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Speaker 1: Today on Fear and Greed. The Prime Minister under further

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Speaker 1: fire over his relationship with Quantus and its former CEO

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Speaker 1: Alan Joyce, House price growth slows and a well known

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Speaker 1: retailer goes into administration. Plus more on the US election

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Speaker 1: and troubled times at the ASX. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Tuesday, the twenty ninth of October twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer. Good morning,

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Speaker 1: Michael Sewan. The main story this morning, the outcry over

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Speaker 1: whether or not Prime Minister Anthony Alberanezi adequately reported flight

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Speaker 1: upgrades from Quantus is intensifying, with claims now that he

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Speaker 1: didn't declare upgrades gifted to his former partner, New South

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Speaker 1: Wales politician Carmel Tebbett.

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Speaker 2: Yes, this gets Murkier and Murkier. The Financial Review is

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Speaker 2: reporting that between twenty nine and twenty thirteen in the

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Speaker 2: Prime Minister didn't declare upgrades for Tebbitt. He's also under

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Speaker 2: fire for seemingly having two plus ones. Both his son

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Speaker 2: and now fiance j D. Hayden have seemingly been his

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Speaker 2: plus one at different times. In a book to be

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Speaker 2: launched this week, former AFI columnist Joel Aston claims the

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Speaker 2: Prime Minister liaised directly with Quantus's former CEO Alan Joyce

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Speaker 2: about travel upgrades. The book says the Prime Minister received

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Speaker 2: at least twenty two flight upgrades worth tens of thousands

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Speaker 2: of dollars. The Opposition, I've got to say they're careful

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Speaker 2: attacking on.

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Speaker 1: This one, Peter could imagine.

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Speaker 2: Opposition Leader Peter Dunn said he never contacted Alan Joyce,

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Speaker 2: but he did say he received fifteen complimentary flights since

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Speaker 2: joining parliament back in two thousand and one. That's fifteen

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Speaker 2: complementary flight upgrades. Of course. It's kind of like people

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Speaker 2: in glass houses don't like to throw stones too hard.

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Speaker 2: They're throwing sounds, but just only a little bit.

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Speaker 1: It's a gentle underarm lot. Yeah, I think so, Sean.

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Speaker 1: Do we really care about I mean, obviously we care

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Speaker 1: about this because it's got all the bits and pieces

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Speaker 1: that you love. It's got flight upgrades, it's got Quantus,

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Speaker 1: it's got politicians, it's got the luxury of the Chairman's

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Speaker 1: Lounge and all of this. But why why do we

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Speaker 1: care about it.

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Speaker 2: I've wondered about that. I don't like the idea that

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Speaker 2: the Prime Minister rings the head of Quantus and asks

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Speaker 2: for an upgrade. If that's what's happened, that's the allegation.

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Speaker 2: We don't know that's actually happened. Is it right for

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Speaker 2: this to happen when it was Transport minister? So if

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Speaker 2: you're in a position of power, you ring the head

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Speaker 2: of Quantus and say, hey, the family or my partner

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Speaker 2: and I are taking a vacation somewhere, just letting you

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Speaker 2: know any chance of an upgrade. I mean, I think

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Speaker 2: that stuff goes on all the time anyway, outside of politics.

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Speaker 2: It goes on all the time, and in media included.

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Speaker 2: But yeah, it just I just don't know that it's

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Speaker 2: right that the Prime Minister or the Transport Minister would

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Speaker 2: do that. I suppose the bigger picture is really the

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Speaker 2: Prime Minister's judgment in all this. A couple of weeks

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Speaker 2: ago we found out that he and Jodie Hayden, his fiancee,

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Speaker 2: spent four point three million dollars in a beach house

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Speaker 2: on the central coast of New South Wales that came

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Speaker 2: out amid a housing crisis, just a really bad look

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Speaker 2: again Peter Dutton, and that one said, well, you know,

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Speaker 2: we wish the Prime Minister and Jodie Hayden. Well, but

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Speaker 2: of course it's funny to do that when all these

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Speaker 2: other people are suffering. It's kind of he doesn't need

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Speaker 2: to do much, Peter Dutton, to really press hame the

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Speaker 2: point and this is just another questioning of Anthony Albernize's judgment.

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Speaker 1: Yeah, and I suppose these things have a compounding effect,

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Speaker 1: don't they. As soon as there's one, there's a lot

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Speaker 1: more attention on the next one, and the next one,

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Speaker 1: and the next one and so on. All right, let's

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Speaker 1: leave politics behind at least for a little bit. Shown

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Speaker 1: Western Australia is the country top state, at least in

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Speaker 1: terms of the economy, while New South Wales has last.

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Speaker 2: Yes, well, strictly speaking, the Northern Territory is worse off

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Speaker 2: than New South Wales. That's according to the com Sets

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Speaker 2: State of the State's report to the Good News. Western

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Speaker 2: Australia comes in first, then South Australia it had been first,

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Speaker 2: now second, Queensland, Victoria, Tasmania, the Act, New South Wales

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Speaker 2: and the Northern Territory. The rankings are based on a

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Speaker 2: bunch of economic indicators, economic growth, retail spending, equipment investment.

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Speaker 2: It's kind of R and D stuff unemployment, construction work done,

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Speaker 2: population growth, housing finance and dwelling commencements. You stroll all

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Speaker 2: that into the mix master, the economic mix master, Michael.

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Speaker 1: It's just such an odd image, isn't it. I'd prefer

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Speaker 1: to think of it as like a kitchen aid, a blender. Yeah,

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Speaker 1: but look, we could quibble over the branch diverse.

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Speaker 2: Please go on so you after it comes out of

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Speaker 2: the mix master. Western Australia seems to be winning across

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Speaker 2: all those. Not across the categories, but on average it's winning.

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Speaker 2: It's certainly in the categories retail spending, relative unemployment and

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Speaker 2: relative population growth. It is winning. New South Wales, it's

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Speaker 2: considered a rate sensitive economy, mostly due to house prices,

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Speaker 2: building activity and negative real wage growth is weighing Victoria down.

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Speaker 2: All in all, WA doing well. New South Wales and

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Speaker 2: Northern Territory not so well.

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Speaker 1: You mentioned house prices there, Sean, I've got a bit

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Speaker 1: to come on that. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean. House

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Speaker 1: price growth is slowing across the country, although the median

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Speaker 1: price of homes in Perth, Brisbane, Adelaide and Sydney are

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Speaker 1: at record highs.

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Speaker 2: So the Domain house Price report for September for the

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Speaker 2: September Coard it was released today, the median price in

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Speaker 2: Sydney is one point seven million dollars a lot of

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Speaker 2: money Canber' is one point one million, Melbourne's about a

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Speaker 2: million dollars. Brisbane and Adelaide are just under a million dollars. Perth,

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Speaker 2: of course, is the fastest growing city in terms of

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Speaker 2: price rises, about twenty five percent of the past year,

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Speaker 2: but its median price is still under nine hundred thousand dollars.

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Speaker 2: So whilst it's outperforming I mean Sydney and Melbourne in particular,

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Speaker 2: the medium price is still well below those two capitals.

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Speaker 2: Hobart's medium price is just over seven hundred thousand dollars,

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Speaker 2: darwins just under six hundred thousand dollars. Basically, if we

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Speaker 2: look at the unit price, the prices of units same

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Speaker 2: deal a christ there. What I find really interesting in

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Speaker 2: this though, is that Brisbane and Adelaide unit prices are

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Speaker 2: relatively more expensive compared to house prices than any other city.

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Speaker 2: So if you look at Sydney and Melbourne, a unit

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Speaker 2: it's somewhere between fifty and sixty percent the price of

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Speaker 2: a house, whereas if you mean Brisbane in particular, it's

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Speaker 2: about two thirds of price of a house. Interesting, I think.

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Speaker 1: Yeah, I'm with you, I'm with you. I need to

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Speaker 1: convince me.

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Speaker 2: I'm looking at I was looking at you, and you

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Speaker 2: as sort of I thought your your mind was wandering.

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Speaker 1: No, no, no, not wandering. I think my pondering and my

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Speaker 1: taking in face is very similar to my wandering. I

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Speaker 1: need to have more distinct facial expression. Sean, that's right.

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Speaker 2: The deceleration in price growth, it pretty much reflects affordability

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Speaker 2: constraints according to domain. And of course wages aren't keeping

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Speaker 2: pace with rising property license good. I'll say that again, Michael.

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Speaker 2: Wages aren't keeping pace with rising property prices. It's also

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Speaker 2: a cost of living crisis going on. I'm sorry that

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Speaker 2: entered the mixed master too, and you'd come up with

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Speaker 2: a deceleration in price growth.

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Speaker 1: I've never heard you stumble over things as much as

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Speaker 1: you do when we're talking property. Yesterday it was preliminary,

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Speaker 1: clear and preliminary. Yeah, and you just and you tie

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Speaker 1: yourself up in not trying to say that you did

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Speaker 1: it again today with something else entire yeah, unrelated and

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Speaker 1: still property linked. I love it. That's just it's very

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Speaker 1: satisfying to me, which I don't know what that says

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Speaker 1: about me that I'm enjoyed. I'm enjoying your battles. Local markets, Sean,

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Speaker 1: let's take a look at the local share market. Seems

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Speaker 1: not a much. Not a lot happening.

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Speaker 2: Hold on, hold on, you're having to go me for

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Speaker 2: getting confused. I think you said not a much.

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Speaker 1: Just then glasshouses, isn't it before, Sean under arm lob

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Speaker 1: into my glasshouse? Please take it away. Local markets, what's happening?

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Speaker 2: Not much? Not much, I mean, based on the numbers themselves,

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Speaker 2: not much at all. Twelve points over the last five days,

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Speaker 2: zero point one percent up yesterday to eighty two and

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Speaker 2: twenty two points yesterday. The banks were down, Mine is

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Speaker 2: up on the back of mine all prices. West Sum

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Speaker 2: has had a good day, so too did res Med

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Speaker 2: and zero you know, CESL, Goodman, Woodside, Qbe. They were

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Speaker 2: all underperformers, but really not a huge amount going on

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Speaker 2: the show.

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Speaker 1: There's a lot going on, Sean.

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Speaker 2: Today.

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Speaker 1: I've got an interview coming up with Wimmel Gore from

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Speaker 1: Elliston Capital.

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Speaker 2: Yes, so we're talking about fixed income markets, so think

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Speaker 2: bonds and credit. There's a lot going on in that

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Speaker 2: market in the short term because of expectations about interest rates,

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Speaker 2: but in the longer term, which is what Wimeni's talking about,

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Speaker 2: how those markets have changed and the attributes of those

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Speaker 2: markets have changed, and what that means for investors. So

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Speaker 2: if you're an investor, and you should always be thinking

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Speaker 2: beyond equities, and fixed income often offers a fairly conservative

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Speaker 2: part of your portfolio, listen to my conversation with Wimmill

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Speaker 2: because he explains how he sees all that and how

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Speaker 2: it's going to be going forward.

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Speaker 1: Yeah, it's a really interesting one. It's coming up after

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Speaker 1: the show, so stick around for that. Federal Treasurer Jim

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Speaker 1: Chalmers is set to crack down on poker machine manufacturers

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Speaker 1: being given a tax concession for research and development.

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Speaker 2: Love a crackdown. Bigas from the Australian Tax Office show

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Speaker 2: millions of dollars flowing to the pokey manufacturers, or at

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Speaker 2: least they don't have to pay tax on a bunch

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Speaker 2: of R and D. Basically R and D is an expense,

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Speaker 2: it's a tax deduction, and the question was put to

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Speaker 2: the treasurer whether he thought that was a good idea.

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Speaker 2: He basically said, it's problematic for taxpayers money to fund

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Speaker 2: R and D of poker machines. Companies like Aristocrat Leisure

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Speaker 2: and Ainsworth Game Technology are the sorts of organizations that

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Speaker 2: would be affected.

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Speaker 1: Fordescu's Energy boss, Mark Hutchison, has apologized for how he

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Speaker 1: handled being linked to a religious group that promotes anti

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Speaker 1: lgbtqia plus values after being pressured by his boss, Andrew Forrest.

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Speaker 2: So in recent days, doctor Forrest has told his leadership

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Speaker 2: team to commit to corporate diversity and support for same

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Speaker 2: sex couples. According to a story in The Financial Review,

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Speaker 2: mister Hutchison, the boss of the fordes U Energy, is

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Speaker 2: director of Alpha International, Christian organization that believes in a

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Speaker 2: strictly heteronormative sexual ideology. Mister Hutchinson's apology declared his support

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Speaker 2: for sexual equality, same sex relationships and the value of

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Speaker 2: the lgbtqia plus community. One of those things which corporates

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Speaker 2: don't really tend not to want to have a view on,

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Speaker 2: and when you have one of your very senior guys

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Speaker 2: in an organization which takes a strong stance. Clearly that

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Speaker 2: can cause problems.

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Speaker 1: Yeah, indeed mentioned this one at the top of the show.

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Speaker 1: Sean Mosaic brands whose shops include Katie's and Miller's and

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Speaker 1: nony B and Autograph, has been placed in the voluntary administration.

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Speaker 2: Yes, so the directors have been trying very hard to

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Speaker 2: trade through a tough period. They've been attempting to restructure

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Speaker 2: the organization, get costs out, rationalize the brands, reduce the

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Speaker 2: number of stores they've got. They're just going to focus

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Speaker 2: on some of the bigger brands. Basically, they've been unsuccessful.

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Speaker 2: As a result, they're in administration and I will trade

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Speaker 2: through the Christmas season. We've heard a little bit about Mosaic.

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Speaker 2: It's got about one hundred supplies, which is actually large

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Speaker 2: number of supplies, but on social media, two Chinese supplies

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Speaker 2: have alleged that they haven't been paid for products delivered,

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Speaker 2: so products delivered and sold. The allegation is that Mosaic

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Speaker 2: didn't ever pay these suppliers. So there'll be a fair

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Speaker 2: bit in this one. But certainly a bunch of brand

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Speaker 2: names we all know and some people's shop.

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Speaker 1: At indeed under fire. Minor Mineral Resources has promised to

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Speaker 1: release the findings of its investigations into allegations that it's

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Speaker 1: billionaire founder and managing director Chris Ellison avoided tax alongside

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Speaker 1: a former chair and three other board members.

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Speaker 2: The Lithium Minor appointed Herbert Smith Freehills to review the scheme.

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Speaker 2: Corporate advice Mcgroarnichols also been hired now. The AFAR a

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Speaker 2: few weeks ago around a story saying that mister Ellison,

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Speaker 2: Peter Wade, who was a former chair, and three others

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Speaker 2: made about seven million dollars in profits in the late

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Speaker 2: noughties by using a company incorporated in the British Virgin

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Speaker 2: Islands to sell machinery to the mining company at inflated prices.

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Speaker 2: Mister Elson came out so it was a lapse of judgment.

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Speaker 2: He settled with the ATO last week. The board declared

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Speaker 2: confidence mister Ellison yesterday. They didn't quite say that, they're

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Speaker 2: just saying they're having a look at it. The fact

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Speaker 2: that they didn't declare confidence in him yesterday but they

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Speaker 2: did last week. He's probably notable, mister Ellison on his

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Speaker 2: side of things. He's actually holidaying at the moment. In

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Speaker 2: the past three weeks, Mineral Resources share prices down thirty

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Speaker 2: five percent.

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Speaker 1: It wouldn't be a very relaxing holiday, would knowing that

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Speaker 1: all of this is going on while you're at home.

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Speaker 1: You know, I have to switch off entirely, right, Yeah, yeah,

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Speaker 1: I mentioned this as well Shawn at the top of

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Speaker 1: the show. The ASX Limited held its AGM yesterday and

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Speaker 1: recorded a first strike on its remuneration report. A vote

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Speaker 1: of twenty five percent or more is required to deliver

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Speaker 1: a strike, and twenty six percent of votes were cast

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Speaker 1: against the report, so they just just made it over

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Speaker 1: the threshold.

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Speaker 2: They did. Plenty going on at this company. The shareholders

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Speaker 2: are not happy that CEO Helen Lofthouse was awarded at

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Speaker 2: one point seven million dollars short term bonus this year

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Speaker 2: that was up to seventy percent. It's all about director accountability,

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Speaker 2: Bungle Chess Replacement pro, the Bungle Chess Replacement Project, and

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Speaker 2: regular treat scrutiny. Outgoing chair Damien Raach said the vote

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Speaker 2: shows a clear level of dissatisfaction with remuneration. Very true.

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Speaker 2: The share price closed lower yesterday, It's up about six

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Speaker 2: percent this year.

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Speaker 1: And Paladin Energy share price tumbled fifteen percent yesterday after

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Speaker 1: the uranium producer said that it's one point five billion

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Speaker 1: dollar acquisition of Toronto listed FISHI and Uranium may not

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Speaker 1: go ahead as it awaits approval by Canadian regulators.

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Speaker 2: The biggest one day drop in more than a year.

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Speaker 2: Now the Gave Canadian government has launched our national security

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Speaker 2: review of the deal. Seems that could scupper any tie up. Otherwise,

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Speaker 2: Paladin Energy said productions increase in Namibia to six hundred

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Speaker 2: and forty thousand pounds of uranium yellow cake. That was

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Speaker 2: during the September quarter. Say uranium yellow cake. I'm quite

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Speaker 2: sure what it is. I looked about powdered uranium concentrate.

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Speaker 2: There you go. It's been a very volatile stock. Eighteen

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Speaker 2: bucks in May, down to eight bucks fifteen September, now

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Speaker 2: just over ten dollars.

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Speaker 1: I was too busy focusing on news of the term

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Speaker 1: scupper scup.

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Speaker 2: It word, isn't it? Great? Word?

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Speaker 1: That's lovely? Turning to international news. Now it's full steam

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Speaker 1: aheadshan for the US presidential hopeful's Donald Trump and Carmela

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Speaker 1: Harris with Poles. I wouldn't have thought this was possible,

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Speaker 1: but getting even closer ahead of next Tuesday's election.

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Speaker 2: They are getting even closer. So there was a pole

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Speaker 2: of poles which was forty seven forty seven and another

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Speaker 2: one with forty eight forty eight. Quite incredible. Donald Trump,

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Speaker 2: over the last twenty four hours was at Medicine Square

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Speaker 2: Garden in New York. They will never, they said of

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Speaker 2: New York, will never vote Republican. But it was a

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Speaker 2: very big event. He is from Florida, but feels like

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Speaker 2: a New Yorker. He was joined on stage by hul

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Speaker 2: Cogan Milani was their UFC boss. Dana White and Elon

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Speaker 2: Musk turned up. Trump derided harris call for voters to

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Speaker 2: make America great again. The worst moment I think was

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Speaker 2: when a comedian the head of Donald Trump at the railing,

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Speaker 2: made a particularly offensive comment about Puerto Rico. He basically said,

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Speaker 2: there's a floating island of garbage out there and it's

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Speaker 2: called Puerto Rico. It a shocka The Dems were in

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Speaker 2: Philadelphia in Pennsylvania. Carmla Harris called Trump unhinged and unstable.

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Speaker 2: Ain't much policy pushing at the moment, Michael.

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Speaker 1: No, it feels like it's more personality based, I think.

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Speaker 1: So it was getting a little bit wild, isn't it now.

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Speaker 1: Indonesia has blocked Apple from selling its latest iPhone sixteen,

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Speaker 1: saying that the company is yet to meet domestic investment requirements.

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Speaker 2: So you're selling into Indonesia, you need forty percent local

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Speaker 2: content for smartphones. That might be a manufacturing facility that

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Speaker 2: puts it together. For example, the Indonesian market is huge,

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Speaker 2: two hundred and seventy million people about three hundred and

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Speaker 2: fifty million smartphones, according to Bloomberg, Southeast Asia's largest economy,

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Speaker 2: so the idea that the iPhone sixteen won't be sold

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Speaker 2: in that economy is significant. The Indonesian gut Regulator said

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Speaker 2: that already nine thousand iPhones were in the country basically

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Speaker 2: hand carried by passengers and crew or delivered by post,

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Speaker 2: but no more will be up for sale until Apple

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Speaker 2: meets the domestic investment requirements.

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Speaker 1: Finally, Sewan oil prices fell sharply yesterday after Israel strikes

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Speaker 1: on Iran over the weekend. Avoided crude and nuclear facilities

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Speaker 1: branch has fallen back below seventy three US dollars a barrel.

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Speaker 2: And we are enjoying relatively low petrol prices at the moment.

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Speaker 2: Michael I would say I've.

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Speaker 1: Got it for a dollar fifty four over the weekend.

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Speaker 1: Really jealous, I tell you what, though, I had looked

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Speaker 1: it up before I set off. I checked, you know,

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Speaker 1: one of those those fuel watch kind of apps, and

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Speaker 1: the petrol station was twenty four kilometers away. The car

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Speaker 1: said I had thirty kilometers of fuel, and so I

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Speaker 1: had a six kilometer buffer, And so I was coasting

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Speaker 1: down the hills. I was not accelerating, and it was

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Speaker 1: quite hilly where I was. So I was like, oh,

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Speaker 1: this could be disastrous. And you know what, Sean made it. God,

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Speaker 1: it was a satisfying feeling to fill out for the

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Speaker 1: dollar fifty three, knowing that I'd coasted my way there.

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Speaker 1: Sorry anyway, please go on.

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Speaker 2: Ah nah, nothing can be that. So very quickly, China

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Speaker 2: Central Bank launched a new lending tool to inject more

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Speaker 2: liquidity into the market. You have another stimulus from Beijing.

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Speaker 2: Gold still training around record levels. You got to see

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Speaker 2: dollars slip below sixty six US cents. That's on the

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Speaker 2: back of high US treasury yields. That makes the US

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Speaker 2: dollar more attractive. Hence the aud falls against the green

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Speaker 2: I mean back the US dollar is likely to rally

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Speaker 2: if Trump wins, that could push the aud lower.

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Speaker 1: Okay. Up next is the Fear and Greed Daily Interview

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Speaker 1: with Wimill Gore from Ellison Capitol, and keep an eye

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Speaker 1: on your playlist at midday as well for the new

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Speaker 1: bonus episode of Ask Fear and Greed, where we answer

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Speaker 1: listener questions are coming up in the Fear and Greed

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Speaker 1: playlist on your podcast platform or at Fearangreed dot com

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Speaker 1: dot au. Don't forget to sign up for the newsletter

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Speaker 1: which comes out tomorrow. Thank you very much, Sean. Thanks Michael,

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Speaker 1: It's Tuesday, the twenty ninth of October 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, Instagram, x TikTok and Facebook. I'm Michael

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