1 00:00:06,280 --> 00:00:08,800 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,840 --> 00:00:11,239 Speaker 1: business news for people who make their own decisions. Are 3 00:00:11,280 --> 00:00:13,680 Speaker 1: Michael Thompson and good morning, Sean Ailmer. 4 00:00:13,920 --> 00:00:15,520 Speaker 2: Good morning, Michael, Sean. 5 00:00:15,600 --> 00:00:19,439 Speaker 1: Our weekend show is vastly, vastly different to our weekday show. 6 00:00:19,560 --> 00:00:21,760 Speaker 1: This is all about the two of us each nominating 7 00:00:21,800 --> 00:00:24,680 Speaker 1: what we think is the biggest business story of the week, 8 00:00:25,160 --> 00:00:28,520 Speaker 1: the most remarkable business story, a sleeper story, one that's 9 00:00:28,680 --> 00:00:30,639 Speaker 1: kind of flying under the radar a little bit, not 10 00:00:30,640 --> 00:00:32,840 Speaker 1: getting the attention that we think it should be getting. 11 00:00:33,040 --> 00:00:35,800 Speaker 1: And we also pick out our favorite business story. We 12 00:00:36,000 --> 00:00:38,479 Speaker 1: put them out there for a judge to pick a 13 00:00:38,520 --> 00:00:41,000 Speaker 1: winner and decide between the two of us and that judge. 14 00:00:41,040 --> 00:00:45,160 Speaker 1: Every week is our Fear and Greed colleague, Adam Lang, Adam. 15 00:00:44,880 --> 00:00:46,519 Speaker 3: Good morning, good morning. 16 00:00:47,080 --> 00:00:53,840 Speaker 1: Now, look, criteria, they're really meaningless, but Adam, take us 17 00:00:53,880 --> 00:00:56,160 Speaker 1: through what you are looking for. It's just good to 18 00:00:56,240 --> 00:00:58,800 Speaker 1: know what you're going to be disregarding as we go through. 19 00:00:59,080 --> 00:01:05,880 Speaker 4: Thank you, Battle of business intellectuals, which you both are. Topicality, timeliness, 20 00:01:06,000 --> 00:01:10,600 Speaker 4: economic impact, My subjective bias has to come into account, 21 00:01:10,760 --> 00:01:13,240 Speaker 4: and of course, melodrama. 22 00:01:13,760 --> 00:01:15,919 Speaker 1: Never been called a business intellectual before. 23 00:01:16,760 --> 00:01:17,320 Speaker 2: Nor have I. 24 00:01:18,080 --> 00:01:21,320 Speaker 1: Yeah, this is this is good. I feel like you're 25 00:01:21,319 --> 00:01:26,160 Speaker 1: setting us up for a big battle here, Adam sean as, 26 00:01:26,480 --> 00:01:28,679 Speaker 1: would you like to go first on the biggest story 27 00:01:28,720 --> 00:01:31,800 Speaker 1: of the week, deliver something huge, just I don't know, 28 00:01:31,959 --> 00:01:33,480 Speaker 1: bust out the biggest story of the year. 29 00:01:33,520 --> 00:01:38,360 Speaker 2: Please? Absolutely. Having said that, though, let's start by saying 30 00:01:38,400 --> 00:01:41,319 Speaker 2: this hasn't exactly been in a premiere week when it 31 00:01:41,319 --> 00:01:44,560 Speaker 2: comes to news like, I'm not sure we've had a 32 00:01:44,600 --> 00:01:45,920 Speaker 2: blockbuster this week. 33 00:01:46,319 --> 00:01:49,520 Speaker 3: Not an audacious start so far, it bit bad. 34 00:01:49,840 --> 00:01:54,480 Speaker 2: Oh, But Adam, please wait, wait, because sometimes that happens. 35 00:01:54,480 --> 00:01:56,440 Speaker 2: Not every week can be the biggest week of the year. 36 00:01:57,400 --> 00:01:59,480 Speaker 2: Some weeks have to be the forty ninth biggest week 37 00:01:59,520 --> 00:02:01,480 Speaker 2: of the year. Week has to be the fifty second 38 00:02:01,480 --> 00:02:03,880 Speaker 2: biggest week of the year. But let's just put out 39 00:02:03,880 --> 00:02:06,680 Speaker 2: the cup for the time being. Of all the stories 40 00:02:06,720 --> 00:02:09,560 Speaker 2: around the place this week, the one that, according to 41 00:02:09,600 --> 00:02:14,520 Speaker 2: Adam's rather arbitrary judging criteria, is the biggest story is 42 00:02:14,560 --> 00:02:19,000 Speaker 2: the one around interest rates. This one story has a 43 00:02:19,040 --> 00:02:22,519 Speaker 2: couple of parts. Admittedly, first we found out this week 44 00:02:22,560 --> 00:02:25,480 Speaker 2: the Reserve Bank seriously debated lifting the official interest rate 45 00:02:25,639 --> 00:02:29,600 Speaker 2: at its board meeting. Two weeks ago remains very alerting. 46 00:02:29,680 --> 00:02:33,720 Speaker 2: You love that, very alert to stubbornly high inflation. Any 47 00:02:33,880 --> 00:02:37,239 Speaker 2: further slippage in inflation, as in it rises more than forecasts, 48 00:02:37,400 --> 00:02:40,080 Speaker 2: then watch out. Since that meeting, of course, we've had 49 00:02:40,080 --> 00:02:42,200 Speaker 2: the federal budget which has been released, and a three 50 00:02:42,280 --> 00:02:45,800 Speaker 2: hundred dollars energy rebate that should push inflation lower towards 51 00:02:45,840 --> 00:02:48,720 Speaker 2: the end of this year. This week, this week, yes, 52 00:02:48,760 --> 00:02:51,320 Speaker 2: this week, we also found out, courtesy of the Westpac 53 00:02:51,360 --> 00:02:55,000 Speaker 2: Consumer Sentiment survey, that people are looking at to use 54 00:02:55,040 --> 00:02:59,040 Speaker 2: their Stage three tax cuts to pay down debt. Whoa 55 00:02:59,200 --> 00:03:02,240 Speaker 2: crazy crazy? Or save rather than rush out and spend. Now, 56 00:03:02,240 --> 00:03:06,440 Speaker 2: if you think of the marginal propensity to save, basically 57 00:03:06,440 --> 00:03:09,160 Speaker 2: people don't save a stack of money, They save like 58 00:03:09,160 --> 00:03:12,639 Speaker 2: three or four percent. Well, this Westpac Consumer centerent says 59 00:03:13,000 --> 00:03:16,720 Speaker 2: that thirty percent of people will save all the tax 60 00:03:16,800 --> 00:03:19,000 Speaker 2: carts a number fifty percent will save at least half 61 00:03:19,040 --> 00:03:22,280 Speaker 2: of it. That is massive. So since the made Board meeting, 62 00:03:22,280 --> 00:03:25,240 Speaker 2: we've had two bits of really important information that suggests inflation, 63 00:03:25,680 --> 00:03:28,880 Speaker 2: or at least the official reading of inflation, will fall. 64 00:03:29,280 --> 00:03:31,399 Speaker 2: That's put on the table the chance the rates might 65 00:03:31,560 --> 00:03:37,640 Speaker 2: actually fall later this year. In an incredible week for news. 66 00:03:38,160 --> 00:03:43,120 Speaker 2: That is the biggest story. Michael, I will stop laughing 67 00:03:43,160 --> 00:03:45,839 Speaker 2: at me. Come on, I'm sorry. Sure. 68 00:03:47,120 --> 00:03:53,760 Speaker 1: I admire your attempt in a week where nothing in 69 00:03:53,800 --> 00:03:57,640 Speaker 1: the economy actually happened this week, that you have tried 70 00:03:57,680 --> 00:04:00,320 Speaker 1: to still position the economy, which you're not an allowed 71 00:04:00,360 --> 00:04:02,960 Speaker 1: to do that. Joseph intervention is very clear that you 72 00:04:03,040 --> 00:04:05,400 Speaker 1: are not allowed to put the economy as a broad 73 00:04:06,240 --> 00:04:07,680 Speaker 1: Say my question to. 74 00:04:07,680 --> 00:04:11,920 Speaker 2: You, then, Michael, I put it to you, sir. Have 75 00:04:12,040 --> 00:04:14,120 Speaker 2: you got a story where something actually happened? 76 00:04:14,400 --> 00:04:14,600 Speaker 1: Oh? 77 00:04:14,680 --> 00:04:16,880 Speaker 2: Yes, I do want something that actually happened. 78 00:04:17,080 --> 00:04:23,080 Speaker 1: I have a story where something absolutely happened. It This 79 00:04:23,320 --> 00:04:27,640 Speaker 1: is the biggest story of the week. A major, major 80 00:04:28,120 --> 00:04:30,039 Speaker 1: development in a story in. 81 00:04:30,320 --> 00:04:34,440 Speaker 2: Hold a development. Obviously it's not new, this is like incremental. 82 00:04:34,520 --> 00:04:37,880 Speaker 1: Yet it is something actually happening. Have you heard of 83 00:04:37,960 --> 00:04:39,880 Speaker 1: BHP Sean, Yes? 84 00:04:40,520 --> 00:04:42,880 Speaker 2: What has it? Has it gone and done something this week? 85 00:04:43,080 --> 00:04:43,320 Speaker 3: Yes? 86 00:04:44,080 --> 00:04:44,760 Speaker 2: What's it done? 87 00:04:44,960 --> 00:04:48,159 Speaker 1: I'll tell you what it's done. It's pursuit of rival 88 00:04:48,360 --> 00:04:53,040 Speaker 1: minor Anglo American stepped up not just a notch, it 89 00:04:53,200 --> 00:04:57,719 Speaker 1: stepped up an entire rung on the ladder of corporate excitement. 90 00:04:57,800 --> 00:04:59,039 Speaker 3: This week. It is at. 91 00:05:00,440 --> 00:05:04,719 Speaker 1: Fever pitch right now because you wanted to know what 92 00:05:04,880 --> 00:05:07,400 Speaker 1: happened this week, I'll tell you what happened this week. 93 00:05:08,400 --> 00:05:13,120 Speaker 1: BHP made a seventy three point nine billion dollar offer. 94 00:05:13,320 --> 00:05:15,600 Speaker 2: Oh so it's bought Ngo American has it? 95 00:05:15,600 --> 00:05:18,799 Speaker 1: It has not? But oh, that is where the excitement 96 00:05:18,880 --> 00:05:19,320 Speaker 1: comes in. 97 00:05:19,600 --> 00:05:20,719 Speaker 3: But hang on, hang on. 98 00:05:21,040 --> 00:05:24,480 Speaker 1: You're talking about data that wasn't even really kind of 99 00:05:24,520 --> 00:05:27,520 Speaker 1: happening this week that might influence something later in the future, 100 00:05:27,640 --> 00:05:30,040 Speaker 1: and the notes from a meeting that took place two 101 00:05:30,080 --> 00:05:32,560 Speaker 1: weeks ago, and you're saying that's the biggest story this week. 102 00:05:32,640 --> 00:05:35,320 Speaker 1: Here we have a seventy three point nine billion dollar 103 00:05:35,360 --> 00:05:37,920 Speaker 1: offer that came in this week was rejected this week, 104 00:05:37,960 --> 00:05:39,839 Speaker 1: which is a story in itself. 105 00:05:40,120 --> 00:05:41,200 Speaker 2: Right, nothing happened. 106 00:05:41,520 --> 00:05:46,800 Speaker 1: But but Sean, this is BHP's third bid in as 107 00:05:46,800 --> 00:05:49,359 Speaker 1: many weeks, a nine percent increase on what it offered 108 00:05:49,400 --> 00:05:52,320 Speaker 1: last week, based on the same structure as before, involved 109 00:05:52,320 --> 00:05:54,960 Speaker 1: selling off a bunch of assets in South Africa. Again, 110 00:05:55,320 --> 00:05:58,080 Speaker 1: the Anglo American board rejected it. 111 00:05:58,520 --> 00:05:59,920 Speaker 2: But bye. 112 00:06:00,040 --> 00:06:02,480 Speaker 1: And I know I've said but many times, but this 113 00:06:02,560 --> 00:06:08,400 Speaker 1: is a massive, massive butt. Anglo has given BHP a 114 00:06:08,520 --> 00:06:11,800 Speaker 1: one week extension to come up with an improved bid, right, 115 00:06:11,880 --> 00:06:13,960 Speaker 1: I'm going to turn your microphone off in a second. 116 00:06:14,760 --> 00:06:17,080 Speaker 1: I have that power, and Adam, you also have the 117 00:06:17,080 --> 00:06:22,040 Speaker 1: power to intervene and stop this awful disrespect but anyway. 118 00:06:22,120 --> 00:06:25,279 Speaker 2: Awful disrespect to the category the biggest story, absolutely, Adam. 119 00:06:25,320 --> 00:06:28,200 Speaker 2: You do have that right, Adam. 120 00:06:28,680 --> 00:06:33,160 Speaker 1: The reason this is so significant is because the extension, 121 00:06:33,240 --> 00:06:35,920 Speaker 1: the one week extension, takes it beyond the original May 122 00:06:35,960 --> 00:06:38,599 Speaker 1: twenty two deadline imposed by the UK's put up or 123 00:06:38,600 --> 00:06:42,800 Speaker 1: shut up laws, and it also sends significantly a message 124 00:06:42,839 --> 00:06:46,640 Speaker 1: to BHP that this thing is going somewhere, it has potential. 125 00:06:47,080 --> 00:06:49,560 Speaker 1: Don't say anything, Sean, I can see you just itching 126 00:06:49,640 --> 00:06:52,040 Speaker 1: to jump in here again. BHP has said it's not 127 00:06:52,040 --> 00:06:54,320 Speaker 1: going to bed any more money. So the next handful 128 00:06:54,440 --> 00:06:57,840 Speaker 1: of days are going to be very very interesting in 129 00:06:57,920 --> 00:07:01,560 Speaker 1: terms of how they negotiate and navigate this one. But 130 00:07:02,480 --> 00:07:04,960 Speaker 1: another butt, Why do we care so much about this? 131 00:07:05,080 --> 00:07:07,120 Speaker 1: Why does it matter? Why is this the biggest story 132 00:07:07,160 --> 00:07:08,720 Speaker 1: of the week. Because this is the biggest company in 133 00:07:08,760 --> 00:07:11,360 Speaker 1: Australia by a significant margin. A lot of Australian's own 134 00:07:11,440 --> 00:07:14,320 Speaker 1: shares in it, either directly or through their super movement 135 00:07:14,400 --> 00:07:16,640 Speaker 1: in its share price as we saw this week. Can 136 00:07:16,680 --> 00:07:19,000 Speaker 1: affect the rest of the market. And this deal, which 137 00:07:19,040 --> 00:07:23,400 Speaker 1: took a giant, giant leap forward this week, has the 138 00:07:23,480 --> 00:07:28,400 Speaker 1: potential has the potential to reshape the global mining industry 139 00:07:28,600 --> 00:07:32,880 Speaker 1: end end because of the extreme focus on Anglo's copper assets. 140 00:07:32,920 --> 00:07:35,680 Speaker 1: That has the potential to position BHP as a future 141 00:07:35,720 --> 00:07:38,920 Speaker 1: facing company. Yes, no deal yet, but what we saw 142 00:07:39,000 --> 00:07:43,440 Speaker 1: this week was sed this is so significant. What we 143 00:07:43,480 --> 00:07:46,640 Speaker 1: saw this week was the first sign that Anglo will 144 00:07:46,720 --> 00:07:50,640 Speaker 1: actually engage Anglo American. I'm calling it is on the 145 00:07:50,680 --> 00:07:55,960 Speaker 1: market and that and that is the biggest story of 146 00:07:56,000 --> 00:07:56,400 Speaker 1: the week. 147 00:07:58,320 --> 00:08:02,360 Speaker 2: Now, Adam, I'm looking forward to your judgment on this, 148 00:08:03,360 --> 00:08:07,360 Speaker 2: but we have never actually mine is the bigges story. 149 00:08:07,400 --> 00:08:10,280 Speaker 2: So please I'm not undermining my story in the next 150 00:08:10,400 --> 00:08:15,320 Speaker 2: fifteen seconds, but we have never actually had you come 151 00:08:15,360 --> 00:08:17,280 Speaker 2: and say, well you to a dud's. Neither of you 152 00:08:17,320 --> 00:08:18,960 Speaker 2: get points. I'm just putting it out there. 153 00:08:19,160 --> 00:08:21,280 Speaker 3: You know, it's funny you say that, Sean. 154 00:08:22,200 --> 00:08:25,120 Speaker 4: I was thinking about how controversial would it be if 155 00:08:25,160 --> 00:08:29,480 Speaker 4: I just disqualified you both from the from this category, 156 00:08:29,880 --> 00:08:34,400 Speaker 4: and Sean, it was an admirable attempt in yours admirable attempt. 157 00:08:34,800 --> 00:08:37,760 Speaker 3: Thank you, I appreciate not really much to it. 158 00:08:37,920 --> 00:08:39,080 Speaker 2: No, No, absolutely not. 159 00:08:39,600 --> 00:08:44,480 Speaker 3: So how about we just neutralized this category this week? Really? 160 00:08:44,920 --> 00:08:48,600 Speaker 1: Yeah, I genuinely disagree with this. 161 00:08:50,720 --> 00:08:51,760 Speaker 3: That is the shock. 162 00:08:52,400 --> 00:08:54,319 Speaker 1: No, But I mean, how. 163 00:08:54,200 --> 00:08:57,960 Speaker 2: Is Michael stop arguing? The judge has made it core. 164 00:08:58,760 --> 00:09:00,920 Speaker 2: I thought I had no chance because the only way 165 00:09:00,920 --> 00:09:03,280 Speaker 2: you could judge these two dud stories was on melodrama, 166 00:09:03,280 --> 00:09:04,680 Speaker 2: which I'm always going to lose out. 167 00:09:04,559 --> 00:09:06,320 Speaker 3: On, in which case Michael would win. 168 00:09:06,720 --> 00:09:10,560 Speaker 2: Yes, exactly so. But the judges called it. It's null 169 00:09:10,640 --> 00:09:11,559 Speaker 2: and void. 170 00:09:12,160 --> 00:09:14,199 Speaker 3: I think so. And look, Michael, your story. 171 00:09:14,480 --> 00:09:18,760 Speaker 4: Admittedly it was like a good attempt, but there's nothing 172 00:09:18,800 --> 00:09:23,280 Speaker 4: actually happened, and in Inshan's case, it was really not 173 00:09:23,360 --> 00:09:25,240 Speaker 4: much it happened, but the minutes got published with the 174 00:09:25,280 --> 00:09:28,160 Speaker 4: RBA and of course the Westpac data, which is, you know, 175 00:09:28,320 --> 00:09:31,440 Speaker 4: a thought into what might happen, rather than something that 176 00:09:31,559 --> 00:09:32,240 Speaker 4: has happened. 177 00:09:32,440 --> 00:09:35,520 Speaker 1: So it is a seventy four billion dollar offer. Nothing Well, 178 00:09:35,520 --> 00:09:37,760 Speaker 1: it hasn't happened, but the fact that it was still 179 00:09:37,800 --> 00:09:39,600 Speaker 1: received is still a story. 180 00:09:39,679 --> 00:09:42,480 Speaker 2: And it's okay. Moving on the most remarkable story. I'm 181 00:09:42,480 --> 00:09:45,040 Speaker 2: just going to talk over you. I'm taking your role here, Michael, 182 00:09:45,440 --> 00:09:48,480 Speaker 2: but will allow you to keep talking. It's zero zero 183 00:09:48,600 --> 00:09:51,360 Speaker 2: after one round, which is never unheard of. 184 00:09:51,480 --> 00:09:51,640 Speaker 1: Here. 185 00:09:52,720 --> 00:09:58,000 Speaker 2: Most remarkable story. Michael, Oh he's cranky. Look at him? 186 00:09:57,679 --> 00:09:59,880 Speaker 3: I am. 187 00:10:00,120 --> 00:10:03,240 Speaker 1: I am seething with righteous anger. 188 00:10:03,679 --> 00:10:05,240 Speaker 3: Oh good expression. 189 00:10:05,520 --> 00:10:08,040 Speaker 2: Hell hath no fury like a righteous Michael. 190 00:10:08,480 --> 00:10:10,880 Speaker 1: You know what, the people aren't going to like it. 191 00:10:11,280 --> 00:10:14,880 Speaker 1: The people are not going to like this anyway. Most remarkable. 192 00:10:15,920 --> 00:10:23,840 Speaker 1: We We knew obviously that chip maker and VideA was flying, 193 00:10:24,720 --> 00:10:31,080 Speaker 1: but this is just ridiculous. The company's revenue climbed two 194 00:10:31,240 --> 00:10:34,600 Speaker 1: hundred and sixty two percent in the past quarter. The 195 00:10:34,640 --> 00:10:39,000 Speaker 1: expectations were already high, and in Video somehow just blew 196 00:10:39,080 --> 00:10:42,360 Speaker 1: past them entirely. Of course, it's all about AI, the 197 00:10:42,640 --> 00:10:46,720 Speaker 1: mad rush for the computing power behind the technology, with 198 00:10:46,960 --> 00:10:49,800 Speaker 1: the big tech companies all racing to deliver AI products 199 00:10:49,800 --> 00:10:53,719 Speaker 1: at scale, the scene. Demand for Nvidia's products just skyrocket. 200 00:10:53,800 --> 00:10:56,960 Speaker 1: But these numbers are just ridiculous, aren't they. In the 201 00:10:56,960 --> 00:11:01,080 Speaker 1: March quarter, and Video was making about twenty nine million 202 00:11:01,480 --> 00:11:05,640 Speaker 1: US dollars a day a day in revenue. You know 203 00:11:05,640 --> 00:11:09,600 Speaker 1: what that is massive? It shares are up about ninety 204 00:11:09,600 --> 00:11:12,480 Speaker 1: percent this year alone. Another big surge this week after 205 00:11:12,480 --> 00:11:14,880 Speaker 1: the results were announced, passing one thousand US dollars a 206 00:11:14,920 --> 00:11:18,520 Speaker 1: share for the first time. The revenue numbers are just remarkable. 207 00:11:18,720 --> 00:11:22,760 Speaker 1: But get this, CEO Jensen Huang reckons the growth is 208 00:11:22,800 --> 00:11:26,560 Speaker 1: actually going to continue because later this year, the company's 209 00:11:26,600 --> 00:11:29,280 Speaker 1: Blackwell AI chip is going to be released. It's apparently 210 00:11:29,320 --> 00:11:34,120 Speaker 1: twice as fast as what Nvidia currently offers, five times 211 00:11:34,200 --> 00:11:38,920 Speaker 1: the AI performance, and the boss told investors that quote, 212 00:11:39,000 --> 00:11:42,120 Speaker 1: we will see a lot of Blackwell revenue this year. Now, 213 00:11:42,160 --> 00:11:46,319 Speaker 1: these things cost thirty to forty thousand dollars per unit, 214 00:11:47,440 --> 00:11:49,960 Speaker 1: so it sounds like Nvidea isn't slowing. 215 00:11:50,000 --> 00:11:50,120 Speaker 2: Now. 216 00:11:50,200 --> 00:11:51,960 Speaker 1: This is a heck of a story when you just 217 00:11:52,000 --> 00:11:55,439 Speaker 1: look at that two hundred and sixty two percent increase 218 00:11:56,240 --> 00:11:59,080 Speaker 1: in the past quarter. I don't even need to add melodrama. 219 00:11:59,160 --> 00:12:02,040 Speaker 1: This story sells itself. It is by far the most 220 00:12:02,080 --> 00:12:05,600 Speaker 1: remarkable story, I would argue in terms of results. It's 221 00:12:05,600 --> 00:12:08,440 Speaker 1: probably the most remarkable story of the year because it 222 00:12:08,480 --> 00:12:11,000 Speaker 1: also taps into what is the biggest trend of all 223 00:12:11,000 --> 00:12:13,440 Speaker 1: at the moment, which is AI. I'm just going to 224 00:12:13,480 --> 00:12:16,199 Speaker 1: rest my case right there. What have you got, Sean. 225 00:12:16,520 --> 00:12:20,240 Speaker 2: The Star Entertainment Group? What amozzle? Sure? We have the 226 00:12:20,240 --> 00:12:22,400 Speaker 2: second Adam Bell inquiry going on and calls for the 227 00:12:22,440 --> 00:12:24,920 Speaker 2: gaming group to lose its license in New South Wales. 228 00:12:25,360 --> 00:12:29,679 Speaker 2: But this week I think the Star somehow managed a 229 00:12:29,800 --> 00:12:34,959 Speaker 2: new low in communication to shareholders. Totally remarkable. It was 230 00:12:35,000 --> 00:12:38,600 Speaker 2: a major red face moment and a real wealth creator 231 00:12:38,880 --> 00:12:44,880 Speaker 2: or destroyer for investors. Hard Rock International, the Florida based 232 00:12:44,880 --> 00:12:49,280 Speaker 2: hospitality giant, came out and distanced itself from media reports 233 00:12:49,280 --> 00:12:52,760 Speaker 2: that it was in talks to buy Star Entertainment, owners 234 00:12:52,760 --> 00:12:55,160 Speaker 2: of casinos in New South Wales and Queensland. Now that 235 00:12:55,200 --> 00:12:59,000 Speaker 2: talk had sent Star's share price up twenty percent, hard 236 00:12:59,080 --> 00:13:01,319 Speaker 2: Rock came out and said hard Rock International came out 237 00:13:01,320 --> 00:13:05,559 Speaker 2: and said it had never entertained the idea. Turns out 238 00:13:05,559 --> 00:13:08,160 Speaker 2: the interested party was a Brisbane developer with links to 239 00:13:08,200 --> 00:13:12,360 Speaker 2: the now defunct hard Rock Cafe in Surface Paradise, something 240 00:13:12,480 --> 00:13:16,360 Speaker 2: slightly different. In its announcement to the AX, Star said 241 00:13:16,440 --> 00:13:18,680 Speaker 2: it had received So this is the words of Star. 242 00:13:19,480 --> 00:13:23,120 Speaker 2: It had received an approach from a consortium including hard 243 00:13:23,200 --> 00:13:27,840 Speaker 2: Rock Hotels and Resorts Open Bracket Pacific Close Bracket, which 244 00:13:28,000 --> 00:13:32,240 Speaker 2: it and I quote understands is a local partner of 245 00:13:32,400 --> 00:13:34,840 Speaker 2: hard Rock. Little bit of due diligence on the fact 246 00:13:34,880 --> 00:13:38,480 Speaker 2: that hard Rock Hotels and Resorts Pacific has nothing to 247 00:13:38,480 --> 00:13:42,440 Speaker 2: do with hard Rock International. Would have been handy. They're 248 00:13:42,440 --> 00:13:46,800 Speaker 2: putting this out to the AAX. This is an official document. 249 00:13:47,280 --> 00:13:50,520 Speaker 2: What about those investors who bought into the stock only 250 00:13:50,559 --> 00:13:53,240 Speaker 2: to see it tumble back down when they realized it 251 00:13:53,280 --> 00:13:56,640 Speaker 2: wasn't the hard Rock International crowd. Just remarkable that in 252 00:13:56,640 --> 00:13:59,319 Speaker 2: an announcement to the AX, given what's happened at that company, 253 00:14:00,200 --> 00:14:05,520 Speaker 2: can still get it so wrong. That is remarkable, as 254 00:14:05,559 --> 00:14:07,280 Speaker 2: opposed to some sort of trend that's been going on 255 00:14:07,320 --> 00:14:07,840 Speaker 2: to use. 256 00:14:07,960 --> 00:14:15,160 Speaker 4: Adam Okay, thank you both, Michael wins. 257 00:14:16,559 --> 00:14:22,840 Speaker 2: The it's no surprise given your total lack of regard 258 00:14:22,880 --> 00:14:30,240 Speaker 2: for what's happening locally. But go on, what the heck's 259 00:14:30,360 --> 00:14:32,800 Speaker 2: Thus far we've had Michael talking about Anglo American of 260 00:14:32,880 --> 00:14:35,040 Speaker 2: his probabout US. I mean, bring it home, Michael, bring 261 00:14:35,040 --> 00:14:36,800 Speaker 2: it home to Australia. 262 00:14:37,320 --> 00:14:41,480 Speaker 4: And the fact that the scale and the rapidity of 263 00:14:41,520 --> 00:14:44,640 Speaker 4: the growth and in Video in the last five years 264 00:14:44,680 --> 00:14:49,160 Speaker 4: in particular, but that it's going to go faster, that's incredible. 265 00:14:49,520 --> 00:14:55,480 Speaker 4: Specifically the Blackwell Chip good name too, and that it's 266 00:14:55,560 --> 00:14:58,560 Speaker 4: worth so much as an individual entity, but that it's 267 00:14:58,600 --> 00:15:03,360 Speaker 4: going to further grow. The company, incredible and remarkable story. 268 00:15:03,800 --> 00:15:07,600 Speaker 4: The Star Entertainment story. You know, I should excellent work 269 00:15:07,640 --> 00:15:11,320 Speaker 4: on the melodrama on that one. But the Star Entertainment story, 270 00:15:11,360 --> 00:15:12,560 Speaker 4: it's like, oh God, not. 271 00:15:12,560 --> 00:15:16,680 Speaker 3: Another stuff up. It's just incredible, isn't it? 272 00:15:16,280 --> 00:15:23,560 Speaker 2: It is incredible, Adam, as post in Michael's dribble, this 273 00:15:23,680 --> 00:15:27,840 Speaker 2: is outrageous. It is outrageous. You wonder well on that. 274 00:15:27,840 --> 00:15:28,640 Speaker 3: Point you agreed. 275 00:15:29,560 --> 00:15:32,280 Speaker 1: Okay, one nil now the first So there's no score 276 00:15:32,320 --> 00:15:34,120 Speaker 1: at all for the first round, is I think? 277 00:15:34,200 --> 00:15:35,680 Speaker 3: So? 278 00:15:35,720 --> 00:15:38,600 Speaker 2: How about Michael forget the judge half half one and 279 00:15:38,600 --> 00:15:39,280 Speaker 2: a half to half. 280 00:15:39,360 --> 00:15:43,800 Speaker 1: Yep, sounds good. That's good. That's better than just disregarding 281 00:15:44,400 --> 00:15:48,200 Speaker 1: all of it. One point five to zero point five. 282 00:15:48,800 --> 00:15:51,640 Speaker 1: We are heading into halftime. I've got a very good 283 00:15:51,680 --> 00:15:54,040 Speaker 1: local sleeper story coming up afterwards. And I know you've 284 00:15:54,040 --> 00:15:56,920 Speaker 1: criticized me for doing very kind of global stories and 285 00:15:56,960 --> 00:15:58,880 Speaker 1: taking a big picture approach, because that's kind of what 286 00:15:58,960 --> 00:15:59,280 Speaker 1: I do. 287 00:16:00,240 --> 00:16:03,480 Speaker 4: Allen singing, I still call as straight at home, bring 288 00:16:03,520 --> 00:16:04,280 Speaker 4: it home, Michael. 289 00:16:05,240 --> 00:16:07,480 Speaker 2: I have no idea how that fits into this conversation. 290 00:16:07,600 --> 00:16:08,800 Speaker 2: Adam should come up. 291 00:16:08,840 --> 00:16:13,120 Speaker 1: Wisdom obscure references sometimes, Adam, But anyway, we'll take a 292 00:16:13,160 --> 00:16:14,800 Speaker 1: quick break and we will come back with a sleeper 293 00:16:14,840 --> 00:16:23,160 Speaker 1: story of the week. All right, Sean, We're looking for 294 00:16:23,200 --> 00:16:25,720 Speaker 1: the sleeper story, which is one that's flying under the radar, 295 00:16:26,760 --> 00:16:29,000 Speaker 1: or it's not getting the attention that we feel it deserves, 296 00:16:29,080 --> 00:16:32,360 Speaker 1: or is subject to some other random criteria that Adam 297 00:16:32,400 --> 00:16:35,440 Speaker 1: I just decided to impose on a whim. Would you 298 00:16:35,520 --> 00:16:36,720 Speaker 1: like to go first on this one? 299 00:16:37,480 --> 00:16:40,120 Speaker 2: I would tell us a share price that is a 300 00:16:40,520 --> 00:16:43,360 Speaker 2: sleeper they're about I think it's one point two one 301 00:16:43,360 --> 00:16:46,920 Speaker 2: point three million shareholders in Telstra, thanks to the fact 302 00:16:46,920 --> 00:16:49,280 Speaker 2: that it was a government owned entity, were sold off 303 00:16:49,280 --> 00:16:52,760 Speaker 2: in three transches. Many Australians for the first time took 304 00:16:52,800 --> 00:16:55,760 Speaker 2: advantage of the relatively cheap way to enter the ASEX. 305 00:16:55,800 --> 00:17:00,000 Speaker 2: They became share market investors. A good thing. But why 306 00:17:00,000 --> 00:17:03,240 Speaker 2: while we were looking away and watching Nvidia and Friends 307 00:17:03,280 --> 00:17:05,399 Speaker 2: and sort of stuff that's going on overseas and whatever 308 00:17:05,400 --> 00:17:07,720 Speaker 2: Michael's been talking about Anglo America and the UK all 309 00:17:07,720 --> 00:17:12,359 Speaker 2: that stuff while we weren't watching, Telstra has really struggled 310 00:17:12,480 --> 00:17:14,199 Speaker 2: and its share price at one point this week was 311 00:17:14,240 --> 00:17:17,880 Speaker 2: down more than seven percent and two sessions. It started 312 00:17:18,000 --> 00:17:20,400 Speaker 2: when the country's largest telco said it will share twenty 313 00:17:20,440 --> 00:17:25,920 Speaker 2: eight hundred jobs. The reason is that outside mobiles, mobiles. 314 00:17:25,080 --> 00:17:28,120 Speaker 1: Mobiles, mobile phones, mobiles. 315 00:17:28,400 --> 00:17:34,080 Speaker 2: I said, mobile, okay, okay, outside mobile phones, it just 316 00:17:34,200 --> 00:17:36,879 Speaker 2: isn't doing that well. The group Enterprise division is fighting 317 00:17:36,880 --> 00:17:39,719 Speaker 2: the shift to the cloud. The consumer business has been 318 00:17:39,800 --> 00:17:42,520 Speaker 2: hit hard by the NBN. The business division is suffering 319 00:17:42,520 --> 00:17:46,199 Speaker 2: from people not using landlines. In fact, the boss of Telstra, 320 00:17:46,280 --> 00:17:49,359 Speaker 2: Vicki Brady, actually admitted this week she doesn't even have 321 00:17:49,400 --> 00:17:53,320 Speaker 2: a landline on her desk. Then it has increased competition, 322 00:17:53,440 --> 00:17:55,440 Speaker 2: particularly in the Bush, from the one point six billion 323 00:17:55,440 --> 00:18:00,560 Speaker 2: dollar network sharing deal between Optus and TPG. Basically, Telstra 324 00:18:00,840 --> 00:18:03,919 Speaker 2: like the record industry before it, the media industry before it, 325 00:18:04,080 --> 00:18:09,960 Speaker 2: plenty of others. It's a legacy business. Yeah, it's a 326 00:18:10,040 --> 00:18:13,679 Speaker 2: legacy business and it's just struggling to keep up in 327 00:18:13,720 --> 00:18:17,240 Speaker 2: a tech driven world. Telstra share price hit a three 328 00:18:17,320 --> 00:18:19,360 Speaker 2: year load this week. I think of the one point 329 00:18:19,400 --> 00:18:24,879 Speaker 2: two one point three million shareholders. That affects their income, 330 00:18:24,960 --> 00:18:26,919 Speaker 2: or with all those pensioners, that affects them because they 331 00:18:26,960 --> 00:18:29,640 Speaker 2: rely on dividends and things like that. Now one's talking 332 00:18:29,720 --> 00:18:31,879 Speaker 2: much about this. I mean, I guarantee the shareholders know 333 00:18:31,960 --> 00:18:34,920 Speaker 2: about it, but This is a really, really big deal 334 00:18:35,000 --> 00:18:39,200 Speaker 2: because the company that introduced the ASEX to so many, 335 00:18:39,320 --> 00:18:43,720 Speaker 2: hundreds of thousands of Australians is really really struggling. I 336 00:18:43,720 --> 00:18:47,159 Speaker 2: think there's a little bit of like just deep emotional 337 00:18:48,000 --> 00:18:49,280 Speaker 2: something going on here. 338 00:18:50,440 --> 00:18:58,800 Speaker 1: Melodrama, so deep emotional something, something that was like an 339 00:18:58,800 --> 00:19:01,280 Speaker 1: obscure band that AD would have liked in the eighties. 340 00:19:05,119 --> 00:19:10,720 Speaker 2: Are you done, Michael? I'm affected, I'm saddened, and I'm done. 341 00:19:10,760 --> 00:19:14,200 Speaker 1: But there's deeply emotional something. I'm assuming you are done 342 00:19:14,320 --> 00:19:16,639 Speaker 1: because it feels like you could have been done a 343 00:19:16,680 --> 00:19:18,880 Speaker 1: minute and a half ago. Because that was a very 344 00:19:18,920 --> 00:19:22,480 Speaker 1: long story. My story is short, My story is sharp. Sorry, 345 00:19:22,520 --> 00:19:27,159 Speaker 1: I'm still limbering up as I'm as I'm preparing for 346 00:19:27,200 --> 00:19:33,480 Speaker 1: mine the sleeper story this week. The banks better watch out. 347 00:19:34,000 --> 00:19:34,680 Speaker 1: It seems so. 348 00:19:34,680 --> 00:19:39,439 Speaker 2: Better not cry. 349 00:19:37,520 --> 00:19:41,680 Speaker 1: No, resist the urge to say it, I can't. I'm 350 00:19:41,720 --> 00:19:46,399 Speaker 1: telling you why. Sure I couldn't resist. But now that 351 00:19:46,440 --> 00:19:48,000 Speaker 1: we finished that one off, we can kind of wrap 352 00:19:48,040 --> 00:19:50,560 Speaker 1: that up and move on with the actual story of 353 00:19:50,640 --> 00:19:56,320 Speaker 1: why ASK is gunning for the banks. The regulator told 354 00:19:56,800 --> 00:20:02,760 Speaker 1: the banks that some lenders have quote effectively abandoned customers 355 00:20:03,160 --> 00:20:06,479 Speaker 1: who are struggling with the cost of living crisis, Assex says, 356 00:20:06,560 --> 00:20:09,400 Speaker 1: and this is pretty shocking, actually says that home lenders, 357 00:20:09,840 --> 00:20:13,680 Speaker 1: some home lenders, not all. Some have made accessing financial 358 00:20:13,720 --> 00:20:17,879 Speaker 1: assistance so hard that more than one in three people 359 00:20:18,080 --> 00:20:22,520 Speaker 1: actually dropped out of the application process at least once. 360 00:20:23,359 --> 00:20:25,159 Speaker 1: It hasn't had a lot of attention this week, but 361 00:20:25,240 --> 00:20:28,879 Speaker 1: when ACIK chair Joe Longo is threatening to take enforcement 362 00:20:28,920 --> 00:20:33,280 Speaker 1: action if things don't improve, you can guarantee, absolutely guarantee 363 00:20:33,280 --> 00:20:35,320 Speaker 1: that this is going to become a bigger story, which 364 00:20:35,359 --> 00:20:38,280 Speaker 1: is the definition of our sleeper story category. ACIK reviewed 365 00:20:38,320 --> 00:20:40,720 Speaker 1: ten large lenders and found that they should be doing 366 00:20:40,800 --> 00:20:44,320 Speaker 1: more to support Australian struggling to meet their repayments. Banks 367 00:20:44,359 --> 00:20:46,720 Speaker 1: have an obligation to help their customers if they can. 368 00:20:47,080 --> 00:20:50,359 Speaker 1: Certainly they have an obligation to review the situation and 369 00:20:50,480 --> 00:20:53,240 Speaker 1: see what can be done. But it's pretty shameful, isn't 370 00:20:53,240 --> 00:20:56,000 Speaker 1: it that some were making that process so hard that 371 00:20:56,000 --> 00:20:58,120 Speaker 1: people were actually dropping out rather than getting the help 372 00:20:58,119 --> 00:21:00,879 Speaker 1: that they need. ACIK also told us that forty percent 373 00:21:01,160 --> 00:21:04,640 Speaker 1: of customers who received hardship assistance through reduction or deferral 374 00:21:04,680 --> 00:21:08,160 Speaker 1: of payments fell into arrears again right after the assistance 375 00:21:08,240 --> 00:21:12,480 Speaker 1: period ended. They said that most households have the capacity 376 00:21:12,560 --> 00:21:15,800 Speaker 1: to withstand one hit to their finances, for example, going 377 00:21:15,840 --> 00:21:18,600 Speaker 1: from two incomes to one or an illness. But as 378 00:21:18,640 --> 00:21:21,520 Speaker 1: soon as you add a second thing that impacts the 379 00:21:21,840 --> 00:21:25,399 Speaker 1: finances of the household, the number of people needing help 380 00:21:25,920 --> 00:21:28,560 Speaker 1: from an external source, so you bank jumps right up. 381 00:21:28,600 --> 00:21:30,840 Speaker 1: And in this case, the second hit, which is almost 382 00:21:30,880 --> 00:21:33,760 Speaker 1: a universal one, is the cost of living crisis. So 383 00:21:33,800 --> 00:21:36,359 Speaker 1: the banks have been warned, look out for your customers. 384 00:21:36,720 --> 00:21:39,040 Speaker 1: Make it easier for them to get help, because if 385 00:21:39,080 --> 00:21:42,040 Speaker 1: you don't ask is coming for you. Sleep a story 386 00:21:42,040 --> 00:21:44,199 Speaker 1: this week because it didn't get talked about much, but 387 00:21:44,600 --> 00:21:47,120 Speaker 1: you can be sure that the banks will have been 388 00:21:47,160 --> 00:21:50,960 Speaker 1: paying attention and hopefully they pull up their socks. There 389 00:21:50,960 --> 00:21:54,240 Speaker 1: you go ad them, No melodrama, just the facts. 390 00:21:54,960 --> 00:21:58,600 Speaker 4: So, Sean, when you mentioned your story, I thought this 391 00:21:58,760 --> 00:22:03,320 Speaker 4: is going to be really hard to beat, and Michael 392 00:22:03,440 --> 00:22:04,800 Speaker 4: proved that it was. 393 00:22:06,320 --> 00:22:08,360 Speaker 3: So well unshorn. 394 00:22:10,600 --> 00:22:14,440 Speaker 2: Just like that. 395 00:22:13,240 --> 00:22:21,520 Speaker 1: That was savage, unexpectedly savage, intentionally so Telstra's share price. 396 00:22:21,760 --> 00:22:25,240 Speaker 4: The reason I'm saying that one's the biggest sleeper story 397 00:22:25,359 --> 00:22:29,520 Speaker 4: is this so Telstra. As Sean, you mentioned it's connected 398 00:22:29,520 --> 00:22:33,439 Speaker 4: to so many Australian investors, right, so it's incredible story 399 00:22:33,440 --> 00:22:35,520 Speaker 4: and a transition for one of our biggest companies. 400 00:22:36,080 --> 00:22:38,000 Speaker 3: Michael, your story is really good. 401 00:22:38,320 --> 00:22:41,200 Speaker 4: You didn't really bring it home on the melodrama, which 402 00:22:41,520 --> 00:22:44,560 Speaker 4: you did acknowledge. But I'm hoping that Asik is showing 403 00:22:44,600 --> 00:22:48,200 Speaker 4: some good preemptive striking on this and the banks will 404 00:22:48,240 --> 00:22:51,080 Speaker 4: respond to people in hardship and the compounding effect that 405 00:22:51,080 --> 00:22:53,760 Speaker 4: people are going through with multiple difficulties taking them into 406 00:22:53,760 --> 00:22:57,359 Speaker 4: financial distress. So I'm hoping that this works. But I 407 00:22:57,359 --> 00:22:59,840 Speaker 4: think on this one, Sean has to win for sleeper 408 00:22:59,840 --> 00:23:00,640 Speaker 4: Story of the week. 409 00:23:01,720 --> 00:23:06,480 Speaker 1: It's hard to It's hard to have melodrama when the 410 00:23:06,520 --> 00:23:08,600 Speaker 1: fire has been extinguished. 411 00:23:11,480 --> 00:23:13,119 Speaker 2: I can't just make a comment. So you know, the 412 00:23:13,240 --> 00:23:17,920 Speaker 2: judging's over right. Sometimes really annoys me because it says 413 00:23:18,000 --> 00:23:20,840 Speaker 2: things like now home Landers have made accessing financial assistance 414 00:23:20,880 --> 00:23:23,479 Speaker 2: so hard more than one and three drop out. I've 415 00:23:23,480 --> 00:23:25,040 Speaker 2: got to stand up for the banks a bit here. 416 00:23:25,560 --> 00:23:27,280 Speaker 2: You've got to make sure that people the right people 417 00:23:27,320 --> 00:23:30,800 Speaker 2: get the financial assistance, people that really need it. And 418 00:23:30,840 --> 00:23:33,520 Speaker 2: so there has to be a process to go through 419 00:23:33,920 --> 00:23:36,359 Speaker 2: and then the flip side is at the end of it, 420 00:23:36,400 --> 00:23:39,040 Speaker 2: and so people who are getting hardship and the way 421 00:23:39,040 --> 00:23:42,240 Speaker 2: stop getting hardship support, then they struggle again, or forty 422 00:23:42,280 --> 00:23:44,760 Speaker 2: percent of them struggle again. I think that's remarkable that 423 00:23:45,440 --> 00:23:47,880 Speaker 2: six percent make it through. And what do you expect 424 00:23:47,920 --> 00:23:50,600 Speaker 2: people are in hardship. It's really tough out there. I 425 00:23:50,640 --> 00:23:54,640 Speaker 2: don't know. Sometimes I think regulators just get a little 426 00:23:54,680 --> 00:23:58,720 Speaker 2: bit too enthusiastic about the fact that they can get 427 00:23:58,760 --> 00:24:00,000 Speaker 2: metiaor on stuff. 428 00:24:00,320 --> 00:24:02,040 Speaker 4: Yeah, I think that to your point, Showan, there is 429 00:24:02,400 --> 00:24:04,720 Speaker 4: an attribute in all of that, which is to say 430 00:24:04,720 --> 00:24:07,960 Speaker 4: that many of those in financial hardship found a way 431 00:24:08,000 --> 00:24:09,679 Speaker 4: out with the help of their banks. 432 00:24:09,760 --> 00:24:11,320 Speaker 3: That's a good the good part of that. 433 00:24:11,320 --> 00:24:15,560 Speaker 2: Story, Michael, I want you to find the fire. I 434 00:24:15,600 --> 00:24:18,520 Speaker 2: don't like it when you're just sitting there limp, grumpy. 435 00:24:18,880 --> 00:24:21,120 Speaker 2: Remember this is at one and a half to one 436 00:24:21,119 --> 00:24:23,119 Speaker 2: and a half at the moment, I believe. Yeah, so 437 00:24:23,600 --> 00:24:26,400 Speaker 2: you're in this. You're absolutely in this. Bring it home 438 00:24:26,440 --> 00:24:27,840 Speaker 2: with your favorite story of the week. 439 00:24:28,480 --> 00:24:30,159 Speaker 1: I'm not just in this, Sean, I've got this. 440 00:24:33,160 --> 00:24:34,000 Speaker 2: Oh he's back. 441 00:24:34,520 --> 00:24:38,760 Speaker 1: The favorite story of the week to look beyond our shores. 442 00:24:39,560 --> 00:24:43,920 Speaker 1: What a surprise it wasn't quieter week that there really 443 00:24:44,040 --> 00:24:46,879 Speaker 1: wasn't much happening this week, except for BHP's bid for 444 00:24:46,880 --> 00:24:55,080 Speaker 1: Anglo America. But favorite story. Hello, the UK heading to 445 00:24:55,160 --> 00:24:56,720 Speaker 1: the polls on July four. 446 00:24:57,080 --> 00:25:01,040 Speaker 2: Now, hold on, hold on, just because Adam's married to 447 00:25:01,080 --> 00:25:03,520 Speaker 2: a brit you can't. 448 00:25:05,400 --> 00:25:08,040 Speaker 3: Oh, do you suspect he's playing the judge show. 449 00:25:09,160 --> 00:25:11,200 Speaker 2: I think he's playing the judge's wife. And don't take 450 00:25:11,240 --> 00:25:17,840 Speaker 2: that wrongly, Jesus Bara Lara, Lara, I don't mean that 451 00:25:17,880 --> 00:25:20,840 Speaker 2: in any wrong way. But Michael is sucking up. 452 00:25:21,800 --> 00:25:27,720 Speaker 1: Go on anyway, the UK after the polls earlier than expected, 453 00:25:27,840 --> 00:25:32,639 Speaker 1: after Prime Minister Rishi Sunac announced a surprise general election. 454 00:25:32,760 --> 00:25:35,440 Speaker 1: It is my favorite story. It's my favorite story because 455 00:25:35,440 --> 00:25:39,119 Speaker 1: it's just the latest political drama from a country not 456 00:25:39,200 --> 00:25:42,240 Speaker 1: really known so much for political chaos, but how things 457 00:25:42,760 --> 00:25:45,399 Speaker 1: have changed over the last last few years. It's going 458 00:25:45,440 --> 00:25:48,280 Speaker 1: to be quite a battle for the incumbent because Labor, 459 00:25:48,520 --> 00:25:51,639 Speaker 1: led by Keir Starmer, is considered a shoe in. The 460 00:25:51,680 --> 00:25:55,919 Speaker 1: Times newspaper put Labour's lead at twenty seven percentage points, 461 00:25:56,320 --> 00:25:59,800 Speaker 1: which is quite extraordinary, and their campaign is already zero 462 00:25:59,920 --> 00:26:02,960 Speaker 1: in on what they've dubbed Tory chaos, which kind of 463 00:26:03,000 --> 00:26:05,439 Speaker 1: makes sense when you think about it. Given that the 464 00:26:05,480 --> 00:26:08,840 Speaker 1: Conservative government has had five prime ministers since they came 465 00:26:08,880 --> 00:26:12,159 Speaker 1: to power, four of them in just the last eight years. 466 00:26:12,400 --> 00:26:14,600 Speaker 1: One of them was there for just forty nine days 467 00:26:14,640 --> 00:26:18,840 Speaker 1: in total and was infamously outlasted by a Lettuce. Do 468 00:26:18,880 --> 00:26:23,280 Speaker 1: you remember that the Iceberg in the Iceberg letters, will 469 00:26:23,680 --> 00:26:27,960 Speaker 1: will it out last her? And unfortunately. 470 00:26:28,760 --> 00:26:29,200 Speaker 3: It did. 471 00:26:29,680 --> 00:26:34,120 Speaker 1: The lettis out outlasted this trust. Anyway, Richie Son has 472 00:26:34,119 --> 00:26:36,640 Speaker 1: decided to go to the polls using inflation falling under 473 00:26:36,640 --> 00:26:39,240 Speaker 1: three percent, lowest level in almost three years, as a 474 00:26:39,280 --> 00:26:43,879 Speaker 1: demonstration of his ability to deliver economic stability, and also 475 00:26:44,119 --> 00:26:49,280 Speaker 1: promoting a plan on border security. But honestly, honestly, the campaign, 476 00:26:49,520 --> 00:26:52,960 Speaker 1: the election, it hasn't gotten off to the best start 477 00:26:53,040 --> 00:26:56,160 Speaker 1: because he announced the election outside ten Downing Street, as 478 00:26:56,200 --> 00:26:59,000 Speaker 1: you do, but he did it in the rain, and 479 00:26:59,040 --> 00:26:59,920 Speaker 1: he did it without. 480 00:26:59,680 --> 00:27:03,840 Speaker 2: An treller in the so he looked bedraggled. 481 00:27:03,640 --> 00:27:07,480 Speaker 1: So he was drenched. He just looked wet and miserable, 482 00:27:07,680 --> 00:27:11,800 Speaker 1: and of course protesters were there playing the song things 483 00:27:11,880 --> 00:27:15,320 Speaker 1: can only get Better on a on a loud speaker, 484 00:27:15,560 --> 00:27:19,000 Speaker 1: which interrupted his speech. So of course, of course the 485 00:27:19,040 --> 00:27:23,000 Speaker 1: newspapers the next day had some great headlines, including how 486 00:27:23,040 --> 00:27:27,280 Speaker 1: long will he rain over us? Drowning Street was another 487 00:27:27,280 --> 00:27:31,280 Speaker 1: good one, and also things can only get wetter. 488 00:27:33,119 --> 00:27:37,439 Speaker 3: Particularly good, wasn't that? I reckon it was? And I 489 00:27:37,440 --> 00:27:41,240 Speaker 3: think it's by a band d Ream Adam. 490 00:27:41,240 --> 00:27:45,400 Speaker 2: Too much detail, mate, nobody, Okay, okay, let me tell 491 00:27:45,400 --> 00:27:47,560 Speaker 2: you about that band's history. Yeah. 492 00:27:47,040 --> 00:27:50,040 Speaker 1: Yeah, they had a fantastic B side hit four years 493 00:27:50,080 --> 00:27:55,440 Speaker 1: before that one came out. Not many people have heard 494 00:27:55,440 --> 00:27:57,359 Speaker 1: of this, but if you google it on YouTube you 495 00:27:57,440 --> 00:28:01,439 Speaker 1: might be able to find it. Oh dear lord. Anyway, Adam, 496 00:28:01,600 --> 00:28:05,520 Speaker 1: Economically this story matters. The UK is, by my calculations, 497 00:28:05,560 --> 00:28:09,320 Speaker 1: the sixth largest global economy, and what happens to the 498 00:28:09,400 --> 00:28:12,760 Speaker 1: UK affects us, particularly when it comes to security deals 499 00:28:12,760 --> 00:28:16,879 Speaker 1: like the Orcust arrangement. Put it all together with Orcus 500 00:28:17,720 --> 00:28:21,000 Speaker 1: with a dripping wet Rushi, Sunac Boris Johnson with his 501 00:28:21,080 --> 00:28:24,280 Speaker 1: COVID parties, Liz Trust in her letters. It is my 502 00:28:24,440 --> 00:28:25,680 Speaker 1: favorite story of the week. 503 00:28:26,119 --> 00:28:26,600 Speaker 3: Brilliant. 504 00:28:28,600 --> 00:28:30,800 Speaker 2: Well, that's a bad start for me when alas brilliant, 505 00:28:31,840 --> 00:28:34,280 Speaker 2: it's not looking. I just point out something here is 506 00:28:34,520 --> 00:28:37,080 Speaker 2: like this is shower Like most of our listeners where 507 00:28:37,119 --> 00:28:37,560 Speaker 2: do they live? 508 00:28:38,360 --> 00:28:39,240 Speaker 1: Mostly in the UK? 509 00:28:39,400 --> 00:28:45,200 Speaker 2: Sean Well that would suit then because Michael's first story 510 00:28:45,280 --> 00:28:52,880 Speaker 2: Engler UK and Nvidia US UK. Interesting. Interesting, this is outrageous. 511 00:28:53,080 --> 00:28:54,560 Speaker 1: What have you got for a shore. 512 00:28:54,640 --> 00:28:57,400 Speaker 2: Well, it's a local story. In fact, it's a patriotic 513 00:28:57,480 --> 00:29:01,160 Speaker 2: story because I am a proud Australian, I really am, 514 00:29:02,080 --> 00:29:05,800 Speaker 2: and I'm proud that Sydney, Melbourne and Perth are among 515 00:29:05,880 --> 00:29:09,520 Speaker 2: the top twenty five cities in this world in terms 516 00:29:09,560 --> 00:29:13,040 Speaker 2: of living in it. That's according to Oxford Economics' inaugural 517 00:29:13,160 --> 00:29:16,600 Speaker 2: Global Cities Index. Of course, if you asked me, i'd 518 00:29:16,600 --> 00:29:20,280 Speaker 2: throw in Brisbane, Adelaide, Darwin, canbra Hobart, Wogga, Wogger and 519 00:29:20,360 --> 00:29:24,480 Speaker 2: Orange of course. However, this index looked at let thousand 520 00:29:25,040 --> 00:29:29,600 Speaker 2: large urban economies New York and London best cities to 521 00:29:29,640 --> 00:29:34,440 Speaker 2: live in. Melbourne's number nine, Sydney sixteen, Perth is twenty three. Okay, 522 00:29:34,480 --> 00:29:37,800 Speaker 2: I submit that these rankings are highly subjective, but this 523 00:29:37,800 --> 00:29:40,920 Speaker 2: one had some serious rigor. Look at economics, human capital, 524 00:29:41,040 --> 00:29:45,240 Speaker 2: quality of life, environment and governance heaviest waiting on economics, 525 00:29:45,560 --> 00:29:49,400 Speaker 2: Adam economics heaviest waiting. That's why the US and European 526 00:29:49,480 --> 00:29:52,000 Speaker 2: Pean cities dominate the top fifty spots. I'll run through 527 00:29:52,040 --> 00:29:54,520 Speaker 2: the top ten New York, London, San Jose, which is 528 00:29:54,520 --> 00:29:59,120 Speaker 2: in California, Tokyo, Paris, Seattle, Los Angeles, San Francisco, Melbourne, 529 00:29:59,280 --> 00:30:04,240 Speaker 2: and Zurich. I think this is a magnificent, magnificent ranking. 530 00:30:04,680 --> 00:30:08,080 Speaker 2: And then I looked at some of the breakdowns and 531 00:30:08,120 --> 00:30:12,280 Speaker 2: it actually in one of those categories is quality of life. 532 00:30:12,920 --> 00:30:15,120 Speaker 2: And I looked at the top quality of life cities 533 00:30:15,320 --> 00:30:19,160 Speaker 2: Camebra came in third. Well they didn't that undermine me? 534 00:30:19,480 --> 00:30:23,520 Speaker 2: Didn't that? I thought, Oh dear, I'm not sure if 535 00:30:23,560 --> 00:30:28,320 Speaker 2: I believe this index anyway. Passing that on, I've lived 536 00:30:28,320 --> 00:30:32,520 Speaker 2: in Camera magnificent spot to live. Maybe kind of briefly. 537 00:30:33,160 --> 00:30:38,040 Speaker 1: We are overrepresented by Canberra listeners, your family. Basically just 538 00:30:38,080 --> 00:30:40,840 Speaker 1: doing a little bit of a Google here in our 539 00:30:40,880 --> 00:30:43,840 Speaker 1: analytics and I can see that we are heavily weighted 540 00:30:43,880 --> 00:30:44,520 Speaker 1: towards Canberra. 541 00:30:44,680 --> 00:30:48,200 Speaker 2: So at least I'm talking about somewhere where people live. 542 00:30:49,040 --> 00:30:51,880 Speaker 2: As as what you've done, the dribble you've provided with the. 543 00:30:51,760 --> 00:30:53,880 Speaker 1: Base on what you're saying about that place, I think 544 00:30:53,880 --> 00:30:55,360 Speaker 1: they would probably prefer you didn't. 545 00:30:55,720 --> 00:30:57,640 Speaker 2: I don't mind being hated so long as I'm relevant. 546 00:30:58,040 --> 00:31:00,000 Speaker 3: Michael Touch of the Eveland Wars. 547 00:31:01,640 --> 00:31:04,400 Speaker 2: That's it, Adam. I'm proud Australia and a patriot. I 548 00:31:04,480 --> 00:31:06,880 Speaker 2: know you are. It's a bit of a shame that 549 00:31:07,120 --> 00:31:08,800 Speaker 2: your wife does come from the UK, so you're a 550 00:31:08,800 --> 00:31:11,640 Speaker 2: bit torn. But that's my favorite story. It's just how 551 00:31:11,680 --> 00:31:15,160 Speaker 2: well we've done in terms of global rankings. 552 00:31:15,200 --> 00:31:19,080 Speaker 4: So Sean on the Global Cities Index. I must say 553 00:31:19,120 --> 00:31:22,080 Speaker 4: thank you to John O from Wogga Wogga who lamented 554 00:31:22,120 --> 00:31:24,960 Speaker 4: the fact that Wogga Wogga is not included in the 555 00:31:24,960 --> 00:31:25,920 Speaker 4: top one thousand cities. 556 00:31:25,960 --> 00:31:28,960 Speaker 3: But if it was, he has to vote for it. 557 00:31:29,000 --> 00:31:31,760 Speaker 2: He also what we loved about Johnnah. He is a 558 00:31:31,960 --> 00:31:34,120 Speaker 2: regular listener, has been listening for a long time because 559 00:31:34,160 --> 00:31:38,320 Speaker 2: even mentioned Orange and Henty. Now Henty is somewhere where 560 00:31:38,440 --> 00:31:41,080 Speaker 2: Michael came from at some point in his life. Michael 561 00:31:41,120 --> 00:31:43,320 Speaker 2: moved around a lot. He couldn't hold own a city 562 00:31:44,000 --> 00:31:45,880 Speaker 2: and I grew up in Orange obviously in central West 563 00:31:45,880 --> 00:31:48,880 Speaker 2: New South Wales. So Jonah actually remembered that. So added 564 00:31:48,960 --> 00:31:51,440 Speaker 2: days in as well, So fat Press. I reckon the 565 00:31:51,480 --> 00:31:55,040 Speaker 2: first if we ever get these mia cups that you've 566 00:31:55,080 --> 00:31:57,840 Speaker 2: been talking about for every Adam, I reckon, John, I 567 00:31:57,840 --> 00:31:59,000 Speaker 2: should get the first one. 568 00:31:59,280 --> 00:32:03,959 Speaker 4: Ah, lovely most enthusiastic advocate John O. And can I 569 00:32:04,080 --> 00:32:08,240 Speaker 4: just give a quick tribute to my birthtown, Keith, South. 570 00:32:08,000 --> 00:32:10,560 Speaker 2: Australia, Ah, Keith, I didn't raise you were born in. 571 00:32:10,760 --> 00:32:12,800 Speaker 4: I don't think it's going to trouble the Global Cities 572 00:32:12,840 --> 00:32:14,440 Speaker 4: Index anytime soon. 573 00:32:15,120 --> 00:32:16,280 Speaker 2: Quality of life though. 574 00:32:16,520 --> 00:32:22,920 Speaker 4: Great quality of life And to the favorite story, Okay, controversial. 575 00:32:23,000 --> 00:32:25,120 Speaker 4: I know Michael wins. 576 00:32:25,640 --> 00:32:31,280 Speaker 2: No chance, that's right. I'm just building up here. I 577 00:32:31,440 --> 00:32:32,520 Speaker 2: just thought it's cracky. 578 00:32:32,760 --> 00:32:35,280 Speaker 3: But with Rishie too, you know, he's this a little 579 00:32:35,280 --> 00:32:36,160 Speaker 3: bit of a cynical view. 580 00:32:36,400 --> 00:32:38,840 Speaker 4: But I wonder whether he's just calling the election because 581 00:32:38,840 --> 00:32:41,880 Speaker 4: he's nose, he's going to lose and he's had enough, right. 582 00:32:42,240 --> 00:32:44,560 Speaker 4: I just said, you know, maybe this PM thing, I've 583 00:32:44,600 --> 00:32:47,240 Speaker 4: done it now, I've outlasted the Iceberg letters. 584 00:32:48,280 --> 00:32:50,800 Speaker 3: I can go and then the other thing. 585 00:32:50,880 --> 00:32:54,880 Speaker 4: Julie Bishop appeared at Umbrella three sixty this week on 586 00:32:55,000 --> 00:33:00,880 Speaker 4: Thursday and she gave a brilliant presentation. She said that 587 00:33:01,000 --> 00:33:04,480 Speaker 4: watched this space with Boris Johnson. She doesn't think he's 588 00:33:04,600 --> 00:33:08,040 Speaker 4: done with the limelight and just the calling of the election. 589 00:33:08,240 --> 00:33:10,680 Speaker 4: I wonder I wonder whether he might find a way 590 00:33:10,680 --> 00:33:11,960 Speaker 4: back in it. 591 00:33:12,120 --> 00:33:14,360 Speaker 1: Really kind of tossed a little bit of bonus material 592 00:33:14,400 --> 00:33:14,920 Speaker 1: in there at the. 593 00:33:14,960 --> 00:33:17,840 Speaker 3: End, didn't she a rare contribution. 594 00:33:18,120 --> 00:33:20,160 Speaker 1: It's like one of those like I remember the extras 595 00:33:20,160 --> 00:33:23,000 Speaker 1: when you get a DVD and you get like the outtakes, 596 00:33:23,200 --> 00:33:25,840 Speaker 1: the director's kind of commentary and stuff. It feels like 597 00:33:25,880 --> 00:33:27,760 Speaker 1: we've just got that little kind of an Easter egg 598 00:33:27,840 --> 00:33:30,080 Speaker 1: from Adam just then a little bit of bonus material 599 00:33:30,120 --> 00:33:32,760 Speaker 1: that no one was actually expecting. I like that well, 600 00:33:33,400 --> 00:33:35,360 Speaker 1: and Julie Bishop actually said that, did she? 601 00:33:35,360 --> 00:33:35,880 Speaker 3: She did. 602 00:33:36,320 --> 00:33:39,520 Speaker 4: She also put up some magnificent photos of her during 603 00:33:39,520 --> 00:33:42,720 Speaker 4: her career, and one of them was running on the 604 00:33:42,880 --> 00:33:46,600 Speaker 4: mail pal mal in London between you know this kind 605 00:33:46,600 --> 00:33:49,920 Speaker 4: of the city area and Buckingham Palace with Boris Johnson. 606 00:33:50,480 --> 00:33:53,400 Speaker 4: Now she looked, you know, fit well in her you 607 00:33:53,400 --> 00:33:58,280 Speaker 4: know fitness gear, her at leisure where and Boris looked 608 00:33:58,280 --> 00:33:59,920 Speaker 4: like he was about to rob Buckingham. 609 00:34:01,080 --> 00:34:02,840 Speaker 3: It's a great high. 610 00:34:04,240 --> 00:34:06,320 Speaker 2: Michael, if you've won two and a half to one 611 00:34:06,360 --> 00:34:06,840 Speaker 2: and a half. 612 00:34:07,400 --> 00:34:12,800 Speaker 1: Shall we have the scores please, Adam so oh god, 613 00:34:14,320 --> 00:34:21,400 Speaker 1: Sean ninety one points, Michael ninety two points. That's an 614 00:34:21,440 --> 00:34:22,120 Speaker 1: honorable win. 615 00:34:22,640 --> 00:34:23,920 Speaker 2: I'll take it. Take it. 616 00:34:24,719 --> 00:34:28,400 Speaker 1: There has been nothing honorable about today has been an 617 00:34:28,400 --> 00:34:29,400 Speaker 1: absolute disgrace. 618 00:34:30,320 --> 00:34:32,800 Speaker 2: There were no main stories. You couldn't even bring yourself 619 00:34:32,800 --> 00:34:34,760 Speaker 2: back to Australia and when you did, it was something 620 00:34:34,960 --> 00:34:40,320 Speaker 2: that hadn't happened and I lost nothing honorable. Goodbye. 621 00:34:40,640 --> 00:34:42,919 Speaker 3: As always, the judge feels the love. 622 00:34:43,560 --> 00:34:46,759 Speaker 2: Thank you, Sean, Thanks Michael, Thanks Adam, Thank you. 623 00:34:46,719 --> 00:34:48,000 Speaker 3: Adam, thank you. 624 00:34:48,440 --> 00:34:50,880 Speaker 1: Make sure you're following the podcast and join us online 625 00:34:50,880 --> 00:34:54,520 Speaker 1: on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson 626 00:34:54,560 --> 00:34:55,800 Speaker 1: and I was fear and greed. 627 00:34:56,040 --> 00:34:56,840 Speaker 2: Had a great weekend.