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Speaker 1: Tip offs about tax fraud surge as the Tax Office

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Speaker 1: cracks down on the black economy. Vocus Group bids five

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Speaker 1: point twenty five billion dollars for TPG assets and the

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Speaker 1: biggest study of its kind finds that social media use

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Speaker 1: in teenagers is strongly correlated to higher anxiety and depression.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Tuesday, the fifteenth

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Speaker 1: of October twenty twenty four. I'm Michael Thompson and good morning,

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Speaker 1: Sean Aylmer. Good morning, Michael, Sean. The main story this morning.

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Speaker 1: The ATO has received two hundred and fifty thousand tip

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Speaker 1: offs from the community about tax avoidance and other dishonest

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Speaker 1: behaviors in the past five years, leading to tens of

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Speaker 1: millions of dollars of reclaimed taxes. That is a lot

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Speaker 1: of dobbing.

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Speaker 2: It certainly is.

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Speaker 3: There were forty seven thousand tip offs last year and

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Speaker 3: the ATO Wassistant Commissioner Tony Godding said Australians are fed

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Speaker 3: up with dodgy behaviors in the community. He said the

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Speaker 3: tip offs included taxpayers not declaring income, businesses demanding cash

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Speaker 3: from customers, organizations paying workers in cash to avoid paying

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Speaker 3: tax and super and not reporting sales. People are also

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Speaker 3: reporting when someone's lifestyle doesn't appear to match their income. Now,

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Speaker 3: the ATO estimates says around sixteen billion dollars in stolen

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Speaker 3: taxes each year thanks to things like cash jobs. The

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Speaker 3: ATO provided a few examples, one which I loved. I

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Speaker 3: got to tell you what it is, Michael go on. Basically,

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Speaker 3: in one case, a hairdresser advertised on Facebook to friends,

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Speaker 3: didn't register her business, operated without an ABN, and didn't

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Speaker 3: report her business income in tax returns. So I think,

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Speaker 3: we I don't know that I know someone that does that,

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Speaker 3: but I can kind of get that. But then a

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Speaker 3: friend came along and on social media noticed that she

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Speaker 3: kip really nice clothes and had these incredibly luxurious overseas holidays.

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Speaker 3: Clearly dot Press tipped off the ATO you addresser. She

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Speaker 3: faces a million dollars in penalties, and that's before she

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Speaker 3: has to start repaying tax.

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Speaker 1: Oh god, God, can you imagine trying to figure out

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Speaker 1: who it was that dog? Jordans sounds like ca reer

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Speaker 1: that has got a reality TV show written all over it.

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Speaker 2: Yeah.

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Speaker 1: Two hundred and fifty thousand tip offs is a huge,

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Speaker 1: huge number. That's a lot of calls coming in, a

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Speaker 1: lot of emails, a lot of kind of online reporting.

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Speaker 1: How many of those would actually be followed up by

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Speaker 1: the tax office?

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Speaker 3: Well, when the ATA gets a tip off, it cross

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Speaker 3: checks the information and assesses where the further action is required.

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Speaker 3: And imagine a lot of that would have to be

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Speaker 3: done via data as opposed to phone calls and things

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Speaker 3: like that. The ATA says about ninety percent off tip

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Speaker 3: offs are deemed worthy of further investigation. That's an incredible number.

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Speaker 3: What's that two hundred and twenty five thousand investigations in

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Speaker 3: the last five years. Building, building and construction, Cafes and restaurants,

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Speaker 3: and hairdressing and beauty services top the list of industries

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Speaker 3: the ATO has been tipped off about. That's in the

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Speaker 3: last financial year. And tips are coming from other businesses,

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Speaker 3: no doubt, customers, members of the community, employees and even

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Speaker 3: family and friends. While Sydney and Melbourne have the most

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Speaker 3: tip offs, the top five regional hot spots in terms

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Speaker 3: of postcodes all from regional Queensland. You're kidding, I don't

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Speaker 3: know what it means, but I clearly I mean I

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Speaker 3: get competitors being pretty upset because if you're not paying tax,

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Speaker 3: you can undercut your competitors. But the family and friends bitu.

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Speaker 1: Family and friends God very salacious. Not a way to

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Speaker 1: start fear and greed today, very appropriate. Indeed, local markets,

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Speaker 1: let's take a look at what happened yesterday.

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Speaker 3: There's some PASX two hundred closed up half a percent

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Speaker 3: to finish at eighty two hundred and fifty three points.

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Speaker 3: Among the large caps, the iron or miners did well,

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Speaker 3: led by Forteskew Metals, which rose more than three percent.

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Speaker 3: Rio Tinto was up one point seven percent. Other notables

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Speaker 3: among the megacaps included CSL and Zed and mcquarie. They

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Speaker 3: all ended one percent higher. Woodside and transurban bas dropped

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Speaker 3: by round one percent. The gold miners did pretty well.

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Speaker 3: Regis Resources, Bellvue Gold, West African Resources were among the

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Speaker 3: best of the top two hundred. The miners did well,

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Speaker 3: SOAU thirty two rose more than four percent. Worst on

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Speaker 3: the day was web Travel Group, which was created in

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Speaker 3: a the merger of Webjet earlier this month. It fell

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Speaker 3: thirty five percent following a disappointing results update where it

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Speaker 3: said margins in its European web Bed's business remain subdued.

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Speaker 3: It was also a tough day for the gaming companies.

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Speaker 3: Tab Corps and the Star Entertainment both fell.

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Speaker 1: Of course, on its AGM season. At the moment, we

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Speaker 1: always talk about it every year and after the show

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Speaker 1: you have an interview with Stephen Mabb, chair of the

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Speaker 1: Australian Shareholders Association.

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Speaker 2: Sure do.

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Speaker 3: We talked to Stephen of or Telstra's AGM is on

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Speaker 3: today Commonwealth Banks Tomorrow. We talked to him about the

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Speaker 3: role the Australis share Holder's Association plays, particularly for retail

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Speaker 3: investors during the AGM season. We talk about the things

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Speaker 3: that are continually mentioned.

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Speaker 2: A bit of an.

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Speaker 3: Enthusiast for agms, Steve it is, I'm a bit an enthusiast,

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Speaker 3: Alf and so it's a great chat about what goes

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Speaker 3: on and just how retail investors in particular can use

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Speaker 3: AGM season to find out more information about the companies

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Speaker 3: they invest in.

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Speaker 1: My favorite question that you asked him, sure and right

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Speaker 1: at the very end, and I won't spoil the answer,

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Speaker 1: but when you ask him, and I knew you were

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Speaker 1: going to ask him this because you always mention it

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Speaker 1: whenever we talk about AGMS, You're talk about the fact

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Speaker 1: that some agms have better food for attendees than others.

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Speaker 1: And you asked him, in all of his experience and

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Speaker 1: attending so many of these meetings, which one puts on

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Speaker 1: the best spread? And his answer was quite a surprise.

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Speaker 3: Well, his answer was immediate. So obviously it's something that

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Speaker 3: he had thought about himself, because I didn't. There was

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Speaker 3: no pre warning. He isn't blah and gave us the

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Speaker 3: name of the company going to that AGM next time.

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Speaker 1: Oh yeah, me too, buying shares just to access the

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Speaker 1: lunch anyway. International markets, what's going on?

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Speaker 3: Another day, Another briefing from Chinese officials about attempting to

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Speaker 3: stimulate the world's second largest economy, and another disappointment, this

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Speaker 3: time from the Ministry of Finance. Not a lot of detail,

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Speaker 3: not a lot to move markets. Probably that's not strictly true.

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Speaker 3: It did move markets, but not by much. Oil did

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Speaker 3: fall on the news, gold as higher and Michael the

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Speaker 3: Aussie dollars buying sixty seven point four US sense.

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Speaker 1: Sean, we've got a bit to get through. We'll be

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news. Sean Vocus Group has bought TPG Telecom's fiber

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Speaker 1: network and fixed line enterprise business for five point two

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Speaker 1: five billion dollars in a deal as proponents claim will

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Speaker 1: make digital telecommunications more competitive.

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Speaker 3: The deal allows Vocus to add twenty four thousand kilometers

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Speaker 3: of TPG's urban fiber network in Australian cities to its

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Speaker 3: own twenty seven thousand klombas of fiber, Some of that

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Speaker 3: is in regional Australia. Basically, it creates a third fiber

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Speaker 3: network force behind Telstra and Optus, and Vocus says it

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Speaker 3: will step up competition in the market. TPG is happy

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Speaker 3: to get rid of its fiber business to put its

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Speaker 3: efforts into mobile. It comes off from a deal worth

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Speaker 3: six point three billion dollars failed last year. Now, unlike

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Speaker 3: the previous structure, the new agreement doesn't include any of

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Speaker 3: that mobile business. If the deal is approved by regulators,

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Speaker 3: Vocus will operate fiber that connects about twenty thousand buildings

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Speaker 3: in Australia's capital cities, and around five hundred and sixty

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Speaker 3: TPG staff will transfer to the new owner. Now TPG

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Speaker 3: is listed, its share price fell more than four percent

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Speaker 3: yesterday on the news. Vocus is owned by Macquarreasset Management

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Speaker 3: and Aware Super no share price obviously, but it's another

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Speaker 3: example of an infrastructure asset going private.

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Speaker 1: The latest News poll Sewan has put the Coalition ahead

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Speaker 1: of the Labor Party on a two party preferred basis

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Speaker 1: for the first time since the Albanese government won power.

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Speaker 3: With an election due by the middle of May next year,

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Speaker 3: the polls are starting to become much more relevant, and

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Speaker 3: the News poll conducted for the Australian puts a coalition

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Speaker 3: ahead fifty one to forty nine percent. The primary vote

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Speaker 3: for the major parties thirty eight percent for the Coalition

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Speaker 3: thirty one percent for the Labor Party is unchanged. It's

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Speaker 3: where the preferences are shifting around a bit. The Greens

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Speaker 3: are lower, poll Enhansons are higher. When you push those

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Speaker 3: preferences to the Coalition and Labor that's why you get

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Speaker 3: the change. Mister Alberinese, he's approval rating fields it's the

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Speaker 3: lowest level since he took the top job, though he's

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Speaker 3: still well ahead of Opposition leader Peter Dutton as preferred

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Speaker 3: Prime Minister Sean.

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Speaker 1: It's a case of when, not if a deadly bird

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Speaker 1: flu pandemic arrives in Australia, the country's top medical expert

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Speaker 1: has warned as almost one hundred million dollars is allocated

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Speaker 1: to dealing with an outbreak.

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Speaker 3: The federal government will spend ninety five million dollars preparing

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Speaker 3: for the H five N one strain of bird flu,

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Speaker 3: which has caused respiratory illness, reduced e production and sudden

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Speaker 3: death among wild birds and some mammal species in other countries.

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Speaker 3: According to a report on AAP, the H five N

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Speaker 3: one strain of bird flu is different from the strain

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Speaker 3: scene in Australia earlier this year, which led to egg

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Speaker 3: shortages and supermarkets. Australia is the only continent without the

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Speaker 3: H five N one strain, but National Chief Medical Officer

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Speaker 3: Paul Kelly says it's coming, most likely via migrant tree birds.

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Speaker 3: He said it is important to get ahead of the curve.

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Speaker 3: Professor Kelly said a bird flu outbreak would not lead

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Speaker 3: to human health issues, but would spread in the same

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Speaker 3: way as other influenza viruses.

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Speaker 1: Earnings at Virgin Australia have jumped by almost a fifth

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Speaker 1: to five hundred and nineteen million dollars, meaning two years

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Speaker 1: in a row of profit after more than a decade

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Speaker 1: of deficits.

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Speaker 3: The growth in underlying earnings released in a statement yesterday

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Speaker 3: compares with a seventeen percent fall at its large arrival

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Speaker 3: quantas for the two four months to June. However, Virgin

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Speaker 3: hasn't released its full accounts and didn't report an overall

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Speaker 3: profit figure for the year, according to the finn Review.

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Speaker 3: Virgin chief executive Joan Hurdleck has said the jump in

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Speaker 3: earnings shows the success of the airline's transformation under its

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Speaker 3: private equation as Baying Capital, which acquired the carrier after

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Speaker 3: the company collapsed at the start of the COVID nineteen pandemic.

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Speaker 3: Last month, Baine agreed to sell a twenty five per

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Speaker 3: cent stake in Virgin to Qatar Airways. If approved, it

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Speaker 3: will allow Virgin to restart long haul international flights.

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Speaker 1: As Sean, I was reading some of the appreciation shown

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Speaker 1: by a Virgin management to staffers from within Virgin. Every

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Speaker 1: employee receiving fifty four thousand Velocity points and a one

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Speaker 1: thousand dollars travel vouchers.

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Speaker 2: Oh, good on them.

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Speaker 1: It's not a bad way to show your appreciation for

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Speaker 1: the staff that have helped you achieve that result.

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Speaker 2: Right, Yeah, totally thanks good on them.

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Speaker 1: Anyway, little tidbit there Sean. The head of the ACTU,

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Speaker 1: Saally McMahon, says she has had to live in multiple

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Speaker 1: places and change her routine due to security concerns following

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Speaker 1: the crackdown on the CFMEU.

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Speaker 3: She told the ABC that it is her life at

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Speaker 3: the moment and it's the price to pay for standing

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Speaker 3: up to people. The CFMEU went into administration in August

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Speaker 3: following reports that Bike's and Underworld figures had infiltrated the union,

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Speaker 3: including by being gifted lucrative delegate roles and labor higher agreements.

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Speaker 3: Ms McManus said police have been helpful. She said unions

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Speaker 3: were absolutely committed to standing up to intimidation, standing up

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Speaker 3: to violence and standing up to corruption.

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Speaker 1: And Shawn Treasury Wine Estates has struck an in principal

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Speaker 1: agreement with Morris, Blackburn and Slater and Gordon to settle

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Speaker 1: a class action over a profit downgrade that sent its

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Speaker 1: share price tumbling twenty five percent back in early twenty twenty.

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Speaker 3: Yes So Treasury said it makes no admission of liability,

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Speaker 3: but it made a commercial decision and full settlement amount

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Speaker 3: will be met by insurance. The class action alone Edge

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Speaker 3: that Treasury Wines breached its market disclosure obligations and engaged

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Speaker 3: in misleading or deceptive conduct by not telling the market

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Speaker 3: earlier than January twenty eight in twenty twenty that its

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Speaker 3: US performance had been deterior rating since mid twenty eighteen. Now,

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Speaker 3: the company said the refurther steps required to finalize the

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Speaker 3: matter with the deed of settlement and approval from the

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Speaker 3: Supreme Court of Victoria. But a lot was made of

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Speaker 3: this when it was launched, and it looks to have

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Speaker 3: come to some sort of agreement.

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Speaker 1: All right. Turning to international news now, and we have

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Speaker 1: to talk about this one Sewan, because it is really

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Speaker 1: quite spectacular. Elon Musk's SpaceX accomplished a momentous technical feat

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Speaker 1: about twenty four hours ago by catching a booster rocket

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Speaker 1: with mechanical arms. On its return from a test flight.

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Speaker 3: SpaceX launched an unmanned starship rocket with its super heavy booster.

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Speaker 3: After a brief flight into the atmosphere, the booster broke

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Speaker 3: away from the starship and descended vertically, slowing its descent

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Speaker 3: with engine blasts. The booster fell directly back to the launchpad,

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Speaker 3: where it was caught by the tower's metal arms. Amid

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Speaker 3: a roar of smoke and fire. Now this is according

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Speaker 3: to the Financial Times, but it's worth chasing this to

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Speaker 3: look at it. Quite incredible. Elon musk on x I

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Speaker 3: quote him, the tower has caught the rocket. Big step

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Speaker 3: towards making live multiplanetary was made today, Even in this

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Speaker 3: day and age. What we just saw is magic. The

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Speaker 3: rest of the ship orbited Earth and then splashed down

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Speaker 3: into the Indian Ocean as planned. Michael, you would agree

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Speaker 3: it's magic, wouldn't you.

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Speaker 1: I was absolutely blown away by this.

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Speaker 2: Yeah, Sean, I have.

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Speaker 1: Watched that video over and over and over again, and

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Speaker 1: the first time you see it, you will think that

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Speaker 1: what you're seeing is from a movie, or that it's

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Speaker 1: that it cannot possibly be real, because this is It's

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Speaker 1: an absolutely monstrous kind of piece of metal that is

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Speaker 1: just coming down and down, and it is going fast,

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Speaker 1: and then all of a sudden it slows down and

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Speaker 1: it just somehow manages to land neatly back on the

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Speaker 1: launch pad.

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Speaker 3: There. It changes orientation. The only thing I can think

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Speaker 3: of it. You know, when you're playing a game and

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Speaker 3: you see things move on the screen that move back

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Speaker 3: towards that in real life. I've never seen anything like it.

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Speaker 3: It is phenomenal. In fact, Michael, I'm wearing my Space

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Speaker 3: T shirt today in honor of that, will you.

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Speaker 1: I was wondering why I had walked into the studio

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Speaker 1: with his Space T shirt on. It's good to see

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Speaker 1: you getting into the spirit of thing.

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Speaker 2: How can you not get into that one? Yeah?

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Speaker 1: All right, but go check it out. It is just amazing.

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Speaker 1: You do need to see this now. Moving on, A

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Speaker 1: man carrying illegal firearms, ammunition, and fake passports was arrested

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Speaker 1: near a Donald Trump rally in California over the weekend

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Speaker 1: in what might have been a third assassination attempt on

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Speaker 1: the former president.

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Speaker 3: The forty nine year old was driving a black SUV

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Speaker 3: at a security checkpoint close to Trump's rally in Coachella Valley.

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Speaker 3: The man was taken into custody after he was found

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Speaker 3: to be elleital carrying a shotgun, a loaded handgun with

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Speaker 3: a high capacity magazine ammunition, and multiple fake passports and licenses.

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Speaker 3: The Sheriff's office said the suspect was charged with firearms

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Speaker 3: offenses before being released, and he is believed to be

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Speaker 3: a member of the anti government group Sovereign Citizens. Members

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Speaker 3: maintained that the nation's laws did not apply to them.

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Speaker 3: The arrest, of course, follows two assassination attempts on Trump,

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Speaker 3: which have sparked concerns that America's highly polarized election could

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Speaker 3: trigger political violence.

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Speaker 1: And I mentioned this one at the top of the show, Shawn.

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Speaker 1: The biggest study of its kind has found that social

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Speaker 1: media use in teenagers is strongly correlated to higher anxiety

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Speaker 1: and depression.

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Speaker 3: Academics from Oxford University, who are carrying out the largest

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Speaker 3: global study of teenage at mental health based on British data,

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Speaker 3: said their initial research had found about sixty percent of

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Speaker 3: sixteen to eighteen year old spent between two and four

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Speaker 3: hours a day on social media sites. They also found

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Speaker 3: a linear relationship between higher rates of anxiety and depression

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Speaker 3: and time spent networking on social media sites. The study

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Speaker 3: found girls report more mental health issues and boys in

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Speaker 3: the top five most frequently used social media platforms our, Instagram, Snapchat, TikTok,

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Speaker 3: WhatsApp in YouTube. It concludes that increasing sleep and exercise

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Speaker 3: alone would greatly improve the mental health of this age group.

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Speaker 1: Okay up Next is a Fear and Greed daily interview.

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Speaker 1: We mentioned it earlier. Stephen mab Chair of the Australian

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Speaker 1: Shareholders Association as your guest.

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Speaker 3: Today ahead of the AGM season Big One today, Telstra,

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Speaker 3: tomorrow Commonwealth Bank. We ask what to expect from the

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Speaker 3: agms this season and what the shareholders think of different things.

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Speaker 1: So just coming up next 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.

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Speaker 2: Thanks very much, Sean, Thank you, Michael.

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Speaker 1: It is Tuesday, the fifteenth 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.