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Speaker 1: It's Wednesday, the ninth of July twenty twenty five. Welcome

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Speaker 1: to the Fast five by Fear and Greed, where we

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Speaker 1: give you the top five business stories that you need

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Speaker 1: to know in just five minutes. I'm Adam Lang and

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Speaker 1: good morning Sean Almer.

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Speaker 2: Good morning, Adam Sewn.

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Speaker 1: Story number one. The Reserve Bank Board's decision to not

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Speaker 1: cut interest rates does not preclude further reduction in coming months.

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Speaker 1: Governor Michelle Bullock says, although the shock decision by the

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Speaker 1: Central Bank yesterday has certainly fueled uncertainty over monetary policy.

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Speaker 2: Almost all market economists thought there would be a rate

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Speaker 2: cut yesterday. About the RBA opted for caution, saying it

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Speaker 2: wants to wait for more information to when sure inflation

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Speaker 2: is heading towards two and a half percent, the midpoint

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Speaker 2: of its target band. It said monthly inflation data wise

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Speaker 2: at the margin slightly higher than expected. International uncertainty remains,

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Speaker 2: especially around US tarifs trade policies expected to have an

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Speaker 2: adverse effect on global growth that'll hurt Australian growth. Reserve

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Speaker 2: Bank Board says domestic growth is picking up and there's

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Speaker 2: been an easing in some measure of financial stress. It

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Speaker 2: also so the land market remains tight. Michelle Bullock talked

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Speaker 2: about a fifty base the fifty basis points in cuts

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Speaker 2: since February this year. The board wants to see how

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Speaker 2: that flows through the economy. In short, the Reserve Bank

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Speaker 2: wants to wait and see, though it does sound that

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Speaker 2: it will cut rates later in the year. A few

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Speaker 2: things in this The Reserve Bank doesn't like to shop markets.

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Speaker 2: Normally they telegraph what's going to happen. Well, I have

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Speaker 2: ahead of it happening. That isn't what happened yesterday. And

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Speaker 2: for the first time we heard officially that the Monetary

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Speaker 2: Policy Board was not unanimous. Six members voted for rates

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Speaker 2: to say the same, three for a cut.

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Speaker 1: Sean. How did financial markets and the government react to this.

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Speaker 2: Well, immediately after the two thirty pm announcement, the Aussie

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Speaker 2: dollar jumped to nearly sixty five and a half US

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Speaker 2: sans market interest rates rose, share market fell. More interesting

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Speaker 2: response came from Treasure with Jim Charmers. He sounded somewhat

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Speaker 2: frustrated when in a statement he said, it's not the

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Speaker 2: result millions of Australians were hoping for, or what the

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Speaker 2: market was expecting. We have made substantial and since they

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Speaker 2: in progress on inflation, which is why interest rates have

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Speaker 2: already been cut twice in five months this year.

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Speaker 1: And Sean, will we see rate cuts later in the year.

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Speaker 2: Yes, we will. Reserve Bank Governor Michelle Bullock said the

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Speaker 2: bank wants to take a cautious, gradual approach to easing

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Speaker 2: monetary policy. Then she said, I quote the decision today

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Speaker 2: was about timing rather than direction. That's end quote. The

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Speaker 2: RBA focus on the March quarter inflation in its statement yesterday.

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Speaker 2: The next quarterly prices data is out at the end

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Speaker 2: of this month. If that's benign, then a rate cuts likely.

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Speaker 2: On twelve August.

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Speaker 1: Sean story number two, Prime Minister Anthony Alberanezi says Australia

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Speaker 1: has the best deal possible with the US when it

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Speaker 1: comes to tariff's, adding that the government will continue to

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Speaker 1: push Washington for a zero percent impost.

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Speaker 2: The PM said Australia has not given up on negotiating

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Speaker 2: tariff's lower than ten percent, but at least it is

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Speaker 2: as low as any other country in the world. His

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Speaker 2: comments came after Donald Trump started sending letters to nations

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Speaker 2: on tariff levels. The US President then posted those letters

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Speaker 2: on truth social He set a twenty five percent tax

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Speaker 2: on goods imported for Japan and South Career for example.

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Speaker 2: They'll take effect on August one. The letters to the

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Speaker 2: different countries worn that they must not retaliate by increasing

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Speaker 2: their own import taxes or else if Trumpet administration would

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Speaker 2: further increase tariffs.

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Speaker 1: Sean Stewy Number three Mineral Resources board is rethinking plans

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Speaker 1: for founder and managing director Chris Ellison to leave the company.

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Speaker 1: The decision for Ellison to depart came after he admitted

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Speaker 1: to involvement in a tax evasion scheme that helped him

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Speaker 1: personally at the expense of the company.

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Speaker 2: It was one of the biggest corporate governance scandals in

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Speaker 2: recent years and seemed settled, and the board an ounce

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Speaker 2: Elison would depart next year. Now. Since then, min Resi's

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Speaker 2: share prices tumble in part due to operational difficulties, and

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Speaker 2: now the chair of the company, Malcolm Bundy, says he'll

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Speaker 2: review the leadership transition plan. Elison, who founded the company

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Speaker 2: in nineteen ninety two, has divided min res shareholders. He

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Speaker 2: has considerable support from some big investors, but not everyone.

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Speaker 2: Mineral Resources share price finished down one percent yesterday.

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Speaker 1: Storing number four h VP has lost its landmark challenge

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Speaker 1: to union same job, same pay claims for thousands of

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Speaker 1: its in house labor High workers in a decision the

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Speaker 1: union says will cost the mining giant tens of millions

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Speaker 1: of dollars a year.

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Speaker 2: The Fair Work Commission Full Bench ruled that BHP subsidiary

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Speaker 2: Operation Services that's the name of it, Operation Services is

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Speaker 2: not an exempted service contractor and twenty two hundred of

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Speaker 2: its workers across three mines in Queensland are covered by

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Speaker 2: the Albanesi government's new labor High laws. The Mining and

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Speaker 2: Energy Union estimate the decision, which effectively means Operation Services

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Speaker 2: will have to pay its workers the same as direct

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Speaker 2: Tires on their union agreement, will deliver pay rises of

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Speaker 2: thirty thousand dollars a year. The long running case was

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Speaker 2: a major test of the legislation's criteria to exempt service contractors,

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Speaker 2: with broader imifications for the cold industry and contractors in

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Speaker 2: the rest of the economy.

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Speaker 1: Sean story number five. Elon Musk's political ambitions are doing

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Speaker 1: little for Tesla's share price, with the ev makers prices

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Speaker 1: falling more than seven percent yesterday.

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Speaker 2: Over the weekend Musk announced that he's forming a new

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Speaker 2: political party, of the America Party, focusing on House and

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Speaker 2: Senate seats for the next twelve months. After that, backing

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Speaker 2: a candidate for president isn't out of the question, Musk

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Speaker 2: Rape Now shareholders and Testa much prefer when Elon Musk

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Speaker 2: is focusing on the carmaker rather than politics, and the

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Speaker 2: news about the new political party sent the share price down,

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Speaker 2: wiping about twenty six billion dollars from Musk's net worth.

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Speaker 2: The stock has to climb more than twenty percent this year,

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Speaker 2: in part on the back of Musk's focus on politics.

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Speaker 1: That's it, the top five business stories in just five minutes.

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Speaker 2: Thank you Sean, Thank you Adam.

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Speaker 1: It's Wednesday, the ninth of July twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: is not enough for you, then find our longer podcast

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Speaker 1: called Fear and Greed on your favorite podcast platform. I'm

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Speaker 1: Adam Lang and that was the fast five by Fear

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Speaker 1: and Greed. Have a great Dake,