1 00:00:03,880 --> 00:00:06,880 Speaker 1: It's Tuesday, the eleventh of August twenty twenty five. Welcome 2 00:00:06,920 --> 00:00:09,239 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,240 --> 00:00:11,040 Speaker 1: where we give you the top five business stories you 4 00:00:11,080 --> 00:00:13,360 Speaker 1: need to know in US five minutes are Michael Thompson 5 00:00:13,400 --> 00:00:16,760 Speaker 1: and Good Morning Natalie McDonald's Good Morning Michael, Natalie. Five 6 00:00:16,800 --> 00:00:19,279 Speaker 1: stories in finans. Let's get going. Story Number one is 7 00:00:19,280 --> 00:00:21,880 Speaker 1: a big one. Anthony Albanezi, the Prime Minister, has said 8 00:00:21,880 --> 00:00:25,239 Speaker 1: Australia will recognize a Palestinian state of the United Nations 9 00:00:25,280 --> 00:00:28,720 Speaker 1: General Assembly next month, saying it provides the best chance 10 00:00:28,800 --> 00:00:30,000 Speaker 1: for peace in Gaza. 11 00:00:30,400 --> 00:00:33,160 Speaker 2: The PM said a two state solution is humanity's best 12 00:00:33,200 --> 00:00:35,440 Speaker 2: hope to break the cycle of violence in the Middle 13 00:00:35,440 --> 00:00:38,000 Speaker 2: East and to bring an end to the conflict, suffering 14 00:00:38,080 --> 00:00:41,760 Speaker 2: and starvation in Gaza. In a written statement confirming the decision, 15 00:00:41,800 --> 00:00:44,800 Speaker 2: the PM and Minister for Foreign Affairs Penny Wong claimed 16 00:00:44,880 --> 00:00:48,680 Speaker 2: Natanyawi's government was extinguishing the prospect of a two state solution. 17 00:00:49,240 --> 00:00:52,720 Speaker 2: The move echoes similar commitments to Palestinian recognition from France, 18 00:00:52,840 --> 00:00:57,080 Speaker 2: the UK, and Canada. Israel's embassy in Australia claims the 19 00:00:57,160 --> 00:01:01,120 Speaker 2: Labor government's moves to recognize a Palestinian state undermines Israel's 20 00:01:01,120 --> 00:01:03,720 Speaker 2: security and elevates the position of Hermas. 21 00:01:04,360 --> 00:01:07,160 Speaker 1: This has been building for a while now and it 22 00:01:07,160 --> 00:01:09,920 Speaker 1: does put us at odds with the US's position on this. 23 00:01:10,120 --> 00:01:13,640 Speaker 1: Israeli Prime Minister Benjamin Etna, who spoke ahead of the decision, 24 00:01:13,680 --> 00:01:17,039 Speaker 1: saying that momentum for recognizing Palestinian statehood in Europe and 25 00:01:17,040 --> 00:01:20,840 Speaker 1: Australia was shameful. You mentioned the response of the Israeli 26 00:01:20,959 --> 00:01:23,880 Speaker 1: embassy here. What was the political. 27 00:01:23,400 --> 00:01:27,039 Speaker 2: Reaction, Well, it's been broad and varied. Susan Lee and 28 00:01:27,080 --> 00:01:30,120 Speaker 2: the Coalition opposition say they have serious concerns about the 29 00:01:30,120 --> 00:01:35,040 Speaker 2: Albanese government's decision to unilaterally recognize a Palestinian state outside 30 00:01:35,080 --> 00:01:38,240 Speaker 2: of a proper piece and two state process. Shadow Defense 31 00:01:38,280 --> 00:01:41,840 Speaker 2: Minister Angus Taylor says the recognition would be premature under 32 00:01:41,880 --> 00:01:45,680 Speaker 2: reward for her Mass. The Green's Foreign affairs spokesperson David 33 00:01:45,680 --> 00:01:49,200 Speaker 2: Schubridge says Australia's move to recognize a Palastinian state is 34 00:01:49,240 --> 00:01:50,480 Speaker 2: an overdue step. 35 00:01:51,640 --> 00:01:55,800 Speaker 1: Oder story number two now and earning season underway. Raft 36 00:01:55,840 --> 00:01:59,320 Speaker 1: of leadership changes doesn't get much bigger than JB High 37 00:01:59,320 --> 00:02:03,120 Speaker 1: fire cee Terry Smart resigning from the company for a 38 00:02:03,200 --> 00:02:04,840 Speaker 1: second time a second time. 39 00:02:04,920 --> 00:02:08,480 Speaker 2: Indeed, JBHIHI chief Cherry Smart held the top job from 40 00:02:08,520 --> 00:02:11,359 Speaker 2: twenty ten to twenty fourteen, before taking on the role 41 00:02:11,480 --> 00:02:16,160 Speaker 2: again in twenty twenty one, the electronics retailer promoting from within, 42 00:02:16,280 --> 00:02:19,399 Speaker 2: with chief operating Officer Nick Wells taking the lead when 43 00:02:19,480 --> 00:02:23,600 Speaker 2: Smart steps down and retires in early October. The announcement 44 00:02:23,639 --> 00:02:27,000 Speaker 2: came as jbhi Fi handed down a ten percent increase 45 00:02:27,080 --> 00:02:30,560 Speaker 2: in sales and five point four percent growth in profits. 46 00:02:30,919 --> 00:02:33,480 Speaker 2: The launch of the Nintendo switch to contributed to a 47 00:02:33,480 --> 00:02:37,400 Speaker 2: five hundred million dollar sales surge, something the ABS mentioned 48 00:02:37,440 --> 00:02:41,040 Speaker 2: a few weeks ago as prompting a surge in consumer spending, 49 00:02:41,440 --> 00:02:44,400 Speaker 2: shares falling on the news. However, with that change of 50 00:02:44,440 --> 00:02:48,079 Speaker 2: leadership announcement ending the day down more than eight percent. 51 00:02:48,040 --> 00:02:50,240 Speaker 1: It's fascinating, isn't it that we can have it actually 52 00:02:50,280 --> 00:02:52,079 Speaker 1: tied back to a product launch. But I suppose it's 53 00:02:52,080 --> 00:02:55,079 Speaker 1: not so dissimilar to when say Apple releases as in 54 00:02:55,240 --> 00:02:58,640 Speaker 1: U iPhone or you do see this spending spike go up, 55 00:02:58,639 --> 00:03:00,440 Speaker 1: and clearly it does happened on this occase with the 56 00:03:00,520 --> 00:03:03,320 Speaker 1: Nintendo switch to. Under story number three, the other and 57 00:03:03,360 --> 00:03:07,239 Speaker 1: easy government is taking its first big step towards universal childcare, 58 00:03:07,400 --> 00:03:10,359 Speaker 1: hiring Deloitte to work out what the system could look 59 00:03:10,440 --> 00:03:12,120 Speaker 1: like and then, of course, how much it would cost. 60 00:03:12,400 --> 00:03:15,480 Speaker 2: Baby steps. Indeed, the two year ten point four million 61 00:03:15,520 --> 00:03:19,600 Speaker 2: dollar review will crunch the numbers on demand, wages, and infrastructure, 62 00:03:19,800 --> 00:03:23,000 Speaker 2: with the results due before the next election. One option 63 00:03:23,240 --> 00:03:27,160 Speaker 2: is replacing the current subsidy system with a flat daily fee, 64 00:03:27,200 --> 00:03:31,760 Speaker 2: potentially ten dollars, similar to Canada's model. The Productivity Commission 65 00:03:31,760 --> 00:03:35,360 Speaker 2: says cheaper childcare could bring the equivalent of seventeen thousand 66 00:03:35,360 --> 00:03:39,360 Speaker 2: full time workers into the economy, mostly parents and mostly women. 67 00:03:39,800 --> 00:03:43,040 Speaker 2: Childcare subsidies will cost the federal budget sixteen point two 68 00:03:43,080 --> 00:03:46,440 Speaker 2: billion dollars this year. That's due to grow to eighteen 69 00:03:46,480 --> 00:03:50,240 Speaker 2: point four billion dollars by twenty eight twenty nine, outpacing 70 00:03:50,360 --> 00:03:51,240 Speaker 2: GDP growth. 71 00:03:51,920 --> 00:03:55,640 Speaker 1: Story Number four. Financial stress among Australians has nearly doubled 72 00:03:55,840 --> 00:04:00,680 Speaker 1: since twenty twenty, with women consistently reporting higher anxiety about money. 73 00:04:00,840 --> 00:04:02,800 Speaker 1: This is according to the National Mental Health. 74 00:04:02,600 --> 00:04:06,840 Speaker 2: Commission, around one in three Australians are financially stressed, rising 75 00:04:06,840 --> 00:04:10,280 Speaker 2: from one in five in twenty twenty, reflecting the combined 76 00:04:10,320 --> 00:04:13,400 Speaker 2: impact of more than a decade of wage stagnation and 77 00:04:13,600 --> 00:04:17,440 Speaker 2: cost of living surge. Interest rate hikes thirteen since twenty 78 00:04:17,560 --> 00:04:20,680 Speaker 2: twenty two have done very little to help, despite inflation 79 00:04:20,839 --> 00:04:24,760 Speaker 2: now easing to two point one percent. The result widespread 80 00:04:24,760 --> 00:04:29,200 Speaker 2: belt tightening, delayed healthcare and food insecurity. The ABC reports 81 00:04:29,240 --> 00:04:33,200 Speaker 2: some self employed, working and small business owners are tapping 82 00:04:33,240 --> 00:04:36,800 Speaker 2: into retirement savings to stay afloat, while the RBA is 83 00:04:36,880 --> 00:04:40,200 Speaker 2: widely tipped to cut rates later Today, experts cautioned that 84 00:04:40,360 --> 00:04:45,200 Speaker 2: money dysmorphia has lasting effects well beyond the immediate economic cycle. 85 00:04:45,640 --> 00:04:47,880 Speaker 1: All right, let's finish up with some good news. This 86 00:04:48,000 --> 00:04:51,760 Speaker 1: is story number five. After two challenging seasons, Australia's snow 87 00:04:51,839 --> 00:04:55,360 Speaker 1: tourism sector is seeing renewed optimism and investment. 88 00:04:55,920 --> 00:04:59,600 Speaker 2: Results like Perisher are thriving, with forty four of forty 89 00:04:59,600 --> 00:05:03,679 Speaker 2: five t lifts operating and strong school holiday attendance driven 90 00:05:03,760 --> 00:05:07,840 Speaker 2: by a mix of snowfall and sunny conditions. Industry players 91 00:05:07,880 --> 00:05:11,239 Speaker 2: are backing the future. Ski Resorts Australia reports over eighty 92 00:05:11,400 --> 00:05:14,200 Speaker 2: million dollars has been invested in New South Wales alone 93 00:05:14,279 --> 00:05:17,839 Speaker 2: over five years. Perisher, th Redbo Falls Creek all have 94 00:05:18,000 --> 00:05:21,760 Speaker 2: implemented upgrades as the iconic Mount Buffalo Chalet undergoes a 95 00:05:21,839 --> 00:05:26,120 Speaker 2: ten million dollar redevelopment. The snow season also acts as 96 00:05:26,160 --> 00:05:30,240 Speaker 2: a barometer for surrounding areas reliant on that visitor economy. 97 00:05:30,360 --> 00:05:34,120 Speaker 1: So more snowfall, more money, more money, seems a good 98 00:05:34,120 --> 00:05:35,880 Speaker 1: way to finish. There we go the top five business 99 00:05:35,880 --> 00:05:38,719 Speaker 1: stories in five minutes. Thank you very much, Natalie, Thank you, Michael. 100 00:05:38,880 --> 00:05:41,680 Speaker 1: It is Tuesday, the eleventh of August twenty twenty five. 101 00:05:41,720 --> 00:05:43,880 Speaker 1: Remember to hit follow on the podcast, and if five 102 00:05:43,920 --> 00:05:46,080 Speaker 1: minutes just isn't enough, you can find our longer daily 103 00:05:46,120 --> 00:05:48,960 Speaker 1: show called Fear and Grade wherever you listen to podcasts. 104 00:05:49,040 --> 00:05:51,080 Speaker 1: I'm Michael Thompson and that was the fast five business 105 00:05:51,160 --> 00:05:53,160 Speaker 1: news by Fear and Grade. Have a great day.