1 00:00:03,840 --> 00:00:07,240 Speaker 1: It's Friday, the eighteenth of October twenty twenty four. Welcome 2 00:00:07,280 --> 00:00:09,720 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,720 --> 00:00:11,440 Speaker 1: Will we give you the top five business stories you 4 00:00:11,480 --> 00:00:13,840 Speaker 1: need to know in just five minutes. A'm Michael Thompson 5 00:00:13,880 --> 00:00:15,200 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,560 --> 00:00:17,640 Speaker 2: Good morning Michael, Sean. 7 00:00:17,960 --> 00:00:20,160 Speaker 1: Five stories to get through in five minutes. Let's get 8 00:00:20,160 --> 00:00:23,120 Speaker 1: cracking story number one. Any hopes of an interest rate 9 00:00:23,200 --> 00:00:26,439 Speaker 1: cut this side of Christmas have been dashed by very 10 00:00:26,480 --> 00:00:29,720 Speaker 1: strong labor force figures, with more than sixty four thousand 11 00:00:29,800 --> 00:00:31,240 Speaker 1: jobs created last month. 12 00:00:32,240 --> 00:00:36,640 Speaker 2: Unambiguously strong figures from the ABS yesterday sixty one hundred 13 00:00:36,640 --> 00:00:39,800 Speaker 2: new jobs. That means six months of strong jobs growth. 14 00:00:39,840 --> 00:00:42,680 Speaker 2: The unemployment rate actually fell in September to four point 15 00:00:42,680 --> 00:00:45,680 Speaker 2: one percent. The number of people underemployed as in people 16 00:00:45,680 --> 00:00:48,000 Speaker 2: who want more work that fell as well, and the 17 00:00:48,040 --> 00:00:51,160 Speaker 2: participation rate hit a record high of sixty seven point 18 00:00:51,159 --> 00:00:54,720 Speaker 2: two percent. Large numbers of people are still entering the workforce, 19 00:00:54,840 --> 00:00:57,720 Speaker 2: but they're finding jobs. Job vacancies are still above pre 20 00:00:57,800 --> 00:01:00,640 Speaker 2: pandemic levels. The bulk of the jobs are in the 21 00:01:00,640 --> 00:01:04,000 Speaker 2: non market sector, government funded areas like education, health, and 22 00:01:04,000 --> 00:01:04,800 Speaker 2: the public sector. 23 00:01:05,160 --> 00:01:08,640 Speaker 1: These are spectacular numbers, sean are they're too good to 24 00:01:08,680 --> 00:01:09,320 Speaker 1: be true. 25 00:01:10,080 --> 00:01:13,640 Speaker 2: It seems that way. Leading indicators, job advertisements, job hirings, 26 00:01:13,720 --> 00:01:16,039 Speaker 2: hiring plan surveys, they all point to a bit of 27 00:01:16,040 --> 00:01:19,440 Speaker 2: a slow down, but still the jobs market is strong. 28 00:01:20,720 --> 00:01:23,679 Speaker 2: If people have a job, they keep shopping, they keep 29 00:01:23,720 --> 00:01:27,479 Speaker 2: spending more. That puts pressure on prices. It also puts 30 00:01:27,480 --> 00:01:30,400 Speaker 2: pressure on wages, and it's harder to get inflation under 31 00:01:30,400 --> 00:01:32,520 Speaker 2: control if that's the case. Now, the winner out of 32 00:01:32,600 --> 00:01:35,160 Speaker 2: yesterday's data is the Reserve Bank, which has four months 33 00:01:35,280 --> 00:01:38,000 Speaker 2: said there'll be no rate cut this year. While inflation 34 00:01:38,120 --> 00:01:39,920 Speaker 2: has come down, it's still at three point eight percent, 35 00:01:39,959 --> 00:01:43,080 Speaker 2: still too high, only dropping very slowly. Yesterday's data pretty 36 00:01:43,120 --> 00:01:45,560 Speaker 2: much confirms no rate cut anytime soon. 37 00:01:46,240 --> 00:01:48,320 Speaker 1: All right, moving on to story number two. Now, Star 38 00:01:48,520 --> 00:01:51,960 Speaker 1: Entertainment will be able to continue operating its casinos, but 39 00:01:52,080 --> 00:01:54,440 Speaker 1: will have to pay a fifteen million dollar fine for 40 00:01:54,480 --> 00:01:58,280 Speaker 1: breaches of compliance, as well as report regularly as to 41 00:01:58,320 --> 00:01:59,600 Speaker 1: its financial progress. 42 00:02:00,040 --> 00:02:02,640 Speaker 2: Pretty good outcome after the second inquiry by Adam Bell 43 00:02:02,840 --> 00:02:06,279 Speaker 2: sc found Star not fit to hold a gaming license again. 44 00:02:06,680 --> 00:02:09,040 Speaker 2: At least the door stay open. New South Wales's Independent 45 00:02:09,040 --> 00:02:13,280 Speaker 2: Casino Commissioned Chair Philip Crawford was hopeful and optimistic that 46 00:02:13,360 --> 00:02:15,880 Speaker 2: the company can get back on track. He basically highlighted 47 00:02:15,880 --> 00:02:19,880 Speaker 2: the economic implications of the Star in Sydney closing. Now 48 00:02:19,919 --> 00:02:21,600 Speaker 2: it's got nine months to pay the fine, there'll be 49 00:02:21,639 --> 00:02:25,240 Speaker 2: a government appointed manager. Still, the licensed suspension remains until 50 00:02:25,240 --> 00:02:28,280 Speaker 2: early twenty twenty five. Essentially, what they're doing is backing 51 00:02:28,480 --> 00:02:31,519 Speaker 2: the new boss at Star, guy called Steve McCann, you 52 00:02:31,600 --> 00:02:34,360 Speaker 2: speak Crown Resorts and land Lay's. They're backing him to 53 00:02:34,360 --> 00:02:38,640 Speaker 2: bring it in and get the governance right, get the 54 00:02:38,639 --> 00:02:42,239 Speaker 2: gaming rooms right, just improve the whole setup. Certainly, investors 55 00:02:42,320 --> 00:02:45,119 Speaker 2: like the news yesterday it's share price. Star Entertainment's share 56 00:02:45,120 --> 00:02:46,359 Speaker 2: price jumped to sixteen percent. 57 00:02:46,880 --> 00:02:50,200 Speaker 1: Story number three. New research from the Reserve Bank says 58 00:02:50,320 --> 00:02:53,360 Speaker 1: landlords are not greedy after all, at least when it 59 00:02:53,480 --> 00:02:55,600 Speaker 1: comes to passing on higher interest rate costs. 60 00:02:57,120 --> 00:03:00,640 Speaker 2: So research that from the Reserve banka yesterday it kind 61 00:03:00,639 --> 00:03:02,640 Speaker 2: of runs against the grain somewhat. It says that property 62 00:03:02,639 --> 00:03:05,519 Speaker 2: investors bear the brunt of higher rates, but they don't 63 00:03:05,520 --> 00:03:07,560 Speaker 2: actually pass it on to tenants. So for every dollar 64 00:03:07,600 --> 00:03:12,359 Speaker 2: increase in home loan interestry payments, investors raised rents by 65 00:03:12,560 --> 00:03:16,880 Speaker 2: just one cent if you think about that in today's context. 66 00:03:16,880 --> 00:03:19,840 Speaker 2: So interest rates rose between April twenty twenty two and 67 00:03:20,040 --> 00:03:23,960 Speaker 2: January this year, the median the middle monthly interest payment 68 00:03:24,760 --> 00:03:28,240 Speaker 2: for a home investor jumped by eight hundred and fifty dollars. 69 00:03:29,000 --> 00:03:33,720 Speaker 2: That would mean rates rents would rise per month by 70 00:03:33,760 --> 00:03:37,120 Speaker 2: about ten dollars according to Reserve Bank. Now lots of 71 00:03:37,160 --> 00:03:41,160 Speaker 2: other factors, lack of supply, migration, but still to put 72 00:03:41,200 --> 00:03:43,600 Speaker 2: that eight hundred and fifty dollars and say that the 73 00:03:43,680 --> 00:03:46,400 Speaker 2: landlord's only passing on ten dollars of that on the 74 00:03:46,400 --> 00:03:48,560 Speaker 2: back of the interest rate rises, I'm not sure that 75 00:03:48,600 --> 00:03:49,480 Speaker 2: passes a pub test. 76 00:03:49,520 --> 00:03:51,720 Speaker 1: Michael, Yeah, I think you might be right there. Sean 77 00:03:52,120 --> 00:03:53,920 Speaker 1: story number four, there's a bit going on in the 78 00:03:53,920 --> 00:03:58,280 Speaker 1: world of canned tomatoes. Would you believe the Anti Dumping 79 00:03:58,280 --> 00:04:03,280 Speaker 1: Commission is investigating whether hand tomatoes exported from Italy and 80 00:04:03,360 --> 00:04:06,720 Speaker 1: sold as coals and woolies home brand products are being 81 00:04:06,800 --> 00:04:10,600 Speaker 1: dumped at cheaper prices to damage local growers. 82 00:04:11,760 --> 00:04:14,960 Speaker 2: So evidence price of a four hundred gam tin of 83 00:04:15,000 --> 00:04:17,479 Speaker 2: home brand Italian dice tomato at woolies or coals a 84 00:04:17,520 --> 00:04:21,880 Speaker 2: dollar ten spc's product, the local fruit processor its product 85 00:04:22,120 --> 00:04:25,280 Speaker 2: two dollars ten SPC complained to the Anti Dumping Commission. 86 00:04:25,440 --> 00:04:27,720 Speaker 2: It launched an inquiry yesterday. A bit of history in 87 00:04:27,800 --> 00:04:31,200 Speaker 2: tin tomatoes Michael, twenty sixteen. The Commission found dumping had 88 00:04:31,279 --> 00:04:34,000 Speaker 2: occurred in Australia that triggered import duties on some companies. 89 00:04:34,240 --> 00:04:37,520 Speaker 2: That could occur again if the Commission finds that there 90 00:04:37,640 --> 00:04:40,280 Speaker 2: is dumping going on, you wouldn't think that you could 91 00:04:40,360 --> 00:04:42,760 Speaker 2: dump from the EU. But there's an agricultural subsidies there 92 00:04:42,800 --> 00:04:45,559 Speaker 2: a lot of low wages for migrant workers as well. 93 00:04:45,640 --> 00:04:46,880 Speaker 2: That's kind of the background to it. 94 00:04:47,360 --> 00:04:51,400 Speaker 1: Last one story number five, Uber Sean is considering making 95 00:04:51,400 --> 00:04:54,599 Speaker 1: a bid for global travel booking site Expedia, as the 96 00:04:54,680 --> 00:04:57,760 Speaker 1: ride sharing group looks to diversify its income streams. 97 00:04:58,520 --> 00:05:02,440 Speaker 2: So apparently Uber are coached Expedia. There's still some way 98 00:05:02,440 --> 00:05:04,240 Speaker 2: from a deal. The boss of Uber used to be 99 00:05:04,240 --> 00:05:08,320 Speaker 2: the boss of Expedia, and he's still on the board. Actually, 100 00:05:08,600 --> 00:05:10,880 Speaker 2: Uber's worth about one hundred and eighty seven billion US dollars. 101 00:05:10,920 --> 00:05:13,560 Speaker 2: Expedi he's about twenty billion dollars Zuber's strategy has been 102 00:05:13,680 --> 00:05:16,120 Speaker 2: very much to expand from ride sharing into train and 103 00:05:16,200 --> 00:05:21,040 Speaker 2: flight bookings, food delivery, corporate logistics, advertising stuff like that. 104 00:05:21,320 --> 00:05:24,000 Speaker 2: Basically wants to become a super app app, a bit 105 00:05:24,080 --> 00:05:27,080 Speaker 2: like we Chat in China, and this would be part 106 00:05:27,120 --> 00:05:28,719 Speaker 2: of that. There were still some way from a deal. 107 00:05:28,960 --> 00:05:30,880 Speaker 1: All right, there we go, the top five business stories 108 00:05:30,880 --> 00:05:31,520 Speaker 1: in five minutes. 109 00:05:31,560 --> 00:05:33,320 Speaker 2: Thank you Sean, Thank you Michael. 110 00:05:33,600 --> 00:05:36,919 Speaker 1: It's Friday, the eighteenth of October twenty twenty four. Remember 111 00:05:36,920 --> 00:05:39,440 Speaker 1: to hit follow on the podcast and five minutes isn't enough. 112 00:05:39,400 --> 00:05:41,640 Speaker 1: You can find our longer daily show called Fear and 113 00:05:41,680 --> 00:05:44,960 Speaker 1: Greed wherever you listen to podcasts. Michael Thompson And that 114 00:05:45,080 --> 00:05:47,040 Speaker 1: was the fast five business news by Fear and Greed. 115 00:05:47,440 --> 00:05:50,560 Speaker 1: Have a great day.