puts

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Speaker 2: pressure on both the government and the coalition to legislate

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Speaker 2: the changes.

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Speaker 1: Indeed, that eighty percent figure for politicians and the like

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Speaker 1: flying on Quantus feels like a fairly easy one to fix,

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Speaker 1: doesn't it really? That it's just go with whatever is

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Speaker 1: going to be cheapest.

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Speaker 2: Yeah, I mean that's what business does, go with whatever's cheapest.

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Speaker 2: And if you go.

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Speaker 1: Yeah, yeah, think of tax payers here, all right. Fascinating stuff, Sean,

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Speaker 1: local markets, how do they perform?

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Speaker 2: Yesterday the S and PA Sex two hundred closed up

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Speaker 2: zero point eight percent to eighty eighty five points. The

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Speaker 2: rise followed a strong lead in from Wall Street out

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Speaker 2: of the weekend, with the Telco, Energy, Financials, and consumer

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Speaker 2: discretionary indices among the best performers. Consumer Staples was the

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Speaker 2: worst performing sub index. Now the Big four banks all

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Speaker 2: jumped sharply, so to the Uranium stocks, Woodside FOURDESKEW, Aristocrat, Leisure, Aria,

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Speaker 2: West Farmers. They all outperformed. James Harley jumped five percent.

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Speaker 2: It's had a good run last few sessions. Underperformers included CSL, Goodman, Griped, Telstra, Woolly's,

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Speaker 2: Weiss Tech Global, and Rio Tintome. Plenty of profits out

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Speaker 2: this week, as you can imagine, can't go through the mall,

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Speaker 2: but we'll pick some of the highlights. Michael Ozzie Broadband

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Speaker 2: will pay its first dividend after it connected more custom

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Speaker 2: to the Internet. It's net profit jump by twenty one percent,

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Speaker 2: but it said it's cutting jobs to save money. Ozzie's

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Speaker 2: share of the national broadband market rose to seven point

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Speaker 2: four percent from six point six percent in the twelve

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Speaker 2: months to June thirty, helped by its acquisition of Unities

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Speaker 2: Internet's broadband subscribers seven point four percent. It's quite a

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Speaker 2: player in that market. It's Enterprise division offering services to

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Speaker 2: government and big business, also made up ground. Ozzie's share

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Speaker 2: price jumped twelve percent yesterday. Online beauty retailer Door Beauty

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Speaker 2: swung back to profit last financial year and said sales

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Speaker 2: in the first seven weeks of the new year are

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Speaker 2: up seven percent, though it did warn that conditions will

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Speaker 2: remain challenging. Its share price rose five percent. A couple

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Speaker 2: of announcements that were received very poorly Ferry and Transport

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Speaker 2: Group Kelcian so the company needs a one hundred and

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Speaker 2: eighty five million dollar reinvestment this financial year. Share price

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Speaker 2: felt twenty four percent, worst of the top two hundred yesterday,

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Speaker 2: and private health insurer and IB Holdings slumped seventeen percent

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Speaker 2: after reporting a sixty seven percent increase in full year

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Speaker 2: net profit. Think that would be good news. However, as

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Speaker 2: we know prophe season, it's all about expectations. The result

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Speaker 2: was below expectations, hence the sell off.

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Speaker 1: Wow, that is quite the selloff international markets. There's a

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Speaker 1: bit going on.

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Speaker 2: Yeah. The People's Bank of China kept the rate on

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Speaker 2: its one year policy loans or the medium term lending

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Speaker 2: facility at two point three percent. Now it cut that

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Speaker 2: rate in July, people thought that they may do it again.

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Speaker 2: It's kind of like the benchmark rate, and so there's

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Speaker 2: probably a bit of disappointment around the place that that

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Speaker 2: Beijing didn't do more. Oil rose as the Middle East

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Speaker 2: brace for escalating conflict after Israel's strike on Hezbla targets

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Speaker 2: and Southern Lebanon. Brent's trading around seventy nine US dollars

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Speaker 2: a barrel, gold steady around twenty five hundred US dollars.

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Speaker 2: An outside or is trading just under one hundred US

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Speaker 2: dollars a ton, and the Ausie dollar is trading just

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Speaker 2: under sixty eight US sinse.

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Speaker 1: Sean two very quick mentioned mentioned number one is the

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Speaker 1: fact that it is Tuesday, which means tomorrow the Fear

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Speaker 1: and Grid Free weekly newsletter comes out. So head along

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Speaker 1: to Fearangreed dot com dot au today, do it right

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Speaker 1: now actually, and pop your email address in and you

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Speaker 1: will get the newsletter full of Sean's opinions on various things.

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Speaker 1: The way I say that all my sounds as though

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Speaker 1: it's a it's a negative, isn't it. No, it's actually

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Speaker 1: a good thing.

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Speaker 2: It is a good thing. It's good fun. The newsletter. Yeah,

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Speaker 2: get to say exactly what I think.

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Speaker 1: Yeah, we've been getting a great response, a great reaction

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Speaker 1: to it. And the other thing to mention is at

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Speaker 1: midday today there is a new bonus episode of Ask

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Speaker 1: Fear and Greed. It's in the regular Fear and Greed

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Speaker 1: playlist and it is where we answer listener questions and

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Speaker 1: so if you've got a question, send it on through

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Speaker 1: via the website or social media, as our listener today

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Speaker 1: has done. It is an absolute cracker of a question,

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Speaker 1: and I know that you are looking forward to getting

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Speaker 1: into getting into this one. And it's a multi part question,

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Speaker 1: isn't it.

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Speaker 2: Yes, many parts, all about the economy. Is a great question.

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Speaker 1: Yeah, it's a cracker, So stick around for that one.

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Speaker 1: It is coming up later on. It's coming up at midday,

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Speaker 1: so keep it eye on the playlist. We'll be back

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Speaker 1: in a moment with the rest of the day's business news.

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Speaker 1: Sean federal right to disconnect laws came into force this week,

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Speaker 1: meaning workers are legally entitled to decline calls or emails

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Speaker 1: outside work hours.

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Speaker 2: Under the laws, employers face fines of up to ninety

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Speaker 2: three thousand dollars for getting in touch with an employee

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Speaker 2: for non essential reasons outside of working hours. Prime Minister

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Speaker 2: Anthony Alberanezi. So the laws will boost productivity just because

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Speaker 2: people will be more focused when they're at work, he

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Speaker 2: told the ABC. Just as people don't get paid twenty

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Speaker 2: four hours a day, they don't have to work for

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Speaker 2: twenty four hours a day. Employment and Workplace Relations Minister

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Speaker 2: Murray Watt said the law's raimed to encourage workplaces to

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Speaker 2: have a conversation about what is reasonable in their workplace.

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Speaker 2: Australia follows nations such as France, Spain and Belgium and

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Speaker 2: introducing these sorts of right to disconnect laws to protect

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Speaker 2: workers from unreasonable contact outside of ours. Other governments around

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Speaker 2: the world are considering similar measures. Think it's going to

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Speaker 2: be fascinating to see how they play out.

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Speaker 1: Yeah, and you've got an interview coming up after the

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Speaker 1: show today Sean with Amanda Laris, who is a partner

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Speaker 1: in the Workplace Relations, Employment and Safety team at Clayton News.

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Speaker 2: Yes, we talk about what the laws mean, what companies

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Speaker 2: need to do, and this affects a lot of companies.

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Speaker 2: If you've got fifteen or more people, you need to

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Speaker 2: be thinking about this. And so we have a great

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Speaker 2: chat with Amanda about that and how companies is going

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Speaker 2: to be affected. Really interesting that the laws themselves, you know,

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Speaker 2: they'll have to play out and we will have to

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Speaker 2: work out what unreasonable is, what reasonable is, etc. But

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Speaker 2: it is going to change the way both workers and

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Speaker 2: bosses think about working arrangements, and I think that's going

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Speaker 2: to be fascinating.

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Speaker 1: Yeah, if you're big on efficiency, this interview is about

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Speaker 1: eleven minutes long and it's pretty much everything you need

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Speaker 1: to know about the new right to disconnect laws. So

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Speaker 1: I would highly recommend sticking around and having to listen

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Speaker 1: to that one after the show. Sewan, the Prime Minister

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Speaker 1: and Pacific Minister Pat Conroy are heading to Tonga today

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Speaker 1: to attend the Pacific Islands Forum Leaders Meeting.

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Speaker 2: You know you said Tonga. There is it Tonga or Tonga?

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Speaker 2: It's one of those words. I'm never I always dropped

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Speaker 2: the G, but maybe I shouldn't.

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Speaker 1: Well, I believe it's got a harder G in it,

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Speaker 1: but I also realize I've said it more like a K,

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Speaker 1: like a Tonka truck. Yeah yeah, yeah, anyway, look, I've

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Speaker 1: committed to.

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Speaker 2: It now, yeah yeah, And I apologize to any one

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Speaker 2: out there what's the tong a person from Tonga? Are

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Speaker 2: they Tonga Leese? They are Tongans, Tongans of course, of course,

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Speaker 2: of course. Well I apologize to any Tongans out there

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Speaker 2: if we have the pronunciation or if Michael has pronunciation wrong.

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Speaker 2: The meeting this week focuses on the region's collective prosperity

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Speaker 2: and security. Misraelmanezi said climate change remains the single greatest

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Speaker 2: threat to the livelihoods and well being of Pacific Island communities. Meanwhile,

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Speaker 2: Government front bencher Murray Watt said the government is very

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Speaker 2: concerned about the escalating hostilities in the Middle East following

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Speaker 2: Israel and has Bla attacking each other. Senator what has

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Speaker 2: told ABCTV that the advice is Australians who are in

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Speaker 2: Lebanon should get out as quickly as they can.

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Speaker 1: In Deva Group, the owner of Dan Murphy's and BWS chains,

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Speaker 1: said sales in the new financial year have been softer,

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Speaker 1: sending at share price down seven percent and.

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Speaker 2: Neva posted a three percent full the net profit last

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Speaker 2: year in line with expectations, with hotel revenue out doing

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Speaker 2: retail sales. Steve Donahu, CEO of and Deva Group, said

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Speaker 2: there was a large shift in the ready to drink

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Speaker 2: beverage space, where consumers are seeking convenience and value. They're

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Speaker 2: moving from a pricey four pack to a cheaper six

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Speaker 2: or ten pack, looking for value. Apparently, in beer, shoppers

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Speaker 2: are seeking thirty can blocks rather than twenty four cans.

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Speaker 2: He said. The hotel's business grew faster than retail sales,

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Speaker 2: reflecting better food and bar menus and refurbished accommodation. However,

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Speaker 2: the biggest news of all, Michael, this push to value

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Speaker 2: for money has turned people away just to touch, away

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Speaker 2: from the chicken Schnitty, whereas the fish and chips, the hamburgers,

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Speaker 2: they've become more popular. Hold the front page the chicken shneitty.

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Speaker 2: I presume the parmesana as well, all sorts.

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Speaker 1: But I mean, how does that make any sense? I mean,

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Speaker 1: is that slightly more expensive than the fish and chips?

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Speaker 2: Michael, you obviously have young children, haven't been going to

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Speaker 2: the pub recently, So you go the Duck Ragou and

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Speaker 2: that's your mid thirties. You go the Chicken Snitty and

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Speaker 2: if you're not on a night where the Chicken sneitty

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Speaker 2: is on sale, you're kind of looking mid to high twenties.

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Speaker 2: You go the fish and chips, the Hamburger options, it's

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Speaker 2: low twenties, that's what i'd say.

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Speaker 1: Okay, so it is really a barometer of kind of

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Speaker 1: how people are traveling.

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Speaker 2: Yeah, I mean chicken Stinsel is very much the barometer

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Speaker 2: of pub food, I would argue, And if you're going

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Speaker 2: around the country, you judge the food in a pub

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Speaker 2: by the chicken Stinzil.

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Speaker 1: No, I do a Burger comparison straight away. Yeah. I

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Speaker 1: also compare via the chips though as well, which is

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Speaker 1: pointlessly pointless talking to you about chips because you don't

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Speaker 1: eat them.

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Speaker 2: Yeah, well it's true, but I met like I'll have

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Speaker 2: a cat from with someone who has a chip. I'll

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Speaker 2: try one of theirs.

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Speaker 1: Maybe you'll pinch one of theirs.

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Speaker 2: That's about it.

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Speaker 1: Okay, it's questionable now. Bendy Go and Adelaide Bank has

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Speaker 1: announced a five hundred and sixty two million dollar cash profit,

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Speaker 1: topping analyst expectations on the back of stabilizing arrears and

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Speaker 1: rising customer numbers.

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Speaker 2: Chief executive Marty Baker, who's leaving the bank at the

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Speaker 2: end of this week. So the results demonstrate the strength,

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Speaker 2: capability and differentiation of the bank. Bendy Go's net interest

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Speaker 2: margin effectively is profit margin slipped slightly that it was

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Speaker 2: better at the end of the financial year compared to

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Speaker 2: the beginning. The group's share price closed one percent lower yesterday.

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Speaker 1: Now, Marney Baker's been there for a couple of decades,

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Speaker 1: hasn't yet that's a pretty good result to go out on.

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Speaker 2: Yeah, yeah, sure is. I mean most of the deposits

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Speaker 2: and lending and all those metrics were better this time around,

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Speaker 2: So I think it is a really good result for

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Speaker 2: Marni to go out on. She has been part of

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Speaker 2: the banking establishment, as you say, for decades. Good luck

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Speaker 2: to her in her retirement.

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Speaker 1: Yeah, congratulations, it's been a great run. The boss of

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Speaker 1: Pilbrim Minerals has warned that the industry is getting even

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Speaker 1: tougher and more companies will either close or Mothball Minds.

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Speaker 2: Managing director Dale Henderson said Litham prices had dropped another

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Speaker 2: twenty two percent since the start of this financial year,

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Speaker 2: following the sixty seven percent for last year, making it

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Speaker 2: hard for all operators, particularly the smaller players. Pilberg reported

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Speaker 2: an underlying net profit for the year to the end

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Speaker 2: of June of three hundred and eighteen million dollars, down

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Speaker 2: eighty six percent from last year. Now that's all on

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Speaker 2: the back of much, much lower prices. The result this

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Speaker 2: last financial year was slightly below expectations. It also announced

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Speaker 2: a new one billion debt facility, which mister Henderson said

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Speaker 2: gave the company flexibility and balance sheet strength. He said

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Speaker 2: Lidian was changing hands at a very difficult price point

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Speaker 2: for some producers, which will create a problem for the

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Speaker 2: high cost operators. Pilburg's share price closed up one percent.

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Speaker 1: Oil refiner and retailer Viva Energy reported a ten percent

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Speaker 1: jump in half year profit, but cut its dividend payout.

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Speaker 2: The group's refinery business, which just a few years ago

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Speaker 2: looked like it could shut down, reported strong revenue growth again,

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Speaker 2: which helped offset a week performance for Viva's petrol and

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Speaker 2: convenience business. Now Viva runs the Shell and Liberty petrol

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Speaker 2: convenience stores. Chief executive Scott White said cost of living

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Speaker 2: pressures and the illegal tobacco trade having an impact on

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Speaker 2: consumer demand within the convenience businesses, just as wages and

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Speaker 2: inflation and driving up the cost of doing business. I

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Speaker 2: think it's really interesting that's the first time I've heard

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Speaker 2: the illegal tobacco trade hurting convenience stores. But I suppose

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Speaker 2: smokes and things like that are a big seller for

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Speaker 2: those sorts of places. Aviva's share price finished up a

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Speaker 2: little more than half a percent yesterday.

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Speaker 1: Cogan dot com the online retailer that at one point

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Speaker 1: this is quite remarkable, remembering this that at one point

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Speaker 1: in the middle of covid was worth more than three

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Speaker 1: times the value of Maya has returned to profitability and

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Speaker 1: paid out a final dividend for the first time in

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Speaker 1: three years.

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Speaker 2: Founder and CEO Rustlin Cogan attributed some of the improved

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Speaker 2: performance on people upgrading to, as he put it, really

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Speaker 2: big TVs, as in eighty five inch displays. He said,

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Speaker 2: large TVs are now more affordable, and home entertainment has

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Speaker 2: largely been spared from the cost of living crisis. In essence,

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Speaker 2: people aren't spending as much at restaurants and cafes, watching

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Speaker 2: more streaming sports stuff like that. In fact, a no

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Speaker 2: name brand TV from Cogan at that eighty five inches

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Speaker 2: you can get it for about sixteen hundred dollars, which

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Speaker 2: is pretty remarkable. Yeah, yeah, God.

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Speaker 1: Never mind the fact that you have to have a massive,

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Speaker 1: massive room to actually be able to sit far enough

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Speaker 1: back that you're not cross eyed.

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Speaker 2: That's true.

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Speaker 1: That is incredible.

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Speaker 2: While revenue at Cogan was down six percent last financial year,

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Speaker 2: it made a profit albits more, which was better than

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Speaker 2: the previous year's twenty six million dollar loss. Cogan's share

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Speaker 2: price closed up thirteen percent yesterday.

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Speaker 1: All right, turning to international news now and Ikea this

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Speaker 1: is interesting. Is taking on the likes of eBay and

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Speaker 1: Craigslist and gum Tree, and I suppose Facebook marketplace as well,

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Speaker 1: with a peer to peer marketplace for customers to sell

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Speaker 1: secondhand furniture to each other.

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Speaker 2: Makes sense, Ikea pre owned will We tested it in

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Speaker 2: Madrid and Oslow until the end of the year with

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Speaker 2: the aim of rolling out the buying and selling platform globally.

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Speaker 2: According to reporting the Financial Times, the new marketplace is

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Speaker 2: part of a transformation at ike over the past few years,

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Speaker 2: as it moves from being out of town with Taylor,

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Speaker 2: where customers have to pick up and build their own furniture,

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Speaker 2: to a business offering online sales, city center stores and

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Speaker 2: services such as assembly. Ikea has had a small offering

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Speaker 2: under which it buys you furniture from customers and resells

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Speaker 2: it in store. But the new platform is much much

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Speaker 2: more ambitious, aiming you tackle the secondhand market for customers

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Speaker 2: selling directly to each other. Customers enter their product, their

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Speaker 2: own pictures, and a selling price, while I Care's own

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Speaker 2: artificially intelligence enabled database brings in its own promotional images

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Speaker 2: and measurements. The buyer clicks the furniture directly from the seller,

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Speaker 2: who has the option of receiving money or believe it

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Speaker 2: or not, and I ke a voucher with a fifteen

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Speaker 2: percent bonus.

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Speaker 1: Can you get a second hand? Ike a hot dog?

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Speaker 2: Do you want a secondhand I care a hot dog?

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Speaker 1: Never say no to key a hot dog, Sean, especially

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Speaker 1: just two dollars, which is what they usually are.

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Speaker 2: In this instance, I'd definitely say no to a second

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Speaker 2: hand just come with chips.

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Speaker 1: Fortunately for you it does not, so you are okay,

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Speaker 1: You're in the clear. There up next. It's a terrible

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Speaker 1: transition to go from that to talking about workplace relations.

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Speaker 1: But the Fear Greed Daily Interview Amanda Liris, partner in

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Speaker 1: the Workplace Relations, Employment and Safety Team at Clayton New

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Speaker 1: It's great chat.

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Speaker 2: This one, yep, all about the right to disconnect. Now,

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Speaker 2: when you do a show like ours, Michael, and you

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Speaker 2: start so early in the morning, these aren't normal business hours.

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Speaker 2: Can't we just disconnect?

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Speaker 1: Well, the problem is, it's not the problem as our

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Speaker 1: colleague Adam Lange. Yeah, and his and his emails.

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Speaker 2: Yeah, yeah, So I think we're up early, right, So

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Speaker 2: you know, let's say we're up at four or five.

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Speaker 2: That means really anything after two in the afternoon we

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Speaker 2: can pretty much ignore.

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Speaker 1: I just connect from about nine am. Anyway, it is

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Speaker 1: a great chat with Amanda. Stick around. It is up

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Speaker 1: next in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com dot au and at

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Speaker 1: midday ask Fear and Greed comes out, So keep an

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Speaker 1: eye out for that one.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: It is Tuesday, the twenty seventh of August twenty twenty four.

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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, in Instagram, x TikTok and Facebook. A

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Speaker 1: Michael Thompson and that wasphere and Greed have a great day. Yeah,