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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 Ailmer.

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Speaker 2: Hello Michael Sean.

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Speaker 1: On weekdays, it's all about the Fast five of the

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

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Speaker 1: we still keep it to five minutes, of course, but

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Speaker 1: we are going to pick out the biggest business story

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Speaker 1: of the week, the most remarkable story, a sleeper story,

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Speaker 1: one that's flying under the radar a little bit, and

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Speaker 1: then our favorite business ish story. Let's jump straight into

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Speaker 1: it with the biggest story. I reckon, I'm just going

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Speaker 1: to go first. I've nominated myself to go first on

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Speaker 1: this one. Sean, I think the biggest story this week

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Speaker 1: was the inflation figures, the quarterly inflation figures that came out.

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Speaker 1: After three and a half years headline inflation has fallen

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Speaker 1: to two point eight percent for the year to the

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Speaker 1: end of September. That is back into the Reserve Bank's

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Speaker 1: target range. Lower petrol prices, energy bill rebates, all helping

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Speaker 1: the trimmed mean, or the underlying the rate really that

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Speaker 1: the Reserve Bank looks at, though that is still at

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Speaker 1: three and a half percent. Above the target that it's

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Speaker 1: coming down. You've got to say the Reserve Bank's going

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Speaker 1: to be pretty happy with this, but they're going to

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Speaker 1: want to see it sustainably low before they reduce interest rates,

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Speaker 1: So probably still expecting a cut, maybe around May next year.

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Speaker 2: Sure, Yeah, I think that was the biggest story quick

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Speaker 2: mention of what's happening in retailing this week. We found

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Speaker 2: out that Meyer is going to team up with five

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Speaker 2: apparel brands just scenes JJ's, Portman's, Dottie and Jackie E

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Speaker 2: in a billion dollar deal create a mega super mega

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Speaker 2: super I don't know, create a big retail brand. We

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Speaker 2: also found out the Coles and Woollies are struggling in

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Speaker 2: terms of the ability to push up prices in terms

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Speaker 2: of selling more people are using other alternatives, not just

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Speaker 2: the Eldies of the world, but also the Bunnings and

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Speaker 2: the Chemist Warehouse. Good news there is that we might

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Speaker 2: end up seeing more discounts as those big supermarket chains

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Speaker 2: tied to drag people back in third one mosaic brands.

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Speaker 2: We're thinking that includes Katie's, Miller's, none ey b Autograph

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Speaker 2: placed in the voluntary administration. Plenty going on in retailing.

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Speaker 1: Michael I love the idea of a mega superbrand perlative

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Speaker 1: is not enough. This is good sean most remarkable story.

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Speaker 2: Yes, I think it's only one. Michael, go for it. Yeah.

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Speaker 1: I think it was the findings of the inquiry into

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Speaker 1: the response of the COVID pandemic. It was such a

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Speaker 1: wide ranging review and they looked at everything they had

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Speaker 1: seen in public servant, an epidemiologist, and an economy. So

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Speaker 1: they're looking at social, they were looking at medical, they

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Speaker 1: were looking at the economic response. And I think something

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Speaker 1: that was seemed to be missed in a lot of

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Speaker 1: the coverage of this throughout the week was that the

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Speaker 1: report actually said there were courageous decisions taken during the

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Speaker 1: response to the pandemic, particularly early on, including the international

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Speaker 1: border closures, setting up national cabinet, and without those kinds

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Speaker 1: of things, the death toll would have been higher, and

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Speaker 1: that things like early lockdowns and job keeper actually helped

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Speaker 1: to build a sense of national purpose, but that trust

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Speaker 1: was then eroded as the lockdowns wore on, they were

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Speaker 1: applied inconsistently around the country, there was a lack of

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Speaker 1: reasoning transparency behind it, the slow vaccine rollout as well

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Speaker 1: the social impacts They pointed out as still being felt today,

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Speaker 1: particularly the impact on children through mental health and academic performance.

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Speaker 1: The economic impact. I was talking about inflation before Sean

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Speaker 1: and the huge amount spent by governments contributed to that

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Speaker 1: inflation challenge. To me, this whole thing was remarkable because

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Speaker 1: of the scope of the report and the fact that

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Speaker 1: they're going to use that now to develop a blueprint

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Speaker 1: as to what to do the next time something like

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Speaker 1: that happens, and it probably will.

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Speaker 2: Yeah, no doubt.

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Speaker 1: A sleeper story. What have you picked out for us?

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Speaker 1: You're always better sleep.

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Speaker 2: Look, I think it's this Quantus upgrade saga all started

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Speaker 2: with a book from former finn Review columnist Joel Aston.

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Speaker 2: It infers that Anthony Albanezi rang Alan Joyce then boss

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Speaker 2: off Quantas asking for upgrades when he was Transport minister. Eventually,

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Speaker 2: this week the Prime Minister his office came out and

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Speaker 2: said no, he never rang text or emailed mister Joyce

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Speaker 2: for an upgrade. But wow, it took about four days

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Speaker 2: to get there, and he was equivocating a lot all

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Speaker 2: that time. Opposition leader Peter Dunton, he was having a

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Speaker 2: go at the Prime Minister. But then by the end

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Speaker 2: of the week he had to concede that his office

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Speaker 2: had asked Gena Ryinhart's office to use her company's private

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Speaker 2: jet to travel from Queensland to Sydney to attend a

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Speaker 2: balley bombing service. The opposition transport Spokesperston Bidget Mackenzie has

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Speaker 2: been very vocal on this. Then later in the week

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Speaker 2: she had to check with the airlines just in case

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Speaker 2: she had received any upgrades. Anthony Alberize, you started talking

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Speaker 2: about greater transparency for trusts. This is a Pandora's box.

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Speaker 2: It is quite murky, the perks and other things that

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Speaker 2: politicians and CEOs get as a result of their position.

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Speaker 2: I reckon, I'm going to hear a lot more about it.

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Speaker 1: Yeah, I reckon, You're right there. What was your favorite story?

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Speaker 1: We've both got favorite stories coming out of the US.

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Speaker 1: What was yours?

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Speaker 2: Yeah? Look, mine is what's happening at Starbucks. It's having

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Speaker 2: a crisis, basically the world's biggest coffee chain. Fewer people

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Speaker 2: going into stores. The group's share price isn't doing anything.

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Speaker 2: The problem, according to the new CEO, Brian nicol nicol Is,

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Speaker 2: the experience is transactional, menus are ablewhelming products, inconsistent wait

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Speaker 2: is too long and the handoff too hectic, adding eight

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Speaker 2: dollar lattes. Other coffee shops eight ingredient drinks thinking too

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Speaker 2: long to make a third of orders now mobile, meaning

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Speaker 2: those in the shop have to wait too long. I'd

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Speaker 2: give you the In fact, I will you know what

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Speaker 2: you can order there, Michael, a quite long shot grande

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Speaker 2: in a venti cup, half cup, double cup, nose leave stalled,

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Speaker 2: a salted caramel mocha late with two pumps of Nila.

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Speaker 2: Substitute two pumps of white chocolate for moka, and substitute

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Speaker 2: two pumps of hays not for tope nut half. It

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Speaker 2: goes on. That's about half of the order. Too many

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Speaker 2: of those, too big. Mister Nichol's going to change things.

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Speaker 1: It also sounds disgusting.

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Speaker 2: It does sound disgusting.

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Speaker 1: Just give me a strong flat white. I'll be happy. Sean,

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Speaker 1: my favorite story is also out of the US, but

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Speaker 1: I'm a big picture kind of guy. The US election

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Speaker 1: is finally, finally, finally here, after all the melodrama and

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Speaker 1: all of that, we are actually at the point. Now

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Speaker 1: we're in a couple of days time Americans will be voting.

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Speaker 1: The polls are still extremely close, so who knows where

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Speaker 1: it's going to end up. But the highlights of this week,

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Speaker 1: there really was just one highlight, and that is the

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Speaker 1: photo op of Donald Trump in a garbage truck. It

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Speaker 1: was all kind of There was a comedian at his

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Speaker 1: Madison Square Garden rally who called Puerto Rico garbage. Joe

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Speaker 1: Biden remember him. He popped his head up again just

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Speaker 1: in time to say that Trump supporters were garbage. Trump

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Speaker 1: got in a garbage truck saying no, they're not garbage,

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Speaker 1: They're Americans. And really that just sums up the election campaign,

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Speaker 1: doesn't it. We've got rallies, we've got gaffes, we've got

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Speaker 1: photo ops, light on policy, big on personality around, a

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Speaker 1: couple of debates, a couple of assassination attempts, Joe Biden

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Speaker 1: kind of intervening another gaff. Months of silence, they shifted

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Speaker 1: to Kamala Harris. Is it going to be enough? We

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Speaker 1: don't know, but we will find out on Tuesday, US Time,

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Speaker 1: Big Story, Favorite Story, Yeah, fair enough. There we go,

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Speaker 1: show on five minutes and pretty much everything you need

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Speaker 1: to know in the world of business.

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Speaker 2: Thank you very much, Thanks Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X.

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Speaker 1: I'm Michael Thompson and this is the Fast five business

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Speaker 1: news by Heer and Gree