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

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Speaker 1: Prime Minister Anthony Abanzi set to meet US President Donald Trump,

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Speaker 1: with China, critical minerals and ucas at the top of

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Speaker 1: the agenda. The federal government moves to crack down on

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Speaker 1: illegal tobacco sales, and Australia becomes the third richest nation

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Speaker 1: per capita thanks to the housing market, plus open AI

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Speaker 1: to allow adults to generate erotic content, and large crowds

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Speaker 1: across the US protest against Donald Trump. It is Monday,

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Speaker 1: the twentieth of October twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer. Good morning, Michael, Sean. The

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Speaker 1: main story this morning, Prime Minister Anthony Aberanzi will finally

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Speaker 1: get his sit down meeting with US President Donald Trump

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Speaker 1: tomorrow morning Australian time. And really China is likely to

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Speaker 1: be front and center.

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Speaker 2: Sure will China number one, a deal around Australia's critical

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Speaker 2: minerals number two, the three hundred and sixty eight billion

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Speaker 2: dollar ORCHEST submarine deal number three and lifting Australia's defense

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Speaker 2: spending number four? At least there might predictions, Michael.

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Speaker 1: So this isn't official or any This is an alm estimate,

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Speaker 1: but I think it seems pretty accurate, right.

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Speaker 2: I think so. Look, the two will meet at the

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Speaker 2: White House and China's encroachment in the Pacific region in

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Speaker 2: Australia's improving trade relationship with Beijing will be the critical focus.

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Speaker 2: The Alberanzi government has navigated the two superpowers pretty well,

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Speaker 2: I reckon, and while the Prime Minister's lack of engagement

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Speaker 2: with Trump has been criticized, the US military presence in

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Speaker 2: Australia under Anthony Alberanzi is at its highest level since

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Speaker 2: World War Two. Also, the federal government has boosted funding

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Speaker 2: for the Henderson Marine Precinct in Western Australia by twelve

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Speaker 2: billion dollars. Now, according to media reports, the Trump administration

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Speaker 2: is considering taking part ownership of Australian rare earths projects

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Speaker 2: as part of a critical mineral steal with labor to

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Speaker 2: challenge beijing stranglehold over the sector. The US is keen

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Speaker 2: to find alternate suppliers to China for commodities used in

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Speaker 2: defense and electronics. Also, Albanizi will be taking part in

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Speaker 2: a BHP event tomorrow night as part of the Big

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Speaker 2: Australian's one hundred and fortieth anniversary. That'll give him the

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Speaker 2: opportunity to further push Australia's critical minerals resources. Then there's Orcus.

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Speaker 2: Australia's supposed to start receiving a small fleet of nuclear

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Speaker 2: powered submarines from the US in twenty thirty two. But

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Speaker 2: the deal's under review. It's very much become emblematic of

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Speaker 2: the US Australia relationship at the moment. Parts of the agreement,

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Speaker 2: stuff like quantum computing, AI, cyber hypersonic and undersea technologies

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Speaker 2: seem to be going fine. Submarine part. Who knows. If

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Speaker 2: Anthony Albanese is lucky, he might hear more about it

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Speaker 2: this week, And certainly if that deal was confirmed, you

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Speaker 2: would imagine that that would be a very successful trip

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Speaker 2: to Washington by Anthony Albernesi. Anyway, I'm sure he's relieved

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Speaker 2: he's meeting Donald Trump, and I think it does highlight

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Speaker 2: the fact that the US is still Australia's number one

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Speaker 2: geopolitical ally.

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Speaker 1: Yeah, absolutely, and you would expect that we would. There

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Speaker 1: was a lot of talk a couple of weeks ago.

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Speaker 1: Remember that the ORCUST review had essentially been completed and

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Speaker 1: had essentially been approved, right, but was just almost being

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Speaker 1: kept under wraps. So you would it wouldn't be surprising

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Speaker 1: if there was an announcement along those lines this week, right.

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Speaker 2: No. I mean it's interesting because you can compare Anthony

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Speaker 2: Alberanzi this week. What will happen if Orcas is ticked off,

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Speaker 2: if there's a rare Earth deal they agree on China, Right,

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Speaker 2: that's going to be a fantastic trip to Washington for Alberansi.

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Speaker 2: Contrasts that to what's going on in the Coalition, which

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Speaker 2: will come to in a moment. Oh yeah, you know,

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Speaker 2: it's kind of chalk and cheese at the moment between

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Speaker 2: the two main political parties.

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Speaker 1: Yeah. Yeah, the coalition is a complete basket case and

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Speaker 1: we'll get there soon Albanesi. And that's probably been light

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Speaker 1: about it, right. Albanezy is not the only local Polly

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Speaker 1: in the US. Jim Chalmers is in Washington to attend

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Speaker 1: the annual meetings of the World Bank and the International

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Speaker 1: Monetary Fund.

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Speaker 2: He'll be joined by Reserve Bank Governor Michelle Bullock. Charmers

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Speaker 2: said his focus will be showcasing Australia's strength as an

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Speaker 2: investment destination and promoting resilience in global markets. Now. He

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Speaker 2: then went on to talk about Australia stability. I reckon

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Speaker 2: he'll use that as a competitive advantage in the current

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Speaker 2: world all week. Michelle Bullock, Well, anything she says will

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Speaker 2: be particularly interesting, particularly given last week's surprise jump in

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Speaker 2: unemployment to four and a half percent. Michael, So I'm

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Speaker 2: looking forward to hearing what Charmers and Bullock have to say.

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Speaker 1: You know what you should also look forward to is

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Speaker 1: hearing what Diana Messina has to say about all of it,

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Speaker 1: which is in today's Fear and Greed Q and A

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Speaker 1: coming up after the episode. It is the Week Ahead,

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Speaker 1: and Diana is the deputy Chief Economist at AMP insight

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Speaker 1: into everything that happened last week with that rather surprising

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Speaker 1: jump in unemployment and what that means long term for

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Speaker 1: the Reserve Bank and form interest rates. So stick around

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Speaker 1: for that one, Sean. There's been a bit happening in politics, really,

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Speaker 1: because yesterday we also had Home Affairs Minister Tony Burke

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Speaker 1: announcing the establishment of a National Disruption Group to combat

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Speaker 1: the surge of illicit tobacco and the associated organized criminal activity.

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Speaker 1: They could have come up with a better name than

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Speaker 1: the National Disruption Group. What about a strikeforce or crackdown

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Speaker 1: or something like that.

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Speaker 2: Well, the National Distruction Group is part of the near

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Speaker 2: two hundred million dollars provided to the Australian Border Force

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Speaker 2: to combat elicit tobacco. Burke acknowledged there had been an

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Speaker 2: uptick in illicit tobacco which has sawed over after years

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Speaker 2: of tax increases pushed the price of legal cigarettes beyond

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Speaker 2: the means of many smokers. They're looking for cheap alternatives.

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Speaker 2: We've heard Woolworths and Coles both talking about a big

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Speaker 2: drop in tobacco sales. The taxation rate on cigarettes increased

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Speaker 2: by about three hundred percent since twenty ten under both

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Speaker 2: Labor and Coalition governments. A packet of twenty five legal

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Speaker 2: cigarettes now costs about fifty dollars, of which thirty four

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Speaker 2: dollars goes to the government. Legal cigarettes, which are not

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Speaker 2: tax can be bought for as little as twelve dollars

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Speaker 2: a packet. According to a story in The fin Review,

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Speaker 2: there's some sort of irony that the government stepping in

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Speaker 2: to help the legal tobacco industry.

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Speaker 1: I think, yes, yeah, you're right. After taxing them, taxing

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Speaker 1: the heck out of them for a very long time.

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Speaker 1: We're going to now help them. But I mean, just

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Speaker 1: like rename it Operation Siggy SmackDown. Maybe the Great Durry

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Speaker 1: dust Off. I don't know. Oh that's good, thank you

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Speaker 1: very good.

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Speaker 2: Yeah.

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Speaker 1: Anyway, they should consult us here at Fear and Greed

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Speaker 1: Mark I should Where do they finish up over the weekend?

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Speaker 2: Sewan starting local less and PASX two hundred fell nearly

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Speaker 2: one percent on Friday to eighty nine hundred and ninety

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Speaker 2: five points. For the week, it was up about half

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Speaker 2: a percent or there we go. Futures training suggests the

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Speaker 2: market will start today very big week on wall streets.

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Speaker 2: September quarter profit season is underway. Intel and Tesla are

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Speaker 2: particularly interesting. But it's an even bigger week in China.

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Speaker 2: The country's top leaders meet in Beijing to map out

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Speaker 2: the country's economic strategy for the next five years, a

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Speaker 2: gathering which takes on added importance as trade tensions with

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Speaker 2: the US escalate. You always see those pictures, mostly men,

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Speaker 2: you know, kind of wearing similar suits, hanging out talking economy.

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Speaker 1: Talking economy. I don't think anyone's ever described the Fourth

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Speaker 1: Plan and as just hanging out talking economy. Just shooting

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Speaker 1: the breeze.

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Speaker 2: Well than three hundred senior Communist Party officials are likely

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Speaker 2: to endorse the plan that probably double down on Shijing

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Speaker 2: Ping's push for dominance in things like high tech manufacturing, renewables,

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Speaker 2: advanced industries. So plenty to watch there as well.

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Speaker 1: Yeah, plenty happening in China, plent happening in the US.

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Speaker 1: It's big starts of the week. Take a quick break.

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Speaker 1: We're back in a moment with the rest of the

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Speaker 1: day's business news. Sean National's leader David Little Proud says

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Speaker 1: Barnaby Joyce has not yet left the party, notwithstanding media

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Speaker 1: reports saying the former leader is considering joining Pauline Hanson's

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Speaker 1: at One Nation.

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Speaker 2: Over the weekend, mister Joyce said his relationship with his

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Speaker 2: party leadership had broken down. Yesterday, David Little Proud, who

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Speaker 2: of course is the party leadership, said he would of

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Speaker 2: course seek to change mister Joyce's mind about leaving the

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Speaker 2: Nationals Party. He's still a member of the National Party.

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Speaker 2: He's made it clear and that he won't He's made

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Speaker 2: it clear that he won't be contesting the next election

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Speaker 2: for the seat of New England. He's left a big

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Speaker 2: legacy there and he's left all those options open. We

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Speaker 2: want him to stay in the National Party. I think

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Speaker 2: he has a contribution to make between now and when

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Speaker 2: he retires. Maybe. I mean, I'm sure Barnaby Joyce always

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Speaker 2: has a contribution to make. But isn't this destabilizing for

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Speaker 2: the National Party former leader wants to leave. Susan Lee

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Speaker 2: has all sorts of problems, with high profile backbenches now

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Speaker 2: attacking her leadership. The coalition, as you said earlier on,

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Speaker 2: is shambles at the moment.

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Speaker 1: Yeah, it is. And one of the main drivers of

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Speaker 1: this is the support for net zero and Barnaby Joyce

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Speaker 1: thinks that the lack of shouldn't be doing it and

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Speaker 1: it is just one of these things that is driving

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Speaker 1: a major division between the Liberal Party in the National

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Speaker 1: Party and Susan Lee has got a heck of a

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Speaker 1: job trying to figure out what the party stands for

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Speaker 1: and where they go from here. Good luck Sean. Australians

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Speaker 1: enjoyed the biggest jump in wealth of any nation last year,

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Speaker 1: according to Alliance's Global Wealth twenty twenty five report, and

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Speaker 1: perhaps no surprise, house prices are the big driver of that.

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Speaker 2: Average net wealth, combining real estate and financial assets hit

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Speaker 2: almost three hundred and eighty four thousand euros that's six

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Speaker 2: hundred and eighty six thousand Ossie dollars that's per person.

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Speaker 2: In twenty twenty four, made Australia the world's third wealthiest population,

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Speaker 2: behind Switzerland and the US. Property, as you mentioned, the

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Speaker 2: big driver, but the growing pool of superinnuation is also

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Speaker 2: playing a major role. Australia climbed seven places in the rankings.

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Speaker 2: Sweden and Japan both fell. Switzerland, as I mentioned, took

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Speaker 2: the top spot overall average wealth of four hundred and

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Speaker 2: thirty five thousand US four hundred and five thousand, these

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Speaker 2: are all euros, and then Australia three eighty four thousand.

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Speaker 1: They're not going too bad and staying in the wealth

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Speaker 1: theme shown. The preliminary auction clearance rate reached a four

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Speaker 1: week high last week of just under seventy four percent.

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Speaker 2: That's pretty good, very solid result giving them are nearly

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Speaker 2: twenty seven hundred homes up for sale across the five

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Speaker 2: major capital cities. That's the highest number since May. More

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Speaker 2: than thirty two hundred homes are scheduled to go under

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Speaker 2: the hammer this coming week, taking the capital cities individually,

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Speaker 2: Melbourne seventy four point four percent, the highest in four

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Speaker 2: weeks for that city. Sydney touched above that seventy four

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Speaker 2: point five percent, Brisbane almost seventy one percent, ACT sixty

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Speaker 2: and Adelaide seventy seven percent now seawn.

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Speaker 1: This next story is quite a tale really. The CEO

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Speaker 1: of Ainsworth Game Technology, which is an ASX listed company

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Speaker 1: manufacturers online and offline gaming machines, has stepped down after

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Speaker 1: a gaming regulator told him to withdraw his request for

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Speaker 1: a gaming license. This is quite intense, so the CEO's

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Speaker 1: name is Harold Newman.

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Speaker 2: In a ninety minute interview with the Nevada Gaming Control Board,

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Speaker 2: the Austrian born executive of the Australian listed company was

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Speaker 2: accused of misleading regulatory agents, suppressing phone records, lacking contrition,

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Speaker 2: and lying on a US visa application by calling himself

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Speaker 2: a journalist. Manufacturers of poker machines in the US city

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Speaker 2: require approval from the Nevada Gaming Board. It's one of

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Speaker 2: the more influential regulators in the US gaming system. The

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Speaker 2: board assesses privaty, but also considers the person's character when

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Speaker 2: they're working out whether or not they should have a license.

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Speaker 2: That process turns sour late last year, and Human refused

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Speaker 2: to hand over his phone for five months. He said

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Speaker 2: his refusal was due to privacy concerns. Now Ainsworth Game

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Speaker 2: Technology has been under intense scrutiny after the finn report

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Speaker 2: earlier this year that Newman had been under investigation in

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Speaker 2: Austria since twenty nineteen over allegations from later to his

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Speaker 2: time leading a gaming firm in that country. He got

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Speaker 2: the job at Ainsworth Now the Nevada board has said,

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Speaker 2: uh uh, we don't want you here, so he's had

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Speaker 2: to quit there too.

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Speaker 1: Sean, what do you make of this?

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Speaker 2: One?

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Speaker 1: Mentioned it at the top of the show. Open Ai

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Speaker 1: says it will soon allow adults to generate erotic content

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Speaker 1: on chat GPT. It's trying to fend off competition from

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Speaker 1: Elon Musk's more explicit chatbot Michael.

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Speaker 2: Not often do you contribute stories, but listeners need to

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Speaker 2: know who put forward this story? Was it you or I?

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Speaker 1: Well? I thought this is something that we needed to

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Speaker 1: know to start our working week, Shawn.

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Speaker 2: Open Ai bos Sam Altman says the change, due in

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Speaker 2: December is part of a new Treat Adults Like Adults

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Speaker 2: policy with erotica available only to verified adult users. Strict

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Speaker 2: bands on deep fakes will remain in place to protect individuals.

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Speaker 2: It comes after masks Grock chatbot made headlines for offering

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Speaker 2: sexual conversations through an anime style girlfriend bot also a

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Speaker 2: tap controversial when it emerged users as young as twelve

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Speaker 2: years old could access the system before allowing access to

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Speaker 2: pornographic content. OpenAI also plans to launch a more human

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Speaker 2: like version of chat gpt with added personality and more

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Speaker 2: conversational flare. Now, maybe that latter part is what most

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Speaker 2: of us are going to be affected by, But I

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Speaker 2: like the fact that we're leading with the erotic part.

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Speaker 1: It's the headline grabber, isn't it always always? I think

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Speaker 1: we just leave that one entirely alone, Sean, and move

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Speaker 1: on very quickly, turning to international news now. Large crowds

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Speaker 1: of protesters gathered in cities across the US over the

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Speaker 1: weekend to participate in Mats No Kings demonstrations against President

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Speaker 1: Donald Trump.

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Speaker 2: New York's Times Squares was one of the biggest rallies.

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Speaker 2: Thousands of people clogged Seventh Avenue, away signs and chant.

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Speaker 2: The mood was calm, with police presidence was pretty much

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Speaker 2: typical for one of the most crowded places in the city.

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Speaker 2: Organizers were expecting millions to attend demonstrations in cities and

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Speaker 2: towns across the US. There are also similar protests in

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Speaker 2: places like London, Barcelona, Madrid, and Nice. Saturday's No Kings

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Speaker 2: marches are the second wave of such protests this year.

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Speaker 2: In June, millions took to the streets as the US

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Speaker 2: President staged a controversial military parade in Washington.

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Speaker 1: And finally Sewan. BYD is recalling more than one hundred

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Speaker 1: and fifteen thousand cars in China over safety defects. It

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Speaker 1: is a major setback for the world's largest ev maker

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Speaker 1: as it really tries to shed its image as a

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Speaker 1: budget brand and compete globally.

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Speaker 2: The two recalls, affecting both hybrid and fully electric models,

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Speaker 2: follow regulator investigations in the falls with drive components and

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Speaker 2: battery system they could cause power loss. The move comes

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Speaker 2: mid growing safety concerns after fatal crashes involving one of

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Speaker 2: BYD's main rivals occurred in China, with the government drafting

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Speaker 2: new rules on door handle design after bystanders unable to

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Speaker 2: get into cars to help after accidents. BYD, sales momentum

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Speaker 2: has already slowed, with its first monthly decline in eighteen

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Speaker 2: months and a sharp cut to its twenty twenty five

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Speaker 2: sales target. There's no word yet on whether the recall

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Speaker 2: effects markets outside China, such as Australia, where BYD has

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Speaker 2: surged up the list of new vehicle sales over the

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Speaker 2: past year or so.

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Speaker 1: Alrighty, Sean up next, As I mentioned before, Fear and

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Speaker 1: Greed Q and A with Diana Messina, Deputy Chief Economist

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Speaker 1: at AMP, all about the week ahead for the economy,

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Speaker 1: as well as we look back at last week as well.

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Speaker 1: It's coming up next in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dot au,

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Speaker 1: which is where you sign up for the Mighty Fear

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Speaker 1: and Greed daily newsletter, out every morning by six am.

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Speaker 1: Just pop your email addressing. It is entirely free and

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Speaker 1: away you go. I'll put a link in today's show notes.

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Speaker 1: Thank you, Sean, Thank you Michael. It is Monday, the

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Speaker 1: twentieth of October twenty twenty five. Make sure you're following

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Speaker 1: the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was fear.

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Speaker 1: I'm greed. Have a great day.