1 00:00:03,540 --> 00:00:07,630 Michael Thompson: It's Tuesday, the 28th of September, 2021. Welcome to Fear 2 00:00:07,630 --> 00:00:09,990 Michael Thompson: and Greed, the business podcast that sets you up for 3 00:00:09,990 --> 00:00:13,380 Michael Thompson: a successful day. I'm Michael Thompson and good morning, Sean Aylmer. 4 00:00:13,700 --> 00:00:14,690 Sean Aylmer: Good morning, Michael Thompson. 5 00:00:15,090 --> 00:00:17,860 Michael Thompson: Now, New South Wales and Victorian residents get a peek 6 00:00:17,860 --> 00:00:21,220 Michael Thompson: at when they can start resuming a lockdown- free existence. 7 00:00:21,280 --> 00:00:24,849 Michael Thompson: That's our main story. Also coming up Sigma Healthcare lobs 8 00:00:24,850 --> 00:00:28,600 Michael Thompson: a bid for its arch- rival, cryptocurrencies wobble, and Qantas 9 00:00:28,600 --> 00:00:31,980 Michael Thompson: gives the cold shoulder to Western Australia. Then stay listening 10 00:00:31,980 --> 00:00:34,600 Michael Thompson: for Sean's chat to Peter FitzSimons, the Chair of the 11 00:00:34,600 --> 00:00:38,950 Michael Thompson: Australian Republic Movement. But first Sean, New South Wales residents 12 00:00:38,950 --> 00:00:42,559 Michael Thompson: got a timeline yesterday for the easing of restrictions from 13 00:00:42,560 --> 00:00:46,210 Michael Thompson: Premier Gladys Berejiklian. The Premier said, and this is a bit of 14 00:00:46,210 --> 00:00:49,390 Michael Thompson: an understatement, that it had been a slog. And she 15 00:00:49,390 --> 00:00:53,019 Michael Thompson: called on vaccine- hesitant people to get a jab. 16 00:00:53,150 --> 00:00:58,410 Sean Aylmer: Vaccine- hesitant. Ms. Berejiklian is a very popular Premier in New 17 00:00:58,410 --> 00:01:02,550 Sean Aylmer: South Wales, but she's saying a slog. It's been atrocious. 18 00:01:02,760 --> 00:01:08,021 Sean Aylmer: And she's talking about vaccine- hesitant people. What are they? Anti- vaxxers? 19 00:01:08,020 --> 00:01:08,710 Michael Thompson: I'm pretty sure they're anti-vaxxers, Sean. 20 00:01:08,880 --> 00:01:11,380 Sean Aylmer: Hmm, fair enough. Sorry. I interrupted. 21 00:01:11,600 --> 00:01:13,810 Michael Thompson: No, not a problem at all. She's called on anti- 22 00:01:13,810 --> 00:01:17,050 Michael Thompson: vaxxers to get a jab. But she has said that 23 00:01:17,080 --> 00:01:19,660 Michael Thompson: once vaccination targets are hit, and this is the good 24 00:01:19,660 --> 00:01:22,530 Michael Thompson: news, restrictions will ease on the following Monday. 25 00:01:23,060 --> 00:01:27,170 Sean Aylmer: It's really good news, Michael. Once the 70% full vaccination 26 00:01:27,170 --> 00:01:30,000 Sean Aylmer: rate is hit, and New South Wales expects that within 27 00:01:30,000 --> 00:01:34,020 Sean Aylmer: a fortnight, it means pubs, retail stores, gyms, they should 28 00:01:34,020 --> 00:01:38,410 Sean Aylmer: all reopen probably on October 11. But only for fully 29 00:01:38,410 --> 00:01:42,479 Sean Aylmer: vaccinated people. At 80%, which is expected to be hit 30 00:01:42,540 --> 00:01:46,470 Sean Aylmer: about mid- October, there'll be 10 visitors allowed in a 31 00:01:46,470 --> 00:01:50,840 Sean Aylmer: person's home, community sports will play again. Stand up drinking 32 00:01:50,840 --> 00:01:56,120 Sean Aylmer: at pubs, vertical consumption, they say, will be allowed. International 33 00:01:56,120 --> 00:02:00,100 Sean Aylmer: travel caps will be reconsidered. Regional travel won't be allowed 34 00:02:00,100 --> 00:02:02,960 Sean Aylmer: until that point. So, if you're in one of the 35 00:02:02,960 --> 00:02:05,250 Sean Aylmer: major cities and you want to go out to the regions, that won't 36 00:02:05,250 --> 00:02:08,640 Sean Aylmer: happen till the second half of October. There'll also be 37 00:02:08,900 --> 00:02:12,990 Sean Aylmer: stadiums reopened. The four square metre rule will be implemented, 38 00:02:13,380 --> 00:02:15,780 Sean Aylmer: but there won't be caps on weddings or funerals. So 39 00:02:16,090 --> 00:02:19,369 Sean Aylmer: that's very exciting. Then at 90%, and hopefully New South Wales will 40 00:02:19,370 --> 00:02:22,490 Sean Aylmer: hit that by early December, the two square metre rule 41 00:02:22,490 --> 00:02:27,030 Sean Aylmer: will apply. Masks won't be necessary in offices, nightclubs will reopen. 42 00:02:27,350 --> 00:02:31,960 Sean Aylmer: And only then will unvaccinated people start enjoying freedoms, at 43 00:02:31,960 --> 00:02:34,210 Sean Aylmer: this point. It's really good news for the people of 44 00:02:34,210 --> 00:02:36,410 Sean Aylmer: New South Wales, who have been locked down for coming 45 00:02:36,410 --> 00:02:39,200 Sean Aylmer: up to 14 weeks. There was even good news, in 46 00:02:39,200 --> 00:02:42,980 Sean Aylmer: terms of the cases yesterday for that state, with 787 47 00:02:43,210 --> 00:02:46,410 Sean Aylmer: recorded yesterday, lower than in recent weeks. But the news 48 00:02:46,410 --> 00:02:48,919 Sean Aylmer: point there, which I think is really important to point out, 49 00:02:48,919 --> 00:02:51,690 Sean Aylmer: is if you're not vaccinated you're not going to get 50 00:02:51,690 --> 00:02:54,489 Sean Aylmer: many freedoms, until the 90% level is hit. 51 00:02:55,440 --> 00:02:57,579 Michael Thompson: And, Sean, what about the other states? I'm thinking in 52 00:02:57,580 --> 00:02:59,600 Michael Thompson: particular of Victoria and of the ACT. 53 00:03:00,700 --> 00:03:04,240 Sean Aylmer: Well, Victoria is pushing very hard to get people vaccinated. Yesterday, 54 00:03:04,240 --> 00:03:07,310 Sean Aylmer: the government offered grants of up to $10,000 to doctors, 55 00:03:07,310 --> 00:03:12,109 Sean Aylmer: and $4,000 to chemists, to extend hours and increase vaccination volumes 56 00:03:12,110 --> 00:03:15,530 Sean Aylmer: in certain regions. There were more than 700 cases yesterday, 57 00:03:15,530 --> 00:03:19,410 Sean Aylmer: unfortunately in Victoria. Though Premier Daniel Andrews said the state 58 00:03:19,410 --> 00:03:22,800 Sean Aylmer: was trending at a more positive level than previously forecast. So, 59 00:03:22,800 --> 00:03:25,540 Sean Aylmer: that's good news. He said, he's hoping the state and 60 00:03:25,540 --> 00:03:29,870 Sean Aylmer: international borders will reopen by Christmas. The state's single jab 61 00:03:29,870 --> 00:03:33,929 Sean Aylmer: vaccination rate is now approaching 78%. And the full vaccination rate 62 00:03:33,930 --> 00:03:38,430 Sean Aylmer: is at about 47%. In the ACT, restrictions we'll ease slightly 63 00:03:38,430 --> 00:03:41,670 Sean Aylmer: from Friday, with two people able to visit other homes, 64 00:03:41,670 --> 00:03:46,180 Sean Aylmer: and outdoor recreation times extended. There were 19 new cases yesterday, 65 00:03:46,560 --> 00:03:48,560 Sean Aylmer: and sadly the territory's first death. 66 00:03:49,060 --> 00:03:52,440 Michael Thompson: So how did markets perform over the past 24 hours? 67 00:03:52,660 --> 00:03:55,990 Sean Aylmer: The S&P/ASX 200 finished up half a per cent yesterday, to 68 00:03:55,990 --> 00:04:01,060 Sean Aylmer: close at 7,384 points. The energy and financial stocks outperformed, while 69 00:04:01,060 --> 00:04:05,120 Sean Aylmer: the healthcare and information technology stocks underperformed. Commonwealth Bank, it 70 00:04:05,120 --> 00:04:08,350 Sean Aylmer: was a real stand out, up almost 3%. While both Afterpay and 71 00:04:08,870 --> 00:04:12,730 Sean Aylmer: CSL were down nearly 2%. Fortunately for the big miners, 72 00:04:12,730 --> 00:04:16,360 Sean Aylmer: iron ore prices looked to have stabilised around US$110 a 73 00:04:16,360 --> 00:04:19,860 Sean Aylmer: ton level. That's provided support Fortescue Metals, which if you 74 00:04:19,860 --> 00:04:23,930 Sean Aylmer: remember last week hit a 52 week low, ended yesterday up 2.7% , 75 00:04:25,270 --> 00:04:28,910 Sean Aylmer: while Rio Tinto was more than 1% higher. Interesting side note 76 00:04:28,910 --> 00:04:32,719 Sean Aylmer: on yesterday, U. S. Payments giant, Square, it's bid US$39 77 00:04:33,270 --> 00:04:37,310 Sean Aylmer: billion for Afterpay. As part of that process, it's emerged that 78 00:04:37,310 --> 00:04:41,190 Sean Aylmer: there was another potential bidder for Afterpay, which pushed Square 79 00:04:41,190 --> 00:04:42,470 Sean Aylmer: into making the offer. 80 00:04:42,950 --> 00:04:45,210 Michael Thompson: Oh wow. And what about Wall Street overnight? 81 00:04:45,720 --> 00:04:48,460 Sean Aylmer: Well, Wall Street was mixed overnight, with tech stocks lower. 82 00:04:48,730 --> 00:04:51,750 Sean Aylmer: In early afternoon trading, the NASDAQ is trading lower. The S&P 83 00:04:51,750 --> 00:04:55,580 Sean Aylmer: 500 is flat. And the Dow Jones Industrial Average is higher. 84 00:04:55,660 --> 00:04:58,599 Sean Aylmer: That's what I call mixed. Bond yields rose sharply though, with 85 00:04:58,600 --> 00:05:02,570 Sean Aylmer: the benchmark 10 year note hitting its highest level since June. 86 00:05:02,950 --> 00:05:06,270 Sean Aylmer: That suggests traders are expecting a stronger economy in the next 87 00:05:06,270 --> 00:05:08,860 Sean Aylmer: few months. It was the same for European markets, with 88 00:05:08,860 --> 00:05:12,660 Sean Aylmer: London's FTSE up slightly. While the STOXX Europe 600 was lower. 89 00:05:13,430 --> 00:05:15,500 Sean Aylmer: There's a few other bits and pieces around too, Micheal. 90 00:05:15,510 --> 00:05:18,630 Sean Aylmer: Oil prices are proving remarkably resilient at the moment. Brent 91 00:05:18,630 --> 00:05:21,880 Sean Aylmer: crude is at its highest since October, 2018. On the 92 00:05:21,880 --> 00:05:25,330 Sean Aylmer: supply side, there's been disruptions, mostly around weather, and mostly 93 00:05:25,330 --> 00:05:28,820 Sean Aylmer: in the U.S. On the demand side, people are very 94 00:05:28,820 --> 00:05:32,270 Sean Aylmer: confident that the global economic recovery is picking up, and 95 00:05:32,270 --> 00:05:35,630 Sean Aylmer: that will push up demand. Gold prices have also risen 96 00:05:35,630 --> 00:05:37,670 Sean Aylmer: over the past 24 hours. Not that that's helped any 97 00:05:37,670 --> 00:05:40,240 Sean Aylmer: of the local gold stocks. The precious metal is trading 98 00:05:40,240 --> 00:05:45,420 Sean Aylmer: at US$760 an ounce. That's come after three successive weeks 99 00:05:45,420 --> 00:05:48,060 Sean Aylmer: of falling prices for gold. And the Aussie dollar has 100 00:05:48,060 --> 00:05:51,640 Sean Aylmer: appreciated a touch. It's trading at around 73 US cents. 101 00:05:51,760 --> 00:05:53,290 Michael Thompson: We'll be back in a moment with the rest of 102 00:05:53,290 --> 00:05:54,419 Michael Thompson: the day's business news. 103 00:05:59,500 --> 00:06:01,580 Michael Thompson: Now, Sean, I mentioned at the top of the show 104 00:06:01,580 --> 00:06:05,120 Michael Thompson: that Sigma Healthcare has lobbed a bid for Australian Pharmaceutical 105 00:06:05,120 --> 00:06:08,190 Michael Thompson: Industries, topping the Wesfarmers bid made last month. 106 00:06:08,430 --> 00:06:11,930 Sean Aylmer: Yes, Michael it's drug wars, sort of. More like pharmacy 107 00:06:11,930 --> 00:06:17,300 Sean Aylmer: wars. Sigma and API are the two big pharmacy wholesale pharmaceutical 108 00:06:17,300 --> 00:06:20,659 Sean Aylmer: groups in the country. A few years back API made 109 00:06:20,660 --> 00:06:23,290 Sean Aylmer: a bid for Sigma, which was knocked back. And then 110 00:06:23,290 --> 00:06:26,810 Sean Aylmer: last week, the API board agreed to an offer from 111 00:06:26,880 --> 00:06:29,990 Sean Aylmer: Wesfarmers, but now Sigma has come in over the top. 112 00:06:30,550 --> 00:06:33,640 Sean Aylmer: Clearly there's more synergies in a bid by Sigma, but 113 00:06:33,640 --> 00:06:37,279 Sean Aylmer: also more competition issues. It's a very tough sector, this 114 00:06:37,279 --> 00:06:41,370 Sean Aylmer: one. The chemist wholesalers like Sigma and API sign up 115 00:06:41,370 --> 00:06:45,359 Sean Aylmer: to something called the Universal Service Obligation. Now under that, 116 00:06:45,360 --> 00:06:48,680 Sean Aylmer: they agreed to deliver drugs to chemists anywhere in the 117 00:06:48,680 --> 00:06:52,169 Sean Aylmer: country, within a defined time period. And that's really hard, 118 00:06:52,170 --> 00:06:54,860 Sean Aylmer: particularly in a COVID world. Then you have the big 119 00:06:54,860 --> 00:06:58,790 Sean Aylmer: drug manufacturers going direct to customers and pharmacies, undercutting the 120 00:06:58,790 --> 00:07:02,529 Sean Aylmer: wholesalers. And they're not part of the Universal Service Obligation. 121 00:07:02,720 --> 00:07:06,020 Sean Aylmer: And obviously it's critical that customers can actually access whatever 122 00:07:06,020 --> 00:07:09,280 Sean Aylmer: drugs they're prescribed, when they go to the chemist. So 123 00:07:09,350 --> 00:07:12,610 Sean Aylmer: that whole sector really does need consolidation, so that they've 124 00:07:12,610 --> 00:07:15,410 Sean Aylmer: got the size to actually provide the service that they 125 00:07:15,410 --> 00:07:19,480 Sean Aylmer: need to, under this Universal Service Obligation. Yesterday, both API 126 00:07:19,620 --> 00:07:21,480 Sean Aylmer: and Sigma share prices ended higher. 127 00:07:22,020 --> 00:07:26,170 Michael Thompson: Sean, we've talked a lot about cryptocurrencies in the past. 128 00:07:26,790 --> 00:07:29,760 Sean Aylmer: Michael, you've spoken a lot about cryptocurrencies in the past, but 129 00:07:29,760 --> 00:07:30,100 Sean Aylmer: go on. 130 00:07:30,290 --> 00:07:32,670 Michael Thompson: I know, it's one of my favourite topics. Partly because 131 00:07:32,670 --> 00:07:35,970 Michael Thompson: I don't really understand them. But we've really talked about 132 00:07:35,970 --> 00:07:39,260 Michael Thompson: how volatile they can be. And now is really a 133 00:07:39,260 --> 00:07:43,930 Michael Thompson: critical time for digital currencies, because central banks aren't exactly 134 00:07:43,930 --> 00:07:44,610 Michael Thompson: supporting them. 135 00:07:45,000 --> 00:07:47,230 Sean Aylmer: That's right. There's a lot going on at the moment. Two 136 00:07:47,230 --> 00:07:52,880 Sean Aylmer: of the world's largest Bitcoin exchanges, Bitcoin being the largest cryptocurrency. 137 00:07:53,350 --> 00:07:56,670 Sean Aylmer: So two of the exchanges have stopped taking new registrations 138 00:07:56,670 --> 00:08:00,220 Sean Aylmer: for Chinese users, so as to comply with Beijing's latest 139 00:08:00,250 --> 00:08:04,490 Sean Aylmer: cryptocurrency ban. Late last week, the People's Bank of China 140 00:08:04,490 --> 00:08:10,680 Sean Aylmer: said all crypto related transactions are considered illicit financial activity. Now, 141 00:08:10,700 --> 00:08:14,980 Sean Aylmer: given about 40% of trading in cryptos comes out of China, 142 00:08:15,360 --> 00:08:20,020 Sean Aylmer: that's bad news. Bitcoin itself is still trading around US$44,000 143 00:08:20,300 --> 00:08:23,520 Sean Aylmer: a unit. So it's not fatal. But there is this 144 00:08:23,520 --> 00:08:26,700 Sean Aylmer: move among central banks, and particularly out of China, to 145 00:08:26,700 --> 00:08:30,920 Sean Aylmer: crack down on those digital units. Outside China, central banks 146 00:08:30,950 --> 00:08:34,660 Sean Aylmer: have been lukewarm at best about cryptocurrencies. That includes the 147 00:08:34,660 --> 00:08:37,990 Sean Aylmer: Reserve Bank of Australia and the U.S. Federal Reserve. There's a 148 00:08:37,990 --> 00:08:40,230 Sean Aylmer: market for them. People want to buy and sell them, 149 00:08:40,230 --> 00:08:43,370 Sean Aylmer: therefore there is a market. And some sellers of goods 150 00:08:43,370 --> 00:08:47,960 Sean Aylmer: and services will take cryptocurrencies as payments. But it's hard 151 00:08:47,960 --> 00:08:51,370 Sean Aylmer: to see them ever becoming mainstream, unless the central banks 152 00:08:51,370 --> 00:08:55,079 Sean Aylmer: of major economies recognise them. What China did late last week, 153 00:08:55,190 --> 00:08:56,910 Sean Aylmer: just sets them back that little bit further. 154 00:08:57,490 --> 00:09:00,590 Michael Thompson: Sean, we mentioned earlier the really good news out of 155 00:09:00,590 --> 00:09:03,880 Michael Thompson: New South Wales yesterday, in terms of the roadmap out 156 00:09:04,050 --> 00:09:08,050 Michael Thompson: of lockdown, it's helped the travel companies to finally get 157 00:09:08,050 --> 00:09:08,630 Michael Thompson: a wriggle on. 158 00:09:09,150 --> 00:09:12,230 Sean Aylmer: Sure did. No sector has been hit harder than the 159 00:09:12,230 --> 00:09:15,160 Sean Aylmer: travel and tourism stocks. And yesterday, most of the big 160 00:09:15,160 --> 00:09:18,490 Sean Aylmer: ones jumped after the New South Wales reopening plan was outlined. 161 00:09:18,820 --> 00:09:22,410 Sean Aylmer: Flight Centre closed up more than 7%. In fact, this is 162 00:09:22,410 --> 00:09:24,780 Sean Aylmer: a company that's done really well over the last six weeks. 163 00:09:24,780 --> 00:09:28,849 Sean Aylmer: It's up 50% in that time. Yesterday, Webjet was up more than 5%. 164 00:09:29,240 --> 00:09:31,980 Sean Aylmer: Corporate Travel Management and Qantas were both up more than 3%. 165 00:09:32,690 --> 00:09:36,439 Sean Aylmer: Qantas is now up 37%, in less than six weeks. 166 00:09:36,730 --> 00:09:38,809 Sean Aylmer: It's great news, but of course the stocks are way 167 00:09:38,809 --> 00:09:42,590 Sean Aylmer: down from their peaks in late 2019, early 2020. In fact, 168 00:09:42,590 --> 00:09:45,130 Sean Aylmer: Qantas is still 20% below its peak. 169 00:09:45,410 --> 00:09:49,679 Michael Thompson: And speaking of Qantas, Sean, yesterday CEO, Alan Joyce, announced 170 00:09:49,679 --> 00:09:52,860 Michael Thompson: the Flying Kangaroo will ground it's non-stop Perth to London 171 00:09:52,860 --> 00:09:56,770 Michael Thompson: service until next April, but will operate Darwin to London 172 00:09:56,770 --> 00:09:59,679 Michael Thompson: non-stop when borders reopen, hopefully at the end of the year. 173 00:10:00,270 --> 00:10:03,840 Michael Thompson: Flights from Western Australia to New South Wales and Victoria 174 00:10:03,840 --> 00:10:07,349 Michael Thompson: will also be delayed for two months. It comes after Mr. 175 00:10:07,350 --> 00:10:11,370 Michael Thompson: Joyce held talks with the WA government who seemed pretty determined to 176 00:10:11,370 --> 00:10:15,780 Michael Thompson: keep the borders closed. Alan Joyce is a force to be 177 00:10:15,780 --> 00:10:19,970 Michael Thompson: reckoned with, but has he met his match in WA Premier, 178 00:10:19,970 --> 00:10:20,420 Michael Thompson: Mark McGowan? 179 00:10:21,070 --> 00:10:23,760 Sean Aylmer: I think we've all met our match in WA Premier, 180 00:10:23,760 --> 00:10:28,090 Sean Aylmer: Mark McGowan. Mr. McGowan is an absolute recalcitrant, when it 181 00:10:28,090 --> 00:10:31,900 Sean Aylmer: comes to reopening borders and allowing travellers in and out 182 00:10:31,900 --> 00:10:34,730 Sean Aylmer: of his state. If Mr. Joyce can't convince him, I'm 183 00:10:34,730 --> 00:10:37,170 Sean Aylmer: not sure that many can. But let's just hope that 184 00:10:37,170 --> 00:10:40,210 Sean Aylmer: at some point, Western Australia knocks down the borders. 185 00:10:40,590 --> 00:10:44,829 Michael Thompson: Yeah, absolutely. Now it's a really big week this week 186 00:10:44,830 --> 00:10:47,770 Michael Thompson: for initial public offerings. According to the Financial Review, it 187 00:10:47,770 --> 00:10:49,929 Michael Thompson: could in fact, be the biggest ever what's going on? 188 00:10:50,250 --> 00:10:53,640 Sean Aylmer: There are seven companies, each with valuations of a billion 189 00:10:53,640 --> 00:10:56,760 Sean Aylmer: dollars or more, pitching to investors this week. That doesn't 190 00:10:56,760 --> 00:10:59,170 Sean Aylmer: mean that they'll actually list this week, but they're trying 191 00:10:59,170 --> 00:11:01,260 Sean Aylmer: to raise the money and get the support this week. 192 00:11:01,320 --> 00:11:03,940 Sean Aylmer: And they come from all parts of the economy. There's 193 00:11:03,940 --> 00:11:06,550 Sean Aylmer: a company called Ventia, which is a maintenance service group. 194 00:11:06,550 --> 00:11:09,370 Sean Aylmer: At the moment it's owned by CIMIC, which is listed, 195 00:11:09,370 --> 00:11:12,699 Sean Aylmer: the old Leighton's, and PE group Apollo Global Management. It's 196 00:11:12,700 --> 00:11:15,760 Sean Aylmer: trying to list, worth about two and a half billion dollars. 197 00:11:16,170 --> 00:11:20,199 Sean Aylmer: There's Global Equities manager, GQG Partners. It wants to list, 198 00:11:20,200 --> 00:11:22,940 Sean Aylmer: and it's valued at more than a billion dollars. SG 199 00:11:22,940 --> 00:11:26,290 Sean Aylmer: Lottery is a big one. It's owned by American gaming group, 200 00:11:26,290 --> 00:11:30,189 Sean Aylmer: Scientific Games. It's trying to list on the ASX at 201 00:11:30,190 --> 00:11:34,470 Sean Aylmer: about $5 billion. Remember, Australia is home to a lot 202 00:11:34,630 --> 00:11:37,630 Sean Aylmer: of the gaming groups that operate into the U. S. 203 00:11:38,030 --> 00:11:40,309 Sean Aylmer: And a couple of others worth mentioning Judo Bank is 204 00:11:40,309 --> 00:11:43,980 Sean Aylmer: meeting investors this week. So too Vulcan Steel and New 205 00:11:43,980 --> 00:11:47,750 Sean Aylmer: Zealand telco, Orrcon. The positive news, is that there's plenty 206 00:11:47,750 --> 00:11:50,370 Sean Aylmer: of money around looking for a home. So that helps 207 00:11:50,370 --> 00:11:53,170 Sean Aylmer: these guys who are trying to do IPO's. The less 208 00:11:53,170 --> 00:11:55,969 Sean Aylmer: positive news is that the market has been a bit choppy 209 00:11:56,260 --> 00:11:59,340 Sean Aylmer: over the past week or two. And uncertainty is not 210 00:11:59,340 --> 00:12:01,079 Sean Aylmer: good for initial public offerings. 211 00:12:05,660 --> 00:12:08,310 Michael Thompson: Sean, what's making headlines in today's news media? 212 00:12:08,550 --> 00:12:11,349 Sean Aylmer: The Financial Review is reporting this morning that Treasurer, Josh 213 00:12:11,370 --> 00:12:14,820 Sean Aylmer: Frydenberg has given the green light for regulators to crack 214 00:12:14,820 --> 00:12:18,229 Sean Aylmer: down on high debt home loans. So as to reduce 215 00:12:18,320 --> 00:12:21,699 Sean Aylmer: risks from record low interest rates and rising property prices. 216 00:12:21,929 --> 00:12:24,199 Sean Aylmer: I've spoken a fair bit about this one, Michael. The 217 00:12:24,200 --> 00:12:27,720 Sean Aylmer: government and regulators want to guard against homeowners ending up 218 00:12:27,720 --> 00:12:30,730 Sean Aylmer: with too much debt. There's also several stories about the 219 00:12:30,730 --> 00:12:33,370 Sean Aylmer: federal Nationals, and their battle to find a common ground 220 00:12:33,370 --> 00:12:36,650 Sean Aylmer: around climate change policy. It's a tough issue for the Nats, 221 00:12:36,650 --> 00:12:41,459 Sean Aylmer: given many of their constituents are in high carbon emission industries. Leader, 222 00:12:41,460 --> 00:12:44,020 Sean Aylmer: Barnaby Joyce, is open to a deal, as long as 223 00:12:44,020 --> 00:12:47,480 Sean Aylmer: there's no job losses. But some of his counterparts, particularly 224 00:12:47,480 --> 00:12:51,050 Sean Aylmer: those from Queensland, are against any shift. And finally, the 225 00:12:51,050 --> 00:12:54,179 Sean Aylmer: Australian is running a story saying that Woolworths is doubling 226 00:12:54,179 --> 00:12:59,760 Sean Aylmer: down on the COVID-19 boom in online shopping, launching a nationwide online marketplace, 227 00:13:00,010 --> 00:13:02,990 Sean Aylmer: that will offer more than 2000 products not available on 228 00:13:02,990 --> 00:13:06,760 Sean Aylmer: supermarket shelves. And that ranges, Michael, from everything from vacuums 229 00:13:06,760 --> 00:13:08,030 Sean Aylmer: to reusable nappies. 230 00:13:08,380 --> 00:13:10,540 Michael Thompson: Okay. And what's the key overseas news this morning? 231 00:13:10,900 --> 00:13:14,260 Sean Aylmer: The center-left Social Democrats party has won the biggest share 232 00:13:14,260 --> 00:13:16,850 Sean Aylmer: of the vote in the German national election, beating the 233 00:13:16,850 --> 00:13:21,230 Sean Aylmer: outgoing chancellor Angela Merkel's center-right party, in a very tight race. 234 00:13:21,580 --> 00:13:24,520 Sean Aylmer: Olaf Scholz, the head of the Social Democrats now needs 235 00:13:24,520 --> 00:13:27,480 Sean Aylmer: to reach out to smaller parties, to form a coalition 236 00:13:27,480 --> 00:13:29,420 Sean Aylmer: and become Chancellor of the country. 237 00:13:29,770 --> 00:13:33,689 Michael Thompson: Now, Sean, how about this one? COVID-19 has triggered the biggest 238 00:13:33,690 --> 00:13:36,670 Michael Thompson: falls in life expectancy since the Second World War, in 239 00:13:36,670 --> 00:13:40,429 Michael Thompson: most developed nations. According to a report in the Financial Times, 240 00:13:40,500 --> 00:13:44,910 Michael Thompson: men's life expectancy fell more than women, and particularly U.S. males. 241 00:13:45,240 --> 00:13:50,700 Michael Thompson: American men have had 2.2 years wiped off average life expectancy. 242 00:13:51,040 --> 00:13:53,870 Sean Aylmer: Incredible. I do have to leave you with one story though. 243 00:13:53,870 --> 00:13:57,100 Sean Aylmer: It's all about Norway, Michael. The country lifted all COVID 244 00:13:57,100 --> 00:14:01,750 Sean Aylmer: restrictions over the weekend, after 18 months. It triggered massive, 245 00:14:01,750 --> 00:14:07,220 Sean Aylmer: massive clashes and disturbances around the major centres. Basically, everyone 246 00:14:07,530 --> 00:14:10,260 Sean Aylmer: went out to the pub, or to a bar, or a restaurant. It 247 00:14:10,260 --> 00:14:14,569 Sean Aylmer: triggered overcrowding and massive brawls, particularly in Oslo. Well worth 248 00:14:14,570 --> 00:14:16,520 Sean Aylmer: trying to get some vision of what happened in Oslo, 249 00:14:16,860 --> 00:14:19,760 Sean Aylmer: and what can happen when you let a bunch of people, 250 00:14:19,760 --> 00:14:22,510 Sean Aylmer: who've been locked down for so long, out onto the 251 00:14:22,510 --> 00:14:23,070 Sean Aylmer: streets. 252 00:14:23,220 --> 00:14:26,190 Michael Thompson: Maybe now we know why Mark McGowan won't open the borders. 253 00:14:26,270 --> 00:14:28,530 Sean Aylmer: Ah, yes. Maybe he's in front of us all. 254 00:14:28,700 --> 00:14:31,750 Michael Thompson: That's right. Now up next is the daily interview. And 255 00:14:31,750 --> 00:14:34,900 Michael Thompson: today you're talking to Peter FitzSimons, author, journalist, and the 256 00:14:34,900 --> 00:14:36,900 Michael Thompson: chair of the Australian Republic Movement. 257 00:14:37,180 --> 00:14:38,720 Sean Aylmer: Yeah, it was a good time to talk to Peter 258 00:14:38,720 --> 00:14:42,109 Sean Aylmer: because the Australian Republic Movement is starting to gain some 259 00:14:42,170 --> 00:14:44,160 Sean Aylmer: momentum again, and it's come to the fore a little 260 00:14:44,160 --> 00:14:46,640 Sean Aylmer: bit in recent times, with the Prime Minister, Scott Morrison, 261 00:14:46,640 --> 00:14:49,530 Sean Aylmer: playing such a major role in global affairs over the 262 00:14:49,530 --> 00:14:50,370 Sean Aylmer: past week or so. 263 00:14:50,750 --> 00:14:53,190 Michael Thompson: Yeah, an interesting one. That's up next in the Fear 264 00:14:53,190 --> 00:14:56,780 Michael Thompson: and Greed playlist on your podcast platform or at fearandgreed.com.au. 265 00:14:57,200 --> 00:14:58,160 Michael Thompson: Thank you very much, Sean. 266 00:14:58,370 --> 00:14:59,570 Sean Aylmer: Thank you, Michael. Enjoy your day. 267 00:15:00,000 --> 00:15:03,660 Michael Thompson: It's Tuesday, the 28th of September, 2021. Make sure you've 268 00:15:03,660 --> 00:15:06,740 Michael Thompson: followed Fear and Greed on LinkedIn, Twitter, and Facebook. And 269 00:15:06,740 --> 00:15:09,530 Michael Thompson: if you're enjoying the podcast, please tell a friend or 270 00:15:09,530 --> 00:15:11,960 Michael Thompson: a colleague, leave us a review online and give us 271 00:15:11,960 --> 00:15:14,870 Michael Thompson: five stars. Thanks for your company. I'm Michael Thompson. And 272 00:15:14,870 --> 00:15:16,670 Michael Thompson: that was Fear and Greed. Enjoy your day.