1 00:00:03,840 --> 00:00:06,840 Speaker 1: It's Thursday, the thirty first of October twenty twenty four. 2 00:00:07,040 --> 00:00:09,800 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,800 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,600 --> 00:00:13,960 Speaker 1: need to know when just five minutes are Michael Thompson 5 00:00:14,000 --> 00:00:15,360 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,800 --> 00:00:17,920 Speaker 2: Good morning Michael, Sean. 7 00:00:18,000 --> 00:00:20,599 Speaker 1: Five big stories to race through in five minutes. So 8 00:00:20,680 --> 00:00:22,919 Speaker 1: let's get cracking story number one. After three and a 9 00:00:23,000 --> 00:00:26,200 Speaker 1: half years, headline inflation has fallen back into the Reserve 10 00:00:26,320 --> 00:00:29,960 Speaker 1: banks preferred target range of two to three percent. But 11 00:00:30,680 --> 00:00:33,320 Speaker 1: don't expect any interest rate cuts anytime soon. 12 00:00:33,960 --> 00:00:36,040 Speaker 2: No, So, the headline rate was two point eight percent 13 00:00:36,040 --> 00:00:37,760 Speaker 2: for the year to the end of September, zero point 14 00:00:37,800 --> 00:00:40,800 Speaker 2: two percent for the September quarter. According to the ABS, 15 00:00:41,320 --> 00:00:44,000 Speaker 2: Why was it so low because of those seventy five 16 00:00:44,040 --> 00:00:46,519 Speaker 2: dollars a quarter energy rebates the government has given us. 17 00:00:46,520 --> 00:00:49,120 Speaker 2: If you take those out and all the other volatile items, 18 00:00:49,120 --> 00:00:51,480 Speaker 2: you get what they call the trimmed mean rate three 19 00:00:51,520 --> 00:00:54,120 Speaker 2: and a half percent. Zero point eight percent for the quarter, 20 00:00:54,200 --> 00:00:55,960 Speaker 2: three and a half percent for the year, still above 21 00:00:56,040 --> 00:00:58,280 Speaker 2: what the Reserve wants it to be at. The good 22 00:00:58,320 --> 00:01:01,520 Speaker 2: news is that that trimm demean MEAs is differently falling. 23 00:01:01,720 --> 00:01:05,480 Speaker 2: The bad news is that services inflation, which is very 24 00:01:05,560 --> 00:01:09,640 Speaker 2: much stuff around like wages, feeds into services inflation. Insurance premium's, 25 00:01:09,640 --> 00:01:12,280 Speaker 2: housing costs, that type of stuff still stuck about four 26 00:01:12,319 --> 00:01:15,320 Speaker 2: point six percent. Goods inflation is actually at one point 27 00:01:15,400 --> 00:01:18,240 Speaker 2: four percent. The results overall touch lower on the Reserve 28 00:01:18,280 --> 00:01:20,880 Speaker 2: Bank forecast. Jim Chalmers was happy about it. He said, 29 00:01:20,880 --> 00:01:23,319 Speaker 2: the economy is on track for a soft landing. 30 00:01:23,680 --> 00:01:25,760 Speaker 1: What's the Reserve Bank maker this now, Sean, what do 31 00:01:25,800 --> 00:01:26,720 Speaker 1: they do well? 32 00:01:26,720 --> 00:01:29,520 Speaker 2: The meeting next week very unlikely that they'll do anything 33 00:01:29,560 --> 00:01:31,520 Speaker 2: on interest rates. They meet it again in the middle 34 00:01:31,520 --> 00:01:34,080 Speaker 2: of the sceamber. Not much extra info between now and then. 35 00:01:34,280 --> 00:01:37,440 Speaker 2: February next year is probably the first time that economists 36 00:01:37,440 --> 00:01:40,720 Speaker 2: think they might cut rates, Otherwise it might be a 37 00:01:40,720 --> 00:01:44,000 Speaker 2: few months later than that. Basically, tight labor market, low 38 00:01:44,000 --> 00:01:48,320 Speaker 2: productivity growth, strong government spending is working to keep inflation higher. However, 39 00:01:48,400 --> 00:01:51,880 Speaker 2: the underlying trend on inflation is down. I think the 40 00:01:51,920 --> 00:01:53,760 Speaker 2: best we can expect next week is for the Reserve 41 00:01:53,800 --> 00:01:57,360 Speaker 2: Bank to at least start talking about easy of monetary policy. 42 00:01:57,920 --> 00:02:00,520 Speaker 1: Okay, moving on to story number two. Now and Woolworth 43 00:02:00,560 --> 00:02:04,120 Speaker 1: share price fell six percent yesterday after the supermarket leader 44 00:02:04,640 --> 00:02:08,160 Speaker 1: lowered its profit forecast for the current half year. And 45 00:02:08,200 --> 00:02:10,799 Speaker 1: the reason is quite significant. It's because it needed to 46 00:02:10,840 --> 00:02:14,840 Speaker 1: put on more promotions to just drag shoppers into its stores. 47 00:02:15,520 --> 00:02:18,079 Speaker 2: Oh the irony. Wooly said prices had fallen zero point 48 00:02:18,160 --> 00:02:20,560 Speaker 2: three percent over the September quarter. If you take out fruit, 49 00:02:20,639 --> 00:02:23,520 Speaker 2: vegein to back out was nearly two percent. Meat, pantry 50 00:02:23,600 --> 00:02:26,840 Speaker 2: and freezer items have fallen. More customers are out there 51 00:02:26,840 --> 00:02:30,080 Speaker 2: buying cheaper home brands as well. New chief executive of 52 00:02:30,160 --> 00:02:34,799 Speaker 2: Woolli's Amanda Bardwell, said customers are experiencing cost living pressures. 53 00:02:35,520 --> 00:02:38,079 Speaker 2: She also talked about e commerce doing well, but it's 54 00:02:38,160 --> 00:02:41,440 Speaker 2: less profitable because it just costs more for Woolies to 55 00:02:41,480 --> 00:02:43,919 Speaker 2: fulfill orders in e commas than it does people coming 56 00:02:43,960 --> 00:02:48,120 Speaker 2: into the store. Also, Woolies has its own cost pressures labor, rent, energy. 57 00:02:48,440 --> 00:02:51,440 Speaker 2: That's the only side of the argument that company's under 58 00:02:51,600 --> 00:02:54,839 Speaker 2: all sorts of political scrutiny over whether the discounting has 59 00:02:54,919 --> 00:02:58,400 Speaker 2: been real. Wooly says it has and the economic slow 60 00:02:58,440 --> 00:02:59,240 Speaker 2: down is biting. 61 00:03:00,080 --> 00:03:04,359 Speaker 1: Number three Sean superannuation funds spent more than four hundred 62 00:03:04,560 --> 00:03:09,080 Speaker 1: million dollars. That's members retirement savings on marketing and sponsorships. 63 00:03:09,120 --> 00:03:11,560 Speaker 1: In the twenty twenty three financial year, the. 64 00:03:11,520 --> 00:03:14,320 Speaker 2: Big super funds also gave fourteen million dollars to unions, 65 00:03:14,320 --> 00:03:17,160 Speaker 2: including nearly four million dollars to the CFMAU now the 66 00:03:17,200 --> 00:03:22,639 Speaker 2: ten biggest spent three hundred million dollars in marketing and sponsorships. 67 00:03:22,639 --> 00:03:26,440 Speaker 2: Ozzie Super spent sixty million dollars in marketing, the highest 68 00:03:26,760 --> 00:03:28,960 Speaker 2: of the light forty three million dollars of that was 69 00:03:28,960 --> 00:03:33,000 Speaker 2: on advertising. Australian time at Trust spent forty two million dollars, 70 00:03:33,040 --> 00:03:36,280 Speaker 2: including eleven million dollars in sponsorships. Mind Your Host Plus 71 00:03:36,360 --> 00:03:40,480 Speaker 2: Built spent twelve million dollars on sponsorships Ifl's Richmond Tigers, 72 00:03:40,800 --> 00:03:44,040 Speaker 2: NRL South Sitting Rabbits among them. This is all according 73 00:03:44,080 --> 00:03:47,400 Speaker 2: to APRA figures. As reported in The Australian, the Opera 74 00:03:47,480 --> 00:03:51,040 Speaker 2: is cracking down on an inappropriate superfund spending. They want 75 00:03:51,040 --> 00:03:53,200 Speaker 2: to know whether this spending is in the best interests 76 00:03:53,240 --> 00:03:57,000 Speaker 2: of members. Excellent question story number four. 77 00:03:57,120 --> 00:03:59,880 Speaker 1: How about this Sean after Pay co founder Anthony I 78 00:04:00,440 --> 00:04:03,440 Speaker 1: is leaving Block, the company that bought after Pay in 79 00:04:03,480 --> 00:04:06,480 Speaker 1: a record thirty nine billion dollar deal three years ago. 80 00:04:07,040 --> 00:04:09,360 Speaker 2: Yes, the biggest M and A deal in Australian history 81 00:04:09,680 --> 00:04:13,600 Speaker 2: made Eisen and co founder Nick Molner very rich. Eisen's 82 00:04:13,600 --> 00:04:15,560 Speaker 2: worked for Bock ever since the deal a little over 83 00:04:15,640 --> 00:04:18,200 Speaker 2: three years ago. They're kind of the fathers of the 84 00:04:18,240 --> 00:04:21,680 Speaker 2: buy now, power pay later movement in Australia, which is 85 00:04:21,720 --> 00:04:24,520 Speaker 2: a reboot of lay by. It allows for four payments, 86 00:04:24,680 --> 00:04:28,960 Speaker 2: really suited millennials. It used technology well, pretty much part 87 00:04:29,000 --> 00:04:32,480 Speaker 2: of the landscape nowadays. Anthony Eisen, he's done well for himself. 88 00:04:32,480 --> 00:04:34,600 Speaker 2: According to the AFR Rich List, He's now worth one 89 00:04:34,640 --> 00:04:37,560 Speaker 2: point four billion dollars. I reckon, I'd quit work as well. 90 00:04:38,000 --> 00:04:42,720 Speaker 1: Me too. Last one story Number five. Democratic presidential candidate 91 00:04:42,800 --> 00:04:46,679 Speaker 1: Karmala Harris has given what observers called her closing argument 92 00:04:46,839 --> 00:04:50,279 Speaker 1: ahead of Tuesday's election, with the poll still showing no 93 00:04:50,440 --> 00:04:51,640 Speaker 1: clear favorite. 94 00:04:52,080 --> 00:04:55,599 Speaker 2: That's right. Carmala Harris's speech was the equivalent to Donald 95 00:04:55,600 --> 00:04:58,200 Speaker 2: Trump's speech at the Medicine at Madison Square Garden in 96 00:04:58,240 --> 00:05:01,240 Speaker 2: the last couple of days. She attacked on Trump as unstable, 97 00:05:01,360 --> 00:05:05,000 Speaker 2: obsessed with revenge and out for unchecked power. I quote, America, 98 00:05:05,040 --> 00:05:07,280 Speaker 2: we know what Donald Trump has in mind. More chaos, 99 00:05:07,320 --> 00:05:10,000 Speaker 2: more division and policies that help those at the very 100 00:05:10,040 --> 00:05:12,800 Speaker 2: top and hurt everyone else. She also made a pitch 101 00:05:12,839 --> 00:05:15,599 Speaker 2: to be the candidate of National Unities. She said she'd 102 00:05:15,640 --> 00:05:18,120 Speaker 2: be a president for all Americans and always would put 103 00:05:18,200 --> 00:05:22,560 Speaker 2: country above party and itself. She delivered her address in Washington, 104 00:05:22,640 --> 00:05:25,000 Speaker 2: DC with the White House in the background. She stood 105 00:05:25,000 --> 00:05:27,360 Speaker 2: it on the ellipse, which was the side of Trump's 106 00:05:27,400 --> 00:05:29,640 Speaker 2: January sixth, twenty twenty one speech in which he called 107 00:05:29,640 --> 00:05:32,760 Speaker 2: on his supporters to fight like hell ours before they 108 00:05:32,800 --> 00:05:34,239 Speaker 2: stormed the US Capitol. 109 00:05:34,760 --> 00:05:37,040 Speaker 1: All right, there we go, the top five business stories 110 00:05:37,120 --> 00:05:40,520 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday, 111 00:05:40,600 --> 00:05:43,000 Speaker 1: the thirty first of October twenty twenty four. Remember to 112 00:05:43,080 --> 00:05:45,640 Speaker 1: hit follow on the podcast, and if five minutes isn't 113 00:05:45,640 --> 00:05:47,599 Speaker 1: it enough, you can find our longer daily show called 114 00:05:47,640 --> 00:05:50,480 Speaker 1: Fear and Greed wherever you listen to podcasts, and don't forget. 115 00:05:50,480 --> 00:05:53,200 Speaker 1: Every Thursday, there's a new episode of the Property Pendulum, 116 00:05:53,240 --> 00:05:56,520 Speaker 1: brought to you by Fear and Greed and Domain, where 117 00:05:56,520 --> 00:05:58,960 Speaker 1: we take a look this week at house prices. The 118 00:05:59,080 --> 00:06:01,560 Speaker 1: new house price report is out from Domain this week 119 00:06:01,680 --> 00:06:05,120 Speaker 1: and some of those numbers are just staggering. I'm Michael Thompson, 120 00:06:05,120 --> 00:06:07,080 Speaker 1: and that was the past five. Business news by fear 121 00:06:07,120 --> 00:06:10,679 Speaker 1: and greed. Have a great day.