1 00:00:03,760 --> 00:00:06,480 Speaker 1: It's Tuesday, the eighth of July twenty twenty five. Welcome 2 00:00:06,480 --> 00:00:08,480 Speaker 1: to the Fast five by Fear and Greed, where we 3 00:00:08,560 --> 00:00:10,720 Speaker 1: give you the top five business stories you need to 4 00:00:10,760 --> 00:00:14,160 Speaker 1: know in just five minutes. I'm Adam Lang and good morning, 5 00:00:14,240 --> 00:00:14,880 Speaker 1: Sean Almer. 6 00:00:15,320 --> 00:00:16,360 Speaker 2: Good morning, Adam. 7 00:00:16,520 --> 00:00:18,000 Speaker 3: Sean's story number one. 8 00:00:18,079 --> 00:00:20,720 Speaker 1: Australia is getting caught up in the crossfire between the 9 00:00:20,760 --> 00:00:24,320 Speaker 1: world's two biggest economies, the US and China, with America 10 00:00:24,400 --> 00:00:27,720 Speaker 1: set to impose a ten percent tariff on Australian goods. 11 00:00:28,040 --> 00:00:30,840 Speaker 1: Just as Prime Minister Anthony Albanezi heads off to Beijing. 12 00:00:31,800 --> 00:00:35,720 Speaker 2: The Trump Administration started sending out tariff letters to countries overnight, 13 00:00:35,760 --> 00:00:37,839 Speaker 2: and Australia is likely to be stuck with a ten 14 00:00:37,880 --> 00:00:40,479 Speaker 2: percent tariff on goods and services sold into the US. 15 00:00:40,760 --> 00:00:44,199 Speaker 2: Because Australia is not negotiated a new tariff arrangement with Washington, 16 00:00:44,240 --> 00:00:46,960 Speaker 2: we're likely to receive our original impost, which is the 17 00:00:47,000 --> 00:00:49,919 Speaker 2: lowest rate of ten percent. That's because Australia sells less 18 00:00:49,920 --> 00:00:52,040 Speaker 2: to the US than we buy from it. Countries are 19 00:00:52,120 --> 00:00:54,600 Speaker 2: rushing to do deals with the Trump administration, with the 20 00:00:54,720 --> 00:00:58,120 Speaker 2: July nine deadline almost here. Now the new tariffs are 21 00:00:58,200 --> 00:01:01,200 Speaker 2: due to kick off on one August. Yesterday, Donald Trump 22 00:01:01,240 --> 00:01:04,400 Speaker 2: said he'll start sending letters overnight. We're talked about last night, 23 00:01:04,720 --> 00:01:08,720 Speaker 2: adding that any country aligning itself with the bricks Nations Brazil, Russia, India, 24 00:01:08,800 --> 00:01:12,360 Speaker 2: China and South Africa will face an additional ten percent tariffs, 25 00:01:12,360 --> 00:01:15,360 Speaker 2: adding there will be no exceptions. Not quite clear what 26 00:01:15,400 --> 00:01:17,920 Speaker 2: that means. Australia is aligned with China when it comes 27 00:01:17,920 --> 00:01:20,440 Speaker 2: to iron ore, for example, but I'm not sure how 28 00:01:20,480 --> 00:01:21,360 Speaker 2: that one plays out. 29 00:01:21,640 --> 00:01:24,240 Speaker 1: And this is all happening as Prime Minister Anthony Albanezi 30 00:01:24,319 --> 00:01:27,759 Speaker 1: heads to China this week, with Beijing suggesting an expansion 31 00:01:27,760 --> 00:01:31,280 Speaker 1: of the free trade agreement to include artificial intelligence and 32 00:01:31,360 --> 00:01:32,360 Speaker 1: the digital economy. 33 00:01:32,840 --> 00:01:37,600 Speaker 2: Beijing's top diplomat in Australia, Xiao Chang, has suggested deepening 34 00:01:37,640 --> 00:01:40,400 Speaker 2: economic ties between the two countries. He said that could 35 00:01:40,440 --> 00:01:43,160 Speaker 2: boost the local economy. Writing the fin Review, he saiderations 36 00:01:43,200 --> 00:01:47,319 Speaker 2: between Australia and China have stabilized and improved, achieving a 37 00:01:47,400 --> 00:01:50,000 Speaker 2: comprehensive turnaround, but now is the time to take the 38 00:01:50,040 --> 00:01:52,920 Speaker 2: next step in some critical parts of the global economy, 39 00:01:52,960 --> 00:01:57,640 Speaker 2: notably critical minerals, electric vehicles, semiconductors, artificial intelligence. Countries like 40 00:01:57,640 --> 00:02:00,400 Speaker 2: Australia really have two primary options, team up the US 41 00:02:00,560 --> 00:02:03,520 Speaker 2: or team up with China. Thus far, we've been very 42 00:02:03,600 --> 00:02:07,440 Speaker 2: US focused, but the Trump administration has given Canberra reason 43 00:02:07,560 --> 00:02:11,680 Speaker 2: to rethink now. The Chinese ambassador's comments come as mister 44 00:02:11,720 --> 00:02:14,799 Speaker 2: Albanezi is due to meet President Jijingping during his week 45 00:02:14,840 --> 00:02:18,320 Speaker 2: long trip to China. It's a heavy trade investment focus trip. 46 00:02:18,520 --> 00:02:21,040 Speaker 2: In fact, the number of business leaders will join the PM, 47 00:02:21,120 --> 00:02:25,360 Speaker 2: including Macquarie Group's Shamara Rameni, Yaka, Fortescues, Andrew Forrest and 48 00:02:25,360 --> 00:02:30,160 Speaker 2: Bluescopes Mark Vazella. Meanwhile, Opposition leader Susan Lee said that 49 00:02:30,280 --> 00:02:33,440 Speaker 2: Australia should be wary of expanding our free trade deal 50 00:02:33,480 --> 00:02:35,960 Speaker 2: with China to include AI and the digital economy. 51 00:02:36,560 --> 00:02:37,799 Speaker 3: Sean's story Number two. 52 00:02:37,919 --> 00:02:41,240 Speaker 1: Interest rates are on the way down, including a probable 53 00:02:41,280 --> 00:02:44,160 Speaker 1: cut at two thirty pm today, but home loan borrow 54 00:02:44,240 --> 00:02:48,280 Speaker 1: is mostly opting to keep repayment levels unchanged, effectively paying 55 00:02:48,320 --> 00:02:50,720 Speaker 1: more than the minimum requirement off their mortgages. 56 00:02:51,480 --> 00:02:53,639 Speaker 2: According to the Big Banks Nunning, ten percent of borrow 57 00:02:53,720 --> 00:02:57,160 Speaker 2: was lowered their home loan repayments after the May rate cut, 58 00:02:57,200 --> 00:02:59,720 Speaker 2: which was in line with what happened in the February 59 00:03:00,160 --> 00:03:02,560 Speaker 2: cut or after the February rate cut a zed coomwealf 60 00:03:02,600 --> 00:03:05,640 Speaker 2: Bank in National Australia Bank ask customers to opt into 61 00:03:05,720 --> 00:03:08,239 Speaker 2: lower payments after rate cuts. According to the fin Review, 62 00:03:08,440 --> 00:03:12,720 Speaker 2: Westpac automatically reduces the home loan repayments. Commonwealth estimates borrowers 63 00:03:12,720 --> 00:03:15,440 Speaker 2: with a five hundred thousand dollars mortgage would be saving 64 00:03:15,480 --> 00:03:18,040 Speaker 2: one hundred and sixty dollars a month from two rate 65 00:03:18,080 --> 00:03:21,440 Speaker 2: cuts this year. If they banked three rate cuts, borrowers 66 00:03:21,480 --> 00:03:24,200 Speaker 2: with a thirty thousand year mortgage could save close to 67 00:03:24,240 --> 00:03:27,919 Speaker 2: two hundred thousand dollars. Financial markets and economists agree there's 68 00:03:27,960 --> 00:03:30,320 Speaker 2: very likely to be a rate cut the SAVO followed 69 00:03:30,360 --> 00:03:31,320 Speaker 2: by a couple. 70 00:03:31,000 --> 00:03:31,880 Speaker 3: More later in the year. 71 00:03:32,160 --> 00:03:35,600 Speaker 1: Story number three Origin Energy jumped six point five percent 72 00:03:35,680 --> 00:03:39,680 Speaker 1: after reports over the weekend the UK startup Octopus Energy, 73 00:03:39,920 --> 00:03:42,760 Speaker 1: of which Origin has a twenty three percent stake, is 74 00:03:42,840 --> 00:03:45,200 Speaker 1: planning to demerge its technology arm. 75 00:03:45,520 --> 00:03:48,600 Speaker 2: And the technology arm is called Krakeen. So we've got Octopus, 76 00:03:48,680 --> 00:03:51,560 Speaker 2: Origin and Craken. This is a story full of great names. 77 00:03:51,800 --> 00:03:55,200 Speaker 2: Kracken's a standalone energy or as a standalone entity, could 78 00:03:55,240 --> 00:03:57,520 Speaker 2: be valued AD up to fifteen billion dollars. According to 79 00:03:57,600 --> 00:04:00,920 Speaker 2: UK media reports that would value Origin takes at three 80 00:04:00,960 --> 00:04:05,640 Speaker 2: point five billion dollars. Octopus is Britain's largest energy energy retailer. 81 00:04:06,080 --> 00:04:09,240 Speaker 2: Kraken is an AI powered operating system which is licensed 82 00:04:09,280 --> 00:04:12,640 Speaker 2: to other energy providers, water companies and telecom supplies. 83 00:04:13,000 --> 00:04:14,400 Speaker 3: Sean Story number four. 84 00:04:14,480 --> 00:04:16,880 Speaker 1: Donald Trump has lashed out at Elon Musk after the 85 00:04:16,920 --> 00:04:21,039 Speaker 1: billionaire unveiled plans to launch a new US political party, 86 00:04:21,080 --> 00:04:23,680 Speaker 1: calling him a train wreck. In an escalation of the 87 00:04:23,720 --> 00:04:26,839 Speaker 1: feud between the US president and his former buddy. 88 00:04:27,160 --> 00:04:31,160 Speaker 2: Musk has criticized Trump's flagship One Big Beautiful Bill, which 89 00:04:31,200 --> 00:04:34,200 Speaker 2: the President signed into law last week, accusing the administration 90 00:04:34,240 --> 00:04:36,520 Speaker 2: of bankrupting in the country because the law is projected 91 00:04:36,560 --> 00:04:38,360 Speaker 2: to add more than three trillion dollars to the US 92 00:04:38,440 --> 00:04:39,880 Speaker 2: debt over the next decade. 93 00:04:39,880 --> 00:04:39,960 Speaker 1: Now. 94 00:04:40,040 --> 00:04:42,160 Speaker 2: Over the weekend, Musk announced he would form a new 95 00:04:42,200 --> 00:04:46,640 Speaker 2: party called the America Party Few details. Trump hit back, 96 00:04:46,920 --> 00:04:49,400 Speaker 2: writing on his Truth social platform that he was and 97 00:04:49,440 --> 00:04:53,720 Speaker 2: I quote saddened to watch Elon Musk go completely off trails, 98 00:04:54,120 --> 00:04:57,159 Speaker 2: essentially becoming a train wreck over the past five years 99 00:04:57,279 --> 00:04:59,040 Speaker 2: end quote, end story. 100 00:04:59,200 --> 00:05:00,600 Speaker 3: Sean story number five. 101 00:05:00,640 --> 00:05:04,240 Speaker 1: And finally, archaeologists have announced the discovery of an ancient 102 00:05:04,279 --> 00:05:07,000 Speaker 1: city in Peru's northern Baranka province. 103 00:05:07,240 --> 00:05:11,039 Speaker 2: The thirty five hundred year old city, named Pernico, is 104 00:05:11,080 --> 00:05:13,600 Speaker 2: believed to have served as a key trading hub connecting 105 00:05:13,640 --> 00:05:16,080 Speaker 2: early Pacific coast communities with those living in the Andes 106 00:05:16,120 --> 00:05:19,880 Speaker 2: Mountains and Amazon Basin. Located some two hundred kilometers north 107 00:05:19,880 --> 00:05:22,240 Speaker 2: of Lima, the site lies about six hundred meters above 108 00:05:22,279 --> 00:05:25,359 Speaker 2: sea level, thought to have been founded between eighteen hundred 109 00:05:25,360 --> 00:05:28,160 Speaker 2: and fifteen hundred BC, around the same time that early 110 00:05:28,200 --> 00:05:31,400 Speaker 2: civilizations were flourishing in the Middle East and Asia. According 111 00:05:31,440 --> 00:05:34,839 Speaker 2: to BBC, researchers say the discovery sheddle's light on what 112 00:05:35,000 --> 00:05:39,760 Speaker 2: became of the America's oldest civilization, the Keral, which was 113 00:05:39,839 --> 00:05:42,880 Speaker 2: established about five thousand years ago. Eight years of research 114 00:05:42,920 --> 00:05:46,479 Speaker 2: at the site unearthed eighteen structures, including ceremonial temples and 115 00:05:46,560 --> 00:05:47,800 Speaker 2: residential complexes. 116 00:05:48,000 --> 00:05:50,840 Speaker 1: That's it, the top five business stories in just five minutes. 117 00:05:50,880 --> 00:05:53,880 Speaker 3: Thank you, Sean, Thanks very much. Adam. It's Tuesday, the 118 00:05:53,920 --> 00:05:55,360 Speaker 3: eighth of July twenty twenty five. 119 00:05:55,440 --> 00:05:57,880 Speaker 1: Remember to hit follow on the podcast and if five 120 00:05:57,920 --> 00:06:01,080 Speaker 1: minutes isn't enough, then find out longer podcast called Fear 121 00:06:01,160 --> 00:06:04,400 Speaker 1: and greed on your favorite podcast platform. I'm Adam Lang 122 00:06:04,440 --> 00:06:06,440 Speaker 1: and that was the fastby by, fair and greed. 123 00:06:06,800 --> 00:06:07,600 Speaker 3: Have a great date.