1 00:00:03,840 --> 00:00:07,230 Michael Thompson: Retail sales surge while they're assigned, the labor market is 2 00:00:07,230 --> 00:00:11,219 Michael Thompson: slowing. Ken Taylor Swift saved the Australian economy from a 3 00:00:11,219 --> 00:00:14,039 Michael Thompson: recession? And even the King of England is worried about 4 00:00:14,040 --> 00:00:16,709 Michael Thompson: the cost of living. It's Friday, the 30th of June 5 00:00:16,709 --> 00:00:20,489 Michael Thompson: 2023. Welcome to Fear and Greed, Australia's most popular business 6 00:00:20,489 --> 00:00:23,820 Michael Thompson: podcast. I'm Michael Thompson, and good morning, Sean Aylmer. 7 00:00:24,270 --> 00:00:26,640 Sean Aylmer: Good morning. Great intro, Michael. Great intro. 8 00:00:26,790 --> 00:00:28,590 Michael Thompson: Did you ever think there would be a day where 9 00:00:28,590 --> 00:00:31,439 Michael Thompson: we would be talking about both Taylor Swift and King 10 00:00:31,440 --> 00:00:33,870 Michael Thompson: Charles in the intro to Fear and Greed? 11 00:00:34,950 --> 00:00:38,550 Sean Aylmer: No, I didn't. I didn't. That's very true. But she's 12 00:00:38,550 --> 00:00:41,010 Sean Aylmer: a queen of pop, I suppose. So there's some sort 13 00:00:41,010 --> 00:00:42,089 Sean Aylmer: of link, maybe. 14 00:00:42,600 --> 00:00:44,670 Michael Thompson: It's like you're clutching at straws a little bit, Sean. 15 00:00:45,269 --> 00:00:47,159 Michael Thompson: After the show, you've got an interview coming up. This 16 00:00:47,159 --> 00:00:50,700 Michael Thompson: is interesting stuff. Paul Weingarth is your guest. He's the co- 17 00:00:50,700 --> 00:00:52,649 Michael Thompson: founder and CEO of Slyp. 18 00:00:53,459 --> 00:00:57,600 Sean Aylmer: Yeah, all about smart receipts. So the big four banks 19 00:00:57,810 --> 00:01:02,400 Sean Aylmer: have backed Slyp, S- L- Y- P, the FinTech to 20 00:01:02,400 --> 00:01:07,018 Sean Aylmer: produce electronic receipts for purchases that are actually attached to 21 00:01:07,020 --> 00:01:10,139 Sean Aylmer: transactions in your bank account. Rather than having all these 22 00:01:10,139 --> 00:01:14,339 Sean Aylmer: paper receipts that inevitably you lose or they fade, you'll 23 00:01:14,340 --> 00:01:17,370 Sean Aylmer: actually always have a record on your bank statement. It's 24 00:01:17,370 --> 00:01:19,260 Sean Aylmer: a really fascinating little story. 25 00:01:19,530 --> 00:01:22,260 Michael Thompson: It means you really have no need to carry a 26 00:01:22,260 --> 00:01:23,759 Michael Thompson: wallet or anything ever again? 27 00:01:23,759 --> 00:01:23,849 Sean Aylmer: Yes. 28 00:01:23,849 --> 00:01:26,280 Michael Thompson: 'Cause you'll never be accumulating those little slips of paper. 29 00:01:26,549 --> 00:01:27,119 Sean Aylmer: That's right. 30 00:01:27,480 --> 00:01:30,928 Michael Thompson: Oh, it's a really interesting interview, and I particularly enjoy 31 00:01:30,930 --> 00:01:34,050 Michael Thompson: hearing about how they got the banks on board for 32 00:01:34,050 --> 00:01:36,420 Michael Thompson: this because that would just be the biggest challenge. But 33 00:01:36,600 --> 00:01:38,130 Michael Thompson: stick around for that. It's coming up a little bit later 34 00:01:38,130 --> 00:01:41,309 Michael Thompson: on. The main story this morning, Sean, retail sales jumped 35 00:01:41,309 --> 00:01:44,789 Michael Thompson: in May as shoppers took advantage of sales, but Market 36 00:01:44,789 --> 00:01:47,729 Michael Thompson: Watchers say it's a one- off and households are actually 37 00:01:47,730 --> 00:01:49,830 Michael Thompson: cutting back spending due to higher interest rates. 38 00:01:50,460 --> 00:01:55,230 Sean Aylmer: Retail sales last month jumped by 0.7%, way above expectations 39 00:01:55,470 --> 00:01:57,779 Sean Aylmer: and certainly much more than the flat growth we saw 40 00:01:57,780 --> 00:02:01,049 Sean Aylmer: in April. It was a surprise given recent readings and 41 00:02:01,049 --> 00:02:04,020 Sean Aylmer: all the anecdotal news coming from retailers. Now, it's worth 42 00:02:04,020 --> 00:02:07,890 Sean Aylmer: keeping in mind that the pace of retail growth is 43 00:02:07,890 --> 00:02:12,720 Sean Aylmer: still less than the pace of inflation, so while values 44 00:02:12,810 --> 00:02:16,980 Sean Aylmer: are rising, volumes are actually falling. During May, there was 45 00:02:16,980 --> 00:02:20,040 Sean Aylmer: a jump in newspaper and books retailing. One for you, 46 00:02:20,040 --> 00:02:22,650 Sean Aylmer: Michael, jump in books retailing. This might have been me 47 00:02:22,650 --> 00:02:24,030 Sean Aylmer: buying your book potentially. 48 00:02:24,299 --> 00:02:25,290 Michael Thompson: I wish books that, sorry. 49 00:02:25,290 --> 00:02:25,500 Sean Aylmer: Sure. 50 00:02:26,700 --> 00:02:28,770 Michael Thompson: No, no, keep going, keep going. I'm not going to do 51 00:02:28,770 --> 00:02:30,060 Michael Thompson: this again. Please keep going. 52 00:02:30,060 --> 00:02:32,910 Sean Aylmer: You will later on. There's also a jump in recreational 53 00:02:32,910 --> 00:02:36,270 Sean Aylmer: good sales, pharmaceuticals and cosmetics, big rise in eating out, 54 00:02:36,570 --> 00:02:39,270 Sean Aylmer: but there were falls and clothing and soft goods and in- 55 00:02:39,270 --> 00:02:44,160 Sean Aylmer: department store sales. Interesting number to get this blip when 56 00:02:44,160 --> 00:02:46,889 Sean Aylmer: we know households aren't spending as much at the moment. 57 00:02:47,340 --> 00:02:51,120 Michael Thompson: And there were Bureau of Statistics job vacancy figures out 58 00:02:51,120 --> 00:02:51,900 Michael Thompson: yesterday as well. 59 00:02:52,200 --> 00:02:55,500 Sean Aylmer: Yeah, very interesting. Quarterly vacancies fell by 2% over the 60 00:02:55,500 --> 00:02:58,440 Sean Aylmer: three months to May. They're down by 10% from a 61 00:02:58,440 --> 00:03:01,020 Sean Aylmer: year ago, which is also in line with other labor 62 00:03:01,020 --> 00:03:03,870 Sean Aylmer: market indicators that have shown a slowing in business hiring 63 00:03:03,870 --> 00:03:07,530 Sean Aylmer: intentions and job advertisements. That's not necessarily a bad thing 64 00:03:07,530 --> 00:03:09,690 Sean Aylmer: because we know that the Reserve Bank thinks the unemployment 65 00:03:09,690 --> 00:03:12,719 Sean Aylmer: rate needs to go up to take pressure off wage 66 00:03:12,719 --> 00:03:16,740 Sean Aylmer: rises, take pressure off inflation, and take pressure off interest 67 00:03:16,740 --> 00:03:19,800 Sean Aylmer: rate hikes. The ratio of job vacancies to the number 68 00:03:19,800 --> 00:03:24,960 Sean Aylmer: of people unemployed has fallen to 0. 84% from a 69 00:03:24,960 --> 00:03:29,340 Sean Aylmer: high of 0. 95% in June 2022. That was when 70 00:03:29,340 --> 00:03:31,650 Sean Aylmer: there was almost as many people unemployed as there were 71 00:03:31,650 --> 00:03:36,869 Sean Aylmer: jobs unheard of in most major economies back to 0. 72 00:03:36,869 --> 00:03:39,330 Sean Aylmer: 84. It's still pretty high though. That of course still 73 00:03:39,330 --> 00:03:40,590 Sean Aylmer: keeps pressure on wages. 74 00:03:41,880 --> 00:03:44,610 Michael Thompson: Sean, we've had a fair bit of economic news this 75 00:03:44,610 --> 00:03:47,550 Michael Thompson: week. I suppose if you chuck it all into the 76 00:03:47,550 --> 00:03:50,310 Michael Thompson: Mix Master or the- 77 00:03:50,310 --> 00:03:50,311 Sean Aylmer: Oh, I like it. 78 00:03:50,311 --> 00:03:51,451 Michael Thompson: The KitchenAid or the Sunbeam or whatever it is that you- 79 00:03:51,451 --> 00:03:52,002 Sean Aylmer: The (inaudible) . 80 00:03:52,002 --> 00:03:54,299 Michael Thompson: ... that you use. Yeah. The thermo mix. Even if you 81 00:03:54,299 --> 00:03:56,640 Michael Thompson: want to get high- tech, whack it all into the 82 00:03:56,640 --> 00:03:59,340 Michael Thompson: thermo mix, we've got an interest rate decision next week. 83 00:03:59,340 --> 00:04:00,150 Michael Thompson: Where do we stand? 84 00:04:00,990 --> 00:04:03,510 Sean Aylmer: It's very much a judgment call from Reserve Bank. There 85 00:04:03,510 --> 00:04:07,738 Sean Aylmer: are signs that inflation is slowing, household consumption is slowing, 86 00:04:07,740 --> 00:04:11,909 Sean Aylmer: notwithstanding yesterday's figures, but there are wages pressures. So I 87 00:04:11,910 --> 00:04:14,760 Sean Aylmer: don't have an answer for you, but Michael, it is 88 00:04:14,970 --> 00:04:18,270 Sean Aylmer: June 30. It is the end of the fiscal year, 89 00:04:18,810 --> 00:04:23,969 Sean Aylmer: and fiscal year 2023 will forever be known as the 90 00:04:23,969 --> 00:04:27,628 Sean Aylmer: year of interest rate rises. The cash rate went from 0. 91 00:04:28,350 --> 00:04:33,630 Sean Aylmer: 85% on the 1st of July last year to 4.1% on 92 00:04:33,630 --> 00:04:38,040 Sean Aylmer: the 30th of June. Today, that is the fastest increase 93 00:04:38,370 --> 00:04:39,000 Sean Aylmer: on record. 94 00:04:39,360 --> 00:04:41,580 Michael Thompson: It's not exactly a record we wanted to set, is it? 95 00:04:41,580 --> 00:04:43,470 Sean Aylmer: No. No, I don't think so. 96 00:04:44,160 --> 00:04:46,350 Michael Thompson: All right. How did local markets perform yesterday, Sean? 97 00:04:46,770 --> 00:04:50,370 Sean Aylmer: The S& P/ ASX 200 closed down just a touch. Two 98 00:04:50,370 --> 00:04:54,720 Sean Aylmer: points to 7, 195 points. The market jumped on opening and 99 00:04:54,720 --> 00:04:56,760 Sean Aylmer: then spent the day falling back to where it started. 100 00:04:56,970 --> 00:05:00,029 Sean Aylmer: The tech stocks did best while utilities were worst among 101 00:05:00,029 --> 00:05:02,609 Sean Aylmer: the large caps, BHP and Rio Tinto were both off 102 00:05:02,610 --> 00:05:06,690 Sean Aylmer: more than 1%. ANZ Aristocrat Leisure in Bramble's all went 103 00:05:06,779 --> 00:05:09,270 Sean Aylmer: about the same amount, 1% the other way. They're about 104 00:05:09,270 --> 00:05:13,200 Sean Aylmer: all positive. Whilst Tech Global jumped 2.2%, REA Group was 105 00:05:13,200 --> 00:05:16,409 Sean Aylmer: nearly 3% higher. Best on the day was Domain Holdings 106 00:05:16,710 --> 00:05:19,979 Sean Aylmer: up more than 5%. Worst was Bega Cheese down about 6%. 107 00:05:20,730 --> 00:05:22,050 Michael Thompson: And international markets? 108 00:05:22,379 --> 00:05:24,690 Sean Aylmer: Well, look, it's worth taking a look at Apple because 109 00:05:24,690 --> 00:05:28,080 Sean Aylmer: it hit yet another record high yesterday. The company is 110 00:05:28,080 --> 00:05:34,440 Sean Aylmer: now worth 2. 98 trillion US dollars. That's about 4 111 00:05:34,500 --> 00:05:38,759 Sean Aylmer: trillion Aussie dollars, which as we've discussed before, is much 112 00:05:38,759 --> 00:05:42,659 Sean Aylmer: more than the value of the whole Australian superannuation sector. 113 00:05:42,870 --> 00:05:45,870 Sean Aylmer: Investors still think it has a way to run, thanks 114 00:05:45,870 --> 00:05:50,490 Sean Aylmer: to the virtual reality headsets it launched recently. Tesla's another 115 00:05:50,490 --> 00:05:53,399 Sean Aylmer: one, which is nowhere near as big. It's about US 116 00:05:53,520 --> 00:05:56,279 Sean Aylmer: 800 billion, I'd say about third the size of the 117 00:05:56,279 --> 00:05:59,279 Sean Aylmer: local housing market, but it has also had a great 118 00:05:59,279 --> 00:06:01,860 Sean Aylmer: year, and of course, there's Chip make in Nvidia. It's 119 00:06:01,860 --> 00:06:04,890 Sean Aylmer: up nearly 200% this year worth more than 1 trillion 120 00:06:04,980 --> 00:06:08,430 Sean Aylmer: US dollars. So half the size of the housing market. 121 00:06:09,360 --> 00:06:13,349 Sean Aylmer: Those US tech stocks just keep getting bigger and bigger. 122 00:06:13,469 --> 00:06:16,919 Sean Aylmer: Pretty remarkable. In commodity markets, oil prices are lower as 123 00:06:16,920 --> 00:06:20,040 Sean Aylmer: our gold prices. The Aussie dollar has also fallen, seemingly 124 00:06:20,040 --> 00:06:22,710 Sean Aylmer: caught up in the debate about higher interest rates in 125 00:06:22,710 --> 00:06:24,270 Sean Aylmer: the US and Australia. 126 00:06:24,750 --> 00:06:26,370 Michael Thompson: All right, there's a bit going on. We'll be back 127 00:06:26,370 --> 00:06:28,080 Michael Thompson: in a moment with the rest of the day's business 128 00:06:28,080 --> 00:06:37,589 Michael Thompson: news. Sean, former New South Wales Premier, Gladys Berejiklian and will 129 00:06:37,589 --> 00:06:42,000 Michael Thompson: not face criminal charges despite engaging in corrupt conduct and 130 00:06:42,000 --> 00:06:45,178 Michael Thompson: breaching the public trust following the release of a three- 131 00:06:45,178 --> 00:06:47,520 Michael Thompson: year review by the state's corruption watchdog. 132 00:06:47,790 --> 00:06:51,000 Sean Aylmer: The New South Wales Independent Commission Against Corruption found that 133 00:06:51,000 --> 00:06:55,020 Sean Aylmer: the then Premier should have disclosed her relationship, which ran 134 00:06:55,020 --> 00:06:57,570 Sean Aylmer: for up to five years with former Wagga Wagga Liberal 135 00:06:57,570 --> 00:07:01,770 Sean Aylmer: MP. Daryl Maguire. ICAC said the relationship posed a serious 136 00:07:01,860 --> 00:07:05,730 Sean Aylmer: conflict of interest. The commission also took exception to Berejiklian's 137 00:07:05,730 --> 00:07:09,719 Sean Aylmer: failure to flag concern about Maguire's conduct when it appeared 138 00:07:09,719 --> 00:07:12,239 Sean Aylmer: he could be corrupt. It was also scathing of her 139 00:07:12,270 --> 00:07:14,940 Sean Aylmer: decision to award a series of grants to regional arts 140 00:07:14,940 --> 00:07:19,920 Sean Aylmer: and sporting clubs in Maguire's electorate without disclosing the relationship. 141 00:07:20,190 --> 00:07:22,830 Sean Aylmer: After the release of the report, Berejiklian said it had 142 00:07:22,830 --> 00:07:26,159 Sean Aylmer: done nothing to demonstrate that she had not acted in 143 00:07:26,219 --> 00:07:29,009 Sean Aylmer: the public interests. She also said her lawyers are taking 144 00:07:29,010 --> 00:07:32,280 Sean Aylmer: a close look at it. There were a number of 145 00:07:32,280 --> 00:07:34,860 Sean Aylmer: state Liberal MPs yesterday who came out and spoke in 146 00:07:34,860 --> 00:07:38,190 Sean Aylmer: support of Berejiklian. She of course, is the third New 147 00:07:38,190 --> 00:07:40,800 Sean Aylmer: South Wales premier to be filled by the state's corruption 148 00:07:40,800 --> 00:07:44,820 Sean Aylmer: watchdog. Nick Greiner went in 1992, who stepped down after 149 00:07:44,820 --> 00:07:48,780 Sean Aylmer: accusations. He misused his position. Barry O'Farrell stepped down in 150 00:07:48,780 --> 00:07:52,980 Sean Aylmer: 2014. He misled the commission over a gifted a bottle 151 00:07:52,980 --> 00:07:56,820 Sean Aylmer: of Grange Hermitage wine. Now, yesterday ICAC stopped short of 152 00:07:56,820 --> 00:08:01,020 Sean Aylmer: recommending Berejiklian's case be referred to the State's lawyers for 153 00:08:01,020 --> 00:08:04,050 Sean Aylmer: prosecution, but she certainly got a fair whack. 154 00:08:04,619 --> 00:08:09,750 Michael Thompson: Yeah, certainly did. What about though Daryl Maguire, who Berejiklian 155 00:08:09,750 --> 00:08:12,450 Michael Thompson: was in a close personal relationship with? 156 00:08:12,450 --> 00:08:15,570 Sean Aylmer: Yes, ICAC was much harsher on Maguire finding that he 157 00:08:15,570 --> 00:08:19,410 Sean Aylmer: committed misconduct in public office by using his position to 158 00:08:19,410 --> 00:08:22,709 Sean Aylmer: advance property deals and a Visa scheme, and for misusing 159 00:08:22,709 --> 00:08:25,680 Sean Aylmer: his parliamentary roles as an MP and as a chairman 160 00:08:25,680 --> 00:08:29,130 Sean Aylmer: of the parliamentary Asia Pacific Friendship Group. To advance his 161 00:08:29,130 --> 00:08:33,240 Sean Aylmer: own financial interests and those of his associates, ICAC has 162 00:08:33,240 --> 00:08:37,499 Sean Aylmer: recommended that the Department of Public Prosecution consider criminal charges 163 00:08:37,500 --> 00:08:38,130 Sean Aylmer: against him. 164 00:08:39,000 --> 00:08:42,000 Michael Thompson: All right. Switching to the federal level now, Sean, Australia 165 00:08:42,000 --> 00:08:45,540 Michael Thompson: is ready to provide an ongoing security presence in Solomon 166 00:08:45,540 --> 00:08:46,800 Michael Thompson: Islands, if requested. 167 00:08:47,160 --> 00:08:50,459 Sean Aylmer: Deputy Prime Minister and Defense Minister Richard Marles, speaking from 168 00:08:50,460 --> 00:08:54,480 Sean Aylmer: Herniaria, has said Australia is committed to security in the region. 169 00:08:54,540 --> 00:08:56,700 Sean Aylmer: He said the Solomon Islands is due to hold the 170 00:08:56,700 --> 00:09:00,059 Sean Aylmer: Pacific Games in November and elections next April, and a 171 00:09:00,179 --> 00:09:03,720 Sean Aylmer: peaceful environment is critical for both events. Now, earlier in 172 00:09:03,720 --> 00:09:08,669 Sean Aylmer: the week, Solomon Islands Prime Minister Manasseh Sogavare issued a statement 173 00:09:08,670 --> 00:09:11,639 Sean Aylmer: after a meeting with Marles, calling for a review of 174 00:09:11,639 --> 00:09:15,449 Sean Aylmer: the current security treaty between the two countries to take 175 00:09:15,450 --> 00:09:19,440 Sean Aylmer: into account the changing security challenges faced by both countries. 176 00:09:19,710 --> 00:09:23,790 Sean Aylmer: When Marles was asked yesterday about that and whether he'd 177 00:09:23,790 --> 00:09:27,750 Sean Aylmer: been given any warning from Sogavare about the release, he 178 00:09:27,750 --> 00:09:28,590 Sean Aylmer: simply said, " No." 179 00:09:29,010 --> 00:09:32,040 Michael Thompson: Now, as John Toll Road Group, Transurban wants to buy 180 00:09:32,040 --> 00:09:36,420 Michael Thompson: a majority stake in Melbourne's EastLink toll road operator, Horizon 181 00:09:36,420 --> 00:09:39,390 Michael Thompson: Roads. But the competition watchdog is concerned that if it 182 00:09:39,390 --> 00:09:42,060 Michael Thompson: gives the okay, Transurban will have too much power. 183 00:09:42,480 --> 00:09:45,299 Sean Aylmer: Yes, so the Australian Competition and Consumer Commission is concerned 184 00:09:45,300 --> 00:09:49,229 Sean Aylmer: that Transurban's dominance will become entrenched and future bidders for 185 00:09:49,230 --> 00:09:53,009 Sean Aylmer: toll roads will basically just not try when they come 186 00:09:53,010 --> 00:09:56,550 Sean Aylmer: up against Transurban. There have already been reports that bidders 187 00:09:56,550 --> 00:09:59,880 Sean Aylmer: for tolerates in Australia have been put off by Transurban's 188 00:09:59,880 --> 00:10:02,939 Sean Aylmer: dominance, and that's what's worrying the ACCC. Now, it might 189 00:10:02,940 --> 00:10:06,450 Sean Aylmer: be around accessing finance or the cost of finance. It 190 00:10:06,450 --> 00:10:09,689 Sean Aylmer: might be around being able to better model traffic flows 191 00:10:09,690 --> 00:10:13,050 Sean Aylmer: and understand the value of these toll roads. The good 192 00:10:13,050 --> 00:10:16,170 Sean Aylmer: news for Transurban is that some of the other concerns were 193 00:10:16,170 --> 00:10:20,429 Sean Aylmer: waived through with the ACCC saying Victorian state regulations governing 194 00:10:20,429 --> 00:10:24,690 Sean Aylmer: pricing prevents any listing of competition in toll's charged and 195 00:10:24,690 --> 00:10:26,069 Sean Aylmer: services provided. 196 00:10:26,670 --> 00:10:30,390 Michael Thompson: The head of Gold and Copper Group, Newcrest says, the 197 00:10:30,420 --> 00:10:34,588 Michael Thompson: mining sector must overhaul its reputation and leadership style if 198 00:10:34,590 --> 00:10:37,500 Michael Thompson: it's to dig out enough minerals for climate targets to 199 00:10:37,500 --> 00:10:38,100 Michael Thompson: be reached. 200 00:10:38,520 --> 00:10:41,160 Sean Aylmer: Ah, interesting. This industry also needs to work with government 201 00:10:41,160 --> 00:10:45,450 Sean Aylmer: to quicken approvals with bureaucratic under- resourcing a problem. That's 202 00:10:45,450 --> 00:10:49,230 Sean Aylmer: according to Newcrest Interim Chief Executive Sherry Duhe, she was 203 00:10:49,230 --> 00:10:52,439 Sean Aylmer: talking at the World Mining Congress in Brisbane yesterday. She said, " 204 00:10:52,440 --> 00:10:57,540 Sean Aylmer: Projections show meeting demand for metals required for decarbonization means 205 00:10:57,540 --> 00:11:01,770 Sean Aylmer: the world needs more copper in the next 27 years 206 00:11:02,460 --> 00:11:06,960 Sean Aylmer: than its mined in the last 125 years plus." That's 207 00:11:06,960 --> 00:11:10,830 Sean Aylmer: according to report and the financial review. That basically means deeper 208 00:11:10,890 --> 00:11:13,890 Sean Aylmer: and bigger mines. Also at the conference was Treasurer Jim 209 00:11:13,890 --> 00:11:17,070 Sean Aylmer: Chalmers. He said mining is a critical source of national 210 00:11:17,070 --> 00:11:19,950 Sean Aylmer: wealth, a force for good like that one. He also 211 00:11:19,950 --> 00:11:21,929 Sean Aylmer: said the government needs to work with the sector. They're 212 00:11:21,929 --> 00:11:24,090 Sean Aylmer: the two won't always agree on everything. 213 00:11:24,929 --> 00:11:28,530 Michael Thompson: That's interesting, isn't it? The head of a large company 214 00:11:28,679 --> 00:11:33,750 Michael Thompson: like Newcrest calling on larger bureaucracy arguing in favor of 215 00:11:33,750 --> 00:11:36,001 Michael Thompson: bigger government, that's a bit Topsy- Turvy, isn't it? 216 00:11:36,001 --> 00:11:40,379 Sean Aylmer: Yes. I hadn't thought of it that way. She didn't. She's talking about bureaucratic under- 217 00:11:40,379 --> 00:11:44,070 Sean Aylmer: resourcing. Maybe. Which one's more efficient bureaucracy. 218 00:11:44,190 --> 00:11:46,890 Michael Thompson: Maybe. I'm a bit of a deep thinker today, Sean. 219 00:11:46,890 --> 00:11:50,189 Sean Aylmer: You are. This next story will stop that. 220 00:11:50,400 --> 00:11:53,460 Michael Thompson: Oh, good. Excellent. Going down a rabbit hole. Let's go 221 00:11:53,460 --> 00:11:56,670 Michael Thompson: down a different one altogether. Air New Zealand is adding 222 00:11:56,670 --> 00:12:00,510 Michael Thompson: flights between Wellington, Christchurch, and Auckland to Sydney and Melbourne 223 00:12:00,630 --> 00:12:03,390 Michael Thompson: to cater for the swift surge. Sean. 224 00:12:03,900 --> 00:12:08,340 Sean Aylmer: That is the Taylor Swift surge. The announcement of Swift 225 00:12:08,700 --> 00:12:12,120 Sean Aylmer: tour dates led to a big jump in demand from 226 00:12:12,120 --> 00:12:15,328 Sean Aylmer: New Zealand for trips to Australia. In fact, there's more 227 00:12:15,330 --> 00:12:20,309 Sean Aylmer: than 3, 500 bookings coinciding with her tour dates. Now, 228 00:12:20,880 --> 00:12:23,699 Sean Aylmer: there are more tickets out today and Air New Zealand 229 00:12:23,700 --> 00:12:27,510 Sean Aylmer: expects yet another surge. The local tour dates are February 230 00:12:27,510 --> 00:12:30,509 Sean Aylmer: 16 to 25. Three shows in Sydney, two in Melbourne. 231 00:12:30,509 --> 00:12:33,389 Sean Aylmer: Not sure whether you've got your tickets yet, Michael. I haven't. 232 00:12:33,690 --> 00:12:35,730 Michael Thompson: I'll tell you what, I did spend. I spent quite 233 00:12:35,730 --> 00:12:38,340 Michael Thompson: a bit of time on the Ticketek website the other day, 234 00:12:38,340 --> 00:12:40,740 Michael Thompson: and I was wondering why it was crashing. I was 235 00:12:40,740 --> 00:12:45,900 Michael Thompson: trying to buy tickets to the school's concert, our local 236 00:12:45,900 --> 00:12:49,980 Michael Thompson: school concert, which tickets went on sale at 10:00 AM 237 00:12:50,309 --> 00:12:54,330 Michael Thompson: the same day as Taylor Swift tickets went on. I'm like, " Oh, 238 00:12:54,330 --> 00:12:56,218 Michael Thompson: I don't think anyone checked the calendar when this one 239 00:12:56,220 --> 00:12:56,640 Michael Thompson: went on." 240 00:12:57,120 --> 00:12:57,330 Sean Aylmer: Oh my God. 241 00:12:57,720 --> 00:12:59,910 Michael Thompson: What is going on? Why does this site keep crashing? 242 00:13:00,000 --> 00:13:01,140 Michael Thompson: And then I had my answer. 243 00:13:01,410 --> 00:13:03,299 Sean Aylmer: Yours probably won't sell out. Actually, that's not true. The school 244 00:13:03,599 --> 00:13:04,649 Sean Aylmer: concert does sell out. 245 00:13:04,649 --> 00:13:04,949 Michael Thompson: I know. 246 00:13:04,949 --> 00:13:05,040 Sean Aylmer: It's quite amazing. 247 00:13:05,040 --> 00:13:08,549 Michael Thompson: And the pressure is quite extreme, and suddenly all the 248 00:13:08,549 --> 00:13:10,770 Michael Thompson: Facebook groups for the school kind of light up with 249 00:13:10,770 --> 00:13:13,530 Michael Thompson: is everyone else having problems getting onto to Ticketek to buy 250 00:13:13,530 --> 00:13:16,770 Michael Thompson: this, and they sold out in an instant. So beat 251 00:13:16,770 --> 00:13:17,429 Michael Thompson: that Taylor. 252 00:13:17,640 --> 00:13:20,369 Sean Aylmer: Yeah. Huh. Take that. Now, you do know there's been 253 00:13:20,370 --> 00:13:22,920 Sean Aylmer: a lot of talk about a Swift- led boost to 254 00:13:22,920 --> 00:13:27,270 Sean Aylmer: consumer confidence and spending just as a full impact of 255 00:13:27,270 --> 00:13:30,030 Sean Aylmer: higher interest rates is hitting. In fact, a few economists 256 00:13:30,208 --> 00:13:33,570 Sean Aylmer: have talked about it. But I loved AMP economist, Diana 257 00:13:34,290 --> 00:13:38,130 Sean Aylmer: Mousina's comment saying, " The economy will be slowing, interest will 258 00:13:38,130 --> 00:13:42,420 Sean Aylmer: be hitting early next year." Then Taylor arrives. Her comment was, " 259 00:13:42,420 --> 00:13:45,929 Sean Aylmer: If Taylor Swift can prevent an Australian recession, then she's 260 00:13:45,929 --> 00:13:47,579 Sean Aylmer: an even bigger queen than I thought." 261 00:13:49,230 --> 00:13:50,309 Michael Thompson: That's fantastic, isn't it? 262 00:13:50,309 --> 00:13:50,368 Sean Aylmer: Yeah. 263 00:13:50,580 --> 00:13:53,189 Michael Thompson: Anyway, I'm sure, Sean, this will not be the last 264 00:13:53,250 --> 00:13:54,720 Michael Thompson: Taylor Swift story we have. 265 00:13:54,840 --> 00:13:55,980 Sean Aylmer: No, I'm sure it won't be. 266 00:13:56,340 --> 00:14:01,860 Michael Thompson: Now from Taylor Swift to Federal Reserve Chair Jerome Powell. 267 00:14:01,889 --> 00:14:03,510 Sean Aylmer: Very similar. Very similar. 268 00:14:03,599 --> 00:14:06,780 Michael Thompson: What a transition, huh? We are obviously now into international 269 00:14:06,780 --> 00:14:10,740 Michael Thompson: news and we had Jerome Powell telling the ECB forum 270 00:14:10,740 --> 00:14:13,890 Michael Thompson: on central banking that more rate hikes are coming this 271 00:14:13,890 --> 00:14:15,540 Michael Thompson: year for the world's largest economy. 272 00:14:15,750 --> 00:14:18,900 Sean Aylmer: Do you reckon Taylor Swift would be interested in this story? 273 00:14:19,259 --> 00:14:20,909 Michael Thompson: I reckon she would because- 274 00:14:20,909 --> 00:14:21,002 Sean Aylmer: Oh, I reckon she (inaudible) . 275 00:14:21,002 --> 00:14:24,600 Michael Thompson: ... she does seem like a very, very savvy business person. 276 00:14:24,630 --> 00:14:27,990 Sean Aylmer: Ah, that is very true. She's clearly very switched on. 277 00:14:28,140 --> 00:14:31,290 Sean Aylmer: She'd be interested in interest rates, probably cost of living. 278 00:14:31,290 --> 00:14:32,670 Sean Aylmer: Precious wouldn't worry her so much. 279 00:14:33,150 --> 00:14:34,860 Michael Thompson: Oh, wait for the story. Got coming up a little bit 280 00:14:34,860 --> 00:14:35,669 Michael Thompson: later on, Sean. 281 00:14:35,969 --> 00:14:38,910 Sean Aylmer: Yeah. Anyway, Jerome Powell, he also said he wouldn't take 282 00:14:38,910 --> 00:14:43,890 Sean Aylmer: consecutive rate hikes off the table. Now, Powell wasn't alone 283 00:14:43,890 --> 00:14:46,440 Sean Aylmer: in his predictions. The Head of the European Central Bank, 284 00:14:46,440 --> 00:14:49,980 Sean Aylmer: Christine Lagarde, and the Bank of England Governor Andrew Bailey, 285 00:14:50,160 --> 00:14:52,710 Sean Aylmer: both said they had a way to go to reign 286 00:14:52,710 --> 00:14:55,170 Sean Aylmer: inflation, which is still too high. The odd person out 287 00:14:55,170 --> 00:14:56,849 Sean Aylmer: at the meeting was the head of the Central Bank 288 00:14:56,849 --> 00:14:58,799 Sean Aylmer: of Japan who said, rates are on hold in the 289 00:14:58,799 --> 00:15:03,720 Sean Aylmer: world's third- largest economy. All in all, bad news all around. Kazuo 290 00:15:03,720 --> 00:15:05,670 Sean Aylmer: said, part of the reason we mentioned that the Aussie 291 00:15:05,670 --> 00:15:08,880 Sean Aylmer: dollars getting caught in this whole interest rate debate and 292 00:15:08,880 --> 00:15:10,740 Sean Aylmer: the fact that these big economies are going to lift 293 00:15:10,740 --> 00:15:12,420 Sean Aylmer: rates that's hurting the Aussie dollar. 294 00:15:13,349 --> 00:15:16,709 Michael Thompson: Sean, human remains have likely been recovered from the wreckage 295 00:15:16,709 --> 00:15:19,770 Michael Thompson: of the submersible that imploded during an underwater voyage to 296 00:15:19,770 --> 00:15:22,650 Michael Thompson: view the Titanic. This is according to the US Coast Guard. 297 00:15:23,040 --> 00:15:25,950 Sean Aylmer: The news came out after the announcement that debris from 298 00:15:25,950 --> 00:15:28,530 Sean Aylmer: the Titan collected from the sea floor more than 3, 299 00:15:28,530 --> 00:15:32,070 Sean Aylmer: 600 meters below the surface of the North Atlantic had 300 00:15:32,130 --> 00:15:36,809 Sean Aylmer: arrived in St. John's Newfoundland. Recovering and scrutinizing the wreckage 301 00:15:36,810 --> 00:15:38,910 Sean Aylmer: is a key part of the investigation into why the 302 00:15:38,910 --> 00:15:42,300 Sean Aylmer: Titan imploded last week, killing all five people on board. 303 00:15:42,570 --> 00:15:45,750 Sean Aylmer: The presumed human remains will be taken to the US. 304 00:15:45,960 --> 00:15:49,290 Sean Aylmer: Medical professionals will conduct a formal analysis and we will 305 00:15:49,290 --> 00:15:49,981 Sean Aylmer: hear more about it. 306 00:15:49,981 --> 00:15:54,090 Michael Thompson: Yeah, we certainly will. All right. Last one, Sean, and we kind 307 00:15:54,090 --> 00:15:55,980 Michael Thompson: of mentioned this at the beginning of the show and 308 00:15:55,980 --> 00:15:58,440 Michael Thompson: also just before with Taylor Swift, but the rising cost 309 00:15:58,440 --> 00:16:01,980 Michael Thompson: of living is hitting everyone. Maybe not Taylor, but it 310 00:16:02,040 --> 00:16:06,719 Michael Thompson: is hitting the King of England with Charles ordering the 311 00:16:06,719 --> 00:16:11,129 Michael Thompson: heating in royal homes to be turned down to cut emissions. 312 00:16:11,549 --> 00:16:15,660 Sean Aylmer: Yes, so the annual Sovereign Grant report, which details the 313 00:16:15,660 --> 00:16:20,550 Sean Aylmer: Royal's taxpayer- funded spending and income detail that the crown 314 00:16:20,550 --> 00:16:24,510 Sean Aylmer: estate, that's the London property portfolio belonging to the monarchy, 315 00:16:24,929 --> 00:16:29,520 Sean Aylmer: had fallen by 500 million pounds to 7.2 billion pounds 316 00:16:29,910 --> 00:16:32,250 Sean Aylmer: according to Reuters. Now, this was driven by a drop 317 00:16:32,250 --> 00:16:35,100 Sean Aylmer: in the value of retail space as consumers tighten their 318 00:16:35,100 --> 00:16:39,150 Sean Aylmer: belts due to the rising cost of living. About 20% 319 00:16:39,420 --> 00:16:43,110 Sean Aylmer: of the Crown Estates properties are vacant or unoccupied. So 320 00:16:43,110 --> 00:16:48,359 Sean Aylmer: the king's really feeling the pinch here, 20% unoccupied. Ouch. 321 00:16:48,750 --> 00:16:52,710 Sean Aylmer: The report also said that the King said thermostats should 322 00:16:52,710 --> 00:16:55,530 Sean Aylmer: be turned down to 19 degrees to cut greenhouse gas 323 00:16:55,530 --> 00:16:59,100 Sean Aylmer: emissions in keeping with his long- term environmental campaigning. 324 00:16:59,550 --> 00:17:01,830 Michael Thompson: All right, well it certainly has been a varied show 325 00:17:01,830 --> 00:17:05,158 Michael Thompson: today, Sean. Up next, you have a really good interview 326 00:17:05,160 --> 00:17:09,600 Michael Thompson: with Paul Weingarth the co- founder and CEO of Slyp, S- L- Y- P. 327 00:17:09,869 --> 00:17:14,490 Sean Aylmer: Yes. All about receipts, dockets from purchasing products and how 328 00:17:15,660 --> 00:17:18,359 Sean Aylmer: Slyp, it's a FinTech being backed by the Big Four Banks, is trying 329 00:17:18,359 --> 00:17:21,300 Sean Aylmer: to get the point where you'll actually get those receipts 330 00:17:21,359 --> 00:17:25,950 Sean Aylmer: electronically attached to your bank statements. Fascinating. 331 00:17:26,130 --> 00:17:27,570 Michael Thompson: Yeah it is. It's coming up next in the Fear 332 00:17:27,570 --> 00:17:31,168 Michael Thompson: and Greed playlist on your podcast platform or at fearandgreed. com. 333 00:17:31,170 --> 00:17:33,478 Michael Thompson: au. Sean, do you know what we haven't had all week 334 00:17:33,480 --> 00:17:33,691 Michael Thompson: this week? 335 00:17:33,691 --> 00:17:36,240 Sean Aylmer: Ah, AMIA, I bet you're about to say. 336 00:17:36,388 --> 00:17:38,910 Michael Thompson: I am about to say AMIA. Thank you for guessing 337 00:17:38,910 --> 00:17:45,600 Michael Thompson: correctly. The most enthusiastic advocate, AMIA and the AMIA this 338 00:17:45,600 --> 00:17:50,070 Michael Thompson: week is a listener by the name of Sally. And 339 00:17:50,070 --> 00:17:53,309 Michael Thompson: Sally is a daily listener to Fear and Greed, a 340 00:17:53,309 --> 00:17:57,000 Michael Thompson: weekly listener to How Do They Afford That, which is 341 00:17:57,000 --> 00:18:00,450 Michael Thompson: our sister podcast. I am led to believe that Sally 342 00:18:00,450 --> 00:18:03,810 Michael Thompson: has also read a certain novel that's out there at 343 00:18:03,810 --> 00:18:07,138 Michael Thompson: the moment. I promised I will not mention, and I 344 00:18:07,140 --> 00:18:10,500 Michael Thompson: believe she also listens to the Weekend Edition, which is 345 00:18:10,500 --> 00:18:11,490 Michael Thompson: coming up tomorrow. 346 00:18:11,940 --> 00:18:12,600 Sean Aylmer: Fantastic. 347 00:18:12,750 --> 00:18:16,109 Michael Thompson: It's a very competitive show, that one and so definitely worth 348 00:18:16,109 --> 00:18:17,580 Michael Thompson: a listen. If you haven't listened to it before we 349 00:18:17,580 --> 00:18:19,168 Michael Thompson: pick out the bigger story of the week and the 350 00:18:19,170 --> 00:18:21,570 Michael Thompson: Sleeper story and the most remarkable story and our favorite 351 00:18:21,570 --> 00:18:26,340 Michael Thompson: story, and it's all judged by very subjective, slightly kind 352 00:18:26,340 --> 00:18:28,650 Michael Thompson: of biased judge, so it's well worth a listen. Just 353 00:18:28,650 --> 00:18:31,648 Michael Thompson: if you like listening to injustice, playing out live in 354 00:18:31,650 --> 00:18:35,309 Michael Thompson: your ears, listen to the Weekend Edition tomorrow morning. But 355 00:18:35,309 --> 00:18:38,820 Michael Thompson: anyway, Sally, thank you very much for listening. We understand 356 00:18:38,820 --> 00:18:41,730 Michael Thompson: that you've been listening to Fear and Greed while at home 357 00:18:41,730 --> 00:18:44,040 Michael Thompson: recovering from back surgery, so we are hope you are 358 00:18:44,040 --> 00:18:45,809 Michael Thompson: back up on your feet and back in the office 359 00:18:45,809 --> 00:18:47,938 Michael Thompson: again soon. Thank you very much for being a long- 360 00:18:47,940 --> 00:18:51,148 Michael Thompson: term listener to Fear and Greed. Thank you very much, Sean. 361 00:18:51,480 --> 00:18:52,140 Sean Aylmer: Thank you, Michael. 362 00:18:52,199 --> 00:18:55,260 Michael Thompson: It's Friday, the 30th of June 2023. Make sure you're 363 00:18:55,260 --> 00:18:59,220 Michael Thompson: following the podcast and join us online on LinkedIn, Instagram, Twitter, 364 00:18:59,340 --> 00:19:02,010 Michael Thompson: and Facebook and stuff to date on all the business 365 00:19:02,010 --> 00:19:05,908 Michael Thompson: news with Alexa and your Amazon Echo Smart speaker, simply say, " 366 00:19:05,910 --> 00:19:08,279 Michael Thompson: Alexa, play the Fear and Greed podcast," to catch the 367 00:19:08,280 --> 00:19:10,799 Michael Thompson: latest episode. You can get yours now at amazon. com. 368 00:19:10,799 --> 00:19:13,648 Michael Thompson: au. I'm Michael Thompson and that was Fear and Greed. 369 00:19:14,070 --> 00:19:14,220 Sean Aylmer: Have a great day.