1 00:00:03,840 --> 00:00:07,040 Speaker 1: It's Thursday, the thirtieth of October twenty twenty five. Welcome 2 00:00:07,040 --> 00:00:09,520 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,400 --> 00:00:13,560 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,640 --> 00:00:14,840 Speaker 1: and good morning Sean Ayleman. 6 00:00:14,960 --> 00:00:16,200 Speaker 2: Good morning Michael Shawn. 7 00:00:16,320 --> 00:00:19,319 Speaker 1: Five big stories to get through in five minutes. Let's 8 00:00:19,360 --> 00:00:22,280 Speaker 1: go story number one and Hopes of a rate cut 9 00:00:22,320 --> 00:00:25,439 Speaker 1: on Melbourne Cup Day next week have been dashed with 10 00:00:25,560 --> 00:00:28,480 Speaker 1: a surprise jump in inflation. This is the first annual 11 00:00:28,520 --> 00:00:31,320 Speaker 1: increase in underlying price measures in three years. 12 00:00:31,400 --> 00:00:34,160 Speaker 2: September quarter inflation came in at are you whopping one 13 00:00:34,200 --> 00:00:37,120 Speaker 2: point three percent. That's just for the three months, thanks 14 00:00:37,120 --> 00:00:40,000 Speaker 2: in part to the end of government electricity rebates. More 15 00:00:40,040 --> 00:00:42,960 Speaker 2: important is the underlying or trimmed mean measure inflation. It 16 00:00:42,960 --> 00:00:45,320 Speaker 2: takes out all the volatile items, the top numbers the 17 00:00:45,320 --> 00:00:48,360 Speaker 2: bottom numbers that came in at one percent, way above 18 00:00:48,400 --> 00:00:51,000 Speaker 2: the Reserve Banks forecast of zero point six percent. September 19 00:00:51,080 --> 00:00:53,680 Speaker 2: quarter reading is only one number from the Bureau of Statistics, 20 00:00:53,760 --> 00:00:56,760 Speaker 2: but according to market economists, it's pretty much ended the 21 00:00:56,800 --> 00:00:59,360 Speaker 2: interest rate cutting cycle at least this year and you'll 22 00:00:59,400 --> 00:01:02,160 Speaker 2: trimmed me. Inflation is now running at three percent. That's 23 00:01:02,200 --> 00:01:04,760 Speaker 2: the top end of the Reserve Banks target band headlines 24 00:01:04,800 --> 00:01:07,920 Speaker 2: at three point two percent already. Reserve Bank Governor Michelle 25 00:01:07,920 --> 00:01:11,399 Speaker 2: Bullock sounded lukewarm about future rate cuts now on the 26 00:01:11,440 --> 00:01:15,320 Speaker 2: Central Bank Board meets on Tuesday, Melbourne cup Day. Absolutely 27 00:01:15,319 --> 00:01:17,520 Speaker 2: no chance for a rate cut, I would say the 28 00:01:17,600 --> 00:01:23,039 Speaker 2: increase in prices very widespread, electricity, cars, holiday travel, rents, petrol, tobacco, 29 00:01:23,440 --> 00:01:28,080 Speaker 2: the whole lot. Services inflation remains high. Unfortunately, goods inflation 30 00:01:28,280 --> 00:01:32,160 Speaker 2: is also rising. Just doesn't look very good, Michael. 31 00:01:31,959 --> 00:01:34,520 Speaker 1: Cutting through all of that, Sean, the bottom line, no 32 00:01:34,680 --> 00:01:36,200 Speaker 1: rate cut, right, yep. 33 00:01:36,280 --> 00:01:38,839 Speaker 2: Michelle Bullock earlier this week said a trimmed mean outcome 34 00:01:38,880 --> 00:01:41,479 Speaker 2: of zero point nine percent would be a material miss 35 00:01:41,520 --> 00:01:44,240 Speaker 2: on inflation. We got one percent, so in the economics world, 36 00:01:44,480 --> 00:01:48,720 Speaker 2: that's a really big material miss. No rate cut this year, 37 00:01:49,120 --> 00:01:50,920 Speaker 2: and we're going to be pushing it to get one 38 00:01:50,960 --> 00:01:52,400 Speaker 2: next year. Sean. 39 00:01:52,480 --> 00:01:56,440 Speaker 1: Story number two. Taking a look at Wall Street. We've 40 00:01:56,480 --> 00:01:58,840 Speaker 1: got some of the biggest tech companies reporting over the 41 00:01:58,840 --> 00:02:02,800 Speaker 1: next twenty four hours, but both Microsoft and Apple have 42 00:02:02,920 --> 00:02:08,040 Speaker 1: pushed through the four trillion US dollar market capitalization figure phenomenal. 43 00:02:08,080 --> 00:02:10,880 Speaker 2: It happened after open Ai said it was giving long 44 00:02:10,919 --> 00:02:13,960 Speaker 2: time back of Microsoft twenty seven percent ownership of the company, 45 00:02:14,240 --> 00:02:16,639 Speaker 2: not really giving. There was a negotiation around. It went 46 00:02:16,680 --> 00:02:19,359 Speaker 2: on for about a year. The deal values open Ai, 47 00:02:19,560 --> 00:02:22,040 Speaker 2: which isn't listed, at seven hundred and sixty two billion dollars, 48 00:02:22,120 --> 00:02:24,040 Speaker 2: So if it was on the New York Stock Exchange, 49 00:02:24,240 --> 00:02:27,480 Speaker 2: it'd be the fourteenth largest company, bigger than Visa, master cardecx, 50 00:02:27,520 --> 00:02:30,640 Speaker 2: On Mobile, Bank of America, Coca Cola, Morgan Stanley, et cetera. 51 00:02:31,320 --> 00:02:33,639 Speaker 2: And Vidia remains the market leader four point eighty five 52 00:02:33,720 --> 00:02:36,400 Speaker 2: trillion US dollars. Then Microsoft and Apple over that four 53 00:02:36,480 --> 00:02:39,120 Speaker 2: trillion US dollar mark just quickly. While on Big Tech, 54 00:02:39,560 --> 00:02:42,560 Speaker 2: Chair of Tesla, Australian Robin Denholm has stepped up her 55 00:02:42,600 --> 00:02:45,200 Speaker 2: campaign to convince shareholders to agree to a ten year, 56 00:02:45,480 --> 00:02:49,400 Speaker 2: one trillion US dollar pay packet for elon Musk. She 57 00:02:49,520 --> 00:02:53,000 Speaker 2: said there's no elon Musk two. In fact, I think 58 00:02:53,000 --> 00:02:56,200 Speaker 2: she said there's no elon Mark two if the board 59 00:02:56,240 --> 00:02:57,280 Speaker 2: is forced to replace him. 60 00:02:57,720 --> 00:03:01,960 Speaker 1: Storing number three. Woolworths Sean has reported disappointing sales for 61 00:03:02,000 --> 00:03:05,600 Speaker 1: the September quarter despite a push to cut prices, but 62 00:03:05,720 --> 00:03:09,320 Speaker 1: chief executive Amanda Bardwell insists there are some green shoots 63 00:03:09,320 --> 00:03:10,800 Speaker 1: at the supermarket. 64 00:03:10,280 --> 00:03:12,880 Speaker 2: And investors agree, pushing Willy share price up nearly two 65 00:03:12,880 --> 00:03:14,600 Speaker 2: and a half percent yesterday in a day when the 66 00:03:14,639 --> 00:03:17,160 Speaker 2: market was much much lower it was down one percent. 67 00:03:17,600 --> 00:03:20,400 Speaker 2: Supermarket sales at the retailers eleven hundred stores grew by 68 00:03:20,400 --> 00:03:22,919 Speaker 2: two point one percent. About fourteen billion dollars a quarter 69 00:03:23,000 --> 00:03:26,560 Speaker 2: they take in in sales. That's at the supermarkets. You 70 00:03:26,720 --> 00:03:29,240 Speaker 2: add in big w The New Zealand grocery business sales 71 00:03:29,240 --> 00:03:31,440 Speaker 2: were up about two point seven percent. Chief executive aman 72 00:03:31,480 --> 00:03:34,200 Speaker 2: of Bardwell said the sales figures were below her aspirations, 73 00:03:34,680 --> 00:03:37,200 Speaker 2: remains plenty to do, but she added that three weeks 74 00:03:37,200 --> 00:03:40,560 Speaker 2: into the new quarter sales were stronger. Fresh and grocery 75 00:03:40,640 --> 00:03:43,960 Speaker 2: food sales were good. Last quarter, pet and baby products lower. 76 00:03:44,200 --> 00:03:46,920 Speaker 2: The sale of tobacco Michael is half of what it 77 00:03:47,080 --> 00:03:48,440 Speaker 2: was twelve months ago. 78 00:03:48,800 --> 00:03:52,960 Speaker 1: Wow story number four Sean in Canberra. This one. The 79 00:03:53,080 --> 00:03:56,840 Speaker 1: federal government's ten billion dollar Housing Australia Future Fund is 80 00:03:56,880 --> 00:04:01,400 Speaker 1: being audited after criticisms that it isn't delivering enough social 81 00:04:01,440 --> 00:04:02,440 Speaker 1: and affordable housing. 82 00:04:02,600 --> 00:04:05,160 Speaker 2: The fund is supposted to deliver forty thousand new homes, 83 00:04:05,200 --> 00:04:07,840 Speaker 2: and now the National Audit Office will be checking whether 84 00:04:07,920 --> 00:04:10,400 Speaker 2: the design of the fund is working. Established in late 85 00:04:10,400 --> 00:04:12,040 Speaker 2: twenty twenty three, is part of the goal for the 86 00:04:12,160 --> 00:04:15,200 Speaker 2: private and public sectors to build one point two million 87 00:04:15,200 --> 00:04:16,839 Speaker 2: homes by the middle of twenty twenty nine, So if 88 00:04:16,960 --> 00:04:20,279 Speaker 2: the fund has delivered about five hundred homes, not quite 89 00:04:20,279 --> 00:04:22,680 Speaker 2: the forty thousand according to the ABC. The cost of 90 00:04:22,720 --> 00:04:25,200 Speaker 2: each house has also been much higher, average about seven 91 00:04:25,279 --> 00:04:28,359 Speaker 2: hundred and fifty thousand, some exceeding one million dollars. It 92 00:04:28,400 --> 00:04:30,520 Speaker 2: hasn't been an easy run for the fund. Last Friday, 93 00:04:30,560 --> 00:04:34,160 Speaker 2: chair Carol Austin said she'd resign. It came after allegations 94 00:04:34,240 --> 00:04:37,240 Speaker 2: last year that she bullied staff. Now an investigation found 95 00:04:37,320 --> 00:04:40,760 Speaker 2: no formal breaches of the code of conduct for the organization. However, 96 00:04:41,120 --> 00:04:42,200 Speaker 2: the chair has stepped down. 97 00:04:42,800 --> 00:04:45,919 Speaker 1: Last one story, over five social media groups are scrambling 98 00:04:46,000 --> 00:04:49,039 Speaker 1: to find ways to operate under the incoming rules that 99 00:04:49,120 --> 00:04:51,880 Speaker 1: ban under sixteen year olds from using their apps with 100 00:04:52,080 --> 00:04:55,440 Speaker 1: a Snapchat, for example, sept to allow fifteen year olds 101 00:04:55,560 --> 00:04:58,039 Speaker 1: to freeze their accounts until they turn sixteen. 102 00:04:58,200 --> 00:05:00,640 Speaker 2: There's just under forty days until the be and kicks In, 103 00:05:00,800 --> 00:05:03,839 Speaker 2: and executives from Meta, TikTok, and Snap have been appearing 104 00:05:03,880 --> 00:05:07,159 Speaker 2: at Senate Estimates hearings. They all outlined high level steps 105 00:05:07,160 --> 00:05:10,760 Speaker 2: they'll take to not allow under sixteen year olds under 106 00:05:10,760 --> 00:05:13,640 Speaker 2: the legislation. TikTok said parents will be able to report 107 00:05:13,640 --> 00:05:16,080 Speaker 2: in their kids, good luck with that one. Snap will 108 00:05:16,120 --> 00:05:18,240 Speaker 2: freeze some accounts, while Meta said it will adopt a 109 00:05:18,240 --> 00:05:21,840 Speaker 2: waterfall approach, using at the least intrusive ways to confirm 110 00:05:21,839 --> 00:05:25,400 Speaker 2: a user's age before progressing to more onerous methods. All 111 00:05:25,440 --> 00:05:28,320 Speaker 2: three companies said they will de register users who they 112 00:05:28,400 --> 00:05:31,279 Speaker 2: know are under sixteen years old. TikTok has about two 113 00:05:31,360 --> 00:05:34,520 Speaker 2: hundred thy teens in that group, Snapchat about four hundred 114 00:05:34,520 --> 00:05:36,559 Speaker 2: and forty thousand users in that group. 115 00:05:36,640 --> 00:05:38,839 Speaker 1: All right, there we go, the top five business stories 116 00:05:38,880 --> 00:05:41,440 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday, 117 00:05:41,480 --> 00:05:44,320 Speaker 1: the thirtieth of October twenty twenty five. Remember to hit 118 00:05:44,360 --> 00:05:46,840 Speaker 1: follow on the podcast. And if five minutes just isn't 119 00:05:46,880 --> 00:05:49,280 Speaker 1: long enough for you, you can find our longer daily show 120 00:05:49,360 --> 00:05:52,000 Speaker 1: called Fear and the Greed wherever you listen to podcasts. 121 00:05:52,000 --> 00:05:54,200 Speaker 1: I'm Michael Thompson and that was the Fast five Business 122 00:05:54,240 --> 00:05:56,640 Speaker 1: news by fear and greed. Have a great day.