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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The local share market is set to tumble this morning

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Speaker 1: after US President Donald Trump threatened to obliterate Iran's power plants.

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Speaker 1: The housing market is faltering, with clearance rates now at

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Speaker 1: their lowest this year, and fraud across the country surges.

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Speaker 1: Plus a court rules that working ten minutes a day

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Speaker 1: isn't enough to keep your job, and the world's best

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Speaker 1: airport's revealed. It is Monday, the twenty third of March

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Speaker 1: twenty twenty six am. Michael Thompson and good morning, Sean Ailmer.

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

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Speaker 1: local share market is set to tumble after US President

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Speaker 1: Donald Trump gave an ultimatum to Iran that if the

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Speaker 1: Strait of Hermos is not fully opened within forty eight hours,

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Speaker 1: the US would and I quote, obliterate Iranian power plants.

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Speaker 1: The comments, of course, threaten to push oil prices even

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Speaker 1: higher and that would flow through to higher interest rates.

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Speaker 1: Over the past few days, Donald Trumps has kind of

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Speaker 1: gone from talking about winding down the conflict and saying

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Speaker 1: that it was only going to be a matter of

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Speaker 1: days or weeks et cetera, now all the way to

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Speaker 1: the other side to obliterating Iranian assets. The inconsistency is

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Speaker 1: spooking markets.

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Speaker 2: Absolutely and certainly there is no sign of fighting diminishing.

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Speaker 2: After Trump's comments on the straight off Hamors, Iran in

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Speaker 2: response threatened to attack energy tech and desalination infrastructure in

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Speaker 2: the region. Even if there is some sort of resolution

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Speaker 2: soon or at least a slad out in the bombings,

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Speaker 2: or maybe the straight off Harmors is opened somewhat, the

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Speaker 2: cost of oil will remain high for some time. Yet

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Speaker 2: Future training suggests the local market could open down nearly

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Speaker 2: two percent this morning. It is currently trading about eight

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Speaker 2: percent below where it was when the conflict in the

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Speaker 2: Middle East commenced. Some analysts they could drop by as

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Speaker 2: much as fifteen percent. AMP Chief economist Shane Oliver he

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Speaker 2: reckons top to bottom the market will be down fifteen percent,

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Speaker 2: meaning there is still some way to go.

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Speaker 1: Yeah, long way to goo. By the sounds of that,

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Speaker 1: then the crisis Sean is officially now disrupting petrol supplies.

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Speaker 1: Energy Minister Chris Bowen it says that six out of

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Speaker 1: about eighty monthly fuel tanker deliveries to Australia and the

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Speaker 1: next month have been canceled or deferred. It isn't quite

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Speaker 1: panic stations. Bowen said that the government had no plans

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Speaker 1: to invoke emergency powers to ration fuel, even though some

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Speaker 1: petrol stations have run dry. But given that we import,

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Speaker 1: was it around eighty five percent of our oil, you've

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Speaker 1: got to say it is cause for concern absolutely.

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Speaker 2: Bowen told ABC Insiders that the government's latest stock take

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Speaker 2: had shown that the level of petrol and diesel available

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Speaker 2: in Australia had slightly risen since before the United States

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Speaker 2: and Israel launched a military operation against Iran three weeks ago.

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Speaker 2: The country had thirty eight days worth of petrol, thirty

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Speaker 2: days of diesel and jet fuel. He said both on

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Speaker 2: Chure refineries are working full pelt, cracking phrase full pelt,

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Speaker 2: and he said supply ships gliving from Asia were arriving

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Speaker 2: in good numbers. Still there are six that aren't going

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Speaker 2: to turn up in the next four weeks.

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Speaker 1: Yeah, And even just driving past petrol stations over the

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Speaker 1: weekend Suan, you just see petrol prices kind of two

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Speaker 1: dollars fifty plus for unleaded and nudging three dollars for diesel. Elita,

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Speaker 1: and it is really quite extraordinary to see that. Now.

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Speaker 1: Wall Street tumbled over the weekend, with the S and

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Speaker 1: P five hundred down one and a half percent, while

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Speaker 1: the tech heavy NASDAK lost two percent. Of the benchmark

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Speaker 1: index is now down five percent this year, led lower

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Speaker 1: by the all important tech stocks, high oil prices, and

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Speaker 1: the US Federal Reserves decision to not cut rates weighed

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Speaker 1: on trading. It was just the FED that held actually

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Speaker 1: wasn't rather than just the Fed that held tight on

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Speaker 1: rates last week. So too did the Bank of Canada,

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Speaker 1: the Bank of Japan, Bank of England, the Swish, the

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Speaker 1: Swish and Swedish, the Swiss and Swedish central banks. It's

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Speaker 1: just a long list shown.

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Speaker 2: Yeah, the ACB as well. Away from equities, Brent Coude

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Speaker 2: was trading around one hundred and twelve dollars of barrel

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Speaker 2: a short time ago. A little reprieve in site in

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Speaker 2: terms of that one coming down. It's training at its

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Speaker 2: highest level since twenty twenty two. We talked about the

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Speaker 2: straight off from US and the fact that it carries

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Speaker 2: about twenty percent of the world's oil. Do you know

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Speaker 2: what that means? That's about twenty million barrels of oil

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Speaker 2: a day. Get your head around that.

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Speaker 1: One twenty so twenty percent of the world's oil, which

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Speaker 1: is equal to twenty million barrels of oil a day.

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Speaker 1: And that's not getting through.

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Speaker 2: Wow, incredrible numbers. Yeah, bon nils in the US and

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Speaker 2: Europe are up. Then, in fact they're surging at the moment. Now,

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Speaker 2: bon niles are predictors of interest rates, so rising bon

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Speaker 2: yells it just means rates are likely to be higher

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Speaker 2: at some point. Ossie dollar training at just over seventy

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Speaker 2: US cents, gold is down to forty five hundred US

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Speaker 2: dollars an ounce.

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Speaker 1: Okay, big start to the show. It's a big start

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Speaker 1: to the week. Actually, Sean, it's going to be a

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Speaker 1: big week. Back in a moment with the rest of

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Speaker 1: the day's business news, Sean. The housing market is running

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Speaker 1: out of puff, it seems, with the lowest auction clearance

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Speaker 1: rate over the past week since the low levels of

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Speaker 1: twenty twenty five. The preliminary combined Capital's auction clearance rate

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Speaker 1: came in at sixty two point seven percent, and interestingly,

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Speaker 1: every Capital city actually recorded are declines, so this seems

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Speaker 1: to be happening everywhere. The result came as the number

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Speaker 1: of auctions actually ramped up, and it shows the impact

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Speaker 1: you would have to say, of higher interest rates and

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Speaker 1: what is quite a bit of economic uncertainty.

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Speaker 2: Yes, so there was close to three thousand auctions across

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Speaker 2: the country over the past week. There's four thousand and

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Speaker 2: this coming week a similar result. I think you could

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Speaker 2: call that almost a trend. You could almost say that

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Speaker 2: the market's in a bit of a funk because it

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Speaker 2: was down last week, this week next is kind of

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Speaker 2: the next seven days really big test for the market.

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Speaker 2: Welburn was among the best of the capital cities though

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Speaker 2: primary clear and straight of sixty four point two percent,

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Speaker 2: but that was the lowest result in almost a year

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Speaker 2: for that city. Sydney came in at just under sixty

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Speaker 2: one percent, the lowest since mid December last year. Adelaide

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Speaker 2: we always talked about, you know, eighty something for Adelaide.

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Speaker 2: It came in at sixty five percent, lowest since August.

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Speaker 2: Brisbane had a similar number. Certainly, the I was, you know,

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Speaker 2: when I was writing this story, I wasn't quite sure.

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Speaker 2: You don't want to overplay it because the trend is

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Speaker 2: your friend and you don't want to make too much

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Speaker 2: out of it if it's going to reverse. But given

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Speaker 2: we seem to have higher interest rates coming and this

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Speaker 2: incredible economic uncertainty, you just can't see these numbers picking

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Speaker 2: up quickly.

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Speaker 1: No, it's hard to see that turning around. Fraud across

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Speaker 1: the country surged last year. With first party fraud, which

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Speaker 1: basically means direct between a person and institution essentially, it

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Speaker 1: was up twenty five percent last year. The Equifax Fraud

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Speaker 1: Index Report twenty twenty five suggests rising financial pressure could

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Speaker 1: actually be a key reason why people are manipulating their

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Speaker 1: loan applications in order to secure credit. It's also interesting

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Speaker 1: to see that AI is being increasingly used to falsified documents,

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Speaker 1: because it just makes it look so like realistic.

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Speaker 2: Yeah, I mean, I suppose what we should point out

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Speaker 2: here this isn't fraud on an individual. It's actually the

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Speaker 2: individual committing fraud on a bank for example. The letters

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Speaker 2: aren't just letting it happen, and they actually reported one

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Speaker 2: and a half billion dollars worth of fraud last year.

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Speaker 2: So the size of the problem is clearly in the

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Speaker 2: several billions of dollars category. It comes as Ostrack called

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Speaker 2: in ten major lenders last week and asked them to

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Speaker 2: share loan data as part of an effort to assess

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Speaker 2: how widespread mortgage fraud is. There's also a near doubling

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Speaker 2: in money mule activity. Now I'd never heard this phrase.

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Speaker 2: Money mule activity basically criminals primarily low vulnerable people, shall

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Speaker 2: we say vulnerable individuals. Kind of like saying you can

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Speaker 2: make some easy money by doing something for a criminal

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Speaker 2: or a criminal organization. Quite sad that actually, and apparently

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Speaker 2: that's up sharply as well. For the first time in

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Speaker 2: three years. Frauds growing faster among credit products than non

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Speaker 2: credit products. So you scheduled in Telco when you tell

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Speaker 2: your applications that type stuff, Now we're seeing it in

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Speaker 2: credit products.

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Speaker 1: What do you make of this? Next one? Sean? The

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Speaker 1: firing of an IT worker who lost his motivation to work,

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Speaker 1: faked his time sheets while while working from home, and

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Speaker 1: logged into his laptop for as little as just ten

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Speaker 1: minutes a day. That firing has been upheld by the

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Speaker 1: Fair Work Commission. What outrageous, extraordinary. It's good to know

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Speaker 1: we've now set the low benchmark, got to work above

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Speaker 1: ten minutes? Right? The commission upheld Hanson Corporations firing of

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Speaker 1: its database manager for allegedly deceiving it into thinking that

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Speaker 1: he worked seven and a half hours a day, on

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Speaker 1: the grounds that such behavior amounted to serious misconduct destructive

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Speaker 1: of the employment relationship. The claim is part of a

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Speaker 1: series of unfair dismissial claims by employees who've been accused

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Speaker 1: of doing essentially little work while working from home, and

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Speaker 1: as employers and unions fight in the Commission over the

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Speaker 1: timesheet requirements for remote workers. This has come from the

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Speaker 1: Financial Review.

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Speaker 2: I suppose we shouldn't be surprised by this because there

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Speaker 2: must be a lot of people working from home who

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Speaker 2: aren't working quite as hard from home, although others probably

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Speaker 2: get a lot more done in the time.

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Speaker 1: Yeah.

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Speaker 2: The Commission heard that Hanson started to get suspicious about

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Speaker 2: the activity of its database manager, who worked a blend

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Speaker 2: of in office hours and work from home, when he

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Speaker 2: kept failing to attend online meetings. Everyone knows you got

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Speaker 2: to log on, then, you know, put yourself on mute,

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Speaker 2: take the picture off the screen, and then you can

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Speaker 2: opt out and have a little snooze.

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Speaker 1: But you've got to fierra.

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Speaker 2: Yeah, Rookie using systems that tracked logins browsing and keystrokes.

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Speaker 2: Hanson found that for four days the employee had been

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Speaker 2: claiming full work days despite only logging into company systems

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Speaker 2: for half a day or less. It then moved to

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Speaker 2: sack him without notice. Hanson produced records showing it on

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Speaker 2: one day the manager had claimed seven and a half

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Speaker 2: hours work when he logged into his work laptop at

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Speaker 2: seven forty six am and logged out at seven fifty

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Speaker 2: six am. On another day, he did.

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Speaker 1: Log afore before the day the day's work had even started.

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Speaker 1: He logged in, logged out, and just yeah, yeah, out

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Speaker 1: of here.

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Speaker 2: At least he did log in that day, because on

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Speaker 2: another day he didn't log in at all. Commissioner Trevor

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Speaker 2: Clark found the manager's explanation for the gaping chasm between

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Speaker 2: his ten minutes of activity in the system and seven

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Speaker 2: and a half hours of work I quote, wholly unconvincing.

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Speaker 2: No surprises there, Michael Nose surprises. What about that South

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Speaker 2: Australia result too, I mean, congratulations to Premier malan Alskus

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Speaker 2: Alscus saying the name wrong. Peter Malanouskis and the labor

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Speaker 2: government they're re elected. Looks like primary sort of labor

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Speaker 2: thirty nine percent. Hard, they shifted Green's good for them

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Speaker 2: up to eleven percent, Lives down to nineteen percent one nation.

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Speaker 2: I think it's the first time in a major election

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Speaker 2: beat the coalition party Lives. In this instance, they gained

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Speaker 2: twenty percent of the vote.

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Speaker 1: Yeah, extraordinary result and a warning really for other state elections,

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Speaker 1: federal by elections and everything.

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Speaker 2: That more of an election for the coalition than the government.

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Speaker 1: Oh yeah, yeah, yeah, No, it's this comes down to

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Speaker 1: the one nation coalition issue. Right, A great headline from

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Speaker 1: a commentary piece by Alexander Downer. Did you see that

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Speaker 1: over the weekend that the liberals have gotten? Of course? Yeah,

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Speaker 1: the liberals have forgotten patriotism. Now one nation owns it.

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Speaker 1: And I'm like, okay, that's that's quite clever and quite

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Speaker 1: effective and probably demonstrates where the Coalition the Liberals really

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Speaker 1: have a fair bit of work to do, one would suggest.

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Speaker 1: Turning to international news, now shown global gold production hit

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Speaker 1: a record three thousand, six hundred and seventy two tons

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Speaker 1: last year, up one percent from a year earlier, as

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Speaker 1: the industry is running out of easily accessible reserves. According

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Speaker 1: to the World Gold Council, it was the biggest output

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Speaker 1: year in more than a decade, and the Council said

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Speaker 1: output could increase again this year as two major minds

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Speaker 1: resume operations. Global gold reserves are estimated at a about

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Speaker 1: sixty thousand tons, but it is apparently actually getting harder

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Speaker 1: to access it, notwithstanding the fact that we are still

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Speaker 1: making improvements in technology. But it's just hard.

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Speaker 2: Well that many minds are old and a lot of

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Speaker 2: the easily gettable goals been mined. You also have rising costs,

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Speaker 2: clear bit of Jeb politics going on at the moment

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Speaker 2: that you're going to worry about environmental and social challenges.

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Speaker 2: Those environmental challenges much more difficult, make it much more

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Speaker 2: difficult now than previously, not necessarily for bad reason. They're

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Speaker 2: there for some perspective. The Gold Council estimates that about

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Speaker 2: you know, in all mankind, two hundred and fifteen thousand

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Speaker 2: tons has been mined mostly since nineteen fifty two hundred thousand,

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Speaker 2: two hundred fifteen thousand tons, So what we're talking about

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Speaker 2: is about sixty two fifteen must be twenty three percent

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Speaker 2: or thereabouts, So there's actually not that much left in

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Speaker 2: the ground. Interesting, I am nothing to do with a story.

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Speaker 2: What's SOE? I was doing this story, and I went

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Speaker 2: to gold dot org, which is World Gold Council website.

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Speaker 2: Like I saw the story somewhere else. I went to

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Speaker 2: gold dot Org. On the front is a picture of

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Speaker 2: Elton John and the phrase touched by Gold. Little did

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Speaker 2: I know I clicked on the link. It's a promo

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Speaker 2: for Gold, narrated and starring Elton John. He talks about

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Speaker 2: how much he loves gold, and he pulls out his

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Speaker 2: gold shoes and gold clothes. And I knew nothing about

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Speaker 2: it was released by September. It's always released in September

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Speaker 2: last year. This is the first time I've heard about it. Well,

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Speaker 2: how much he was paid. He would have been paid

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Speaker 2: a lot of money.

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Speaker 1: I reckon. Also wonder why Gold needed to advertise with

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Speaker 1: Elton John, considering the price of gold over the last

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Speaker 1: year has been surgery. It feels as though it probably

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Speaker 1: doesn't need to attract more people to it.

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Speaker 2: Yeah, it's not like kind of ades a branding issue here.

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Speaker 2: Does anyone know goldner?

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Speaker 1: What is it? I haven't heard of it. Let's get

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Speaker 1: Elton John in and tell people about it.

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Speaker 2: It's worth like this is about eight or nine songs

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Speaker 2: of his honor. It it's quite remarkable.

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Speaker 1: All right, oh god, check it out. Out of this

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Speaker 1: just quickly. Sure, we need to wrap things up. The

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Speaker 1: world's top airport has been named, with Singapore's Changy winning

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Speaker 1: the Skytracks World Airline Award for the second year running.

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Speaker 1: Best of the AUSSI Airports Melbourne.

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Speaker 2: Yeah, this is the big world airport you know, rankings

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Speaker 2: or whatever. It was dah second last year just before

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Speaker 2: the awards were announced, so they withdrew from the running

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Speaker 2: given what's happening in the Middle East, So Changy was

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Speaker 2: sort of always going to win at that point. The

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Speaker 2: main airport in Seoul came in at number two, followed

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Speaker 2: by Tokyo's two main airports and Hong Kong. Best of

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Speaker 2: the AUSSI airport's Melbourne twenty one, Brisbane forty, Sydney fifty two,

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Speaker 2: and per At fifty eight. The awards are based on

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Speaker 2: customer satisfaction surveys and cover five hundred and seventy five

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Speaker 2: airports worldwide. Others of interest Michael Charles de gall and

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Speaker 2: Paris six, Rome seven, Heathrow sixteen, best of the US

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Speaker 2: airport's with Houston twenty nine my least favorite airport ever.

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Speaker 2: New York's JFK came in at eighty five.

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Speaker 1: Forgot against JFK. Sean, it's always a miss takes forever

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Speaker 1: to get through, Okay, all right, So it's really just

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Speaker 1: a personal beef that you have with you with the airport.

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Speaker 1: You got held up in a TSA line. At some

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Speaker 1: point they flagged you for greater investigation. You've never forgiven them, Okay.

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Speaker 1: Up next is the Fear and Greed Q and A today.

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Speaker 1: Stephen cocoulis a resident economist the week ahead. Really the

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Speaker 1: headline this week is we get monthly inflation figures, which

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Speaker 1: is it's kind of an interesting thing to look at.

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Speaker 1: How much do you pay attention to what happened with

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Speaker 1: inflation in February when everything that's happened in the world

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Speaker 1: has taken place since then. So we're looking at that

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Speaker 1: today with Stephen Cocoli's coming up next in the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

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Speaker 1: dot com dot au, which is also where we signed

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Speaker 1: up for the free daily news. Later, Thank you, Sean,

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Speaker 1: Thanks Michael. It's Monday, the twenty third of March twenty

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Speaker 1: twenty six. Make sure you're following the podcast and please

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Speaker 1: join us online on LinkedIn, Instagram, ex TikTok or Facebook.

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Speaker 1: I'm Michael Thompson. That was fear and greed. Have a

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Speaker 1: great day.