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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello

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Speaker 1: Sean Aylmer.

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Speaker 2: Hello Michael Sean.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. On the weekend, we

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Speaker 1: still keep it to five minutes, of course, but we're

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Speaker 1: going to pick out the biggest business story of the week,

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Speaker 1: the most remarkable story, a sleeper story, one that's flying

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Speaker 1: under the radar a bit, and then our favorite business story.

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Speaker 1: So may I nominate what I think was the biggest

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Speaker 1: story for it look a big week for the economy.

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Speaker 1: We had the Reserve Bank leaving interest rates on hold,

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Speaker 1: and then the next that was on Tuesday, and then

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Speaker 1: on Wednesday we had the monthly inflation numbers. The thing

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Speaker 1: about the Reserve Bank was that no one was expecting

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Speaker 1: them to move on rates up not down. But what

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Speaker 1: was interesting that really there wasn't that much of a

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Speaker 1: discussion It seemed about either hiking or lowering. They seem

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Speaker 1: to be coming from a more neutral position. The next day, though,

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Speaker 1: those inflation numbers, that was reasonably exciting, you would say,

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Speaker 1: the monthly CPI numbers showed headline inflation falling sharply to

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Speaker 1: two point seven percent, back to the target band for

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Speaker 1: the Reserve Bank of between two to three percent, but

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Speaker 1: that was largely due to power bill rebates. The trimmed mean,

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Speaker 1: the measure that the Reserve Bank really focuses on. It

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Speaker 1: is still sitting at three point four percent, so it

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Speaker 1: is not yet in the target band, still away from it,

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Speaker 1: but it is heading in the right direction.

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Speaker 2: Short sure is My big story for the week is

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Speaker 2: the one about the two big supermarket chains, Coals and

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Speaker 2: Willies Beggars. Believe it they could possibly be guilty of

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Speaker 2: what the Australian Competition and Consumer Commission is alleging. The

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Speaker 2: watchdog claims that the supermarkets offered certain products at a

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Speaker 2: regular price for at least one hundred and eighty days.

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Speaker 2: They then increase the price to the product by at

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Speaker 2: least fifteen percent for a relatively short period of time.

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Speaker 2: Then they dropped the price, and if Willies was like

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Speaker 2: prices dropped down down, it coles the ideas they have

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Speaker 2: a price for a period, push it up for a

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Speaker 2: short time and then drop it by not quite as much.

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Speaker 2: This is all untested. We haven't heard from coals and woolies.

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Speaker 2: But it's quite but obviously the HBC thinks it has

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Speaker 2: a case. Quite an incidtory.

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Speaker 1: Let's look at most remarkable story. There was a big

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Speaker 1: story this week out of China and this could have

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Speaker 1: actually almost been in the Bigger Story of the Week

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Speaker 1: category considering the impact that it has on the rest

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Speaker 1: of the world, in particular in Australia. Beijing made moves

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Speaker 1: to stimulate its economy. We're talking about spending measures to

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Speaker 1: stabilize the struggling property sector there, we're talking about forceful

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Speaker 1: rate cuts and the effect on Australia as well was immediate.

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Speaker 1: The price of iron ore jumped, which in turn meant

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Speaker 1: the share prices of our three biggest miners, rows oil

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Speaker 1: prices picked up, the Australian dollar hit a record for

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Speaker 1: twenty twenty four and then when higher still. It really

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Speaker 1: is quite remarkable just how big an impact these moves

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Speaker 1: in China have on the rest of the world, but

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Speaker 1: really have on Australia.

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Speaker 2: You're not wrong a lot of forll that from that.

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Speaker 1: One sleeper story. Have you found a sleeper story for

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Speaker 1: us Sean, I've.

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Speaker 2: Got a story that won't go to sleep and that's

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Speaker 2: negative gearing. It's back again. When nine media newspapers reported

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Speaker 2: that Treasury has been asked to do some modeling around

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Speaker 2: negative gearing and housing ownership two point three million strains

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Speaker 2: and an investment home forty eight billion dollars in rental

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Speaker 2: deductions acclaimed every year. This is political dynamite. When the

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Speaker 2: story emerged, everyone jumped on it. Opposition Peter Dunton gave

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Speaker 2: what he called an absolute guarantee he wouldn't change negative gearing.

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Speaker 2: The Greens came out and said, why don't negotiate with

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Speaker 2: us over negative gearing? That just up the problem for

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Speaker 2: labor because the opposition immediately started calling it Green's policy.

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Speaker 2: The Prime Minister fought hard to play it down Miss Trailbonez.

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Speaker 2: He said he wasn't sure who made the request. He

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Speaker 2: has no plans to make changes, though he said something

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Speaker 2: similar to that twelve months ago about Stage three tax

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Speaker 2: cuts and they got changed. This story is big enough

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Speaker 2: to impact the federal election. Looking forward to.

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Speaker 1: It, we are going to hear an awful lot about

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Speaker 1: that one. Sean last story, favorite story, Sean, what was

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Speaker 1: it for you this week?

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Speaker 2: Talk about everything hitting the fan Star Entertainment Group finally

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Speaker 2: got some good news this week. It's secured a two

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Speaker 2: hundred million dollar financial rescue package. Corporate lenders have agreed

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Speaker 2: to a new debt facility to Trant's one hundred million

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Speaker 2: dollars each first available shortly. However, the Star will have

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Speaker 2: to pay a ridiculously high interest rate of thirty and

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Speaker 2: a half percent. It also failed to do a deal

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Speaker 2: with the Queensland government over tax relief that'll cost it

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Speaker 2: about sixty million dollars. There's a fair chunk of that

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Speaker 2: initial one hundred million dollar trnch out the window. Of course,

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Speaker 2: the group's still reeling from the second New South Wales

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Speaker 2: Independent Casino Commission inquiry by Barrister Adam bellsc that found

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Speaker 2: the group was continuing to fail the standards required of

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Speaker 2: a casino operate up. Finally, it's ruled off its twenty

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Speaker 2: twenty four financial accounts. I suppose hopefully new management can

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Speaker 2: turn it around, at least for shareholders sakes. Not sure

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Speaker 2: they can.

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Speaker 1: I feel bad here you are talking about kind of

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Speaker 1: an ASX listed company and all of these extraordinary details,

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Speaker 1: and my favorite story of the week, Sean's about yogurt.

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Speaker 2: Tell me about it.

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Speaker 1: It doesn't really compare maybe, But how about this. Australian

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Speaker 1: consumers are now spending one point nine two billion dollars

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Speaker 1: a year on yoga. Yogat is booming. Biga, the biggest producer,

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Speaker 1: owns brands like Farmers Union and Dairy Farmers and yo Play,

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Speaker 1: and Biga says they know this industry right. They say,

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Speaker 1: industry wide sales of yogurt are up eleven percent. Compare

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Speaker 1: that to milk sales only rows two percent. Everyone wants

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Speaker 1: kind of the high protein yogat and the probiotic yogurt

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Speaker 1: and the reduced sugar, and they're buying the big jumbo

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Speaker 1: kind of tubs because well, household budgets are being stretched

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Speaker 1: and they're buying the single serves. Really, it is a

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Speaker 1: great time, Sean to be in the yogurt business. Yes, Sures,

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Speaker 1: that is my favorite story of the week, and that's

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Speaker 1: five minutes and pretty much everything you need to know

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Speaker 1: in the world of business. Thank you Sean, Thank you Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on LinkedIn, Instagram, TikTok, Facebook, and

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Speaker 1: x I'm Michael Thompson and this is the Fast five

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Speaker 1: business news. Back here and greed