1 00:00:03,880 --> 00:00:06,800 Speaker 1: It is Thursday, the nineteenth of June twenty twenty five. 2 00:00:06,880 --> 00:00:09,559 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,400 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,760 Speaker 1: need to know when just five minutes are Michael Thompson 5 00:00:13,800 --> 00:00:15,040 Speaker 1: and good morning, Sean. 6 00:00:14,800 --> 00:00:16,479 Speaker 2: Aylmer, Good morning, Michael Jawn. 7 00:00:16,520 --> 00:00:19,400 Speaker 1: Five stories, five minutes, Let's go story Number one. Treasurer 8 00:00:19,480 --> 00:00:22,439 Speaker 1: Jim Chalmers says an overhaul of the tax system is 9 00:00:22,640 --> 00:00:26,720 Speaker 1: necessary to reduce the budget's growing reliance on income tax 10 00:00:26,760 --> 00:00:30,880 Speaker 1: and improve the long term sustainability of the country's finances. 11 00:00:30,920 --> 00:00:34,280 Speaker 2: Speaking at the National Press Club in camera, Charmer's comments 12 00:00:34,320 --> 00:00:37,360 Speaker 2: suggest that the government will use its huge mandate one 13 00:00:37,400 --> 00:00:39,640 Speaker 2: of the May election to take on tax reform. He 14 00:00:39,720 --> 00:00:43,159 Speaker 2: said any tax reformant focus on lifting productivity and investment 15 00:00:43,280 --> 00:00:46,279 Speaker 2: and lower the income tax burden. Current projection suggests that 16 00:00:46,479 --> 00:00:48,440 Speaker 2: by the end of this decade, the income tax burden 17 00:00:48,640 --> 00:00:52,760 Speaker 2: will hit its highest level since before the GST. Meanwhile, 18 00:00:52,800 --> 00:00:54,760 Speaker 2: the federal budget is forecast to be in deficit for 19 00:00:54,800 --> 00:00:59,320 Speaker 2: the next decade. Chalmers concedes the budget position is unsustainable. 20 00:00:59,480 --> 00:01:03,160 Speaker 2: Something needs to happen even worse as we look forward 21 00:01:03,320 --> 00:01:06,280 Speaker 2: aging population. If you are taxpayers that's the problem. Shift 22 00:01:06,319 --> 00:01:09,039 Speaker 2: the renewables means the revenue from resources will decline. 23 00:01:09,400 --> 00:01:12,279 Speaker 1: Sean, this is Jim Chalmer's first big speech post election. 24 00:01:12,400 --> 00:01:14,640 Speaker 1: Tax wasn't really a part of the re election platform 25 00:01:14,680 --> 00:01:17,479 Speaker 1: for the alp apart from the superannuation tax changes that's 26 00:01:17,520 --> 00:01:20,480 Speaker 1: just for balances above three million dollars. Does this speech 27 00:01:20,760 --> 00:01:23,399 Speaker 1: suggest to us that the government wants to do more 28 00:01:23,440 --> 00:01:24,280 Speaker 1: on tax. 29 00:01:24,319 --> 00:01:26,399 Speaker 2: It sounds like it, And when you have such a 30 00:01:26,400 --> 00:01:29,399 Speaker 2: big mandate, maybe the mainstay of the debate includes a 31 00:01:29,480 --> 00:01:32,560 Speaker 2: higher GST rate to authset company and income tax cards. 32 00:01:32,880 --> 00:01:36,559 Speaker 2: Chalmers didn't categorically rule it out yesterday. He doesn't seem 33 00:01:36,640 --> 00:01:39,160 Speaker 2: very enthusiastic about it, and most people say you have 34 00:01:39,240 --> 00:01:42,560 Speaker 2: to include the GST in any overhaul of the tax system. 35 00:01:42,840 --> 00:01:45,800 Speaker 2: Chalmers yesterday reiterated that the changes on the taxation of 36 00:01:45,840 --> 00:01:48,480 Speaker 2: super earnings that with three million dollars are he to stay. 37 00:01:48,960 --> 00:01:51,160 Speaker 1: Okay, let's move on to story number two now, Sean 38 00:01:51,240 --> 00:01:54,360 Speaker 1: and Prime Minister Anthony Abernezi could meet Donald Trump next 39 00:01:54,360 --> 00:01:57,920 Speaker 1: week after changing his mind and deciding to head to 40 00:01:58,320 --> 00:01:59,960 Speaker 1: the NATO summit in the Hague. 41 00:02:00,080 --> 00:02:03,320 Speaker 2: It seems the condition in terms of what Alberanze wants 42 00:02:03,480 --> 00:02:05,720 Speaker 2: is a meeting with Trump and he wants to organize 43 00:02:05,720 --> 00:02:07,960 Speaker 2: that before he goes now. On Tuesday, the government said 44 00:02:07,960 --> 00:02:10,960 Speaker 2: Defense Minister Richard Miles would attend NATO on Australia's behalf 45 00:02:11,200 --> 00:02:13,480 Speaker 2: following Donald Trump's decision to leave the G seven in 46 00:02:13,560 --> 00:02:17,120 Speaker 2: Canada early canceling the meeting with Albanezi. The PM looks 47 00:02:17,120 --> 00:02:18,679 Speaker 2: to have changed his mind and wants to go to 48 00:02:18,720 --> 00:02:22,040 Speaker 2: the Hague. Meanwhile, the Prime Minister, speaking from Canada, says 49 00:02:22,040 --> 00:02:24,400 Speaker 2: Australia could be close to securing a free trade deal 50 00:02:24,440 --> 00:02:27,320 Speaker 2: with the European Union. Big issues there still sheep, meat 51 00:02:27,360 --> 00:02:31,160 Speaker 2: and beef. Alberizi also says he's begun negotiations on a 52 00:02:31,200 --> 00:02:33,160 Speaker 2: defense partnership with the European Union. 53 00:02:33,440 --> 00:02:36,720 Speaker 1: Storing number three Optus Sean has agreed to pay a 54 00:02:36,800 --> 00:02:40,600 Speaker 1: one hundred million dollar penalty for selling customers phones and 55 00:02:40,680 --> 00:02:44,119 Speaker 1: contracts they didn't want or need after the consumer watchdog 56 00:02:44,240 --> 00:02:47,440 Speaker 1: accused the telco of unconscionable conduct. 57 00:02:47,520 --> 00:02:50,639 Speaker 2: The Australian Competition and Consumer Commission sued Optus in October 58 00:02:50,720 --> 00:02:53,799 Speaker 2: last year over sales practices which included selling people products 59 00:02:53,840 --> 00:02:56,320 Speaker 2: they could not afford or did not have coverage where 60 00:02:56,360 --> 00:02:59,200 Speaker 2: they lived. This occurred between August twenty nineteen and July 61 00:02:59,320 --> 00:03:03,440 Speaker 2: twenty three. Yesterday, Optics admitted to unconscionable conduct apologized to 62 00:03:03,440 --> 00:03:06,360 Speaker 2: its customers, according to the finn Review. Chief executive Stephen 63 00:03:06,400 --> 00:03:09,640 Speaker 2: Rue said customers would receive refunds and that retail sales 64 00:03:09,680 --> 00:03:12,440 Speaker 2: staff who were found to be responsible for inappropriate sales 65 00:03:12,440 --> 00:03:15,520 Speaker 2: practices had been fired. Rue said the telco had met 66 00:03:15,560 --> 00:03:19,239 Speaker 2: numerous executive and senior leadership changed or had undertaken numerous 67 00:03:19,240 --> 00:03:22,880 Speaker 2: executive and senior leadership changes. Discipline reaction has been taken 68 00:03:22,880 --> 00:03:26,200 Speaker 2: in some circumstances. The HBC and Optus will jointly out 69 00:03:26,320 --> 00:03:28,920 Speaker 2: the Federal Court to impose a total penalty of one 70 00:03:29,000 --> 00:03:29,880 Speaker 2: hundred million dollars. 71 00:03:30,080 --> 00:03:33,519 Speaker 1: Story number four. Bali Airport has canceled dozens of flights 72 00:03:33,520 --> 00:03:37,680 Speaker 1: because of a volcanic eruption, stranding holidaymakers and threatening the 73 00:03:37,720 --> 00:03:39,160 Speaker 1: area's key tourism industry. 74 00:03:39,240 --> 00:03:43,720 Speaker 2: Singapore Airlines, Jetstar Air Asia and others have halted flights 75 00:03:43,720 --> 00:03:47,680 Speaker 2: this week. The disruptions followed tuesday's eruption of the Mount 76 00:03:47,760 --> 00:03:51,120 Speaker 2: lower Tobi Laki Laki volcano in the east of Indonesia's 77 00:03:51,240 --> 00:03:54,960 Speaker 2: Floors Island. Authorities raised the volcano's disaster alert to the 78 00:03:55,040 --> 00:03:57,920 Speaker 2: highest level of four after the eruption sent an ash 79 00:03:57,960 --> 00:04:01,720 Speaker 2: column of over ten kilometers into the sky. According to Boomberg, 80 00:04:02,080 --> 00:04:04,200 Speaker 2: the airport at den Pasar, which is the main gateway 81 00:04:04,200 --> 00:04:07,680 Speaker 2: to Barli, remains open. Some carriers are cheeking passengers in 82 00:04:07,960 --> 00:04:14,480 Speaker 2: still sizink monitoring devices are detecting tremors indicating ongoing volcanic activity. 83 00:04:14,760 --> 00:04:17,600 Speaker 2: That's according to the Indonesian Disaster Management Agency. 84 00:04:17,920 --> 00:04:20,760 Speaker 1: Last one story number five. This is just extraordinary, sean 85 00:04:20,880 --> 00:04:25,360 Speaker 1: open AI chief executive officer Sam Altman says competitor Meta Platforms, 86 00:04:25,360 --> 00:04:28,520 Speaker 1: obviously owner of Facebook and the like, has offered his 87 00:04:28,800 --> 00:04:32,000 Speaker 1: employees sign on bonuses as high as one hundred million 88 00:04:32,120 --> 00:04:35,640 Speaker 1: US dollars and even larger annual compensation packages. 89 00:04:35,960 --> 00:04:38,920 Speaker 2: There's about all to find talent in the artificial intelligence world, 90 00:04:38,920 --> 00:04:42,200 Speaker 2: but this is pretty extreme one hundred million dollars. In 91 00:04:42,240 --> 00:04:47,040 Speaker 2: the podcast Uncapped, Altman made the claim, calling it crazy. 92 00:04:47,080 --> 00:04:49,359 Speaker 2: Now the podcast is actually hasted by his brother Sam 93 00:04:49,360 --> 00:04:51,800 Speaker 2: Alton came on. He said, so far now and an 94 00:04:51,800 --> 00:04:54,200 Speaker 2: open ai had taken up the offer. Maybe that's the 95 00:04:54,240 --> 00:04:56,120 Speaker 2: crazy part that people in knocking back one hundred million 96 00:04:56,120 --> 00:04:59,200 Speaker 2: dollar sign on Bonus, Meta CEO Mark Zuckerberg has been 97 00:04:59,240 --> 00:05:02,720 Speaker 2: personally recruited for a new superintelligence group offering high sums 98 00:05:02,720 --> 00:05:06,599 Speaker 2: to top AI researchers across the industry. Last week, the 99 00:05:06,640 --> 00:05:09,520 Speaker 2: companies we're talking meta here announced to fourteen point three 100 00:05:09,520 --> 00:05:12,520 Speaker 2: billion dollar investment in scale AI. There is a battle 101 00:05:12,560 --> 00:05:15,440 Speaker 2: for talent in the AI world and if you're good 102 00:05:15,520 --> 00:05:17,880 Speaker 2: enough one hundred million dollar sign on Bonus. That's us 103 00:05:18,000 --> 00:05:18,560 Speaker 2: and not bad. 104 00:05:18,600 --> 00:05:20,440 Speaker 1: All right, there we go the top five business stories 105 00:05:20,440 --> 00:05:21,080 Speaker 1: in five minutes. 106 00:05:21,080 --> 00:05:22,279 Speaker 2: Thank you Sean, Thank you Michael. 107 00:05:22,360 --> 00:05:24,840 Speaker 1: It is Thursday, the nineteenth of June twenty twenty five. 108 00:05:24,880 --> 00:05:27,080 Speaker 1: Remember to hit follow on the podcast, and if five 109 00:05:27,120 --> 00:05:29,279 Speaker 1: minutes isn't enough, you're going to find our longer daily 110 00:05:29,320 --> 00:05:32,400 Speaker 1: show called Fear and Greed wherever you listen to podcasts. 111 00:05:32,440 --> 00:05:34,640 Speaker 1: I'm Michael Thompson and that was the past five business 112 00:05:34,680 --> 00:05:37,359 Speaker 1: news by Fear and Greed. Have a great day.