1 00:00:06,360 --> 00:00:09,360 Speaker 1: Welcome to fear and greed business news you can use today. 2 00:00:09,480 --> 00:00:12,959 Speaker 1: Tech stocks, bitcoin and some very big local companies are 3 00:00:13,000 --> 00:00:16,880 Speaker 1: sold off as investors fear higher interest rates. Australia's big 4 00:00:17,000 --> 00:00:19,480 Speaker 1: energy companies come out and support of net zero by 5 00:00:19,520 --> 00:00:23,799 Speaker 1: twenty fifty, and Amazon, Timu and Shean are forecast to 6 00:00:23,960 --> 00:00:27,960 Speaker 1: dominate the local online retail space within twelve months plus. 7 00:00:27,960 --> 00:00:32,000 Speaker 1: Prime Minister Anthony Abanezi says Australia won't co host next 8 00:00:32,080 --> 00:00:35,640 Speaker 1: year's COP summit with Turkey, and Westpac sends bankers so 9 00:00:35,720 --> 00:00:38,880 Speaker 1: the bush. It is Tuesday, the eighteenth of November twenty 10 00:00:38,880 --> 00:00:41,480 Speaker 1: twenty five. I'm Michael Thompson and good morning, Sean. 11 00:00:41,520 --> 00:00:44,080 Speaker 2: Aylmer. Good morning, Michael, Sean. 12 00:00:44,159 --> 00:00:46,960 Speaker 1: The main story this morning, fear rather than greed is 13 00:00:47,040 --> 00:00:52,800 Speaker 1: gripping global markets, with cryptocurrencies tumbling, Wall Street tech heavyweights 14 00:00:52,880 --> 00:00:56,240 Speaker 1: mostly going backwards, and even Australia's two biggest companies, the 15 00:00:56,320 --> 00:01:01,960 Speaker 1: Cornwealth Bank and BHP losing ground. Meanwhile, safe haven investments 16 00:01:02,000 --> 00:01:05,440 Speaker 1: like gold Well Surprise, surprise, Sean, they are surging again. 17 00:01:06,000 --> 00:01:10,640 Speaker 2: In the parlance of investors, it is a risk off market. 18 00:01:10,720 --> 00:01:13,640 Speaker 2: They're battening down for a rough period. Fear rather than 19 00:01:13,680 --> 00:01:15,839 Speaker 2: greed as you put it. Anyone want to know why 20 00:01:15,920 --> 00:01:18,160 Speaker 2: we called our podcast fear and Greed. There it is 21 00:01:18,200 --> 00:01:21,199 Speaker 2: markets driven by fear and greed. The main problem really 22 00:01:21,200 --> 00:01:23,640 Speaker 2: is the lack of information. The US government shutdown means 23 00:01:23,640 --> 00:01:27,200 Speaker 2: investors are buying in the dark locally the real possibility 24 00:01:27,200 --> 00:01:29,240 Speaker 2: of no more rate cuts. It's hurting the local market. 25 00:01:29,560 --> 00:01:32,560 Speaker 2: So let's have a look at crypto markets. Bitcoin it's 26 00:01:32,680 --> 00:01:37,240 Speaker 2: lost thirty percent of its value since it's high last month. 27 00:01:37,560 --> 00:01:39,559 Speaker 2: It is now back to its level at the beginning 28 00:01:39,640 --> 00:01:44,959 Speaker 2: of the year. With institutional end retail investors dumping the cryptocurrency. 29 00:01:45,240 --> 00:01:47,800 Speaker 2: It fell back below ninety three thousand, seven hundred and 30 00:01:47,840 --> 00:01:50,960 Speaker 2: fourteen US dollars a unit yesterday. That was the level 31 00:01:50,960 --> 00:01:53,960 Speaker 2: it was trading at the end of twenty twenty four. 32 00:01:54,360 --> 00:01:57,640 Speaker 2: Its peak was one hundred and twenty six two hundred 33 00:01:57,640 --> 00:02:01,080 Speaker 2: and fifty one US dollars a unit. On October, Donald 34 00:02:01,120 --> 00:02:03,240 Speaker 2: Trump made a couple of comments perceived to be negative 35 00:02:03,280 --> 00:02:07,360 Speaker 2: to cryptos, it started tumbling. Locally. The s and PAX 36 00:02:07,400 --> 00:02:11,280 Speaker 2: two hundred is closing is trading close to four month lows, 37 00:02:11,320 --> 00:02:14,800 Speaker 2: with the biggest drag without a doubt being Commonwealth Bank, 38 00:02:14,840 --> 00:02:17,120 Speaker 2: which is off eight percent over the past month. By 39 00:02:17,240 --> 00:02:19,720 Speaker 2: HP's down three percent in the same period. But the 40 00:02:19,720 --> 00:02:22,079 Speaker 2: biggest losers over the past month have been the tech 41 00:02:22,160 --> 00:02:27,160 Speaker 2: stocks with the AI Technology Index. Say that again, it's 42 00:02:27,160 --> 00:02:30,520 Speaker 2: not a it's all technology index on the AX off 43 00:02:30,560 --> 00:02:33,840 Speaker 2: more than twelve percent yesterday. Market letters Wise, Tech Global, 44 00:02:33,880 --> 00:02:38,720 Speaker 2: and Zero both fell to fifty two week lows. Meanwhile, 45 00:02:39,040 --> 00:02:42,200 Speaker 2: Goal surging back above forty one hundred US dollars an ounce, 46 00:02:42,240 --> 00:02:45,080 Speaker 2: Silver's back above fifty US dollars an ounce. 47 00:02:47,040 --> 00:02:50,679 Speaker 1: Sean. We've talked a lot about the banks, We've talked 48 00:02:50,680 --> 00:02:54,120 Speaker 1: a lot about commodities, but why are tech stocks being 49 00:02:54,160 --> 00:02:54,760 Speaker 1: sold off? 50 00:02:55,360 --> 00:02:58,799 Speaker 2: It comes down to valuations and whether the excitement over 51 00:02:58,919 --> 00:03:02,760 Speaker 2: AI will end up in real earnings. There are a 52 00:03:02,960 --> 00:03:07,520 Speaker 2: few naysas out there, Michael, what it isn't right. It 53 00:03:07,600 --> 00:03:10,120 Speaker 2: isn't right to say NASA is a good word. It 54 00:03:10,160 --> 00:03:13,519 Speaker 2: isn't right to say big spending tech stocks are on 55 00:03:13,560 --> 00:03:16,640 Speaker 2: the nose. But there's just a little bit of a 56 00:03:16,680 --> 00:03:20,400 Speaker 2: whiff about them at the moment. And the stocks that 57 00:03:20,440 --> 00:03:23,359 Speaker 2: have done so have sort of gone least hard into AI, 58 00:03:23,800 --> 00:03:27,840 Speaker 2: such as Apple are currently doing best. So a basket 59 00:03:27,880 --> 00:03:29,720 Speaker 2: of tech and AI stocks on Wall streets has fallen 60 00:03:29,760 --> 00:03:32,200 Speaker 2: about eight percent over the past couple of weeks. That's 61 00:03:32,240 --> 00:03:35,640 Speaker 2: the biggest drop since a big pullback earlier in the year. 62 00:03:36,080 --> 00:03:41,200 Speaker 2: But Apple's share price is rising. Apple's capex expected to 63 00:03:41,200 --> 00:03:46,560 Speaker 2: be about fourteen billion US dollars this fiscal year. Sounds huge, 64 00:03:46,760 --> 00:03:50,480 Speaker 2: but it's actually not Microsoft. It's going to spend ninety 65 00:03:50,560 --> 00:03:55,360 Speaker 2: four billion compared to Apple's fourteen billion. Ninety four billion 66 00:03:55,400 --> 00:04:00,560 Speaker 2: for Microsoft Meta, a company half Apple size seventy billion dollars. 67 00:04:01,240 --> 00:04:05,680 Speaker 2: That's worked against Apple until now. Now people are getting nervous. 68 00:04:06,440 --> 00:04:09,880 Speaker 2: So what you were seeing over at the last little bit, well, 69 00:04:09,880 --> 00:04:12,280 Speaker 2: I mean up until about a month ago, Apple was 70 00:04:12,280 --> 00:04:16,160 Speaker 2: the worst performer of the Bloomberg Magnificent seven INDECKSP. Over 71 00:04:16,160 --> 00:04:19,760 Speaker 2: the last month, Apple's up ten percent, Microsoft's flat metas 72 00:04:19,800 --> 00:04:23,800 Speaker 2: down fourteen percent. Not necessarily the end of the tech boom, 73 00:04:23,880 --> 00:04:26,200 Speaker 2: or the trypto boom for that matter, but there's just 74 00:04:26,240 --> 00:04:28,480 Speaker 2: a lot more cynicism in the market right now. 75 00:04:29,040 --> 00:04:32,159 Speaker 1: That is really interesting that that's playing out that way 76 00:04:32,200 --> 00:04:34,960 Speaker 1: for Apple, because even when the new iPhones were released 77 00:04:35,040 --> 00:04:38,440 Speaker 1: back in September, there was criticism of the fact that 78 00:04:38,480 --> 00:04:41,520 Speaker 1: they really hadn't done much for Apple intelligence that Apple 79 00:04:41,520 --> 00:04:46,240 Speaker 1: Intelligence was there, but it wasn't as incorporated and enmeshed 80 00:04:46,360 --> 00:04:48,599 Speaker 1: into the new operating system as you would expect it 81 00:04:48,600 --> 00:04:51,120 Speaker 1: to be. And there wasn't an update for Siri that 82 00:04:51,320 --> 00:04:53,760 Speaker 1: was going to use Apple Intelligence in any meaningful way. 83 00:04:53,800 --> 00:04:56,200 Speaker 1: And everyone was talking about, oh, Apple's being left behind 84 00:04:56,320 --> 00:05:00,719 Speaker 1: now and maybe maybe they a good call. 85 00:05:01,080 --> 00:05:04,479 Speaker 2: Yeah. Apple proponents say, well, they're just going to wait 86 00:05:04,520 --> 00:05:07,520 Speaker 2: to see what works best and then they'll jump in 87 00:05:07,880 --> 00:05:11,599 Speaker 2: and sort of coattail on that. Maybe that's what they're doing. 88 00:05:11,640 --> 00:05:14,359 Speaker 2: But it's just really interesting that they're the winners at 89 00:05:14,400 --> 00:05:15,200 Speaker 2: the moment. Yeah. 90 00:05:15,200 --> 00:05:17,520 Speaker 1: Indeed, what about the broader ASX. 91 00:05:17,600 --> 00:05:21,320 Speaker 2: Yesterday the SMPA six two hundred closed flat at eighty 92 00:05:21,480 --> 00:05:23,680 Speaker 2: six hundred and thirty four points, in a case of 93 00:05:23,760 --> 00:05:27,080 Speaker 2: beautiful timing given the top story being Textalks being sold off. 94 00:05:27,560 --> 00:05:31,880 Speaker 2: The text Talks were the best performers yesterday, along with 95 00:05:32,000 --> 00:05:35,480 Speaker 2: energy companies. Healthcare was the worst performing sector. BHP shares 96 00:05:35,520 --> 00:05:38,880 Speaker 2: initially fell two percent after the English High Court found 97 00:05:38,960 --> 00:05:43,120 Speaker 2: it liable under Brazilian law for the Fundao dam failure. 98 00:05:43,240 --> 00:05:45,240 Speaker 2: Now the Big Australian closed down more than half percent. 99 00:05:45,279 --> 00:05:47,919 Speaker 2: It's peered back some of those losses. Banks mixed. Comwealth 100 00:05:47,920 --> 00:05:49,680 Speaker 2: and National Australian Bank were lower, Westpac and AE and 101 00:05:49,720 --> 00:05:51,280 Speaker 2: Zaid well high. I'm a Quarry film more than two 102 00:05:51,279 --> 00:05:53,680 Speaker 2: percent for squ Metals Group was the best of the 103 00:05:53,760 --> 00:05:55,360 Speaker 2: large caps, up more than one percent. 104 00:05:56,520 --> 00:06:00,200 Speaker 1: We're talking about a lot about ETFs Sean and the 105 00:06:00,560 --> 00:06:04,480 Speaker 1: Australian exchange traded fund market has hit three hundred and 106 00:06:04,560 --> 00:06:08,160 Speaker 1: twenty two billion dollars, driven by a record six billion 107 00:06:08,200 --> 00:06:11,880 Speaker 1: dollars in net inflows during October. This is according to 108 00:06:11,920 --> 00:06:13,920 Speaker 1: the latest Global x report, and. 109 00:06:14,040 --> 00:06:18,000 Speaker 2: This supports our main story about the risk of market Now. 110 00:06:18,240 --> 00:06:21,240 Speaker 2: The Aussie ETF market's up about thirty eight percent over 111 00:06:21,279 --> 00:06:24,080 Speaker 2: the past year, and ETF, of course basket of assets 112 00:06:24,160 --> 00:06:26,760 Speaker 2: like stocks, generally a low cost way to earn a 113 00:06:26,800 --> 00:06:29,400 Speaker 2: return similar to an index or a commodity or whatever. 114 00:06:29,760 --> 00:06:32,960 Speaker 2: Each date, flows now stand at forty four billion dollars, 115 00:06:33,360 --> 00:06:36,320 Speaker 2: putting the market on track to meet and anticipated fifty 116 00:06:36,320 --> 00:06:39,480 Speaker 2: billion dollar milestone this year. Is that a lot, Well, 117 00:06:39,480 --> 00:06:42,520 Speaker 2: it's only thirty one billion dollars last year, so yes, 118 00:06:42,839 --> 00:06:45,920 Speaker 2: ETFs are growing big time. What's interesting is when people 119 00:06:45,920 --> 00:06:50,520 Speaker 2: are putting their money into bond ETFs. Michael, don't roll 120 00:06:50,560 --> 00:06:53,280 Speaker 2: your eyes. Bond ETFs exciting, exciting a. 121 00:06:53,360 --> 00:06:56,680 Speaker 1: Recorded month, that is a thrilling ETF to own. I 122 00:06:56,720 --> 00:06:59,120 Speaker 1: know it's important, but goodness me, it's not the most 123 00:06:59,160 --> 00:07:02,480 Speaker 1: exciting one. Like you look at gold and the nug 124 00:07:02,640 --> 00:07:05,520 Speaker 1: ETF like that, that's an exciting one. 125 00:07:06,000 --> 00:07:08,880 Speaker 2: Look one point four billion dollars in the bond ETFs, 126 00:07:08,880 --> 00:07:15,840 Speaker 2: mostly Australian credit. That's exciting. Japanese ETFs, they're back in fashion. Okay, 127 00:07:16,920 --> 00:07:19,560 Speaker 2: other side of the coin. Not so much enthusiasm for 128 00:07:19,560 --> 00:07:24,760 Speaker 2: crypto ETFs, not so much enthusiasm for tech ets. Just 129 00:07:24,920 --> 00:07:25,720 Speaker 2: proving our point. 130 00:07:26,880 --> 00:07:29,240 Speaker 1: I always intrigued by the use of I just love 131 00:07:29,280 --> 00:07:32,240 Speaker 1: the language that we used to describe things, as you know, Sean. 132 00:07:33,640 --> 00:07:36,600 Speaker 1: Why we always refer to it as a basket an ETFs, 133 00:07:36,640 --> 00:07:39,600 Speaker 1: a basket of assets. Why can't we change it? What's 134 00:07:39,600 --> 00:07:42,560 Speaker 1: wrong with like a parcel or a pot of assets, 135 00:07:42,560 --> 00:07:45,400 Speaker 1: a cauldron of assets or something's. 136 00:07:44,920 --> 00:07:48,080 Speaker 2: See the I think this comes from a basket of 137 00:07:48,160 --> 00:07:52,679 Speaker 2: currencies originally, again the trade rated index been there forever, 138 00:07:52,840 --> 00:07:55,960 Speaker 2: basket of currencies. Now chuck them into the cauldron, right o, 139 00:07:56,080 --> 00:07:58,640 Speaker 2: the cauldron of currencies or that? Yeah, there we go, 140 00:07:58,920 --> 00:08:01,040 Speaker 2: all right, well we are changing the world. One word 141 00:08:01,080 --> 00:08:03,040 Speaker 2: at a time here at fear Engrad Sean will take 142 00:08:03,040 --> 00:08:05,000 Speaker 2: a quick break back in a moment. With the rest 143 00:08:05,040 --> 00:08:15,480 Speaker 2: of the day's business news. Sean Prime Minister Anthony Aberzi 144 00:08:15,600 --> 00:08:20,080 Speaker 2: has dismissed suggestions that Australia could co host next year's 145 00:08:20,120 --> 00:08:24,240 Speaker 2: COP climate summit with Turkey. Royce's reported yesterday that Turkey 146 00:08:24,280 --> 00:08:29,000 Speaker 2: had made the offer, but Anthony Albanezi said nah, not possible. 147 00:08:29,320 --> 00:08:31,440 Speaker 2: Sort of a breakthrough in the next few days. Neither 148 00:08:31,480 --> 00:08:35,040 Speaker 2: country will host COP thirty one next year. Elsewhere in politics, 149 00:08:35,040 --> 00:08:38,280 Speaker 2: the fallout from the AFR Redbridge poll that shows support 150 00:08:38,320 --> 00:08:41,320 Speaker 2: for One Nation hitting a record high while the Coalition 151 00:08:41,480 --> 00:08:46,280 Speaker 2: tanks has added even more pressure on Susan Lee. The 152 00:08:46,320 --> 00:08:50,199 Speaker 2: poll revealed Coalition's primary vote fell five percentage points last 153 00:08:50,240 --> 00:08:54,080 Speaker 2: month to its lowest ever rate. Lowest ever rate of 154 00:08:54,120 --> 00:08:57,160 Speaker 2: twenty four percent. Support for One Nation rose four percent 155 00:08:57,840 --> 00:09:02,439 Speaker 2: or four points, to eighteen percent. A little uncomfortable, a 156 00:09:02,440 --> 00:09:06,000 Speaker 2: little close for Susan Lee. Her supporter's preferred prime minister 157 00:09:06,040 --> 00:09:10,559 Speaker 2: has taked to ten percent compared to Anthony Albanezi's forty percent. 158 00:09:10,720 --> 00:09:12,839 Speaker 2: Well on a two party preferred basis labor He's had 159 00:09:12,880 --> 00:09:14,960 Speaker 2: fifty six percent to forty four percent. 160 00:09:16,600 --> 00:09:19,600 Speaker 1: The way things are going, Susan Lee may not even 161 00:09:19,600 --> 00:09:22,200 Speaker 1: get a chance to run against Anthony Alberanezi in two 162 00:09:22,240 --> 00:09:23,920 Speaker 1: and a half years time. There seems to be a 163 00:09:23,960 --> 00:09:26,960 Speaker 1: lot of confusion at the moment among the moderates in 164 00:09:27,000 --> 00:09:30,199 Speaker 1: the federal Labor Liberal Party rather about who should actually 165 00:09:30,280 --> 00:09:32,200 Speaker 1: be the leader, which is not what you want only 166 00:09:32,240 --> 00:09:33,680 Speaker 1: six months after taking the job. 167 00:09:34,120 --> 00:09:36,720 Speaker 2: No, we know the Conservative Libs aren't big fans of 168 00:09:36,760 --> 00:09:39,000 Speaker 2: Susan Lee. There were reports yesterday in The Australian that 169 00:09:39,040 --> 00:09:41,600 Speaker 2: some of the moderates were deserting her too. That prompted 170 00:09:41,720 --> 00:09:45,439 Speaker 2: the acting Senate Opposition Leader Anne Russen to claim that 171 00:09:45,760 --> 00:09:50,360 Speaker 2: the overwhelming majority of Liberal moderates back Lee. Overwhelming majority. 172 00:09:53,640 --> 00:09:54,560 Speaker 1: That's not well put. 173 00:09:55,720 --> 00:09:57,679 Speaker 2: That's not exactly. 174 00:10:00,040 --> 00:10:03,000 Speaker 1: Endorsement. Is it a reindorsement? Is it the kind of 175 00:10:03,120 --> 00:10:05,720 Speaker 1: unanimous support that you need as the leader of a party. 176 00:10:06,520 --> 00:10:12,679 Speaker 1: Probably not okay. Now, Australia's biggest energy companies support the 177 00:10:12,720 --> 00:10:16,800 Speaker 1: federal government's net zero target by twenty fifty, and they've 178 00:10:16,840 --> 00:10:20,200 Speaker 1: warned that failing to support renewables will only send power 179 00:10:20,200 --> 00:10:20,959 Speaker 1: bills higher. 180 00:10:22,280 --> 00:10:24,240 Speaker 2: Just what the Libs need, Just what the nets need 181 00:10:24,440 --> 00:10:27,040 Speaker 2: when they've dropped net zero because they want get one 182 00:10:27,080 --> 00:10:29,960 Speaker 2: to get the price of power down. The actual energy 183 00:10:30,000 --> 00:10:32,320 Speaker 2: companies come out and said, well, actually to get the 184 00:10:32,320 --> 00:10:34,000 Speaker 2: post of power down, you've got to go net zero. 185 00:10:34,200 --> 00:10:37,040 Speaker 2: That's effectively it. The chief executive of more than a 186 00:10:37,080 --> 00:10:41,480 Speaker 2: dozen major electricity supplies, including AGL, Origin Energy and Energy Australia. 187 00:10:41,480 --> 00:10:44,439 Speaker 2: They're all members of the Australian Energy Council, said shifting 188 00:10:44,520 --> 00:10:47,360 Speaker 2: to a mostly renewable grid was the best way to 189 00:10:47,440 --> 00:10:50,560 Speaker 2: keep bills as low as possible. The CEO stressed the 190 00:10:50,600 --> 00:10:54,520 Speaker 2: need for policy certainty and stability as Australia heads towards 191 00:10:54,520 --> 00:11:00,560 Speaker 2: a tipping point. Now the energy transition is underway, but 192 00:11:00,679 --> 00:11:03,679 Speaker 2: the CEO say it's as much about system security at 193 00:11:03,679 --> 00:11:07,840 Speaker 2: the moment as it is emissions reductions. Australia's coal fired 194 00:11:07,920 --> 00:11:11,720 Speaker 2: power stations still supply more than half the nation's electricity needs, 195 00:11:11,720 --> 00:11:14,680 Speaker 2: but most of them approaching the end of their usable 196 00:11:14,720 --> 00:11:17,920 Speaker 2: lives and are due to be retired over the next 197 00:11:17,920 --> 00:11:21,000 Speaker 2: decade or so, meaning they've got to be replaced of 198 00:11:21,080 --> 00:11:25,080 Speaker 2: something by something. Regardless of net zero ambitions, The industry 199 00:11:25,160 --> 00:11:28,520 Speaker 2: argues the cheapest path for consumers is to invest in 200 00:11:28,559 --> 00:11:32,600 Speaker 2: replacing aging coal generators with firmed up renewable energy. 201 00:11:34,160 --> 00:11:38,080 Speaker 1: But investing in renewables right is going to cost money, 202 00:11:38,120 --> 00:11:40,199 Speaker 1: which is a lot of the argument that has been 203 00:11:40,200 --> 00:11:42,880 Speaker 1: made in recent days by the coalition. So prices are 204 00:11:42,920 --> 00:11:43,680 Speaker 1: likely to go up. 205 00:11:44,240 --> 00:11:46,640 Speaker 2: Yes. The way the Energy Council puts it is that 206 00:11:46,720 --> 00:11:55,600 Speaker 2: replacing aging power stations is not costless and will you 207 00:11:55,640 --> 00:11:58,400 Speaker 2: will push up people's electricity bills at least for a while. 208 00:11:58,440 --> 00:12:02,040 Speaker 2: So building more wind and solifar storage projects, all the 209 00:12:02,280 --> 00:12:06,000 Speaker 2: thousands of kilometers of power lines and pylons and stuff 210 00:12:06,160 --> 00:12:09,160 Speaker 2: like that to bring the whole market together, that's going 211 00:12:09,200 --> 00:12:12,319 Speaker 2: to add cost that will be passed on to consumer. 212 00:12:12,360 --> 00:12:15,160 Speaker 2: But their point is in the longer term, it's cheaper 213 00:12:15,280 --> 00:12:18,520 Speaker 2: to do it that way than try and rejig coal 214 00:12:18,600 --> 00:12:19,680 Speaker 2: fired power stations. 215 00:12:21,040 --> 00:12:24,480 Speaker 1: Now, Westpac bankers, we mentioned this one in the intro 216 00:12:24,559 --> 00:12:27,840 Speaker 1: Sean Westpac bankers will be sent to country towns to 217 00:12:27,920 --> 00:12:32,400 Speaker 1: work from council offices or local libraries one day each fortnight, 218 00:12:32,720 --> 00:12:36,240 Speaker 1: and the bank won't close any more rural branches until 219 00:12:36,280 --> 00:12:37,160 Speaker 1: twenty thirty. 220 00:12:37,559 --> 00:12:40,000 Speaker 2: The moratorium on branches is two and a half years 221 00:12:40,000 --> 00:12:43,120 Speaker 2: longer than the other major banks. The decision was announced 222 00:12:43,120 --> 00:12:45,960 Speaker 2: ahead of the bank appearing before the House of Representatives 223 00:12:46,040 --> 00:12:49,240 Speaker 2: Economics Committee today and tomorrow. The federal government's considering whether 224 00:12:49,280 --> 00:12:51,440 Speaker 2: a levee funded by all banks should be created to 225 00:12:51,520 --> 00:12:54,840 Speaker 2: support the delivery of regional banking services, a move that 226 00:12:55,040 --> 00:12:58,360 Speaker 2: is opposed by Westpac and friends. Federal government has also 227 00:12:58,480 --> 00:13:00,439 Speaker 2: forced the major banks to not close banes in the 228 00:13:00,480 --> 00:13:02,520 Speaker 2: Bush until mid twenty twenty seven. Now what west Pack 229 00:13:02,520 --> 00:13:05,800 Speaker 2: has said is we won't do any closes till twenty thirty. 230 00:13:06,120 --> 00:13:08,240 Speaker 2: Over the past five years, twenty three percent of branches 231 00:13:08,280 --> 00:13:11,640 Speaker 2: in inner regional areas, that's about two hundred and fifty 232 00:13:11,640 --> 00:13:15,280 Speaker 2: two locations were closed, according to the austrain Poindancial Regulation 233 00:13:15,960 --> 00:13:19,400 Speaker 2: or regulatory Authority. In outer regional areas, about nineteen percent 234 00:13:19,440 --> 00:13:20,480 Speaker 2: of branches were closed. 235 00:13:21,000 --> 00:13:22,720 Speaker 1: How awesome that they get to go and work in 236 00:13:22,760 --> 00:13:23,760 Speaker 1: the local library. 237 00:13:24,120 --> 00:13:27,480 Speaker 2: I think they fantastic. So when I travel, I often 238 00:13:27,559 --> 00:13:30,000 Speaker 2: find myself if I go home to see my mum 239 00:13:30,040 --> 00:13:33,360 Speaker 2: in Orange, we'll go to the local Orange library. You 240 00:13:33,480 --> 00:13:36,079 Speaker 2: must spend hours in there doing the show. It's great. 241 00:13:36,280 --> 00:13:38,120 Speaker 1: I frequently go. I mean, I was at the library 242 00:13:38,200 --> 00:13:41,760 Speaker 1: yesterday and I found I found four copies of one 243 00:13:41,760 --> 00:13:43,800 Speaker 1: of my novels on the shelf, and so I took 244 00:13:43,880 --> 00:13:46,520 Speaker 1: some time to go around and reposition them. So that's 245 00:13:46,520 --> 00:13:48,600 Speaker 1: now the moment you walk in the library, it's front 246 00:13:48,600 --> 00:13:51,640 Speaker 1: and center everywhere. Oh, it's everywhere, It's all over the place. 247 00:13:53,120 --> 00:13:54,559 Speaker 2: You've got a reason to go to the library. You 248 00:13:54,640 --> 00:13:56,040 Speaker 2: just go to find your own work. 249 00:13:56,360 --> 00:13:58,360 Speaker 1: Oh yeah, that's absolutely right. And I would trust at 250 00:13:58,360 --> 00:14:00,199 Speaker 1: the West back bankers when they go to re the 251 00:14:00,280 --> 00:14:03,120 Speaker 1: libraries will look for my books reposition them in prominent 252 00:14:03,120 --> 00:14:03,920 Speaker 1: places as well. 253 00:14:04,480 --> 00:14:05,719 Speaker 2: Now, shameless, go. 254 00:14:05,760 --> 00:14:09,680 Speaker 1: On, I'd never been anything but Amazon, Timu and she 255 00:14:09,920 --> 00:14:14,520 Speaker 1: and Sean will that's confusing. She and Sean will hold 256 00:14:14,600 --> 00:14:18,480 Speaker 1: more than one third of Australia's online retail market by 257 00:14:18,559 --> 00:14:23,160 Speaker 1: next year, putting a lot of pressure on local digital marketplaces. 258 00:14:23,480 --> 00:14:26,320 Speaker 2: That's according to investment bank Jardon, which forecasts that the 259 00:14:26,480 --> 00:14:30,320 Speaker 2: three international retailers will generate more than eighteen billion dollars 260 00:14:30,320 --> 00:14:34,240 Speaker 2: worth of sales locally next year. About thirty six percent 261 00:14:34,400 --> 00:14:40,960 Speaker 2: market chare price conscious shoppers another hard one. Price conscious 262 00:14:41,200 --> 00:14:44,440 Speaker 2: shoppers will be drawn to the global players, according to 263 00:14:44,480 --> 00:14:47,560 Speaker 2: the report. Now, Jardin analyst Ben Gilbert, a regular on 264 00:14:47,600 --> 00:14:51,160 Speaker 2: our show, said, I quote retailers need scale or niche 265 00:14:51,160 --> 00:14:56,360 Speaker 2: differentiation to survive the market is bifurcating, with those caught 266 00:14:56,480 --> 00:15:00,000 Speaker 2: in between Cogan, B. W. Meyer and JB. High Fiss 267 00:15:00,720 --> 00:15:04,600 Speaker 2: facing the greatest risk as competition squeezes from both ends. 268 00:15:04,840 --> 00:15:10,000 Speaker 2: According to Jarden Analysts, Timu has priced its products between 269 00:15:10,000 --> 00:15:14,200 Speaker 2: thirty and forty percent cheaper than Amazon on comparable items. 270 00:15:14,680 --> 00:15:17,840 Speaker 2: The price difference for Timu is even more stark when 271 00:15:17,840 --> 00:15:20,760 Speaker 2: compared to other platforms, with its products generally being thirty 272 00:15:20,760 --> 00:15:23,480 Speaker 2: to seventy percent cheaper than similar items. 273 00:15:24,320 --> 00:15:28,240 Speaker 1: Turn into international news now. Donald Trump has urged Republicans 274 00:15:28,280 --> 00:15:32,120 Speaker 1: to vote to release files related to late sex defender 275 00:15:32,200 --> 00:15:36,560 Speaker 1: and disgraced financier Jeffrey Epstein in a what is a 276 00:15:36,600 --> 00:15:38,480 Speaker 1: sharp turnaround after having. 277 00:15:38,280 --> 00:15:40,680 Speaker 2: Previously come on, can we call it black flip? 278 00:15:41,000 --> 00:15:43,680 Speaker 1: It is a backflip. He's previously fought attempts to make 279 00:15:43,720 --> 00:15:46,360 Speaker 1: the files public, and now he's saying Republicans should vote 280 00:15:46,360 --> 00:15:49,160 Speaker 1: in favor of it. The US President made the appeal 281 00:15:49,200 --> 00:15:51,320 Speaker 1: ahead of a vote in the House of Reps set 282 00:15:51,520 --> 00:15:54,720 Speaker 1: for tonight. Now that was increasingly looking like it would 283 00:15:54,720 --> 00:15:57,880 Speaker 1: have forced the release of the files anyway, so Donald 284 00:15:57,880 --> 00:16:00,520 Speaker 1: Trump is probably getting in ahead of that. Number of 285 00:16:00,520 --> 00:16:03,800 Speaker 1: Republicans have in recent day signal they're willing to defy 286 00:16:03,960 --> 00:16:07,320 Speaker 1: Trump in the Epstein vote. According to the Financial Times, 287 00:16:07,480 --> 00:16:10,480 Speaker 1: on truth social Trump wrote, House Republicans should vote to 288 00:16:10,480 --> 00:16:14,400 Speaker 1: release the Epstein files because we've got nothing to hide. 289 00:16:14,960 --> 00:16:18,240 Speaker 1: I'm sure there'll be many many journalists and people pouring over. 290 00:16:18,120 --> 00:16:20,360 Speaker 2: Those emails when they come out, and we'll all find 291 00:16:20,400 --> 00:16:23,760 Speaker 2: out whether the Republicans do have anything to hide. 292 00:16:24,560 --> 00:16:25,760 Speaker 1: I think that's probably the case. 293 00:16:25,920 --> 00:16:26,200 Speaker 2: All right. 294 00:16:26,320 --> 00:16:28,600 Speaker 1: Up next is Fear and Greed Q and A Today Seawan, 295 00:16:28,640 --> 00:16:31,840 Speaker 1: you're speaking with Darren Hopkins and Brendan Paine, who are 296 00:16:31,960 --> 00:16:35,040 Speaker 1: from mcgrah nicol, great supporters of the podcast, and we're 297 00:16:35,080 --> 00:16:36,040 Speaker 1: talking ransomware. 298 00:16:36,680 --> 00:16:40,160 Speaker 2: Yeah, it's fascinating. It's one of their annual reports on 299 00:16:40,240 --> 00:16:42,640 Speaker 2: what's going on in ransomware. I'd like to say there's 300 00:16:42,680 --> 00:16:44,680 Speaker 2: lots of good well, there is some good news in it, Michael, 301 00:16:44,920 --> 00:16:46,720 Speaker 2: but there's also lots of bad news as well. 302 00:16:47,040 --> 00:16:48,960 Speaker 1: The thing I love about this one is that they 303 00:16:49,040 --> 00:16:53,160 Speaker 1: give actual figures on how much businesses are paying in 304 00:16:53,240 --> 00:16:55,880 Speaker 1: ransoms and how it compares with last year. It's really 305 00:16:55,920 --> 00:16:57,880 Speaker 1: interesting stuff. It's coming up next in the Fear and 306 00:16:57,920 --> 00:17:01,760 Speaker 1: Greed playlist on your podcast play or at Fearangreed dot 307 00:17:01,800 --> 00:17:04,240 Speaker 1: com dot au, which is also where we sign up 308 00:17:04,280 --> 00:17:06,960 Speaker 1: for the free daily newsletter. Thank you Sean, Thank you Michael. 309 00:17:07,320 --> 00:17:10,160 Speaker 1: It is Tuesday, the eighteenth of November twenty twenty five. 310 00:17:10,240 --> 00:17:12,399 Speaker 1: Make sure you're following the podcast and please join us 311 00:17:12,440 --> 00:17:16,120 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 312 00:17:16,160 --> 00:17:18,440 Speaker 1: Thompson and that was Fear and Greed. Have a great day.