1 00:00:06,320 --> 00:00:08,799 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,840 --> 00:00:11,160 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,200 --> 00:00:13,560 Speaker 1: Michael Thompson, and good morning, Sean. Aylmer. 4 00:00:14,000 --> 00:00:15,680 Speaker 2: Good morning, Michael, Sean. 5 00:00:15,760 --> 00:00:17,360 Speaker 1: Our weekend show. It's all about the two of us, 6 00:00:17,360 --> 00:00:19,720 Speaker 1: each nominating what we think is the biggest business story 7 00:00:19,760 --> 00:00:23,080 Speaker 1: of the week, the most remarkable business story, a sleeper story, 8 00:00:23,120 --> 00:00:25,560 Speaker 1: so one flying under the radar, a little bit always 9 00:00:25,600 --> 00:00:29,080 Speaker 1: good fun that one, and then our favorite business story 10 00:00:29,200 --> 00:00:31,800 Speaker 1: of the week. And because it is a competition, because 11 00:00:31,800 --> 00:00:34,600 Speaker 1: we need a winner here, we are joined every week 12 00:00:34,680 --> 00:00:38,199 Speaker 1: by a judge whose duty it is to separate you 13 00:00:38,280 --> 00:00:40,600 Speaker 1: from me. It's very very easy for him to do. 14 00:00:40,760 --> 00:00:43,160 Speaker 1: Our judge is our Fear and Greed colleague, Adam Lang Adam, 15 00:00:43,159 --> 00:00:43,920 Speaker 1: good morning. 16 00:00:43,800 --> 00:00:46,400 Speaker 3: Good morning, Michael, Good morning Sean. We all love a winner, 17 00:00:46,479 --> 00:00:47,400 Speaker 3: don't we. 18 00:00:47,400 --> 00:00:49,559 Speaker 2: We do, Adam. I just want to point out that 19 00:00:49,680 --> 00:00:54,240 Speaker 2: normally Michael calls you an esteemed judge this morning the 20 00:00:54,280 --> 00:00:56,240 Speaker 2: adjective yep. Just keep that in mind. 21 00:00:56,680 --> 00:00:59,040 Speaker 1: I'm trying to do this quickly. I'm just like, I know, 22 00:00:59,160 --> 00:01:01,760 Speaker 1: distractions this week. I tend to kind of spear off 23 00:01:01,760 --> 00:01:03,800 Speaker 1: in different directions, and I get a little bit kind 24 00:01:03,840 --> 00:01:07,720 Speaker 1: of carried away on different things, and this week no distractions. 25 00:01:07,760 --> 00:01:13,800 Speaker 1: It is all business, sure, Sean. Shall we get straight 26 00:01:13,840 --> 00:01:16,960 Speaker 1: into it, the biggest story of the week. See already 27 00:01:17,000 --> 00:01:20,119 Speaker 1: doing it pretty good. Suck on them, I going first. 28 00:01:21,480 --> 00:01:29,240 Speaker 2: Suck on that Mark markets make back to the Simpsons. Markets. Markets, Markets, 29 00:01:30,120 --> 00:01:31,200 Speaker 2: That's what the story was. 30 00:01:31,480 --> 00:01:31,679 Speaker 3: You know. 31 00:01:31,760 --> 00:01:34,840 Speaker 2: While half the world i e. The miserable bunch of 32 00:01:34,840 --> 00:01:36,960 Speaker 2: economists out there, seem to think that we're heading for 33 00:01:36,959 --> 00:01:41,039 Speaker 2: a rate hike, investors are on a tear, pushing the 34 00:01:41,120 --> 00:01:44,759 Speaker 2: SMPAX two hundred towards a record high this week. Comwealth 35 00:01:44,800 --> 00:01:47,000 Speaker 2: Bank is on a particular run, pushing through one hundred 36 00:01:47,040 --> 00:01:49,560 Speaker 2: and thirty dollars for the first time. It's now worth 37 00:01:49,600 --> 00:01:52,560 Speaker 2: two hundred and seventeen billion dollars. Come off Bank now bhp' 38 00:01:52,560 --> 00:01:54,800 Speaker 2: two hundred and twenty one billion dollars not that long ago. 39 00:01:54,800 --> 00:01:57,320 Speaker 2: There's about a fifty billion dollar difference. Come off Bank 40 00:01:57,360 --> 00:01:59,520 Speaker 2: has its more than thirty percent over the past twelve 41 00:01:59,520 --> 00:02:02,360 Speaker 2: months or so, so BHP is actually down quite incredible. 42 00:02:03,160 --> 00:02:05,600 Speaker 2: Come off Bank is now about twice the size of 43 00:02:05,640 --> 00:02:08,160 Speaker 2: the next biggest bank, which is National Australia. There are 44 00:02:08,160 --> 00:02:10,520 Speaker 2: a bunch of companies hitting record highs or multi year 45 00:02:10,600 --> 00:02:13,640 Speaker 2: highs this week are from across the economy. So JB 46 00:02:13,760 --> 00:02:16,840 Speaker 2: Highfi the retailer was one, Bendigo Bank was another. ARIA. 47 00:02:17,000 --> 00:02:21,320 Speaker 2: The online Property Group insurance breaker is Steadfast Technology one, 48 00:02:21,360 --> 00:02:25,160 Speaker 2: which is software outfit online accounting software company zero. It 49 00:02:25,320 --> 00:02:31,400 Speaker 2: just shows how widespread this market run is at the moment. 50 00:02:31,440 --> 00:02:33,520 Speaker 2: The other three major banks, for example, they're all near 51 00:02:33,600 --> 00:02:36,400 Speaker 2: multi year highs. Wall Street's going crazy too. The S 52 00:02:36,440 --> 00:02:39,040 Speaker 2: and P five hundred closed above fifty six hundred points 53 00:02:39,040 --> 00:02:41,560 Speaker 2: for the first time this week. Apple's value is at 54 00:02:41,560 --> 00:02:44,680 Speaker 2: that three and a half three point six trillion US 55 00:02:44,720 --> 00:02:47,560 Speaker 2: dollar mark. It's just crazy. I mean, it's appreciated ten 56 00:02:47,600 --> 00:02:50,440 Speaker 2: percent this month, which is three hundred and forty billion 57 00:02:50,760 --> 00:02:53,040 Speaker 2: US dollars. This is what it's gone up in a 58 00:02:53,080 --> 00:02:56,200 Speaker 2: twelve day period. Now, three hundred and forty billion US 59 00:02:56,240 --> 00:02:58,480 Speaker 2: dollars is more than the total value of BHPN Common 60 00:02:58,639 --> 00:03:03,560 Speaker 2: Bank put together. It is quite phenomenal. Microsoft and Video 61 00:03:03,919 --> 00:03:07,200 Speaker 2: their value isn't far behind Apple. The six largest companies 62 00:03:07,200 --> 00:03:10,120 Speaker 2: on the S and P five hundred, so we're talking Apple, Microsoft, 63 00:03:10,200 --> 00:03:13,520 Speaker 2: and VideA, Alphabet, Amazon are met up. They're worth about 64 00:03:13,600 --> 00:03:18,239 Speaker 2: twenty four trillion Australian dollars. The point is the market 65 00:03:18,280 --> 00:03:20,200 Speaker 2: is on a share The Japanese share market's at a 66 00:03:20,200 --> 00:03:23,160 Speaker 2: record level, the UK's foot season't far off. The stock's 67 00:03:23,280 --> 00:03:26,320 Speaker 2: Europe six hundred, which measures the biggest six hundred companies 68 00:03:26,320 --> 00:03:29,280 Speaker 2: in the euroregion. Well, that's near a record high too. 69 00:03:29,320 --> 00:03:35,880 Speaker 2: Everything's going crazy. And then and then Friday morning, Australian time, 70 00:03:36,760 --> 00:03:40,120 Speaker 2: why do we get US inflation figures? They come out, 71 00:03:40,440 --> 00:03:44,680 Speaker 2: they're weaker than expected. We should all be so excited 72 00:03:44,680 --> 00:03:46,360 Speaker 2: about that. Surely that means a rate cut in the 73 00:03:46,400 --> 00:03:52,320 Speaker 2: world's biggest economy. Yeah, let's buy shares. What happens the 74 00:03:52,400 --> 00:03:57,440 Speaker 2: market falls. People on a dime start worrying about a recession. 75 00:03:58,440 --> 00:04:02,960 Speaker 2: Markets drop, talk about fickle, you know, the whole run up, 76 00:04:03,280 --> 00:04:07,920 Speaker 2: inflation is coming down. Let's buy chairs. And then inflation 77 00:04:07,960 --> 00:04:09,560 Speaker 2: does come down, it's like, oh dear, we maybe we're 78 00:04:09,600 --> 00:04:15,120 Speaker 2: going into recession. Fickle fickle, fickle, crazy world out there. Obviously, 79 00:04:15,160 --> 00:04:17,839 Speaker 2: this impacts anyone who invests, which, of course there are 80 00:04:17,839 --> 00:04:22,320 Speaker 2: all US people with superannuation funds. Crazy week really, particularly 81 00:04:22,480 --> 00:04:25,760 Speaker 2: because of that CPI number in the US, which just 82 00:04:25,839 --> 00:04:28,400 Speaker 2: changed the whole outlook. On a dime even though it 83 00:04:28,400 --> 00:04:32,839 Speaker 2: was a good news. Michael, stuck on that and try 84 00:04:32,880 --> 00:04:33,400 Speaker 2: and beat it. 85 00:04:33,880 --> 00:04:36,360 Speaker 1: I'll tell you what about three or four times there, 86 00:04:36,360 --> 00:04:39,239 Speaker 1: I thought you were wrapping up. It sounded like you'd finished, 87 00:04:39,240 --> 00:04:40,440 Speaker 1: and then all of a sudden, you just get this 88 00:04:40,920 --> 00:04:44,159 Speaker 1: just little extra burst and you add on another story that. 89 00:04:44,200 --> 00:04:46,359 Speaker 2: It happens when it's so excited. I mean when markets 90 00:04:46,360 --> 00:04:46,840 Speaker 2: are happening. 91 00:04:47,520 --> 00:04:50,239 Speaker 1: Either that or you're just trying to wring every last 92 00:04:50,240 --> 00:04:54,520 Speaker 1: little drop of hope out of that story. Sean, Yes, 93 00:04:55,360 --> 00:04:59,040 Speaker 1: there are markets. There's a lot more happening than just markets, 94 00:04:59,080 --> 00:05:04,039 Speaker 1: and I think we need to be a podcast with 95 00:05:04,120 --> 00:05:09,040 Speaker 1: a more kind of holistic, more global view, encompassing politics 96 00:05:09,240 --> 00:05:10,160 Speaker 1: and a bit more than that. 97 00:05:10,560 --> 00:05:10,880 Speaker 2: Go on. 98 00:05:11,960 --> 00:05:13,839 Speaker 1: I didn't think this last week. I didn't think this 99 00:05:13,920 --> 00:05:16,839 Speaker 1: last week obviously when John you were doing US politics. 100 00:05:17,080 --> 00:05:19,920 Speaker 1: But I am fickle like that, just like markets and 101 00:05:20,000 --> 00:05:21,960 Speaker 1: just like the world. I changed my stance on this 102 00:05:22,000 --> 00:05:24,760 Speaker 1: as quickly and easily as Adam changes his judging criteria. 103 00:05:25,200 --> 00:05:28,359 Speaker 2: Oh oh, Michael, that's not fair. No one is as 104 00:05:28,360 --> 00:05:29,960 Speaker 2: fickle as Adam on judging criteria. 105 00:05:30,080 --> 00:05:32,200 Speaker 1: Come on, that's right. I should be easier on myself, 106 00:05:32,240 --> 00:05:36,600 Speaker 1: be kind to myself now, the biggest story this week. 107 00:05:36,960 --> 00:05:39,640 Speaker 1: It does come out of the US. It is not 108 00:05:39,720 --> 00:05:45,680 Speaker 1: inflation figures. It does involve Australia too. It is politics, 109 00:05:45,960 --> 00:05:50,719 Speaker 1: but it's more than politics. The headline feels like I 110 00:05:50,720 --> 00:05:51,800 Speaker 1: was building to something just there. 111 00:05:52,120 --> 00:05:53,920 Speaker 3: There was quite a lot of melodrama. 112 00:05:54,160 --> 00:05:57,600 Speaker 2: It's got to be big. No, no, no, something we 113 00:05:57,680 --> 00:05:58,200 Speaker 2: haven't heard of. 114 00:05:58,520 --> 00:06:00,600 Speaker 1: It's a new story, Sean, It's just we haven't really 115 00:06:00,600 --> 00:06:01,480 Speaker 1: talked about much before. 116 00:06:01,640 --> 00:06:02,680 Speaker 3: Is it brief? Michael? 117 00:06:03,160 --> 00:06:05,240 Speaker 1: It's about Joe Biden. I'm trying to be fast and 118 00:06:05,279 --> 00:06:08,880 Speaker 1: you two keep interrupting. Oh my god, Joe Biden, who's that? 119 00:06:10,600 --> 00:06:10,680 Speaker 3: Do? 120 00:06:10,880 --> 00:06:11,159 Speaker 2: Go on? 121 00:06:12,880 --> 00:06:20,560 Speaker 1: Adam? Adam? As a judge, can you can you? I 122 00:06:20,600 --> 00:06:23,440 Speaker 1: was gonna ask you to mute or muzzle sure while 123 00:06:23,480 --> 00:06:26,840 Speaker 1: I talk. There is a complete lack of respect. They 124 00:06:26,839 --> 00:06:28,680 Speaker 1: did it in the presidential debate. 125 00:06:28,880 --> 00:06:31,440 Speaker 3: To turn the MIC's off. Okay, good idea. 126 00:06:32,160 --> 00:06:34,320 Speaker 1: Didn't that work well for Joe Biden? Didn't help him? 127 00:06:35,320 --> 00:06:36,120 Speaker 1: That is my story. 128 00:06:36,200 --> 00:06:38,880 Speaker 2: How far into this How far into this segment are we? 129 00:06:38,960 --> 00:06:40,359 Speaker 2: And Mike hasn't told us. 130 00:06:40,720 --> 00:06:44,720 Speaker 1: I will not be swayed by you, Sean. I will 131 00:06:44,760 --> 00:06:47,640 Speaker 1: not be kind of you will be delayed though, I 132 00:06:47,680 --> 00:06:50,240 Speaker 1: will not be diverted from my course. The headline this 133 00:06:50,320 --> 00:06:53,960 Speaker 1: week the biggest story this week, and there's a few 134 00:06:54,000 --> 00:06:57,159 Speaker 1: elements to this, but the headline continues to be Joe Biden, 135 00:06:57,200 --> 00:06:59,479 Speaker 1: who has been trying to defend his position as the 136 00:06:59,520 --> 00:07:03,120 Speaker 1: Democrat candidate for the presidential election in November, following the 137 00:07:03,240 --> 00:07:06,880 Speaker 1: disastrous debate I just mentioned. But while last week, when 138 00:07:06,920 --> 00:07:09,880 Speaker 1: Sewan you talked about this story, it was a lot 139 00:07:09,920 --> 00:07:12,160 Speaker 1: of the calls for him to go, it was just 140 00:07:12,200 --> 00:07:13,840 Speaker 1: whispers and it was commentators. 141 00:07:13,880 --> 00:07:17,000 Speaker 2: Really, so you're taking my story from last week is 142 00:07:17,000 --> 00:07:18,119 Speaker 2: the biggest story this week. 143 00:07:18,320 --> 00:07:19,960 Speaker 1: I thought she turned him off. 144 00:07:20,320 --> 00:07:25,480 Speaker 3: Adam, I haven't used that drastic measure yet, then use it. 145 00:07:25,520 --> 00:07:29,360 Speaker 1: I implore you, the people imploy you. Last week it 146 00:07:29,480 --> 00:07:33,040 Speaker 1: was whispers and commentators and Sean Aylmer. This week the 147 00:07:33,120 --> 00:07:36,240 Speaker 1: story changed and it stepped up not just one, not 148 00:07:36,320 --> 00:07:38,640 Speaker 1: just two, but it stepped up about a dozen notches 149 00:07:38,800 --> 00:07:41,440 Speaker 1: because now it's actually people within the party who are 150 00:07:41,440 --> 00:07:45,600 Speaker 1: saying it's time to go, notably Senate Majority Leader Chuck Schumer, 151 00:07:45,640 --> 00:07:49,320 Speaker 1: who reportedly told donors that he's open to replacing Joe Biden. 152 00:07:49,360 --> 00:07:52,840 Speaker 1: Party heavyweight Nancy Pelosi too. She said that Biden has 153 00:07:52,840 --> 00:07:56,560 Speaker 1: a decision to make. Now. That's not exactly unequivocal support 154 00:07:56,720 --> 00:07:58,560 Speaker 1: for the eighty one year old, is it. There's been 155 00:07:58,640 --> 00:08:02,480 Speaker 1: talk about neurologists visiting the White House. Donald Trump has 156 00:08:02,480 --> 00:08:04,640 Speaker 1: fired up again now after being quiet for a little bit, 157 00:08:04,640 --> 00:08:09,080 Speaker 1: attacking both Biden and his most likely replacement, Vice President 158 00:08:09,160 --> 00:08:12,560 Speaker 1: Karmala Harris, as well as challenging Biden to another debate. Now. 159 00:08:12,600 --> 00:08:15,680 Speaker 1: One of the most interesting interventions I reckon this week 160 00:08:15,720 --> 00:08:18,680 Speaker 1: has been from actor George Clooney, who is a lifelong Democrat, 161 00:08:18,720 --> 00:08:21,480 Speaker 1: one of the biggest fundraisers for the party, who wrote 162 00:08:21,520 --> 00:08:24,080 Speaker 1: an opinion piece for The New York Times calling on 163 00:08:24,200 --> 00:08:28,280 Speaker 1: Biden to go, saying that he saved democracy in twenty 164 00:08:28,360 --> 00:08:31,920 Speaker 1: twenty and now he needs to do it again by 165 00:08:32,000 --> 00:08:36,319 Speaker 1: standing aside. Wow, that is it's certainly got the headlines. 166 00:08:36,360 --> 00:08:37,040 Speaker 1: It's certainly got it. 167 00:08:37,240 --> 00:08:40,520 Speaker 2: Would you vote on the back of what George Clooney says, Michael. 168 00:08:40,400 --> 00:08:42,520 Speaker 1: Well, I don't know why his opinion is worth any 169 00:08:42,600 --> 00:08:45,720 Speaker 1: less than anyone else, And to me, more or more, 170 00:08:46,120 --> 00:08:49,280 Speaker 1: I would argue that that as a voice within the 171 00:08:49,320 --> 00:08:52,000 Speaker 1: party and someone who has been so well established and 172 00:08:52,160 --> 00:08:54,800 Speaker 1: entrenched within the party, that it actually probably does carry 173 00:08:54,800 --> 00:08:57,440 Speaker 1: more weight than most people who are outside of the party. 174 00:08:57,480 --> 00:08:59,000 Speaker 1: The commentators saying he should go. 175 00:08:59,280 --> 00:09:01,000 Speaker 2: He doesn't even even the US. 176 00:09:01,000 --> 00:09:03,640 Speaker 1: Considering the amount of money that he has raised, and 177 00:09:03,679 --> 00:09:05,440 Speaker 1: really that is what this is all about. And there's 178 00:09:05,440 --> 00:09:07,280 Speaker 1: a lot of the questions are about will they be 179 00:09:07,320 --> 00:09:10,360 Speaker 1: able to take the money that has been raised for 180 00:09:10,720 --> 00:09:14,840 Speaker 1: Biden and Harris and put those behind two new candidates, 181 00:09:14,880 --> 00:09:16,679 Speaker 1: And he's saying, well, yes, of course we can, because 182 00:09:16,760 --> 00:09:20,240 Speaker 1: after all, he raised most of it. Anyway, Joe Biden 183 00:09:21,200 --> 00:09:25,000 Speaker 1: getting back on track. Look at that he's been hosting 184 00:09:25,040 --> 00:09:27,920 Speaker 1: the NATO summit in the US this week and he 185 00:09:28,040 --> 00:09:32,840 Speaker 1: has declared that Ukraine can and will stop Vladimir Putin. 186 00:09:33,120 --> 00:09:35,280 Speaker 1: Of course, everyone's just been waiting. 187 00:09:35,040 --> 00:09:37,360 Speaker 2: When is this going to finish? 188 00:09:37,600 --> 00:09:39,480 Speaker 1: Well, I got off to a bumpy start because of 189 00:09:39,520 --> 00:09:41,400 Speaker 1: your interruptions. 190 00:09:42,360 --> 00:09:44,080 Speaker 3: Back on it, Michael, bring us home. 191 00:09:44,640 --> 00:09:47,320 Speaker 1: Come on, I need to tell you something that happened 192 00:09:47,800 --> 00:09:51,320 Speaker 1: right good, Yeah, there you go. No, And it happened 193 00:09:51,360 --> 00:09:54,679 Speaker 1: on kind of Friday morning, Australian time. Everyone had been 194 00:09:54,720 --> 00:10:00,120 Speaker 1: waiting for Joe Biden potentially to make a gaff and 195 00:10:00,240 --> 00:10:03,760 Speaker 1: he made one, a big one on Friday morning, where 196 00:10:03,880 --> 00:10:10,360 Speaker 1: he accidentally introduced Ukrainian President Vladimir Zelenski at NATO, not 197 00:10:10,480 --> 00:10:13,760 Speaker 1: as President Zelenski but as President Putin. 198 00:10:14,920 --> 00:10:17,480 Speaker 2: Ooops, yes, which is which. 199 00:10:17,320 --> 00:10:20,760 Speaker 1: Is quite the gaff and the reaction in the room 200 00:10:21,440 --> 00:10:27,199 Speaker 1: that there was basically just a collective like that. Yes, yes, indeed, 201 00:10:27,400 --> 00:10:29,720 Speaker 1: And and he did try and recover, he did try 202 00:10:29,720 --> 00:10:33,400 Speaker 1: and kind of salvage it, and basically said after he introduced, 203 00:10:33,400 --> 00:10:36,679 Speaker 1: he goes, ladies and gentlemen, President Putin, President Putin. We're 204 00:10:36,679 --> 00:10:39,560 Speaker 1: going to beat President Putin. Here's President Zelenski. I'm so 205 00:10:39,679 --> 00:10:42,280 Speaker 1: focused on beating Putin. We've got to worry about it anyway, 206 00:10:42,360 --> 00:10:45,679 Speaker 1: here's mister president seamless. Yeah, and it's not going to 207 00:10:45,720 --> 00:10:47,880 Speaker 1: do anything at all to kind of a lay concerns. 208 00:10:48,240 --> 00:10:51,040 Speaker 1: And that's and very quickly, that's where Australia comes into 209 00:10:51,040 --> 00:10:58,360 Speaker 1: the story. Invited to the summit, he said he couldn't 210 00:10:58,440 --> 00:11:01,800 Speaker 1: go Definity prime minute to Richard Marles Wentz. Instead, we 211 00:11:02,000 --> 00:11:04,600 Speaker 1: need to be there because there is a big focus 212 00:11:04,640 --> 00:11:07,679 Speaker 1: on storing up support in our own region. Even though 213 00:11:07,679 --> 00:11:10,000 Speaker 1: this is NATO, we are talking about the Indo Pacific 214 00:11:10,040 --> 00:11:12,000 Speaker 1: really here then as well, because of China and the 215 00:11:12,040 --> 00:11:16,240 Speaker 1: growing threat of China and speaking of China, speeky of 216 00:11:16,280 --> 00:11:22,600 Speaker 1: our region. This week, Penny Wog the music I Chinese. 217 00:11:22,720 --> 00:11:23,760 Speaker 2: You can get rid of him? 218 00:11:23,960 --> 00:11:28,199 Speaker 1: No, no, I need a swelling orchestra beneath me right 219 00:11:28,200 --> 00:11:32,520 Speaker 1: now because I'm building here. This week, Penny Wog identified 220 00:11:32,640 --> 00:11:36,720 Speaker 1: a Chinese government backed hacking group as being behind a 221 00:11:36,800 --> 00:11:40,239 Speaker 1: series of attacks on Australian government and networks for organizations. 222 00:11:40,400 --> 00:11:46,040 Speaker 1: This is a big, big, big mood, escalating the battle 223 00:11:46,040 --> 00:11:50,880 Speaker 1: over cybercrime and making diplomacy with China, our major trading partner, 224 00:11:51,240 --> 00:11:55,760 Speaker 1: just a little bit more challenging. There. Ego all one story, 225 00:11:56,000 --> 00:11:57,160 Speaker 1: the biggest of the week. 226 00:11:57,960 --> 00:12:07,200 Speaker 3: Oh my lord, Michael. Last week's motto was Victoria per brevitatum. 227 00:12:07,360 --> 00:12:09,440 Speaker 1: Didn't work for me last week, so I've given up 228 00:12:09,480 --> 00:12:10,280 Speaker 1: on it. This week. 229 00:12:11,480 --> 00:12:15,280 Speaker 3: On this one, I have to say that US inflation 230 00:12:15,720 --> 00:12:18,320 Speaker 3: Trump's Biden. Sean wins. 231 00:12:18,440 --> 00:12:21,640 Speaker 2: Oh, I like it. US inflation Trump's Biden. 232 00:12:21,720 --> 00:12:23,560 Speaker 3: Thanks Sean, thanks for noticing. 233 00:12:23,920 --> 00:12:24,199 Speaker 2: Nice. 234 00:12:24,920 --> 00:12:26,920 Speaker 1: I noticed. I just didn't care. 235 00:12:32,240 --> 00:12:36,120 Speaker 2: Let's I'm I'm going to move on, Michael, because, like 236 00:12:36,240 --> 00:12:38,520 Speaker 2: I think, we're about fifteen minutes into the show. We've 237 00:12:38,559 --> 00:12:42,880 Speaker 2: got like seven minutes to the rest of it. Michael, please, okay, 238 00:12:43,200 --> 00:12:44,880 Speaker 2: most remarkable story. 239 00:12:45,280 --> 00:12:47,920 Speaker 1: I'm contrite, I'm feeling bad. I shouldn't have gone on 240 00:12:47,960 --> 00:12:48,600 Speaker 1: for as long as I did. 241 00:12:48,679 --> 00:12:51,559 Speaker 2: But even there, we go, right, I say, what's the 242 00:12:51,600 --> 00:12:55,720 Speaker 2: most remarkable story? Michael just takes off talking about himself. 243 00:12:55,800 --> 00:12:59,120 Speaker 2: Nothing to do with the story thus far, Michael, focus, 244 00:12:59,440 --> 00:13:03,360 Speaker 2: concentrate eight. You've had a difficult childhood, You've had a 245 00:13:03,400 --> 00:13:06,480 Speaker 2: difficult parenthood. You've got like lots of problems with you. 246 00:13:06,640 --> 00:13:10,760 Speaker 2: I know that, right, but let's just focus, sorry, mister 247 00:13:10,800 --> 00:13:11,400 Speaker 2: missus Thompson. 248 00:13:11,600 --> 00:13:15,440 Speaker 1: Lovely people they do. Listen, did you know, as I said, 249 00:13:15,520 --> 00:13:17,079 Speaker 1: lovely people? Yeah? 250 00:13:17,120 --> 00:13:19,360 Speaker 2: And your brother's a great guy. Your sister's lovely. I 251 00:13:19,360 --> 00:13:21,480 Speaker 2: mean I've met both of them. Two out of three. 252 00:13:21,520 --> 00:13:21,960 Speaker 2: Ain't bad. 253 00:13:22,360 --> 00:13:24,400 Speaker 1: Actually, I'll give it. Give a quick birthday shout out 254 00:13:24,400 --> 00:13:29,280 Speaker 1: to the original Maya, my brother Andy, because he has 255 00:13:29,360 --> 00:13:33,080 Speaker 1: single handedly spread the word through probably half of the 256 00:13:33,120 --> 00:13:34,760 Speaker 1: act from day one. 257 00:13:34,960 --> 00:13:35,680 Speaker 3: Birthday Andy. 258 00:13:36,200 --> 00:13:39,320 Speaker 1: Anyway, Now, Sewan, please don't interrupt me, because I'm trying 259 00:13:39,320 --> 00:13:44,400 Speaker 1: to stay on track. I said an irony and losing 260 00:13:44,720 --> 00:13:46,560 Speaker 1: my train of thought even as I'm trying to say, 261 00:13:46,760 --> 00:13:49,520 Speaker 1: saying on track, what is remarkable this week? 262 00:13:50,280 --> 00:13:50,600 Speaker 2: Go on? 263 00:13:51,559 --> 00:13:57,280 Speaker 1: Is the state of the Australian media. The biggest single 264 00:13:57,400 --> 00:14:04,320 Speaker 1: story in this particular subject matter this week's a merger between. 265 00:14:06,080 --> 00:14:08,880 Speaker 2: Subject matter I think I can't quite remember what I'm saying. Yeah, 266 00:14:09,160 --> 00:14:10,800 Speaker 2: a merger between go On, Come. 267 00:14:10,679 --> 00:14:15,280 Speaker 1: On, Paramount and independent studio Skydance, which will give Skydance 268 00:14:15,320 --> 00:14:18,120 Speaker 1: control of the broader company to be called New Paramount. 269 00:14:18,440 --> 00:14:22,840 Speaker 1: I like that worked for New Coke. This is a 270 00:14:22,880 --> 00:14:27,840 Speaker 1: big Hollywood story, right because it means billionaire David Ellison 271 00:14:27,880 --> 00:14:31,120 Speaker 1: will control CBSMTV, the Paramount Movie Studio and a bunch 272 00:14:31,160 --> 00:14:34,160 Speaker 1: of other assets. Why does it affect the Australian media, 273 00:14:34,480 --> 00:14:40,560 Speaker 1: Very good question, Michael, because Paramount is looking for three 274 00:14:40,640 --> 00:14:43,680 Speaker 1: billion dollars in savings and it owns Network ten, which 275 00:14:43,760 --> 00:14:47,560 Speaker 1: is facing its own challenges right now, the most pressing 276 00:14:47,600 --> 00:14:50,840 Speaker 1: of which is a shrinking advertising market and audiences getting 277 00:14:50,880 --> 00:14:54,800 Speaker 1: their content from elsewhere. It might be a somewhat uneasy 278 00:14:54,880 --> 00:14:58,320 Speaker 1: time at Channel ten for a little while. It's a 279 00:14:58,320 --> 00:15:01,200 Speaker 1: common story though throughout much of the me because just 280 00:15:01,240 --> 00:15:04,040 Speaker 1: this week we've had layoffs in the Pedestrian Group, following 281 00:15:04,120 --> 00:15:08,640 Speaker 1: a swathe of redundancies at seven West Media, in other 282 00:15:08,680 --> 00:15:13,359 Speaker 1: parts of nine Entertainment News Corp and other media organizations 283 00:15:13,400 --> 00:15:15,280 Speaker 1: warning that their revenue is going to be hit big 284 00:15:15,320 --> 00:15:18,680 Speaker 1: time if Meta goes ahead with its threatened newsband. It 285 00:15:18,760 --> 00:15:21,920 Speaker 1: is a remarkable story. It is a brief story, thank you, 286 00:15:22,280 --> 00:15:25,200 Speaker 1: because it just keeps ongoing. And I was listening to 287 00:15:25,240 --> 00:15:30,200 Speaker 1: an excellent podcast this week with a commentary from people 288 00:15:30,200 --> 00:15:32,560 Speaker 1: who know this space very well. It was called The 289 00:15:32,680 --> 00:15:35,440 Speaker 1: Umbrella Cast and just. 290 00:15:37,560 --> 00:15:43,680 Speaker 2: And really excellent podcast titles Suck up to Adam. 291 00:15:43,400 --> 00:15:47,320 Speaker 1: Adam co hosts The Umbrella Cast, and it really just 292 00:15:47,360 --> 00:15:51,640 Speaker 1: shows no sign of letting up anytime soon. That's it, short, sharp, brief, 293 00:15:52,040 --> 00:15:53,680 Speaker 1: like very remarkable. 294 00:15:54,000 --> 00:15:56,680 Speaker 2: Adam, When were you CEO of mcquari Media? 295 00:15:57,160 --> 00:15:59,520 Speaker 3: Twenty nineteen is when I finished. 296 00:16:00,240 --> 00:16:02,480 Speaker 2: You started twenty seventeen, let's say, though. 297 00:16:02,280 --> 00:16:05,080 Speaker 3: But I know twenty twelve was Fairfax Radio Network and 298 00:16:05,120 --> 00:16:08,080 Speaker 3: then twenty nineteen is when I finished up as Macquarie Media. 299 00:16:08,160 --> 00:16:13,880 Speaker 2: Yeah, in all that time, right, have you ever not 300 00:16:14,040 --> 00:16:18,600 Speaker 2: been talking about saving costs all the time, all the time. 301 00:16:18,640 --> 00:16:22,200 Speaker 2: So that's twelve years of it. Interesting that Michael brings 302 00:16:22,280 --> 00:16:25,880 Speaker 2: up it as the most remarkable story this week anyway. 303 00:16:26,200 --> 00:16:29,400 Speaker 2: Who cares about media? Michael? Who cares the diminishing industry? 304 00:16:30,240 --> 00:16:35,120 Speaker 2: Unlike the miners, and the most remarkable story this week's 305 00:16:35,160 --> 00:16:39,560 Speaker 2: comes from the miners. BHP came out and said it 306 00:16:39,560 --> 00:16:43,960 Speaker 2: will suspend nickel mining. Yep, the whole lot just stop 307 00:16:44,240 --> 00:16:47,960 Speaker 2: mining nickel after massive losses and a move that pretty 308 00:16:48,000 --> 00:16:51,120 Speaker 2: much casts out over thousands of jobs in Western Australia 309 00:16:51,360 --> 00:16:55,360 Speaker 2: certainly won't help relations with the Albanezi government. BHP announced 310 00:16:55,360 --> 00:16:58,280 Speaker 2: the suspension late on Thursday night. It said there'll be 311 00:16:58,320 --> 00:17:00,400 Speaker 2: a full year loss on Nicola four one hundred and 312 00:17:00,400 --> 00:17:02,800 Speaker 2: fifty million dollars. It blamed a global over supply of 313 00:17:02,880 --> 00:17:06,960 Speaker 2: nickel that comes from Chinese back producers mining in Indonesia. 314 00:17:07,040 --> 00:17:09,160 Speaker 2: BHP set will try and find jobs for as many 315 00:17:09,160 --> 00:17:12,960 Speaker 2: workers as possible, but certainly there will be redundancies. There's 316 00:17:13,000 --> 00:17:16,280 Speaker 2: been a bunch of nickel minds closed in Western Australia, 317 00:17:16,320 --> 00:17:18,880 Speaker 2: including some owned by Andrew and Nikola Forest. A few 318 00:17:18,880 --> 00:17:22,680 Speaker 2: things remarkable about this story. I think it's totally remarkable 319 00:17:22,720 --> 00:17:25,440 Speaker 2: that BHP can just wake up one morning go they 320 00:17:25,480 --> 00:17:28,640 Speaker 2: were not going to mind nickel anymore. I mean they 321 00:17:28,680 --> 00:17:32,840 Speaker 2: have put four point four billion dollars into the nickel 322 00:17:32,840 --> 00:17:36,720 Speaker 2: business since twenty twenty. Last year they raided off about 323 00:17:36,720 --> 00:17:39,000 Speaker 2: five point four billion dollars and the value of its 324 00:17:39,040 --> 00:17:43,520 Speaker 2: nickel business given what it hoped wouldn't happen but actually 325 00:17:43,560 --> 00:17:49,199 Speaker 2: has happened this week, quite incredible. It's also incredible that 326 00:17:49,240 --> 00:17:54,200 Speaker 2: what China has done in Indonesia can hurt Australia so much. 327 00:17:54,840 --> 00:17:57,919 Speaker 2: The BHP nickel business, let alone the others. It's been 328 00:17:58,000 --> 00:18:00,840 Speaker 2: losing about fifty million dollars a month. It's just a 329 00:18:00,880 --> 00:18:03,840 Speaker 2: remarkable business story. Now that the basis of this is 330 00:18:03,880 --> 00:18:06,200 Speaker 2: that nickel prices have gone from about twenty five thousand 331 00:18:06,280 --> 00:18:09,880 Speaker 2: US dollars at ton eighteen months ago to about sixteen 332 00:18:10,240 --> 00:18:15,480 Speaker 2: seventeen thousand US dollars a ton. So the proverbial ass 333 00:18:15,480 --> 00:18:18,840 Speaker 2: has fallen out of the market, no doubt about it. 334 00:18:19,040 --> 00:18:22,240 Speaker 2: But for bh But BHV just comes this week and says, 335 00:18:22,280 --> 00:18:24,639 Speaker 2: now we're not going to mind nickel. That's that. I 336 00:18:24,680 --> 00:18:26,240 Speaker 2: think that is remarkable. 337 00:18:27,640 --> 00:18:31,000 Speaker 3: Over to you, Adam, you are right, Sean, it is remarkable. 338 00:18:31,040 --> 00:18:33,639 Speaker 3: I actually love it. I love the fact that you know, 339 00:18:33,800 --> 00:18:37,240 Speaker 3: mine sometimes closed because the prices they're getting are not 340 00:18:37,280 --> 00:18:40,120 Speaker 3: sufficient to sustain the business model. So this is mine 341 00:18:40,119 --> 00:18:44,120 Speaker 3: as meeting the market. We've seen coal prices change a lot, 342 00:18:44,160 --> 00:18:47,280 Speaker 3: iron or change a lot sometimes mines are started again 343 00:18:47,359 --> 00:18:48,600 Speaker 3: because the price has changed. 344 00:18:48,640 --> 00:18:51,000 Speaker 2: I think it's great, but that plays them down. That 345 00:18:51,000 --> 00:18:51,879 Speaker 2: that's what's remarkable. 346 00:18:52,080 --> 00:18:54,040 Speaker 3: What do they do do they just pause them or 347 00:18:54,080 --> 00:18:54,440 Speaker 3: put them? 348 00:18:54,680 --> 00:19:00,520 Speaker 2: Well, they slow production and sometimes do is mothballs, which 349 00:19:00,560 --> 00:19:03,280 Speaker 2: is probably what they'll do with these minds. But they 350 00:19:03,359 --> 00:19:06,679 Speaker 2: think there's an oversupply of nickel until the end of 351 00:19:06,720 --> 00:19:09,879 Speaker 2: this decade. Yeah, so moth boiling for five or six years. 352 00:19:09,920 --> 00:19:11,560 Speaker 2: There's a big cost to restart them. 353 00:19:11,680 --> 00:19:14,080 Speaker 3: Yeah, and they never did And yeah, exactly and then 354 00:19:14,119 --> 00:19:16,360 Speaker 3: maybe bring it back. So brilliant story. 355 00:19:16,440 --> 00:19:19,800 Speaker 2: Thanks, But I went first go on, well. 356 00:19:19,720 --> 00:19:23,080 Speaker 3: Look, you know there is a high risk of subjective bias, 357 00:19:24,760 --> 00:19:25,120 Speaker 3: is there? 358 00:19:25,359 --> 00:19:28,680 Speaker 2: You must be kidding me, Oh my god. 359 00:19:29,080 --> 00:19:34,159 Speaker 3: Disruption in the media industry I think has never been bigger. 360 00:19:34,800 --> 00:19:38,760 Speaker 3: And I'm saying that when also we're going through when 361 00:19:38,840 --> 00:19:42,639 Speaker 3: Napster ripped apart the record business, the music industry. So 362 00:19:43,400 --> 00:19:45,960 Speaker 3: this one is Look, it's been coming for a long 363 00:19:46,040 --> 00:19:51,760 Speaker 3: time that the level of disruptions we found has hit 364 00:19:52,320 --> 00:19:56,560 Speaker 3: I think an inflection point. Where As Michael said, the 365 00:19:56,600 --> 00:19:59,960 Speaker 3: international media producers which are no longer say the old 366 00:20:00,040 --> 00:20:04,800 Speaker 3: television stations or radio stations or masterthead print news organizations 367 00:20:04,800 --> 00:20:07,959 Speaker 3: that we knew. It is Meta, it is TikTok, it 368 00:20:08,000 --> 00:20:12,119 Speaker 3: is Instagram, etc. These are big media companies and they 369 00:20:12,119 --> 00:20:15,360 Speaker 3: are not regulated for content here, they don't pay tax here, 370 00:20:15,880 --> 00:20:18,280 Speaker 3: and yet we allow them in. And I think this 371 00:20:18,320 --> 00:20:21,200 Speaker 3: is symbolic of that change around the world, but also 372 00:20:21,400 --> 00:20:23,760 Speaker 3: really crystallizing in Australia at the moment. So I do 373 00:20:23,800 --> 00:20:26,040 Speaker 3: think it's the remarkable story of the week for me. 374 00:20:27,000 --> 00:20:31,000 Speaker 2: That was me. Sorry, we're both as shocked as each other. 375 00:20:31,040 --> 00:20:35,240 Speaker 1: Adam one, all this is good news. All right, we 376 00:20:35,240 --> 00:20:37,120 Speaker 1: will take a quick break and we will come back 377 00:20:37,160 --> 00:20:45,560 Speaker 1: with the sleeper story of the week. All right, Sean, 378 00:20:45,600 --> 00:20:47,600 Speaker 1: we're looking for the sleeper story. This is one that's 379 00:20:47,680 --> 00:20:49,879 Speaker 1: not getting the attention that it deserves, or it's going 380 00:20:49,920 --> 00:20:51,919 Speaker 1: to be a bigger story further down the track. What 381 00:20:52,200 --> 00:20:54,719 Speaker 1: have you found for us this week? 382 00:20:55,240 --> 00:20:59,280 Speaker 2: I appreciate that the world says you shouldn't abuse your customers. However, 383 00:21:01,040 --> 00:21:03,159 Speaker 2: listeners out there, you've had. 384 00:21:03,080 --> 00:21:05,080 Speaker 1: Enough of abusing us in here. You're going to abuse 385 00:21:05,119 --> 00:21:11,840 Speaker 1: everyone listening today going broader. Listeners out there, get over 386 00:21:11,920 --> 00:21:15,560 Speaker 1: yourselves enough. You're all miserable. 387 00:21:15,840 --> 00:21:19,600 Speaker 2: In fact, Australians are a miserable bunch of people. 388 00:21:20,320 --> 00:21:22,240 Speaker 3: This is an unorthodox approach, yep. 389 00:21:23,480 --> 00:21:24,960 Speaker 2: I think there are a lot of things going really 390 00:21:25,000 --> 00:21:29,960 Speaker 2: well in the economy right now. It's much much better 391 00:21:30,000 --> 00:21:32,560 Speaker 2: than many other economies. Okay, I admit there are some 392 00:21:32,640 --> 00:21:35,160 Speaker 2: who are finding it a bit tougher, renters who don't 393 00:21:35,160 --> 00:21:37,600 Speaker 2: earn much income of finding it hard, but that's probably 394 00:21:37,680 --> 00:21:42,680 Speaker 2: always been the case. As Jackie's mum says, spark up, 395 00:21:43,200 --> 00:21:48,480 Speaker 2: oh good, spark up people the labor market. It's strong. 396 00:21:48,600 --> 00:21:51,960 Speaker 2: Unemployment rate about four percent. Wow, all my life to 397 00:21:52,000 --> 00:21:54,159 Speaker 2: have an unemployment rate about four percent, I would have 398 00:21:54,160 --> 00:21:56,520 Speaker 2: been delighted with that, not that it was really relevant, 399 00:21:56,520 --> 00:22:00,560 Speaker 2: but still people have jobs. Inflation is falling. Okay, it's 400 00:22:00,560 --> 00:22:02,640 Speaker 2: a rocky road. They've been a few scares along the way, 401 00:22:03,160 --> 00:22:07,240 Speaker 2: but the trend is down. We've all just received a 402 00:22:07,280 --> 00:22:09,240 Speaker 2: tax cut just a couple of weeks ago, part of 403 00:22:09,280 --> 00:22:12,600 Speaker 2: the Stage three taxation changes. There's been all sorts of 404 00:22:13,119 --> 00:22:16,520 Speaker 2: indexation to payments that kicked it on July one. Yet 405 00:22:17,400 --> 00:22:23,360 Speaker 2: yet we are still a gloomy, grumpy, miserable bunch, as 406 00:22:23,440 --> 00:22:28,240 Speaker 2: judged by the Westpac Melbourne Institute Consumer Sentient Survey. I mean, 407 00:22:28,600 --> 00:22:30,600 Speaker 2: even interest rates aren't that high. I mean, we're all 408 00:22:30,640 --> 00:22:32,600 Speaker 2: worried about it, but prior to the two thousand and 409 00:22:32,640 --> 00:22:36,720 Speaker 2: seven global financial crisis, rates were always way above what 410 00:22:36,840 --> 00:22:39,240 Speaker 2: they are now. It's just that we've had this phenomenal 411 00:22:39,280 --> 00:22:42,159 Speaker 2: fifteen year period which started with a global financial crisis, 412 00:22:42,200 --> 00:22:45,199 Speaker 2: went through to COVID, where rates were incredibly low. But 413 00:22:45,240 --> 00:22:48,560 Speaker 2: that's actually not normal where we are now. They're actually 414 00:22:48,640 --> 00:22:51,800 Speaker 2: relatively if you take out that fifteen year period, rates 415 00:22:51,840 --> 00:22:54,560 Speaker 2: are actually low right now compared to the pre two 416 00:22:54,600 --> 00:22:56,720 Speaker 2: thousand and seven period. It's just that we got used 417 00:22:56,720 --> 00:22:59,320 Speaker 2: to a good thing during COVID. We're now suffering an 418 00:22:59,320 --> 00:23:03,760 Speaker 2: interestright hangar yet, consumers, it's too pessimistic that mood does 419 00:23:03,840 --> 00:23:08,520 Speaker 2: absolutely nothing to help the economy because grumpy people mostly 420 00:23:08,640 --> 00:23:11,520 Speaker 2: not always mostly don't spend as much as happy people. 421 00:23:12,160 --> 00:23:14,880 Speaker 2: But if we all wake up to ourselves and realize 422 00:23:14,920 --> 00:23:19,000 Speaker 2: things aren't too bad and stop talking down the economy, 423 00:23:19,600 --> 00:23:22,600 Speaker 2: things actually might be a lot better. So the sleeper 424 00:23:22,600 --> 00:23:26,560 Speaker 2: part of this story is the world's not going to end. 425 00:23:27,440 --> 00:23:31,360 Speaker 2: Nothing's too bad. It's you know, wake up to yourselves. 426 00:23:31,520 --> 00:23:36,359 Speaker 2: Spark up listeners, spark up, start spending money, get over yourselves. 427 00:23:37,240 --> 00:23:39,800 Speaker 2: Off we go a little aggressive perhaps. 428 00:23:40,440 --> 00:23:43,960 Speaker 1: However, Michah, I don't mean to be a bit of 429 00:23:43,960 --> 00:23:46,919 Speaker 1: a downer here, Sean, but got a bit of a 430 00:23:46,920 --> 00:23:50,399 Speaker 1: sleeper story here for you, and it's probably gonna disappoint 431 00:23:52,560 --> 00:23:55,200 Speaker 1: way to sell it in No, no, no, in terms 432 00:23:55,280 --> 00:23:57,160 Speaker 1: of it is a bit of a it's a bit 433 00:23:57,200 --> 00:23:59,000 Speaker 1: worrying about the economy, it's not. 434 00:23:59,320 --> 00:24:02,320 Speaker 3: It's not all kind of no Pollyanna here. 435 00:24:02,560 --> 00:24:03,239 Speaker 1: No, it's not. 436 00:24:03,359 --> 00:24:03,520 Speaker 2: No. 437 00:24:03,600 --> 00:24:06,640 Speaker 1: I'm a realist here, and you do need to brace 438 00:24:06,640 --> 00:24:08,640 Speaker 1: your cells for this because I'm doing it again. I'm 439 00:24:08,760 --> 00:24:13,560 Speaker 1: venturing into unfamiliar territory, but I have to because I 440 00:24:13,640 --> 00:24:18,879 Speaker 1: have uncovered the sleeper story of a lifetime. This is 441 00:24:19,000 --> 00:24:24,960 Speaker 1: my watergate. Did you know? Did you know that the 442 00:24:25,200 --> 00:24:31,080 Speaker 1: RBA index of commodity prices has fallen twenty six percent 443 00:24:31,600 --> 00:24:36,040 Speaker 1: that's right, twenty six percent from its peak in October 444 00:24:36,040 --> 00:24:39,600 Speaker 1: twenty twenty two in both Australian and US dollar terms. 445 00:24:39,600 --> 00:24:42,760 Speaker 2: So how can that work when there's an exchange? 446 00:24:43,000 --> 00:24:47,320 Speaker 1: Just Adam, please, can you please stop him interrupting? I 447 00:24:47,560 --> 00:24:50,080 Speaker 1: just want to get through my story just once. 448 00:24:50,920 --> 00:24:55,480 Speaker 3: I am actually really anticipating a wonderful tale here, So 449 00:24:56,119 --> 00:24:57,159 Speaker 3: go ahead, Michael. 450 00:24:57,359 --> 00:24:58,479 Speaker 2: I'd stick to the script. 451 00:24:58,480 --> 00:25:00,560 Speaker 3: If I was you, Michael, as written by someone else. 452 00:25:00,960 --> 00:25:03,159 Speaker 1: I have no script and it has not been written 453 00:25:03,160 --> 00:25:06,200 Speaker 1: by in it. This is entirely off the cuff. No 454 00:25:06,240 --> 00:25:09,120 Speaker 1: one is talking about it, and of course it has 455 00:25:09,720 --> 00:25:13,919 Speaker 1: huge implications for Australian export receipts, national income, and of course, 456 00:25:14,119 --> 00:25:17,000 Speaker 1: of course it goes without saying the performance of the economy. 457 00:25:17,920 --> 00:25:19,640 Speaker 1: You may not want to take my word for it, 458 00:25:19,840 --> 00:25:22,919 Speaker 1: because I don't have the best track record in this space. 459 00:25:23,160 --> 00:25:26,120 Speaker 1: Look at the markets from their peaks, BHP down around 460 00:25:26,200 --> 00:25:28,600 Speaker 1: kind of seventeen percent, Rio down ten percent, four to 461 00:25:28,640 --> 00:25:31,199 Speaker 1: squ down twenty four percent. The worrying thing here for me, 462 00:25:31,760 --> 00:25:33,960 Speaker 1: right with all the hype and the discussion of interest 463 00:25:34,040 --> 00:25:37,520 Speaker 1: rate hikes, is that the RBA, the government and many 464 00:25:37,640 --> 00:25:41,159 Speaker 1: financial markets will actually just be blindsided if the trend 465 00:25:41,359 --> 00:25:47,119 Speaker 1: of falling commodity prices continues, taking the economy down with it. Adam, Adam, 466 00:25:47,160 --> 00:25:51,400 Speaker 1: do you remember Paul Keating's nineteen eighty six Banana Republic comments. 467 00:25:52,080 --> 00:25:54,400 Speaker 1: I remember them well. I was three and a half 468 00:25:54,440 --> 00:25:57,880 Speaker 1: months old at the time. They were driven, of course, 469 00:25:57,920 --> 00:26:03,440 Speaker 1: by a collapse in commodity prices, and I'm sure I'm 470 00:26:03,440 --> 00:26:06,480 Speaker 1: not okay, I'm not sure that things are that bad. 471 00:26:06,800 --> 00:26:09,200 Speaker 2: I'm sure, I'm not sure. Maybe I am, I'm not. 472 00:26:09,480 --> 00:26:13,080 Speaker 1: But what's the script say? The script says nothing. This 473 00:26:13,119 --> 00:26:16,320 Speaker 1: is coming out of my head. I know that I, 474 00:26:16,520 --> 00:26:20,280 Speaker 1: for one, will be watching the commodity price developments like 475 00:26:20,640 --> 00:26:23,840 Speaker 1: a hawk, admittedly one of those hawks that doesn't really 476 00:26:23,840 --> 00:26:26,399 Speaker 1: know what it's looking at, but I will be watching it, 477 00:26:26,680 --> 00:26:29,280 Speaker 1: So buddy closely. And while I'm on a roll here, 478 00:26:29,440 --> 00:26:32,080 Speaker 1: while I'm talking about exports, I need to address the 479 00:26:32,080 --> 00:26:34,840 Speaker 1: Aussie dollar, okay, because we do tend to focus on 480 00:26:34,880 --> 00:26:37,119 Speaker 1: the Aussie dollar versus the US dollar, and obviously wherever 481 00:26:37,119 --> 00:26:41,440 Speaker 1: Shawn's going on holidays. On that score, we're above sixty 482 00:26:41,480 --> 00:26:44,560 Speaker 1: seven cents, which is in itself pretty solid, of course, 483 00:26:44,840 --> 00:26:49,760 Speaker 1: but but on a trade weighted index, which is obviously 484 00:26:49,840 --> 00:26:52,919 Speaker 1: more relevant for Australian exports as it calculates an index 485 00:26:52,920 --> 00:26:54,800 Speaker 1: for the Aussie dollar according to the currencies of the 486 00:26:54,840 --> 00:26:57,280 Speaker 1: countries that we trade with, it is at its highest 487 00:26:57,320 --> 00:27:00,720 Speaker 1: level in more than two years. Look at the versus 488 00:27:00,800 --> 00:27:04,040 Speaker 1: the yen versus the Euro. No wonder holiday makers are rejoicing. 489 00:27:04,080 --> 00:27:06,679 Speaker 1: No wonder, Shan is booking holidays left, right and center. 490 00:27:07,040 --> 00:27:10,399 Speaker 1: The bad news is that this is hurting Australian exports 491 00:27:11,040 --> 00:27:14,199 Speaker 1: just at the time that commodity prices are falling on 492 00:27:14,240 --> 00:27:17,439 Speaker 1: the back of global economic weakness, but more particularly the 493 00:27:17,520 --> 00:27:20,960 Speaker 1: slump in China. Because you look at the waiting here, 494 00:27:21,400 --> 00:27:23,520 Speaker 1: and just for background, I suppose you need to consider 495 00:27:23,520 --> 00:27:25,719 Speaker 1: that the Chinese rend minbi has has a weight of 496 00:27:25,760 --> 00:27:29,159 Speaker 1: thirty point seven percent in the trade weighted index, because 497 00:27:29,160 --> 00:27:31,440 Speaker 1: that's the share of Australian exports that go to China. 498 00:27:31,520 --> 00:27:32,840 Speaker 2: Of course it does. I've forgotten that. 499 00:27:33,280 --> 00:27:35,760 Speaker 1: The Japanese yen has a weight of twelve and a 500 00:27:35,800 --> 00:27:39,000 Speaker 1: half percent, the euro nine point two percent, the US 501 00:27:39,119 --> 00:27:43,320 Speaker 1: dollar only eight point two percent. You bundle it all together. 502 00:27:43,359 --> 00:27:44,960 Speaker 2: What are commodity's priced in? 503 00:27:45,520 --> 00:27:49,920 Speaker 1: You bundle it all together. This is the sleeper story 504 00:27:49,960 --> 00:27:52,600 Speaker 1: of the century and one that I've come up with 505 00:27:52,960 --> 00:27:54,040 Speaker 1: entirely on my own. 506 00:27:57,400 --> 00:28:00,920 Speaker 2: Adam, Now, can I sorry, can I reach buff something here, 507 00:28:01,119 --> 00:28:04,639 Speaker 2: because just as you were crapping on there, do you 508 00:28:04,680 --> 00:28:09,280 Speaker 2: reserve being index of commodity prices are off? Definitely, they 509 00:28:09,280 --> 00:28:15,800 Speaker 2: are off from their all time high, but remain higher 510 00:28:15,840 --> 00:28:19,360 Speaker 2: than at any point over the first past thirty years 511 00:28:19,400 --> 00:28:21,760 Speaker 2: except for around twenty ten. The index. At the moments 512 00:28:21,760 --> 00:28:26,159 Speaker 2: it's about eighty the Banana Republic period, it's at about twenty. 513 00:28:26,840 --> 00:28:28,560 Speaker 1: So yeah, as I said, I'm sure it's not as 514 00:28:28,600 --> 00:28:29,120 Speaker 1: bad now. 515 00:28:29,480 --> 00:28:33,480 Speaker 2: Just as much as I admire your spirit and whoever 516 00:28:33,520 --> 00:28:37,000 Speaker 2: helped you out on this, whoever helped you out on this, 517 00:28:37,960 --> 00:28:40,720 Speaker 2: it's just not right. I mean, commodity prices are off, 518 00:28:41,200 --> 00:28:45,000 Speaker 2: but they are still around. I mean, outside the last 519 00:28:45,000 --> 00:28:48,120 Speaker 2: few years, they are still much much higher than the 520 00:28:48,200 --> 00:28:51,280 Speaker 2: last thirty years. Michael, can you rebut that? Please? 521 00:28:52,240 --> 00:29:02,720 Speaker 1: Yes? I can, Hey, Siri called Stephen Coculus. My I can't. 522 00:29:02,880 --> 00:29:05,680 Speaker 1: I can't rebut it right now, Sean, the cup's not answering. 523 00:29:05,720 --> 00:29:09,520 Speaker 1: We haven't got time and look, and just to clarify it, 524 00:29:09,640 --> 00:29:12,120 Speaker 1: just make it one hundred percent clear that this is 525 00:29:12,400 --> 00:29:13,360 Speaker 1: entirely my own work. 526 00:29:13,440 --> 00:29:13,840 Speaker 2: It did not. 527 00:29:14,480 --> 00:29:17,880 Speaker 1: It was not an unsolicited sleeper story that just arrived 528 00:29:17,920 --> 00:29:20,360 Speaker 1: in my inbox from my good friend and ally economist 529 00:29:20,360 --> 00:29:23,680 Speaker 1: Stephen Couldculus. Who wants to see me take you both down. 530 00:29:25,000 --> 00:29:30,200 Speaker 2: Stephen, Stephen. I know Stephen listens on a Saturday. Shame shame, shame, Stephen. 531 00:29:31,400 --> 00:29:32,600 Speaker 3: He'll enjoy hearing that. 532 00:29:33,960 --> 00:29:36,440 Speaker 2: Dear Adam, You've got to judge. 533 00:29:37,320 --> 00:29:40,400 Speaker 3: You have left me with a very difficult choice both 534 00:29:40,440 --> 00:29:47,280 Speaker 3: of you, Michael's original work on the one hand, and 535 00:29:47,360 --> 00:29:56,000 Speaker 3: Sean calling us all a bunch of misery guts so difficult, difficult, difficult. 536 00:29:56,080 --> 00:29:59,920 Speaker 3: I'm going to give this one for theater and Melodra 537 00:30:00,320 --> 00:30:04,720 Speaker 3: to Michael. I know that's going to cause a backlash. 538 00:30:05,160 --> 00:30:07,000 Speaker 1: You know what, It was my work, but I would 539 00:30:07,000 --> 00:30:09,160 Speaker 1: like to dedicate part of the victory to Stephen could cool. 540 00:30:09,320 --> 00:30:11,920 Speaker 3: Oh it wasn't, but you were a very good actor, Michael, 541 00:30:12,600 --> 00:30:13,040 Speaker 3: very good. 542 00:30:13,520 --> 00:30:17,840 Speaker 1: I do my best. Shall we to inhabit the mind 543 00:30:17,880 --> 00:30:21,160 Speaker 1: and body of an economist? Favorite story? 544 00:30:22,200 --> 00:30:25,280 Speaker 2: My favorite story is a title suck to Adam. Right, 545 00:30:26,360 --> 00:30:28,760 Speaker 2: it's all about Telstra putting up mobile phone price is 546 00:30:28,800 --> 00:30:31,280 Speaker 2: that first glance, it may not look like a positive story, 547 00:30:31,440 --> 00:30:35,840 Speaker 2: but it is because Adam. It just shows that microeconomic 548 00:30:35,880 --> 00:30:39,720 Speaker 2: reform works. And come on, Adam, you love that when 549 00:30:39,800 --> 00:30:41,880 Speaker 2: you reform. 550 00:30:42,400 --> 00:30:43,680 Speaker 1: You two need to get a room. 551 00:30:44,160 --> 00:30:47,240 Speaker 2: God tell us true This week and now sarrange of 552 00:30:47,320 --> 00:30:50,800 Speaker 2: price hikes for its mobile plans from prepaid, postpaid, all 553 00:30:50,840 --> 00:30:53,200 Speaker 2: those things. Some of the increases were pretty big. The 554 00:30:53,200 --> 00:30:55,960 Speaker 2: biggest ones were nudging ten percent. After some voted phone 555 00:30:56,000 --> 00:30:59,200 Speaker 2: the numbers two and three providers did something similar earlier 556 00:30:59,200 --> 00:31:01,400 Speaker 2: in the year. But because of reforms over the years, 557 00:31:01,720 --> 00:31:04,440 Speaker 2: including forcing carriers to allow people to take their phone 558 00:31:04,480 --> 00:31:07,640 Speaker 2: numbers with them when they change providers, there's competition in 559 00:31:07,680 --> 00:31:10,080 Speaker 2: the market. It wasn't just a few years ago. It 560 00:31:10,160 --> 00:31:13,160 Speaker 2: was dominated by Telstra. Now there is. I can use 561 00:31:13,240 --> 00:31:15,600 Speaker 2: Telstra plan or an Optis plan, or a votaphone or 562 00:31:16,080 --> 00:31:19,920 Speaker 2: Aldi or all sorts of other plans. And why because 563 00:31:19,960 --> 00:31:23,240 Speaker 2: of microeconomic reform. Little things in life like the ability 564 00:31:23,320 --> 00:31:27,920 Speaker 2: to shift your number of cross providers reflect microeconomic reform, 565 00:31:27,960 --> 00:31:32,000 Speaker 2: which happens all the time. Microeconomic reforms aimed at improving 566 00:31:32,000 --> 00:31:38,000 Speaker 2: living standards through increasing productive and allocative efficiency. Oh good words, hm, 567 00:31:38,400 --> 00:31:45,400 Speaker 2: nice allocate of efficiency. It's easier to change banks nowadays. 568 00:31:45,440 --> 00:31:50,200 Speaker 2: That's because of microeconomic reform. It's easier to change telco providers. 569 00:31:50,440 --> 00:31:53,360 Speaker 2: There's much bigger things like the privatization of comov Bank 570 00:31:53,400 --> 00:31:55,800 Speaker 2: and Telstra. They're all microeconomic reforms too, But it's these 571 00:31:55,840 --> 00:31:59,240 Speaker 2: little ones which I think are really important because inevitably 572 00:31:59,440 --> 00:32:02,960 Speaker 2: they introduce competition into the marketplace. Consumers are better off, 573 00:32:03,000 --> 00:32:05,800 Speaker 2: but so to a business's tels needs to make money 574 00:32:05,840 --> 00:32:09,000 Speaker 2: for its shareholders. It doesn't have a moral obligation anymore 575 00:32:09,400 --> 00:32:13,280 Speaker 2: to make sure it has low mobile phone plans because 576 00:32:13,320 --> 00:32:15,680 Speaker 2: it services everyone in the country, because there's four or five, 577 00:32:15,760 --> 00:32:19,120 Speaker 2: or six or eight other providers out there. So this 578 00:32:19,200 --> 00:32:22,240 Speaker 2: story is my favorite because it just shows how microeconomic 579 00:32:22,280 --> 00:32:25,360 Speaker 2: reform can improve society. 580 00:32:26,800 --> 00:32:29,160 Speaker 1: Favorite story, and I will keep this very very quick 581 00:32:29,160 --> 00:32:30,640 Speaker 1: because I know I went a little bit longer there. 582 00:32:30,720 --> 00:32:35,280 Speaker 1: Sure for a podcast called Fear and Greed, this story 583 00:32:35,320 --> 00:32:39,160 Speaker 1: would would fit, I think quite comfortably into the greed category. 584 00:32:39,600 --> 00:32:42,960 Speaker 1: The number of millionaires in Australia is set to jump 585 00:32:42,960 --> 00:32:46,600 Speaker 1: by at least twenty percent in the next four years. 586 00:32:46,920 --> 00:32:51,120 Speaker 1: The UBS Global Wealth Report has revealed that Australian's wealth 587 00:32:51,120 --> 00:32:54,160 Speaker 1: grew by nearly ten percent last year. That is twice 588 00:32:54,160 --> 00:32:57,280 Speaker 1: the average rate of the fifty six other countries studied 589 00:32:57,280 --> 00:33:00,440 Speaker 1: in the report. And this growth is really because higher 590 00:33:00,440 --> 00:33:05,240 Speaker 1: home values, superannuation balances, gifts and inheritance. In fact, and 591 00:33:05,280 --> 00:33:07,920 Speaker 1: I love this stat the median wealth per adult in 592 00:33:07,920 --> 00:33:13,480 Speaker 1: Australia is almost four hundred thousand dollars, sitting behind only 593 00:33:13,760 --> 00:33:18,560 Speaker 1: Luxembourg in the rankings. Luxembourg is tiny six hundred and 594 00:33:18,600 --> 00:33:21,720 Speaker 1: fifty three thousand people. We could take them in a 595 00:33:21,800 --> 00:33:24,040 Speaker 1: fight and then we would be number one. 596 00:33:24,360 --> 00:33:26,720 Speaker 2: How about any golf game to see who could hit 597 00:33:26,840 --> 00:33:31,400 Speaker 2: further Australia. 598 00:33:30,760 --> 00:33:32,200 Speaker 3: Biden and Trump stuff? 599 00:33:32,200 --> 00:33:34,640 Speaker 1: Are you going to carry your own bag? That was 600 00:33:34,680 --> 00:33:37,680 Speaker 1: the worst line of the entire thing. It's like, oh 601 00:33:37,720 --> 00:33:40,160 Speaker 1: and it felt like you thought he'd kind of landed 602 00:33:40,160 --> 00:33:42,800 Speaker 1: a killer blow there whether you carry your own bag? 603 00:33:42,840 --> 00:33:45,760 Speaker 1: And I was like, oh God, anyway, it all comes 604 00:33:45,760 --> 00:33:49,560 Speaker 1: back to Biden and Trump, doesn't it Anyway? Where was I, Oh, 605 00:33:49,560 --> 00:33:53,880 Speaker 1: that's right, we should take over Luxembourg really kind of 606 00:33:53,920 --> 00:33:58,800 Speaker 1: threw myself off. Back to the numbers because these are staggering. 607 00:33:58,960 --> 00:34:03,080 Speaker 1: Currently Australia is home to one point nine million millionaires 608 00:34:03,280 --> 00:34:05,280 Speaker 1: and that's based on US dollars, so and Ausie dollars 609 00:34:05,320 --> 00:34:08,080 Speaker 1: the number would probably be higher, and it's going to 610 00:34:08,160 --> 00:34:12,560 Speaker 1: hit two point three million by twenty twenty eight. But 611 00:34:12,600 --> 00:34:15,960 Speaker 1: this is really one for the demographers really, And I know, Adam, 612 00:34:16,040 --> 00:34:17,840 Speaker 1: you kind of consider yourself a bit of an amateur 613 00:34:17,880 --> 00:34:22,480 Speaker 1: demographer because you like looking at data and census and 614 00:34:22,640 --> 00:34:25,800 Speaker 1: social trends and changes and all that kind of fun stuff. 615 00:34:26,320 --> 00:34:29,920 Speaker 1: Because the big story here is the social change that 616 00:34:29,960 --> 00:34:33,560 Speaker 1: we are seeing, the intergenerational wealth transfer as older baby 617 00:34:33,560 --> 00:34:35,759 Speaker 1: boomers pass away and pass on wealth. There's a lot 618 00:34:35,800 --> 00:34:38,440 Speaker 1: more talk about about this at the moment as the 619 00:34:38,480 --> 00:34:41,279 Speaker 1: younger baby boomers as well enter retirement and the rise 620 00:34:41,360 --> 00:34:44,359 Speaker 1: of a movement called this Ski movement. Have you seen 621 00:34:44,400 --> 00:34:49,920 Speaker 1: this these spending kids inheritance, ye movement using those retirement 622 00:34:49,960 --> 00:34:53,520 Speaker 1: savings for holidays, for experiences, for new cars, all that 623 00:34:53,600 --> 00:34:57,279 Speaker 1: kind of thing. Some say it's selfish, it's and it's 624 00:34:57,360 --> 00:34:59,759 Speaker 1: usually younger people that are saying that, and probably the 625 00:34:59,800 --> 00:35:02,160 Speaker 1: one that are kind of relying on that inheritance in 626 00:35:02,239 --> 00:35:04,680 Speaker 1: order to get into the housing market. But I think, 627 00:35:04,760 --> 00:35:07,480 Speaker 1: go for it. I say it's your money, spend it, 628 00:35:07,680 --> 00:35:10,520 Speaker 1: make the most of it, expecting an inheritance and expecting 629 00:35:10,600 --> 00:35:14,560 Speaker 1: older relatives to penny pinch in retirement because you want 630 00:35:14,600 --> 00:35:17,400 Speaker 1: to inherit more. I think that is the heart of entitlement. 631 00:35:17,600 --> 00:35:19,960 Speaker 1: You put all of this together, right, You put that 632 00:35:20,000 --> 00:35:23,480 Speaker 1: the huge sums of money, the demographic and social change, 633 00:35:23,600 --> 00:35:26,680 Speaker 1: the rise of the Ski movement, the entitlement and the 634 00:35:26,719 --> 00:35:29,279 Speaker 1: opportunity to take on Luxembourg in a fight that we 635 00:35:29,360 --> 00:35:32,160 Speaker 1: can probably win. This is my favorite story of the week. 636 00:35:32,600 --> 00:35:34,319 Speaker 2: I do not understand a word you just said. 637 00:35:35,840 --> 00:35:38,200 Speaker 1: I think this question marks over whether I understood it, 638 00:35:40,160 --> 00:35:42,680 Speaker 1: Adam so Sean wins. 639 00:35:43,800 --> 00:35:47,960 Speaker 3: Yeah. For reform, I say, and not just that. Michael 640 00:35:48,000 --> 00:35:51,840 Speaker 3: the millionaire's stories interesting. It's actually staggering, isn't it that 641 00:35:52,000 --> 00:35:55,120 Speaker 3: in a population of twenty seven million people that we 642 00:35:55,200 --> 00:35:59,160 Speaker 3: are registered of having one point nine millionaires already and 643 00:35:59,200 --> 00:36:00,719 Speaker 3: it's going to grow to two point three in the 644 00:36:00,719 --> 00:36:05,200 Speaker 3: next four years. What an incredible wealthy Nathan nation we 645 00:36:05,239 --> 00:36:08,880 Speaker 3: actually have. Kind of reinforces Sean's point on the sleeper 646 00:36:08,920 --> 00:36:12,440 Speaker 3: story relative to that, perhaps we are a miserable. 647 00:36:11,960 --> 00:36:13,800 Speaker 2: But we are a miserable bunch. 648 00:36:13,880 --> 00:36:18,799 Speaker 3: Yeah, spark, I'm Australia. The Telstra mobile prices story. I 649 00:36:18,840 --> 00:36:22,520 Speaker 3: love this. Actually, I think it's healthy that prices go up. 650 00:36:22,640 --> 00:36:25,560 Speaker 3: We know that most things are more expensive and so 651 00:36:25,600 --> 00:36:29,160 Speaker 3: it's logical they have to be communication plans that almost 652 00:36:29,200 --> 00:36:31,680 Speaker 3: a necessity these days, like if you're going to operate 653 00:36:31,719 --> 00:36:33,759 Speaker 3: at a standard of living that we want. 654 00:36:33,920 --> 00:36:34,799 Speaker 2: Not for my mother. 655 00:36:34,960 --> 00:36:38,680 Speaker 1: Oh okay, So you know Telstra. 656 00:36:38,400 --> 00:36:41,319 Speaker 3: In May announced twenty eight hundred redundancies ten percent of 657 00:36:41,320 --> 00:36:45,200 Speaker 3: their workforce. That is an example of this industry, their 658 00:36:45,280 --> 00:36:48,759 Speaker 3: company in change and transition. We've probably all seen a 659 00:36:48,760 --> 00:36:51,759 Speaker 3: bunch of different branding ads. Those brilliant stop motion ads 660 00:36:51,760 --> 00:36:55,200 Speaker 3: that are on they're branding themselves differently, and yes they're 661 00:36:55,280 --> 00:36:57,520 Speaker 3: charging more for their product, and if they create a 662 00:36:57,520 --> 00:36:59,920 Speaker 3: good service, yes they should be able to charge accordingly. 663 00:37:00,280 --> 00:37:02,720 Speaker 3: All of these are examples of Telstra meeting the market. 664 00:37:02,880 --> 00:37:07,200 Speaker 3: So beyond that, Sean, your microeconomic reform example is brilliant, 665 00:37:07,480 --> 00:37:11,200 Speaker 3: and I think it also encourages me that we've got 666 00:37:11,200 --> 00:37:14,480 Speaker 3: an appetite for more macro economic reform. So you in 667 00:37:14,760 --> 00:37:15,879 Speaker 3: your favorite story of the week. 668 00:37:16,480 --> 00:37:20,720 Speaker 1: Mm hmm, God, look at that face. 669 00:37:20,880 --> 00:37:24,120 Speaker 2: It's just debarcle. 670 00:37:24,840 --> 00:37:27,400 Speaker 1: The commodities debarkle was not a debarcle. It was a 671 00:37:27,640 --> 00:37:31,040 Speaker 1: it was a triumph of economic something or other. 672 00:37:32,719 --> 00:37:34,840 Speaker 2: It's a triumph of melodrama, let's face it. 673 00:37:34,920 --> 00:37:38,440 Speaker 1: Yeah, really, that's all I bring to this show to 674 00:37:38,880 --> 00:37:43,120 Speaker 1: all right, what was the what was the final score breakdown? 675 00:37:43,360 --> 00:37:45,720 Speaker 3: Michael ninety one points? 676 00:37:46,360 --> 00:37:56,760 Speaker 1: Oh, Sean ninety two points. I slaved over that story. 677 00:37:57,840 --> 00:37:58,880 Speaker 3: You did it very well. 678 00:37:59,320 --> 00:38:02,840 Speaker 2: I think, Michael, it's a moral for you. It's a 679 00:38:02,880 --> 00:38:09,279 Speaker 2: moral loss. Look, thank you very much, Adam, and thank 680 00:38:09,280 --> 00:38:12,080 Speaker 2: you Sean. Thank you, Michael, Thank you Michael. 681 00:38:12,320 --> 00:38:14,640 Speaker 1: Make sure you're following the podcast and please join US 682 00:38:14,640 --> 00:38:19,200 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson, 683 00:38:19,200 --> 00:38:21,560 Speaker 1: and that was fear and greed. Business News have a 684 00:38:21,560 --> 00:38:22,160 Speaker 1: great weekend.