1 00:00:03,840 --> 00:00:06,920 Speaker 1: It's Friday, the fifteenth of August twenty twenty five. Welcome 2 00:00:06,920 --> 00:00:09,280 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,320 --> 00:00:11,200 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,760 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,800 --> 00:00:15,080 Speaker 1: and Good Morning, Adam Lang. 6 00:00:15,320 --> 00:00:16,840 Speaker 2: Good morning, Michael, Adam. 7 00:00:16,880 --> 00:00:19,200 Speaker 1: Five stories, five minutes. Let's go a story. Number one. 8 00:00:19,600 --> 00:00:23,200 Speaker 1: Banks are back. Just a day after Colmwealth Banks profit 9 00:00:23,280 --> 00:00:27,240 Speaker 1: report triggered a bank's sell off, Westpac has posted a cracker. 10 00:00:27,400 --> 00:00:30,960 Speaker 2: Yeah, Michael. New CEO Anthony Miller says Westpac's quarterly net 11 00:00:31,000 --> 00:00:34,839 Speaker 2: profit lifted fourteen percent to one point nine billion dollars, 12 00:00:35,080 --> 00:00:38,720 Speaker 2: as business lending rose five percent and customer deposits added 13 00:00:38,800 --> 00:00:42,120 Speaker 2: ten billion dollars. Remember this is the CEO who wants 14 00:00:42,159 --> 00:00:45,479 Speaker 2: to bring back hustle culture to banking. He's holding meetings 15 00:00:45,479 --> 00:00:48,120 Speaker 2: on weekends, wants people back in the office, and says 16 00:00:48,200 --> 00:00:50,919 Speaker 2: he even works on Christmas Day. So far, having been 17 00:00:50,920 --> 00:00:54,639 Speaker 2: appointed CEO in December twenty twenty four, he is delivering 18 00:00:54,640 --> 00:00:55,720 Speaker 2: the numbers. Yeah. 19 00:00:55,800 --> 00:00:58,920 Speaker 1: His first numbers are a gift for shareholders. Investors flocked 20 00:00:58,960 --> 00:01:01,400 Speaker 1: back to Westpacs, she sending them up more than six 21 00:01:01,440 --> 00:01:02,320 Speaker 1: percent yesterday. 22 00:01:02,560 --> 00:01:05,360 Speaker 2: Yeah. Banks matter, Michael. Not only are they the biggest 23 00:01:05,360 --> 00:01:07,720 Speaker 2: part of the stock market, but they are also the 24 00:01:07,760 --> 00:01:11,000 Speaker 2: best indicator of how the Australian economy is performing. Overall. 25 00:01:11,319 --> 00:01:14,679 Speaker 2: Miller says households are benefiting from lower inflation and falling 26 00:01:14,720 --> 00:01:18,480 Speaker 2: interest rates, which means lower levels of customer stress, and 27 00:01:18,560 --> 00:01:22,039 Speaker 2: under these conditions he's expecting a further recovery in economic 28 00:01:22,080 --> 00:01:24,160 Speaker 2: activity and more lending growth. 29 00:01:24,360 --> 00:01:26,440 Speaker 1: Okay, moving on to story number two and some more 30 00:01:26,480 --> 00:01:31,080 Speaker 1: news about productivity ahead of Treasurer Jim Chalmer's Productivity summit 31 00:01:31,319 --> 00:01:33,840 Speaker 1: next week in Canberra. This time it's a proposed change 32 00:01:34,040 --> 00:01:38,240 Speaker 1: from the Australian Securities and Investments Commission ASSEIC to change 33 00:01:38,280 --> 00:01:41,399 Speaker 1: the way it looks at super funds that invest in housing. 34 00:01:41,840 --> 00:01:44,200 Speaker 2: Yeah, Michael. Normally the rule is that when a super 35 00:01:44,200 --> 00:01:46,720 Speaker 2: fund buys a property investment, it has to disclose the 36 00:01:46,760 --> 00:01:49,960 Speaker 2: stamp duty paid as a fee to members. That means 37 00:01:50,000 --> 00:01:53,200 Speaker 2: investments in things like buy to rend housing look worse 38 00:01:53,320 --> 00:01:56,200 Speaker 2: than if they invested in listed real estate companies or 39 00:01:56,280 --> 00:01:59,840 Speaker 2: bought property overseas. Changing that rule could unlock more than 40 00:02:00,000 --> 00:02:02,720 Speaker 2: eight billion dollars in new housing development paid for by 41 00:02:02,760 --> 00:02:06,720 Speaker 2: superfunds and fast track the development of thirty five thousand 42 00:02:06,760 --> 00:02:09,640 Speaker 2: new homes. The Treasurer said this is a good example 43 00:02:09,760 --> 00:02:12,440 Speaker 2: of what might come from his economic reform round table. 44 00:02:12,760 --> 00:02:16,120 Speaker 1: On to story number three, Mercer super is being sued 45 00:02:16,200 --> 00:02:20,680 Speaker 1: by the Securities regulator for its approach to refunding insurance 46 00:02:20,720 --> 00:02:22,200 Speaker 1: premiums to dead members. 47 00:02:22,639 --> 00:02:24,880 Speaker 2: Michael Mercer is one of the biggest super funds in 48 00:02:24,880 --> 00:02:28,640 Speaker 2: the country with nearly one million customers, and ACIK claims 49 00:02:28,680 --> 00:02:31,560 Speaker 2: that the seventy billion dollar fund has a pattern of 50 00:02:31,639 --> 00:02:34,680 Speaker 2: long standing and systemic failure to comply with the law. 51 00:02:35,080 --> 00:02:38,360 Speaker 2: ACIK says Mercer took two long investigating its issues and 52 00:02:38,440 --> 00:02:41,240 Speaker 2: shows a lack of care for its customers. It's not 53 00:02:41,320 --> 00:02:44,720 Speaker 2: the only superfund that ACIK is taking on. The regulator 54 00:02:44,720 --> 00:02:48,280 Speaker 2: has also taking action against SeaBus and Australian super. 55 00:02:48,440 --> 00:02:52,040 Speaker 1: Story number four. Telstra delivered an annual net profit of 56 00:02:52,080 --> 00:02:55,639 Speaker 1: two point three billion dollars yesterday, up thirty one percent 57 00:02:55,720 --> 00:02:59,040 Speaker 1: on last year. The telco also announced a one billion 58 00:02:59,080 --> 00:03:02,520 Speaker 1: dollar extension to its share buy back. Telstra said mobile 59 00:03:02,600 --> 00:03:04,960 Speaker 1: learnings were up three and a half percent as it 60 00:03:05,080 --> 00:03:09,400 Speaker 1: again lifted the price of mobile As it again lifted 61 00:03:09,400 --> 00:03:12,239 Speaker 1: the price of phone plans, this time between three dollars 62 00:03:12,280 --> 00:03:13,320 Speaker 1: and five dollars a month. 63 00:03:14,000 --> 00:03:17,600 Speaker 2: Yes, michaeln included in these results operating expenses with a 64 00:03:17,600 --> 00:03:20,440 Speaker 2: Big story down six percent, partly on the back of 65 00:03:20,520 --> 00:03:24,239 Speaker 2: letting some three two hundred jobs go. Telstra shares fell 66 00:03:24,320 --> 00:03:26,320 Speaker 2: two point six percent on the result, but they are 67 00:03:26,440 --> 00:03:28,959 Speaker 2: up by about a quarter since the beginning of the year. 68 00:03:29,240 --> 00:03:33,240 Speaker 2: Telstra now says some twenty five million phones, watches and 69 00:03:33,320 --> 00:03:36,680 Speaker 2: other gadgets are hooked up to its network in Australia. 70 00:03:36,920 --> 00:03:40,480 Speaker 1: Last one story number five. European leaders say they have 71 00:03:40,560 --> 00:03:43,800 Speaker 1: agreed a strategy with US President Donald Trump ahead of 72 00:03:43,800 --> 00:03:46,960 Speaker 1: his meeting with Vladimir Putin today in Alaska. 73 00:03:47,160 --> 00:03:50,360 Speaker 2: Yes, Michael, Trump and Putin are meeting to discuss ending 74 00:03:50,400 --> 00:03:53,080 Speaker 2: the war in Ukraine, and the meeting has left Europe 75 00:03:53,120 --> 00:03:55,640 Speaker 2: worried about the risk of Trump doing a deal to 76 00:03:55,640 --> 00:03:58,480 Speaker 2: give up parts of Ukraine to the Russians. But under 77 00:03:58,520 --> 00:04:02,800 Speaker 2: the latest strategy, Trump has agreed not to negotiate territory 78 00:04:02,880 --> 00:04:06,560 Speaker 2: and instead lead those talks up to Ukraine and Russia directly. 79 00:04:07,040 --> 00:04:11,360 Speaker 2: Trump is warning of very severe consequences if Putin refuses 80 00:04:11,400 --> 00:04:14,119 Speaker 2: to end the war, but also admits that so far 81 00:04:14,440 --> 00:04:16,360 Speaker 2: the Russian leader is not listening. 82 00:04:16,640 --> 00:04:19,000 Speaker 1: All right, there we go the top five business stories 83 00:04:19,040 --> 00:04:19,719 Speaker 1: in five minutes. 84 00:04:19,720 --> 00:04:21,440 Speaker 2: Thank you very much, Adam, Thank you, Michael. 85 00:04:21,600 --> 00:04:24,039 Speaker 1: It is Friday, the fifteenth of August twenty twenty five. 86 00:04:24,120 --> 00:04:26,520 Speaker 1: Remember to hit follow on the podcast and in five 87 00:04:26,520 --> 00:04:28,880 Speaker 1: minutes isn't enough. You can find our longer daily show 88 00:04:29,200 --> 00:04:31,880 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 89 00:04:31,920 --> 00:04:34,120 Speaker 1: Michael Thompson and that was a fast vive business news 90 00:04:34,120 --> 00:04:38,839 Speaker 1: by Fear and Greed. Have a great day.