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Speaker 1: Welcome to Fear and Greed. Business News Afternoon Report for Thursday,

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Speaker 1: the seventh of August twenty twenty five. I'm suan Aylmer.

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Speaker 1: Every afternoon we've got the five stories that happened today

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Speaker 1: that you need to know about story and I'm one.

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Speaker 1: The SMPAS X two hundred closed down just touch today

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Speaker 1: to eight hundred and thirty one points. It was a

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Speaker 1: bit of a roller coaster ride really, with the energy

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Speaker 1: in gold companies faring pretty well so to consumer discretionary stocks.

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Speaker 1: The healthcare index underperformed, the banks were mixed, while the

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Speaker 1: big miners were all lower. CSL was the worst of

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Speaker 1: the large caps, falling one point four percent, while both

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Speaker 1: Aristocrat Leisure and Weistech Global outperformed. Story number two. Mining

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Speaker 1: giant Rio Tinto is looking to cut sickle by up

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Speaker 1: to seventy five percent to tens of thousands of workers

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Speaker 1: in its Pilgrim minds in Western Australia, a move it

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Speaker 1: says has been driven by a staff survey. Rio is

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Speaker 1: proposing changing the number of annual six days from its

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Speaker 1: iron Ore employees from forty five to twelve, which is

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Speaker 1: still over the national minimum standard of ten days. The

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Speaker 1: Minor claims the changes relate to fairness issues surfaced via

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Speaker 1: that survey, but the Western Mind Workers Alliance have labeled

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Speaker 1: the move a slap in the face for workers and

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Speaker 1: re affirmed calls for a union agreement. Story number three

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Speaker 1: Australia's trade balance has grown after exports hit a sixteen

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Speaker 1: month high, but economists have worn the economy cannot rely

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Speaker 1: on exports for consistent GDP support. Bure Statistics figures shall

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Speaker 1: a five point four billion dollar goods trade surplus in June,

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Speaker 1: up sharply from one point six billion dollars in May.

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Speaker 1: That's thanks to a six percent rise in exports and

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Speaker 1: a drop in imports. It's good news for economic growth,

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Speaker 1: but economists are warning that the Trump tariffs will increasingly

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Speaker 1: trigger choppiness in global trade, potentially putting pressure on Australia.

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Speaker 1: Story number four. AMP has disappointed investors with its half

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Speaker 1: year profit coming in lower than expectations, though its share

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Speaker 1: price to close the day up two percent. IMP posted

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Speaker 1: a six month underlying net profit of one hundred and

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Speaker 1: thirty one million dollars. The wealth manager pointed to eleven

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Speaker 1: million dollars in litigation costs and twenty one million dollars

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Speaker 1: in business simplification costs hitting its bottom line. Its advisor

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Speaker 1: focused platforms business did better in the half year, while

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Speaker 1: its bank and superannuation profits were relatively steady and story

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Speaker 1: number five New Federal Treasury research says large tax concessions

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Speaker 1: for superannuation and capital gains favors high earners and older people.

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Speaker 1: In a budget Sustainability and tax reform paper released yesterday,

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Speaker 1: Treasury said that the income tax burden will fall on

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Speaker 1: a shrinking share of the population of working age as

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Speaker 1: more people retire. It says, without government intervention, bracktcreep will

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Speaker 1: also result in rising at rich tax rates. According to

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Speaker 1: report in the fin Review, this can disincentivize labor market

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Speaker 1: participation and savings, and discourage investment in skills. The report

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Speaker 1: says the effects may be particularly pronounced second earners, often women.

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Speaker 1: That's it for the afternoon report for Thursday, the seventh

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Speaker 1: of August twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast. We'll be back tomorrow morning with the

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Speaker 1: Friday edition of the past five Business news by few

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Speaker 1: In Greek I'm sure I helma enjoy reeking