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Speaker 1: Welcome to the weekend edition of the Fast Five Business

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

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Speaker 1: Sean Aylmer.

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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, but we are

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Speaker 1: going to pick out the biggest business story of the week,

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Speaker 1: the most remarkable business story, a sleeper story, one that's

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Speaker 1: not getting the attention that it deserves, and our favorite

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Speaker 1: business story. What was the biggest story for you this week?

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Speaker 2: Oh, I think it was inflation figures. Headline inflation came

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Speaker 2: in at zero point two percent for the December quarter.

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Speaker 2: That means for the whole of last year, inflation was

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Speaker 2: two point four percent. The Reserve Bank, which sets interest rates,

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Speaker 2: it looks at something called underlying inflation that was half

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Speaker 2: percent for the quarter, three point two percent for the year.

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Speaker 2: They're trying to get it back below three percent. It's

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Speaker 2: heading that direction. As a result, people now think we're

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Speaker 2: going to get an interest right cut when the Reserve

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Speaker 2: Bank Board meets next month. In fact, all the four

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Speaker 2: big begs come with bank Westpac Nation Australia Bank ain

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Speaker 2: Zed are predicting a rate cut next month, Let's hope.

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Speaker 2: So what about you, Michael.

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Speaker 1: Look, the big global story this week, Sean, was what

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Speaker 1: happened with AI. We had the Chinese AI company Deep

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Speaker 1: Seek launching its new chatbot arrival to chat GPT. It's

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Speaker 1: not smarter, it's not faster, it's not necessarily better, but

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Speaker 1: according to the company behind it, it is significantly cheaper.

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Speaker 1: It only took two months and under six million US

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Speaker 1: dollars to build, compared to the billions and billions and

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Speaker 1: billions of dollars that the US giants have been pouring

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Speaker 1: into AI and video. Shares tumbled seventeen percent in one session,

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Speaker 1: Around a trillion dollars worth of value wiped from the company,

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Speaker 1: the biggest one day fall in history. Really, this is

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Speaker 1: all because it kind of changed expectations of what the

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Speaker 1: AI future might be, that it might not need these

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Speaker 1: high end processes, might not be as expensive as we thought,

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Speaker 1: and so and it raised questions over the US dominance

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Speaker 1: over the AI revolution, that all of a sudden, the

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Speaker 1: Chinese companies had caught up and potentially even passed where

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Speaker 1: the US was up to and at a fraction of

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Speaker 1: the cost. So big big story this week, Sean.

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Speaker 2: A couple of very big stories. Can't tell you my

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Speaker 2: most remarkable story, please do. It's the share market. The

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Speaker 2: local share market hit hit yet another record high this week,

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Speaker 2: surpassing what it did in December last year. What's quite

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Speaker 2: incredible is these banks. The banks were already expensive, but

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Speaker 2: they keep rising this year. So far a month in

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Speaker 2: come off, Bank and West Pack up five percent, National

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Speaker 2: Australia Bank aim'st up nearly eight percent. The goal companies

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Speaker 2: that have done well. The other ones that have done

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Speaker 2: really well are what they call consumer discretionary companies. They're

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Speaker 2: the ones that do well when interest rates start to fall.

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Speaker 2: Falling interest rates people got more money in their pocket.

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Speaker 2: They go and spend stuff at like JB Hi Fi

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Speaker 2: and Harvey Norman and Bunnings and places like that. Those

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Speaker 2: stocks have absolutely soared this year and we're only a

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Speaker 2: month into it. Quite remarkable how well the ASEX is done.

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Speaker 1: It absolutely is. Actually, Sean, I'm not ever you're going

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Speaker 1: to enter a story into that category. I'm going to

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Speaker 1: jump straight ahead to the sleeper story.

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Speaker 2: Ah, what's yours?

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Speaker 1: Well, it's about what is happening with banks in Australia

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Speaker 1: and the fact that this year could be a very

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Speaker 1: very good year for some bank customers. Can Star analysis

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Speaker 1: this week just showed how banks are using perks and

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Speaker 1: cash backs, all these kinds of offerings to lure customers.

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Speaker 1: It's kind of sign on bonuses and referral cash and

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Speaker 1: ongoing discouncer, a whole bunch of things. What they are

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Speaker 1: trying to do is get people to come and bring

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Speaker 1: their savings, bring your banking to the bank, because it

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Speaker 1: gives those banks access to money to fund lending. It's

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Speaker 1: cheap money, the cheapest they can get, so you can

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Speaker 1: kind of see why they are desperate to get it.

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Speaker 1: So this could be the year, Sean. I don't want

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Speaker 1: to overexaggerate this. I do have a tendency to do

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Speaker 1: that on occasion, but it could be the year for

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Speaker 1: bank customers to snare a little bit of a bit

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Speaker 1: of a bonus from their bank if they're shopping around.

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Speaker 2: Maybe can't tell you my sleeper story, hmm, it's about

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Speaker 2: Donald Trump. Doesn't sound very sleepy or what's he done

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Speaker 2: so far? He's removed criminal illegal aliens, he's tough and

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Speaker 2: border defense is watered down or Withdrew Biden regulations on

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Speaker 2: the economy, climate, abortion, frozen federal grants. He's given executive

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Speaker 2: orders to create an iron Dome missile defense. He's bar

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Speaker 2: transgender groups from serving the military. He's killed diversity equity

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Speaker 2: inclusion programs. He's moved withdraw from the World Health Organization,

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Speaker 2: the Paris Climate Agreement, etc. Etc. Etc. Right, that's all

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Speaker 2: done by executive order. The thing is, and this is

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Speaker 2: where the sleeper part comes in. It can be undone

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Speaker 2: by an executive order in four years time, so the

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Speaker 2: next president can just reverse everything. In fact, Joe Biden

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Speaker 2: reversed a bunch of things that Donald Trump did the

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Speaker 2: first time round. Also, Congress can pass legislation to stop

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Speaker 2: these Donald Trump doesn't have necessarily control of Congress. Congress

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Speaker 2: also has to provide all the money for these things.

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Speaker 2: He's going to have to fight with Congress. Great to

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Speaker 2: have all these announcements. Now he's actually got to do

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Speaker 2: the hard work and execute them, and I'm not sure

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Speaker 2: that all these will get through.

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Speaker 1: That is a good sleeper story.

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Speaker 2: I like that one. About your favorite story, Michael.

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Speaker 1: Look, my favorite story, Sean Look, I missed the concord.

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Speaker 1: I've obviously never flew on it. I was probably only

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Speaker 1: like eighteen when it was retired. But there is a

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Speaker 1: new concord for a new generation, and this week the

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Speaker 1: Boom Supersonic XB one broke the sound barrier for the

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Speaker 1: first time. There are a bunch of reasons why this

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Speaker 1: is exciting, and it is really because it's the first

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Speaker 1: civilian aircraft to achieve the feat since the concord was

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Speaker 1: retired more than twenty years ago. Now. It took off

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Speaker 1: from an airstrip in California, flew for about thirty five minutes.

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Speaker 1: It's about a third the size of the full airliner

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Speaker 1: that it is going to be developed into. The company, though,

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Speaker 1: has already received orders from American Airlines, United Japan Airlines.

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Speaker 1: One hundred and thirty orders have already come in. I

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Speaker 1: have a feeling there'll be more after those successful tests

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Speaker 1: this week. It's a very exciting step.

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Speaker 2: Sean, Sure is great story that one. Indeed.

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Speaker 1: All right, there we go five minutes and pretty much

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

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Speaker 1: Thank you very much, Sean.

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Speaker 2: 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

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Speaker 1: X Michael Thompson and this is the Fast five Business News.

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Speaker 1: Fuck you're a greed