1 00:00:06,600 --> 00:00:08,920 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:09,000 --> 00:00:11,320 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,360 --> 00:00:13,039 Speaker 1: Michael Thompson, and good morning Sean. 4 00:00:13,080 --> 00:00:15,560 Speaker 2: Aylmer. Good morning, Michael, Sean. 5 00:00:15,600 --> 00:00:18,880 Speaker 1: Our weekend show is very different to our weekday show. 6 00:00:18,920 --> 00:00:20,560 Speaker 1: The weekend is all about the two of us, each 7 00:00:20,600 --> 00:00:23,239 Speaker 1: nominating what we think is the biggest business story of 8 00:00:23,280 --> 00:00:26,840 Speaker 1: the week, the most remarkable business story, a sleeper story, 9 00:00:26,880 --> 00:00:28,800 Speaker 1: one that's kind of flying under the radar a little bit, 10 00:00:28,840 --> 00:00:32,000 Speaker 1: and then our favorite business related story, and that one 11 00:00:32,000 --> 00:00:33,960 Speaker 1: can get a little bit loose at times. It is 12 00:00:34,000 --> 00:00:36,479 Speaker 1: a competition. We need a winner, and for that we 13 00:00:36,520 --> 00:00:39,480 Speaker 1: need a judge, and that judge is our fearless Fear 14 00:00:39,520 --> 00:00:42,040 Speaker 1: and Greed colleague, Adam lang Adam, good morning. 15 00:00:41,800 --> 00:00:43,600 Speaker 3: Good morning Sean, and good morning Michael. 16 00:00:43,840 --> 00:00:46,519 Speaker 1: Good morning, Nick Adam. Do you have any criteria you're 17 00:00:46,560 --> 00:00:47,360 Speaker 1: looking for today? 18 00:00:47,720 --> 00:00:49,000 Speaker 3: I do as usual. 19 00:00:49,080 --> 00:00:52,200 Speaker 4: I'll be looking for topicality and timeliness. The big one 20 00:00:52,200 --> 00:00:54,840 Speaker 4: for me, of course, is economic impact. There is a 21 00:00:54,840 --> 00:00:58,040 Speaker 4: bit of my subjective bias and a bit, if you please, 22 00:00:58,040 --> 00:00:59,920 Speaker 4: of melodrama. 23 00:01:00,080 --> 00:01:01,800 Speaker 1: Shall I jump straight into it? Then I'm going to 24 00:01:01,800 --> 00:01:03,760 Speaker 1: go on my drama, go right now? 25 00:01:03,880 --> 00:01:06,560 Speaker 2: Well, I mean, we've never started to show so quickly 26 00:01:06,560 --> 00:01:08,679 Speaker 2: in our life. I just want to point something out here, Michael, 27 00:01:09,080 --> 00:01:12,839 Speaker 2: our friend Nick Cave, every time we do a Saturday show, 28 00:01:13,240 --> 00:01:15,920 Speaker 2: we don't dress up quite as much. Adam. For the 29 00:01:15,959 --> 00:01:18,120 Speaker 2: last two or three weeks, it's won the same T shirt. 30 00:01:18,200 --> 00:01:21,880 Speaker 2: He's Nick Cave nineteen ninety T shirt or something. 31 00:01:21,680 --> 00:01:23,319 Speaker 3: Ninety ninety six Big Day Out T shirt. 32 00:01:23,400 --> 00:01:27,600 Speaker 4: So yes, the OZ Music T Shirt Day is coming up, 33 00:01:28,040 --> 00:01:30,880 Speaker 4: and so I, of course I think it's a great cause, 34 00:01:31,280 --> 00:01:32,759 Speaker 4: want to support it, and I happen to have been 35 00:01:32,800 --> 00:01:35,520 Speaker 4: at this concert, so I've got a particular affectation for it. 36 00:01:35,560 --> 00:01:37,360 Speaker 2: I do remember that last year you promised to get 37 00:01:37,400 --> 00:01:39,399 Speaker 2: Michael and I a T shirt. You showed us the 38 00:01:39,440 --> 00:01:42,600 Speaker 2: T shirts one time when we're facetiming, and we've never 39 00:01:42,680 --> 00:01:43,160 Speaker 2: seen them. 40 00:01:43,400 --> 00:01:46,520 Speaker 4: I've got a special surprise coming for you. Not only 41 00:01:46,560 --> 00:01:48,320 Speaker 4: do I have the T shirts that I didn't give 42 00:01:48,360 --> 00:01:53,120 Speaker 4: you last time, I still have fresh and folded. There's 43 00:01:53,200 --> 00:01:57,000 Speaker 4: new ones, the new range, the twenty twenty four range 44 00:01:57,040 --> 00:01:57,400 Speaker 4: is coming. 45 00:01:57,600 --> 00:02:00,360 Speaker 1: May I just make one quick point, please, and that 46 00:02:00,520 --> 00:02:03,880 Speaker 1: is the fact that that shirt Adam is twenty eight 47 00:02:03,960 --> 00:02:08,200 Speaker 1: years old, yet it not only fits it also looks 48 00:02:08,480 --> 00:02:11,880 Speaker 1: like it is in minced conditions, which probably says a 49 00:02:11,919 --> 00:02:13,679 Speaker 1: lot about the way you keep your wardrobe. 50 00:02:13,760 --> 00:02:16,760 Speaker 3: I have a skin special suitcase full of band T shirts. 51 00:02:17,639 --> 00:02:20,960 Speaker 1: You'd think you're joking, man, but I suspect you're actually not. 52 00:02:21,320 --> 00:02:22,480 Speaker 2: Ice is guarantees right. 53 00:02:22,639 --> 00:02:26,200 Speaker 1: Yeah, it's in like some kind of specially sealed vault 54 00:02:26,360 --> 00:02:28,080 Speaker 1: as well, where it can't harm it. 55 00:02:28,200 --> 00:02:29,320 Speaker 3: Some of them are a little musty. 56 00:02:29,760 --> 00:02:32,680 Speaker 1: Oh, don't say that when you've just walked into the 57 00:02:32,680 --> 00:02:35,760 Speaker 1: studio with us, Like now, all I can smell is must. 58 00:02:35,600 --> 00:02:36,040 Speaker 3: In the air. 59 00:02:37,080 --> 00:02:39,679 Speaker 1: The biggest story of the week. I'm getting into this. 60 00:02:39,760 --> 00:02:42,720 Speaker 1: One of us has to keep us on track. It 61 00:02:42,800 --> 00:02:46,880 Speaker 1: is in just a few words, labor force data allow me, 62 00:02:46,960 --> 00:02:48,000 Speaker 1: though to set the scene. 63 00:02:48,040 --> 00:02:49,760 Speaker 2: It just doesn't get the heart running. 64 00:02:50,160 --> 00:02:50,679 Speaker 3: Well, it does. 65 00:02:51,040 --> 00:02:53,640 Speaker 1: Data, it does, it does. Let me set the scene 66 00:02:53,639 --> 00:02:57,760 Speaker 1: for you. On Thursday, Right on Thursday at eleven twenty 67 00:02:57,919 --> 00:03:03,480 Speaker 1: nine am, there was hope in the air. There was 68 00:03:03,520 --> 00:03:08,120 Speaker 1: still this overwhelming sense of optimism that there would be 69 00:03:08,200 --> 00:03:12,760 Speaker 1: a rate cut, an interest rate cut this year, potentially 70 00:03:14,240 --> 00:03:20,600 Speaker 1: by eleven thirty one. Those hopes had been dashed, right, 71 00:03:20,639 --> 00:03:23,120 Speaker 1: And that is the core of this story, The fact 72 00:03:23,160 --> 00:03:25,720 Speaker 1: that the labor force numbers that we saw on Thursday 73 00:03:26,080 --> 00:03:30,200 Speaker 1: have completely destroyed any hope of a rate cut anytime soon. 74 00:03:30,200 --> 00:03:32,280 Speaker 1: The unemployment rate came in at four point one percent. 75 00:03:32,320 --> 00:03:36,680 Speaker 1: More than sixty four thousand people found jobs in September. 76 00:03:37,080 --> 00:03:40,040 Speaker 1: That is extraordinary when you consider that economists had predicted 77 00:03:40,160 --> 00:03:42,320 Speaker 1: I think it was twenty five thousand jobs. So that 78 00:03:42,440 --> 00:03:50,200 Speaker 1: is two point six times better. That is more than 79 00:03:50,240 --> 00:03:52,600 Speaker 1: double and a half. I don't even know if that's 80 00:03:52,600 --> 00:03:56,000 Speaker 1: to say it's a lot more right. And you know what, actually, 81 00:03:56,320 --> 00:04:02,960 Speaker 1: six consecutive months now of higher expected jobs growth. The 82 00:04:03,040 --> 00:04:06,640 Speaker 1: labor market is extraordinary. It is not only resilient, it 83 00:04:06,720 --> 00:04:10,560 Speaker 1: is booming. Employment growth has hit a sixteen month high, 84 00:04:10,720 --> 00:04:15,400 Speaker 1: workforce participation a new record underemployment fell. We had Jim 85 00:04:15,480 --> 00:04:18,040 Speaker 1: Chalmers delivering one of his greatest lines I suspect of 86 00:04:18,080 --> 00:04:20,920 Speaker 1: all time when he said that this is the first 87 00:04:20,960 --> 00:04:26,120 Speaker 1: time a million jobs have been created in one parliamentary session. 88 00:04:26,760 --> 00:04:28,680 Speaker 1: That is an extraordinary claim to find. There's a lot 89 00:04:28,680 --> 00:04:32,039 Speaker 1: of criticism now for him over that statement that he made, 90 00:04:32,040 --> 00:04:33,640 Speaker 1: but still it is a great line and a great 91 00:04:33,720 --> 00:04:35,040 Speaker 1: kind of claim to be able to hang your hat 92 00:04:35,040 --> 00:04:38,320 Speaker 1: on now in terms of the overall significance of this. 93 00:04:38,400 --> 00:04:41,520 Speaker 1: Reserve Bank Governor Michelle Bullock has said obviously repeatedly that 94 00:04:41,600 --> 00:04:43,920 Speaker 1: unemployment is one of the key factors here. We've got 95 00:04:43,960 --> 00:04:49,040 Speaker 1: inflation coming down, but the economy clearly, clearly still exceedingly strong. 96 00:04:49,240 --> 00:04:51,320 Speaker 1: And Sean, you made the point this week, and I'm 97 00:04:51,360 --> 00:04:54,320 Speaker 1: proving to you that I listen to you. You said 98 00:04:54,440 --> 00:04:56,960 Speaker 1: that if people have a job, it is as simple 99 00:04:57,000 --> 00:04:59,599 Speaker 1: as they keep shopping, they keep spending money, and that 100 00:04:59,640 --> 00:05:02,719 Speaker 1: puts pressure on prices and puts pressure on wages, and 101 00:05:02,760 --> 00:05:05,480 Speaker 1: it makes it harder to get inflation under control. No 102 00:05:05,600 --> 00:05:09,960 Speaker 1: rate cuts until next year. The labor force data has 103 00:05:10,000 --> 00:05:12,320 Speaker 1: proven that this week interest rates will be staying at 104 00:05:12,320 --> 00:05:18,479 Speaker 1: four point three five percent because of our sterling employment figures. 105 00:05:18,839 --> 00:05:20,839 Speaker 1: The wheels fell off in the last couple of words. 106 00:05:20,920 --> 00:05:23,800 Speaker 1: I just thought, you know what, finish with a flourish 107 00:05:24,120 --> 00:05:28,760 Speaker 1: and I'm just like, I think I'm done over the line. Yeah, 108 00:05:28,760 --> 00:05:30,280 Speaker 1: you know what what I love about that this is 109 00:05:30,320 --> 00:05:31,839 Speaker 1: the first time I'm actually just going to let the 110 00:05:31,839 --> 00:05:34,159 Speaker 1: facts stand for themselves. I don't need to dress this 111 00:05:34,200 --> 00:05:34,560 Speaker 1: one up. 112 00:05:34,640 --> 00:05:36,560 Speaker 2: No, it's true, it's true. What we found out this 113 00:05:36,600 --> 00:05:39,160 Speaker 2: week is exactly what the Reserve Bank's been telling us 114 00:05:39,160 --> 00:05:42,359 Speaker 2: for months, no interest rate cuts. This week. 115 00:05:42,560 --> 00:05:45,120 Speaker 1: I think everyone very tries though at just how many 116 00:05:45,200 --> 00:05:47,280 Speaker 1: jobs were created. I mean, when you've got like two 117 00:05:47,360 --> 00:05:50,880 Speaker 1: point six too, why would I do this again. I've 118 00:05:51,000 --> 00:05:54,159 Speaker 1: literally just kind of managed to get my way through 119 00:05:54,240 --> 00:05:56,200 Speaker 1: having to do maths on the fly when you had 120 00:05:56,400 --> 00:05:59,479 Speaker 1: economists expecting twenty five thousand jobs and it came in 121 00:05:59,480 --> 00:06:01,120 Speaker 1: at sixty five four thousand, and most of those. 122 00:06:01,920 --> 00:06:05,080 Speaker 2: A lot of the growth this time is time is up. 123 00:06:05,240 --> 00:06:07,000 Speaker 1: A lot of the growth this time is actually full 124 00:06:07,000 --> 00:06:09,960 Speaker 1: time jobs as well. It wasn't just Michael, these are 125 00:06:10,000 --> 00:06:11,400 Speaker 1: full time roles. 126 00:06:11,400 --> 00:06:17,000 Speaker 2: Desperate, desperate, go on, Okay, now it's a good story, Michael, 127 00:06:17,040 --> 00:06:20,040 Speaker 2: same old samult confirming what the Reserve Bank said. And 128 00:06:20,080 --> 00:06:22,320 Speaker 2: you know, when you worked in newspapers, you were never 129 00:06:22,360 --> 00:06:24,919 Speaker 2: allowed to use the word confirm or continued or anything 130 00:06:24,960 --> 00:06:27,839 Speaker 2: like that in the first paragraph because it just meant 131 00:06:27,920 --> 00:06:32,160 Speaker 2: same old, sameulk. Let me tell you about a story 132 00:06:32,160 --> 00:06:39,000 Speaker 2: this week which actually could change the course of politics, economics, 133 00:06:39,279 --> 00:06:41,480 Speaker 2: society in Australia. 134 00:06:41,960 --> 00:06:46,880 Speaker 1: Oh god, overreaching much, not at all, not at all. 135 00:06:47,040 --> 00:06:49,919 Speaker 2: It was a revelation that Prime Minister Anthony Alberizi and 136 00:06:50,000 --> 00:06:54,480 Speaker 2: his partner Jodie Hayden spent four point three million dollars 137 00:06:54,839 --> 00:06:57,880 Speaker 2: on a house on the New South Wales central coast. 138 00:06:59,160 --> 00:07:04,280 Speaker 2: That's not why it's the biggest story, Adam. This, I 139 00:07:04,320 --> 00:07:11,280 Speaker 2: reckon is Albo's Hawaii moment. I reckon. This is the 140 00:07:11,400 --> 00:07:15,800 Speaker 2: point where the electorate have decided he's not everything he's 141 00:07:15,840 --> 00:07:20,760 Speaker 2: cracked up to be. Now. Albo's popularity is on the slide. 142 00:07:20,800 --> 00:07:23,640 Speaker 2: We found out this week the Australian's News poll that 143 00:07:23,720 --> 00:07:26,880 Speaker 2: he's behind on a two party preferred basis for the 144 00:07:26,920 --> 00:07:31,600 Speaker 2: first time since the last election. He has not done 145 00:07:31,680 --> 00:07:35,160 Speaker 2: a great job reading the mood recently, and in the 146 00:07:35,200 --> 00:07:38,600 Speaker 2: midst of a housing crisis, to buy what people are 147 00:07:38,640 --> 00:07:43,720 Speaker 2: referring to as a holiday home is a shocking look. 148 00:07:43,880 --> 00:07:46,720 Speaker 2: Now the Hawaii moment, we're talking about Scott Morrison holidaying 149 00:07:46,800 --> 00:07:50,040 Speaker 2: in Hawaii as New South Wales burned. That was in 150 00:07:50,200 --> 00:07:54,240 Speaker 2: early twenty twenty. He never really recovered from that. Like 151 00:07:54,440 --> 00:07:56,920 Speaker 2: sco MA going on holidays. No problems with sco MA 152 00:07:57,080 --> 00:07:59,960 Speaker 2: going on holidays, absolutely, you know, these guys working credit 153 00:08:00,040 --> 00:08:02,640 Speaker 2: to be hard. He deserves holiday, but not in that moment. 154 00:08:03,560 --> 00:08:08,440 Speaker 2: Anthony Alberzi buying a home for post political life. Absolutely 155 00:08:08,480 --> 00:08:12,800 Speaker 2: no problems with that. Good on him, but doing it 156 00:08:12,840 --> 00:08:16,880 Speaker 2: in the midst of a housing crisis. Ouch. Peter Dunton 157 00:08:17,000 --> 00:08:19,160 Speaker 2: didn't really need to do much. He just said, look, 158 00:08:19,160 --> 00:08:21,800 Speaker 2: it's okay for those guys to buy a house, but 159 00:08:21,880 --> 00:08:23,920 Speaker 2: I am worried about all the Australians doing it tough 160 00:08:23,960 --> 00:08:28,400 Speaker 2: out there in housing. Beautifully well played, mister Dunn. Anthony 161 00:08:28,400 --> 00:08:31,200 Speaker 2: Alberzi explained it, using his mum as an example, said 162 00:08:31,240 --> 00:08:34,160 Speaker 2: he gets paid plenty and can afford the house. Yes, 163 00:08:34,400 --> 00:08:39,440 Speaker 2: very true, but that's not the point. This week could 164 00:08:39,559 --> 00:08:43,920 Speaker 2: well be the big moment in the electoral cycle turning 165 00:08:43,960 --> 00:08:46,920 Speaker 2: against Anthony Alberzi. It was trending that way, but when 166 00:08:46,960 --> 00:08:49,319 Speaker 2: we look back, we'll think, I remember the pm J 167 00:08:49,480 --> 00:08:52,400 Speaker 2: he bought that four point three million dollar house, the 168 00:08:52,440 --> 00:08:55,880 Speaker 2: Central Coast holiday home. I'm serious. I actually think this 169 00:08:55,960 --> 00:09:00,200 Speaker 2: could be the big moment which shifts it now. That 170 00:09:00,240 --> 00:09:03,160 Speaker 2: has huge political implications. It has all sorts of implications 171 00:09:03,200 --> 00:09:08,880 Speaker 2: about tax reform because we know Coalition verse labor in 172 00:09:08,960 --> 00:09:13,880 Speaker 2: terms of tax reform, the n dies supermarkets. Wrap it 173 00:09:14,080 --> 00:09:17,120 Speaker 2: doesn't hate the super markets. Yeah, yeah, wrap it, et cetera, 174 00:09:17,559 --> 00:09:18,960 Speaker 2: et cetera, et cetera. 175 00:09:19,000 --> 00:09:23,200 Speaker 1: Adam, it is a relief to see that Sean finished 176 00:09:23,240 --> 00:09:25,360 Speaker 1: in much the same way that I did, just kind 177 00:09:25,400 --> 00:09:28,680 Speaker 1: of just limping over the finish line, run out of steam. 178 00:09:28,720 --> 00:09:31,199 Speaker 1: He'd run out of melodrama, not that there was much 179 00:09:31,240 --> 00:09:31,760 Speaker 1: to begin with. 180 00:09:32,080 --> 00:09:33,440 Speaker 2: I don't agree with that, Michael. 181 00:09:33,800 --> 00:09:36,200 Speaker 4: Look, you both had your moments there, kind of faltering 182 00:09:36,280 --> 00:09:42,520 Speaker 4: at the end, but both ripping stories. Sean albos Hawaii moment, 183 00:09:42,840 --> 00:09:45,959 Speaker 4: I have not heard it classed as such. I think 184 00:09:46,000 --> 00:09:49,280 Speaker 4: that's really interesting. And the bit we look as we 185 00:09:49,400 --> 00:09:52,640 Speaker 4: know Scott Morrison went over to Hawaii. The bit that 186 00:09:52,800 --> 00:09:55,520 Speaker 4: really jarred for me was when he came back and 187 00:09:55,559 --> 00:09:57,480 Speaker 4: he said the reason for doing it is he didn't 188 00:09:57,480 --> 00:09:59,080 Speaker 4: want to break a promise to his daughters. 189 00:10:00,320 --> 00:10:04,079 Speaker 3: Oh, you can't blame your family. You chose to go. 190 00:10:05,160 --> 00:10:07,839 Speaker 4: And I thought his credibility took a real whack at 191 00:10:07,880 --> 00:10:11,280 Speaker 4: that time. And I think Albanese's response to this has 192 00:10:11,320 --> 00:10:14,560 Speaker 4: also taken a whack, and to see how he'll respond 193 00:10:14,960 --> 00:10:20,160 Speaker 4: from this will be remarkably interesting. It is a political story. 194 00:10:20,880 --> 00:10:23,959 Speaker 4: I actually think the bigger business story this week is 195 00:10:24,080 --> 00:10:27,080 Speaker 4: the Labor four starter staying so high and. 196 00:10:27,920 --> 00:10:30,760 Speaker 2: I staying staying there. 197 00:10:30,800 --> 00:10:33,319 Speaker 1: You gay it's like a word like continued, so many 198 00:10:33,440 --> 00:10:37,920 Speaker 1: extra jobs dating two point six times, Sean. 199 00:10:38,080 --> 00:10:40,640 Speaker 4: In the review, I've given you a bonus point for 200 00:10:40,800 --> 00:10:44,000 Speaker 4: the use of that inside knowledge from the Reserve Bank. 201 00:10:44,360 --> 00:10:46,760 Speaker 4: Same old, same old on Michael's story. 202 00:10:47,520 --> 00:10:48,240 Speaker 3: But he's still won. 203 00:10:48,600 --> 00:10:53,480 Speaker 1: Just did I win for my remarkable command of statistics 204 00:10:53,800 --> 00:10:56,400 Speaker 1: and detail and data, because today I thought I actually 205 00:10:56,480 --> 00:10:58,200 Speaker 1: did out a few good stats. 206 00:10:58,880 --> 00:11:02,120 Speaker 4: No, you're grappling with the numbers, particularly around isn't that 207 00:11:02,520 --> 00:11:04,240 Speaker 4: two zero point five times? 208 00:11:04,360 --> 00:11:06,840 Speaker 3: Then? You know as you faltered over that. 209 00:11:08,320 --> 00:11:10,439 Speaker 1: And even now I'm still another one hundred percent sure 210 00:11:10,520 --> 00:11:13,320 Speaker 1: what that number is. But you know what, some thing's 211 00:11:13,440 --> 00:11:19,480 Speaker 1: just beyond the grasp of humankind. Most remarkable, Sean, would 212 00:11:19,520 --> 00:11:20,400 Speaker 1: you like to go first? 213 00:11:20,480 --> 00:11:21,120 Speaker 3: One? 214 00:11:22,440 --> 00:11:26,880 Speaker 2: This is truly remarkable. This is kind of this is 215 00:11:26,960 --> 00:11:30,280 Speaker 2: going to change society. While my last story changed Australia, 216 00:11:30,400 --> 00:11:31,600 Speaker 2: this one's changing the world. 217 00:11:33,160 --> 00:11:36,200 Speaker 3: Elbows, Hawaii moment. Let's see what Sean brings up here. 218 00:11:36,280 --> 00:11:40,000 Speaker 2: That was Australia. We're talking global. Google's ordered up to 219 00:11:40,200 --> 00:11:46,240 Speaker 2: seven small modular nuclear reactors, becoming the first tech company 220 00:11:46,320 --> 00:11:51,240 Speaker 2: to commission new nuclear power plants to provide their own 221 00:11:52,120 --> 00:11:55,720 Speaker 2: low carbon electricity. Of course, it's all about the energy 222 00:11:55,800 --> 00:11:59,360 Speaker 2: hungry data centers that these big tech giants hues. They 223 00:11:59,480 --> 00:12:03,079 Speaker 2: need massive amounts of energy. They've been taking it off 224 00:12:03,120 --> 00:12:06,920 Speaker 2: the grid. Thus far, Google has gone a step further. 225 00:12:07,360 --> 00:12:09,959 Speaker 2: This is I actually think this is remarkable news. But 226 00:12:10,000 --> 00:12:12,560 Speaker 2: I also think it's really good news the tech companies 227 00:12:12,559 --> 00:12:15,040 Speaker 2: placed in order for these small modular nuclear reactors with 228 00:12:15,120 --> 00:12:19,600 Speaker 2: a total capacity of five hundred megawatts. You know, I've 229 00:12:19,640 --> 00:12:22,079 Speaker 2: got to tell you, whenever I go to talk about 230 00:12:22,280 --> 00:12:26,040 Speaker 2: the units of electricity, I get very confused, Like what 231 00:12:26,200 --> 00:12:29,480 Speaker 2: is a megawatt? It's big, Okay, leave it at that. 232 00:12:29,880 --> 00:12:30,440 Speaker 2: It's just big. 233 00:12:30,920 --> 00:12:37,520 Speaker 1: It's at least two point six times a yeah, gig. 234 00:12:37,679 --> 00:12:39,959 Speaker 3: I find it hard to fall them too, Sean. You know, 235 00:12:40,160 --> 00:12:41,720 Speaker 3: I just understand it to be a lot. 236 00:12:41,800 --> 00:12:43,959 Speaker 2: And you get yeah, I think that's it. Yeah, you 237 00:12:44,000 --> 00:12:46,719 Speaker 2: get gigas and get megas. And whenever I say it, 238 00:12:46,760 --> 00:12:49,720 Speaker 2: I kind of think I shouldn't understand anyway, A hell 239 00:12:49,880 --> 00:12:52,840 Speaker 2: a lot of capacity. That's what they're getting. First one 240 00:12:52,880 --> 00:12:55,000 Speaker 2: up and running by twenty thirty. Google said it's a 241 00:12:55,120 --> 00:12:58,600 Speaker 2: landmark agreement and it's fifteen year clean energy journey. Now, 242 00:12:58,679 --> 00:13:01,440 Speaker 2: remember last month Microsoft it would commit to buying twenty 243 00:13:01,520 --> 00:13:05,640 Speaker 2: years supply of electricity from the three Mile Island plant. 244 00:13:05,720 --> 00:13:09,320 Speaker 2: That's a US nuclear plant. If its owner, Constellation Energy, 245 00:13:09,920 --> 00:13:12,959 Speaker 2: restarts the thing. Of course, nasty little accident on that 246 00:13:13,000 --> 00:13:16,800 Speaker 2: one a few years ago. Tech companies are basically interested 247 00:13:16,920 --> 00:13:20,040 Speaker 2: in nuclear as a medium term solution to providing low 248 00:13:20,080 --> 00:13:24,559 Speaker 2: carbon electricity. Michaels stop growing. Tech giants are now big 249 00:13:24,679 --> 00:13:27,079 Speaker 2: enough to be energy giants as well, and they have 250 00:13:27,200 --> 00:13:30,840 Speaker 2: the money, and the tech guys get stuff done. They're 251 00:13:30,960 --> 00:13:35,160 Speaker 2: much more innovative than governments. They have a commercial imperative 252 00:13:35,640 --> 00:13:39,040 Speaker 2: to create these enormous amounts of green energy because they 253 00:13:39,040 --> 00:13:42,440 Speaker 2: can't afford to do fossil fuel energy, so they need 254 00:13:42,480 --> 00:13:45,000 Speaker 2: to do green energy. They're putting money into it, having 255 00:13:45,080 --> 00:13:50,240 Speaker 2: these incredibly innovative solutions. If Google can get the small 256 00:13:50,320 --> 00:13:53,880 Speaker 2: nuclear reactors operating, it could well be the blueprint not 257 00:13:54,080 --> 00:13:56,240 Speaker 2: just for other companies but for other nations. So Peter 258 00:13:56,360 --> 00:14:00,199 Speaker 2: Dutton's whole nuclear energy plan has to be well. It 259 00:14:00,360 --> 00:14:05,240 Speaker 2: is partly reliant on these small modular nuclear reactors. It 260 00:14:05,400 --> 00:14:09,560 Speaker 2: is just a remarkable story how tech companies are taking 261 00:14:09,880 --> 00:14:13,640 Speaker 2: the reins in the energy crisis. Beat that big fella. 262 00:14:13,800 --> 00:14:15,840 Speaker 2: Come on, Mickey t show us your stuff. 263 00:14:17,280 --> 00:14:18,240 Speaker 1: That was a good story. 264 00:14:19,160 --> 00:14:21,160 Speaker 2: It's says with serious impact. 265 00:14:21,600 --> 00:14:24,520 Speaker 1: It actually does. It does have serious impact and minus 266 00:14:24,520 --> 00:14:26,800 Speaker 1: a very serious story as well, minus a story here 267 00:14:27,080 --> 00:14:29,760 Speaker 1: at home. It is an Australian based story and it 268 00:14:29,880 --> 00:14:32,000 Speaker 1: is all about something Adam, that I know that you 269 00:14:32,080 --> 00:14:34,320 Speaker 1: are very passionate about. It is about culture, It is 270 00:14:34,320 --> 00:14:39,280 Speaker 1: about workplace culture, and it is about nine Entertainment, which is. 271 00:14:39,280 --> 00:14:44,040 Speaker 2: A protest protest protest, Please go on, Sean. 272 00:14:44,880 --> 00:14:47,800 Speaker 3: Now we have no formal protest mechanism, but go ah. 273 00:14:48,000 --> 00:14:49,920 Speaker 2: I think let's smoke on it. It was pretty good. 274 00:14:50,400 --> 00:14:55,680 Speaker 2: Hold on nine Entertainment. Have you ever worked with in 275 00:14:55,760 --> 00:15:00,520 Speaker 2: the nine Entertainment Group in any aspect? Michael, Yes, Adam, 276 00:15:00,560 --> 00:15:02,720 Speaker 2: have you ever worked in the nine Entertainment Group in 277 00:15:02,760 --> 00:15:03,360 Speaker 2: any aspects? 278 00:15:03,400 --> 00:15:06,800 Speaker 4: Well, technically no, because I left before the company I 279 00:15:06,880 --> 00:15:07,760 Speaker 4: was running got bored. 280 00:15:07,960 --> 00:15:10,160 Speaker 2: Don't give me that crap. You know what I'm talking about. 281 00:15:10,320 --> 00:15:12,680 Speaker 2: Let's start the question again. Have you ever worked in 282 00:15:13,400 --> 00:15:17,120 Speaker 2: any of the organizations which are mentioned in what Michael's 283 00:15:17,120 --> 00:15:23,880 Speaker 2: about to talk about? Yes, Michael, yes, sure, John, Yes, 284 00:15:24,840 --> 00:15:28,239 Speaker 2: So Michael should be disqualified. 285 00:15:28,480 --> 00:15:31,320 Speaker 3: You're claiming moral has it? We can't talk about. 286 00:15:31,160 --> 00:15:35,040 Speaker 2: Moral hazard unbiased, and we're all going to absolutely can 287 00:15:35,200 --> 00:15:37,520 Speaker 2: the living daylights out of the organizations that we used 288 00:15:37,520 --> 00:15:40,160 Speaker 2: to work for, because that's what you do. When I would, 289 00:15:40,600 --> 00:15:42,960 Speaker 2: you too might go on, Michael go on? 290 00:15:43,320 --> 00:15:44,040 Speaker 1: Shall I go on? 291 00:15:44,360 --> 00:15:44,960 Speaker 2: Shall I go on? 292 00:15:45,360 --> 00:15:48,720 Speaker 1: Because it is about Nine. It is about a company 293 00:15:48,760 --> 00:15:52,280 Speaker 1: that is grappling with its culture. Because this week the 294 00:15:52,400 --> 00:15:53,960 Speaker 1: Intersection Report. 295 00:15:54,040 --> 00:15:56,480 Speaker 2: Shouldn't say grappling with the culture. It's a really bad 296 00:15:56,560 --> 00:15:57,800 Speaker 2: word for this particular story. 297 00:15:59,680 --> 00:16:03,680 Speaker 1: The Section Report. I'm just trying to ignore your interjections today, 298 00:16:03,720 --> 00:16:08,520 Speaker 1: Sean Right. It found a systemic issue with abuse of 299 00:16:08,680 --> 00:16:14,120 Speaker 1: power and authority. It found instances of bullying, discrimination and 300 00:16:14,280 --> 00:16:18,320 Speaker 1: sexual harassment, and it made twenty two recommendations. Now, this 301 00:16:18,520 --> 00:16:23,600 Speaker 1: was a very broad, very comprehensive, very thorough investigation into 302 00:16:23,720 --> 00:16:26,640 Speaker 1: the culture within nine and within the various divisions within Nine. 303 00:16:26,640 --> 00:16:29,280 Speaker 1: Because of course Nine it is a big organization. It 304 00:16:29,400 --> 00:16:33,160 Speaker 1: is the biggest locally owned media company in Australia. It's 305 00:16:33,200 --> 00:16:36,280 Speaker 1: got kind of freeoware TV with Nine, it's got stand 306 00:16:36,320 --> 00:16:39,880 Speaker 1: the streaming platform. It's got radio stations like two GB 307 00:16:39,960 --> 00:16:43,120 Speaker 1: and Sydney and three AW and six PR and four BC. 308 00:16:43,320 --> 00:16:45,520 Speaker 1: It's got plenty of newspapers as well as the Aide 309 00:16:45,560 --> 00:16:48,840 Speaker 1: Sydney Morning Herald Financial Review, and so there is a 310 00:16:48,960 --> 00:16:52,560 Speaker 1: lot of components to this business. But what this report 311 00:16:52,680 --> 00:16:58,520 Speaker 1: showed was that the problems within the organization were everywhere. 312 00:16:59,280 --> 00:17:04,720 Speaker 1: Basically that overall there were fifty two percent of nine 313 00:17:04,800 --> 00:17:09,040 Speaker 1: employees had experienced or witnessed abuse of power or authority, 314 00:17:09,440 --> 00:17:14,160 Speaker 1: forty nine percent had experienced bullying, discriminational harassment, twenty four 315 00:17:14,280 --> 00:17:19,320 Speaker 1: percent of employees had experienced sexual harassment. These numbers are extraordinary, 316 00:17:19,920 --> 00:17:22,359 Speaker 1: and it is interesting I say that it was kind 317 00:17:22,359 --> 00:17:25,480 Speaker 1: of everywhere, but it does appear there was a concentration 318 00:17:25,640 --> 00:17:28,800 Speaker 1: within the broadcast division. The numbers on all of those 319 00:17:29,200 --> 00:17:32,080 Speaker 1: three categories were higher within the broadcast division, and that's 320 00:17:32,119 --> 00:17:34,920 Speaker 1: really kind of what kickstarted this whole kind of process, 321 00:17:35,240 --> 00:17:38,639 Speaker 1: as some very public allegations earlier this year against a 322 00:17:38,800 --> 00:17:42,959 Speaker 1: senior news executive, allegations of misconduct, and then since then 323 00:17:43,000 --> 00:17:45,760 Speaker 1: there's been this has been playing out publicly, so we've 324 00:17:45,760 --> 00:17:48,000 Speaker 1: really had kind of a front row seat to a 325 00:17:48,240 --> 00:17:52,960 Speaker 1: major company, as I said, grappling with its culture and 326 00:17:53,240 --> 00:17:56,120 Speaker 1: the need to change that culture. And we've had leadership 327 00:17:56,240 --> 00:18:00,240 Speaker 1: change at the organization. We had Peter Costello stepping down 328 00:18:00,440 --> 00:18:05,280 Speaker 1: as the chair. We had Mike Sneezbe retiring from the 329 00:18:05,440 --> 00:18:09,280 Speaker 1: role of CEO, replaced by Matt Stanton in an interim capacity, 330 00:18:09,760 --> 00:18:12,639 Speaker 1: and now the new chair nine Chair, Catherine West, has 331 00:18:12,720 --> 00:18:15,280 Speaker 1: had to come out with this report and basically issue 332 00:18:15,359 --> 00:18:18,960 Speaker 1: an apology, a really broad apology to the organization, and 333 00:18:19,040 --> 00:18:21,680 Speaker 1: she described it as an incredibly difficult day for nine 334 00:18:22,240 --> 00:18:25,760 Speaker 1: as they reflect on these serious cultural issues as an organization. 335 00:18:26,520 --> 00:18:28,960 Speaker 1: Just the numbers here are staggering, but the fact is 336 00:18:29,000 --> 00:18:31,440 Speaker 1: behind the numbers, these are personal stories. These are people 337 00:18:31,600 --> 00:18:34,679 Speaker 1: who were afraid to go to work for various reasons, 338 00:18:34,720 --> 00:18:37,639 Speaker 1: who were harassed at work, whose jobs and lives were 339 00:18:37,680 --> 00:18:41,000 Speaker 1: made difficult because of other people within an organization. Nine 340 00:18:41,240 --> 00:18:44,880 Speaker 1: is a business under pressure. It's under external pressure because 341 00:18:45,040 --> 00:18:48,399 Speaker 1: of a shrinking ad market, of the overwhelming presence of 342 00:18:48,480 --> 00:18:51,480 Speaker 1: the digital giants coming in from overseas, and it is 343 00:18:51,640 --> 00:18:55,159 Speaker 1: under internal pressure as well because of its own culture. 344 00:18:55,880 --> 00:18:59,440 Speaker 1: The question now is what happens next because the organization 345 00:18:59,600 --> 00:19:02,840 Speaker 1: has this blueprint now for change, and to an extent, 346 00:19:03,160 --> 00:19:05,399 Speaker 1: it's almost the easy part has been done, having an 347 00:19:05,440 --> 00:19:08,280 Speaker 1: external company coming in and being able to assess kind 348 00:19:08,280 --> 00:19:11,840 Speaker 1: of what is going on, talk to people release this report. 349 00:19:12,320 --> 00:19:16,440 Speaker 1: The challenging part is actually implementing the recommendations and affecting 350 00:19:16,600 --> 00:19:17,879 Speaker 1: change within the organization. 351 00:19:18,400 --> 00:19:18,720 Speaker 3: That is it. 352 00:19:19,000 --> 00:19:21,040 Speaker 1: Sorry that was longer than I'd intended to go on, 353 00:19:21,200 --> 00:19:23,360 Speaker 1: but it is actually a really important and really kind 354 00:19:23,359 --> 00:19:26,600 Speaker 1: of worthy issue. And it's not isolated to just media, 355 00:19:26,680 --> 00:19:29,080 Speaker 1: and it's not isolated to just Nine. There are kind 356 00:19:29,119 --> 00:19:31,240 Speaker 1: of problems within companies all over the place. We're just 357 00:19:31,320 --> 00:19:33,679 Speaker 1: seeing this play out so so publicly at nine at 358 00:19:33,720 --> 00:19:34,000 Speaker 1: the moment. 359 00:19:34,480 --> 00:19:36,639 Speaker 2: So that was a tital rand. And I don't want 360 00:19:36,680 --> 00:19:39,240 Speaker 2: to demean the subject matter because it is really important, 361 00:19:39,280 --> 00:19:43,080 Speaker 2: so absolutely important. But Adam, in terms of economic impact, 362 00:19:43,600 --> 00:19:46,879 Speaker 2: come on, small nuclear reactors, come on, come on. 363 00:19:47,320 --> 00:19:51,280 Speaker 3: So Sean, when you did your Google story, I thought 364 00:19:51,400 --> 00:19:56,119 Speaker 3: it is going to be so hard to be because 365 00:19:56,119 --> 00:19:59,280 Speaker 3: it is remarkable and long term business impact. 366 00:20:00,119 --> 00:20:04,399 Speaker 4: With the cultural review, it hasn't finished in its impact, 367 00:20:04,440 --> 00:20:05,000 Speaker 4: I don't think. 368 00:20:05,359 --> 00:20:07,960 Speaker 3: So. It is a massive and remarkable story. 369 00:20:08,840 --> 00:20:12,120 Speaker 4: And what I'm really struggling with is the battle between 370 00:20:12,160 --> 00:20:15,159 Speaker 4: the human impact for five thousand employees. 371 00:20:15,200 --> 00:20:19,920 Speaker 2: At nine and this will impact for three billion. 372 00:20:19,800 --> 00:20:23,199 Speaker 4: This energy crisis. So in no way want to demean 373 00:20:24,119 --> 00:20:27,639 Speaker 4: the impact or judge it on those people. It is 374 00:20:27,680 --> 00:20:31,200 Speaker 4: a shocker. It's an indictment. And what nine does is 375 00:20:31,200 --> 00:20:34,040 Speaker 4: obviously hold other people to account every single day, and 376 00:20:34,119 --> 00:20:35,680 Speaker 4: so now they've got to do that to themselves. 377 00:20:36,480 --> 00:20:37,560 Speaker 3: Well, we'll see how they go. 378 00:20:39,240 --> 00:20:42,679 Speaker 4: The remarkable story for Business of the week is Google 379 00:20:42,840 --> 00:20:47,159 Speaker 4: ordering six new small modular nuclear reactors. I think it 380 00:20:47,280 --> 00:20:51,000 Speaker 4: is incredible. It does have ramifications here. Peter Dutton hasn't 381 00:20:51,040 --> 00:20:54,760 Speaker 4: released his nuclear plan or any costings, but this doesn't 382 00:20:54,800 --> 00:20:56,800 Speaker 4: disaffect that at all, kind of place. 383 00:20:56,600 --> 00:20:59,199 Speaker 3: Well into his hand. I think it will have an 384 00:20:59,240 --> 00:21:00,360 Speaker 3: ongoing impact you too. 385 00:21:01,840 --> 00:21:05,239 Speaker 1: All right, one, all heading into halftime. We will come 386 00:21:05,320 --> 00:21:07,600 Speaker 1: back in a moment and find a sleeper story of 387 00:21:07,680 --> 00:21:16,159 Speaker 1: the week. All right, Shaw, and we are looking for 388 00:21:16,240 --> 00:21:18,320 Speaker 1: a sleeper story now. A sleeper story is, of course, 389 00:21:18,359 --> 00:21:20,280 Speaker 1: one that's flying under the radar a little bit maybe, 390 00:21:20,600 --> 00:21:22,239 Speaker 1: or it's going to be a bigger story further down 391 00:21:22,320 --> 00:21:26,240 Speaker 1: the track, in which case the fuse was lit during 392 00:21:26,320 --> 00:21:26,800 Speaker 1: this week. 393 00:21:28,240 --> 00:21:29,600 Speaker 3: Would you like to go first on this? 394 00:21:31,920 --> 00:21:35,120 Speaker 2: We'll do one that was really interesting this week, which 395 00:21:35,480 --> 00:21:38,639 Speaker 2: it's been going on but we just haven't probably realized it. 396 00:21:39,560 --> 00:21:42,760 Speaker 2: Comwealth Bank came out today, sorry this week, not today. 397 00:21:43,240 --> 00:21:47,119 Speaker 2: They had their AGM. You had paul O'Malley and Matt Common. 398 00:21:47,200 --> 00:21:50,000 Speaker 2: They're leading the way, Paulo Malley being the chair. And 399 00:21:50,359 --> 00:21:52,520 Speaker 2: what mister how Malley spoke quite a bit about was 400 00:21:52,560 --> 00:21:57,200 Speaker 2: how much Comwealth Bank is embracing AI technology the bank. 401 00:21:57,400 --> 00:21:58,960 Speaker 2: What I did say is that once the day I 402 00:21:59,080 --> 00:22:02,320 Speaker 2: providers to clean energy, which refers back to that previous story. 403 00:22:02,640 --> 00:22:04,600 Speaker 2: But what he said, it's a valuable tool that will 404 00:22:04,640 --> 00:22:08,800 Speaker 2: improve customer service, combat financial crime. He said, the bank 405 00:22:08,800 --> 00:22:12,040 Speaker 2: will embrace more advanced technology and the Bank's focus is 406 00:22:12,160 --> 00:22:14,520 Speaker 2: very much on that in the next five to ten years. 407 00:22:14,560 --> 00:22:18,119 Speaker 2: What it made me think about was how many companies 408 00:22:18,160 --> 00:22:22,800 Speaker 2: are actually using AI, and it's about two thirds of 409 00:22:23,000 --> 00:22:27,520 Speaker 2: companies claim to be using AI now for content, for advertising, 410 00:22:28,000 --> 00:22:31,520 Speaker 2: for enhancing customer experience, I mean, cutting water costs, cutting 411 00:22:31,560 --> 00:22:34,600 Speaker 2: electricity costs, financial accounting is a big one. Chatbots, we 412 00:22:34,640 --> 00:22:37,719 Speaker 2: all use those sorts of things customer experience. A lot 413 00:22:37,800 --> 00:22:41,399 Speaker 2: of it is focused on cybersecurity right now, efforts to 414 00:22:42,160 --> 00:22:47,800 Speaker 2: improve productivity. The revolution isn't coming, it's actually here. The 415 00:22:47,960 --> 00:22:50,040 Speaker 2: revolution occurred while Michael was sleeping. 416 00:22:51,600 --> 00:22:53,399 Speaker 1: Wait a second, don't drag me into this. 417 00:22:53,560 --> 00:22:55,879 Speaker 2: No, no, no, it's true. It's true. You didn't even 418 00:22:55,920 --> 00:23:00,560 Speaker 2: realize it was happening, Adam, and I had some slight knowledge, 419 00:23:00,800 --> 00:23:03,760 Speaker 2: But what the Commonwal's being really highlighted this week and 420 00:23:03,800 --> 00:23:06,520 Speaker 2: Commonwealthfek is known as being at the forefront of the 421 00:23:06,680 --> 00:23:11,879 Speaker 2: AI push, It's actually happening right now. I run a 422 00:23:11,920 --> 00:23:13,080 Speaker 2: content business, as you know. 423 00:23:14,040 --> 00:23:14,200 Speaker 3: Now. 424 00:23:14,920 --> 00:23:17,680 Speaker 2: None of our clients this is outside fearing it. None 425 00:23:17,720 --> 00:23:20,520 Speaker 2: of our clients say we don't want AI. They all 426 00:23:20,640 --> 00:23:23,440 Speaker 2: want it and they want to know how to use it. 427 00:23:23,640 --> 00:23:29,000 Speaker 2: I'm a shameless plug there for that business. But yeah, 428 00:23:29,040 --> 00:23:33,920 Speaker 2: please do AI is here and it's happening right now. 429 00:23:34,560 --> 00:23:38,159 Speaker 2: And I just don't think that we realize. I mean, 430 00:23:38,160 --> 00:23:39,760 Speaker 2: it's a sleeper story because I just don't think we 431 00:23:39,840 --> 00:23:44,399 Speaker 2: realize how prevalent it is throughout business at the moment. 432 00:23:45,440 --> 00:23:50,760 Speaker 2: Certainly Michael doesn't. Michael's never used AI. That is, have 433 00:23:50,920 --> 00:23:51,560 Speaker 2: you used AI? 434 00:23:51,720 --> 00:23:55,000 Speaker 4: Adam, don't persuade Michael focused on the story. Yeah all 435 00:23:55,040 --> 00:23:58,280 Speaker 4: the time, I would say, at least daily, h. 436 00:23:59,240 --> 00:24:01,520 Speaker 2: See Michael, Yeah, while you were sleeping. 437 00:24:01,840 --> 00:24:05,520 Speaker 1: Do you know who just witnessed what we've just witnessed 438 00:24:05,720 --> 00:24:12,320 Speaker 1: Sean doing a Thompson which is taking a story, which 439 00:24:12,400 --> 00:24:14,879 Speaker 1: is taking a story that is in no way a 440 00:24:14,960 --> 00:24:18,159 Speaker 1: sleeper story and just trying to jam it into the 441 00:24:18,200 --> 00:24:26,040 Speaker 1: sleeper story category with no regard what it's a good story, 442 00:24:27,080 --> 00:24:30,600 Speaker 1: wrong category for my sleeper story. 443 00:24:30,680 --> 00:24:33,520 Speaker 3: I'll be the judge of that. I'm sorry. I'm just 444 00:24:33,560 --> 00:24:36,240 Speaker 3: trying to help you demarcation role definition here. 445 00:24:36,680 --> 00:24:38,879 Speaker 1: Yeah, you should write down my points though, because I 446 00:24:38,920 --> 00:24:43,760 Speaker 1: think that it probably will help you in Australia. Would 447 00:24:43,800 --> 00:24:47,320 Speaker 1: you agree? Would you agree? You're both Australian. We're all Australian. 448 00:24:48,160 --> 00:24:49,320 Speaker 3: I am you are. 449 00:24:50,480 --> 00:24:51,840 Speaker 1: It had to happen just then, didn't it. 450 00:24:52,280 --> 00:24:52,440 Speaker 2: Look. 451 00:24:52,560 --> 00:24:54,400 Speaker 1: We like to think that we give everyone a fair 452 00:24:54,480 --> 00:24:59,480 Speaker 1: go in Australia, don't we. But we are actually a 453 00:24:59,640 --> 00:25:05,960 Speaker 1: national of dobbers and you wouldn't think it, you wouldn't 454 00:25:06,040 --> 00:25:09,720 Speaker 1: know it based on our reputation. So this sleeper story 455 00:25:09,840 --> 00:25:12,239 Speaker 1: is as much about realizing kind of who we are 456 00:25:12,640 --> 00:25:16,879 Speaker 1: as a country as it is about the ATO. But 457 00:25:17,000 --> 00:25:20,719 Speaker 1: first to the ATO. In the last five years, these 458 00:25:20,800 --> 00:25:24,840 Speaker 1: numbers are staggering. Two hundred and fifty thousand tip offs 459 00:25:25,359 --> 00:25:28,960 Speaker 1: have been made to the Tax Office about tax avoidance 460 00:25:29,280 --> 00:25:32,840 Speaker 1: and other tax related dodgy behavior. That is not an 461 00:25:32,880 --> 00:25:35,560 Speaker 1: official category. That is a category that I have made 462 00:25:35,600 --> 00:25:38,640 Speaker 1: up here. Two hundred and fifty thousand tipoffs, and you'd 463 00:25:38,680 --> 00:25:41,239 Speaker 1: think that, okay, yeah, betcha, none of those are really 464 00:25:41,280 --> 00:25:44,040 Speaker 1: worth investigating. This sound they all sound a bit frivolous, 465 00:25:44,080 --> 00:25:48,880 Speaker 1: maybe a bit vexatious. Perhaps, No, the ATO deemed ninety 466 00:25:49,040 --> 00:25:53,040 Speaker 1: percent of them worthy of a follow up. These are 467 00:25:53,080 --> 00:25:56,359 Speaker 1: things like people not declaring income, kind of insisting on 468 00:25:56,520 --> 00:26:01,359 Speaker 1: kind of cash deals, paying staff in cash. It leads 469 00:26:01,440 --> 00:26:09,680 Speaker 1: to sixteen billion dollars in stolen taxes each year. Sixteen 470 00:26:10,040 --> 00:26:11,200 Speaker 1: billion dollars. 471 00:26:11,840 --> 00:26:12,440 Speaker 2: How much was it? 472 00:26:12,680 --> 00:26:15,600 Speaker 1: Sixteen billion billions? So I may not have said it 473 00:26:15,680 --> 00:26:20,320 Speaker 1: clearly enough. Sixteen billion dollars. 474 00:26:20,720 --> 00:26:25,880 Speaker 2: So one six zero zero zero zero zero zero zero 475 00:26:26,280 --> 00:26:30,880 Speaker 2: zero zero. If you multiply that by two point six yep, 476 00:26:31,000 --> 00:26:34,000 Speaker 2: which I believe is our preferred number. 477 00:26:34,320 --> 00:26:38,119 Speaker 1: That's right, you end up with the unemployment. Indeed, forty 478 00:26:38,240 --> 00:26:43,200 Speaker 1: billion dollars crazy. These are staggering figures shown staggering. It 479 00:26:43,359 --> 00:26:47,359 Speaker 1: is not surprising, perhaps that the industries where this is 480 00:26:47,480 --> 00:26:51,760 Speaker 1: probably more prevalent building and construction, cafes and restaurants, hairdressing 481 00:26:51,880 --> 00:26:53,960 Speaker 1: and beauty services, and of course, Sean, you gave us 482 00:26:54,000 --> 00:26:56,040 Speaker 1: the example through the Week, which is a cracking one 483 00:26:56,200 --> 00:26:59,159 Speaker 1: of the hairdresser who was dabbed in by a friend 484 00:26:59,760 --> 00:27:03,040 Speaker 1: for running a business unofficially through Facebook cutting people's hair 485 00:27:03,080 --> 00:27:04,879 Speaker 1: for cash and then taking the cash and going on 486 00:27:04,960 --> 00:27:08,359 Speaker 1: overseas holidays and dressing in fancy clothes. They dubbed them 487 00:27:08,359 --> 00:27:10,840 Speaker 1: into the ato, which kind of then begged the question, 488 00:27:10,960 --> 00:27:13,879 Speaker 1: and I put this to our LinkedIn followers. I did 489 00:27:13,920 --> 00:27:17,959 Speaker 1: a LinkedIn poll through the Fear and Greed LinkedIn page 490 00:27:18,440 --> 00:27:22,040 Speaker 1: this week, basically saying would you dob in a family 491 00:27:22,160 --> 00:27:24,600 Speaker 1: member or a friend, or a neighbor or a colleague 492 00:27:25,080 --> 00:27:28,400 Speaker 1: if you thought they were a tax cheat? And look, 493 00:27:28,440 --> 00:27:30,320 Speaker 1: I know which way you go. Sean, You've already said 494 00:27:30,400 --> 00:27:31,120 Speaker 1: yes you would. 495 00:27:31,240 --> 00:27:34,480 Speaker 2: Oh, I certainly, I'd dub you in in a heartbeat, 496 00:27:35,440 --> 00:27:35,880 Speaker 2: even if. 497 00:27:35,760 --> 00:27:38,800 Speaker 1: I haven't done anything difficult, just in. 498 00:27:38,920 --> 00:27:40,320 Speaker 2: Case he'd be the ten percent. 499 00:27:41,080 --> 00:27:43,639 Speaker 1: And Adam, I'm quietly confident that you would also be 500 00:27:43,760 --> 00:27:45,440 Speaker 1: a dobber. You've got that look about you. 501 00:27:45,680 --> 00:27:45,880 Speaker 3: Yeah. 502 00:27:46,080 --> 00:27:48,639 Speaker 4: Look, I tell them first, so i'd give him the 503 00:27:48,680 --> 00:27:51,280 Speaker 4: opportunity to self disclose, would you. 504 00:27:51,640 --> 00:27:53,720 Speaker 3: Yeah? Oh that is so honorable. 505 00:27:53,840 --> 00:27:55,880 Speaker 1: No, no, no, I'm behind that kind of guy. 506 00:27:56,040 --> 00:27:56,200 Speaker 4: Yeah. 507 00:27:56,280 --> 00:27:58,119 Speaker 2: Yeah, yeah, total, that's a lot of courage in that. 508 00:27:58,400 --> 00:27:58,480 Speaker 3: Now. 509 00:27:58,840 --> 00:28:01,600 Speaker 4: I'm a big believer in the sense of community. You know, 510 00:28:01,920 --> 00:28:05,080 Speaker 4: there's a community obligation to pay tax. To minimize it's fair, 511 00:28:05,119 --> 00:28:07,639 Speaker 4: to avoid it's wrong. Well, wasn't that, Kerry Packer. 512 00:28:07,960 --> 00:28:08,320 Speaker 3: Wasn't it that? 513 00:28:08,680 --> 00:28:11,440 Speaker 1: He said, kind of I don't. I don't evade taxes 514 00:28:11,480 --> 00:28:14,399 Speaker 1: in any way, but of course I minimize tax. Anyone 515 00:28:14,440 --> 00:28:17,399 Speaker 1: who doesn't minimize their tax needs their head read because 516 00:28:17,440 --> 00:28:19,800 Speaker 1: the government isn't spending it well enough to actually pay 517 00:28:19,840 --> 00:28:20,320 Speaker 1: any extra. 518 00:28:20,440 --> 00:28:21,200 Speaker 2: And I thought that's great. 519 00:28:21,359 --> 00:28:22,600 Speaker 1: It's a great kind of way to look at it. 520 00:28:22,760 --> 00:28:25,720 Speaker 2: He also used the word son to a politician that 521 00:28:25,760 --> 00:28:26,320 Speaker 2: it asked him the. 522 00:28:26,359 --> 00:28:32,879 Speaker 1: Question, oh, golling, waggering, bravado the LinkedIn poll. In the end, 523 00:28:33,800 --> 00:28:36,760 Speaker 1: I think we might be kind of outliers here because 524 00:28:36,840 --> 00:28:40,600 Speaker 1: the majority of people said, Nope, none of my business. 525 00:28:40,720 --> 00:28:41,560 Speaker 3: We're relative none. 526 00:28:41,720 --> 00:28:44,280 Speaker 1: But yeah, yeah, this is the thing. It was like 527 00:28:44,480 --> 00:28:48,360 Speaker 1: seventy thirty in favor of keep out, let them roll. Yeah, 528 00:28:48,480 --> 00:28:50,800 Speaker 1: just let them do their thing. I thought that was fascinating. 529 00:28:51,240 --> 00:28:53,520 Speaker 1: I thought the fact that this is a sleeper story 530 00:28:54,040 --> 00:28:56,720 Speaker 1: for two reasons. The amount of money that is being 531 00:28:56,800 --> 00:28:58,640 Speaker 1: kind of ripped off, and people don't realize that all 532 00:28:58,680 --> 00:29:00,520 Speaker 1: of these little that little kind of ten percent that 533 00:29:00,560 --> 00:29:02,560 Speaker 1: gets knocked off, perhaps by a builder or something, so 534 00:29:02,680 --> 00:29:04,520 Speaker 1: they can avoid paying gs all that kind of stuff. 535 00:29:04,720 --> 00:29:07,840 Speaker 1: It all adds up. Sixteen billion dollars is a heck 536 00:29:07,880 --> 00:29:10,000 Speaker 1: of a lot of money. But the other big sleeper 537 00:29:10,040 --> 00:29:13,800 Speaker 1: component is the fact that our identity as a nation 538 00:29:14,080 --> 00:29:16,480 Speaker 1: is not what we thought it was. We are not 539 00:29:16,600 --> 00:29:19,160 Speaker 1: the easy going, laid back nation that we thought we were. 540 00:29:19,280 --> 00:29:22,800 Speaker 1: We are a nation of knaks, that is what we are, 541 00:29:23,840 --> 00:29:25,640 Speaker 1: and I am proud to be a nark. 542 00:29:26,240 --> 00:29:26,760 Speaker 2: Overkill. 543 00:29:27,320 --> 00:29:31,520 Speaker 3: We've all also always had the tall poppy syndrome, haven't we. 544 00:29:31,720 --> 00:29:34,360 Speaker 4: Yeah, we've always been suspicious of people we think are 545 00:29:34,440 --> 00:29:36,120 Speaker 4: overachieving or beyond themselves. 546 00:29:36,200 --> 00:29:38,440 Speaker 1: So yeah, anyone who's kind of looks like they're doing well, 547 00:29:38,480 --> 00:29:39,480 Speaker 1: I dubbed them straight. 548 00:29:39,320 --> 00:29:43,840 Speaker 2: Into anyone who when I grew up an orange, anyone 549 00:29:43,880 --> 00:29:47,320 Speaker 2: that was upped themselves? Yeah, themselves upped themselves. 550 00:29:47,920 --> 00:29:53,240 Speaker 4: God knows how their phrase originated. Anyway, great expression, sean 551 00:29:53,320 --> 00:29:55,880 Speaker 4: excellent statement. The revolution is not coming, it's here. 552 00:29:57,200 --> 00:29:57,400 Speaker 3: Yeah. 553 00:29:57,440 --> 00:30:00,520 Speaker 4: I don't know that that is sleeper and enough for me, 554 00:30:01,120 --> 00:30:03,680 Speaker 4: And this might be my own potential bias, but I 555 00:30:03,800 --> 00:30:04,520 Speaker 4: use it all the time. 556 00:30:04,560 --> 00:30:07,960 Speaker 3: I have done for some time I'm fascinated by the. 557 00:30:08,040 --> 00:30:11,520 Speaker 2: Meeting notes that we get from you, These voluminous meeting notes. 558 00:30:11,760 --> 00:30:15,280 Speaker 2: They're all have to every operations, and you expect it 559 00:30:15,400 --> 00:30:16,000 Speaker 2: to read them. 560 00:30:16,600 --> 00:30:18,480 Speaker 3: I'm still old school in some ways. 561 00:30:18,800 --> 00:30:22,240 Speaker 2: Oh my god, Can I suggest? Can I suggest? In fact, 562 00:30:22,360 --> 00:30:26,040 Speaker 2: I will do it next time round liveminous meats. I 563 00:30:26,080 --> 00:30:29,959 Speaker 2: will ask chat GPT please summarize in five hundred summari 564 00:30:30,360 --> 00:30:32,520 Speaker 2: of these ten thousand. 565 00:30:32,640 --> 00:30:36,280 Speaker 1: No need to summarize, shortened Michael, just summarize, Adam the 566 00:30:36,360 --> 00:30:38,320 Speaker 1: first time chat GPT blows up. 567 00:30:42,680 --> 00:30:46,120 Speaker 2: Spreadsheet shut down. 568 00:30:46,200 --> 00:30:52,280 Speaker 4: I have found AI startlingly weak in spreadsheets in my 569 00:30:52,440 --> 00:30:53,080 Speaker 4: work so far. 570 00:30:54,800 --> 00:30:56,760 Speaker 1: It's just because you are the only person that can 571 00:30:56,840 --> 00:30:58,360 Speaker 1: do Excel better than a computer. 572 00:30:58,960 --> 00:31:04,360 Speaker 4: It's getting there believably bad. Unbelievably bad, like honestly incredulous. 573 00:31:04,400 --> 00:31:06,440 Speaker 4: To be honest, I've actually got an apology from chet 574 00:31:06,560 --> 00:31:08,280 Speaker 4: ChiPT forty a few times. 575 00:31:08,400 --> 00:31:13,360 Speaker 3: We're sorry, we can't do that anyway. Banks to the. 576 00:31:13,400 --> 00:31:17,240 Speaker 2: Scoring, Michael, I presume you won. I think that's what 577 00:31:17,280 --> 00:31:18,000 Speaker 2: we're getting out here. 578 00:31:18,120 --> 00:31:20,560 Speaker 3: Michael wins. Yeah, this is good. 579 00:31:21,200 --> 00:31:24,440 Speaker 1: I was wating praise. I thought I thought, Michael's one. 580 00:31:24,960 --> 00:31:26,600 Speaker 1: This is normally where you get me kind of three 581 00:31:26,680 --> 00:31:29,600 Speaker 1: or four sentence there's a positive feedback, maybe one of 582 00:31:29,720 --> 00:31:31,000 Speaker 1: negatives slipped into the middle. 583 00:31:31,600 --> 00:31:35,280 Speaker 4: And well, there was an element of you know, we've 584 00:31:35,280 --> 00:31:37,560 Speaker 4: always had the cash economy, the black economy, and I'm 585 00:31:37,600 --> 00:31:40,640 Speaker 4: just wondering if that is just migrating to crypto. You know, 586 00:31:40,760 --> 00:31:44,000 Speaker 4: there's just cryptos, a new home for black economy. You 587 00:31:44,080 --> 00:31:46,440 Speaker 4: don't need the cash anymore. So there was a sleeper element. 588 00:31:46,480 --> 00:31:48,520 Speaker 3: I thought you missed. If you did that, I'd give 589 00:31:48,520 --> 00:31:49,080 Speaker 3: you some praise. 590 00:31:51,800 --> 00:31:55,840 Speaker 2: My story must have been absolutely crap. Then yours wasn't 591 00:31:55,880 --> 00:31:57,280 Speaker 2: that good, and you still won. I think that's what 592 00:31:57,400 --> 00:31:57,800 Speaker 2: out of us. 593 00:31:58,120 --> 00:31:59,720 Speaker 1: Shall we move on to the favorite story? 594 00:31:59,760 --> 00:32:00,360 Speaker 3: The way it is? 595 00:32:00,400 --> 00:32:02,520 Speaker 1: Two to one? Yep, I've got a ripper. 596 00:32:03,560 --> 00:32:04,080 Speaker 2: I go first. 597 00:32:04,120 --> 00:32:05,800 Speaker 1: No, no, you go, you go, you go minus too 598 00:32:05,840 --> 00:32:06,640 Speaker 1: good to waste going. 599 00:32:06,720 --> 00:32:10,000 Speaker 2: I'll go first. That's right, we've got to bring it home. 600 00:32:10,120 --> 00:32:16,600 Speaker 2: I know your story. I'm not conceding because mine's better. However, look, 601 00:32:16,760 --> 00:32:19,360 Speaker 2: when I looked at this week, there was plenty going on. 602 00:32:19,480 --> 00:32:21,040 Speaker 2: But the thing that actually hit me that it's a 603 00:32:21,160 --> 00:32:26,440 Speaker 2: really really cool thing for the economy. The economic impact 604 00:32:26,560 --> 00:32:29,360 Speaker 2: is it massive? Is there's so much going on around 605 00:32:29,440 --> 00:32:32,840 Speaker 2: asset values at the moment, and for a podcast that 606 00:32:32,960 --> 00:32:35,800 Speaker 2: talks all things investing, that is a great story. The 607 00:32:35,880 --> 00:32:39,240 Speaker 2: AX hit a new record this week. Tech stocs like 608 00:32:39,320 --> 00:32:44,840 Speaker 2: Weistech Global and Promedic is absolutely going through the roof Zipco. 609 00:32:45,280 --> 00:32:50,920 Speaker 2: The bin Appy Lander group up nine. Clarity Pharmaceuticals, which 610 00:32:51,200 --> 00:32:56,080 Speaker 2: is basically it allows the targeting of cancer through radiology 611 00:32:56,440 --> 00:32:58,680 Speaker 2: up more than five hundred percent new we No I'm 612 00:32:58,760 --> 00:33:01,200 Speaker 2: like that company not long ago. Up three hundred and 613 00:33:01,240 --> 00:33:04,440 Speaker 2: fifty percent. That's all in the last twelve months. The 614 00:33:05,080 --> 00:33:07,880 Speaker 2: flip side are the sort of the battery metal groups 615 00:33:07,960 --> 00:33:11,400 Speaker 2: like Linetown, igoidp Education nine Entertainment fits into that not 616 00:33:11,480 --> 00:33:14,360 Speaker 2: doing so well, but generally the ASEX done really really well. 617 00:33:14,720 --> 00:33:16,320 Speaker 2: The big banks are the groups that are moving in 618 00:33:16,360 --> 00:33:19,480 Speaker 2: the index because mostly on size. It's just great to 619 00:33:19,520 --> 00:33:22,400 Speaker 2: see the real estate investment trusts back in the game. 620 00:33:23,160 --> 00:33:26,040 Speaker 2: The housing market, I actually think that's looking really good 621 00:33:26,040 --> 00:33:28,280 Speaker 2: at the moment. Yes, house prices are slowing, but that's 622 00:33:28,320 --> 00:33:31,240 Speaker 2: not a bad thing because we need people to be 623 00:33:31,280 --> 00:33:33,360 Speaker 2: able to get into the market. The clearance trait is 624 00:33:33,480 --> 00:33:36,640 Speaker 2: falling massive week coming there's current week when would be 625 00:33:36,680 --> 00:33:38,680 Speaker 2: interesting to see how the auctions go today, twenty six 626 00:33:38,840 --> 00:33:42,760 Speaker 2: hundred auctions for this week. Now, let's hope that this 627 00:33:42,880 --> 00:33:45,640 Speaker 2: slow down in prices and the increase in supply. I 628 00:33:45,720 --> 00:33:48,000 Speaker 2: know it's bad for sellers, but that's got to be 629 00:33:48,080 --> 00:33:51,360 Speaker 2: good for buyers. Super fun returns have been strong this year. 630 00:33:51,440 --> 00:33:54,080 Speaker 2: Growth funds are up about eight point six percent so far. 631 00:33:54,840 --> 00:33:56,400 Speaker 2: I just thought about all that. How can that not 632 00:33:56,560 --> 00:34:03,560 Speaker 2: be a great story? My favorite story stories fluid asset prices, 633 00:34:03,880 --> 00:34:07,960 Speaker 2: asset prices, it's an omnibus. Tim Burrows would not stand 634 00:34:08,000 --> 00:34:09,240 Speaker 2: for this asset prices. 635 00:34:10,120 --> 00:34:11,759 Speaker 1: Elon Musk's Big Week. 636 00:34:12,360 --> 00:34:12,759 Speaker 3: There you go. 637 00:34:13,040 --> 00:34:14,080 Speaker 1: That's all I need to say. 638 00:34:16,200 --> 00:34:17,879 Speaker 2: So there's not an omnibus coming. 639 00:34:17,880 --> 00:34:21,160 Speaker 1: Omnibus is three or more stories sewn? Two or more 640 00:34:21,320 --> 00:34:22,640 Speaker 1: is fine, which is what I have to do. 641 00:34:23,480 --> 00:34:24,960 Speaker 3: So Elon Musk's. 642 00:34:24,719 --> 00:34:30,200 Speaker 1: Big Week right. It began with the we Robot event, 643 00:34:30,960 --> 00:34:33,279 Speaker 1: which I need to check out the videos online. The 644 00:34:33,320 --> 00:34:35,960 Speaker 1: whole thing is extraordinly though, unveiling the robo taxi kind 645 00:34:36,000 --> 00:34:38,560 Speaker 1: of the like the taxi that drives people around. Sure 646 00:34:38,600 --> 00:34:40,520 Speaker 1: that a more technical way to describe it, but it 647 00:34:40,560 --> 00:34:42,480 Speaker 1: doesn't need a driver. It's got a robot for that. 648 00:34:42,840 --> 00:34:46,040 Speaker 1: And then the driver we go I knew, I knew 649 00:34:46,040 --> 00:34:47,840 Speaker 1: there was a term for it. I probably could have 650 00:34:47,880 --> 00:34:51,239 Speaker 1: thought of that. And the Optimist Robots was the other 651 00:34:51,320 --> 00:34:52,360 Speaker 1: big thing unveiled. 652 00:34:52,400 --> 00:34:52,560 Speaker 3: Look. 653 00:34:52,680 --> 00:34:55,080 Speaker 1: Investors didn't much like kind of what they saw, and 654 00:34:55,280 --> 00:34:57,879 Speaker 1: Tesla was down eleven percent. Their shares were down eleven 655 00:34:57,880 --> 00:35:00,680 Speaker 1: percent afterwards. But that was kind oferhaps more to do 656 00:35:00,840 --> 00:35:04,480 Speaker 1: with kind of some other issues rather than specifically about 657 00:35:04,560 --> 00:35:07,439 Speaker 1: kind of the Optimist robots. If you have not checked 658 00:35:07,480 --> 00:35:10,239 Speaker 1: out the videos of the Optimus robots right, you need 659 00:35:10,280 --> 00:35:11,799 Speaker 1: to check it out because they do look a little 660 00:35:11,800 --> 00:35:13,719 Speaker 1: bit creepy. They are the kind of the black and 661 00:35:13,760 --> 00:35:17,239 Speaker 1: white kind of thing, and they're just they're kind of faceless, 662 00:35:17,640 --> 00:35:20,280 Speaker 1: and they move so slowly. But what this was about 663 00:35:20,400 --> 00:35:22,680 Speaker 1: was demonstrating the fact that the robots have. 664 00:35:23,040 --> 00:35:28,400 Speaker 2: What listeners can't see is Michael moving his arms slowly. 665 00:35:28,800 --> 00:35:33,880 Speaker 1: I'm being a robot, so I get I know, I 666 00:35:34,040 --> 00:35:37,879 Speaker 1: get barely invested in my stories. And the whole question 667 00:35:38,160 --> 00:35:40,080 Speaker 1: was over, oh, was it actually AI or was it 668 00:35:40,239 --> 00:35:42,960 Speaker 1: kind of Were they fully robotic or were people controlling it? 669 00:35:43,080 --> 00:35:45,120 Speaker 1: That didn't matter. What Elon Musk said was we're just 670 00:35:45,160 --> 00:35:47,160 Speaker 1: trying to demonstrate the fact that the robots themselves have 671 00:35:47,239 --> 00:35:48,920 Speaker 1: gotten so much smooth that they can kind of move 672 00:35:49,000 --> 00:35:50,759 Speaker 1: around in a crowd of people. Are not going to 673 00:35:50,840 --> 00:35:53,480 Speaker 1: hurt anyone all this kind of stuff. I will say 674 00:35:54,080 --> 00:35:56,160 Speaker 1: that the next And he said, like, over the last 675 00:35:56,200 --> 00:35:58,680 Speaker 1: few years, every year we've had developments, we are getting 676 00:35:58,680 --> 00:36:00,960 Speaker 1: closer and closer and closer. Will be kind of breakthrough 677 00:36:01,000 --> 00:36:02,719 Speaker 1: with these things. So this did look kind of good. 678 00:36:03,560 --> 00:36:05,480 Speaker 1: There was another story around this week. This is not 679 00:36:05,600 --> 00:36:07,160 Speaker 1: in the omnibous. This is just a little kind of 680 00:36:07,239 --> 00:36:10,080 Speaker 1: add on. The thing that scares people about these robots 681 00:36:10,280 --> 00:36:13,040 Speaker 1: is the risk of them kind of going haywire. They 682 00:36:13,040 --> 00:36:15,600 Speaker 1: will be in every home. They'll be kind of serving 683 00:36:15,680 --> 00:36:17,680 Speaker 1: you breakfast, They'll be making your bed, they'll be doing 684 00:36:17,760 --> 00:36:20,440 Speaker 1: the laundry, all of this stuff. What happens if somebody 685 00:36:20,560 --> 00:36:23,759 Speaker 1: hacks into them and all of a sudden they are 686 00:36:23,920 --> 00:36:26,520 Speaker 1: kind of helping you sleep forever with a pillow like 687 00:36:26,600 --> 00:36:28,680 Speaker 1: that kind of thing, right, I. 688 00:36:28,760 --> 00:36:33,320 Speaker 2: Was thinking more like full cream milk, right, milk that 689 00:36:33,360 --> 00:36:33,839 Speaker 2: sort of stuff. 690 00:36:33,960 --> 00:36:38,760 Speaker 1: Stupid robot, you've destroyed my coffee. There was a story 691 00:36:38,840 --> 00:36:42,719 Speaker 1: around this week about the robot vacuum cleaners. You know, 692 00:36:42,800 --> 00:36:45,120 Speaker 1: those like the little kind of ones that buzz around 693 00:36:45,239 --> 00:36:48,320 Speaker 1: inside the house. These are not a Tesla kind of invention. 694 00:36:48,680 --> 00:36:53,120 Speaker 1: It's just your standard no, But it shows how things 695 00:36:53,200 --> 00:36:59,440 Speaker 1: can get hacked, right, Somebody hacked into these these robot 696 00:36:59,520 --> 00:37:04,239 Speaker 1: vacuum c in the US and just chase the dog 697 00:37:04,320 --> 00:37:10,080 Speaker 1: around in the house and yelling abuse at the dog. 698 00:37:11,719 --> 00:37:14,240 Speaker 1: And it just kind of raised these questions of Okay, 699 00:37:14,880 --> 00:37:18,319 Speaker 1: if these are accessible remotely, kind of what else could happen. 700 00:37:18,800 --> 00:37:20,759 Speaker 1: That's me asking that question. It's probably not actually an 701 00:37:20,760 --> 00:37:22,000 Speaker 1: official question that's being asked. 702 00:37:22,000 --> 00:37:24,920 Speaker 2: But now, Michael, Michael, you are really going on a 703 00:37:24,960 --> 00:37:26,360 Speaker 2: line and you still haven't got to the best. 704 00:37:26,320 --> 00:37:31,719 Speaker 1: SpaceX rocket boosters. This story that really just captured everything 705 00:37:31,760 --> 00:37:33,759 Speaker 1: with Elon Musk started the week a little bit kind 706 00:37:33,800 --> 00:37:39,239 Speaker 1: of shakily, but then he delivered a defining moment for humanity. 707 00:37:40,040 --> 00:37:44,080 Speaker 1: I don't want to kind of overreach at all humanity. 708 00:37:44,840 --> 00:37:47,200 Speaker 1: Allow me to explain why when I'm talking because about 709 00:37:47,200 --> 00:37:51,280 Speaker 1: the SpaceX rocket booster that had been kind of jettisoned 710 00:37:51,280 --> 00:37:54,280 Speaker 1: after getting the actual kind of space ship into space, 711 00:37:54,760 --> 00:37:56,640 Speaker 1: and then the big rocket booster comes back down, and 712 00:37:56,719 --> 00:37:58,600 Speaker 1: usually that kind of thing would just crash into the ocean. 713 00:37:59,160 --> 00:38:04,279 Speaker 1: It's gone, it's waste an extraordinarily expensive waste. Instead, for 714 00:38:04,400 --> 00:38:09,040 Speaker 1: the first time ever, this enormous piece of machinery was 715 00:38:09,239 --> 00:38:12,800 Speaker 1: caught in mid air by the mecha Zilla, which is 716 00:38:12,840 --> 00:38:15,280 Speaker 1: a terrible name for it landing pad where it actually 717 00:38:15,440 --> 00:38:17,880 Speaker 1: just the arms closed around it as it came in. 718 00:38:17,960 --> 00:38:20,320 Speaker 1: And you watch the videos, and I've watched it hundreds 719 00:38:20,360 --> 00:38:23,719 Speaker 1: of times now this week because I cannot believe the 720 00:38:23,920 --> 00:38:26,239 Speaker 1: speed at which it's coming down and the way it 721 00:38:26,440 --> 00:38:30,840 Speaker 1: adjusts its trajectory and just manages to land perfectly in 722 00:38:31,000 --> 00:38:33,560 Speaker 1: place and the arms close around it. It is extraordinary. 723 00:38:33,719 --> 00:38:36,440 Speaker 1: It is I read this description this week. It is 724 00:38:36,520 --> 00:38:40,840 Speaker 1: the equivalent of launching a fifteen story building into space 725 00:38:41,480 --> 00:38:43,560 Speaker 1: and then catching it again when it falls to earth. 726 00:38:44,600 --> 00:38:45,759 Speaker 2: How what do you mean? 727 00:38:46,600 --> 00:38:48,600 Speaker 1: How do they catch it? I can talk to you 728 00:38:48,640 --> 00:38:48,920 Speaker 1: about that. 729 00:38:49,160 --> 00:38:51,640 Speaker 3: How is it the equivalent of fifteen story building? 730 00:38:51,880 --> 00:38:52,239 Speaker 2: How was it? 731 00:38:52,560 --> 00:38:53,080 Speaker 3: Because it's the. 732 00:38:53,080 --> 00:38:55,200 Speaker 1: Same size, like in terms of the size, like in 733 00:38:55,320 --> 00:38:56,959 Speaker 1: terms of the fact that you were dealing with something 734 00:38:57,000 --> 00:39:00,719 Speaker 1: that has the same size and the same and the 735 00:39:00,760 --> 00:39:03,839 Speaker 1: same weight as a fifteen story building, And the fact 736 00:39:03,840 --> 00:39:06,560 Speaker 1: that they're able to maneuver that onto the landing pattern 737 00:39:06,560 --> 00:39:09,120 Speaker 1: is quite extraordinary. It is all about and this is 738 00:39:09,160 --> 00:39:11,560 Speaker 1: where the business element of it comes into it. That 739 00:39:11,719 --> 00:39:15,719 Speaker 1: Elon Musk says that this is all about cost per 740 00:39:16,000 --> 00:39:19,480 Speaker 1: ton and so that the end goal here is interplanetary travel. 741 00:39:19,480 --> 00:39:21,040 Speaker 1: And this is why I said this was a defining 742 00:39:21,120 --> 00:39:24,359 Speaker 1: moment for mankind because if they can get this right, 743 00:39:24,520 --> 00:39:28,120 Speaker 1: it is all about lowering the cost of space travel. Okay, 744 00:39:28,800 --> 00:39:33,040 Speaker 1: the cost per ton of useful load to get stuff 745 00:39:33,200 --> 00:39:37,680 Speaker 1: to Mars, right is about a billion dollars US per ton. 746 00:39:38,760 --> 00:39:42,120 Speaker 1: It is estimated that to build a city on Mars. 747 00:39:42,800 --> 00:39:45,360 Speaker 1: And this is this is like long term goals. Obviously, 748 00:39:45,800 --> 00:39:48,840 Speaker 1: like we're not so these ain't these ain't like in 749 00:39:48,920 --> 00:39:52,040 Speaker 1: the next budget cycle, not like twenty thirty. No, no, no, no, 750 00:39:52,880 --> 00:39:58,239 Speaker 1: not this one thousand trillion dollars to build a city 751 00:39:58,320 --> 00:40:00,520 Speaker 1: on Mars because of the cost of getting stuff to 752 00:40:00,719 --> 00:40:03,560 Speaker 1: the planet and all of the all of the materials. 753 00:40:03,640 --> 00:40:07,839 Speaker 1: But really what Elon Musk changing the atmosphere, those kind 754 00:40:07,880 --> 00:40:10,440 Speaker 1: of pieces as well. But what Elon Musk said this 755 00:40:10,600 --> 00:40:13,160 Speaker 1: week was a major major step forward in reducing the 756 00:40:13,239 --> 00:40:15,880 Speaker 1: cost of the actual space transport. That if you can 757 00:40:15,920 --> 00:40:18,279 Speaker 1: get a one thousand times improvement, and this was a 758 00:40:18,320 --> 00:40:20,879 Speaker 1: big kind of jump along that path, that it will 759 00:40:20,960 --> 00:40:24,320 Speaker 1: actually get the cost down significantly to the point that 760 00:40:24,440 --> 00:40:27,920 Speaker 1: it would cost maybe one trillion dollars. Is the end 761 00:40:28,040 --> 00:40:30,680 Speaker 1: goal to build this city on Mars, which spread acrost 762 00:40:30,760 --> 00:40:33,719 Speaker 1: forty years, is actually twenty five billion dollars per year. 763 00:40:33,760 --> 00:40:34,920 Speaker 2: Have we ever been to Mark? 764 00:40:35,040 --> 00:40:37,960 Speaker 1: Not humans, but obviously we've sent machinery there, but that's 765 00:40:38,040 --> 00:40:39,880 Speaker 1: also because we haven't had the technology to do it. 766 00:40:39,960 --> 00:40:42,000 Speaker 1: This week was a defining moment for humanity. I don't 767 00:40:42,000 --> 00:40:46,239 Speaker 1: know if I mentioned that, Adam, Adam, can you jump in? 768 00:40:46,600 --> 00:40:46,799 Speaker 2: Yeah? 769 00:40:48,840 --> 00:40:51,480 Speaker 3: Sure, wins. Look, it's a wonderful story. 770 00:40:53,640 --> 00:41:00,400 Speaker 4: Mask has this habit of over promising ROBOTAXI blinking lid. 771 00:41:01,400 --> 00:41:03,640 Speaker 4: This week is the one time that you can say 772 00:41:03,680 --> 00:41:05,640 Speaker 4: that Elon Musk has said we're going to catch a 773 00:41:05,680 --> 00:41:07,000 Speaker 4: spaceship in midair. 774 00:41:06,920 --> 00:41:10,239 Speaker 1: And he blinking well delivered at him. I don't know 775 00:41:10,360 --> 00:41:12,920 Speaker 1: what more he needs to do. The poor fella never 776 00:41:12,960 --> 00:41:14,600 Speaker 1: thought I'd be defending Elon Musk. 777 00:41:14,880 --> 00:41:19,200 Speaker 4: There's this line the robot was asked, are you controlling yourself? 778 00:41:19,239 --> 00:41:24,160 Speaker 4: As no humans are controlling this? Certain it's not quite 779 00:41:24,760 --> 00:41:28,320 Speaker 4: not quite a robot. So look, good story. And I 780 00:41:28,440 --> 00:41:32,640 Speaker 4: must say that catching the rocket the fuel of the booster, 781 00:41:32,800 --> 00:41:34,480 Speaker 4: what the receptacle booster. 782 00:41:35,440 --> 00:41:38,360 Speaker 1: That was a moment for humanity. 783 00:41:39,040 --> 00:41:41,160 Speaker 2: It was should have put it in your remarkable category. 784 00:41:41,360 --> 00:41:44,880 Speaker 4: It was absolutely a defining moment. However, also defining for 785 00:41:45,040 --> 00:41:50,440 Speaker 4: most Australians is their wealth and this week's wealth how 786 00:41:50,480 --> 00:41:54,080 Speaker 4: we all feel is actually we've got well being today 787 00:41:54,400 --> 00:41:57,520 Speaker 4: and so a six at a new record house price 788 00:41:57,640 --> 00:41:58,240 Speaker 4: is moderating. 789 00:41:58,480 --> 00:41:59,239 Speaker 3: There's good news. 790 00:41:59,400 --> 00:42:01,600 Speaker 4: Is mixed news everybody, I guess across with your own 791 00:42:01,719 --> 00:42:04,960 Speaker 4: or rental buy, but it's moderating house price is a 792 00:42:05,040 --> 00:42:08,799 Speaker 4: good thing. We certainly need more supply. Superbun's doing well. 793 00:42:09,320 --> 00:42:12,080 Speaker 4: This is fantastic news. Were it not the case, we'd 794 00:42:12,120 --> 00:42:14,759 Speaker 4: all be feeling much more agitated. So that's why it's 795 00:42:14,960 --> 00:42:16,200 Speaker 4: my favorite story of the week. 796 00:42:17,520 --> 00:42:20,279 Speaker 2: Whoa, whoa what that is a Stephen Bradbury if you 797 00:42:20,320 --> 00:42:25,320 Speaker 2: don't mind, thank you very much, the Stephen Bradbury of favorites. 798 00:42:25,080 --> 00:42:27,440 Speaker 1: That will go down in history. You go out on 799 00:42:27,520 --> 00:42:30,239 Speaker 1: the street and ask anyone what was the defining moment 800 00:42:30,360 --> 00:42:31,480 Speaker 1: for humanity this week? 801 00:42:31,600 --> 00:42:33,960 Speaker 3: And they will say favorite stew of the week is 802 00:42:34,600 --> 00:42:36,480 Speaker 3: Michael what was the points? 803 00:42:36,719 --> 00:42:37,160 Speaker 1: To all? 804 00:42:37,440 --> 00:42:41,799 Speaker 3: Adam? Okay to all also a draw. 805 00:42:43,440 --> 00:42:46,280 Speaker 1: You know what it feels like after last week's disgrace. 806 00:42:46,360 --> 00:42:48,160 Speaker 1: It was just like I needed to settle things down 807 00:42:48,160 --> 00:42:51,080 Speaker 1: a little bit. I'm still smarting over that one. By 808 00:42:51,120 --> 00:42:53,920 Speaker 1: the way, luckily we had such a short show this 809 00:42:54,080 --> 00:42:56,960 Speaker 1: time too. We packed it in a lot of lot 810 00:42:57,000 --> 00:42:59,399 Speaker 1: of value, a lot of value. Thank you very much, Adam, 811 00:42:59,440 --> 00:42:59,960 Speaker 1: great judging. 812 00:43:01,200 --> 00:43:02,839 Speaker 3: Thank you Michael, and thank you Sean. 813 00:43:03,040 --> 00:43:05,320 Speaker 2: Thank you Sean, Thanks Michael, Thanks Adam. 814 00:43:05,719 --> 00:43:08,160 Speaker 1: Make sure you're following the podcast and join us online 815 00:43:08,280 --> 00:43:11,800 Speaker 1: on LinkedIn, Instagram, TikTok, Facebook and X. I'm Michael Thompson 816 00:43:11,880 --> 00:43:14,200 Speaker 1: and others Fear and Greed. Have a great weekend.