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Speaker 1: The Australian share market pushes beyond eight thousand points for

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Speaker 1: the first time, Australian banks are forced to refund vulnerable customers,

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Speaker 1: and US President Joe Biden calls for a cooling of

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Speaker 1: the political temperature as Donald Trump heads to the Republican

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Speaker 1: Party convention. Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It's Tuesday, the

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Speaker 1: sixteenth of July twenty twenty four. I'm Julian King, filling

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Speaker 1: in for Michael Thompson this week, and good morning, Sewan Almer.

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Speaker 2: Good morning, Julian. Day two.

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Speaker 1: You enjoying it, Shawn's second day in enjoying it immensely.

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Speaker 1: But I'll tell you when Michael returns, he can have

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Speaker 1: his morning's back.

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Speaker 2: Yeah, the early mornings that I'll get you.

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Speaker 1: Okay, to the main story this morning sewn. The Australian

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Speaker 1: share market has pushed through eight thousand points for the

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Speaker 1: first time, spurred on by Gains and Wall Street on

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Speaker 1: the back of hopes that interest rates will start falling

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Speaker 1: in coming months.

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Speaker 2: It's taken three years to go from seven thousand points

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Speaker 2: to eight thousand points, though in October last year the

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Speaker 2: boss was as low as sixty eight hundred points. Since then,

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Speaker 2: it's up more than eighteen percent. The fast rise over

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Speaker 2: the past seven or eight months, but really over the

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Speaker 2: past three years has mostly been fueled by low interest

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Speaker 2: rates post COVID no more recent times. I suppose the

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Speaker 2: run reflects more about interstrate expectations rather than actual falling

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Speaker 2: interest rates. So they haven't fallen yet, but people think

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Speaker 2: they will, and that that's certainly put a spark under

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Speaker 2: the equity market. The sector powering the moves more than

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Speaker 2: any other, at least locally, is definitely the financials, and

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Speaker 2: particularly the big four banks. Commonwealth Banks had a record

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Speaker 2: high National Australia Bank was last at these levels back

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Speaker 2: in two thousand and seven, and Z's around a seven

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Speaker 2: year high, Westpas at a five year high. Industrial property

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Speaker 2: giant Goodman has been a standout over the past three years,

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Speaker 2: particularly since the beginning of last year. The tech stocks

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Speaker 2: also did well over the past three years, but they're

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Speaker 2: actually only three percent of the ASEX two hundred, so

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Speaker 2: they move, it doesn't actually push the market that much.

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Speaker 2: Unlike the Banks Materials index, which includes the big miners, well,

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Speaker 2: they've detracted from the index over the last year. Generally,

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Speaker 2: the large caps and the megacaps have done much better

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Speaker 2: than the smaller caps, not just over the last year,

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Speaker 2: but over the past three years. Anyway, yesterday, finally we

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Speaker 2: pushed past that eight thousand point barrier.

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Speaker 1: Okay, so the boss is pushed past eight thousand points.

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Speaker 1: So what next? Does it keep rising?

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Speaker 2: Ah Julian, That's a question well beyond me. The optimist,

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Speaker 2: like Bea Shar's chief economist, David Bassanisi, says the local

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Speaker 2: market is relatively cheap and unloved and may benefit if

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Speaker 2: investors start shifting out of US large cap tech doocs

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Speaker 2: AMP head of investment strategy, Shane Oliver forecasts the ASX

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Speaker 2: two hundred will reach eighty one hundred points by year end,

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Speaker 2: dragged along by rising share markets overseas. Mind you, he

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Speaker 2: didn't think it to be this high this quickly, so

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Speaker 2: he has upped his forecast. Now. The upcoming earning season,

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Speaker 2: which kicks off in a little over a fortnite, could

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Speaker 2: will make or break many of the companies on the market.

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Speaker 2: There's plenty of risks around not least an overvalued US

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Speaker 2: share market. If Wall Street tumbles, so to will the

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Speaker 2: local market. There's also plenty of geopolitical risk from Europe

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Speaker 2: to the Middle East, Asia, in the US, as well

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Speaker 2: as fears of a recession. So the short answer, Julian

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Speaker 2: is I don't know whether it'll go up or down,

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Speaker 2: but certainly if you are going to invest, we always

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Speaker 2: recommend speaking to a financial advisor.

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Speaker 1: Okay, So that's what's happened over the past three years.

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Speaker 1: What were the stocks yesterday, Sean that pushed the boss

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Speaker 1: over that eight thousand point mark.

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Speaker 2: So during yesterday's session, the market, as I said, was

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Speaker 2: up zero point seven percent. It closed at eight zero

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Speaker 2: one seven point six points, eight hundred and seventeen point

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Speaker 2: six points. It's all time high reached yesterday morning. It

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Speaker 2: was eight zero three seven point three points, eight thirty

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Speaker 2: seven point three points. Now yesterday it was interest rate

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Speaker 2: sensitive technology stocks that did best. Wisteak, Global Ria in

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Speaker 2: zero all jumped higher. Iron ore prices helped push up

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Speaker 2: the big miners, including BHP and four to squ medals,

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Speaker 2: Where's Farmers, Woodside, Energy, Aristocrat, Leisure, QB, Cocklear They also

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Speaker 2: did pretty well. Plenty of corporate news around lifestyle communities.

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Speaker 2: Shares fell eighteen percent following a news report from the

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Speaker 2: ABC that featured residents accusing the company of immoral and

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Speaker 2: unethical conduct. Ozsi Broadbands shares slumped fourteen percent after it

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Speaker 2: lowered its earnings guidance for this financial yem. The telco

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Speaker 2: said it will aggressively pursue customers at its large arrivals,

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Speaker 2: including Telsternoptus, with a new brand it's called Buddy Telco

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Speaker 2: apparently that offers well. Ozsi Broadband reckons it will offer

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Speaker 2: significantly cheap at broadband services, though investors aren't say sure,

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Speaker 2: hence the sell off yesterday and Start Entertainment share price

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Speaker 2: drop two percent after it said it's going to have

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Speaker 2: to shut down its electronic gaming machines and table games

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Speaker 2: this weekend because of some type of systems problem. Not

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Speaker 2: quite clear how long those games will be offline.

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Speaker 1: Okay, what's happening in international markets?

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Speaker 2: Well, global markets reacted as anticipated following the Donald Trump shooting,

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Speaker 2: with bitcoin rising, the US dollar edging higher, and bond

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Speaker 2: neils rising. Now the reason bond yils go up if

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Speaker 2: Trump wins the presidency. People expect interest rates will stay

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Speaker 2: higher for longer, and that's what bond nils are reflecting

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Speaker 2: expectations on interest rates. Energy stocks are also expected to

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Speaker 2: do better thanks to Donald Trump's apparent dislike of renewables. Now,

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Speaker 2: of course, all of this is based on the idea

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Speaker 2: that what happened on the weekend will help mister Trump's

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Speaker 2: efforts to gain the White House. The unknown in all

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Speaker 2: this is what the reaction to the weekend will trigger

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Speaker 2: inside the US. If it leads to more violence, then

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Speaker 2: traditional safe haven assets like gold bonds, the US dollars

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Speaker 2: should benefit away from that. In commodity markets, oil prices

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Speaker 2: are flat, goals pushed above twenty four hundred US dollars

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Speaker 2: announce and iron ore is holding around one hundred and

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Speaker 2: ten US dollars a ton. Bitcoin's trading around sixty three

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Speaker 2: thousand US dollars a unit, while the Aussie dollar is

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Speaker 2: buying sixty seven point seven US sins.

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Speaker 1: And immediately after the show stayed listening for your chat

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Speaker 1: Shawn with Ed John from the Australian Council of Superannuation Investors,

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Speaker 1: where you touch upon the rather sexy issue of CEO pay.

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Speaker 2: We love CEO pay AXI. Australian councilor Superannuation Investors every

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Speaker 2: year put together what they called Realize Pay. So it's

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Speaker 2: actually the money people get each year. Now, the head

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Speaker 2: of RESMD, a guy called Mick Farrell. He comes in

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Speaker 2: at the top, almost fifty million dollars. Rob Thompson from

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Speaker 2: News Corps number two, and so the list goes on.

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Speaker 2: We talk to him about how much they make, the

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Speaker 2: fact that so much more of it. I mean, the

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Speaker 2: actual sort of underlying wages haven't really risen, but bonuses

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Speaker 2: have risen. And even you know, no matter how your

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Speaker 2: company performs, you still seem to be getting a bonus.

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Speaker 2: So we talked to Ed about all of that kind

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Speaker 2: of voyeuristic don't you reckon, Julian, those sorts of stories.

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Speaker 1: Very much so, especially if you're a shareholder and your

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Speaker 1: company's not doing particularly well.

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Speaker 2: Yeah, we mentioned that too.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news and to the big story in

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Speaker 1: world news. Shawn Prime Minister out in the Albanesi said

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Speaker 1: the attempted assassination of Donald Trump was a shock to

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Speaker 1: the system and said it was a reminder that peaceful

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Speaker 1: democratic processes in Australia can't be taken for granted.

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Speaker 2: Mister Alberinezi said it's a great thing that in Australia,

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Speaker 2: by and large, politicians including the Prime Minister, can wander

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Speaker 2: about events and can walk around safely. That's a good

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Speaker 2: thing and it's important that democracy be cherished, he said.

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Speaker 2: Australia's former ambassador to the US, Arthur Sinadinis, said the

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Speaker 2: shooting wasn't unexpected, telling AAP that he's surprised it's taken

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Speaker 2: this long for something to happen. He said, there's been

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Speaker 2: a normalization of very unusual behavior in the US. And

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Speaker 2: I quote him, given the amount of polarization in the US,

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Speaker 2: the amount of mudslinging that goes on, the attempts by

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Speaker 2: each side to demonize the other, it's not surprising.

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Speaker 1: You know, this is big news. Victorian Premier just Sinta

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Speaker 1: Allen will ask the federal government to exercise it's how

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Speaker 1: under the Fair Work Act to potentially terminate all CFMEU

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Speaker 1: enterprise bargaining agreements on Victorian construction sites.

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Speaker 2: The Premier said that she'll look at how to toughen

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Speaker 2: anti bikey laws in the state and how to make

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Speaker 2: it more difficult for certain people to associate with each other.

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Speaker 2: She slammed the State branch of the CFMEU for self

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Speaker 2: interested thugrey, as she put it, and said the rotten

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Speaker 2: culture must be pulled out by the roots. Her comments

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Speaker 2: came after the Prime Minister Anthony Albanezi flagged more action

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Speaker 2: against the union after the Victorian division was placed into

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Speaker 2: administration yesterday. He said all options are now on the

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Speaker 2: table to deal with the renegade organization. A nine media

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Speaker 2: investigation over the weekend found that Underworld figures had infiltrated

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Speaker 2: major Victorian and New South Wales construction projects. The investigation

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Speaker 2: prompted the resignation of union boss John Sepka on Friday.

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Speaker 2: More stories are flowing from it. It really is the

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Speaker 2: dismantling of the CFMEU at the moment.

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Speaker 1: Yeah, you feel like there's a lot more to emerge

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Speaker 1: from this story, don't you. Now. Several Australian banks will

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Speaker 1: be forced to refund more than twenty eight million dollars

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Speaker 1: to one hundred and thirty six thousand vulnerable customers after

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Speaker 1: an investigation by the Corporate cop found systemic high fee charging.

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Speaker 2: Ain zed Comwealth Bank, Westpac and Bendigo and Adelaide Bank

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Speaker 2: have agreed to move two hundred thousand customers into low

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Speaker 2: fee accounts. Also that will cost them about ten point

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Speaker 2: seven million dollars in fees annually, according to report in

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Speaker 2: the Financial Review. The banks will also write to further

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Speaker 2: two million customers to advise them of low fee alternatives

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Speaker 2: as part of actions agreed with the Australian Securities and

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Speaker 2: Investments Commission. Now the investigation comes sixty years after the

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Speaker 2: Haine Banking Royal Commission, in which banks faced fierce criticism

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Speaker 2: for their conduct, including similar instances of charging vulnerable people

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Speaker 2: higher fees. What we heard yesterday just seems to have

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Speaker 2: echoes of what we heard during that Hain Banking Royal Commission.

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Speaker 2: Let's hope, I mean, I'm sure we won't, but let's

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Speaker 2: hope we don't go back there.

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Speaker 1: Yeah, the banks know how to lose a power a battle,

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Speaker 1: aren't they? Sure?

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Speaker 2: They sure do?

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Speaker 1: Okay? Real estate agents, lawyers and accountants will be brought

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Speaker 1: under strictly reporting requirements as part of an overhaul of

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Speaker 1: Australia's money laundering and counter terrorism finance legislation.

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Speaker 2: The goal is to clamp down on the flow of

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Speaker 2: proceeds of crime into Australia, according to Attorney General Mark Dreyfus.

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Speaker 2: Mister Dreyfus said the mooted reforms are required as Australia

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Speaker 2: faces a serious risk of exploitation by criminals seeking to

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Speaker 2: laund to elicit funds. He said that globally, trillions of

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Speaker 2: dollars is generated from illegal activities such as drug trafficking,

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Speaker 2: tax of asion, people smuggling, cyber crime and arms trafficking,

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Speaker 2: and according to The Australian, he went on to say

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Speaker 2: that some of that is used to fund further serious

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Speaker 2: crimes such as terrorism, child abuse and human trafficking. Mister

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Speaker 2: Dreyfus said the irregulatory ablehaul will capture more entities to

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Speaker 2: prevent abuse in the financial system, while also simplifying the

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Speaker 2: reporting regime faced by businesses captured by the reforms.

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Speaker 1: Now, we said the banks know how to lose a

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Speaker 1: pr battle. I think the same thing might be said

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Speaker 1: for airlines. Yes, the top complaints against airlines last year

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Speaker 1: were about requests for refunds and the big one flight delays.

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Speaker 1: Together they made up almost three quarters of all complaints.

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Speaker 2: Yeah. So, the industry funded airline customer Advocate said customers

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Speaker 2: took ten percent more flights domestically and internationally last year,

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Speaker 2: with total passenger numbers reaching about sixty seven point six million.

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Speaker 2: The advocate received fourteen hundred and eight eligible complaints last year,

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Speaker 2: which is up about nine percent. May not sound like many,

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Speaker 2: but it only gets to the airline Customer Advocate when

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Speaker 2: it's been through all the other processes as well. It's

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Speaker 2: been through the airlines themselves. So fourteen hundred serious complaints

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Speaker 2: think of it that way. Nine percent increase. It's kind

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Speaker 2: of in line with the passenger numbers jump, but it's

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Speaker 2: still a fair few complaints. The overall complaint resolution rate

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Speaker 2: for twenty twenty three declined from the prior year, and

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Speaker 2: the complaint finalization time frame averaged about thirty seven calendar days.

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Speaker 2: That's across the whole year. For the second half of

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Speaker 2: the year it was only nineteen days, which is actually

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Speaker 2: within the agreed service level of twenty days. The airlines

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Speaker 2: themselves saying, so not a bad outcome. I'm not so

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Speaker 2: sure about that, Julian.

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Speaker 1: They would say that, wouldn't they would? In international news,

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Speaker 1: US President Joe Biden has called for calm and efforts

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Speaker 1: to lower the temperature in the wake of the attempted

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Speaker 1: assassination of Donald Trump over the weekend.

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Speaker 2: In a televised speech from the White House, which in

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Speaker 2: itself is unusual. Mister Biden said, I quote, while we disagree,

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Speaker 2: we are not enemies. We're neighbors. We are friends, co workers, citizens,

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Speaker 2: and most importantly, we are fellow Americans. And mister Biden

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Speaker 2: said he had spoken to mister Trump and he's grateful.

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Speaker 2: He's going well. Dare I say, Julian, Joe Biden almost

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Speaker 2: looked presidential yesterday, something he hasn't done for a while. Meanwhile,

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Speaker 2: the FBI said the investigation so far suggests that the

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Speaker 2: shooter acted alone. Also that another device, which media is

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Speaker 2: reporting as a bomb, was found in the shooters car. Now,

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Speaker 2: there's been background on the man killed in the crowd.

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Speaker 2: His name was Cory Comparatour. He's a firefighter, a church

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Speaker 2: go apparent, and an avid supporter of mister Trump. When

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Speaker 2: the firing began, he threw himself over his family members

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Speaker 2: to shield them. He was hit in the head and

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Speaker 2: died at the scene. Very very sad. For his part,

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Speaker 2: Donald Trump said he wouldn't let a potential assassin force

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Speaker 2: him to change his schedule. He was in Milwaukee for

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Speaker 2: the Republican National Convention opening overnight. He told Yous tabloid

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Speaker 2: The New Post that the doctor at the hospital he

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Speaker 2: visited called it a miracle what happened, and presumably meaning

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Speaker 2: a miracle that nothing worse happened.

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Speaker 1: Now Shaw China's economy grew at its slowest pace in

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Speaker 1: five quarters, as efforts to boost consumer spending fell short,

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Speaker 1: piling pressure on Beijing to lift confidence out of twice

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Speaker 1: a decade policy meeting this week Yeah.

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Speaker 2: Very important for Australia. This one. Gross domestic product in

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Speaker 2: China expanded four point seven percent in the second quarter

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Speaker 2: compared to a year earlier. That was world below what

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Speaker 2: people expected. Retail sales rose at the sowest pace since

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Speaker 2: twenty twenty two, basically showing a flurry of government efforts

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Speaker 2: to boost confidence have done little. The National Bureau Statistics

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Speaker 2: said the growth slow down the second quarter was due

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Speaker 2: to short term factors such as extreme weather and rain

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Speaker 2: and floods that type thing, but also insufficient domestic demand

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Speaker 2: and clogged domestic circulation. This all came just ahead of

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Speaker 2: President g Jingping opening the Third Plenum meeting this week. Now,

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Speaker 2: the idea of the Third planem is that it sets

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Speaker 2: major economic and political policies for coming years. Slow down

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Speaker 2: in the economy is of poor backdrop to start that Planum.

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Speaker 1: This is interesting. The rental car sector is dumping electric

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Speaker 1: vehicles in the US, with novice drivers finding them hard

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Speaker 1: to charge but also difficult to control.

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Speaker 2: It's almost funny, so I mean it's not. Electric vehicles

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Speaker 2: have been a bit of a financial disaster for rental companies,

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Speaker 2: notably Hurts, which is pulled back on plans to buy

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Speaker 2: one hundred thousand Teslas after the car's resale value is plunged.

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Speaker 2: The fact that their resale value has plunged has turned

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Speaker 2: a lot of rental companies off them, because, of course,

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Speaker 2: after a certain number of commoners, they tend to sell

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Speaker 2: those former rental cars. Last year, more than four percent

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Speaker 2: of cars sold to rental companies or evs. This year's

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Speaker 2: just one point four percent. According to report in The

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Speaker 2: New York Times, most rental car complexes at Airport's lack charges.

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Speaker 2: Problem number one, making money rending evs is harder than forecasts.

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Speaker 2: Problem number two. Problem number three. Many renters aren't prepared

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Speaker 2: for how quickly electric cars accelerate, leading leading to more

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Speaker 2: accidents and higher insurance premiums. And before some companies found

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Speaker 2: they just can't get spare parts for evs as quickly

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Speaker 2: as they could for gasoline cars. Julian, I think the

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Speaker 2: love affair with evs is waning somewhat.

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Speaker 1: Yeah, just wait till petrol prices go up even more.

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Speaker 1: Though true, clearly somebody complaining about finding them difficult to control.

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Speaker 1: Sewan have never had to reverse parker car without power steering?

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Speaker 2: Ah, yeah, no, paras steering and ammanual.

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Speaker 1: You can drive a manual car, can't you, Suan.

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Speaker 2: I grew up in the country, Julian, of course I

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Speaker 2: can drive one.

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Speaker 1: You can take the boy out of country. Cannot take

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Speaker 1: the country out of the boy. Okay. Up next is

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Speaker 1: the Fear and Greed Daily interview with Air John from

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Speaker 1: the Australian Council of Superannuation Investors.

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Speaker 2: All about ceopay, who's earning most and whether they're worth it.

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Speaker 1: Julian, That is up next in the Fear and Greed

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Speaker 1: playlist on your podcast platform or at Fearangreed dot com

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Speaker 1: dot au. Thank you, Sean, Thank you very much.

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Speaker 2: Julian.

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Speaker 1: It's Tuesday, the sixteenth of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast. Join us on LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook. Have a great day.