1 00:00:03,880 --> 00:00:06,680 Speaker 1: It's Wednesday, the twenty fifth of March twenty twenty six. 2 00:00:06,800 --> 00:00:09,560 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,399 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,800 Speaker 1: need to know in just five minutes. Oh Michael Thompson 5 00:00:13,840 --> 00:00:15,200 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,360 --> 00:00:17,160 Speaker 2: Good morning Michael, Sean. 7 00:00:17,239 --> 00:00:20,079 Speaker 1: Five stories, five minutes. Let's roll with story number one. 8 00:00:20,360 --> 00:00:24,400 Speaker 1: Australia and Europe have finally finally signed a free trade 9 00:00:24,480 --> 00:00:27,639 Speaker 1: deal after eight years of negotiations, in a move that 10 00:00:27,800 --> 00:00:31,520 Speaker 1: signals the determination of economies to keep trade relatively free 11 00:00:31,680 --> 00:00:35,839 Speaker 1: despite US tariffs. Under the deal, most European made electric 12 00:00:35,920 --> 00:00:39,080 Speaker 1: cars will be spared from Australia's thirty three percent luxury 13 00:00:39,120 --> 00:00:43,040 Speaker 1: car tax, while the general five percent tariffs on EU 14 00:00:43,120 --> 00:00:47,320 Speaker 1: cars will be scrapped. Local miners will be blocked from 15 00:00:47,360 --> 00:00:51,160 Speaker 1: discriminatory pricing of critical minerals for EU customers. Critical minerals 16 00:00:51,200 --> 00:00:54,319 Speaker 1: of which Australia must be said has an abundance, are 17 00:00:54,320 --> 00:00:57,560 Speaker 1: in high demand for everything from aircraft, phones to green 18 00:00:57,680 --> 00:01:00,840 Speaker 1: energy and ossie. Cattle. Farmers will be able to export 19 00:01:00,920 --> 00:01:04,440 Speaker 1: up to thirty thousand tons of beef to Europe under 20 00:01:04,480 --> 00:01:08,360 Speaker 1: an annual tariff free quota, although a safeguard mechanism will 21 00:01:08,400 --> 00:01:12,160 Speaker 1: still protect EU farmers from a sudden surge of Australian exports. 22 00:01:12,440 --> 00:01:16,360 Speaker 2: European food into Australia will now be tariff free. Think wine, chocolate, 23 00:01:16,400 --> 00:01:19,200 Speaker 2: ice cream, some fruits and veggies, Cheese the big one. 24 00:01:19,240 --> 00:01:22,640 Speaker 2: As far as I'm concerned, it's considered a sensitive commodity. 25 00:01:22,880 --> 00:01:25,119 Speaker 2: It'll take three years to reduce those tariffs. The two 26 00:01:25,160 --> 00:01:28,360 Speaker 2: sides are also compromised over the issue of geographical indicators, 27 00:01:28,360 --> 00:01:31,160 Speaker 2: which designed to protect the status of food or beverages 28 00:01:31,200 --> 00:01:35,720 Speaker 2: produced from a specific location. Feta prosecco wine came into 29 00:01:35,760 --> 00:01:37,920 Speaker 2: that one. Under the deal, pretty much all tariffs and 30 00:01:37,959 --> 00:01:40,800 Speaker 2: Australian exports to twenty seven members of the European Union 31 00:01:41,040 --> 00:01:45,120 Speaker 2: will be eliminated, with the exception of steel. Prime Minister 32 00:01:45,160 --> 00:01:49,040 Speaker 2: Anthony Alberizi said there's about ten billion dollars in value 33 00:01:49,080 --> 00:01:50,120 Speaker 2: to Australia each year. 34 00:01:50,960 --> 00:01:52,920 Speaker 1: The thing about this Sean is that the deal and 35 00:01:53,000 --> 00:01:55,720 Speaker 1: others like it in recent months very much highlights that 36 00:01:55,760 --> 00:02:00,560 Speaker 1: Western democracies, apart from the US, believe in open trade. Well, 37 00:02:00,760 --> 00:02:02,600 Speaker 1: it still needs to get through parliament. Here end of 38 00:02:02,640 --> 00:02:05,480 Speaker 1: the European Parliament as well, it is considered a done deal. 39 00:02:05,840 --> 00:02:10,040 Speaker 1: Negotiations for the agreement began under the Turnbull government in 40 00:02:10,080 --> 00:02:16,200 Speaker 1: twenty eighteen, collapsed in twenty twenty three over disagreement about agriculture, 41 00:02:16,520 --> 00:02:19,480 Speaker 1: but it was actually the threat of Trump protectionism that 42 00:02:19,600 --> 00:02:22,839 Speaker 1: spurred these talks on, and as well as the free 43 00:02:22,880 --> 00:02:25,560 Speaker 1: trade agreement, Australia and the EU have also struck an 44 00:02:25,560 --> 00:02:26,960 Speaker 1: agreement on security. 45 00:02:27,320 --> 00:02:31,000 Speaker 2: As European Commission President Ursula vonder Lane is in Australia, 46 00:02:31,080 --> 00:02:34,640 Speaker 2: she addressed the House of Representatives yesterday. She talked about 47 00:02:34,720 --> 00:02:38,440 Speaker 2: Australia's europe security being increasingly intertwined in a harsh and 48 00:02:38,560 --> 00:02:41,400 Speaker 2: unforgiving world. She went on, she said, the world we 49 00:02:41,440 --> 00:02:43,960 Speaker 2: live in is brutal, harsh and unforgiving. It feels upside 50 00:02:44,000 --> 00:02:46,680 Speaker 2: down what we knew as certainties are in question. The 51 00:02:46,680 --> 00:02:50,679 Speaker 2: comfort blanket of yesterday's ripped away. It is confronting. She then, 52 00:02:50,840 --> 00:02:53,040 Speaker 2: in a veiled hint of what's going on in other 53 00:02:53,080 --> 00:02:54,760 Speaker 2: parts of the world, she said, we're sending a strong 54 00:02:55,000 --> 00:02:57,280 Speaker 2: signal to the rest of the world that friendship and 55 00:02:57,320 --> 00:02:59,920 Speaker 2: cooperation is what matters most in times of turbulence. 56 00:03:00,600 --> 00:03:02,799 Speaker 1: Yeah, well, said all right, on to story number two. 57 00:03:03,200 --> 00:03:08,440 Speaker 1: The ACTU and employers are at loggerheads, perhaps unsurprisingly over 58 00:03:08,480 --> 00:03:11,079 Speaker 1: the size of the next minimum wage rise, with the 59 00:03:11,120 --> 00:03:13,640 Speaker 1: peak union body asking the Fair Work Commission for a 60 00:03:13,639 --> 00:03:16,240 Speaker 1: five and a half percent increase, while the employers are 61 00:03:16,240 --> 00:03:18,520 Speaker 1: saying anything over three and a half percent would make 62 00:03:18,560 --> 00:03:21,960 Speaker 1: the economy unstable. The Australian Chamber of Commerce and Industry 63 00:03:22,040 --> 00:03:25,840 Speaker 1: is back to a three point five percent increase, saying 64 00:03:25,880 --> 00:03:29,520 Speaker 1: its claim was based on the RBA's target inflation band 65 00:03:29,560 --> 00:03:32,800 Speaker 1: of two to three percent plus some allowance for productivity. 66 00:03:33,080 --> 00:03:36,800 Speaker 2: The acts tu's claim, it said was due to the 67 00:03:36,840 --> 00:03:40,120 Speaker 2: Middle East conflict and Reserve bank interstrate rises. It's reserved 68 00:03:40,280 --> 00:03:42,760 Speaker 2: the right to make a bigger claim if inflation is 69 00:03:42,800 --> 00:03:45,960 Speaker 2: higher than expected. Headlight CPI last year three point eight percent, 70 00:03:46,040 --> 00:03:50,240 Speaker 2: expected hit four point two percent about midyear, depending on 71 00:03:50,240 --> 00:03:52,920 Speaker 2: fuel prices and how long the war in Iran goes on. 72 00:03:53,800 --> 00:03:56,320 Speaker 1: Sorry number three, I reckon this one is really really 73 00:03:56,320 --> 00:03:59,440 Speaker 1: concerning sewn. The Prudential Regulator has warned that one in 74 00:03:59,520 --> 00:04:03,040 Speaker 1: seven ours are currently uninsured and that could rise to 75 00:04:03,120 --> 00:04:05,960 Speaker 1: one in four by twenty fifty as the price of 76 00:04:06,000 --> 00:04:09,920 Speaker 1: premiums saws. That would be about one million homes without 77 00:04:10,000 --> 00:04:14,480 Speaker 1: adequate insurance. Stress testing from the Australian Prudential Regulation Authority 78 00:04:14,520 --> 00:04:18,680 Speaker 1: says that regional and rural communities would be disproportionately affected 79 00:04:19,080 --> 00:04:22,560 Speaker 1: and could actually hit forty percent in rural areas by 80 00:04:22,600 --> 00:04:23,320 Speaker 1: twenty fifty. 81 00:04:23,600 --> 00:04:26,200 Speaker 2: That's right. So APPRA looked at how climate change could 82 00:04:26,200 --> 00:04:30,919 Speaker 2: affect home insurance, affordability and under insurance. It considered what 83 00:04:30,960 --> 00:04:35,120 Speaker 2: it called two severe but plausible global climate related scenarios 84 00:04:35,160 --> 00:04:39,080 Speaker 2: predicted out to twenty fifty one much worse weather conditions, 85 00:04:39,360 --> 00:04:43,280 Speaker 2: two economic impacts from the transition to a lower mission's economy. 86 00:04:43,279 --> 00:04:46,839 Speaker 2: It found that under both scenarios, climate driven pressures on 87 00:04:46,880 --> 00:04:52,080 Speaker 2: insurance premiums could significantly widen the nation's insurance gap. Basically, 88 00:04:52,680 --> 00:04:55,760 Speaker 2: it just gets too expensive for many people to take 89 00:04:55,800 --> 00:04:59,080 Speaker 2: out insurance. Over All losses from whether related events could 90 00:04:59,120 --> 00:05:01,520 Speaker 2: rise from about seven million dollars today to more than 91 00:05:01,640 --> 00:05:03,440 Speaker 2: sixteen billion dollars by twenty fifty. 92 00:05:04,320 --> 00:05:07,640 Speaker 1: Story number four. The Australian Competition and Consumer Commission has 93 00:05:07,640 --> 00:05:11,120 Speaker 1: said that it is closely monitoring the domestic airline industry 94 00:05:11,160 --> 00:05:14,320 Speaker 1: as the Middle East conflict disrupts international air travel and 95 00:05:14,360 --> 00:05:17,719 Speaker 1: pushes up the price of jet fuel flight cancelations, root 96 00:05:17,800 --> 00:05:21,680 Speaker 1: diversions and airspace closures have increased costs and shifted passenger 97 00:05:21,760 --> 00:05:26,440 Speaker 1: demand to Asian hubs, putting upward pressure on airfares where 98 00:05:26,480 --> 00:05:27,919 Speaker 1: capacity is constrained. 99 00:05:28,080 --> 00:05:29,560 Speaker 2: Yeah, I mean, of course, of course, you've got jet 100 00:05:29,560 --> 00:05:32,640 Speaker 2: fuel prices which are concerned. While major airlines hedge part 101 00:05:32,680 --> 00:05:35,440 Speaker 2: of their fuel needs, sustained higher prices could drive up 102 00:05:35,560 --> 00:05:39,279 Speaker 2: higher domestic fares as well. The competition watchdogs that carries 103 00:05:39,360 --> 00:05:44,640 Speaker 2: must avoid misleading consumers about the reason for any price increases. 104 00:05:45,560 --> 00:05:49,880 Speaker 1: Last one story number five, an oil supertanker hauling two 105 00:05:50,000 --> 00:05:53,640 Speaker 1: million barrels of Iraq's crude oil has made it through 106 00:05:53,640 --> 00:05:57,080 Speaker 1: the Strait of muz According to tanker tracking data, it 107 00:05:57,200 --> 00:06:01,040 Speaker 1: is the first vessel observed moving bagged as barrels through 108 00:06:01,080 --> 00:06:04,400 Speaker 1: the waterway since it's all but closed to commercial shipping 109 00:06:04,400 --> 00:06:07,440 Speaker 1: at the start of the war. The Omega Trader, managed 110 00:06:07,440 --> 00:06:10,760 Speaker 1: by Japan's Mitsui OSK Lines, signaled over the past few 111 00:06:10,800 --> 00:06:13,880 Speaker 1: days that it had reached Mumbai. According to Bloomberg, its 112 00:06:13,920 --> 00:06:17,680 Speaker 1: prior signal before that before it reached India had been 113 00:06:17,760 --> 00:06:20,960 Speaker 1: from inside the Persian Gulf more than ten days ago. 114 00:06:21,080 --> 00:06:24,440 Speaker 1: But how's this for confusing Mitsui OSK has then said 115 00:06:24,440 --> 00:06:27,440 Speaker 1: in a statement that none of its vessels had made 116 00:06:27,440 --> 00:06:30,000 Speaker 1: the crossing, adding that it was monitoring the situation on 117 00:06:30,040 --> 00:06:33,440 Speaker 1: a twenty four hour basis and continuing to gather information. 118 00:06:33,880 --> 00:06:36,160 Speaker 2: And it'd be very courageous Captain and Kru if they 119 00:06:36,200 --> 00:06:39,719 Speaker 2: had made it. Meanwhile, plenty of airlines canceling flights. Cafe 120 00:06:39,800 --> 00:06:44,600 Speaker 2: Pacific have done it, Emirates Qatar, Luftanza, Singapore Airlines, Edgy 121 00:06:44,680 --> 00:06:47,600 Speaker 2: had all reduced schedules around the region. 122 00:06:48,040 --> 00:06:49,960 Speaker 1: Okay, there we go to the top five business stories 123 00:06:49,960 --> 00:06:51,440 Speaker 1: in five minutes. Thank you very much, Sean. 124 00:06:51,600 --> 00:06:52,240 Speaker 2: Thanks Michael. 125 00:06:52,600 --> 00:06:55,640 Speaker 1: It's Wednesday, the twenty fifth of March twenty twenty six. 126 00:06:55,720 --> 00:06:58,080 Speaker 1: Remember to hit follow on the podcast, and if five 127 00:06:58,080 --> 00:07:01,040 Speaker 1: minutes isn't enough, you can find our longer daily show 128 00:07:01,080 --> 00:07:04,120 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 129 00:07:04,120 --> 00:07:06,280 Speaker 1: Michael Thompson and that was the past five business news 130 00:07:06,360 --> 00:07:08,800 Speaker 1: by Fear and Greed. Had a great day.