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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Interest rate cuts are off the agenda after a surprise

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Speaker 1: jump in inflation, the labor government in last minute talks

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Speaker 1: to push through an overhaul of environmental laws and super

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Speaker 1: funds get a warning from regulators about improving service for retirees.

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Speaker 1: Plus Harvey Norman shares surge on the back of a

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Speaker 1: jump in sales, and a German parking meter attendant accused

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Speaker 1: of stealing two million dollars from parking meters. It is Thursday,

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Speaker 1: the twenty seventh of November twenty twenty five. I'm Michael Thompson,

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Little levity to the show. This parking meter story my

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Speaker 2: favorite of the week.

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Speaker 1: I think two million dollars from parking meters. We'll get

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Speaker 1: to that a bit later on the main story this morning, Sean.

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Speaker 1: Anyone hoping for another interest rate cut is going to

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Speaker 1: be deeply, deeply disappointed this morning, after a jump in

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Speaker 1: inflation pretty much wiped out any chance of the reason

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Speaker 1: Deserve Bank changing monetary policy anytime soon. I'd even go further.

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Speaker 2: If inflation figures like yesterday's keep flowing through, then we'll

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Speaker 2: be looking at rate rises. Headline inflation accelerated. We didn't

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Speaker 2: want to hear that to three point eight percent last

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Speaker 2: month in annual terms, well above the Reserve Banks preferred

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Speaker 2: to three to four percent. Sorry, I'll say that again,

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Speaker 2: two to three percent target range. Three point eight percent

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Speaker 2: above the two to three percent target range, and above

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Speaker 2: the September reading of three point six percent. Housing due

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Speaker 2: to electricity prices following the end of rebates, so they rose.

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Speaker 2: So housing and food with the main contributors to annual inflation.

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Speaker 2: The underlying rate, which takes out those more volatile items,

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Speaker 2: came at three point three percent, still above the Reserve

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Speaker 2: Banks target and an acceleration from the previous month. It

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Speaker 2: pretty much demonstrates the widespread nature of price pressures in

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Speaker 2: the economy at the moment.

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Speaker 1: Not much to like.

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Speaker 2: About yesterday's Bureau of Statistic State of Michael. Services inflation tends

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Speaker 2: to be stickier than goods inflation. That's rising. That's bad news.

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Speaker 2: Even outside energy costs, other housing costs continue to rise,

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Speaker 2: and that's very much front and center when it comes

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Speaker 2: to cost of living pressures.

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Speaker 1: It's extraordinary, isn't it When you get a result like

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Speaker 1: we had yesterday. You see the reaction play out really

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Speaker 1: really quickly across markets, across the Aussie dollar, everywhere.

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Speaker 2: Really what happened on markets moved immediately. They're pricing in

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Speaker 2: just a twenty three percent chance of another rate cut

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Speaker 2: by the middle of next year. It was about double

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Speaker 2: that level ahead of the release of the data. The

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Speaker 2: Aussie dollar jumped against the greenback to be buying more

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Speaker 2: than sixty five US cents. With rates expected to fall

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Speaker 2: in the US, not change here in Australia, maybe even

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Speaker 2: go up. The local currency should be supported in the

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Speaker 2: short term at least. Federal treasure Jim Chalmers, not really happy,

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Speaker 2: said inflation is higher than the government would like, but

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Speaker 2: added the price moves were partly being driven by temporary factors.

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Speaker 2: He was trying to put on a good news face.

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Speaker 2: There was no good news in It's a hard one

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Speaker 2: to spin, isn't Itally the October reading yesterday was the

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Speaker 2: first complete monthly set of figures. It's going to replace

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Speaker 2: the quarterly set of figures. Market economists did say they're

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Speaker 2: going to be more volatile over the next year or so,

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Speaker 2: so you don't get seasonally adjusted figures in some areas.

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Speaker 2: That'll take twelve months to kick in. Even so, several

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Speaker 2: basically came out and said a rate hike is now

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Speaker 2: a real possibility next year.

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Speaker 1: And Ubs and Baron, Joey and I like good economists. Yeah,

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Speaker 1: this is not a good sign. Well, Michael, I'm self interest.

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Speaker 1: I'm thinking about my mortgage. It is not a good

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Speaker 1: sign for me.

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Speaker 2: That's very true.

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Speaker 1: Yeah, Okay. The share market, what was the response.

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Speaker 2: There plenty going on in the market. Initially, it opened

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Speaker 2: much higher yesterday, more than one percent, following a strong

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Speaker 2: leading for maure Street. The inflation data hit at eleven

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Speaker 2: thirty am, market fell sharply. Interest rate sensitive stocks hit most.

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Speaker 2: Then for most of the rest of the sets, the

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Speaker 2: market regained ground. The S and PA six two hundred

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Speaker 2: eventually closed up zero point eight percent to eighty six

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Speaker 2: hundred and seven points. Materials, consumer discretionary, health care indicies

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Speaker 2: did best. The materials and consumer discretionary certainly helped. Well,

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Speaker 2: that's true. Consumert discretionary shouldn't be helped by that interest

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Speaker 2: rate news, but there you go. Anyway, we had some

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Speaker 2: pretty good retail figs out yesterday from Harvey Norman, which

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Speaker 2: we'll get to. Maybe that helped that one, along utilities,

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Speaker 2: tech and telcos underperformed all right.

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Speaker 1: Now in politics, the Labor government, including Prime Minister Anthony Alberanezi,

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Speaker 1: was last night in talks with the Greens and the

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Speaker 1: Coalition over the passage of new environmental legislation.

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Speaker 2: Environment and Water Minister Murray What headed the negotiations with

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Speaker 2: both the Greens and the Coalition, though later in the

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Speaker 2: day Prime Minister Anthony Albanezi got involved. The government negotiated

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Speaker 2: with both groups. What offered the coalition five changes, including

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Speaker 2: retaining existing approval pathways for certain medium sized projects, imposing

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Speaker 2: a fourteen day cap on stockw stop work orders imposed

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Speaker 2: by the new Environment Protection Authority, and clarification around penalty orders.

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Speaker 2: Now the amendments of the Greens, they were more around

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Speaker 2: removing fossil fuel projects from fast track approval pathways and

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Speaker 2: ensuring they could not be subject to a new national

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Speaker 2: interest exemption from environmental laws.

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Speaker 1: Plenty still to come. Sean will be back in a

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Speaker 1: moment with the rest of the day's business news Shawn.

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Speaker 1: The gap between the best and worst superfunds in terms

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Speaker 1: of servicing members is widening, according to regulators, a situation

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Speaker 1: that has really become critical with two and a half

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Speaker 1: million people expected to retire over the next decade.

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Speaker 2: Assek and Apri yesterday released a review of the supersector

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Speaker 2: and warned that too many superfunds have put retiree savings

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Speaker 2: at risk because service levels remain poor. It is particularly

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Speaker 2: relevant because so many people are approaching retirement they need help.

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Speaker 1: Well.

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Speaker 2: There was legislation introduced three years ago that forced funds

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Speaker 2: to come up with strategies for their retiring members. Now

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Speaker 2: those strategies and advice are supposed to help members plan

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Speaker 2: for the decades in their retirement. While some super funds

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Speaker 2: are doing more to help people at retirement age, a

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Speaker 2: bunch of others are not. The gap between good and

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Speaker 2: bad is widening, and the regulators are not happy.

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Speaker 1: You do discuss this today in Fear and Greed Q

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Speaker 1: and A with Asset Commissioner Simone Constant.

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Speaker 2: Yes, so we talked to someone about a couple of things,

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Speaker 2: a private credit report that came out a few weeks

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Speaker 2: back and what that means for private credit for investors.

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Speaker 2: Then we move on to what came out yesterday just

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Speaker 2: about the gap between the best and worth super funds.

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Speaker 2: Great chat.

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Speaker 1: Yeah, it really is it's worth sticking around for us

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Speaker 1: coming up after the show, Harving Norman. You mentioned this earlier.

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Speaker 1: You teased us with it. The reported solid sales growth

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Speaker 1: while online retailer Temple and Webster has disappointed. Wow, what

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Speaker 1: a result yesterday, continuing the run of mixed results for retailers.

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Speaker 2: That's right, So, Harvey Norman posted a nine point one

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Speaker 2: percent increased in aggregate sales revenue from July one to

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Speaker 2: over twenty, like for like sales are up eight percent

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Speaker 2: a bit over that. Harvey Norman operates across Australia, New Zealand, Slovenia,

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Speaker 2: Croatia Island, the UK. It's got partnerships in Singapore and Malaysia.

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Speaker 2: It triggered a big jump in Harvey Norman's share price,

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Speaker 2: one of the best of the ASEX two hundred yesterday

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Speaker 2: at Temple and Webster. Notwithstanding an eighteen percent jump in

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Speaker 2: revenue during the period, the outcome very much disappointed investors.

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Speaker 2: This share price fell I think was thirty percent or

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Speaker 2: something by the end of it. Unlike many retailers, December

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Speaker 2: is a quiet month for Temple and Webster. People focus

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Speaker 2: online Christmas presents, not tables. That's exactly right, specifically tables.

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Speaker 1: I don't know that game. You didn't you? Yeah, you're

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Speaker 1: a big Temple and mid Yeah.

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Speaker 2: I haven't bought there recently, but when we were renovating

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Speaker 2: that big big fans of Temple and Webster and I

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Speaker 2: like their stuff.

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Speaker 1: But it's just kind of.

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Speaker 2: Cool, how you think all retailers who'd win at Christmas

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Speaker 2: but not doumblone, w.

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Speaker 1: Okay, now Brookfield and GIC, the SINGAPOOREI and Sovereign Wealth

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Speaker 1: Giant are forming a consortium to bid for National Storage,

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Speaker 1: which is the real estate business that owns a string

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Speaker 1: of well as you would guest, self storage sites across

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Speaker 1: the country.

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Speaker 2: Media reports suggests the bid will be three point two

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Speaker 2: billion dollars. National Storage went into a trading halt yesterday

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Speaker 2: and now recently a consortium bid two point three million

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Speaker 2: dollars for Avacus Storage King. That business self storage very

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Speaker 2: big business at the moment. In fact, I know the

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Speaker 2: guys that started Storage King really yeah. They both worked

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Speaker 2: for Jim Miller Miller's Storage and they went out on

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Speaker 2: their own. One has very sadly passed away since thenbody

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Speaker 2: they sell to pro Equity and they did very well

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Speaker 2: from themselves great service. And I remember that the guy's

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Speaker 2: name was Michael Tate, who the surviving member, and he's

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Speaker 2: a young man still Michael, but he was a great

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Speaker 2: one for service. And he said, you think about storage,

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Speaker 2: people want good service, and say to the people that

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Speaker 2: you know owned those the big sheds around the country, yep,

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Speaker 2: service them, service people. And they did really well.

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Speaker 1: Out of it on them. And they've become really high

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Speaker 1: tech the storage centers, because we've been using one that's

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Speaker 1: a fairly new. Bill got the technology involved in all

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Speaker 1: of those. It is incredible. You just kind of think storage,

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Speaker 1: You think kind of a dusty shed. You lock it

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Speaker 1: up in a way you go, no, no, no, The security

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Speaker 1: all of this stuff top notch.

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Speaker 2: The dusty shed, lock it away. I love that TV show.

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Speaker 2: I can't remember the name of it, but you know

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Speaker 2: they go and buy the contents of the sheds.

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Speaker 1: Yeah yeah, and they can find all kinds of things.

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Speaker 1: And he might buy the entire thing for five hundred

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Speaker 1: bucks and find a chest full of rubies.

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Speaker 2: Yeah. I don't think that's ever happened, but they could.

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Speaker 2: I think.

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Speaker 1: I'm still thinking about the shipwreck from yesterday. Yeah, that

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Speaker 1: worth fifteen billion pounds anyway, Well, we went off topic.

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Speaker 1: Woodside Energy has done a deal with the Team or

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Speaker 1: Less Petroleum Ministry to progress an LNG project for the

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Speaker 1: Southeast Asian nation.

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Speaker 2: Very significant for Team or Less. The complex, which would

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Speaker 2: cost several billion dollars based on similar projects, would involve

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Speaker 2: a five million one per year LNG plant, a domestic

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Speaker 2: gas facility in a helium extraction unit. Previously called the

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Speaker 2: Sunrise development now called TLNG. Production could start as early

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Speaker 2: as the early twenty thirty two. Basically, the deal comes

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Speaker 2: after Woodside dropped its insistence that gas from the Team

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Speaker 2: or Sea field be developed through an existing L and

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Speaker 2: G hubin Darwin. The Team or lest government, which aids

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Speaker 2: the majority stake in Sunrise, it brought out Shell and

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Speaker 2: Connaco Phillips twenty eighteen. I think it argues that gas

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Speaker 2: must be piped to a plant on its southern coast,

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Speaker 2: generating jobs and economic activity. Basically, it looks like it's

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Speaker 2: getting the go ahead.

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Speaker 1: Okay. One for the travelers Sean, that's really most of us,

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Speaker 1: isn't it. Flight Center Travel Group has launched World three

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Speaker 1: sixty Rewards, which is a new national loyalty program that

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Speaker 1: offers points on every travel booking across its brands and

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Speaker 1: more than three hundred partner companies. It's quite big.

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Speaker 2: Yes, free to join. You can earn these World three

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Speaker 2: sixty rewards and flights, hotels, cruises, tours, etc. Basically you

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Speaker 2: can stack your awards alongside your airline frequent flights, you know,

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Speaker 2: one or the other like that, you can there's a

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Speaker 2: paid member here. Now I get that this sounds like

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Speaker 2: I'm a promo for flight Center and I'm not under

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Speaker 2: any Absolutely not right. But the point is consumers can

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Speaker 2: shop around big time and they get some pretty good

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Speaker 2: benefits at the moment. So right now, global airlines have

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Speaker 2: a massive Black Friday saline. Oh Michael, you're geting very excited.

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Speaker 1: About No, I'm getting this is my gripe. I saw

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Speaker 1: the story yesterday about all of the big airline international

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Speaker 1: flights Black Friday markdowns quantus. I think Emirates might have

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Speaker 1: been doing all of these, yep, And so I thought,

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Speaker 1: you know what, we're planning on going to the US

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Speaker 1: in October of next year. Jumped on. Somehow the flights

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Speaker 1: that iwan have actually gone up on RICE and so

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Speaker 1: I am the only one that does not benefit from

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Speaker 1: Black Friday so I am protesting and not booking anything.

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Speaker 2: Point is, look around, shove around, you can get some

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Speaker 2: good deals.

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Speaker 1: Thanks turn into International News Now. Sean and US President

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Speaker 1: Donald Trump will send Special Envoy Steve Whitkoff to meet

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Speaker 1: Russian lead of Vladimir Putin in Moscow in another push

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Speaker 1: to secure a peace plan to end the Kremlin's war

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Speaker 1: in Ukraine.

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Speaker 2: The US president said he's negotiated had made tremendous progress

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Speaker 2: in ending the war, but he would wait until a

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Speaker 2: deal was within reach before meeting Ukraine's leader, Vladimir Zelenski

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Speaker 2: and Putin. Trump's remarks came just hours after Russia's signal

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Speaker 2: it could reject a modified US peace plan to end

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Speaker 2: the war if the proposal did not satisfy Moscow's long

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Speaker 2: standing demands, even as Kiev indicated it had agreed a

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Speaker 2: frame work with Washington. According to The Financial Times Now,

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Speaker 2: the initial twenty eight point planned significant concessions to Russia

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Speaker 2: sparked deep alarm among officials in Europe and Ukraine. Trump

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Speaker 2: earlier in the week said that the plan had been

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Speaker 2: drafted by the United States and had been fine tuned

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Speaker 2: with additional input from both sides. He added that there

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Speaker 2: are only a few remaining points of disagreement. I think

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Speaker 2: we will only know whether that's the case when we

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Speaker 2: hear from the leaders of the two countries Russia and Ukraine.

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Speaker 1: All Right, we are finally there, Sean, it is time

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Speaker 1: to talk parking meters. A parking inspector and his wife

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Speaker 1: have been arrested on suspicion of in Bezley more than

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Speaker 1: a million euros or about two million dollars from a

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Speaker 1: small German towns parking meters. It wasn't even from a

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Speaker 1: big city, so.

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Speaker 2: The municipal employees thought to have taken coins out of

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Speaker 2: parking meters in the town of Kempton. I quote on

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Speaker 2: numerous occasions.

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Speaker 1: I would assume it's not all in one go and.

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Speaker 2: Plays them in bank accounts that his wife had access to.

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Speaker 2: Now local police are saying well, a money laundering report

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Speaker 2: by a credit institution alerted investigators to the suspected theft.

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Speaker 2: The inspector faces charges relating to seven hundred and twenty

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Speaker 2: alleged incidents of theft, same number as his wife is

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Speaker 2: facing seven hundred and twenty to get a million euros.

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Speaker 1: That's it's still a big bags, Still a big bag.

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Speaker 1: Of coins that you are lugging into the bank, and

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Speaker 1: surely the bank would get a bit suspicions. Here he

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Speaker 1: comes Wolfgang again with his bag of coins.

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Speaker 2: He knocked over. The Kempton Public Prosecutor's Office was in

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Speaker 2: form that cash was repeatedly being deposit into several bank accounts,

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Speaker 2: according to German news agencies DPA. As reported on the BBC,

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Speaker 2: police then searched office premises in the early sorry search

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Speaker 2: the officers premises in the early hours of twenty four

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Speaker 2: November same day. A forty year old man your old

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Speaker 2: woman was a red. I like the end of the story.

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Speaker 2: It's not clear how long it might have taken the

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Speaker 2: couple to accrue the sun. A long time, That's what

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Speaker 2: I'd say.

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Speaker 1: That is a fantastic story. Good way to finish up.

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Speaker 1: Next is the Fear and Greed Q and A Today.

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Speaker 1: Sean we mentioned before, Simone, constant Asset Commissioner is your

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Speaker 1: guest today. It's a great chat. It's coming up in

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Speaker 1: the Fear and Greed playlist on your podcast platform or

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Speaker 1: at Fearangreed dot com doodau, which is also where you

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Speaker 1: sign up for the free daily newsletter. I'll also put

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Speaker 1: a link to that one in today's show notes, so

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Speaker 1: it's nice and easy to sign up. Thank you, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Thursday, the twenty seventh of November twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael

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Speaker 1: Thompson And that was Fear and Greed. It a great day.