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

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

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Speaker 1: Sean Aylmer.

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Speaker 2: Hello Michael Sean.

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

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

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

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

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Speaker 1: but because it's the end of the quarter, we're going

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Speaker 1: to look at the biggest business story of the quarter,

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Speaker 1: of the year so far, the most remarkable story, a

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Speaker 1: mystery category that changes every week, and then our favorite

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Speaker 1: story of the quarter. Let's jump straight into it, the

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Speaker 1: biggest business story this year. I mean, there is really

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Speaker 1: only one option.

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Speaker 2: Well, yes, I suppose. What I'm taking is how the

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Speaker 2: war and the conflict in the Middle East has re

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Speaker 2: organized alliances. Basically, don't try to be aggressive, no doubt

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Speaker 2: about it. Talked about Greenland, talked about Venezuela, Orhi took

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Speaker 2: the leader from Venezuela, talking about Cuba. We had the

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Speaker 2: US and Israel attacking Iran. He's been critical of friend

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Speaker 2: and foe. You know, Canada best friends with the US,

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Speaker 2: not anymore. What it has done is reorder the world.

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Speaker 2: Middle powers, led by Canada's Mark Karney, really are taking

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Speaker 2: their place in the world order. The US is on

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Speaker 2: the outer with many countries China sat back and watch

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Speaker 2: things evolved, you know, Australia, India, Korea, EU, Canada. They

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Speaker 2: are kind of finding a new role and that will

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Speaker 2: last for a long time. And so I think what's

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Speaker 2: happened in the last three months really redefines democracies and the

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Speaker 2: interrelationships between democracies for decades ahead.

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Speaker 1: Yeah, that is actually lasting change, isn't it right. And

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Speaker 1: the other part of it is really the short, sharp,

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Speaker 1: immediate economic impact that we've seen, which is still going

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Speaker 1: to last for a long time. The impact on oil prices,

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Speaker 1: and that of course has hit petrol prices here, but

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Speaker 1: that will come to an end at some point, right,

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Speaker 1: whereas the geopolitical changes will last forever. But in terms

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Speaker 1: of those petrol prices, it is what has been described

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Speaker 1: as an unprecedented crisis that's putting a lot of pressure

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Speaker 1: on households, a lot of pressure on businesses, inflationary pressure.

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Speaker 1: The impact then on interest rates and what the Reserve

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Speaker 1: Bank might do, the impact on markets as well, for

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Speaker 1: investors what it all means for our super It's just

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Speaker 1: been so volatile, as massive swings on markets here and

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Speaker 1: in the US, all basically on not just on what

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Speaker 1: is actually happening in the Middle East, but on what

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Speaker 1: Donald Trump says is going to happen or says might happen,

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Speaker 1: what he's considering doing, and then markets now don't know

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Speaker 1: whether to react to those or not. So there's just

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Speaker 1: this confusion and the volatility is just extraordinary. Anyway, let's

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Speaker 1: move on, shall we to the most remarkable story of

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Speaker 1: the quarter? Can I suggest in politics right the fall

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Speaker 1: of the Coalition the rise of one Nation that we've

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Speaker 1: really seen play out this quarter In just the last

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Speaker 1: three months. Susan Lee gone as Liberal leader, Angus Taylor

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Speaker 1: in as Liberal leader after a bit of a battle

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Speaker 1: with Andrew Hasty, David Little Proud gone as Nationals leader,

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Speaker 1: Matt Canavan in as Nationals leader, and all the while

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Speaker 1: one nation outpolling the Liberals, outpolling the Coalition. It was

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Speaker 1: just extraordinary. Who saw a play out in the South

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Speaker 1: Australian election results as well that this did translate into

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Speaker 1: actual votes on voting day. So there's a remarkable amount

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Speaker 1: of change for the conservative side of politics, and you

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Speaker 1: would have to think a bit of a reset of

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Speaker 1: values now in terms of what they stand for, trying

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Speaker 1: to lure people back to the party that has been

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Speaker 1: the one of the two pillars of politics in Australia

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Speaker 1: for so long.

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Speaker 2: Yeah, I mean, I think I agree with you that

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Speaker 2: is the most remarkable story of the quarter of the world.

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Speaker 2: Just show in the turn of the housing market. We

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Speaker 2: began the little year looking strong, high clearance rates. Within

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Speaker 2: weeks the markets have turned, particularly Sydney and Melbourne they've

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Speaker 2: gone backwards so far this year. Perth remains on a tear, Brisbane,

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Speaker 2: Adelaida on all doing well. Mostly a supply story. Getting

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Speaker 2: more supply back into the market is actually taking the

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Speaker 2: heat out of prices. But I probably do think I

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Speaker 2: agree with you that the fall and fall of the

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Speaker 2: coalition wow remarkable this year.

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Speaker 1: Yeah. The mystery category, Sean, is the story that stuck

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Speaker 1: with us this quarter. Something that really stood out. What

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Speaker 1: did you like?

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Speaker 2: The rise of AI. The adoption of AI this year

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Speaker 2: has been incredible. You've actually got people there's this thing

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Speaker 2: called the no Click policy. It's estimated that more than

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Speaker 2: fifty percent of people who search now have a no

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Speaker 2: click policy. They read the AI response and go no further.

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Speaker 2: I just never in my lifetime have I seen something

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Speaker 2: be adopted as fast as AI. Yeah.

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Speaker 1: Yeah, it has been so so quick. The other one

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Speaker 1: is the tide turning a little on social media, the

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Speaker 1: big court cases, in particular the one in the US

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Speaker 1: that found that social media platforms like Instagram designed to

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Speaker 1: be addictive and that causes damage. And it just feels like, Okay,

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Speaker 1: maybe there is a little bit more pressure now on

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Speaker 1: the social media giants than there was before. And we've

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Speaker 1: really seen that playing out this quarter, particularly with the

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Speaker 1: government's social media band for under sixteens gaining more international

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Speaker 1: support as well. Favorite story, let's see favorite story from

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Speaker 1: the quarter? Can I suggest one here?

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Speaker 2: Go for it.

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Speaker 1: It did play out this quarter, though it hasn't come

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Speaker 1: to a resolution yet. The h Reable c versus the supermarkets,

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Speaker 1: it was all in court, the federal court, the consumer

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Speaker 1: watchdog taking on coals over their pricing practices. Basically where

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Speaker 1: they would put prices on a product up, leave it

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Speaker 1: there for about a week or so so then reduce them,

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Speaker 1: still at a price higher than the original price, but

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Speaker 1: claim it is on sale. Claim it's on special, even

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Speaker 1: though the customer is still paying more than they were,

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Speaker 1: say a fortnight ago. All played out in the federal

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Speaker 1: court decision yet to be returned. Woolies is facing the

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Speaker 1: same fight later in the year. Households are under a

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Speaker 1: lot of cost of living pressure. We've seen Woolies kind

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Speaker 1: of fighting back now against Colds. Both have been improving

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Speaker 1: their image and this whole thing just threatens to bring

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Speaker 1: them all undone once again.

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Speaker 2: Yeah, yeah, Look, my favorite story is the fact that

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Speaker 2: we're actually talking about tax reform, particularly capital gains tax reform.

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Speaker 2: The governments floated the ideas supported by the Greens, who,

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Speaker 2: of course they need to sport the Greens in the Senate,

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Speaker 2: even some of the Liberals Andrew Hasty thing it isn't

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Speaker 2: a bad idea. Jim Chalmers reckons they'll be reformed. They

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Speaker 2: haven't confirmed executive's capital gains tax reform, but they're floating it,

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Speaker 2: and I think that's a good thing.

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Speaker 1: It's starting to sound pretty likely. All right, there we

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

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Speaker 1: know in the world of business from the entire last quarter.

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Speaker 2: Thank you, Sean, thank you, Michael.

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Speaker 1: Don't forget to hit follow on the podcast, and head

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Speaker 1: to Fearangreed dot com dot au to sign up for

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Speaker 1: our free daily newsletter. I'm Michael Thompson and this is

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Speaker 1: the Fast five Business news by Fear and Greek