1 00:00:04,200 --> 00:00:06,840 Speaker 1: Welcome to the Saturday edition of The Fast five Business 2 00:00:06,840 --> 00:00:09,280 Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello 3 00:00:09,360 --> 00:00:12,440 Speaker 1: Sean Ailmer, Hello Michael Sewan. On weekdays, it's all about 4 00:00:12,440 --> 00:00:14,800 Speaker 1: the Fast five, the top five business stories in five minutes. 5 00:00:14,840 --> 00:00:16,560 Speaker 1: On the weekend, we still keep it to five minutes 6 00:00:16,640 --> 00:00:18,239 Speaker 1: or pretty close too, but we are going to pick 7 00:00:18,239 --> 00:00:20,759 Speaker 1: out the biggest business story of the week, the most 8 00:00:20,800 --> 00:00:23,800 Speaker 1: remarkable story, a mystery category that we change every week, 9 00:00:23,840 --> 00:00:26,960 Speaker 1: and then our favorite story. Do you want to give 10 00:00:27,040 --> 00:00:30,120 Speaker 1: us the biggest story? Acknowledging that the biggest kind of 11 00:00:30,160 --> 00:00:32,680 Speaker 1: global story, as it has been for the last few weeks, 12 00:00:32,720 --> 00:00:36,080 Speaker 1: has been the war in the Middle East, But we're 13 00:00:36,200 --> 00:00:39,200 Speaker 1: kind of looking at at more local stories, really, aren't. 14 00:00:39,280 --> 00:00:41,559 Speaker 2: That's right. That's right, and kind of the flow on 15 00:00:41,760 --> 00:00:44,720 Speaker 2: impact of that war in the Middle East. Basically, I mean, 16 00:00:44,760 --> 00:00:46,440 Speaker 2: I mean a few weeks back, we weren't going to 17 00:00:46,440 --> 00:00:48,279 Speaker 2: get any more rate rises. A few months back, we're 18 00:00:48,280 --> 00:00:50,600 Speaker 2: talking about rate cartswell. Today we're paying more for our 19 00:00:50,680 --> 00:00:52,840 Speaker 2: mortgage and our credit card bills and our business lands 20 00:00:53,080 --> 00:00:55,520 Speaker 2: than we were a week ago. Strong chance that will 21 00:00:55,560 --> 00:00:58,040 Speaker 2: happen again in May. So the Reserve Bank lifted the 22 00:00:58,040 --> 00:01:00,360 Speaker 2: official cash rate twenty five basis points to zero point 23 00:01:00,400 --> 00:01:04,800 Speaker 2: one percent. The fact that you know, so many of 24 00:01:04,840 --> 00:01:07,120 Speaker 2: us have mortgages. I mean, there's a plus side to this. 25 00:01:07,200 --> 00:01:09,640 Speaker 2: Of course, we have many pensions out there who rely 26 00:01:09,800 --> 00:01:12,040 Speaker 2: on term deposits, and so that's good news for them. 27 00:01:12,480 --> 00:01:15,640 Speaker 2: But you know, it's just the shift in the economy 28 00:01:15,680 --> 00:01:19,399 Speaker 2: because of monetary policy and the shift towards higher interest rates. 29 00:01:19,959 --> 00:01:22,640 Speaker 2: Big big story. You know, we've been talking about forrages 30 00:01:22,680 --> 00:01:25,080 Speaker 2: as if we watched inflation rise. This is the week 31 00:01:25,080 --> 00:01:26,040 Speaker 2: that it actually happened. 32 00:01:26,160 --> 00:01:28,920 Speaker 1: Yeah, indeed. And the other big story, the one that 33 00:01:29,280 --> 00:01:32,840 Speaker 1: is affecting everyone right now shown is the fuel prices 34 00:01:32,880 --> 00:01:36,000 Speaker 1: and fuel shortages. This week we had a fuel Supply 35 00:01:36,240 --> 00:01:39,280 Speaker 1: Task Force set up by National Cabinet with the job 36 00:01:39,280 --> 00:01:42,160 Speaker 1: of ensuring that fuel is distributed where it's needed. This 37 00:01:42,240 --> 00:01:45,040 Speaker 1: is obviously in the wake of the crisis in the 38 00:01:45,080 --> 00:01:48,560 Speaker 1: Middle East. The ahable C is getting in on this 39 00:01:48,600 --> 00:01:52,840 Speaker 1: as well. They're investigating major fuel suppliers Ample, BP Mobile, 40 00:01:52,960 --> 00:01:57,280 Speaker 1: Viva Energy. This is not just local, this is international 41 00:01:57,360 --> 00:01:59,440 Speaker 1: and you've got kind of countries throughout Asia as well, 42 00:01:59,440 --> 00:02:03,200 Speaker 1: Shri Lanka and Thailand that are putting in place some 43 00:02:03,440 --> 00:02:07,040 Speaker 1: rather kind of unusual ideas to try and conserve fuel, 44 00:02:07,080 --> 00:02:10,280 Speaker 1: like public holidays every Wednesday, and you must wear short 45 00:02:10,280 --> 00:02:11,760 Speaker 1: sleeves to the office so don't have to run the 46 00:02:11,840 --> 00:02:14,480 Speaker 1: air con. But the fact that even here in Australia 47 00:02:14,520 --> 00:02:17,840 Speaker 1: now we are talking about the potential for fuel rationing 48 00:02:18,040 --> 00:02:20,000 Speaker 1: and just needing to have a task for us to 49 00:02:20,000 --> 00:02:22,280 Speaker 1: make sure that petrol stations are going to have the 50 00:02:22,320 --> 00:02:25,280 Speaker 1: fuel that we need to actually get around and for 51 00:02:25,280 --> 00:02:27,839 Speaker 1: people to do their jobs. It is just pretty extraordinary. 52 00:02:28,160 --> 00:02:31,239 Speaker 2: Yeah, I agree. Can I tell you my most remarkable story, Michael, Yeah, 53 00:02:31,280 --> 00:02:35,160 Speaker 2: go for it. Two top ten companies announced new cas 54 00:02:35,200 --> 00:02:37,440 Speaker 2: this week. Unusual to have a week where one does it, 55 00:02:37,560 --> 00:02:40,119 Speaker 2: let alone two BHP point in Brandon Craig, a fifty 56 00:02:40,160 --> 00:02:43,600 Speaker 2: three year old South African born minor naturalized Ossie. He's 57 00:02:43,639 --> 00:02:46,400 Speaker 2: going to run BHP. His big push will be copper 58 00:02:46,400 --> 00:02:49,680 Speaker 2: and added out about it. Woodside Energy appointed a woman 59 00:02:49,760 --> 00:02:53,960 Speaker 2: called Liz Westcott as the permanent successor to make o'neial. 60 00:02:54,040 --> 00:02:56,560 Speaker 2: Megan Nail's gone off to run one of the global 61 00:02:56,600 --> 00:03:00,000 Speaker 2: oil and gas giants. Her big thing, so Liz Westcott 62 00:03:00,160 --> 00:03:03,840 Speaker 2: big role that'll be about the Scarborough Gas project. In 63 00:03:04,040 --> 00:03:07,680 Speaker 2: Wa coming on stream, and the Louisiana LNG terminal in 64 00:03:07,720 --> 00:03:10,720 Speaker 2: the United States. What's remarkable is just how much turnover 65 00:03:11,520 --> 00:03:14,880 Speaker 2: there has been at ASX listed companies. The average tenure 66 00:03:14,880 --> 00:03:17,840 Speaker 2: of a CEO is six years. In the last kind 67 00:03:17,880 --> 00:03:20,080 Speaker 2: of twelve months or even less than that. You know, 68 00:03:20,120 --> 00:03:24,000 Speaker 2: we've had Woodside, We've had BHP, Rio A and Z, Newmont, Bluescope, 69 00:03:24,000 --> 00:03:26,240 Speaker 2: Sonic Healthcare, Treasure of Wine Estates. It goes on and on. 70 00:03:26,440 --> 00:03:28,720 Speaker 2: A lot of CEO turnover at the moment. 71 00:03:28,880 --> 00:03:31,239 Speaker 1: Yeah, that is extraordinary. The other thing definitely worth a 72 00:03:31,320 --> 00:03:34,200 Speaker 1: mention is markets. What's going on at the moment. I 73 00:03:34,240 --> 00:03:37,000 Speaker 1: saw a figure at one point this week was probably midweek, 74 00:03:37,480 --> 00:03:40,160 Speaker 1: that the ASX two hundred had fallen more than seven 75 00:03:40,200 --> 00:03:42,840 Speaker 1: and a half percent since the start of the conflict 76 00:03:42,960 --> 00:03:44,720 Speaker 1: in the Middle East, and that has kind of wiped 77 00:03:44,760 --> 00:03:47,600 Speaker 1: off about two hundred and sixty five billion dollars in value, 78 00:03:47,680 --> 00:03:50,119 Speaker 1: and just a one day this week, Sean it fell 79 00:03:50,280 --> 00:03:54,040 Speaker 1: one point seven percent, and that really kind of oil 80 00:03:54,080 --> 00:03:56,040 Speaker 1: prices surgeon. There's not a lot of winners at the 81 00:03:56,040 --> 00:03:59,160 Speaker 1: moment outside of the energy sector. And then you're adding 82 00:03:59,240 --> 00:04:02,000 Speaker 1: to kind of all these other factors like local rates rising, 83 00:04:02,920 --> 00:04:05,520 Speaker 1: US rates on hold, and we had gold tumbling and 84 00:04:05,560 --> 00:04:07,760 Speaker 1: oil and gas storing. As I mentioned, it's just an 85 00:04:07,800 --> 00:04:10,000 Speaker 1: absolute rollercoaster for investors at the moment. 86 00:04:10,440 --> 00:04:12,080 Speaker 2: Yeah, I think so. Can I tell you, well, what's 87 00:04:12,120 --> 00:04:14,800 Speaker 2: the mystery category? Let me know the. 88 00:04:14,680 --> 00:04:18,159 Speaker 1: Mystery category, Sean is the story that's a massive story, 89 00:04:18,640 --> 00:04:20,760 Speaker 1: though we don't actually know if it is a story. 90 00:04:20,960 --> 00:04:23,719 Speaker 2: Ah, yes, yes, yes, of course. The mine's the EU 91 00:04:23,760 --> 00:04:25,920 Speaker 2: Australia Free Trade Deal. We don't know whether it's going 92 00:04:25,960 --> 00:04:28,760 Speaker 2: to happen. However, the EU Commissioner Ersla von de Lane 93 00:04:29,080 --> 00:04:31,640 Speaker 2: is turning up in Canberra this week. We've had Don 94 00:04:31,720 --> 00:04:35,000 Speaker 2: Farrell being very trade minist to being very positive about it. 95 00:04:35,040 --> 00:04:36,840 Speaker 2: Just sounds like it's going to be signed this week. 96 00:04:36,880 --> 00:04:40,560 Speaker 2: This has been decades in the making, big RGI bargie 97 00:04:40,600 --> 00:04:44,560 Speaker 2: about agriculture and particularly beef exports. The French and Irish 98 00:04:44,560 --> 00:04:47,080 Speaker 2: farmers don't like our beef because I'm going to say, 99 00:04:47,240 --> 00:04:50,400 Speaker 2: in a parochial way, it's better. Therefore they don't like 100 00:04:50,440 --> 00:04:53,080 Speaker 2: it anyway, might be wrong. There some important things we 101 00:04:53,080 --> 00:04:55,440 Speaker 2: can still use the words prosecco and feta and stuff 102 00:04:55,480 --> 00:04:58,720 Speaker 2: like that. But now you trade deal quite I mean 103 00:04:58,760 --> 00:05:00,880 Speaker 2: it hasn't happened, so that's why it's of this category. 104 00:05:01,080 --> 00:05:03,360 Speaker 2: But if it does happen years in the making. 105 00:05:04,040 --> 00:05:07,200 Speaker 1: The other one, Sean that fits into this rather kind 106 00:05:07,200 --> 00:05:13,000 Speaker 1: of elusive category is a story about mortgage fraud. And 107 00:05:13,080 --> 00:05:15,760 Speaker 1: I know, just like just here, you can actually hear 108 00:05:15,880 --> 00:05:18,480 Speaker 1: the eyes glazing over as as I mentioned that, So 109 00:05:18,560 --> 00:05:22,200 Speaker 1: I'll keep it very brief. Commonwealth Bank has talked previously 110 00:05:22,240 --> 00:05:26,440 Speaker 1: about this mortgage fraud scandal that was potentially valued up 111 00:05:26,480 --> 00:05:29,520 Speaker 1: to a billion dollars. There is now thought that it 112 00:05:29,560 --> 00:05:32,200 Speaker 1: is much much bigger than that, and not just Commonwealth Bank, 113 00:05:32,240 --> 00:05:35,800 Speaker 1: that it goes to other banks and Ostrak getting involved 114 00:05:35,839 --> 00:05:37,680 Speaker 1: kind of talking to ten of the biggest banks in 115 00:05:37,720 --> 00:05:40,040 Speaker 1: the country, just trying to figure out how big this 116 00:05:40,080 --> 00:05:43,000 Speaker 1: thing is where basically customers we're using fraudulent documents to 117 00:05:43,040 --> 00:05:46,400 Speaker 1: take out loans, potential for international money laundering because there's 118 00:05:46,520 --> 00:05:49,480 Speaker 1: big kind of chunks of money we're being used for deposits. Anyway, 119 00:05:50,040 --> 00:05:53,839 Speaker 1: it could be a big story maybe if it does 120 00:05:53,839 --> 00:05:55,560 Speaker 1: evolve that way, I can. 121 00:05:55,920 --> 00:05:58,280 Speaker 2: Michael, I think you and I agree because we are 122 00:05:58,400 --> 00:06:00,680 Speaker 2: media hounds, we agree on our favorite story of the week. 123 00:06:00,839 --> 00:06:03,760 Speaker 1: It has been an extraordinary week for radio in this country, 124 00:06:03,800 --> 00:06:06,880 Speaker 1: and there was one thing that headlined it and a 125 00:06:06,960 --> 00:06:11,880 Speaker 1: year ago, six months ago, two years ago, this was unforseeable, 126 00:06:12,240 --> 00:06:16,960 Speaker 1: right but Kyle Sandalands terminated by ARN. It officially happened 127 00:06:16,960 --> 00:06:19,240 Speaker 1: this week after two weeks suspension. That is a two 128 00:06:19,360 --> 00:06:23,360 Speaker 1: hundred million dollar deal for Kyle and Jackie O gone 129 00:06:23,960 --> 00:06:26,840 Speaker 1: basically just over a year into it. Where is he 130 00:06:26,920 --> 00:06:29,000 Speaker 1: going to end up? Going to go to talk radio, 131 00:06:29,240 --> 00:06:32,200 Speaker 1: go to another music station, start a podcast? Is he 132 00:06:32,240 --> 00:06:34,440 Speaker 1: going to get paid out? What will happen to Jackie 133 00:06:34,520 --> 00:06:36,640 Speaker 1: in all of this? This is going to be a 134 00:06:36,760 --> 00:06:39,200 Speaker 1: massive legal battle. It is a very good time to 135 00:06:39,200 --> 00:06:42,120 Speaker 1: be a lawyer in that space. Sean, Oh yeah, oh yeah. 136 00:06:42,200 --> 00:06:43,880 Speaker 1: All right, there we go five minutes and pretty much 137 00:06:43,880 --> 00:06:45,280 Speaker 1: everything you need to know in the world of business. 138 00:06:45,320 --> 00:06:47,840 Speaker 1: Thank you very much, Jean. Thanks Michael, don't forget to 139 00:06:47,880 --> 00:06:49,760 Speaker 1: hit follow on the podcast and head to Fear and 140 00:06:49,839 --> 00:06:51,400 Speaker 1: Greed dot com dot a you to sign up for 141 00:06:51,400 --> 00:06:54,039 Speaker 1: our free daily newsletter. I'm Michael Thompson and this is 142 00:06:54,040 --> 00:06:56,159 Speaker 1: a fast five business news by Fear and Greed.