1 00:00:06,240 --> 00:00:10,119 Speaker 1: The composition of Australia's top twenty stocks shifts as big 2 00:00:10,160 --> 00:00:14,280 Speaker 1: winners and big losers emerge. The government outlines changes to 3 00:00:14,320 --> 00:00:18,360 Speaker 1: personal bankruptcy laws and Channel ten owner Paramount set to 4 00:00:18,400 --> 00:00:21,520 Speaker 1: be sold in a major shakeup to the global media world. 5 00:00:21,640 --> 00:00:24,160 Speaker 1: Welcome to Fear and Greedy daily business news for people 6 00:00:24,160 --> 00:00:26,800 Speaker 1: who make their own decisions. It is Tuesday, the ninth 7 00:00:26,840 --> 00:00:29,760 Speaker 1: of July twenty twenty four. Are Michael Thompson and Good 8 00:00:29,760 --> 00:00:30,840 Speaker 1: Morning Sean Aylmer. 9 00:00:31,040 --> 00:00:32,919 Speaker 2: Good Morning Michael, Sean the. 10 00:00:32,840 --> 00:00:35,720 Speaker 1: Main story this morning. The composition of the top twenty 11 00:00:35,800 --> 00:00:38,879 Speaker 1: stocks on the ASX is changing fast, with stalwarts like 12 00:00:39,040 --> 00:00:43,720 Speaker 1: Telster and Woolies and Transurban slipping, while others are including 13 00:00:43,800 --> 00:00:47,160 Speaker 1: property giant Goodman Group become top ten companies. 14 00:00:47,640 --> 00:00:50,120 Speaker 2: The top twenty stocks on the AX let's call them 15 00:00:50,159 --> 00:00:53,360 Speaker 2: the mega caps, comprise fifty six percent of the market 16 00:00:53,400 --> 00:00:57,240 Speaker 2: capitalization of the stock exchange in Australia. By reputation, the 17 00:00:57,400 --> 00:01:00,840 Speaker 2: large caps, the mega caps are solid. Often they pay 18 00:01:00,920 --> 00:01:04,840 Speaker 2: dividends and you're not supposed to lose your capital. In contrast, 19 00:01:04,920 --> 00:01:07,280 Speaker 2: the mid caps, let's say you know, twenty to one 20 00:01:07,319 --> 00:01:10,840 Speaker 2: hundred or so, they're supposed to provide plenty of growth opportunities, 21 00:01:10,840 --> 00:01:14,679 Speaker 2: while the small caps are more speculative and theoretically you 22 00:01:14,720 --> 00:01:17,919 Speaker 2: can find a bargain. But over the past twelve months 23 00:01:17,959 --> 00:01:20,720 Speaker 2: it hasn't played out that way, with some very big 24 00:01:20,760 --> 00:01:23,280 Speaker 2: moves in the top twenty stocks. While the ASX two 25 00:01:23,360 --> 00:01:25,600 Speaker 2: hundred is up around eight percent over the past year, 26 00:01:25,920 --> 00:01:29,440 Speaker 2: Woodside Energy Group is down sixteen percent and no longer 27 00:01:29,440 --> 00:01:32,240 Speaker 2: a top ten company. Telstra if It's one point three 28 00:01:32,280 --> 00:01:34,640 Speaker 2: million shareholders has also slipped out of the top ten. 29 00:01:34,959 --> 00:01:37,720 Speaker 2: It's now the thirteenth largest company on boss, having lost 30 00:01:37,720 --> 00:01:40,800 Speaker 2: fourteen percent of value over the past year. Woolies and 31 00:01:40,880 --> 00:01:44,240 Speaker 2: Transerman are the other biggest losers within the top twenty. 32 00:01:44,560 --> 00:01:48,240 Speaker 2: Others have fallen off the top twenty list Coals, Brambles, 33 00:01:48,320 --> 00:01:51,320 Speaker 2: res Med, They've all fallen off that list of megacaps. 34 00:01:51,600 --> 00:01:55,360 Speaker 2: Shareholders in those companies have all lost capital over the 35 00:01:55,400 --> 00:01:58,920 Speaker 2: past twelve months or so. That's not what you'd necessarily 36 00:01:58,960 --> 00:02:01,640 Speaker 2: expect from one really big companies. 37 00:02:01,640 --> 00:02:04,520 Speaker 1: All right, So there's plenty of big losers there, Sean, 38 00:02:04,560 --> 00:02:08,440 Speaker 1: What about the best performers, where are shareholders made money? 39 00:02:08,760 --> 00:02:11,480 Speaker 2: Ah? Well, a year ago, Goodman Group wasn't even a 40 00:02:11,520 --> 00:02:15,680 Speaker 2: top twenty stock, but its share price is up seventy 41 00:02:15,720 --> 00:02:17,960 Speaker 2: eight percent over the past year. It is now the 42 00:02:17,960 --> 00:02:22,120 Speaker 2: country's tenth largest company. We've talked plenty about the banks. 43 00:02:22,160 --> 00:02:26,160 Speaker 2: They remain dominant. We've spoken less about Wes Farmers, which 44 00:02:26,200 --> 00:02:29,040 Speaker 2: of course owns Bunnings and office works, but it also 45 00:02:29,080 --> 00:02:33,400 Speaker 2: owns a pharmacy business, aim Project, a chemicals and fertilizer business, 46 00:02:33,639 --> 00:02:37,760 Speaker 2: among plenty of other things. At Australia's biggest conglomerate, West 47 00:02:37,800 --> 00:02:40,400 Speaker 2: Farmers employees one hundred and twenty thousand people. It's got 48 00:02:40,400 --> 00:02:43,600 Speaker 2: more than half a million shareholders. The group began life 49 00:02:43,680 --> 00:02:48,200 Speaker 2: as a Western Australian farmers cooperative back in nineteen fourteen. 50 00:02:48,600 --> 00:02:51,120 Speaker 2: A few years back, wasn't even a Top twenty stock. 51 00:02:51,520 --> 00:02:54,240 Speaker 2: After appreciating forty percent over the last year, it is 52 00:02:54,280 --> 00:02:58,679 Speaker 2: now Australia's eighth largest company. Other newbies to the Top 53 00:02:58,720 --> 00:03:01,800 Speaker 2: twenty this year a Wise Tech global Aristocrat Leisure, the 54 00:03:01,840 --> 00:03:05,560 Speaker 2: gaming machine manufacturer, Aria Group, which is a property online 55 00:03:05,560 --> 00:03:07,960 Speaker 2: property group. The point of this is that over the 56 00:03:07,960 --> 00:03:11,480 Speaker 2: past year, some of the biggest companies haven't been the 57 00:03:11,520 --> 00:03:14,400 Speaker 2: steady rocks of the AX and while many mid caps 58 00:03:14,400 --> 00:03:16,960 Speaker 2: and small caps have struggled, some of the large caps 59 00:03:17,080 --> 00:03:20,120 Speaker 2: provided the best and worst returns. 60 00:03:20,800 --> 00:03:23,480 Speaker 1: All right, let's take a look at yesterday, in particular, 61 00:03:23,560 --> 00:03:24,600 Speaker 1: how did local markets go. 62 00:03:25,000 --> 00:03:28,080 Speaker 2: There's in Pax two hundred closed down nearly one percent 63 00:03:28,160 --> 00:03:30,560 Speaker 2: to seven seven hundred and sixty three points, with a 64 00:03:30,639 --> 00:03:34,280 Speaker 2: drop in iron ore futures hitting the big three miners, BHP, 65 00:03:34,520 --> 00:03:37,280 Speaker 2: RIO and Fortes Q Metals all dropped more than two percent. 66 00:03:37,680 --> 00:03:41,080 Speaker 2: Energy stocks also underperformed, as did healthcare and real estate 67 00:03:41,240 --> 00:03:45,520 Speaker 2: investment trusts. Where's Farmers right on Q was the best 68 00:03:45,520 --> 00:03:48,839 Speaker 2: of the mega caps, rising one point three percent. Sun 69 00:03:48,920 --> 00:03:51,800 Speaker 2: Corp fell back more than two percent after mcquarry analysts 70 00:03:51,840 --> 00:03:55,040 Speaker 2: downgraded the group. What's kind of interesting in that it 71 00:03:55,080 --> 00:03:57,320 Speaker 2: said it's a bit expensive at the moment's valuation is 72 00:03:57,320 --> 00:04:00,120 Speaker 2: a bit high, but also a Lanina weather pattern and 73 00:04:00,160 --> 00:04:04,720 Speaker 2: the group's relative low reinsurance cover has worried analysts. In 74 00:04:04,760 --> 00:04:07,240 Speaker 2: that case, Call Lithium said it mind more of the 75 00:04:07,280 --> 00:04:11,560 Speaker 2: silvery white metal than expected, and notwithstanding the slump in 76 00:04:11,640 --> 00:04:14,480 Speaker 2: lithium prices, looks your eyes roll when I say silvery 77 00:04:14,600 --> 00:04:15,360 Speaker 2: white metal. 78 00:04:16,520 --> 00:04:19,920 Speaker 1: It wasn't so much rolling, Shana. It's kind of fluttered 79 00:04:20,040 --> 00:04:23,720 Speaker 1: a little bit because I have never heard someone use 80 00:04:23,839 --> 00:04:26,800 Speaker 1: the color of lithium to describe it before. I mean, obviously, 81 00:04:26,800 --> 00:04:30,320 Speaker 1: when you're talking about gold, it's self explanatory. I have 82 00:04:30,480 --> 00:04:34,080 Speaker 1: never heard lithium described as the silvery white metal before. 83 00:04:34,120 --> 00:04:36,520 Speaker 1: It's very very evocative language. 84 00:04:36,400 --> 00:04:39,520 Speaker 2: Very evocative, and that's how it's always described, its silvery white. 85 00:04:40,279 --> 00:04:42,080 Speaker 2: I've never seen it in real life, but I'm just 86 00:04:42,120 --> 00:04:43,120 Speaker 2: assuming it's true. 87 00:04:43,000 --> 00:04:47,160 Speaker 1: Googling it now. Yeah, there, you're all right, it is 88 00:04:47,240 --> 00:04:48,080 Speaker 1: silvery white. 89 00:04:48,320 --> 00:04:52,000 Speaker 2: Yeah, absolutely. Anyway, we have had a slump in lithium 90 00:04:52,040 --> 00:04:55,320 Speaker 2: prices that core Lithium's results yesterday sin It's share price 91 00:04:55,400 --> 00:04:58,040 Speaker 2: up ten percent. Another really interesting company the moment is 92 00:04:58,120 --> 00:05:01,719 Speaker 2: GQG Partners, the fund manager. It said funds under management 93 00:05:01,960 --> 00:05:05,360 Speaker 2: has reached two hundred and thirty billion dollars almost ten 94 00:05:05,360 --> 00:05:08,280 Speaker 2: billion dollars in u ASTs last quarter. Its share price 95 00:05:08,320 --> 00:05:10,440 Speaker 2: initially jumped on that, they did finish down more than 96 00:05:10,480 --> 00:05:13,200 Speaker 2: three percent. The stock itself is up more than seventy 97 00:05:13,200 --> 00:05:16,599 Speaker 2: percent in twenty twenty four. The share price of IDP 98 00:05:16,839 --> 00:05:20,120 Speaker 2: Education's worth mentioned as well. Now. IDP, of course, provides 99 00:05:20,160 --> 00:05:25,159 Speaker 2: international education services. Its share price hit its lowest point 100 00:05:25,200 --> 00:05:29,239 Speaker 2: in almost four years yesterday, down another one percent. IDP 101 00:05:29,360 --> 00:05:32,719 Speaker 2: office services in Australia, Canada in the UK. As it 102 00:05:32,760 --> 00:05:35,320 Speaker 2: turns out, governments in each of those are tightening visa 103 00:05:35,360 --> 00:05:39,640 Speaker 2: and immigration rules, reducing potential customers for IDP its share 104 00:05:39,640 --> 00:05:42,280 Speaker 2: price is off twenty eight percent this year, and just 105 00:05:42,400 --> 00:05:45,240 Speaker 2: very quickly, it's been a bunch of gold miners reporting 106 00:05:45,520 --> 00:05:52,919 Speaker 2: quarterly production figures. The hard yellowy rock, go know gold. 107 00:05:53,040 --> 00:05:56,159 Speaker 1: God, that's the opposite of the silvery white metal. 108 00:05:56,240 --> 00:05:59,440 Speaker 2: Yeah. Yeah. Romilias did pretty well. It's share price rose 109 00:05:59,480 --> 00:06:02,800 Speaker 2: two percent two hundred and ninety three ounce's last financial year. 110 00:06:03,640 --> 00:06:07,039 Speaker 2: Regis said it mind a little well at the lower 111 00:06:07,120 --> 00:06:09,960 Speaker 2: end of expectations, four hundred and eighteen ounces for the year, 112 00:06:10,360 --> 00:06:13,599 Speaker 2: but the All Ordinary Gold Index actually entered higher for 113 00:06:13,680 --> 00:06:15,600 Speaker 2: the day yesterday. What I always thinks is sort of 114 00:06:15,600 --> 00:06:20,240 Speaker 2: interesting is that regis four hundred and eighteen ounces for 115 00:06:20,320 --> 00:06:22,760 Speaker 2: the year. Now we talk about, you know, the amount 116 00:06:22,760 --> 00:06:28,040 Speaker 2: of gold discovered and mind over history around the world 117 00:06:28,400 --> 00:06:32,160 Speaker 2: could fit under the Eiffel Tower offle Town's big. We 118 00:06:32,240 --> 00:06:34,679 Speaker 2: get that, but s I mean, four hundred and eighteen thousand, 119 00:06:34,680 --> 00:06:37,000 Speaker 2: it's not actually that much. I suppose if you're going 120 00:06:37,000 --> 00:06:40,719 Speaker 2: four hundred and eighteen thousand times what twenty three hundred 121 00:06:40,839 --> 00:06:42,960 Speaker 2: US dollars an ounce. You're kind of ending up with 122 00:06:43,800 --> 00:06:45,599 Speaker 2: lots and lots of money, no idea what that is? 123 00:06:45,640 --> 00:06:48,600 Speaker 2: What's aid? I'm not even going to try and do 124 00:06:48,640 --> 00:06:51,360 Speaker 2: it in my head, Michael. It's much much money, Yeah, 125 00:06:51,440 --> 00:06:53,680 Speaker 2: much much money. But yeah, sort of four hundred and 126 00:06:53,680 --> 00:06:56,440 Speaker 2: eighteen ounces. It's not a huge amount for all that 127 00:06:57,040 --> 00:06:59,360 Speaker 2: effort in that. I suppose it's just worth so much 128 00:06:59,400 --> 00:07:01,000 Speaker 2: money it's worth mining it. 129 00:07:02,320 --> 00:07:07,159 Speaker 1: Hey, Sean, what color is uranium? 130 00:07:07,320 --> 00:07:09,000 Speaker 2: Well that's a good question because you always think of 131 00:07:09,000 --> 00:07:10,520 Speaker 2: it as yellow, but maybe it's. 132 00:07:10,400 --> 00:07:14,840 Speaker 1: Not because of yellow cake, don't you. Yeah, well, do 133 00:07:14,920 --> 00:07:17,880 Speaker 1: you know what color uranium is described as? 134 00:07:18,440 --> 00:07:19,360 Speaker 2: What is it? 135 00:07:19,480 --> 00:07:20,480 Speaker 1: Silvery white? 136 00:07:21,360 --> 00:07:23,120 Speaker 2: There you go? Oh, you wouldn't want to get that 137 00:07:23,520 --> 00:07:24,240 Speaker 2: mixed up, would you? 138 00:07:24,440 --> 00:07:26,480 Speaker 1: Yeah? Yeah, those are the two that you want to 139 00:07:26,560 --> 00:07:29,360 Speaker 1: keep firmly in separate buckets. I'm assuming if you're mining 140 00:07:29,360 --> 00:07:31,200 Speaker 1: them together. I just wanted to share that because you've 141 00:07:31,200 --> 00:07:33,800 Speaker 1: got yellow cake, then you've got silvery white uranium, and 142 00:07:33,840 --> 00:07:37,480 Speaker 1: then you've got silvery white lithium. I've learnt so much today, Sean. 143 00:07:38,680 --> 00:07:40,640 Speaker 2: Now I tell you someone who can tell you more 144 00:07:40,640 --> 00:07:45,200 Speaker 2: about commodities. Michael, is it by any it's a man, 145 00:07:46,240 --> 00:07:47,040 Speaker 2: Yes it is. 146 00:07:47,200 --> 00:07:49,040 Speaker 1: This is a great interview that you have coming up 147 00:07:49,120 --> 00:07:51,640 Speaker 1: after the show today. You're speaking with vivec Da who 148 00:07:51,720 --> 00:07:55,240 Speaker 1: is the Director of Mining an Energy Commodities Research at 149 00:07:55,280 --> 00:07:57,760 Speaker 1: Commonwealth Bank. He would be the expert in all things 150 00:07:58,080 --> 00:08:01,320 Speaker 1: lithium and uranium and of course gold. 151 00:08:01,920 --> 00:08:04,360 Speaker 2: Yes, he's been on the show a few times now. 152 00:08:05,120 --> 00:08:08,600 Speaker 2: I love talking to Vivek because he puts things simply 153 00:08:08,680 --> 00:08:11,880 Speaker 2: enough for me to understand. We talk about why gold 154 00:08:12,080 --> 00:08:14,720 Speaker 2: is doing so well, we talk about why iron ore 155 00:08:14,760 --> 00:08:16,800 Speaker 2: prices have come off a bit, though he's still a 156 00:08:16,800 --> 00:08:19,400 Speaker 2: bit of an optimist on iron ore prices. But the 157 00:08:19,440 --> 00:08:22,000 Speaker 2: part I really like is when we talk about gas 158 00:08:22,080 --> 00:08:26,160 Speaker 2: and L and G and how the pricing mechanism for 159 00:08:26,520 --> 00:08:30,840 Speaker 2: those commodities work, which always confuses me, so Vivek sets 160 00:08:30,880 --> 00:08:35,280 Speaker 2: me straight. Fantastic interview. Would well recommend this one? 161 00:08:35,800 --> 00:08:37,559 Speaker 1: Yeah? And we'll have to get him back again soon 162 00:08:37,640 --> 00:08:38,680 Speaker 1: to talk about uranium. 163 00:08:39,200 --> 00:08:40,320 Speaker 2: Yeah we will, we will. 164 00:08:40,360 --> 00:08:43,079 Speaker 1: Indeed, it's a great chat as well worth listening to. 165 00:08:43,120 --> 00:08:46,360 Speaker 1: It's coming up after the show International Market, Sean, what's 166 00:08:46,400 --> 00:08:46,960 Speaker 1: going on there? 167 00:08:47,640 --> 00:08:50,480 Speaker 2: Well, the big news this week comes tomorrow Australian time, 168 00:08:50,520 --> 00:08:53,000 Speaker 2: when US Federal Reserve chairs our own Power to Live 169 00:08:53,000 --> 00:08:55,920 Speaker 2: as his semi annual Montary Policy report in front of 170 00:08:55,920 --> 00:08:59,000 Speaker 2: the US Senate Banking and Housing Committee. Then there's the 171 00:08:59,040 --> 00:09:02,280 Speaker 2: consumer price for you is on Friday, Australian time. The 172 00:09:02,360 --> 00:09:05,400 Speaker 2: Fed has said it once deceived several months of receding 173 00:09:05,520 --> 00:09:09,240 Speaker 2: price pressures before at lowers rates. I'm sure the politicians 174 00:09:09,240 --> 00:09:12,120 Speaker 2: will be asking Jeroam Powell all about that oil prices 175 00:09:12,160 --> 00:09:14,280 Speaker 2: remain steady even though there are a couple of very 176 00:09:14,280 --> 00:09:17,559 Speaker 2: different threats to production. At the moment, brands training above 177 00:09:17,640 --> 00:09:19,880 Speaker 2: eighty six YUS dollars a barrel, up about eight percent 178 00:09:19,880 --> 00:09:22,600 Speaker 2: over the past five or six weeks. But the factors 179 00:09:22,720 --> 00:09:25,120 Speaker 2: are at the opposite ends of the spectrum. The first 180 00:09:25,120 --> 00:09:29,400 Speaker 2: factor affecting the price is Hurricane Beryl. Well, it became 181 00:09:29,440 --> 00:09:32,920 Speaker 2: a storm, but overnight was expected to once again become 182 00:09:32,960 --> 00:09:37,160 Speaker 2: a hurricane. We've been following this as it went through 183 00:09:37,160 --> 00:09:41,400 Speaker 2: the Caribbean. It's expected to rapidly strengthen as it nears 184 00:09:41,400 --> 00:09:45,960 Speaker 2: the Texan coast. With oil companies taking precautions. That has 185 00:09:46,000 --> 00:09:50,160 Speaker 2: put pressure on oil prices a storm. The second factor 186 00:09:50,600 --> 00:09:54,480 Speaker 2: is bushfires in Alberta, Canada. Production in the region is 187 00:09:54,520 --> 00:09:56,760 Speaker 2: being threatened, adding to the pressure on oil prices. So 188 00:09:56,880 --> 00:10:00,240 Speaker 2: on one hand, at the bottom of North America, the 189 00:10:00,280 --> 00:10:03,840 Speaker 2: south part of North America, you've got horrendous weather and rain. 190 00:10:04,040 --> 00:10:07,480 Speaker 2: Towards the north you have bushfires. There you go. In 191 00:10:07,559 --> 00:10:10,520 Speaker 2: currency markets, the Aussie dollar has appreciated against the greenback. 192 00:10:10,600 --> 00:10:14,160 Speaker 2: It's buying sixty seven and a half US dollars. Bitcoin 193 00:10:14,200 --> 00:10:16,280 Speaker 2: and most other cryptos are trending Lara on the back 194 00:10:16,320 --> 00:10:19,840 Speaker 2: of potential sales of tokens by creditors of the failed 195 00:10:20,000 --> 00:10:23,000 Speaker 2: mount Gox exchange, the Japanese group. We spoke a bit 196 00:10:23,000 --> 00:10:26,360 Speaker 2: about that yesterday. It's begun. All the creditors have begun 197 00:10:26,440 --> 00:10:30,280 Speaker 2: returning about or up to eight billion US dollars worth 198 00:10:30,360 --> 00:10:32,800 Speaker 2: of bitcoin, certainly putting pressure on the price. 199 00:10:33,440 --> 00:10:35,040 Speaker 1: Sean, we got a little bit off track there with 200 00:10:35,200 --> 00:10:38,520 Speaker 1: uranium and all the silvery white metals. We have a 201 00:10:38,559 --> 00:10:40,120 Speaker 1: fair bit to get through, so we better take a 202 00:10:40,200 --> 00:10:41,719 Speaker 1: quick break. We'll come back in a moment with the 203 00:10:41,760 --> 00:10:43,080 Speaker 1: rest of the day's business news. 204 00:10:50,360 --> 00:10:50,640 Speaker 2: Seawan. 205 00:10:50,679 --> 00:10:53,320 Speaker 1: The Federal Coalition has pulled a head of labor for 206 00:10:53,360 --> 00:10:55,920 Speaker 1: the first time in New South Wales and increased its 207 00:10:56,000 --> 00:10:59,840 Speaker 1: lead in Queensland, though it still lags in Victoria according 208 00:10:59,880 --> 00:11:01,199 Speaker 1: to state by state newspoll. 209 00:11:01,559 --> 00:11:04,199 Speaker 2: In South Australia, the contest has titaned, but the coalition 210 00:11:04,280 --> 00:11:08,000 Speaker 2: has lost significant ground In Western Australia, which was the 211 00:11:08,080 --> 00:11:11,640 Speaker 2: key to Labour's twenty twenty two election victory. An exclusive 212 00:11:11,800 --> 00:11:15,800 Speaker 2: state by state Newspole demographic analysis shows the political contest 213 00:11:15,880 --> 00:11:18,520 Speaker 2: tightening over the past three months, with Labour leading the 214 00:11:18,520 --> 00:11:22,360 Speaker 2: Coalition on a reduced two party preferred vote of fifty 215 00:11:22,480 --> 00:11:24,440 Speaker 2: one to forty nine percent for the first time. The 216 00:11:24,440 --> 00:11:28,920 Speaker 2: coalition now enjoys majority support among male voters, with the 217 00:11:28,920 --> 00:11:32,720 Speaker 2: female vote still marginally favoring Labor. The results confirm a 218 00:11:32,760 --> 00:11:35,800 Speaker 2: continuation of a trend that, if repeated at an election, 219 00:11:36,240 --> 00:11:39,320 Speaker 2: would cost Labor its parliamentary majority and force it into 220 00:11:39,360 --> 00:11:43,120 Speaker 2: a minority government with independence. Based on the results, Labour 221 00:11:43,280 --> 00:11:45,040 Speaker 2: could stand to lose a couple of seats in New 222 00:11:45,080 --> 00:11:48,640 Speaker 2: South Wales and potentially one in Queensland Shawn. 223 00:11:48,720 --> 00:11:52,959 Speaker 1: The threshold for involuntary bankruptcy will rise to twenty thousand 224 00:11:52,960 --> 00:11:56,680 Speaker 1: dollars and bankrupts will have their official records cleared after 225 00:11:56,760 --> 00:11:59,880 Speaker 1: seven years under an overhaul of personal insolvency laws. 226 00:12:00,160 --> 00:12:02,720 Speaker 2: The Albin EASi government will also extend the time frame 227 00:12:02,760 --> 00:12:05,560 Speaker 2: for responding to a bankruptcy notice from twenty one days 228 00:12:05,559 --> 00:12:08,640 Speaker 2: to twenty eight days, and will scrap debt agreements as 229 00:12:08,679 --> 00:12:12,360 Speaker 2: an act of bankruptcy. Under the legislation, the amendments should 230 00:12:12,400 --> 00:12:16,079 Speaker 2: ensure a fairer outcome for debtors in the personal insolvency 231 00:12:16,280 --> 00:12:20,760 Speaker 2: system and reduce the stigma currently associated with entering into bankruptcy, 232 00:12:20,800 --> 00:12:24,640 Speaker 2: according to Attorney General Mark Dreyfuss, who also launched consultations 233 00:12:24,679 --> 00:12:29,440 Speaker 2: for a mini bankruptcy regime known as the Minimum Asset 234 00:12:29,440 --> 00:12:32,920 Speaker 2: Procedure that will allow debtors who meet certain criteria to 235 00:12:33,040 --> 00:12:36,800 Speaker 2: start afresh soon. Under the proposal, people who are less 236 00:12:36,800 --> 00:12:39,480 Speaker 2: than fifty thousand dollars and have minimal assets to repay 237 00:12:39,520 --> 00:12:43,120 Speaker 2: debts will be able to apply to participate in the procedure, 238 00:12:43,600 --> 00:12:46,240 Speaker 2: less restrictive than bankruptcy lasts for just one year. The 239 00:12:46,280 --> 00:12:48,960 Speaker 2: whole idea is that people, particularly you know, when there's 240 00:12:49,000 --> 00:12:51,800 Speaker 2: not a huge amount of money, don't get this mark 241 00:12:51,840 --> 00:12:54,160 Speaker 2: against them for seven years or so. 242 00:12:54,640 --> 00:12:58,080 Speaker 1: Okay now. The total value of new housing loans fell 243 00:12:58,120 --> 00:13:00,520 Speaker 1: by nearly two percent in May, with the biggest fall 244 00:13:00,600 --> 00:13:02,480 Speaker 1: coming among first home buyers. 245 00:13:02,400 --> 00:13:04,600 Speaker 2: While the value is down during the month. Over the 246 00:13:04,640 --> 00:13:07,280 Speaker 2: past year, new home loan commitments have actually risen by 247 00:13:07,320 --> 00:13:10,920 Speaker 2: eighteen percent. Now, loans of investors have grown much faster 248 00:13:11,000 --> 00:13:14,160 Speaker 2: than loans to owner occupies. New South Wales, Queensland and 249 00:13:14,200 --> 00:13:16,559 Speaker 2: Western Australia are leading the way in terms of new 250 00:13:16,600 --> 00:13:19,320 Speaker 2: loans over the past year. The loans in the Sunshine 251 00:13:19,360 --> 00:13:22,600 Speaker 2: State actually now exceed Victoria. In fact, the loan size 252 00:13:22,640 --> 00:13:25,760 Speaker 2: in Queensland on average is about five hundred and eighty 253 00:13:25,800 --> 00:13:29,840 Speaker 2: thousand dollars Victoria's about five hundred and sixty six thousand dollars. 254 00:13:30,240 --> 00:13:34,000 Speaker 2: That state, Queensland has certainly grown much much faster than Victoria. 255 00:13:34,840 --> 00:13:39,000 Speaker 1: Copper and gold developer Rex Mineral share price jumped sixty 256 00:13:39,320 --> 00:13:43,480 Speaker 1: percent yesterday after a bid by a group backed by 257 00:13:43,559 --> 00:13:45,360 Speaker 1: Indonesia's wealthy Slim family. 258 00:13:45,440 --> 00:13:46,920 Speaker 2: Now that's what you want to be on, don't you? 259 00:13:47,559 --> 00:13:48,760 Speaker 2: Sixty percent in a day. 260 00:13:49,280 --> 00:13:51,360 Speaker 1: That's not bad? Is It probably doesn't happen that often 261 00:13:51,400 --> 00:13:51,839 Speaker 1: though Really. 262 00:13:52,720 --> 00:13:55,960 Speaker 2: Rex has entered into a scheme implementation deed with the 263 00:13:55,960 --> 00:14:00,520 Speaker 2: companies called MAC Metal Australia. It values minor at three 264 00:14:00,640 --> 00:14:03,480 Speaker 2: hundred and ninety three million dollars. Mac is already a 265 00:14:03,520 --> 00:14:06,680 Speaker 2: major shareholder in the South Australian miner. The Board of 266 00:14:06,679 --> 00:14:10,120 Speaker 2: REX supports the bid. It's not quite there yet. We 267 00:14:10,200 --> 00:14:13,560 Speaker 2: all have to undergo Foreign Investment Review Board and shareholder approval. 268 00:14:13,960 --> 00:14:16,880 Speaker 1: Okay. Turning to international news. Now, left wing parties in 269 00:14:16,960 --> 00:14:19,800 Speaker 1: France have topped the second round of polling in the 270 00:14:19,800 --> 00:14:23,880 Speaker 1: parliamentary election in a shock really that pushes Marine Lapan's 271 00:14:23,920 --> 00:14:27,480 Speaker 1: right wing populist National Rally into third place. 272 00:14:27,880 --> 00:14:32,000 Speaker 2: Pretty remarkable this French President Emmanuel mccron's coalition of centrist 273 00:14:32,160 --> 00:14:36,120 Speaker 2: parties did better than expected and pretty much it shows 274 00:14:36,120 --> 00:14:39,040 Speaker 2: that his high risk strategy of calling a snap election 275 00:14:39,600 --> 00:14:43,000 Speaker 2: to nip the growth of National Rally has worked. But 276 00:14:43,040 --> 00:14:46,320 Speaker 2: it hasn't really meant success for his own coalition, with 277 00:14:46,440 --> 00:14:50,280 Speaker 2: the left wing New Popular Front set to win around 278 00:14:50,440 --> 00:14:53,480 Speaker 2: one hundred and eighty seats in the National Assembly. Now 279 00:14:53,480 --> 00:14:57,480 Speaker 2: the New Popular Front is a mishmash of politicians. It 280 00:14:57,520 --> 00:15:02,880 Speaker 2: includes socialist, Communists, Green and the hard left France Unbowed. 281 00:15:03,560 --> 00:15:06,080 Speaker 2: Macron's coalition will end up with about one hundred and 282 00:15:06,120 --> 00:15:09,200 Speaker 2: fifty nine seats national rarely one hundred and forty three. 283 00:15:09,520 --> 00:15:12,800 Speaker 2: It means France will have I reckon the most tongue 284 00:15:12,840 --> 00:15:16,240 Speaker 2: parliament I've ever seen basically split between three blocks. The 285 00:15:16,280 --> 00:15:18,880 Speaker 2: coalition of two of the street is very very unlikely 286 00:15:19,480 --> 00:15:22,440 Speaker 2: because one's extreme right, one's extreme left, and one's in 287 00:15:22,440 --> 00:15:25,720 Speaker 2: the middle. There's no new election that can be called 288 00:15:25,720 --> 00:15:30,200 Speaker 2: for twelve months under French parliamentary rules. So I just 289 00:15:30,520 --> 00:15:32,600 Speaker 2: it would be really interesting to see how you actually 290 00:15:32,720 --> 00:15:35,600 Speaker 2: govern a country where no one's going to agree with 291 00:15:35,640 --> 00:15:36,080 Speaker 2: each other. 292 00:15:36,560 --> 00:15:40,120 Speaker 1: Yeah, that is very well hung Indeed, you were waiting 293 00:15:40,160 --> 00:15:43,400 Speaker 1: for that, we weren't you. I'm sorry, I had to. 294 00:15:43,720 --> 00:15:46,880 Speaker 1: I just stopped yourself. I just notice like I just 295 00:15:46,880 --> 00:15:48,640 Speaker 1: started to grin halfway. 296 00:15:48,200 --> 00:15:51,240 Speaker 2: Through that, and I knew where we were going to. 297 00:15:52,280 --> 00:15:54,960 Speaker 1: Ollie, I'm sorry. I'm sorry. I shouldn't do this to us. 298 00:15:55,200 --> 00:15:57,560 Speaker 1: You have so much credibility, and every day you just 299 00:15:57,600 --> 00:16:00,520 Speaker 1: lose a little bit when you're sitting in the studio 300 00:16:00,600 --> 00:16:04,840 Speaker 1: with me. Back on track, Sean Indian Prime Minister Narandra 301 00:16:04,960 --> 00:16:08,160 Speaker 1: Modi will visit Russia this week for the first time 302 00:16:08,200 --> 00:16:10,680 Speaker 1: in five years, even though Moscow was growing closer to 303 00:16:10,760 --> 00:16:12,480 Speaker 1: New Delhi's main rival, China. 304 00:16:12,800 --> 00:16:15,520 Speaker 2: Mody is set to meet with Russian President Vladimir Putin 305 00:16:15,640 --> 00:16:18,840 Speaker 2: during the visit. According to Bloomberg. Senior Indian diplomats do 306 00:16:19,000 --> 00:16:22,000 Speaker 2: not expect any major announcements, but the visit certainly signals 307 00:16:22,000 --> 00:16:25,760 Speaker 2: that the two sides remain close. Russia's growing friendship with China, 308 00:16:25,800 --> 00:16:28,720 Speaker 2: though is a sticking point for the two countries. Relations 309 00:16:28,760 --> 00:16:31,160 Speaker 2: between India and China have been very poor ever since 310 00:16:31,200 --> 00:16:34,720 Speaker 2: they board a dispute erupted in twenty twenty, though the 311 00:16:34,760 --> 00:16:37,720 Speaker 2: two sides have agreed to talks to resolve the disagreement. 312 00:16:38,200 --> 00:16:41,360 Speaker 2: Moscow will be Modi's first bilateral visit since he won 313 00:16:41,400 --> 00:16:43,720 Speaker 2: a third term in office last month. His decision to 314 00:16:43,760 --> 00:16:47,520 Speaker 2: travel to Russia rather than Batan or Maldives or Schlenka, 315 00:16:47,720 --> 00:16:50,200 Speaker 2: where an elected Indian prime minister tends to go first, 316 00:16:50,640 --> 00:16:53,600 Speaker 2: is very much a break in convention for Indian leaders. 317 00:16:54,640 --> 00:16:58,680 Speaker 1: Finally, Sean Paramount's board I mentioned this at the top 318 00:16:58,680 --> 00:17:01,200 Speaker 1: of the show, is set to agree to merge with 319 00:17:01,400 --> 00:17:05,480 Speaker 1: independent studio Skydance, a deal that would shift control of 320 00:17:05,520 --> 00:17:09,720 Speaker 1: the historic Hollywood group from Shari Redstone's family to billionaire 321 00:17:09,840 --> 00:17:10,480 Speaker 1: David Ellison. 322 00:17:10,800 --> 00:17:13,200 Speaker 2: The deal is set to be signed any time, according 323 00:17:13,240 --> 00:17:15,920 Speaker 2: to a report in the Financial Times. New York Time 324 00:17:16,000 --> 00:17:18,560 Speaker 2: is saying the same thing, and I means Skydance will 325 00:17:18,600 --> 00:17:23,200 Speaker 2: own CBS, MTV, the Paramount Movie Studio, and Network ten 326 00:17:23,320 --> 00:17:27,480 Speaker 2: in Australia, among others. Any deal would come just weeks 327 00:17:27,520 --> 00:17:31,800 Speaker 2: after Redstone blocked a deal with Skydance. Now, Skydance is 328 00:17:31,840 --> 00:17:36,440 Speaker 2: backed by US private equity groups Redbird and KKR. While 329 00:17:36,880 --> 00:17:40,119 Speaker 2: Redstone owns only ten percent of the stock, she has 330 00:17:40,160 --> 00:17:44,159 Speaker 2: eighty percent of the voting rights. It hasn't been an 331 00:17:44,160 --> 00:17:46,600 Speaker 2: easy road to get to hear. During a very chaotic, 332 00:17:46,960 --> 00:17:51,720 Speaker 2: highly public bidding process involving several rival bids, Paramount's chief 333 00:17:51,760 --> 00:17:55,480 Speaker 2: executive and four board members left the company disagreeing with 334 00:17:55,560 --> 00:17:58,760 Speaker 2: Mss Redstone. Assuming the deal is done, it would pretty 335 00:17:58,800 --> 00:18:01,520 Speaker 2: much close an eighty eight year chapter of her family's 336 00:18:01,520 --> 00:18:05,960 Speaker 2: involvement in the entertainment business. David Ellison, the guy taking over, 337 00:18:06,119 --> 00:18:10,040 Speaker 2: is the son of Oracle founder Larry Ellison, which was 338 00:18:10,160 --> 00:18:12,480 Speaker 2: very handy when he wanted when he wanted to bank 339 00:18:12,560 --> 00:18:17,320 Speaker 2: all films like Mission Impossible. David Elson was also an actor. Michael, 340 00:18:18,200 --> 00:18:19,600 Speaker 2: let me tell you the names of a couple of 341 00:18:19,640 --> 00:18:22,080 Speaker 2: his dramas never really made the big time, but one 342 00:18:22,119 --> 00:18:27,400 Speaker 2: was called Flyboys. But my favorite hm the chum Scrubber. 343 00:18:29,560 --> 00:18:31,520 Speaker 1: What's the chum scrubber about Sean. 344 00:18:31,640 --> 00:18:34,159 Speaker 2: I have absolutely no idea and I don't want to know, 345 00:18:34,520 --> 00:18:36,879 Speaker 2: do you No? 346 00:18:36,880 --> 00:18:39,560 Speaker 1: No, And I have never heard of Flyboys neither, But 347 00:18:39,880 --> 00:18:43,280 Speaker 1: you never know. We could hear about more of these 348 00:18:43,359 --> 00:18:44,960 Speaker 1: kind of series featuring David Ellison. 349 00:18:45,000 --> 00:18:47,439 Speaker 2: Now, yeah, well, and I think he's given up the acting. 350 00:18:47,560 --> 00:18:50,560 Speaker 2: He's just going to be a manager now, Ye, fair. 351 00:18:50,520 --> 00:18:52,040 Speaker 1: Enough, I suppose it'd be. 352 00:18:52,280 --> 00:18:54,639 Speaker 2: I mean, what's really interesting here is what happens to 353 00:18:54,720 --> 00:18:57,960 Speaker 2: Network ten because it is the third free to wear 354 00:18:58,160 --> 00:19:02,440 Speaker 2: commercial network here and so just with a power amount 355 00:19:02,440 --> 00:19:04,639 Speaker 2: want to keep putting money into it or not to 356 00:19:04,720 --> 00:19:05,800 Speaker 2: be fascinating to watch. 357 00:19:06,200 --> 00:19:08,560 Speaker 1: Yeah, it certainly shakes things up just a little bit. 358 00:19:08,640 --> 00:19:11,000 Speaker 1: Up Next, Sean is the Fear and Greed Daily Interview 359 00:19:11,160 --> 00:19:13,879 Speaker 1: Vivekta from the Commonwealth Bank. Because your guest today. 360 00:19:13,760 --> 00:19:16,200 Speaker 2: Yep, all about what's happening in the gold market, what's 361 00:19:16,200 --> 00:19:19,439 Speaker 2: happening in iron Ore, and also what's happening in gas. 362 00:19:19,520 --> 00:19:21,840 Speaker 2: When we say gas, we mean that very broadly. Llenng 363 00:19:22,119 --> 00:19:24,960 Speaker 2: is as well as East Coast Gas in Australia. A 364 00:19:24,960 --> 00:19:28,000 Speaker 2: great interview with vivec always put very simply for people 365 00:19:28,040 --> 00:19:28,360 Speaker 2: like me. 366 00:19:28,600 --> 00:19:30,120 Speaker 1: Yeah, it's coming up next to the Fear and Greed 367 00:19:30,160 --> 00:19:33,359 Speaker 1: playlist on your podcast platform or at Fearangreed dot com todau, 368 00:19:33,640 --> 00:19:35,120 Speaker 1: which is also where you can sign up for our 369 00:19:35,160 --> 00:19:39,200 Speaker 1: free weekly newsletter Out Tomorrow. Comes out about mid morning 370 00:19:39,240 --> 00:19:41,679 Speaker 1: on Wednesdays, so jump in now, head along to the website, 371 00:19:41,720 --> 00:19:43,320 Speaker 1: put your email address in and you will get the 372 00:19:43,320 --> 00:19:46,679 Speaker 1: newsletter when it is released. Thank you Sean, Thank you Michael. 373 00:19:47,000 --> 00:19:49,719 Speaker 1: It's Tuesday, the ninth of July twenty twenty four. Make 374 00:19:49,760 --> 00:19:52,119 Speaker 1: sure you're following the podcast and please join us online 375 00:19:52,160 --> 00:19:56,439 Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson 376 00:19:56,480 --> 00:19:58,680 Speaker 1: and that with Fear and Greed. Have a great day.