1 00:00:03,880 --> 00:00:06,800 Speaker 1: It's Friday, the twenty third of May twenty twenty five. 2 00:00:07,000 --> 00:00:09,440 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,480 --> 00:00:11,320 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,680 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,720 --> 00:00:15,200 Speaker 1: and good morning Sean Ayler. 6 00:00:15,320 --> 00:00:16,560 Speaker 2: Good morning, Michael Shawn. 7 00:00:16,640 --> 00:00:18,840 Speaker 1: Five stories in five minutes. Let's go a story number one. 8 00:00:19,160 --> 00:00:23,279 Speaker 1: The logical place to start. The Nationals have paused their 9 00:00:23,320 --> 00:00:27,080 Speaker 1: decision to abandon the coalition after Federal Liberal leader Susan 10 00:00:27,160 --> 00:00:30,320 Speaker 1: Lee reached out to senior Nationals who opposed the decision 11 00:00:30,360 --> 00:00:33,120 Speaker 1: to abandon the coalition in an effort to bring the 12 00:00:33,159 --> 00:00:34,840 Speaker 1: two conservative parties back together. 13 00:00:34,960 --> 00:00:37,320 Speaker 2: Okay, so this week the Nationals walked away from the coalition, 14 00:00:37,400 --> 00:00:40,479 Speaker 2: blaming the refusal by Lead to recommit immediately to the 15 00:00:40,520 --> 00:00:45,520 Speaker 2: forced divestiture of supermarkets, nuclear power, a regional future fund, 16 00:00:45,840 --> 00:00:50,720 Speaker 2: and enforced universal service obligations for mobile phone coverage. Now, yesterday, 17 00:00:50,880 --> 00:00:54,960 Speaker 2: Nationals agreed to the need for shadow cabinet solidarity that 18 00:00:55,080 --> 00:00:58,320 Speaker 2: had been a sticking point. It also softened its nuclear push. 19 00:00:58,840 --> 00:01:02,080 Speaker 2: Both sides and the Lives then hit the pause button. 20 00:01:03,200 --> 00:01:08,080 Speaker 2: What made it difficult? They both wanted to announce shadow ministries. Now, 21 00:01:08,160 --> 00:01:10,880 Speaker 2: normally there'd be thirty in the shadow ministry, nine of 22 00:01:10,920 --> 00:01:13,360 Speaker 2: those from the NATS. What happens if Susan Lee gives 23 00:01:13,440 --> 00:01:15,840 Speaker 2: thirty positions to the Libs and then has to go 24 00:01:15,920 --> 00:01:17,320 Speaker 2: in three or four weeks time and say, oh, we're 25 00:01:17,319 --> 00:01:19,720 Speaker 2: a coalition again. I need to take nine positions off 26 00:01:19,760 --> 00:01:21,199 Speaker 2: you guys and we're going to give it to the NATS. 27 00:01:21,319 --> 00:01:23,360 Speaker 2: Same deal for David Little Proud with the NATS if 28 00:01:23,360 --> 00:01:26,840 Speaker 2: he announced his own shadow ministry. So they kind of 29 00:01:26,920 --> 00:01:29,880 Speaker 2: hit pause, and it came after Lee had spoken to 30 00:01:29,880 --> 00:01:33,040 Speaker 2: people like former leader Barnaby Joyce about the coalition. 31 00:01:33,760 --> 00:01:35,920 Speaker 1: Just staying on the same subject. It does seem that 32 00:01:35,959 --> 00:01:39,240 Speaker 1: the split wasn't just about policy positions, but also due 33 00:01:39,280 --> 00:01:43,000 Speaker 1: to some anger over the defection of just into Number 34 00:01:43,040 --> 00:01:45,160 Speaker 1: Jimp Price to the Liberal Party. 35 00:01:45,240 --> 00:01:47,760 Speaker 2: Price defected to the Libs just after the election to 36 00:01:47,840 --> 00:01:50,160 Speaker 2: run for Deputy leader on a ticket with Angus Taylor. 37 00:01:50,200 --> 00:01:53,400 Speaker 2: That ticket failed. E leak letter from National Senator Bridget McKenzie, 38 00:01:53,400 --> 00:01:56,560 Speaker 2: written ten days ago reveals the party first threatened to 39 00:01:56,560 --> 00:02:01,080 Speaker 2: abandon the coalition after the defection. Clearly there's more to 40 00:02:01,120 --> 00:02:02,040 Speaker 2: it than just policy. 41 00:02:02,160 --> 00:02:04,040 Speaker 1: Yeah, it does seem that way, doesn't it? Okay? Moving 42 00:02:04,040 --> 00:02:06,720 Speaker 1: on to story number two. Now, Sean and it's going 43 00:02:06,800 --> 00:02:09,960 Speaker 1: to be a big weekend for the housing market. Twenty 44 00:02:10,000 --> 00:02:12,600 Speaker 1: four hundred homes across the country going up for auction 45 00:02:12,880 --> 00:02:14,800 Speaker 1: just days after an interest rate cut. 46 00:02:14,840 --> 00:02:17,280 Speaker 2: Melbourne will have more than a thousand auctions, Sydney eight 47 00:02:17,360 --> 00:02:20,160 Speaker 2: hundred or so Perth. Brisbane and Canberra are also very busy. 48 00:02:20,320 --> 00:02:23,680 Speaker 2: You mentioned the rate cut very important. Will people start 49 00:02:23,680 --> 00:02:26,720 Speaker 2: buying because there's a rate cut? Even more important expectations 50 00:02:26,760 --> 00:02:29,320 Speaker 2: of more cuts later in the year. Markets are priced 51 00:02:29,320 --> 00:02:32,200 Speaker 2: in two more rate cuts. We talk about the preliminary 52 00:02:32,280 --> 00:02:35,640 Speaker 2: clearance rate on Mondays. The final clearance rate comes through 53 00:02:35,639 --> 00:02:38,280 Speaker 2: on a Wednesday or a Thursday. It's actually about sixty 54 00:02:38,280 --> 00:02:40,520 Speaker 2: five percent at the moment. It's pretty good, so it'll 55 00:02:40,560 --> 00:02:42,160 Speaker 2: be interesting to see what happens this weekend. 56 00:02:42,560 --> 00:02:46,120 Speaker 1: Story number three. Wes Farmers, the owner of Kmart, plans 57 00:02:46,120 --> 00:02:51,720 Speaker 1: to accelerate its Ancho brand offshore, including Ancho branded stores overseas. 58 00:02:51,840 --> 00:02:53,919 Speaker 2: Anko has been a staff for wes Farmers and Kmart 59 00:02:53,960 --> 00:02:57,040 Speaker 2: is now the conglomerate's second biggest earner behind Bunnings. Around 60 00:02:57,080 --> 00:02:59,799 Speaker 2: eighty five percent of good Soul at kmart are Enco 61 00:02:59,880 --> 00:03:03,600 Speaker 2: products pretty phenomenal. There's already an Anco branded store in Manila, 62 00:03:03,639 --> 00:03:06,320 Speaker 2: and West Farmer's chief executive Rob Scott said that there 63 00:03:06,280 --> 00:03:08,320 Speaker 2: will be new store openings this year to test the 64 00:03:08,360 --> 00:03:11,640 Speaker 2: brand position. He said the brand's products were resonating with 65 00:03:11,680 --> 00:03:14,919 Speaker 2: customers globally, from furniture and home in Canada, to wooden 66 00:03:14,960 --> 00:03:18,120 Speaker 2: toys in the US and its broad general merchandise range 67 00:03:18,160 --> 00:03:21,360 Speaker 2: in the Philippines. West Farmers is also looking to develop 68 00:03:21,400 --> 00:03:23,560 Speaker 2: its Atomic of brand and a bid to capitalize on 69 00:03:23,600 --> 00:03:25,640 Speaker 2: the booming demand for beauty and skincare products. 70 00:03:25,720 --> 00:03:28,399 Speaker 1: The story before is a very serious one. Heavy rainfall 71 00:03:28,600 --> 00:03:31,720 Speaker 1: is continuing along the New South Wales coast as floodwaters 72 00:03:31,720 --> 00:03:35,560 Speaker 1: claim the lives of at least two people, with others missing. 73 00:03:35,640 --> 00:03:38,440 Speaker 2: Around fifty thousand people are expected to be isolated by 74 00:03:38,520 --> 00:03:41,160 Speaker 2: rising floodwaters, and hundreds of people have been rescued by 75 00:03:41,160 --> 00:03:44,320 Speaker 2: the state's emergency rescue services. Major towns along the north 76 00:03:44,360 --> 00:03:46,800 Speaker 2: coast are inundated with water, and flood warnings have reached 77 00:03:46,840 --> 00:03:49,560 Speaker 2: as far south as Sydney. Some areas in the state 78 00:03:49,600 --> 00:03:52,280 Speaker 2: are expecting three hundred mills of rain in twenty four hours. 79 00:03:52,480 --> 00:03:55,680 Speaker 2: The federal government has activated flood payments for some areas, 80 00:03:55,720 --> 00:03:59,680 Speaker 2: supermarkets have closed and banks are working with customers in distress. 81 00:04:00,400 --> 00:04:02,800 Speaker 1: Last one, sorry, number five body maker. This one shown. 82 00:04:02,880 --> 00:04:06,440 Speaker 1: The Enhanced Games have set their inaugural competition for May 83 00:04:06,640 --> 00:04:10,200 Speaker 1: of next year in Las Vegas, with swimming, athletics and weightlifting, 84 00:04:10,280 --> 00:04:13,320 Speaker 1: of course on the agenda for athletes using substances that 85 00:04:13,360 --> 00:04:18,279 Speaker 1: are banned in official competition, much of course, to the 86 00:04:18,320 --> 00:04:20,280 Speaker 1: consternation of anti doping bodies. 87 00:04:20,320 --> 00:04:23,440 Speaker 2: Australian founder Aaron Desuza has urged athletes to take a 88 00:04:23,520 --> 00:04:27,320 Speaker 2: gamble on the competition that he believes can transform sports science. 89 00:04:27,920 --> 00:04:31,480 Speaker 2: Critics disagree, basically calling it a freak show. According to Reuters, 90 00:04:31,760 --> 00:04:33,960 Speaker 2: organizes are pushing what they say is one of the 91 00:04:33,960 --> 00:04:37,440 Speaker 2: biggest success stories so far, a Greek swimmer who didn't 92 00:04:37,440 --> 00:04:40,200 Speaker 2: make the podium in four Olympics but then swim two 93 00:04:40,279 --> 00:04:43,640 Speaker 2: hundredths of a second faster than the five hundred meter 94 00:04:43,720 --> 00:04:47,040 Speaker 2: freestyle official world record, which has stood for more than 95 00:04:47,080 --> 00:04:50,200 Speaker 2: fifteen years. Now that Greek swimmer earned more than one 96 00:04:50,200 --> 00:04:53,480 Speaker 2: million dollars for the feat and beat Bozzie. Former Olympian 97 00:04:53,600 --> 00:04:56,599 Speaker 2: James Magnuson, who's also part of the Enhanced Games. He 98 00:04:56,720 --> 00:04:59,000 Speaker 2: was hoping to beat that mark and take the million bucks. 99 00:04:59,040 --> 00:05:01,320 Speaker 2: The Enhanced Games have held the thirty one year old 100 00:05:01,400 --> 00:05:03,360 Speaker 2: up the Greek thirty one year old as an example 101 00:05:03,400 --> 00:05:06,840 Speaker 2: of what can be possible under their regime, while declining 102 00:05:06,880 --> 00:05:12,560 Speaker 2: to disclose which performance enhancements he used, citing medical confidentiality. Ironic, 103 00:05:12,720 --> 00:05:15,279 Speaker 2: the Enhanced Games operate under the principle of banning performance 104 00:05:15,360 --> 00:05:18,680 Speaker 2: enhancing drugs in major competition does not protect athletes, but 105 00:05:18,839 --> 00:05:20,240 Speaker 2: rather stifles their performance. 106 00:05:20,640 --> 00:05:22,799 Speaker 1: There we go, the top five business stories in five minutes. 107 00:05:22,800 --> 00:05:24,800 Speaker 1: Thank you Sean, Thank you Michael. It is Friday, the 108 00:05:24,839 --> 00:05:26,919 Speaker 1: twenty third of May twenty twenty five. Remember to hit 109 00:05:26,960 --> 00:05:29,080 Speaker 1: follow on the podcast and if five minutes isn't enough, 110 00:05:29,120 --> 00:05:31,159 Speaker 1: you can find our longer daily show called Fear and 111 00:05:31,279 --> 00:05:34,120 Speaker 1: Greed wherever you listen to podcasts, And if you happen 112 00:05:34,160 --> 00:05:35,520 Speaker 1: to live in Sydney, then you might want to get 113 00:05:35,520 --> 00:05:38,920 Speaker 1: along to our upcoming first ever live recording of Fear 114 00:05:38,960 --> 00:05:40,800 Speaker 1: and Greed. I'll put a link in today's show notes. 115 00:05:40,839 --> 00:05:42,800 Speaker 1: I'm Michael Thompson and that was the fast five business 116 00:05:42,839 --> 00:05:44,800 Speaker 1: news by Fear and Greed. Have a great day.