1
00:00:06,280 --> 00:00:10,400
Speaker 1: The Australian economy records its worst annual growth since the

2
00:00:10,440 --> 00:00:14,960
Speaker 1: early nineteen nineties, excluding the pandemic. Chip maker and Vidia

3
00:00:15,040 --> 00:00:18,040
Speaker 1: suffers one of the biggest ever one day falls in

4
00:00:18,160 --> 00:00:21,920
Speaker 1: market value, and vintage sellers and first choice liquor stores

5
00:00:21,960 --> 00:00:24,800
Speaker 1: are getting a rebrand. Welcome to Fear and Greed. Daily

6
00:00:24,840 --> 00:00:27,600
Speaker 1: business news for people who make their own decisions. It

7
00:00:27,680 --> 00:00:30,720
Speaker 1: is Thursday, the fifth of September twenty twenty four. Are

8
00:00:30,720 --> 00:00:32,920
Speaker 1: Michael Thompson and Good Morning, Adam Lang.

9
00:00:33,280 --> 00:00:35,040
Speaker 2: Good morning Michael, Adam.

10
00:00:35,200 --> 00:00:37,680
Speaker 1: The main story this morning is a big one. Economic

11
00:00:37,680 --> 00:00:41,159
Speaker 1: growth faulted in the June quarter at zero point two

12
00:00:41,240 --> 00:00:45,000
Speaker 1: percent for the three month period, with the worst annual

13
00:00:45,200 --> 00:00:49,440
Speaker 1: GDP result since the end of the early nineteen nineties recession,

14
00:00:49,600 --> 00:00:51,480
Speaker 1: excluding of course, the pandemic.

15
00:00:52,120 --> 00:00:54,440
Speaker 3: Yes, Michael, these are amazing numbers. It was a slight

16
00:00:54,520 --> 00:00:56,959
Speaker 3: miss on the zero point three percent that was expected

17
00:00:57,000 --> 00:00:59,760
Speaker 3: and one percent high across the twelve months, but it

18
00:00:59,840 --> 00:01:02,600
Speaker 3: was in line with Reserve Bank predictions at its most

19
00:01:02,640 --> 00:01:05,720
Speaker 3: recent round of forecasts in saying that these are not

20
00:01:05,840 --> 00:01:08,720
Speaker 3: great numbers, with Treasurer Jim Chalmers immediately coming out with

21
00:01:08,720 --> 00:01:12,920
Speaker 3: a statement laying the blame on global economic uncertainty, higher

22
00:01:12,959 --> 00:01:16,880
Speaker 3: interest rates, and persistently high, though slowing inflation. Of course,

23
00:01:16,959 --> 00:01:19,200
Speaker 3: higher interest rates are the main tool used by the

24
00:01:19,240 --> 00:01:22,560
Speaker 3: central bank to get inflation under control. The household savings

25
00:01:22,640 --> 00:01:26,880
Speaker 3: ratio is also at its lowest annual rate in seventeen years.

26
00:01:27,319 --> 00:01:31,120
Speaker 3: Consumption levels are going backwards, and private demand is flat.

27
00:01:31,400 --> 00:01:34,800
Speaker 3: Home building has slumped three percent over the last year.

28
00:01:34,959 --> 00:01:37,080
Speaker 3: In fact, the only reason we're not in a recession

29
00:01:37,200 --> 00:01:40,360
Speaker 3: right now is because of federal and state government spending

30
00:01:40,480 --> 00:01:43,400
Speaker 3: across the country. And Michael, just to add to it,

31
00:01:43,480 --> 00:01:46,959
Speaker 3: in real terms, that is net of population growth GDP

32
00:01:47,160 --> 00:01:50,680
Speaker 3: per capita was down for the sixth consecutive quarter, falling

33
00:01:50,800 --> 00:01:53,640
Speaker 3: zero point four percent. Put simply, we are in a

34
00:01:53,800 --> 00:01:57,280
Speaker 3: deep per capita recession and that's how it feels for

35
00:01:57,320 --> 00:01:58,720
Speaker 3: many households and businesses.

36
00:01:59,280 --> 00:02:02,320
Speaker 1: Yeah, and as we say in the data yesterday, households

37
00:02:02,320 --> 00:02:06,000
Speaker 1: have just stopped spending. They have just cut that discretionary

38
00:02:06,040 --> 00:02:08,000
Speaker 1: spend and that is really having then a flow on

39
00:02:08,040 --> 00:02:09,680
Speaker 1: effect to a lot of businesses, isn't it.

40
00:02:10,000 --> 00:02:12,240
Speaker 3: Yeah, Michael, I think that's right. And we're seeing a

41
00:02:12,320 --> 00:02:15,320
Speaker 3: couple of themes here. One is that people who are

42
00:02:15,440 --> 00:02:19,359
Speaker 3: buying things normally are looking to shift cheaper to their

43
00:02:19,400 --> 00:02:22,160
Speaker 3: brands that they're considering. So we're seeing, you know, Cole's,

44
00:02:22,160 --> 00:02:25,320
Speaker 3: will wors Home brands get a lot more purchases. We're

45
00:02:25,320 --> 00:02:29,320
Speaker 3: seeing premium cuts of meat, premium groceries drop down a level.

46
00:02:29,520 --> 00:02:32,760
Speaker 3: We're also seeing people just spend less. And in this

47
00:02:32,840 --> 00:02:36,239
Speaker 3: interview that we do today with Joe Masters, Baron Joey's

48
00:02:36,320 --> 00:02:40,919
Speaker 3: chief economist, she even talks about some people eating less.

49
00:02:41,200 --> 00:02:44,040
Speaker 3: It's quite incredible the impact this is having across the board.

50
00:02:44,240 --> 00:02:46,960
Speaker 1: Yeah, absolutely, and definitely stick around for that chat. It

51
00:02:47,040 --> 00:02:50,160
Speaker 1: is coming up after the show. Chief economist Joe Masters

52
00:02:50,280 --> 00:02:53,360
Speaker 1: from Baron Joey Capital Partners, who really just she goes

53
00:02:53,440 --> 00:02:55,720
Speaker 1: straight to the core of it and as she says,

54
00:02:55,760 --> 00:02:59,240
Speaker 1: it is actually a pretty confronting story behind these figures

55
00:02:59,240 --> 00:03:02,080
Speaker 1: and that it's a great example the fact that people

56
00:03:02,160 --> 00:03:06,120
Speaker 1: are buying less food, which just leads to a really

57
00:03:06,120 --> 00:03:08,360
Speaker 1: horrific kind of scenario. Isn't it that the people are

58
00:03:08,360 --> 00:03:10,920
Speaker 1: actually eating lesson perhaps not eating enough, and it is

59
00:03:10,960 --> 00:03:13,120
Speaker 1: because they just don't have the money to spend.

60
00:03:12,919 --> 00:03:14,240
Speaker 2: The staggering figure, isn't it.

61
00:03:14,360 --> 00:03:18,519
Speaker 1: Indeed? And from a political side, Adam, this is looking

62
00:03:18,560 --> 00:03:22,799
Speaker 1: increasingly challenging for the government with an election, Well at

63
00:03:22,840 --> 00:03:24,880
Speaker 1: some point around the corner, isn't it.

64
00:03:25,400 --> 00:03:26,080
Speaker 2: That's right, Michael.

65
00:03:26,120 --> 00:03:27,799
Speaker 3: We know that the election has to be called by

66
00:03:27,880 --> 00:03:31,080
Speaker 3: May twenty twenty five, and as we've observed earlier in

67
00:03:31,120 --> 00:03:33,919
Speaker 3: the week on this show, Charmers has had a tense

68
00:03:33,960 --> 00:03:36,360
Speaker 3: week as it appeared to some that he was confronting

69
00:03:36,360 --> 00:03:38,960
Speaker 3: the Reserve Bank of Australia about its high interest rate levels.

70
00:03:39,280 --> 00:03:42,320
Speaker 3: John Howard even told The Australian this week that Charmers

71
00:03:42,400 --> 00:03:45,920
Speaker 3: was panicking and disloyally heaping blame on the Reserve Bank

72
00:03:45,920 --> 00:03:48,640
Speaker 3: Governor Michelle Bullock for the state of the economy. The

73
00:03:48,720 --> 00:03:52,040
Speaker 3: Treasurer has disputed that was his intention and said the

74
00:03:52,120 --> 00:03:55,960
Speaker 3: GDP figures were a vindication of the government's approach to

75
00:03:56,000 --> 00:03:59,280
Speaker 3: the budget, by which he means not cutting deeper in

76
00:03:59,360 --> 00:04:02,520
Speaker 3: terms of spending, as without that contribution there would have

77
00:04:02,560 --> 00:04:05,400
Speaker 3: been no economic growth over the quarter. He said his

78
00:04:05,480 --> 00:04:08,560
Speaker 3: expectations for modest growth in the economy over this financial

79
00:04:08,640 --> 00:04:11,000
Speaker 3: year have not been changed by these figures.

80
00:04:11,280 --> 00:04:14,080
Speaker 1: All right, let's take a look down at local markets yesterday.

81
00:04:14,080 --> 00:04:17,919
Speaker 1: The s and PASX two hundred closed down one point

82
00:04:18,000 --> 00:04:20,359
Speaker 1: nine percent, not a good day at all, down to

83
00:04:21,040 --> 00:04:23,200
Speaker 1: nine hundred and fifty one points and one of the

84
00:04:23,279 --> 00:04:26,200
Speaker 1: worst days since the big August slump that we had

85
00:04:26,200 --> 00:04:29,640
Speaker 1: a few weeks ago, amid concerns rising concerns really about

86
00:04:29,680 --> 00:04:32,400
Speaker 1: the US economy, and certainly not helped by these fairly

87
00:04:32,400 --> 00:04:34,840
Speaker 1: sluggish figures out of the local economy.

88
00:04:35,120 --> 00:04:38,800
Speaker 3: Yeah, Michael, the ASEX was hammered yesterday. In terms of sectors,

89
00:04:38,920 --> 00:04:42,200
Speaker 3: everything was in the red. Utilities and industrials were down

90
00:04:42,279 --> 00:04:45,400
Speaker 3: the least. Gold resources and energy sustained some of the

91
00:04:45,440 --> 00:04:50,000
Speaker 3: biggest drops amid global fears about commodity supply. Mineral exploration

92
00:04:50,120 --> 00:04:54,719
Speaker 3: company Deep Yellow, and unsurprisingly Michael, that focuses on uranium

93
00:04:54,960 --> 00:04:58,039
Speaker 3: suffered the steepest losses and their shares fell by more

94
00:04:58,080 --> 00:04:59,000
Speaker 3: than eight percent.

95
00:04:59,360 --> 00:05:02,240
Speaker 1: Adam, I do appreciate that company name because, as you know,

96
00:05:02,320 --> 00:05:06,880
Speaker 1: I'm a long standing campaigner for companies to give themselves

97
00:05:06,880 --> 00:05:07,760
Speaker 1: a name that.

98
00:05:07,800 --> 00:05:11,000
Speaker 3: Tells people what they do. And Deep Yellow put the

99
00:05:11,080 --> 00:05:11,960
Speaker 3: label on the tin.

100
00:05:12,200 --> 00:05:14,000
Speaker 1: That's right. They are looking for what is it called

101
00:05:14,080 --> 00:05:16,880
Speaker 1: yellow cake? Is that what they refer to it? And

102
00:05:17,360 --> 00:05:20,240
Speaker 1: I'm assuming they are looking deep so you know what

103
00:05:20,320 --> 00:05:24,320
Speaker 1: Deep Yellow. That's the tick from the Michael Thompson School

104
00:05:24,360 --> 00:05:25,480
Speaker 1: of Naming companies.

105
00:05:25,560 --> 00:05:28,520
Speaker 3: They're not gazing into souls, They're looking for uranium.

106
00:05:28,960 --> 00:05:31,360
Speaker 1: That's right. It does make you wonder about the name

107
00:05:31,440 --> 00:05:34,040
Speaker 1: fear and greed. It's probably a little bit mysterious, then,

108
00:05:34,120 --> 00:05:34,480
Speaker 1: isn't it.

109
00:05:36,200 --> 00:05:37,320
Speaker 2: I think it's very literal.

110
00:05:37,560 --> 00:05:39,720
Speaker 1: Let's not pay too much attention to ourselves here, let's

111
00:05:39,800 --> 00:05:40,880
Speaker 1: keep the focus elsewhere.

112
00:05:40,960 --> 00:05:42,520
Speaker 2: Please go on at them very well.

113
00:05:42,960 --> 00:05:45,320
Speaker 3: So yesterday, Michael, one of the worst performers on the

114
00:05:45,320 --> 00:05:47,960
Speaker 3: ASEX was four to Skew Metals, which was trading ex

115
00:05:48,040 --> 00:05:50,760
Speaker 3: dividend and ended the day down eight and a half percent.

116
00:05:51,160 --> 00:05:55,200
Speaker 3: To Gray Mining. Paladin, Liontown and gold Road Resources also

117
00:05:55,360 --> 00:05:58,359
Speaker 3: had sharp losses. Among the best on the MOSS was

118
00:05:58,480 --> 00:06:00,920
Speaker 3: can and bottle maker or raw R, which was up

119
00:06:00,960 --> 00:06:03,280
Speaker 3: seven two point two percent. It announced a plan to

120
00:06:03,360 --> 00:06:06,320
Speaker 3: sell its American packaging arm in a deal with almost

121
00:06:06,360 --> 00:06:08,640
Speaker 3: one point eight billion, with a cash to be used

122
00:06:08,680 --> 00:06:11,400
Speaker 3: to help pay down debt and invest in a Queensland

123
00:06:11,560 --> 00:06:14,880
Speaker 3: can manufacturing plant. And a quick update on the air

124
00:06:14,920 --> 00:06:18,080
Speaker 3: trunk deal that we mentioned yesterday. This is spectacular. This

125
00:06:18,160 --> 00:06:21,360
Speaker 3: has now been finalized. The deal was valued a twenty

126
00:06:21,400 --> 00:06:24,880
Speaker 3: three point five billion in a sale to Blackstone, with

127
00:06:24,960 --> 00:06:28,680
Speaker 3: the data center business founder Robin Couder taking home about

128
00:06:28,720 --> 00:06:32,120
Speaker 3: five hundred million in cash and retaining a stake in

129
00:06:32,160 --> 00:06:35,799
Speaker 3: the business as well as staying on as CEO. Good work,

130
00:06:35,920 --> 00:06:37,600
Speaker 3: Robin Couter, Oh.

131
00:06:37,360 --> 00:06:39,880
Speaker 1: Well played, all right? What about overseas?

132
00:06:40,040 --> 00:06:43,240
Speaker 3: Adam Just a couple of spectacles on this one too.

133
00:06:43,320 --> 00:06:46,040
Speaker 3: Michael and Vidia has continued to be one of the

134
00:06:46,120 --> 00:06:49,479
Speaker 3: biggest international market stories of the week. In just one day,

135
00:06:49,960 --> 00:06:52,479
Speaker 3: shares in the chip maker fell by more than nine percent,

136
00:06:52,760 --> 00:06:55,720
Speaker 3: which is a loss of about US two hundred and

137
00:06:55,720 --> 00:06:59,880
Speaker 3: seventy nine billion in market value. Just incredible. It followed

138
00:06:59,880 --> 00:07:03,359
Speaker 3: two separate analysts raising questions about AI demand and the

139
00:07:03,440 --> 00:07:06,880
Speaker 3: hype around the industry. In Vidia has also received subpoenas

140
00:07:06,880 --> 00:07:11,880
Speaker 3: from the US Justice Department amid an antitrust investigation. Michael

141
00:07:11,920 --> 00:07:14,800
Speaker 3: outside in Vidia around the rest of the world, Brazil's

142
00:07:14,840 --> 00:07:18,440
Speaker 3: economic growth has surprised the markets and economists, growing by

143
00:07:18,440 --> 00:07:20,520
Speaker 3: one point four percent in the second quarter and that's

144
00:07:20,520 --> 00:07:23,720
Speaker 3: three point three percent for the year. There are expectations

145
00:07:23,720 --> 00:07:25,360
Speaker 3: of a rate rise in a couple of weeks when

146
00:07:25,360 --> 00:07:29,679
Speaker 3: the BCB that's the Bunco Central Door Brazil meets Oil

147
00:07:29,720 --> 00:07:32,840
Speaker 3: prices are on the slide again, and this time dramatically.

148
00:07:33,160 --> 00:07:36,240
Speaker 3: A barrel of crude has dipped below US seventy dollars.

149
00:07:36,640 --> 00:07:40,160
Speaker 3: Now behind the downward momentum is commentary from a Libyan

150
00:07:40,280 --> 00:07:43,960
Speaker 3: central banker that an OPEC deal is imminent, which would

151
00:07:43,960 --> 00:07:47,280
Speaker 3: put about five hundred thousand barrels of Libyan crude oil

152
00:07:47,320 --> 00:07:50,480
Speaker 3: back into supply. Add this to the pre existing concerns

153
00:07:50,520 --> 00:07:53,920
Speaker 3: about China's economy, and there are some significant chitters about

154
00:07:53,960 --> 00:07:56,920
Speaker 3: the market's supply and demand balance at the moment. At

155
00:07:56,920 --> 00:07:58,679
Speaker 3: the end of all of that, Michael, the Aussie dollar

156
00:07:58,760 --> 00:08:01,400
Speaker 3: is trading at sixty seven point one US since and

157
00:08:01,480 --> 00:08:04,280
Speaker 3: gold is still north of US two thy five hundred

158
00:08:04,280 --> 00:08:04,960
Speaker 3: dollars an ounce.

159
00:08:05,480 --> 00:08:09,600
Speaker 1: There's a lot going on, Adam, but still still my

160
00:08:09,800 --> 00:08:14,920
Speaker 1: highlight so far today is your superb South American pronunciation

161
00:08:16,120 --> 00:08:19,760
Speaker 1: of the Brazilian Central Bank.

162
00:08:20,120 --> 00:08:23,360
Speaker 3: Yeah, don't critique it too much though for any native speakers,

163
00:08:23,400 --> 00:08:24,320
Speaker 3: please be kind.

164
00:08:25,320 --> 00:08:27,360
Speaker 1: Just you know what, it brought a little bit of

165
00:08:27,360 --> 00:08:30,800
Speaker 1: cultural flare. I try it, Yeah, and usually we're lacking

166
00:08:30,840 --> 00:08:33,959
Speaker 1: in that space, so we'll play it all right plenty

167
00:08:34,080 --> 00:08:36,480
Speaker 1: to get through. It is a massive, massive day. We'll

168
00:08:36,480 --> 00:08:37,800
Speaker 1: be back in a moment with the rest of the

169
00:08:37,880 --> 00:08:48,400
Speaker 1: day's business news. Adam, the Future Fund has posted a

170
00:08:48,600 --> 00:08:52,800
Speaker 1: nine point one percent annual return for about eighteen point

171
00:08:52,840 --> 00:08:56,120
Speaker 1: eight billion dollars worth for the year to thirty June

172
00:08:56,200 --> 00:08:56,959
Speaker 1: twenty twenty four.

173
00:08:57,360 --> 00:08:59,560
Speaker 3: Michael, I think this is an impressive result, and the

174
00:08:59,600 --> 00:09:03,120
Speaker 3: Future Fund agreed. It's calling it very strong given the

175
00:09:03,200 --> 00:09:06,320
Speaker 3: rocky domestic and global economies. The total value of the

176
00:09:06,320 --> 00:09:08,720
Speaker 3: Future Fund is now two hundred and twenty four point

177
00:09:08,840 --> 00:09:11,520
Speaker 3: nine billion, and that's a new record, and its ten

178
00:09:11,640 --> 00:09:14,840
Speaker 3: year returns have well exceeded its mandate, which is to

179
00:09:14,880 --> 00:09:17,920
Speaker 3: achieve a return of CPI plus at least four to

180
00:09:18,000 --> 00:09:21,400
Speaker 3: five percent. On top that's inflation plus four to five percent.

181
00:09:21,760 --> 00:09:24,319
Speaker 3: What was most interesting, though, were the comments made by

182
00:09:24,400 --> 00:09:27,520
Speaker 3: new chair Greg Combay, who took over from Peter Costello

183
00:09:27,559 --> 00:09:31,880
Speaker 3: in June. Combay, who has a superannuation pedigree, was previously

184
00:09:31,920 --> 00:09:35,600
Speaker 3: at the Net Zero Economy Agency, and his comments alongside

185
00:09:35,600 --> 00:09:39,240
Speaker 3: these results were that the energy transition promises plenty of

186
00:09:39,280 --> 00:09:42,800
Speaker 3: opportunities for the Future Fund and investors. It'll be interesting

187
00:09:42,800 --> 00:09:45,000
Speaker 3: to see where he takes that opportunity next.

188
00:09:45,640 --> 00:09:50,120
Speaker 1: And in a similar space, Adam, the Climate Council's Environmental

189
00:09:50,200 --> 00:09:53,280
Speaker 1: Report card is in and while New South Wales and

190
00:09:53,280 --> 00:09:55,520
Speaker 1: the ACT were given given a pat on the back

191
00:09:55,640 --> 00:09:59,720
Speaker 1: really for improvements in reducing transport emissions, and South Australia

192
00:09:59,760 --> 00:10:02,840
Speaker 1: and t Mania have made inroads on renewable power, it

193
00:10:02,920 --> 00:10:04,719
Speaker 1: was Queensland getting the accolades.

194
00:10:04,960 --> 00:10:07,160
Speaker 3: Well this was a turn up, wasn't it. The new

195
00:10:07,200 --> 00:10:10,439
Speaker 3: report found Australia overall had doubled its share of renewable

196
00:10:10,559 --> 00:10:12,559
Speaker 3: energy in the last six years and now since at

197
00:10:12,600 --> 00:10:15,600
Speaker 3: forty percent. The ACT is at one hundred percent and

198
00:10:15,679 --> 00:10:19,040
Speaker 3: has the highest share of evs. However, Queensland was a

199
00:10:19,080 --> 00:10:22,080
Speaker 3: surprise standout, having been falling behind in the last report.

200
00:10:22,360 --> 00:10:25,880
Speaker 3: It has now the highest proportion of rooftop solar, with

201
00:10:26,080 --> 00:10:29,280
Speaker 3: just over half of homes boasting their own panels. The

202
00:10:29,320 --> 00:10:32,920
Speaker 3: report said it needed to make progress on household energy storage,

203
00:10:33,000 --> 00:10:35,640
Speaker 3: with under one percent of homes having a battery alongside

204
00:10:35,679 --> 00:10:36,520
Speaker 3: their panels.

205
00:10:36,960 --> 00:10:39,200
Speaker 1: And on the same topic, the federal government has just

206
00:10:39,240 --> 00:10:42,959
Speaker 1: announced it will fund six new large batteries in Victoria

207
00:10:43,000 --> 00:10:43,880
Speaker 1: and South Australia.

208
00:10:44,360 --> 00:10:44,920
Speaker 2: Yeah, Michael.

209
00:10:44,960 --> 00:10:47,760
Speaker 3: These batteries are expected to deliver one thousand megawatts of

210
00:10:47,760 --> 00:10:50,600
Speaker 3: storage by twenty twenty seven. It's part of the government's

211
00:10:50,679 --> 00:10:54,800
Speaker 3: overall renewable strategy and is under the Capacity Investment Scheme,

212
00:10:55,000 --> 00:10:57,840
Speaker 3: which was oversubscribed with interest by bids for projects that

213
00:10:57,880 --> 00:11:01,680
Speaker 3: would deliver nineteen gigawatts, much more than the six hundred

214
00:11:01,720 --> 00:11:03,480
Speaker 3: megawatts they originally had in mind.

215
00:11:04,440 --> 00:11:08,000
Speaker 1: Adam, Still on politics, I suppose this is more of

216
00:11:08,000 --> 00:11:11,000
Speaker 1: a policy question this one. Should dental be made part

217
00:11:11,320 --> 00:11:15,200
Speaker 1: of medicare? It's one of the Greens Party positions, but

218
00:11:15,640 --> 00:11:18,080
Speaker 1: there's the possibility that it might actually make its way

219
00:11:18,120 --> 00:11:22,720
Speaker 1: onto Labour's List two, which obviously increases significantly the likelihood

220
00:11:22,720 --> 00:11:25,880
Speaker 1: of it actually becoming a reality.

221
00:11:26,360 --> 00:11:30,160
Speaker 3: Yeah, Michael, I've always wondered why dental wasn't part of medicare.

222
00:11:30,240 --> 00:11:32,000
Speaker 3: I mean, in the end you have to understand it's

223
00:11:32,120 --> 00:11:35,560
Speaker 3: due to cost, but philosophically it should be there.

224
00:11:36,040 --> 00:11:39,120
Speaker 1: I completely agree. Yeah, it does make sense, but you

225
00:11:39,160 --> 00:11:40,920
Speaker 1: are right, at some point you do need to draw

226
00:11:40,960 --> 00:11:45,800
Speaker 1: a line. And yeah, it's an interesting conversation that's being

227
00:11:45,800 --> 00:11:46,439
Speaker 1: had at the moment.

228
00:11:46,520 --> 00:11:48,520
Speaker 3: Yeah, it's got to be paid for. A group of

229
00:11:48,600 --> 00:11:50,960
Speaker 3: Labor MPs have been calling on the government to make

230
00:11:50,960 --> 00:11:53,680
Speaker 3: it part of the agenda, with News Corp listing backbenches

231
00:11:53,920 --> 00:11:58,160
Speaker 3: Helen Polly, Brian Mitchell, Mike Freelander and Graham Perrot among

232
00:11:58,200 --> 00:12:02,000
Speaker 3: those backing the discussions would come with a very big cost,

233
00:12:02,080 --> 00:12:05,720
Speaker 3: with Green's estimates of needing about forty five billion to

234
00:12:05,800 --> 00:12:09,520
Speaker 3: do so, forty five billion worth of teethwork. Michael, it's

235
00:12:09,520 --> 00:12:12,480
Speaker 3: an enormous number. While the Greens want to slug big

236
00:12:12,520 --> 00:12:14,959
Speaker 3: business with super taxes to raise this amount of cash,

237
00:12:15,240 --> 00:12:18,600
Speaker 3: its likely Labor would consider other options should it decide

238
00:12:18,600 --> 00:12:20,240
Speaker 3: to make it part of its next term agenda.

239
00:12:20,640 --> 00:12:23,320
Speaker 1: Now this next story, Adam has some pretty concerning data.

240
00:12:23,559 --> 00:12:28,480
Speaker 1: Thousands of private businesses across Australia are defaulting on tax debts,

241
00:12:28,920 --> 00:12:32,360
Speaker 1: leading to many failing, according to new Credit to Watch data.

242
00:12:32,679 --> 00:12:35,560
Speaker 3: Yeah, Michael, you're right, it is concerning. About thirty four

243
00:12:35,600 --> 00:12:38,200
Speaker 3: percent of those with one hundred thousand dollars tax det

244
00:12:38,400 --> 00:12:42,080
Speaker 3: that is ninety days overdue have chosen to close or

245
00:12:42,120 --> 00:12:46,040
Speaker 3: become insolvent, and that's about seven thousand businesses. The tax

246
00:12:46,080 --> 00:12:48,959
Speaker 3: officers started ramping up action against those who are failing

247
00:12:49,000 --> 00:12:52,360
Speaker 3: to repay tax debts after a long period of relaxed

248
00:12:52,520 --> 00:12:55,160
Speaker 3: rules during the pandemic, and that is seeing lots of

249
00:12:55,160 --> 00:12:59,440
Speaker 3: businesses come unstuck, especially amid the current economic challenges. It's

250
00:12:59,440 --> 00:13:04,040
Speaker 3: a mixed picture across industries, with information, media and telecommunications

251
00:13:04,040 --> 00:13:06,440
Speaker 3: at the highest for business failure rate when there's a

252
00:13:06,480 --> 00:13:09,960
Speaker 3: big outstanding debt. This is followed by electricity, gas and

253
00:13:10,000 --> 00:13:14,480
Speaker 3: wat services, food and beverage, manufacturing and construction. Arts and

254
00:13:14,559 --> 00:13:18,480
Speaker 3: retail also rank relatively poorly. And please if you are

255
00:13:18,480 --> 00:13:21,760
Speaker 3: in a business that is struggling, seek professional help if needed.

256
00:13:21,760 --> 00:13:24,760
Speaker 3: The ATO website has information and contact details that can

257
00:13:24,800 --> 00:13:25,280
Speaker 3: support you.

258
00:13:25,679 --> 00:13:27,800
Speaker 1: Yeah, well said, I mentioned this one at the top

259
00:13:27,800 --> 00:13:30,400
Speaker 1: of the show. Adam, your local vintage Sellers or first

260
00:13:30,480 --> 00:13:33,680
Speaker 1: Choice bottle shop might soon be rebranded as liquor Land.

261
00:13:34,080 --> 00:13:36,520
Speaker 1: It's part of a new approach from Coals as it

262
00:13:36,559 --> 00:13:39,360
Speaker 1: tries to take on Dan Murphy's, which is really a

263
00:13:39,440 --> 00:13:42,240
Speaker 1: juggernaut in this space, isn't it in a more significant way?

264
00:13:43,080 --> 00:13:45,720
Speaker 3: It is, Michael, and this rebrand will affect some stores

265
00:13:45,800 --> 00:13:48,720
Speaker 3: under a pilot program in South Australia, Queensland in Victoria

266
00:13:48,760 --> 00:13:51,280
Speaker 3: which will kick off in November. The idea is to

267
00:13:51,360 --> 00:13:55,720
Speaker 3: rename vintage seller stores as Liquorland Sellers and First Choice

268
00:13:55,880 --> 00:13:58,800
Speaker 3: as Lickorland Warehouse. And if they think it's a goer

269
00:13:58,920 --> 00:14:02,679
Speaker 3: after the pilot, then every store across Australia will be rebranded.

270
00:14:03,040 --> 00:14:06,520
Speaker 3: Coles told The Financial Review that its research of customers

271
00:14:06,520 --> 00:14:10,439
Speaker 3: showed Liquorland was Cole's most recognized brand, so this was

272
00:14:10,480 --> 00:14:13,120
Speaker 3: about having the strongest brand offer they could and drive

273
00:14:13,160 --> 00:14:16,800
Speaker 3: more customers. Different prices and promotions will still appear across

274
00:14:16,840 --> 00:14:20,360
Speaker 3: the sellers and warehouse offshoots, but the marketing will become

275
00:14:20,360 --> 00:14:21,080
Speaker 3: more consistent.

276
00:14:21,840 --> 00:14:24,880
Speaker 1: All right. Turning to international news now, and former US

277
00:14:24,960 --> 00:14:29,280
Speaker 1: president and current Republican candidate Donald Trump is pleading not

278
00:14:29,480 --> 00:14:31,640
Speaker 1: guilty to a revised indictment.

279
00:14:32,320 --> 00:14:35,280
Speaker 3: Yeah, Michael, A couple of strong international stories to finish

280
00:14:35,440 --> 00:14:39,200
Speaker 3: the accusation that Trump allegedly attempted to overturn his twenty

281
00:14:39,240 --> 00:14:42,680
Speaker 3: twenty election loss, but the indictment was amended after the

282
00:14:42,760 --> 00:14:45,880
Speaker 3: US Supreme Court found he had immunity for actions taken

283
00:14:45,920 --> 00:14:49,440
Speaker 3: when President Trump has waived his right to appear in court,

284
00:14:49,480 --> 00:14:52,080
Speaker 3: with lawyers entering the plea on his behalf. He also

285
00:14:52,160 --> 00:14:55,440
Speaker 3: pleaded not guilty last year to the earlier indictment. His

286
00:14:55,520 --> 00:14:58,000
Speaker 3: lawyers are back in court later this week for a hearing,

287
00:14:58,240 --> 00:15:00,960
Speaker 3: with only two months until America head to the Poles.

288
00:15:01,680 --> 00:15:01,880
Speaker 2: Love.

289
00:15:02,440 --> 00:15:05,120
Speaker 1: He started that story by saying a couple of very

290
00:15:05,160 --> 00:15:09,040
Speaker 1: strong stories to finish on, because this next story, I

291
00:15:09,040 --> 00:15:09,440
Speaker 1: don't know.

292
00:15:09,680 --> 00:15:12,120
Speaker 2: I don't know. It's strong to me, Michael, it's strong

293
00:15:12,160 --> 00:15:12,440
Speaker 2: to you.

294
00:15:12,440 --> 00:15:14,560
Speaker 1: You've got a very personal connection to this one, don't you.

295
00:15:14,640 --> 00:15:15,040
Speaker 2: I too.

296
00:15:15,280 --> 00:15:19,280
Speaker 1: Hello Kitty is having a moment, including on the stock

297
00:15:19,360 --> 00:15:24,200
Speaker 1: market Adam. A new cafe focused entirely on Hello Kitty

298
00:15:24,760 --> 00:15:26,120
Speaker 1: just opened in.

299
00:15:26,040 --> 00:15:29,000
Speaker 3: La So, Michael, I spent some time as a kid

300
00:15:29,360 --> 00:15:32,560
Speaker 3: living in Japan and in the late seventies Hello Kitty.

301
00:15:32,600 --> 00:15:35,960
Speaker 3: I'd come from Sydney to Tokyo, and Hello Kitty as

302
00:15:35,960 --> 00:15:39,240
Speaker 3: a brand was just a complete mystery to me. Also

303
00:15:39,280 --> 00:15:42,720
Speaker 3: a mystery is how forty odd years on nearly fifty

304
00:15:43,200 --> 00:15:45,560
Speaker 3: it's such a strong brand, This thing that I thought

305
00:15:45,600 --> 00:15:48,320
Speaker 3: was really kitch, it's still going, just.

306
00:15:48,280 --> 00:15:50,280
Speaker 1: Going from strength to strength apparently.

307
00:15:50,560 --> 00:15:54,360
Speaker 3: Yeah, So Hello Kitty stays strong. The restaurant menu features

308
00:15:54,400 --> 00:15:59,600
Speaker 3: confetti cake and macarons, verry filled tross and biscuits shaped

309
00:15:59,680 --> 00:16:02,240
Speaker 3: like the famous cat. It's the first of its kind

310
00:16:02,320 --> 00:16:04,960
Speaker 3: for La But it's not the only bit of exciting

311
00:16:05,000 --> 00:16:08,320
Speaker 3: news for the Japanese brand. Its parent company, Sanrio, has

312
00:16:08,360 --> 00:16:11,160
Speaker 3: seen shares jump as much as twenty nine percent in

313
00:16:11,200 --> 00:16:14,200
Speaker 3: the past month. On the NICK, the last year has

314
00:16:14,200 --> 00:16:18,200
Speaker 3: seen Hello Kitty benefiting from renewed tourism, with Bloomberg saying

315
00:16:18,240 --> 00:16:21,520
Speaker 3: that more recent intense weather has driven people indoors and

316
00:16:21,520 --> 00:16:24,200
Speaker 3: clearly some of them to their stores. That has benefited

317
00:16:24,320 --> 00:16:27,320
Speaker 3: indoor theme parks, of which Sanrio has many that feature

318
00:16:27,400 --> 00:16:29,000
Speaker 3: characters like Hello Kitty?

319
00:16:30,200 --> 00:16:33,600
Speaker 1: Will you be going to a Hello Kitty theme park, Adam,

320
00:16:33,680 --> 00:16:35,000
Speaker 1: just to releave your childhood?

321
00:16:35,760 --> 00:16:37,480
Speaker 3: Look, if I can make it to Japan, which I

322
00:16:37,560 --> 00:16:40,240
Speaker 3: really love, I don't know that I'll make time for

323
00:16:40,280 --> 00:16:40,960
Speaker 3: Hello Kitty.

324
00:16:41,320 --> 00:16:43,200
Speaker 1: It's not quite at the top of the list, know you.

325
00:16:43,280 --> 00:16:45,680
Speaker 2: Is that what you're saying? A little south of the top? Oh?

326
00:16:45,720 --> 00:16:48,680
Speaker 1: Okay, all right? Up next as the Fear and Greed

327
00:16:48,920 --> 00:16:52,840
Speaker 1: Daily Interview. Your guest today, Adam is Joe Masters, baron

328
00:16:52,920 --> 00:16:54,680
Speaker 1: Joey Capital Partners, Chief Economists.

329
00:16:54,960 --> 00:16:57,560
Speaker 3: Yeah, Michael, the national account starter that came through yesterday

330
00:16:57,600 --> 00:17:00,800
Speaker 3: from the Australian Bureau of Statistics. There are tough numbers in there,

331
00:17:01,360 --> 00:17:04,719
Speaker 3: but Joe Masters helps to make that data very clear

332
00:17:04,920 --> 00:17:08,640
Speaker 3: and what the picture ahead is like, it's actually really insightful.

333
00:17:09,000 --> 00:17:10,719
Speaker 3: So I'm very grateful to Joe over the interview.

334
00:17:10,800 --> 00:17:12,879
Speaker 1: Yeah, it's a really interesting chat. It is coming up

335
00:17:12,880 --> 00:17:14,920
Speaker 1: next in the Fear and Greed playlist on your podcast

336
00:17:14,920 --> 00:17:18,880
Speaker 1: platform or at Fearangreed dot com dot au. And don't

337
00:17:18,880 --> 00:17:21,240
Speaker 1: forget to keep an eye on your playlist as well.

338
00:17:21,240 --> 00:17:23,960
Speaker 1: For about midday today when a new episode of Ask

339
00:17:24,119 --> 00:17:27,600
Speaker 1: Fear and Greed drops. Do you like how use the

340
00:17:27,640 --> 00:17:29,000
Speaker 1: lingo like that, Adam.

341
00:17:28,920 --> 00:17:31,159
Speaker 2: Yeah, like the DJs dropping a hit tune.

342
00:17:31,440 --> 00:17:34,640
Speaker 1: Yeah, we are dropping a new hit podcast, Ask Fear

343
00:17:34,640 --> 00:17:36,760
Speaker 1: and Greed at midday, So keep your eyes peeled for that.

344
00:17:36,800 --> 00:17:37,720
Speaker 1: Thank you very much, Adam.

345
00:17:37,840 --> 00:17:38,560
Speaker 2: Thank you. Michael.

346
00:17:38,680 --> 00:17:41,000
Speaker 1: It's the say, the fifth of September twenty twenty four.

347
00:17:41,080 --> 00:17:43,240
Speaker 1: Make sure you're following the podcast and please join us

348
00:17:43,280 --> 00:17:47,439
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson

349
00:17:47,440 --> 00:17:51,680
Speaker 1: and that was Fear and Greed. Have a great day.