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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Prime Minister Anthony Albernesi calls the social media ban for

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Speaker 1: under sixteen year olds a profound reform as more than

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Speaker 1: one million social media accounts are deactivated. The travel expenses

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Speaker 1: scandal dogs Communications Minister Annika Wells and the government, and

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Speaker 1: Quantus's latest A three eighty, the one that had one

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Speaker 1: hundred thousand hours of maintenance done on it grounded after

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Speaker 1: part of its wing detached. Plus the market operator says

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Speaker 1: Cole is here to stay for longer than thought. And

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Speaker 1: the incredible societal changes triggered by weight loss drugs. It

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Speaker 1: is Thursday, the eleventh of December twenty twenty five. I'm

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Speaker 1: Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael. Can't wait for that Quantus.

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Speaker 1: It is quite something. We'll get to that in a

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Speaker 1: little bit. The main story this morning sewn Day one

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Speaker 1: of the social media ban was yesterday Prime Minister Anthony

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Speaker 1: Albernesi out touting it impact, calling it a profound reform

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Speaker 1: which will reverberate around the world, and he said, kind

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Speaker 1: of at its heart, it was about families taking back control.

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Speaker 2: The Prime Minister, thank Communications Minister Annika Wells for her work,

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Speaker 2: as well as her predecessor or Attorney General Michelle Roland,

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Speaker 2: E Safety Commissioner duly Inmand and perhaps surprisingly Peter Dunton.

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Speaker 2: Of course, the legislation beanning children from using social media

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Speaker 2: was a bipartisan project introduced while Dunton was the opposition leader. Yesterday,

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Speaker 2: there were plenty of people trying to break the social

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Speaker 2: media sites, signing up as under sixteen year old. I

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Speaker 2: think most of them were pretty successful in managing to

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Speaker 2: do it. Now doubt there will be teething problems and

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Speaker 2: big tech companies kind of it will take a while

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Speaker 2: for them to implement the age of verification technology known

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Speaker 2: as age gating. They'll have to filter users. According to

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Speaker 2: Safety the E Safety Commission, about one point five million

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Speaker 2: accounts need to be removed from online platforms due to

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Speaker 2: age restrictions. No doubt many were yesterday, including about two

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Speaker 2: hundred thousand TikTok accounts. So I don't think we can

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Speaker 2: really judge it on day one, but you know, we're

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Speaker 2: up and running now. What I thought was really interesting

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Speaker 2: early yesterday the three most downloaded apps on Apple with

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Speaker 2: social media sites including Lemonade their alternatives basically to the

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Speaker 2: ten sites that have been hit by the ban. I

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Speaker 2: wonder whether we can expect more apps then to be

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Speaker 2: caught up in all this.

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Speaker 1: I suspect we will be seeing that. The Prime Minister

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Speaker 1: actually said as much yesterday. He said the e Safety

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Speaker 1: Commissioner will monitor the situation and the government will take

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Speaker 1: her recommendations. And they have kind of flagged this in

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Speaker 1: the past, essentially that it is quite fluid and they

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Speaker 1: will evolve it as it needs to evolve. The top

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Speaker 1: three apps downloaded yesterday morning, and it's just quite incredible

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Speaker 1: watching this actually happening at the time. Lemonade, which is

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Speaker 1: apparently Instagram meets Pinterest, Sean and you go to that

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Speaker 1: one no YopE, which is a private, friends only photo

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Speaker 1: sharing app, and cover Star, which bills itself as the

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Speaker 1: safest TikTok alternative for kids nine to sixteen. The thing

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Speaker 1: is here, there's been we talked about the international reaction

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Speaker 1: to this has been plenty of input, input from overseas experts.

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Speaker 1: Nobel Laureate in economics. Paul Krugman, who's the guru the

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Speaker 1: great many Yeah, is one of the world's most read

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Speaker 1: columnists he said it was a worthy attempt to protect

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Speaker 1: young people. That's the tick of approval, right. Oprah Winfrey

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Speaker 1: doing a speaking tour of Australia, She's all over it.

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Speaker 1: Other countries including Denmark and France and Britain, Germany, Spain

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Speaker 1: are openly talking about following Australia's lead. So to a

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Speaker 1: Democrats in the US, it is really quite remarkable.

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Speaker 2: What I thought was incredible yesterday the BBC had a

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Speaker 2: live blog going on about Australia's social media band. Now,

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Speaker 2: the local media had live blogs fair enough that ran

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Speaker 2: all day, but to actually have the BBC live blogging

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Speaker 2: it pretty amazing. Yeah.

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Speaker 1: It does show the fact this is very much a

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Speaker 1: world first. So other countries and those big social media

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Speaker 1: companies are all watching this closely. Now, this was a

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Speaker 1: big day for Communications Minister Annika Wells and it should

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Speaker 1: have been a very proud day for her because of

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Speaker 1: the role that she's played in this. But the travel

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Speaker 1: expenses scandal it continues to follow her, so she.

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Speaker 2: Just kept getting asked questions about her travel expenses. Even

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Speaker 2: though the social media ben is a profound reform, Wells

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Speaker 2: said she wouldn't step down. While a review of her

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Speaker 2: expenses is undertaken. The Independent Parliamentary Authority will now examine

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Speaker 2: Wells's use of family reunion entitlements that flew her husband

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Speaker 2: and sometimes her children to AFL and NRL Grand Finals,

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Speaker 2: two Boxing Day test matches and F one Grand Prix

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Speaker 2: a trip to Threadbow. Her use of COMCR transport. We

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Speaker 2: we've got it. I mean she was Sports Minister doing

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Speaker 2: some of this, so let's do that. And Albin Easy

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Speaker 2: has basically said they're not going to make any changes

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Speaker 2: as a result of any of this. I must say,

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Speaker 2: I'm really it looks really bad. But if you know,

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Speaker 2: some of the opposition is suggesting they change some of

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Speaker 2: the family reunion entitlements. I think actually we double the

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Speaker 2: family reunion entitlements because if you know someone's in Canberra

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Speaker 2: and running around like having their partner or kids with them,

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Speaker 2: I'm not against that.

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Speaker 1: Well it's that old argument about should we be paying

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Speaker 1: our politicians more in order to attract the very best people,

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Speaker 1: and I think cutting the entitlements that make it easier

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Speaker 1: for families to live alongside a working politician that's probably

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Speaker 1: not the way to go.

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Speaker 2: I don't want to be critical of David Pocock because

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Speaker 2: I think he's a genuinely good person, but he's a

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Speaker 2: camera centator. He lives in Camber, he goes to work

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Speaker 2: in Canbra. I think that's a long way from living

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Speaker 2: in Queensland, you know.

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Speaker 1: Yeah, And it's funny. You do see the list of

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Speaker 1: the police who have claimed the most and it is

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Speaker 1: some of those ones who are furthest away that are

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Speaker 1: really quite remote and so of course those flights are

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Speaker 1: actually going to cost more bringing people from Cape here.

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Speaker 1: We Mackay in Queensland.

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Speaker 2: Standing up for politicians here who would have thought, huh,

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Speaker 2: let's get onto markets.

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Speaker 1: The AX How did it finish up? Yesterday?

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Speaker 2: There's some PAX two hundred closed down a touched to

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Speaker 2: eighty five hundred and seventy nine points. The miners did well,

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Speaker 2: the tech stocks did poorly, very much the story of

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Speaker 2: the year. Did you so far? In twenty twenty five,

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Speaker 2: the ASEX two hundred Resources index is up twenty seven percent,

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Speaker 2: the all tech indexes down nearly nine percent, total turnaround

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Speaker 2: from twenty twenty four. Yesterday the gold stock surge. Northern

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Speaker 2: Star jumped nearly five percent, evolutions up four percent, BHP

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Speaker 2: four to skew metals did well. Are there in a spectrum?

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Speaker 2: The tech mainstays Promedicus weistick Aria. They all fell silver,

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Speaker 2: not a commodity, Australian mines much of although we do

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Speaker 2: have a silver mind called silver mines. So helpful, yeah, sill.

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Speaker 2: We hit a new record price above sixty one US

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Speaker 2: dollars a ton. In fact, bran Kruidz trading around sixty

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Speaker 2: two US dollars about while the Aussie dollar is fetching

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Speaker 2: sixty six point four US cents.

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Speaker 1: So sixty dollars a ton for silver, it would be

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Speaker 1: an ounce right Otherwise I'd be buying it. It kind

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Speaker 1: of silver right away. We're going to take a quick

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Speaker 1: break on the other side of the break, the Quantus

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Speaker 1: say three eighty story Sean, it is just a cracker

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Speaker 1: stick with us back in a moment with the rest

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Speaker 1: of the day's business news, Sean. A few days ago,

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Speaker 1: Quantus lorded the return of its tenth and final A

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Speaker 1: three eighty to the skies after it had undergone It

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Speaker 1: was something like one hundred thousand hours of maintenance to

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Speaker 1: prepare it to fly again. However, after one of its

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Speaker 1: first flights Sydney to la the plane was grounded following

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Speaker 1: damage to the slat on its left wing.

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Speaker 2: Did you see the picture basically a hole in the wing.

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Speaker 1: Yep. It's not a good look, isn't it.

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Speaker 2: Quantus did say the aircraft operated normally and landed without incident.

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Speaker 2: Landing is what really matters in taking when it comes

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Speaker 2: to these slats. So a section of the slat on

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Speaker 2: the left wing of the plane was damaged. Slats are

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Speaker 2: used to also the surface of the wing. They're the

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Speaker 2: things you can see moving around when you're sitting and

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Speaker 2: looking out the window. Essentially, they reshape the wing during

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Speaker 2: takeoff and landing, allows planes to take off and land

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Speaker 2: at much lower speeds. You don't want that one to

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Speaker 2: be going wrong. Quanus confirmed that the plane also had

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Speaker 2: an unrelated electrical system malfunction on the thirteen hour flight

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Speaker 2: to California, which prevented some passengers from using the in

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Speaker 2: flight entertainment. Wouldn't you be upset after one hundred thousand

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Speaker 2: hours of maintenance and the wing go wrong and the

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Speaker 2: TV system not working?

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Speaker 1: How much research did you do into planes for that story?

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Speaker 2: Just fantastic. I mean that's where AI is great. You know,

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Speaker 2: you say, so, what's the slat? What does it do?

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Speaker 2: It explained to me how I've always wondered how planes

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Speaker 2: can take off at sort of two fifty two in

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Speaker 2: These are big planes two fifty two to sixty kilometers

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Speaker 2: an hour. So ye, and that's how they do it

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Speaker 2: through the slats. I mean, the smaller planes can take

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Speaker 2: off much lower speeds, but through these slats anyway. Yes,

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Speaker 2: I went down in rabbit.

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Speaker 1: Het the rabbit hole. There's probably pilots listening to us

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Speaker 1: at the moment, an idiot. Yeah, okay, I'll come into

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Speaker 1: the studio and I'll.

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Speaker 2: Tell if you're a pilot listing right, I'll tell you

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Speaker 2: about the inflation figures. And let's let's go ahead to head. Yes,

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Speaker 2: slats verst inflation.

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Speaker 1: Oh, face off, let's do it now. The Energy Market

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Speaker 1: Operator has pushed out its forecast for the end of

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Speaker 1: coal power in the Eastern States by more than a decade,

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Speaker 1: and cut its forecast for the amount of new transmission

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Speaker 1: lines by twenty fifty. The Australian Energy Market Operator has not, however,

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Speaker 1: downgraded the cost of the renewable transition, saying it will

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Speaker 1: increase by one hundred and twenty eight billion.

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Speaker 2: It seems unfair, you know, take longer, surely be cheaper.

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Speaker 2: Cost estimates for new poles and wires projects have surged

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Speaker 2: by up to one hundred percent since twenty twenty four.

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Speaker 2: The new forecast come after extensive industry consultation and demonstrate

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Speaker 2: how hard and expensive the transition will be. The federal

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Speaker 2: government's target remains eighty two percent renewable energy by twenty

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Speaker 2: thirty and net zero emissions by twenty to fifty. The

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Speaker 2: amo as in the Australian energy market operators said that

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Speaker 2: in the event of further transmission delays, the cost of

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Speaker 2: delivering projects would surge by about thirty percent, while the

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Speaker 2: twenty thirty renewables target will be missed, potentially only reaching

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Speaker 2: seventy five percent.

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Speaker 1: The federal government is considering levying self managed super funds

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Speaker 1: to help finance a compensation scheme for victims of financial misconduct.

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Speaker 1: This one's going to stir up a bit of a response.

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Speaker 2: Yees so. Financial Services Minister Daniel Molino told industry figures

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Speaker 2: he was strongly considering extending a special levy on financial

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Speaker 2: advisors and sure as banks and big super funds to

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Speaker 2: the self managed super sector. That's according to US throw

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Speaker 2: in the fin Review about one point two million people

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Speaker 2: have self managed super with total assets of more than

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Speaker 2: the trillion dollars. Now. Molino said that big super funds

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Speaker 2: need to pay a special levy to bridge a shortfall

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Speaker 2: in this scheme. It's called the compensation scheme of last Resort,

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Speaker 2: but maybe DIY funds should pay it as well. It's

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Speaker 2: straining the scheme itself, spiral and costs. We haven't even

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Speaker 2: talked about Shield and First Guardian failures as part of

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Speaker 2: that scheme, but a lot of money, hundreds of millions

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Speaker 2: dollars have been lost. The idea is that this will

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Speaker 2: help sort of compensate victims of financial misconduct. This really

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Speaker 2: grates me because if people are doing the right thing,

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Speaker 2: why should a DIY fund doing the right thing have

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Speaker 2: to pay a levy to In fact, why shouldn't any

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Speaker 2: super fund doing the right thing have to pay a

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Speaker 2: levy so bailout financial misconduct? Like, I just don't get this.

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Speaker 1: I can maybe understand super fund because of the advice

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Speaker 1: that they offer within it, and so they are kind

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Speaker 1: of within they are operating almost within the advice space,

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Speaker 1: but an SMSF is not.

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Speaker 2: Although an SMS is advised well, it should be advised. Yeah, definitely,

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Speaker 2: but it's not the big convider of the advice, but

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Speaker 2: the super funds provide general advice. So yeah, I don't know.

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Speaker 1: We're not going to solve it here, especially when we

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Speaker 1: are running so late out of time. We moved to

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Speaker 1: international news, Michael, you know what, I think we probably should.

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Speaker 1: US President Donald Trump has criticized European leaders as weak

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Speaker 1: and suggested the US could scale back support for Ukraine.

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Speaker 1: In a wide ranging interview with Politico, he said decaying

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Speaker 1: European countries decaying being his word, had failed to control

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Speaker 1: migration and take decisive action to end Ukraine's war with Russia.

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Speaker 1: He accused them of letting Kiev fight until they drop.

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Speaker 1: Asked whether Europe could help end the war, Trump said,

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Speaker 1: they talk, but they don't produce, and the war just

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Speaker 1: keeps going on and on. Over the past twenty four hours,

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Speaker 1: Trump has continued to increase pressure on Zelensky, I mean Zelensky,

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Speaker 1: the leader of Ukraine, to agree to a peace still,

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Speaker 1: and urged him to play ball by seeding territory to Moscow.

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Speaker 1: Trump's latest public criticism of Europe comes a day after

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Speaker 1: European leaders came together to discuss their continued joint efforts

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Speaker 1: to stop the fighting in Ukraine.

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Speaker 2: According to the BBC.

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Speaker 1: One Last one, the number of US adults taking weight

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Speaker 1: loss drugs have doubled over the past year to twelve percent,

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Speaker 1: and that's triggered a shake up across the economy, from

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Speaker 1: apparel and restaurants and gyms to travel. This is a gallop.

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Speaker 1: Survey has found that not only are more people using

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Speaker 1: the golp one drugs, but also the obesity rate has

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Speaker 1: fallen from forty percent in twenty twenty two to thirty

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Speaker 1: seven percent, which is pretty remarkable in just a couple

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Speaker 1: of years.

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Speaker 2: That's right, and that's actually measured obesity, so there's a

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Speaker 2: lot more weight loss that hasn't actually taken from people

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Speaker 2: from a beast to non obesi. Yeah, okay, Now what

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Speaker 2: this has done, according to the Washington Post, is just

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Speaker 2: change lifestyles incredibly Already golp one users so gop one

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Speaker 2: drug users have reduce they're spending by ten percent across groceries,

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Speaker 2: quick service restaurants like KFC, McDonalds, etcetera, and tobacco. They've

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Speaker 2: reduced their spending on dining out by nine percent on

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Speaker 2: average sales for smaller size clothing for men and women

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Speaker 2: has surged formal where sales jumped eighty percent, sporting goods

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Speaker 2: jumped twenty four percent. Now that's not just because everyone's

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Speaker 2: out there getting gaining the balls or getting spoiled here.

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Speaker 2: It's because people's perception of themselves have improved so much.

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Speaker 1: It's confidence.

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Speaker 2: Yeah, it's confidence. Wearable electronic devices sales they've surched. Many

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Speaker 2: gyms are reoiententing themselves towards GLP one customers because there's

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Speaker 2: all sorts of side effects that you get with them,

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Speaker 2: and so pharmacies have said there's a boom in like,

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Speaker 2: you know, anti NASEA drugs for example, that type of

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Speaker 2: thing also been a huge improvement in the whole body

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Speaker 2: image thing. So it's helping travel, it's helping entertainment spending.

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Speaker 2: It's quite phenomenal how these drugs have had these unintended consequences, flow.

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Speaker 1: On, the flow on consequences rather than just the primary

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Speaker 1: health effect. Oh that's amazing, fantastic. Okay, up next, Fear

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Speaker 1: and Greed, Q and A. You're speaking today with Robin

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Speaker 1: Swey from State Street.

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Speaker 2: All about gold. You know, we're seeing it at what

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Speaker 2: forty two hundred US dollars announced. We ask him how

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Speaker 2: high I can go and why is it going this way?

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Speaker 1: Yeah, it's a good one. Coming up next in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au. Thank you Sean, Thank you Michael.

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Speaker 1: It's Thursday, the eleventh of December twenty twenty five. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson.

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Speaker 1: That was Fear and Greed. Have a great day.