1 00:00:06,320 --> 00:00:09,280 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,360 --> 00:00:13,039 Speaker 1: Gold prices have their biggest tumble in twelve years, potentially 3 00:00:13,080 --> 00:00:15,960 Speaker 1: hurting retail investors who are piled into the precious metal 4 00:00:15,960 --> 00:00:18,880 Speaker 1: in recent weeks. Rex gets a new lease of life 5 00:00:18,880 --> 00:00:22,520 Speaker 1: after being bought by a US based company, promises to 6 00:00:22,600 --> 00:00:26,880 Speaker 1: keep flying to regional Australia and chat GPT's owner open 7 00:00:26,920 --> 00:00:30,240 Speaker 1: Ai launches a new web browser to take on Google's 8 00:00:30,280 --> 00:00:34,320 Speaker 1: Chrome Plus. House prices rise at their fastest pace in 9 00:00:34,440 --> 00:00:39,000 Speaker 1: four years, and Macquarie mulls dumping hundreds of options off 10 00:00:39,040 --> 00:00:42,280 Speaker 1: its investment platform. It is Thursday, the twenty third of 11 00:00:42,320 --> 00:00:45,360 Speaker 1: October twenty twenty five. I'm Michael Thompson and good morning, 12 00:00:45,400 --> 00:00:46,120 Speaker 1: Sean Aylmer. 13 00:00:46,320 --> 00:00:47,880 Speaker 2: Good morning, Michael, Sean. 14 00:00:47,960 --> 00:00:50,920 Speaker 1: The main story this morning, the price of gold fell 15 00:00:50,920 --> 00:00:55,600 Speaker 1: by its largest amount in twelve years yesterday, hitting returns 16 00:00:55,640 --> 00:00:59,560 Speaker 1: for a raft of retail investors who have physically lined 17 00:00:59,640 --> 00:01:03,200 Speaker 1: up buy bullion in recent weeks and just plowed money 18 00:01:03,240 --> 00:01:04,880 Speaker 1: into exchange traded funds. 19 00:01:05,120 --> 00:01:07,759 Speaker 2: The price of the precious metal tumbled more than six 20 00:01:07,800 --> 00:01:11,880 Speaker 2: percent yesterday morning, albeit settling at a still very high level. 21 00:01:12,319 --> 00:01:14,640 Speaker 2: The price of silver, which earlier this month hit a 22 00:01:14,680 --> 00:01:18,399 Speaker 2: new high above nineteen to eighty levels also tumbled. It 23 00:01:18,440 --> 00:01:21,880 Speaker 2: fell by about nine percent. Easing trade tension between China 24 00:01:21,880 --> 00:01:23,680 Speaker 2: and the United States and a run of decent profit 25 00:01:23,680 --> 00:01:26,959 Speaker 2: reports from Wall Street banks, including low bad debt levels, 26 00:01:27,280 --> 00:01:30,000 Speaker 2: triggered the latest sell off in gold, But it just 27 00:01:30,080 --> 00:01:33,360 Speaker 2: seemed that investors were looking for a reason to sell, 28 00:01:33,520 --> 00:01:36,319 Speaker 2: given how high gold is priced at the moment. It 29 00:01:36,360 --> 00:01:39,640 Speaker 2: comes days after ASX listed gold exchange traded funds hit 30 00:01:39,680 --> 00:01:42,680 Speaker 2: a record nine hundred and ninety seven million dollars per year, 31 00:01:43,000 --> 00:01:45,679 Speaker 2: beating the previous peak of gold holdings during the COVID 32 00:01:45,760 --> 00:01:49,240 Speaker 2: pandemic cold according to GlobaLex and queues around the ABC 33 00:01:49,360 --> 00:01:52,240 Speaker 2: Bullion store in Sydney have grown in recent weeks. At 34 00:01:52,320 --> 00:01:55,360 Speaker 2: least on paper, many of these investors who bought gold 35 00:01:55,360 --> 00:02:00,520 Speaker 2: over the last week are now sitting on losses. Ouch. 36 00:02:01,000 --> 00:02:03,840 Speaker 1: Yeah, Well what did it mean for the AX listed 37 00:02:03,960 --> 00:02:07,760 Speaker 1: gold company? Sean? Just just how hard did they fall? 38 00:02:08,400 --> 00:02:12,560 Speaker 2: Very? Very hard? Michael. Within the first few minutes of trade, 39 00:02:12,600 --> 00:02:16,640 Speaker 2: companies like Newmont, Evolution, Romilius all down by about ten percent. 40 00:02:17,000 --> 00:02:20,520 Speaker 2: By the closed market, leader Northern Star was off nine percent. 41 00:02:20,600 --> 00:02:24,520 Speaker 2: But the most telling statistics something I have never seen 42 00:02:25,560 --> 00:02:30,720 Speaker 2: in covering the ASEX two hundred. The thirteen worst performing 43 00:02:30,960 --> 00:02:34,639 Speaker 2: stocks on the ASEX two hundred yesterday were all from 44 00:02:34,680 --> 00:02:37,919 Speaker 2: the same sector gold. Wow, I felt somewhere between seven 45 00:02:37,960 --> 00:02:41,720 Speaker 2: and a half percent and ten percent. That is a 46 00:02:41,840 --> 00:02:44,880 Speaker 2: selloff of the gold sector. We need to keep in 47 00:02:44,919 --> 00:02:47,480 Speaker 2: mind that gold and silver have searched in recent months. 48 00:02:47,480 --> 00:02:49,440 Speaker 2: They hit new peaks goals up more than fifty five 49 00:02:49,440 --> 00:02:52,680 Speaker 2: percent this year. I mean bitcoin for examples, up seventeen percent. 50 00:02:52,760 --> 00:02:54,880 Speaker 2: The ASEX two hundred is up ten percent, so gold 51 00:02:54,919 --> 00:02:59,480 Speaker 2: has outperformed. So a pullback isn't a surprise. But it 52 00:02:59,520 --> 00:03:03,880 Speaker 2: seems that many retail investors who only recently bought into 53 00:03:03,880 --> 00:03:06,480 Speaker 2: precious metals, the ones that we saw lining up around 54 00:03:06,520 --> 00:03:11,200 Speaker 2: ABC bullion over the past week, well, they could be 55 00:03:11,240 --> 00:03:14,000 Speaker 2: in trouble. The risk is that the market has peaked. Now. 56 00:03:14,040 --> 00:03:15,720 Speaker 2: The market is fickle, and in no way am I 57 00:03:15,800 --> 00:03:17,880 Speaker 2: saying it has peaked. You know, I'm not an expert 58 00:03:17,880 --> 00:03:20,880 Speaker 2: in this. Go and see a financial advisor, but a 59 00:03:21,000 --> 00:03:23,000 Speaker 2: six percent sell off doesn't auger. 60 00:03:23,040 --> 00:03:27,359 Speaker 1: Well, surely there's a lesson in here about not buying 61 00:03:27,520 --> 00:03:32,480 Speaker 1: hype and instead buying based on sound advice from a professional. 62 00:03:32,520 --> 00:03:36,160 Speaker 2: Sean, exactly right, exactly right. 63 00:03:36,280 --> 00:03:39,240 Speaker 1: That is just extraordinary. I know that the gold miners 64 00:03:39,240 --> 00:03:41,560 Speaker 1: were the big story on the AX yesterday, but what 65 00:03:41,600 --> 00:03:42,800 Speaker 1: happened elsewhere on the Morse. 66 00:03:43,240 --> 00:03:46,000 Speaker 2: After hitting a new high on Tuesday, the SMPA SX 67 00:03:46,040 --> 00:03:48,680 Speaker 2: two hundred wound back somewhat, closing down zero point seven 68 00:03:48,680 --> 00:03:51,360 Speaker 2: percent to just over nine thousand points. A fair bit 69 00:03:51,360 --> 00:03:54,160 Speaker 2: of profit taking in the mining sector, including the gold stocks. 70 00:03:54,680 --> 00:03:59,800 Speaker 2: Away from that part of the commodities groupings, rare earths 71 00:04:00,040 --> 00:04:03,320 Speaker 2: companies fell b HP Foroteskey Metals, rear tint were all lower. 72 00:04:04,000 --> 00:04:06,600 Speaker 2: Away from the miners, Goodman and Coles were down. Otherwise 73 00:04:06,640 --> 00:04:09,040 Speaker 2: it was you know, it wasn't a huge amount of 74 00:04:09,120 --> 00:04:11,680 Speaker 2: movement among the large caps. The banks were mixed. Retailer 75 00:04:11,680 --> 00:04:14,440 Speaker 2: is generally lower, but not too many big price moves 76 00:04:14,480 --> 00:04:15,960 Speaker 2: outside miners. 77 00:04:16,640 --> 00:04:21,440 Speaker 1: Speaking of large caps, Sean, how would you like to 78 00:04:21,560 --> 00:04:23,400 Speaker 1: win a fear and greed cap? 79 00:04:23,720 --> 00:04:27,320 Speaker 2: I'd just be quite happy with a fear and greed mug. 80 00:04:27,839 --> 00:04:30,560 Speaker 1: That's the legendary MEA mug. Remember, we used to talk 81 00:04:30,600 --> 00:04:33,839 Speaker 1: about the MEA mugs a lot, the most enthusiastic advocate mugs, 82 00:04:33,839 --> 00:04:35,440 Speaker 1: and we used to award them to people who were 83 00:04:35,520 --> 00:04:38,839 Speaker 1: very enthusiastic about talking about fear and greed in public. Now, 84 00:04:39,279 --> 00:04:41,040 Speaker 1: if you want to win one of these, mea mugs 85 00:04:41,040 --> 00:04:42,960 Speaker 1: and a Fear and Greed cap as well. All you 86 00:04:43,000 --> 00:04:45,960 Speaker 1: need to do is sign up for our free daily newsletter. 87 00:04:46,000 --> 00:04:47,440 Speaker 1: You'll be in with a chance do it by the 88 00:04:47,520 --> 00:04:50,279 Speaker 1: end of next week. Head along to Fearangreed dot com 89 00:04:50,279 --> 00:04:52,400 Speaker 1: dot au. I'll put a link in today's show notes. 90 00:04:52,920 --> 00:04:58,200 Speaker 1: We've got three merchandise packs. Just two things really qualifies. 91 00:04:58,240 --> 00:05:00,960 Speaker 2: Absolutely, two things does qualify. And I'll tell you what. 92 00:05:01,120 --> 00:05:04,200 Speaker 2: I've got a few of this at home sitting in boxes, 93 00:05:04,240 --> 00:05:05,719 Speaker 2: so maybe we can double it to six. 94 00:05:06,200 --> 00:05:10,040 Speaker 1: Oh hello, here we go. This has just become a 95 00:05:10,120 --> 00:05:11,120 Speaker 1: prize bonanza. 96 00:05:11,400 --> 00:05:12,440 Speaker 2: Sure it has. 97 00:05:12,600 --> 00:05:14,640 Speaker 1: Okay, we're going to take a very quick break. Sign 98 00:05:14,760 --> 00:05:16,599 Speaker 1: up now, get yourself into the drawer, and we'll be 99 00:05:16,640 --> 00:05:18,080 Speaker 1: back in a moment with the rest of the day's 100 00:05:18,080 --> 00:05:29,240 Speaker 1: business news sewn. Macquarie Group is considering dropping hundreds of 101 00:05:29,320 --> 00:05:34,080 Speaker 1: investment options from its super investment platform, angering brokerage and 102 00:05:34,320 --> 00:05:39,159 Speaker 1: financial planning clients and potentially forcing retail investors to find 103 00:05:39,440 --> 00:05:41,800 Speaker 1: new places to put their money. There's a bit in 104 00:05:41,839 --> 00:05:42,320 Speaker 1: this one. 105 00:05:42,600 --> 00:05:46,440 Speaker 2: This is a really, really important story, right. So last month, 106 00:05:46,520 --> 00:05:49,720 Speaker 2: more Quarry moved to block users from investing more money 107 00:05:49,920 --> 00:05:53,560 Speaker 2: in about eighty different funds, including local and overseas private 108 00:05:53,600 --> 00:05:57,720 Speaker 2: credit funds. Now another five hundred investment options have been 109 00:05:57,760 --> 00:06:00,360 Speaker 2: flagged for removal, according to the AFR. A bit of 110 00:06:00,400 --> 00:06:03,880 Speaker 2: context here, there are a bunch of superinvestment platforms. McQuary 111 00:06:03,920 --> 00:06:05,839 Speaker 2: has one, BT has one. We're talking about Hub twenty 112 00:06:05,880 --> 00:06:08,800 Speaker 2: four yesterday, they've got one. So there's a bunch of 113 00:06:08,800 --> 00:06:12,560 Speaker 2: them out there. They're basically they go between one side, 114 00:06:12,560 --> 00:06:15,440 Speaker 2: you've got mostly retail investors. The other is the products. 115 00:06:15,440 --> 00:06:17,760 Speaker 2: It's kind of like the black box in the middle. 116 00:06:18,080 --> 00:06:21,760 Speaker 2: So these use these platforms to buy these different investments. 117 00:06:22,240 --> 00:06:25,520 Speaker 2: If a product sits on a platform, so let's say 118 00:06:25,520 --> 00:06:29,560 Speaker 2: it's on Acquary platform, there's a TACIT stamp of approval 119 00:06:29,920 --> 00:06:33,560 Speaker 2: for that product from the platform provider in this case mcquarie. 120 00:06:33,960 --> 00:06:36,760 Speaker 2: Now McQuaig got caught out as did others when shield 121 00:06:36,800 --> 00:06:42,880 Speaker 2: Master Fund Private Equity sorry, a private credit group recently collapsed. 122 00:06:43,120 --> 00:06:46,120 Speaker 2: To their credit, McQuary has did refund three hundred and 123 00:06:46,120 --> 00:06:48,400 Speaker 2: twenty one million dollars to three thousand clients who were 124 00:06:48,400 --> 00:06:49,400 Speaker 2: invested in that fund. 125 00:06:50,560 --> 00:06:55,960 Speaker 1: So based on that, what McQuary's trying to do just 126 00:06:56,000 --> 00:06:58,880 Speaker 1: basically trying to avoid a repeat of the shield Master fund. 127 00:06:59,360 --> 00:07:03,599 Speaker 2: Yes, it's obviously taking a closer look at what funds 128 00:07:03,800 --> 00:07:07,960 Speaker 2: are on its platform, and I think that's fair and reasonable. 129 00:07:08,080 --> 00:07:10,640 Speaker 2: That comes with some serious thanks for financial planners who 130 00:07:10,680 --> 00:07:13,080 Speaker 2: use the mcquariy platform. They might have put their clients 131 00:07:13,080 --> 00:07:16,160 Speaker 2: into some of these investments. They can't do that anymore. 132 00:07:16,160 --> 00:07:17,760 Speaker 2: I mean, they're not going to get kicked out of 133 00:07:17,760 --> 00:07:21,040 Speaker 2: those investments, but they can't put new money into it. 134 00:07:21,520 --> 00:07:23,960 Speaker 2: Retail investors might find themselves in a position where they 135 00:07:24,000 --> 00:07:25,840 Speaker 2: want to use the fund but can't, at least not 136 00:07:25,880 --> 00:07:30,400 Speaker 2: through the mcquari platform. So it's kind of a tricky situation. 137 00:07:31,040 --> 00:07:33,920 Speaker 2: Because Mark mcquarie is a market leader, I think all 138 00:07:34,000 --> 00:07:36,360 Speaker 2: the others are game have to look at this and say, well, 139 00:07:36,440 --> 00:07:38,320 Speaker 2: maybe we need to go through our funds and clean 140 00:07:38,360 --> 00:07:41,680 Speaker 2: them out and make sure that, given they sit with 141 00:07:41,760 --> 00:07:46,760 Speaker 2: our brand name near them, we just kind of, I suppose, 142 00:07:46,880 --> 00:07:50,360 Speaker 2: just ensure that they are reasonable for investors. 143 00:07:50,840 --> 00:07:52,880 Speaker 1: Okay, all right, So there's going to be a lot 144 00:07:52,960 --> 00:07:59,200 Speaker 1: more of due diligence being done essentially by the platform. 145 00:08:00,120 --> 00:08:01,880 Speaker 2: Yes, I mean I don't like to say the platforms 146 00:08:01,880 --> 00:08:04,000 Speaker 2: aren't doing good due diligence now because how do I know. 147 00:08:04,120 --> 00:08:07,000 Speaker 2: But the fact that Macquarie's kicking off hundreds of funds 148 00:08:07,000 --> 00:08:09,640 Speaker 2: it suggests that their due dillunges has picked up somewhat. 149 00:08:09,880 --> 00:08:13,480 Speaker 1: Yeah, Okay, all right, good explanation. That is a big 150 00:08:13,520 --> 00:08:15,880 Speaker 1: story and maybe a bit of a turning point as well. Now, 151 00:08:16,520 --> 00:08:19,840 Speaker 1: REX Regional Express. We've been talking about this for a 152 00:08:19,880 --> 00:08:22,400 Speaker 1: long time, hasn't it, But it feels like this is 153 00:08:22,840 --> 00:08:27,440 Speaker 1: a major development. It has formally been sold to Nasdaq 154 00:08:27,520 --> 00:08:32,120 Speaker 1: listed Airtea, an aviation business that runs cargo services and 155 00:08:32,200 --> 00:08:35,280 Speaker 1: trades aircraft and their parts, and now it's going to 156 00:08:35,280 --> 00:08:37,160 Speaker 1: be flying to Griffith and all other places. 157 00:08:38,520 --> 00:08:40,800 Speaker 2: Terms of the sale haven't been disclosed, though it is 158 00:08:40,880 --> 00:08:43,680 Speaker 2: unlikely that the long list of creditors to the failed 159 00:08:43,679 --> 00:08:46,720 Speaker 2: airline will get much, if anything, back on their investments. 160 00:08:46,880 --> 00:08:50,160 Speaker 2: Federal Transport Minister Catherine King said the agreement with Airta 161 00:08:50,160 --> 00:08:53,040 Speaker 2: would allow REX to keep flying and maintain critical aviation 162 00:08:53,400 --> 00:08:56,600 Speaker 2: links for regional communities. Airtea, in a statement, said that 163 00:08:56,640 --> 00:08:59,560 Speaker 2: REX plays an essential role in connecting regional Australian communities 164 00:08:59,559 --> 00:09:02,880 Speaker 2: and prox fifty percent of its roots aren't serviced by 165 00:09:02,960 --> 00:09:06,160 Speaker 2: other airlines, adding it has a commitment to stabilizing and 166 00:09:06,200 --> 00:09:07,280 Speaker 2: growing the carrier. 167 00:09:08,360 --> 00:09:11,520 Speaker 1: House price is Shawn in Capital Cities, Australia's capital cities 168 00:09:11,559 --> 00:09:15,000 Speaker 1: are rising at their fastest pace in four years as 169 00:09:15,040 --> 00:09:18,520 Speaker 1: falling interest rates really supercharged the market, which we knew 170 00:09:18,600 --> 00:09:20,360 Speaker 1: was going to happen, but it's happened quickly. 171 00:09:20,920 --> 00:09:23,640 Speaker 2: Sure is. In the September quarter, nearly every capital city 172 00:09:23,679 --> 00:09:27,200 Speaker 2: recorded price gains for both houses and units. The exception 173 00:09:27,360 --> 00:09:30,600 Speaker 2: was Camber units. According to Domains quarterly House Price Report, 174 00:09:30,679 --> 00:09:34,920 Speaker 2: prices in Sydney, Brisbane, Adelaide, Perth hit record highs, while Melbourne, Hobat, 175 00:09:34,920 --> 00:09:39,040 Speaker 2: Camber and Darwin reached their highest median prices in years, 176 00:09:39,360 --> 00:09:44,240 Speaker 2: showing strong widespread market momentum. Units are starting to outpace homes. 177 00:09:44,480 --> 00:09:47,760 Speaker 2: That's because affordability issues are kicking in. Units are now 178 00:09:47,800 --> 00:09:52,199 Speaker 2: outpacing houses houses in Brisbane, Adelaide, Perth and Darwin as 179 00:09:52,240 --> 00:09:55,120 Speaker 2: first home buyers and investors look for value and more 180 00:09:55,120 --> 00:09:56,080 Speaker 2: affordable options. 181 00:09:56,880 --> 00:09:58,800 Speaker 1: After the show, Shawn Fear and Greed Q and A 182 00:09:58,920 --> 00:10:02,920 Speaker 1: Today actually speaking with Nikola Powell from Domain about this 183 00:10:03,000 --> 00:10:05,240 Speaker 1: and breaks down I'm going to go city by city 184 00:10:05,480 --> 00:10:08,480 Speaker 1: through a few of them and looks at while there 185 00:10:08,520 --> 00:10:11,880 Speaker 1: are these overall reasons in terms of interest rates, growing 186 00:10:12,080 --> 00:10:17,400 Speaker 1: confidence out there as well, and the revamped and expanded 187 00:10:17,559 --> 00:10:19,680 Speaker 1: first Home by a scheme from the government, there's actually 188 00:10:19,679 --> 00:10:23,200 Speaker 1: city by city reasons why we are having this surge 189 00:10:23,240 --> 00:10:26,000 Speaker 1: in house prices, and it's a really fascinating look at 190 00:10:26,040 --> 00:10:28,280 Speaker 1: why these house prices are a rising. That's coming up 191 00:10:28,280 --> 00:10:32,200 Speaker 1: after the show Don't Go Anywhere. Sean. Federal Industry Minister 192 00:10:32,280 --> 00:10:35,800 Speaker 1: Tim Ayres says the critical Minerals deal signed by US 193 00:10:35,880 --> 00:10:40,079 Speaker 1: President Donald Trump and Prime Minister Anthony Albanezi will produce practical, 194 00:10:40,440 --> 00:10:42,000 Speaker 1: real world outcomes. 195 00:10:42,640 --> 00:10:48,040 Speaker 2: Speaking to ABC Radio National yesterday, Is said Alcoa will 196 00:10:48,080 --> 00:10:52,760 Speaker 2: be mining gallium, a critical mineral, in Western Australia next year. Now, 197 00:10:52,800 --> 00:10:55,200 Speaker 2: of course, when we find out about things that are 198 00:10:55,240 --> 00:10:57,760 Speaker 2: on the periodic table that you've never heard about, it's 199 00:10:57,760 --> 00:11:01,240 Speaker 2: always fun to look at it. Gallium soft silvery white metal, 200 00:11:01,800 --> 00:11:05,240 Speaker 2: known for its low melting point, used in defense, smartphones 201 00:11:05,240 --> 00:11:08,200 Speaker 2: and medical imaging. In a decade forecast be a twenty 202 00:11:08,240 --> 00:11:11,080 Speaker 2: one billion dollar global market, currently about two or three 203 00:11:11,080 --> 00:11:14,600 Speaker 2: billion dollars, so the size of the price pretty big there. 204 00:11:14,600 --> 00:11:17,120 Speaker 2: Mostly now it comes from China, though Australia has been 205 00:11:17,120 --> 00:11:22,079 Speaker 2: developing extraction capabilities. It is just a good example of 206 00:11:22,120 --> 00:11:26,280 Speaker 2: what money into critical minerals and rare earth can do. Meanwhile, 207 00:11:26,400 --> 00:11:29,160 Speaker 2: China State media said the deal between the US and 208 00:11:29,200 --> 00:11:33,640 Speaker 2: Australia is a demonstration of loyalty to Washington rather than 209 00:11:33,640 --> 00:11:35,480 Speaker 2: an act of independent policy. 210 00:11:36,400 --> 00:11:38,680 Speaker 1: Prime Minister Anthony Albanezi is on the way home. 211 00:11:39,160 --> 00:11:41,720 Speaker 2: He is he shook hands with US Ambassador Kevin Rudd, 212 00:11:41,720 --> 00:11:45,959 Speaker 2: boorded his fight, and after an unscheduled stop in Saint Louis, Missouri, 213 00:11:46,440 --> 00:11:51,600 Speaker 2: he headed home. Apparently an RWF member received a head 214 00:11:51,640 --> 00:11:54,960 Speaker 2: injury after a heavy item fell from an overhead locker. 215 00:11:55,400 --> 00:11:59,640 Speaker 2: That's why they deserve. They diverted to Missouri more than 216 00:11:59,679 --> 00:12:04,319 Speaker 2: all a successful trip. Arearer stills tacit approval of orcust agreement. 217 00:12:04,640 --> 00:12:08,000 Speaker 2: They probably will remember it mostly the awkward interplay between 218 00:12:08,040 --> 00:12:09,760 Speaker 2: Donald Trump and Kevin Rudd. 219 00:12:10,679 --> 00:12:13,880 Speaker 1: Just on that quickly. Sean opposition leader Susan Lee has 220 00:12:14,000 --> 00:12:16,560 Speaker 1: walked back her calls for Kevin Rudd to be sacked 221 00:12:17,040 --> 00:12:20,640 Speaker 1: after a member of her own party, Jane Hume, called 222 00:12:20,800 --> 00:12:24,360 Speaker 1: Lee's comment churlish. I mean, Jane Hume was always going 223 00:12:24,400 --> 00:12:27,439 Speaker 1: to say that those two do not get on. Hume 224 00:12:27,520 --> 00:12:30,000 Speaker 1: has not been a fan of Lee, has been a 225 00:12:30,040 --> 00:12:33,479 Speaker 1: very outspoken critic. I would actually say so perhaps unsurprising 226 00:12:33,800 --> 00:12:38,840 Speaker 1: now moving away from party politics, companies face penalties of 227 00:12:38,880 --> 00:12:41,000 Speaker 1: up to eight hundred and twenty five million dollars for 228 00:12:41,080 --> 00:12:44,320 Speaker 1: breaking new environmental laws that the Albanezer government aims to 229 00:12:44,360 --> 00:12:45,600 Speaker 1: pass before Christmas. 230 00:12:46,000 --> 00:12:49,240 Speaker 2: Environment Minister Murray what yesterday said Companies would also lose 231 00:12:49,280 --> 00:12:53,320 Speaker 2: any financial advantage they might have gained from breaking the law. 232 00:12:53,600 --> 00:12:56,160 Speaker 2: New applicants for large projects will also have to disguise 233 00:12:56,160 --> 00:12:59,360 Speaker 2: the missions, their own dimissions policy and how they'll manage 234 00:12:59,360 --> 00:13:02,480 Speaker 2: them in line with the government policy after the legislation 235 00:13:02,600 --> 00:13:05,640 Speaker 2: is past, assuming it is, what will retain decision making 236 00:13:05,679 --> 00:13:08,680 Speaker 2: powers to approve or reject key projects Now the draft 237 00:13:08,760 --> 00:13:13,560 Speaker 2: legislation includes the establishment or updating of bilateral agreements with states, 238 00:13:13,600 --> 00:13:18,800 Speaker 2: regional planning, streamlined assessments, details about details about national environmental standards. 239 00:13:18,960 --> 00:13:23,040 Speaker 2: The reforms will also introduce new emergency powers to respond 240 00:13:23,240 --> 00:13:26,600 Speaker 2: to and manage major contraventions of the law that create 241 00:13:27,040 --> 00:13:30,360 Speaker 2: an immaniment risk of serious harm to the environment where 242 00:13:30,400 --> 00:13:31,600 Speaker 2: damage has already occurred. 243 00:13:32,040 --> 00:13:35,280 Speaker 1: Okay, turning to international news now, and open Ai has 244 00:13:35,320 --> 00:13:38,920 Speaker 1: launched its own web browser called Atlas, putting the chat 245 00:13:38,960 --> 00:13:43,440 Speaker 1: GPT maker in direct competition with the Google Chrome browser. 246 00:13:43,960 --> 00:13:47,520 Speaker 1: As more Internet users rely on artificial intelligence to answer 247 00:13:47,520 --> 00:13:48,120 Speaker 1: their questions. 248 00:13:48,559 --> 00:13:50,319 Speaker 2: When you do a search, Now, what do you do 249 00:13:50,920 --> 00:13:51,680 Speaker 2: just out of interest? 250 00:13:52,200 --> 00:13:55,800 Speaker 1: Look, I am still a Google user because I am 251 00:13:55,880 --> 00:14:00,000 Speaker 1: just a creature of habit, but recently I have actually 252 00:14:00,080 --> 00:14:02,280 Speaker 1: you've been googling something and then I I'm not getting 253 00:14:02,320 --> 00:14:05,920 Speaker 1: the answer I need. I'm going to chat GPT and 254 00:14:06,160 --> 00:14:08,840 Speaker 1: it does a deeper dive and finds me what I need. 255 00:14:08,880 --> 00:14:10,960 Speaker 1: So I reckon, I'm going to shift towards AI. 256 00:14:11,480 --> 00:14:14,400 Speaker 2: So I think nine out of ten, nine and out 257 00:14:14,400 --> 00:14:17,320 Speaker 2: of twenty times I now use chat GPT. Wow, it 258 00:14:17,360 --> 00:14:19,840 Speaker 2: gives me the answer, it gives you the references, and 259 00:14:21,480 --> 00:14:23,680 Speaker 2: I don't have to click on something else when you 260 00:14:23,680 --> 00:14:27,800 Speaker 2: do a Google search. It's a real problem for Google 261 00:14:27,840 --> 00:14:32,800 Speaker 2: and basically what chat GPT or what open ai boss 262 00:14:32,840 --> 00:14:35,360 Speaker 2: CEO Sam Altman said. He said, it's a rare once 263 00:14:35,720 --> 00:14:39,120 Speaker 2: decade opportunity to rethink what a browser can be about 264 00:14:39,160 --> 00:14:41,240 Speaker 2: and how to use one. So the idea is that 265 00:14:42,360 --> 00:14:46,640 Speaker 2: making it easier to access. Open AI's popular chatbot could 266 00:14:46,720 --> 00:14:49,040 Speaker 2: allow the company to pull in much more Internet traffic 267 00:14:49,240 --> 00:14:52,160 Speaker 2: and revenue from digital advertising. It's not just Google it 268 00:14:52,200 --> 00:14:55,320 Speaker 2: should be worried about this. If chat gpt effectively feeds 269 00:14:55,320 --> 00:14:57,920 Speaker 2: people summarized information what they want to know as we're 270 00:14:57,920 --> 00:15:01,880 Speaker 2: just discussing, then those people you me could stop exploring 271 00:15:01,920 --> 00:15:06,520 Speaker 2: the Internet. That would harm many many online publishers. Open 272 00:15:06,560 --> 00:15:09,800 Speaker 2: ai has said chat Gpt already has more than eight 273 00:15:09,920 --> 00:15:12,680 Speaker 2: million users, but many of them get it for free. 274 00:15:12,800 --> 00:15:15,800 Speaker 2: Open Ai launched Atlas on Apple laptops. It will later 275 00:15:15,880 --> 00:15:20,040 Speaker 2: come to Microsoft's Windows, Apple's iOS phone operating system, and 276 00:15:20,080 --> 00:15:22,120 Speaker 2: Google's Android phone system. 277 00:15:22,800 --> 00:15:25,400 Speaker 1: Now Seawan, we are running a little late, so today 278 00:15:25,440 --> 00:15:28,080 Speaker 1: we have what we are going to call briefs in 279 00:15:28,080 --> 00:15:31,040 Speaker 1: international news. Basically, there's so much going on and we 280 00:15:31,080 --> 00:15:32,720 Speaker 1: are so short on time that we're going to tell 281 00:15:32,760 --> 00:15:35,280 Speaker 1: you about a bunch of stories in one sentence only. 282 00:15:35,480 --> 00:15:39,440 Speaker 1: I'm going to go first. The planned meeting between Donald 283 00:15:39,440 --> 00:15:41,480 Speaker 1: Trump and Vladimir Putin for later in the week has 284 00:15:41,520 --> 00:15:44,640 Speaker 1: been canceled, with Trump saying he doesn't want a wasted 285 00:15:44,680 --> 00:15:45,880 Speaker 1: meeting with the Russian leader. 286 00:15:46,440 --> 00:15:50,560 Speaker 2: Japan has its first female prime minister, Sene Takichi has 287 00:15:50,600 --> 00:15:53,000 Speaker 2: been sworn in and immediately announced the package of economic 288 00:15:53,080 --> 00:15:54,720 Speaker 2: measures aimed at easing inflation. 289 00:15:55,320 --> 00:15:58,680 Speaker 1: The French government has confirmed that it will not receive 290 00:15:58,800 --> 00:16:03,480 Speaker 1: payouts for the lows of jewelry of inestimable historical value 291 00:16:03,520 --> 00:16:06,400 Speaker 1: stolen from the Louver Museum in Paris earlier in the 292 00:16:06,440 --> 00:16:11,000 Speaker 1: week because they weren't insured. The financial value was around 293 00:16:11,040 --> 00:16:12,800 Speaker 1: two hundred million dollars. And all you can do is 294 00:16:12,840 --> 00:16:13,800 Speaker 1: shake your head right, Sean. 295 00:16:14,040 --> 00:16:15,920 Speaker 2: Yeah, although you had two sentences there, so you get 296 00:16:16,320 --> 00:16:19,320 Speaker 2: you lose a point there. Sorry anyway. Netflix the share 297 00:16:19,320 --> 00:16:21,880 Speaker 2: price fell despite the streaming group increasing revenues by close 298 00:16:21,920 --> 00:16:24,080 Speaker 2: to twenty percent and the third quarter as they dispute 299 00:16:24,080 --> 00:16:26,200 Speaker 2: with Bresilian tax authorities hit its profits. 300 00:16:26,560 --> 00:16:29,360 Speaker 1: General Motors share price surged after it said the Trump 301 00:16:29,400 --> 00:16:33,920 Speaker 1: tariffs wouldn't hit it as hard as expected. Comma not 302 00:16:34,000 --> 00:16:36,200 Speaker 1: a full stop. They will now cost four point five 303 00:16:36,240 --> 00:16:37,800 Speaker 1: billion dollars, not five billion dollars. 304 00:16:37,800 --> 00:16:40,200 Speaker 2: Sean, still sounds like a lot of money to me. Finally, 305 00:16:40,240 --> 00:16:43,520 Speaker 2: Mattel's share price tumbled after the toymaker said that the 306 00:16:43,560 --> 00:16:47,920 Speaker 2: tariffs were partly responsible for missing revenue and earnings forecasts. 307 00:16:48,000 --> 00:16:50,280 Speaker 1: Okay, up next is Fear and Greed Q and A 308 00:16:50,600 --> 00:16:53,600 Speaker 1: with doctor Nicola Powell from Domain all about house prices. 309 00:16:53,640 --> 00:16:55,120 Speaker 1: It's coming up in the Fear and Greed playlist on 310 00:16:55,200 --> 00:16:57,560 Speaker 1: your podcast platform or at Fearangreed dot com dot au 311 00:16:57,600 --> 00:16:59,280 Speaker 1: which is where you sign up for that free daily 312 00:16:59,320 --> 00:17:02,200 Speaker 1: newsletter and going to the draw to win one of 313 00:17:02,200 --> 00:17:07,000 Speaker 1: those stellar merchandise packs. Thank you Sean, Thank you Michael. 314 00:17:07,080 --> 00:17:09,600 Speaker 1: It's Thursday, the twenty third of October twenty twenty five. 315 00:17:09,680 --> 00:17:11,720 Speaker 1: Make sure you're following the podcast and please join us 316 00:17:11,760 --> 00:17:15,400 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm come 317 00:17:15,480 --> 00:17:19,439 Speaker 1: from that osphere and greed. Have a great day.