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Speaker 1: It's Friday, the thirteenth of December twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know and us five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes.

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Speaker 2: Let's go.

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Speaker 1: Story number one. The unemployment rate has fallen to three

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Speaker 1: point nine percent, which is a shock result. Really that

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Speaker 1: adds heavily to the argument that the Reserve Bank should

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Speaker 1: wait until the middle of next year before it starts

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Speaker 1: cutting interest rates.

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Speaker 2: It's the lowest unemployment rate since March this year, and

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Speaker 2: comes after employment grew by thirty five thy six hundred

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Speaker 2: last month according to the Bureau of Statistics. The information

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Speaker 2: behind the headline is even stronger. Full time employment jumped

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Speaker 2: by more than fifty two thousand. Part time employment fell

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Speaker 2: by about seventeen thousand. Even the Bureau said it was

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Speaker 2: an unusual number, saying there was an unusual number of

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Speaker 2: people waiting to take up full time jobs in October,

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Speaker 2: which then fed into the November figure. The local jobs

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Speaker 2: market is resilient, to say the least. The number of

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Speaker 2: unemployed people fell by twenty seven thousand, although the participation

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Speaker 2: rate edged slightly lower to sixty seven percent. The annual

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Speaker 2: rate of growth is about two point three percent, significant

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Speaker 2: because it means a labor market is expanding at the

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Speaker 2: same pace as population growth.

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Speaker 1: What's it mean, Sean for interest rates in particular, because

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Speaker 1: it seems to be getting so much data at the

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Speaker 1: moment and it all seems to tell a slightly different story.

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Speaker 2: Well, yes, we had unambiguously soft economic growth figures last week,

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Speaker 2: and on Tuesday the Reserve Bank softened its language around

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Speaker 2: rates in the economy, raising hopes of a rate cut,

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Speaker 2: maybe as early as February. But yesterday's figures support the

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Speaker 2: Reserve banks view that the labour market is still tight

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Speaker 2: and gives the Central Bank a reason not to cut

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Speaker 2: interest rates. When people have a job, they spend money

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Speaker 2: and that keeps pressure on prices.

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Speaker 1: Michael Sean story number two. Tesla. It has had an

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Speaker 1: extraordinary run and it just keeps going.

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Speaker 2: Yes, so Tesla was the big mover on the Nasdaq yesterday.

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Speaker 2: Six percent is now valued at one point three trillion dollars.

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Speaker 2: It's doubled in value since August this year, yesterday, passing

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Speaker 2: its previous high of twenty twenty one. It's mostly about

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Speaker 2: Elon Musk's relationship with Donald Trump and hopes that Tesla

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Speaker 2: will benefit from the new administration. The jump in Tesla's

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Speaker 2: share price means Elon Musk is now worth more than

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Speaker 2: four hundred billion US dollars according to Bloomberg Billionaires Index.

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Speaker 2: Helping him was this week's valuation of SpaceX, which boosted

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Speaker 2: his wealth by around fifty billion dollars. Tesla at four

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Speaker 2: hundred billion dollars compares to Toyota at two hundred and

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Speaker 2: eighty billion, General Motors at fifty seven billion, and at

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Speaker 2: forty one billion. You put all those three together and

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Speaker 2: you end up less than what mister Musk's wealth is worth.

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Speaker 1: It's quite extraordinary. Onto story number three. Now back home

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Speaker 1: for this one Sean. The Albanezy government is planning to

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Speaker 1: force social media companies to pay for journalism on their

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Speaker 1: sites via a new scheme that'll impose financial penalties on

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Speaker 1: the companies if they don't contribute to local news.

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Speaker 2: Under the proposed laws, the Australian Tax Office will impose

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Speaker 2: an annual charge on social media and search companies worth

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Speaker 2: more than the value of deals struck under the existing

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Speaker 2: news media bargaining code that's about two hundred million dollars

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Speaker 2: a year. Platforms that do deals to pay news publishers

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Speaker 2: would then be able to offset that liability against the

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Speaker 2: value of these deals, which LAB is actually calling a charge.

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Speaker 2: This is an ongoing issue about whether the likes of Facebook,

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Speaker 2: TikTok Ex, Google, and Instagram should pay for content. There

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Speaker 2: has been a news media bargaining code, Meta pulled out

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Speaker 2: of it. Since then, we've had all sorts of job

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Speaker 2: losses amongst legacy publishers. Under this new policy, called the

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Speaker 2: News Bargaining Incentive, any platform that refuses to negotiate with

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Speaker 2: publishers or removes news from its platform, as metadid in Canada,

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Speaker 2: they'll still be forced to play this levy from the ATA.

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Speaker 1: Okay story number four. Virgin Australia has begun selling long

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Speaker 1: haul flights as part of its deal with Qatar Airlines,

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Speaker 1: which is injecting more competition into international airfares.

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Speaker 2: Economy Class sale fairs from Sydney, Brisbane and Perth, Fire

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Speaker 2: Doe Heart, a bunch of European destinations, and now vulable

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Speaker 2: Melbourne is following soon prices to places including Paris, London,

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Speaker 2: Rome under two thousand dollars return. Business class seats are

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Speaker 2: also on sale. Virgin CEO Jane Herdloker yesterday said the

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Speaker 2: partnership brings benefits to exporters also because it helps them

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Speaker 2: get their goods to the Middle East. Agricultural business for example,

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Speaker 2: should benefit quite a bit.

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Speaker 1: Last one story number five, private equity companies sean buying

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Speaker 1: into US NFL teams for the first time after rule

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Speaker 1: changes allowed the financial giants to invest in ownership of franchises.

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Speaker 2: So ownership of NFL teams in the US has been

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Speaker 2: a closed shop for years, with only uber rich individuals

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Speaker 2: allowed in or family money. Really very different from the

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Speaker 2: English Premier League for example. Then in August, then is

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Speaker 2: the teams agreed to let pe invest. Now Aries Management

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Speaker 2: has a quite a ten per cent stake in the

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Speaker 2: Miami Dolphins franchise, buying it from real estate mogul Stephen Ross.

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Speaker 2: The ft is reporting the state cost about eight hundred

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Speaker 2: million US dollars. Areas will also get stakes in the

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Speaker 2: Dolphins hard Rock Stadium in Miami and the Formula one

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Speaker 2: Miami GP already has states in European football teams and

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Speaker 2: the McLaren F one racing team. Separately, Arctos has a

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Speaker 2: quite a minority stake in the Buffalo Bills. It already

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Speaker 2: has pieces of LA Dodgers and San Frans Francisco Giants,

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Speaker 2: the baseball teams, and the Utah Jazz, which is a

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Speaker 2: basketball franchise. It also has states in PSG and Aston

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Speaker 2: Martin F one. It just looks like big private equity

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Speaker 2: money is pushing heavy into NFL teams.

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Speaker 1: Yeah, certainly looks that way. There we go, the top

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Speaker 1: five business stories in five minutes. Thank you Sean, Thank

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Speaker 1: you Michael. It is Friday, the thirteenth of December twenty

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Speaker 1: twenty four. Remember to hit follow on the podcast, and

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Speaker 1: if five minutes isn't enough, you can find our longer

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Speaker 1: daily show called Fear and Greed wherever you listen to podcasts.

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Speaker 1: I'm Michael Thompson and that was the fast five business

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Speaker 1: news by Fear and Greed. Have a great day.