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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Economic growth in Australia accelerates, increasing the likelihood of higher

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Speaker 1: interest rates. The local share market has its worst day

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Speaker 1: since April last year, and oil prices surge while gold

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Speaker 1: prices fall. Plus fighting in the Middle East escalates as

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Speaker 1: Australia rushes to get citizens home, and a new type

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Speaker 1: of drug that resists overdoses. It is Thursday, the fifth

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Speaker 1: of March twenty twenty six. Are Michael Thompson and Good Morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning Michael.

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Speaker 1: Sean the main story this morning. The Australian economy ended

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Speaker 1: last year growing at its fastest paced since twenty twenty two,

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Speaker 1: boosted by government spending, data center investment and a bit

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Speaker 1: of a Black Friday shopping spree by consumers. The annual

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Speaker 1: rate of growth jumped to two point six percent last

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Speaker 1: calendar year, up from two point one percent three months earlier.

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Speaker 1: According to the Bureau of Statistics. For the quarter, the

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Speaker 1: economy expanded at a zero point eight percent clip. It's

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Speaker 1: faster than economists expected, and it was spread across both

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Speaker 1: the public and private sectors and adds a reasonable amount

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Speaker 1: of weight to arguments that the Reserve Bank will lift

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Speaker 1: interest rates when it meets in less than a fortnite.

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Speaker 1: The data shows that the economy rebounded strongly in the

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Speaker 1: second half of twenty twenty five.

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Speaker 2: Ah but Michael, as always with economics, there are caveats. Yeah,

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Speaker 2: we might like these caveats, These might be good caveats.

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Speaker 1: Yeah, go on, go on.

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Speaker 2: So private business investment just a little bit lackluster, still okay,

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Speaker 2: very important for future growth. Consumer spending also tapering, though

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Speaker 2: it's still adding to the economy. So household spending growth

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Speaker 2: in the December quarter fell to zero point three percent.

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Speaker 2: In the Dune quarter it is one percent, so that's

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Speaker 2: quite the slowdown. Households account for about half of total GDP,

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Speaker 2: so the slowdown is significant. The household savings rate ticked

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Speaker 2: up to nearly seven percent, which should support future growths,

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Speaker 2: suggest some degree of caution among consumers. Treasure Jim Charmers,

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Speaker 2: who's been under fire for the big spending by the

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Speaker 2: federal governments, that the figures show to pick up in

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Speaker 2: private sector activity, and I brought was good news for

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Speaker 2: the economy, particularly in uncertain times.

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Speaker 1: Okay, all right, So obviously there's kind of two sides

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Speaker 1: to everything. What does it mean for interest rates in

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Speaker 1: that case? And I suppose what about the pressure on

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Speaker 1: the government to reduce spending so that interest rates don't

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Speaker 1: go up more than they have to?

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Speaker 2: I suppose, Yeah, that's what it's all about. Household consumption

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Speaker 2: was below Reserve Bank forecast. We mentioned that was just

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Speaker 2: a bit weaker. The number is really messy though, So

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Speaker 2: there's all these electricity rebates from the states. How do

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Speaker 2: you account for that. Legal tobacco sales fell sharply. They

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Speaker 2: detracted from the number, but we know illegal tobacco sales

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Speaker 2: are taking off, so it's a bit hard to look

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Speaker 2: at that. Discretionary spending was definitely high, so consumers are

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Speaker 2: in pretty good shape. Maybe there are a lot of

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Speaker 2: people that went to the ACDC concert in Noctoa in

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Speaker 2: November last year, then Metallica, then Oasis. In fact, I

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Speaker 2: don't know anyone that went to all three, but they

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Speaker 2: are on They had the ASHES series, so there was

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Speaker 2: a lot of spending going on. So even though that

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Speaker 2: household consumption number is low, if you look at the

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Speaker 2: behind the top line numbers, still fear to spending going on. Michael,

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Speaker 2: the public sector, let's talk about that it accounts for

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Speaker 2: nearly twenty eight percent of the economy, a record high.

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Speaker 2: So whatever the Treasurer says, you can be assured that

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Speaker 2: government spending is adding to interestrate pressure. What does it

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Speaker 2: mean for the Reserve Bank? Well, if the Central Bank

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Speaker 2: Board lifts interest rates on March seventeen, it won't be

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Speaker 2: a shock yesterday's day. It probably allows them to pause

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Speaker 2: wait for the March called inflation data, which is due

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Speaker 2: out in late April before moving. And Michael, that would

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Speaker 2: be my best guess.

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Speaker 1: I love how confident you are with that. It is

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Speaker 1: a best guess. But that's really kind of what everyone's

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Speaker 1: been dealing with now for the last couple of years. Really,

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Speaker 1: everything seems to be changing. It short nos right, true.

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Speaker 2: But our guest today she has a much better word

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Speaker 2: for it, Glinda Allen, head of economics at Commonwealth Banks.

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Speaker 2: Straight after the show, she calls it a pickle. Yes,

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Speaker 2: a pickle, A bit of a pickle for the Reserve Bank.

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Speaker 2: And I think that is actually the word of the week,

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Speaker 2: a pickle, a pickle. You've got the Middle East going on,

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Speaker 2: you've got growth pretty strong, we think, inflation going up.

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Speaker 2: But now all sorts of exogenous factor is hitting the economy.

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Speaker 2: Do you like that exogenous?

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Speaker 1: Oh it feels like he's showing off now I'm just

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Speaker 1: still just enjoying. So there you are talking about exogenous

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Speaker 1: other stuff. Yeah, okay, Look that is all coming up

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Speaker 1: in fear and greed Q and A, as you mentioned

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Speaker 1: with Belinda Allen from Commonwealth Bank, that's coming up after

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Speaker 1: the show. Before we get there, though, Sean plenty, we

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Speaker 1: still need to talk about the local share market. Yesterday

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Speaker 1: experienced it's worst sell off since April last year, since

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Speaker 1: Liberation Day. Yeah, with the the S and P A

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Speaker 1: SEX two hundred closing down nearly nearly two percent. It

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Speaker 1: was one point nine percent off in the end to

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Speaker 1: eighty nine hundred and one points. The fall in the

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Speaker 1: local market followed Wall Street tumbling by as much as

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Speaker 1: two percent as these fears of a spike in inflation

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Speaker 1: translating the less chance of rate cuts in the world's

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Speaker 1: biggest economy.

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Speaker 2: Analystly, the conflict could be drawn out more than first

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Speaker 2: hope for that's up oil prices and more on that

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Speaker 2: at a moment. But locally all eleven sub indices fell,

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Speaker 2: led lower by materials, So that's the miners including the

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Speaker 2: mining companies, real estate, financials, consumer stables all fell. In fact,

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Speaker 2: more than eighty percent of the ASEX two hundred stocks

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Speaker 2: ended the day low yesterday. Among the large caps, all

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Speaker 2: the big banks fell sharply, The miners fell, most of

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Speaker 2: the large retailers on gash Iron Woodside was an exception,

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Speaker 2: no surprises there. Some of the healthcare companies also did well,

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Speaker 2: but widespread selling of equities yesterday, not just here, but

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Speaker 2: like Creen market was down ten percent. Jpanese market was down.

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Speaker 2: Other Asian markets were down. Bad day for equities.

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Speaker 1: Yeah, indeed, you mentioned global oil prices Sean, they surged yesterday.

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Speaker 1: Brands Crude is now fetching around eighty two dollars a barrel.

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Speaker 1: It's up twenty five percent. Can you believe it? Since

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Speaker 1: the US started moving its fleet to the Middle East,

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Speaker 1: market watches worn that it could go much higher, and

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Speaker 1: that of course is going to hit people at the

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Speaker 1: petrol bowser and the ariple C updates its prices across

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Speaker 1: the capital cities every Monday, and ahead of the latest spike,

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Speaker 1: elita of petrol in Sydney, Melbourne and Brisbane was well

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Speaker 1: over two dollars a liter. It's likely that'll head towards

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Speaker 1: two dollars fifty a liita in coming days, possibly three dollars.

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Speaker 1: You have a fifty doll petrol tank phil it once

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Speaker 1: a week. That's one hundred and fifty dollars cost. We've

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Speaker 1: got politicians there warning us against panic buying, but you

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Speaker 1: hear three dollars tossed around for petrol. Good luck trying

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Speaker 1: to stop people panicking.

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Speaker 2: Yeah, totally. I mean Donald Trump's very aware of this risk,

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Speaker 2: particularly much higher oil prices. What that means to the

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Speaker 2: US economy. Yesterday he said the US would escort oil

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Speaker 2: tankers through the Strait of Hormuz if necessary. That passage

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Speaker 2: transports about twenty percent of the world's oil. Saying it

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Speaker 2: and doing it are two different things, though, so upper

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Speaker 2: pressure it is short to remain on oil prices. You

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Speaker 2: mentioned eighty two bucks one point. Yesterday it was about

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Speaker 2: eighty five dollars oil. So it really is on the run.

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Speaker 2: Given oil the main energy used in transporting of goods

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Speaker 2: around the world, higher oil prices ultimately feeds through not

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Speaker 2: just two petrol prices, but other goods and services prices.

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Speaker 2: A real problem for the global economy.

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Speaker 1: Yeah, certainly is. And while all this is going on,

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Speaker 1: and investors talk about it, of course, a flight to

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Speaker 1: quality assets and safety. The price of gold is falling,

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Speaker 1: or at least it's well off its peak of five

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Speaker 1: weeks ago. Why I don't understand.

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Speaker 2: That excellent question, and I hesitated an easy.

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Speaker 1: One to answer, especially when I've given you about twenty

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Speaker 1: seconds to do it before we have to go to

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Speaker 1: a break.

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Speaker 2: I mean, maybe the price of gold is so high,

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Speaker 2: so it's up seventy five percent in the last year,

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Speaker 2: that trade is fear. It only has one way to go,

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Speaker 2: and that's down. It sort of has lost a bit

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Speaker 2: of a safe haven asset quality because it's run so hard. Certainly,

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Speaker 2: the US dollars found a bunch of new friends since

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Speaker 2: the attack, improving its safe haven status. So in some

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Speaker 2: ways there's this sense that the USD is the best

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Speaker 2: place to park your money rather than gold. The Aussie dollar,

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Speaker 2: for example, down to just over seventy US cents the

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Speaker 2: euro and year of depreciated against the USD. So probably

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Speaker 2: the best guess on that is the US dollar is

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Speaker 2: everyone's favorite safe haven at the moment, particularly because goal

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Speaker 2: prices have run so hard in the past year or so.

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Speaker 1: It didn't quite get it done in the twenty seconds

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Speaker 1: that I allowed you, but it was worth the extra time.

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Speaker 1: I think that it does make a little more sense now.

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Speaker 1: Sean back in a moment with the rest of the

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Speaker 1: day's business news. Shaw in, Australia's largest superannuation funds have

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Speaker 1: signed a memorandum of understanding with Canadian funds to increase

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Speaker 1: investment between the two countries. The signing was attended by

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Speaker 1: Canadian Prime Minister Mark Carney, who is of course in

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Speaker 1: Australia at the moment.

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Speaker 2: So the memorandum of understanding will and I quote, facilitate

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Speaker 2: a dialogue with governments on policy barriers and associated solutions

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Speaker 2: to improve the business environment for investment in each jurisdiction

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Speaker 2: and to unlock greate a long term capital for private

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Speaker 2: investment on behalf of millions of working retired people. What

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Speaker 2: that means superfunds just want to work closer together. Australia

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Speaker 2: is the fifth largest investor in Canada. Canada is the

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Speaker 2: eighth largest investor in Australia. Remember like BHP, but all

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Speaker 2: that potash in Canada. That's that he pushed us up

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Speaker 2: the rankings, I think.

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Speaker 1: And of course Mark Carney in Australia. He's going to

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Speaker 1: parliament doing a lot of stuff while this here.

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Speaker 2: The Rocks politician at the moment.

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Speaker 1: Speaking of rock stars. That is a perfect unintended and

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Speaker 1: accidental segue. Did you see Shadow Treasurer Tim Wilson in

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Speaker 1: Parliament yesterday singing a really quite a terrible version of

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Speaker 1: we didn't start the fire Billy Joel trying to attack

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Speaker 1: the government about starting the inflation fire with with higher spending.

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Speaker 1: And it reminded me straight away. Do you remember it

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Speaker 1: would be ten years ago Craig Emerson, So it happens

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Speaker 1: on both sides, right, So Craig Emerson who was a

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Speaker 1: Labor minister at the time, and he started singing no

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Speaker 1: Whyala wipeout there on your TV. It was like the

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Speaker 1: Skyhook's horror movie. Yeah, and it was just it was

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Speaker 1: the perfect example of why politicians please refrain from singing publicly.

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Speaker 1: Don't do it in parliament, don't do it on TV.

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Speaker 1: I beg you Dan Siler to it.

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Speaker 2: Do not dance if you have yourself on the dance floor,

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Speaker 2: go home.

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Speaker 1: Yeah, just treat it like the end of the wedding,

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Speaker 1: at the end of the night. Just just go home.

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Speaker 1: Nothing good happens at that point, all right. Sure, the

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Speaker 1: week after earning season corporate news tends to slow down

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Speaker 1: a little bit, but there was still some news around Yesterday.

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Speaker 1: Virgin Australia's strategic partner and major investor, Qatar Airways, sold

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Speaker 1: just over two percent of its steak in the airline.

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Speaker 2: You maybe remember this saga. Qatar one Foreign Investment Review

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Speaker 2: Board approval to buy twenty five percent of Virgin after

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Speaker 2: the two airlines into a strategic alliance in October twenty

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Speaker 2: twenty four. They pay about eight hundred million dollars for

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Speaker 2: a twenty two cent steak. Now, under the deal, Qatar

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Speaker 2: circumvented restrictions on the number of planes it could fly

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Speaker 2: in and out of Australia. Remember it'd been knocked back

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Speaker 2: by the government. A bit of an uproar on that. Anyway,

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Speaker 2: did the deal with Qatar, it agreed to wet lease

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Speaker 2: aircraft to Virgin. Now it's actually reducing its stake in Virgin.

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Speaker 1: At aarn Media share price jumped to three percent yesterday

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Speaker 1: after the company pulled the Kyle and Jackie O's show

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Speaker 1: off air effective immediately. We talked about this yesterday morning

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Speaker 1: and then we saw that the market react yesterday. It

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Speaker 1: followed a breakdown between co hosts jackieo Henderson and Kyle Sandalans.

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Speaker 2: Yes, so RN's been under enormous pressure over its two

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Speaker 2: one hundred million dollar ten year push into Melbourne for

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Speaker 2: the morning breakfast show hasn't worked, clearly, investors thinking dumping

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Speaker 2: the show ain't a bad idea.

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Speaker 1: And finally, Sean, this story is about when a best

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Speaker 1: and final bid for a company isn't always the best

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Speaker 1: and final bid.

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Speaker 2: Chief executive of SG H Ryan Stokes, whose company made

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Speaker 2: the best and final bid of fourteen point two billion

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Speaker 2: dollars for blues Cope still last week, was asked whether

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Speaker 2: it was the best and final bid. He said, it

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Speaker 2: is the best and final bid, but we're always happy

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Speaker 2: to engage and talk whatever that means. H. I know

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Speaker 2: investors think that it's not the best and final bid

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Speaker 2: because blues Cope was one of the few companies whose

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Speaker 2: share price rose yesterday, and in fact it was the

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Speaker 2: best perform on the A six two hundred up two

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Speaker 2: point six percent.

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Speaker 1: Okay. Turning to international news now, fighting in the Middle

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Speaker 1: East continues to escalate, with Israeli and US missiles hitting

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Speaker 1: Tehran yesterday, while Iran was firing at targets basically across

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Speaker 1: the Middle East in retaliation for the attacks over the weekend. Critically,

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Speaker 1: reports from Iranian non state media claim that Iotola Ali

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Speaker 1: Harmeni's second son, Moshtaba Hamieni, has been elected the new

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Speaker 1: Supreme leader.

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Speaker 2: US President Donald Trump said the US Navy will be

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Speaker 2: directed to escort tankers through the Strait of Hormuz. We

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Speaker 2: mentioned that earlier in the show. It's a bit of

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Speaker 2: a rap of what has gone on in the last

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Speaker 2: twenty four hours. Israeli trips entered southern Lebanon as HESBLA

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Speaker 2: launched a cross border attack. The Israeli Defense Force issued

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Speaker 2: and evacuation warning for sixteen villages in Lebanon, warning that

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Speaker 2: strikes were imminent. Back home, Front, Afairs Minister Penny Wong

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Speaker 2: announced the additional six crisis response teams on top of

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Speaker 2: regular consular support to help Australian who remain in the

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Speaker 2: Middle East. There has been a commercial flight out of

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Speaker 2: the Middle East to Australia, but a little bit. You

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Speaker 2: probably know more about this one than I do, Michael,

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Speaker 2: but it appears they are somewhat few and far between.

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Speaker 2: The other thing that's happening is and I only know

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Speaker 2: this because my nephew was in Rome and got stuck

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Speaker 2: in Rome and made it through. But the cost of

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Speaker 2: a flight from Europe to Australia up to we're talking

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Speaker 2: economy up to fifteen thousand dollars. Oh golly, people being

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Speaker 2: really rooted all over the place.

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Speaker 1: But yeah, still because there is a lot of people

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Speaker 1: trying to come home via Asia, but then they're even

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Speaker 1: having to go as far away as South Africa for instance,

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Speaker 1: to try and try and get home. So it is extraordinary,

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Speaker 1: very very tough. One last one sewn. US biotech company

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Speaker 1: Incis Biosciences says it has published its first peer reviewed

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Speaker 1: clinical paper on an oral overdose protection approach for opioid

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Speaker 1: medicines using what it calls MPAR technology. It's part of

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Speaker 1: the growing field of anti overdose medicines.

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Speaker 2: So the basic promise is pretty straightforward. If a person

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Speaker 2: takes the medication as directed, it behaves like a normal

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Speaker 2: pain pill. Someone tries to take too much, the product

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Speaker 2: is designed to resist that overdose pathway. If this kind

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Speaker 2: of formulation holds up, the consumer impact would be significant.

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Speaker 2: I mean for patients, say, for access to pain relief,

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Speaker 2: lower risk profile. You imagine families reduce the risk of misuse,

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Speaker 2: whether that's deliberate misuse or some kid finding medication and

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Speaker 2: covered that type of thing. These abuse deterrent or safety

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Speaker 2: enhanced drug designs aren't just a clinical debate. They can

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Speaker 2: actually change things like what insurers will cover, the power

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Speaker 2: regulators label medicines, what doctors are willing to prescribe, affect

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Speaker 2: pricing power, all that sort of thing. If a product

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Speaker 2: credibly reduces a major public health risk, the manufacturer get

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Speaker 2: greater reimbursement, so a real step forward. Ultimately, do they work?

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Speaker 2: And what this US biore tech is suggesting is they've

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Speaker 2: got a peer review to clinical paper that suggests there

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Speaker 2: at least on the way to it.

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Speaker 1: Okay, Sean, this is normally where we would say goodbye.

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Speaker 1: This would normally be the end of the show. It

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Speaker 1: is not today and this month. Yeah, we've got a

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Speaker 1: couple of times a week we've got something a little

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Speaker 1: bit different for you, So stick around for the next

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Speaker 1: few minutes. I do think you will enjoy and learn

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Speaker 1: something out of this.

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Speaker 2: Yes, so that's right. This is Fear and Greeds Accelerated

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Speaker 2: Series with Air Wallas, where we explore what it takes

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Speaker 2: more businesses to grow without borders and why having a

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Speaker 2: what next mindset can be your competitive advantage today. David Holland,

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Speaker 2: Managing Director of Talent Solutions at Employment Hero and Great

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Speaker 2: Australian HR tech unicorn that uses the global payments and

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Speaker 2: treasury infrastructure of air Wallacks to help power its international expansion. David,

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Speaker 2: Welcome to Fear and Greeds Accelerated Series. To be here

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Speaker 2: the elevator pitch Employment here.

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Speaker 3: What is it?

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Speaker 1: What is it?

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Speaker 3: It is today, what it's been since the very first

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Speaker 3: day that Dave and Ben came up with the idea,

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Speaker 3: and that is to simply make employment easier and more

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Speaker 3: valuable for everyone. We are an employment operating system powered

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Speaker 3: by AI now that intelligently runs hiring, HR, payroll compliance,

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Speaker 3: and much more so. Our goal is to bring every

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Speaker 3: element of employment into a single platform to make it

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Speaker 3: as easy as possible for people to use. And as

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Speaker 3: an extension of that, we've got single sign on, single

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Speaker 3: source of truth and a single source of data that

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Speaker 3: allows our customers now to maximize the benefits of emerging

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Speaker 3: technology because everything's in the one place.

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Speaker 2: Okay. It says that the questions, how do you do that?

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Speaker 2: How do you have this continuous improvement at scale? Your

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Speaker 2: business has grown incredibly in recent times, Obviously it's going

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Speaker 2: to become more complex as a result. We have AI,

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Speaker 2: which I'm sure you're using a lot of at the moment.

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Speaker 2: How do you just keep up with it?

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Speaker 3: Yeah, I don't think there's any single answer to that,

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Speaker 3: So if I might, I'll offer up a couple of ideas.

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Speaker 3: I think it's a combination of many things, starting with

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Speaker 3: how we recruit. So if you actually start at the

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Speaker 3: very beginning your recruitment processes, the operating cadence, you know,

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Speaker 3: how we manage our relationships in our communication on a daily,

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Speaker 3: weekly and quarterly basis, right through to the tools that

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Speaker 3: we choose to use. And we've been very deliberate in

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Speaker 3: those decisions. What's interesting is, as for those who don't know,

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Speaker 3: we're one hundred percent remote, So we have about eighteen

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Speaker 3: hundred colleagues around the world in about twenty five countries.

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Speaker 3: We span virtually every time zone. It's quite incredible now.

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Speaker 3: So we've been very deliberate in how we do that.

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Speaker 3: We've been very conscious and plan planned very heavily about

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Speaker 3: how we manage a workforce like that. One of our

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Speaker 3: key tools, I guess, or key approaches is we use

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Speaker 3: a ninety day operating cycle, so quarterly themes where we

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Speaker 3: identify what the most important thing that we can do

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Speaker 3: in the next ninety days to get from where we

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Speaker 3: are today, as far towards our be hag as far

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Speaker 3: towards our goals, what are the key results we need

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Speaker 3: to deliver in the next ninety days. And that really

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Speaker 3: allows our teams to rapidly test, learn, and deploy improvements.

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Speaker 3: I think that's one of the keys. I think the

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Speaker 3: operating cadence I talked about right down to daily and

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Speaker 3: weeklies within small teams. We obviously have company wide activities.

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Speaker 3: We run those quarterly themes, and somewhat quite famously, we

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Speaker 3: have an annual global gathering. It'll be number five this year.

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Speaker 3: It's in Australia, but the first four have been truly

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Speaker 3: epic and a real highlight of the year for the

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Speaker 3: team and for people joining the business.

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Speaker 2: And is this all part of it? I mean building

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Speaker 2: a culture when you're not seeing each other in physically,

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Speaker 2: that must be a challenge, and also always getting people

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Speaker 2: say you know what is next? Now? The ninety days

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Speaker 2: cycle probably answers that, But how do you get them

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Speaker 2: to push beyond that?

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Speaker 3: Yeah, again, I'd point to it starts with recruitment. We're

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Speaker 3: very conscious about how we recruit, from the earliest interaction

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Speaker 3: with applicants right through to onboarding the successful employee. We

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Speaker 3: constantly talk about what it means and what it's like

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Speaker 3: to work at Employment Hero. We have the EH way

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Speaker 3: mission first, remote first, AI First, our values are real,

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Speaker 3: we mean our values, and we have high performance. So

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Speaker 3: that combination of the H way, which applicants are introduced

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Speaker 3: to I think through the application if not in that

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Speaker 3: first screening process, and then as I mentioned, we're remote,

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Speaker 3: that actually makes us far more deliberate. I find that

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Speaker 3: when we work in an office environment, you're effectively using

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Speaker 3: the momentum habits of two three four hundred years of

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Speaker 3: having a physical management team structure in the physical presence,

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Speaker 3: being able to look out and see and talk. When

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Speaker 3: you go remote, you actually have to make some very

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Speaker 3: deliberate choices and consciously set up processes and tools and

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Speaker 3: choose or how you're going to operate in order to

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Speaker 3: make sure that comes through. And we've put culture as

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Speaker 3: well as performance at the heart of those decisions.

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Speaker 2: Well, you've done in your area, even you've disrupted And

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Speaker 2: I was giving you an example off air of someone

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Speaker 2: I know who has used employment Hero and has wondered

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Speaker 2: why she hasn't used it before. Right, Can you give

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Speaker 2: me an example where you've disrupted someone else's product, Maybe

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Speaker 2: you've disrupted your own product, maybe it's your pricing or something,

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Speaker 2: because you knew you had to get it better. It

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Speaker 2: might have even been working, but you knew it you

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Speaker 2: had to get it better.

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Speaker 3: Yeah, there are many examples. I think one that perhaps

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Speaker 3: is close to my knowledge or something that I'm quite

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Speaker 3: familiar with. What we often do is we'll create something

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Speaker 3: very basic and not necessarily have a full view about

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Speaker 3: how we're going to get from where we are today

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Speaker 3: to what needs to be the truth, and often what

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Speaker 3: we understand the truth to be changes through that process.

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Speaker 3: One that worked across many years that I started was

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Speaker 3: our understanding of how superannuation works within employment. So for

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Speaker 3: international listeners, that's the pension system, very early versions of

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Speaker 3: when we started experimenting with how to make superannuation easier

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Speaker 3: and more valuable for everyone. So with in line with

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Speaker 3: our mission, those early versions I kind of looked back

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Speaker 3: eight nine years on and laugh at what we were

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Speaker 3: doing at the time. It seemed like the best thing

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Speaker 3: at the time. It was the best thing, but what

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Speaker 3: we were doing then there's no resemblance to where we

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Speaker 3: ended up. And what we actually learned in the onboarding

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Speaker 3: process that we created was we introduced choice into the

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Speaker 3: onboarding process and that's then led to an additional evolution.

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Speaker 3: There's a fairly significant piece of legislative changed coming later

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Speaker 3: this year for all businesses, including small businesses in Australia,

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Speaker 3: which is Payday Super, so employers will have to remit

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Speaker 3: superannuation contributions effectively in line with the payroll Now. We

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Speaker 3: took all of our learnings from those early superannuation experiments

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Speaker 3: right through to introducing choice into the onboarding process. We

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Speaker 3: leveraged a number of payments and technological infrastructure elements from

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Speaker 3: our payroll business, and we've actually now launched our clearing

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Speaker 3: house that will allow our clients to be able to

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Speaker 3: fulfill the new obligations under Payday Super seamlessly through the platform.

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Speaker 3: And I think that's an example potentially of disruption because

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Speaker 3: that didn't exist until we made it exist. We disrupted

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Speaker 3: pay per forms. I don't know if anyone remembers, but

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Speaker 3: you sort of have to fill out triplicate TFN forms

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Speaker 3: and then you had to either fill in a pay

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Speaker 3: per form for your super choice or go into the default.

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Speaker 3: So we've made all of that in line with government

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00:23:42,600 --> 00:23:45,920
Speaker 3: policies around avoiding proliferation of funds. So it's a great

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Speaker 3: example of where perhaps we didn't necessarily disrupt a competitor

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Speaker 3: or an alternative, but we disrupted a really inefficient process.

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Speaker 3: And of course, just to tie back to sort of

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Speaker 3: something I said earlier, we've brought all of that information

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Speaker 3: from pieces of paper that have been filed away Manila folders,

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Speaker 3: and we brought that into a digital environment. And so

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Speaker 3: the more our clients utilize the platform for a various

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Speaker 3: HR functionality, payroll functionality, recruitment functionality, the more they're building

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Speaker 3: up their data set. And because of that platform, as

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Speaker 3: we start to see the emergence of new technologies, predominantly

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Speaker 3: LMS and AI tools, the more data that they have

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Speaker 3: available for those tools to access, and obviously where we're

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Speaker 3: working very hard and very fast to make those tools available.

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Speaker 2: Fantastic David, thank you for joining the Accelerator series No Worries.

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Speaker 2: As David Holand, Managing Director of Talent Solutions at Employment Hero,

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Speaker 2: I'm Sean Elmer and this is the Accelerator Series brought

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Speaker 2: to you by Air Wallas to build the future. Visit

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Speaker 2: www dot air Wallas dot com slash au to find

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Speaker 2: out more.