1 00:00:04,760 --> 00:00:07,640 Speaker 1: It's Monday, the second of June twenty twenty five. Welcome 2 00:00:07,680 --> 00:00:10,040 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:10,039 --> 00:00:11,959 Speaker 1: where we give you the top five business stories you 4 00:00:12,039 --> 00:00:14,440 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,480 --> 00:00:15,880 Speaker 1: and good morning Sean Aylmer. 6 00:00:16,000 --> 00:00:19,240 Speaker 2: Good morning, Michael, Sean. Five stories, five minutes. Let's go 7 00:00:19,360 --> 00:00:22,000 Speaker 2: story number one. The chance of more rate cuts in 8 00:00:22,079 --> 00:00:25,680 Speaker 2: coming months is growing with the retail, construction, and business 9 00:00:25,720 --> 00:00:29,360 Speaker 2: investment sectors showing few signs of strength. That is likely 10 00:00:29,400 --> 00:00:31,480 Speaker 2: to be confirmed this week with the release of March 11 00:00:31,560 --> 00:00:33,040 Speaker 2: quarter economic growth figures. 12 00:00:33,200 --> 00:00:34,920 Speaker 3: Over the past week, we've had a run of figures 13 00:00:34,960 --> 00:00:37,800 Speaker 3: that suggests the economy is grinding slower, and economists now 14 00:00:37,840 --> 00:00:40,120 Speaker 3: forecasting an annualized growth rate for the beginning of the 15 00:00:40,200 --> 00:00:42,280 Speaker 3: year of not much above one and a half percent. 16 00:00:42,520 --> 00:00:46,519 Speaker 3: Retail sales in April disappointed, with the Bureau saying that 17 00:00:46,680 --> 00:00:49,480 Speaker 3: spending fell zero point one percent in that month, even 18 00:00:49,520 --> 00:00:52,200 Speaker 3: after consumers had received the benefits of the February rate cut. 19 00:00:52,360 --> 00:00:55,000 Speaker 3: Funny month, April we had Eastern Anzac Normally that's when 20 00:00:55,000 --> 00:00:58,240 Speaker 3: people spend up, they travel, et cetera. Didn't happen. Spending 21 00:00:58,280 --> 00:01:01,560 Speaker 3: per person when adjusted for inflation, is now stagnant. The 22 00:01:01,720 --> 00:01:05,120 Speaker 3: one strong state was Queensland in the aftermath of Cyclone Alfred. 23 00:01:05,280 --> 00:01:09,280 Speaker 3: In the construction sector, building approvals fell six percent of 24 00:01:09,360 --> 00:01:11,960 Speaker 3: the month, much worse than expected. Takes things back to 25 00:01:12,000 --> 00:01:14,520 Speaker 3: where we were in August last year. Now, the government's 26 00:01:14,520 --> 00:01:17,240 Speaker 3: two hundred and forty thousand homes peranum at the moment 27 00:01:17,280 --> 00:01:20,160 Speaker 3: approvals of running aout one hundred and eighty seven thousand 28 00:01:20,400 --> 00:01:23,960 Speaker 3: homes per annum. We had poor business investment last week 29 00:01:23,959 --> 00:01:26,840 Speaker 3: as well, so I had retail building, business investment all 30 00:01:26,840 --> 00:01:27,360 Speaker 3: in a funk. 31 00:01:27,720 --> 00:01:29,840 Speaker 1: So what does it all mean, particularly for interest rates, 32 00:01:29,880 --> 00:01:32,679 Speaker 1: because it sounds like the economy isn't in great shape exactly. 33 00:01:32,720 --> 00:01:34,640 Speaker 3: We now the Reserve Bank's paying more attention to the 34 00:01:34,640 --> 00:01:37,680 Speaker 3: slowdown in growth and is less worried about inflation. The 35 00:01:37,760 --> 00:01:40,040 Speaker 3: run of data suggests that's a very sensible approach to 36 00:01:40,040 --> 00:01:43,240 Speaker 3: the economic growth figures. If they disappoint, will put more 37 00:01:43,280 --> 00:01:46,280 Speaker 3: pressure on the Reserve Bank to cut interest rates in 38 00:01:46,319 --> 00:01:47,559 Speaker 3: early next month. 39 00:01:48,000 --> 00:01:50,400 Speaker 1: Okay, moving on to sorry number two now. Trade Minister 40 00:01:50,480 --> 00:01:53,640 Speaker 1: Don Farrell yesterday hit out at Donald Trump's decision to 41 00:01:53,720 --> 00:01:57,480 Speaker 1: double tariffs on Australian steel and aluminium, calling it an 42 00:01:57,600 --> 00:01:58,560 Speaker 1: unfriendly act. 43 00:01:58,720 --> 00:02:00,919 Speaker 3: Over the weekend, Donald Trump and our plans to increase 44 00:02:00,960 --> 00:02:03,400 Speaker 3: tariffs on imports of steel from twenty five to fifty 45 00:02:03,440 --> 00:02:06,240 Speaker 3: percent to further secure the steel industry in the United 46 00:02:06,240 --> 00:02:09,239 Speaker 3: States his words. That's despite a court ruling last week 47 00:02:09,240 --> 00:02:12,519 Speaker 3: that tried to stop the unilateral application of tariff's. Australian 48 00:02:12,520 --> 00:02:15,320 Speaker 3: producers exported just over four hundred million dollars worth of 49 00:02:15,360 --> 00:02:17,240 Speaker 3: iron and steal in the US about the same amount 50 00:02:17,280 --> 00:02:20,919 Speaker 3: of aluminum. Prime Minister Anthony Albernesi is now under pressure 51 00:02:20,919 --> 00:02:23,320 Speaker 3: to take up the issue with the US President. He's 52 00:02:23,400 --> 00:02:26,400 Speaker 3: due to meet Trump next month. Actually, Alberanze wasn't real 53 00:02:26,440 --> 00:02:29,600 Speaker 3: happy yesterday. He pushed back on US Defense Secretary Peter 54 00:02:29,760 --> 00:02:32,960 Speaker 3: Hegsit's calls for Australia to ramp up its defense spending 55 00:02:33,280 --> 00:02:37,640 Speaker 3: to counter China's growing servedness in the region. Alberesi said 56 00:02:37,760 --> 00:02:40,880 Speaker 3: that the government will determine Australia's defense policy and also 57 00:02:40,919 --> 00:02:42,720 Speaker 3: invest in relationships in the region. 58 00:02:43,160 --> 00:02:45,440 Speaker 1: Story number three. It is, of course Monday, which means 59 00:02:45,480 --> 00:02:48,200 Speaker 1: we get to talk property. Shawn a big weekend for auctions, 60 00:02:48,240 --> 00:02:51,160 Speaker 1: with almost three thousand homes across the capital cities going 61 00:02:51,200 --> 00:02:54,359 Speaker 1: under the hammer, though prices aren't exactly surging now. So 62 00:02:54,480 --> 00:02:57,200 Speaker 1: Melbourne was pretty good seventy two percent, Sydney seventy percent, 63 00:02:57,360 --> 00:03:00,880 Speaker 1: a lot of homes going to market, Bridgebe was good. 64 00:03:01,000 --> 00:03:04,040 Speaker 1: Adelaide was actually fifty five percent preliminary clear and straight 65 00:03:04,320 --> 00:03:08,160 Speaker 1: lowest since November twenty twenty. What's even more interesting. 66 00:03:07,880 --> 00:03:11,360 Speaker 3: For May cotalities, national home value windex roys zero point 67 00:03:11,360 --> 00:03:14,520 Speaker 3: five percent over the first five months of the year 68 00:03:14,639 --> 00:03:18,000 Speaker 3: January through May. Prices are up just one point seven percent. 69 00:03:18,320 --> 00:03:21,000 Speaker 3: It's not exactly a booming market now. In May, the 70 00:03:21,000 --> 00:03:23,840 Speaker 3: games were broad based. Every capital city posted a rise, 71 00:03:24,280 --> 00:03:27,119 Speaker 3: and over the last twelve months only Melbourne and Canberra 72 00:03:27,360 --> 00:03:30,760 Speaker 3: have gone backwards. The other interesting thing to note those 73 00:03:30,800 --> 00:03:33,840 Speaker 3: cities that were doing really well Perth, Adelaide, Brisbane, so 74 00:03:33,960 --> 00:03:36,440 Speaker 3: their growth rates have come right back to the pack 75 00:03:36,760 --> 00:03:40,680 Speaker 3: and much closer to where city in Melbourne, canber Hobart 76 00:03:40,720 --> 00:03:42,000 Speaker 3: are operating at the moment. 77 00:03:42,520 --> 00:03:46,720 Speaker 1: Story number four. The Financial Reviews annual Rich List is 78 00:03:46,760 --> 00:03:49,000 Speaker 1: out and while some of the wealthiest people in the 79 00:03:49,000 --> 00:03:51,560 Speaker 1: country have gone backwards, the total value of the two 80 00:03:51,680 --> 00:03:55,320 Speaker 1: hundred largest fortunes has actually jumped seven percent to a 81 00:03:55,360 --> 00:03:58,200 Speaker 1: staggering six hundred and sixty eight billion dollars and once 82 00:03:58,200 --> 00:03:59,960 Speaker 1: again Gina Reinhardt tops. 83 00:03:59,760 --> 00:04:03,160 Speaker 3: The six years in her own Gena has topped the list. 84 00:04:03,440 --> 00:04:05,920 Speaker 3: She's an iron or magnet. Of course, it's to manage 85 00:04:05,920 --> 00:04:07,560 Speaker 3: to be worth about thirty eight billion dollars, which is 86 00:04:07,600 --> 00:04:10,080 Speaker 3: actually lower than twelve months ago thanks to weaker iron 87 00:04:10,080 --> 00:04:13,600 Speaker 3: ore prices. Other iron ore magnets to go backwards. Andrew 88 00:04:13,640 --> 00:04:17,839 Speaker 3: and Nikola Forrest and Glencourt chief executive Ivan Glassenberg. Biggest 89 00:04:17,920 --> 00:04:21,000 Speaker 3: drop among the uber rich mineral resources Chris Ellison. He's 90 00:04:21,000 --> 00:04:23,480 Speaker 3: had a tough year. His fortune fell fifty nine percent, 91 00:04:23,920 --> 00:04:25,960 Speaker 3: very much on the back of mineral resources share price. 92 00:04:26,279 --> 00:04:29,839 Speaker 3: In order the richest Australian Geena eroin Hart, Property Guru, 93 00:04:30,200 --> 00:04:34,040 Speaker 3: Harry Trigabov, Anthony Pratt and family, the Visy cardboard boxes, 94 00:04:34,240 --> 00:04:37,599 Speaker 3: Scott Farquhar of Atlasian Clive Palmer. We all know him. 95 00:04:37,839 --> 00:04:40,320 Speaker 3: Mining is the number one industry for the riches, followed 96 00:04:40,320 --> 00:04:41,880 Speaker 3: by property storry. 97 00:04:41,760 --> 00:04:44,360 Speaker 1: Number five someone else who's building a fortune of his own. 98 00:04:44,480 --> 00:04:48,839 Speaker 1: Ryanair boss Michael O'Leary has qualified for share options worth 99 00:04:49,000 --> 00:04:52,160 Speaker 1: more than one hundred million euros, which is about two 100 00:04:52,240 --> 00:04:55,479 Speaker 1: hundred million Ossie dollars after the airline shares hit a 101 00:04:55,560 --> 00:04:58,599 Speaker 1: key performance target, paving the way for one of the 102 00:04:58,680 --> 00:05:01,479 Speaker 1: biggest payouts in NEU European corporate history. 103 00:05:01,640 --> 00:05:04,560 Speaker 3: Basically, Ryanair's share price had to go twenty eight days 104 00:05:04,600 --> 00:05:08,000 Speaker 3: above a certain level. It's done that. Now the sixty 105 00:05:08,040 --> 00:05:10,240 Speaker 3: four year old has to stay at Ryan Air until 106 00:05:10,279 --> 00:05:13,520 Speaker 3: the end of until July twenty twenty eight to collect 107 00:05:13,640 --> 00:05:17,119 Speaker 3: those options, presuming he does one hundred and eleven million 108 00:05:17,120 --> 00:05:20,039 Speaker 3: eure as. What's that about two hundred and forty million ossie. 109 00:05:20,360 --> 00:05:23,640 Speaker 3: It's an incentive scheme agreed in twenty nineteen. Alear is, 110 00:05:23,720 --> 00:05:26,400 Speaker 3: let's say, pugnacious when asked about it, In fact, he 111 00:05:26,480 --> 00:05:28,720 Speaker 3: was criticized about it. He said, I think we're delivering 112 00:05:28,760 --> 00:05:31,280 Speaker 3: exceptional value for Ryan Air shareholders in an era where 113 00:05:31,320 --> 00:05:34,080 Speaker 3: Premiership football's or the managers are getting paid twenty to 114 00:05:34,120 --> 00:05:36,520 Speaker 3: twenty five million dollars a year. Don't know how that 115 00:05:36,560 --> 00:05:39,360 Speaker 3: works out, how that is even relevant anyway. 116 00:05:39,040 --> 00:05:41,480 Speaker 1: No, don't quite follow the logic, but there you go. 117 00:05:42,200 --> 00:05:44,960 Speaker 1: The top five business stories in five minutes. Thank you Sean, 118 00:05:45,040 --> 00:05:47,679 Speaker 1: Thank you Michael. It's Monday, the second of June twenty 119 00:05:47,720 --> 00:05:49,960 Speaker 1: twenty five. Remember to hit follow on the podcast, and 120 00:05:50,000 --> 00:05:51,760 Speaker 1: if five minutes isn't enough, you're going to find our 121 00:05:51,839 --> 00:05:54,880 Speaker 1: longer daily show called Fear and Greed whereever you listen 122 00:05:54,880 --> 00:05:57,279 Speaker 1: to podcasts. I'm Michael Thompson and that was the Fast 123 00:05:57,279 --> 00:06:02,520 Speaker 1: five Business News by Fear and Greed. Have a great day.