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Speaker 1: Welcome to Fear and Greed business news you can use Today.

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Speaker 1: The federal government closes in on doing a deal with

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Speaker 1: the Greens over its controversial superannuation tax, Ocean and air

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Speaker 1: temperatures jumped sharply, and a vessel carrying hundreds of electric

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Speaker 1: vehicles goes up in smoke after a battery fire in

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Speaker 1: the middle of the Pacific Ocean. Plus, Australia shifts from

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Speaker 1: a trade surplus to a trade deficit with the US,

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Speaker 1: and Donald Trump bans travelers from twelve nations. It is Friday,

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Speaker 1: the sixth of June twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Oh cracker of a night last night, Michael.

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Speaker 1: It was good fun, wasn't We had our first ever

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Speaker 1: live event, our live Fear and Greed recording of the

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Speaker 1: weekend edition, so you'll hear it tomorrow.

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Speaker 2: But god, it was fun, wasn't it great fun? Plenty

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Speaker 2: of people turn up. We appreciate everyone that did so.

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Speaker 2: Some of the results didn't quite gather away. One of

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Speaker 2: them too, but you know, that's the way it goes.

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Speaker 1: We're not going to spoil anything. It was. It was

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Speaker 1: a very good night. And launching my second novel called

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Speaker 1: All the Perfect Days to squeezing in a little plug.

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Speaker 1: There short on you now, we best get on with it.

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Speaker 1: The federal government is close to doing a deal with

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Speaker 1: the Greens over its tax hike on superannuation balances above

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Speaker 1: three million dollars.

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Speaker 2: It is the most controversial bill under discussion at the moment.

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Speaker 2: The earnings tax rate on superannuation balances above three million

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Speaker 2: dollars will arise from fifteen percent to thirty percent. The

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Speaker 2: more controversial part of the legislation is that it will

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Speaker 2: tax unrealized gains, So some eighty thousand people who have

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Speaker 2: super balances over three million dollars could have to pay

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Speaker 2: tax on their earnings of their superbalances above that amount,

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Speaker 2: even though they haven't sold anything or drawn down anything.

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Speaker 2: People with property holdings in a super fund, for example,

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Speaker 2: they could be caught up. So many small businesses might

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Speaker 2: have their business or their homes in the superfund. If

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Speaker 2: that has appreciated beyond that three million dollars, they may

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Speaker 2: have to pay tax on that. Also, this three million

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Speaker 2: dollars threshold is not linked to inflation, so more and

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Speaker 2: more people will be caught up over time. Treasury estimates

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Speaker 2: the top ten percent of taxpayers will be impacted in

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Speaker 2: thirty years if that three million dollars threshold is an indexed.

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Speaker 2: The Financial Services Council projects more than five hundred thousand

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Speaker 2: people who are working today will be caught by the

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Speaker 2: tax over their lifetime. The other controversial bit is that

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Speaker 2: Polly's will be treated differently because most of them are

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Speaker 2: part of defined benefit schemes. Anyone that went into Parliament

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Speaker 2: before two thousand and five. That means they're actually able

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Speaker 2: to defer any tax liability, so the argument being that

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Speaker 2: the polies are getting special treatment. Yesterday the Greens pledged

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Speaker 2: in principal support for the legislation. Looks like it will pass.

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Speaker 2: The government was hoping to do a deal with the coalition,

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Speaker 2: but the coalition shut down that possibility. The Greens are

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Speaker 2: on board. There you go.

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Speaker 1: Two things on this Sean. One is that you go

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Speaker 1: into your views on this a little bit in today's newsletter,

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Speaker 1: so it is well worth subscribing to that head to

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Speaker 1: Fear Andgreed dot com tod AU. We'll put a link

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Speaker 1: in the show notes as well. The other part is

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Speaker 1: obviously the government had a massive win at the election,

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Speaker 1: and there was a lot of optimism that they would

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Speaker 1: use that big mandate basically to implement change reform. Is

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Speaker 1: this the kind of thing that we are talking about here,

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Speaker 1: and is this why they are pursuing it so aggressively.

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Speaker 2: Yes, they tried to do this in the last parliament

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Speaker 2: a couple of years ago. Couldn't get it through. They

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Speaker 2: couldn't get Jackie Lambion David Pocock to agree to it.

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Speaker 2: The Greens, Funnily enough, they don't think it goes far enough,

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Speaker 2: so it's they're more extreme. They want a two million

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Speaker 2: dollar cutoff point, not a three million dollar cutoff point.

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Speaker 2: But this is exactly the sort of legislation that that

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Speaker 2: massive win by Labor last month allows them to do.

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Speaker 1: Okay, Staying in politics, former Liberal President Alan Stockdale told

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Speaker 1: a meeting of the New South Wales Liberal Women's Council

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Speaker 1: that female party members had become assertive and that their

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Speaker 1: male counterparts need protection. I'll tell you where do you

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Speaker 1: even start with this?

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Speaker 2: Our position leader, seized Susan Lee and other senor Conservative

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Speaker 2: women who were quick to criticize Stocktail. He was once

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Speaker 2: treasured of Victoria Prome minus Anthony Albanezi also criticized the comments. Yesterday,

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Speaker 2: mister Stockdale issued a statement saying he made the comments

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Speaker 2: at a meeting that were meant to be a joke

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Speaker 2: and expressed regret that people felt disrespected.

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Speaker 1: Really I wonder why.

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Speaker 2: And outspoken National Senate of Bridge At mackenzie was on

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Speaker 2: nine's Today Show. Now Bridge McKenzie is very outspoken. But

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Speaker 2: I've got to give it to yesterday. She put it beautifully.

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Speaker 2: I quote, honestly, Allen read the room. It was a

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Speaker 2: shocking comment. I think it's time for Ellen to head

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Speaker 2: back to the Melbourne Club, have a stiff whiskey and

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Speaker 2: chat with the old boys about what went wrong and

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Speaker 2: how to do it better next time. End quote.

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Speaker 1: That's very good, isn't it Sean For at least thirty

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Speaker 1: five years, Australia had been running a trade deficit with

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Speaker 1: the US, as when we buy more from the US

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Speaker 1: than we sell to them. That was up until February

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Speaker 1: this year, and then again in March, which was right

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Speaker 1: ahead of Donald Trump's Liberation Day tariffs, which is a case,

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Speaker 1: You've got to say, a very very bad timing. Things

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Speaker 1: though have now returned to normal. The US trade deficit

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Speaker 1: re emerged in April year.

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Speaker 2: So Ever, since nine eighty eight, when these figures were collected,

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Speaker 2: we have always run a trade deficit two months before

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Speaker 2: Donald Trump decides that anyone has a trade surplus, well

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Speaker 2: they're going to get hit by tariffs, mind you. I mean,

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Speaker 2: we wasn't big enough for them to make that much

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Speaker 2: of a difference. But a very very case of very

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Speaker 2: unfortunate timing, no doubt about it. The reason we ran

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Speaker 2: that surplus for those two months were big and unusual

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Speaker 2: sales of gold, so people were rushing to gold as

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Speaker 2: a safe haven. We have it, therefore they were buying

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Speaker 2: it from Australia. Australian Bureau Statistics data released yesterday shows

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Speaker 2: things are back to normal. We're running about a one

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Speaker 2: point six billion dollar deficit with the US still selling

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Speaker 2: plenty of gold to US investors. Actually, but you know,

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Speaker 2: the ship has righted itself so to speak.

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Speaker 1: Okay, now, Sean, we got plenty still to come, a

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Speaker 1: lot of ground to cover. We will be back in

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Speaker 1: a moment with the rest of the day's business news, Shawn.

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Speaker 1: The local share market looked like it was heading for

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Speaker 1: a record close of above eighty five hundred and fifty

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Speaker 1: six points yesterday, but it couldn't quite get there.

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Speaker 2: No, couldn't keep the momentum, and it fell back. In

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Speaker 2: the end, the market was flat, but not before testing

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Speaker 2: that record close. Tech stocks and the miners generally outperformed.

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Speaker 2: Healthcare underperformed. There are a few big moves, but it

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Speaker 2: wasn't really the busiest day of the year. Among the

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Speaker 2: large caps, Ensure as qbe and in sun Corp dropped,

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Speaker 2: CSL and computer share also fell back. On the other

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Speaker 2: side of the ledger Fortescue Metals, Group, Wise Tech, Goodman Group,

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Speaker 2: Aristocrat Leisure. They're among the best. IDP Education more on

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Speaker 2: that story. It fell further yesterday. It's now down more

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Speaker 2: than fifty percent in two sessions. That's after it delivered

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Speaker 2: a major profit warning on Wednesday. IDP share price is

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Speaker 2: now ninety percent below its peak of November twenty twenty one.

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Speaker 2: It was a share marker Darling, but changes in legislation

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Speaker 2: here in the UK absolutely cold earnings Yeah ouch.

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Speaker 1: Now what about international markets? What's going on there?

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Speaker 2: Iron Or dropped further as geopolitical tensions and a concerning

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Speaker 2: economic outlook and China weight on the steelmaking commodity in

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Speaker 2: Or futures are training around ninety six US dollars a

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Speaker 2: ton also was also lower. Interesting at the moment Saudi

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Speaker 2: came out and it wants to increase production. Saudy is

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Speaker 2: basically the de facto leader of OPEQ, the organization of

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Speaker 2: the petroleum exporting countries. What it says goes, and it

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Speaker 2: wants to add at least four hundred and eleven thousand

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Speaker 2: barrels of oil a day by August.

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Speaker 1: That's just adding to what's already there.

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Speaker 2: It's just phenomenal these numbers.

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Speaker 1: Are we going to see cheaper petrol.

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Speaker 2: Prices that, Michael? They're pretty good at the moment. I know, Well,

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Speaker 2: actually they're very mixed at the moment. Around my area,

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Speaker 2: there are something you can get one fifty and others

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Speaker 2: that it's like two a seven.

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Speaker 1: Oh yeah, our local servo closed forever the other day

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Speaker 1: and independent, yes it was, and it was amazing because

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Speaker 1: you could get fuel for like twenty to thirty cents

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Speaker 1: cheaper than one of the big guys just down the road.

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Speaker 1: And so that's gone, and I don't know what I'm

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Speaker 1: going to do. So I filled up every single container

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Speaker 1: I could find, just stockpiling. So no one like to

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Speaker 1: match anywhere near our place for a little while.

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Speaker 2: Finally, on international markets, IZI dollar training just under sixty

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Speaker 2: five US.

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Speaker 1: Since Sean lithium and rare earth stocks haven't had a

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Speaker 1: huge amount to celebrate lately. A bit of good news though,

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Speaker 1: yesterday for local critical minerals companies.

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Speaker 2: European car makers said restrictions by China on exports of

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Speaker 2: rare earth alloys, mixtures and magnets could cause delays and

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Speaker 2: outages in ev production. In other words, we need rare

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Speaker 2: earths critical minerals. Lithium is a key component for lithium

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Speaker 2: ion batteries used in electric vehicles. Its price is at

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Speaker 2: a four year on the back of oversupply over the

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Speaker 2: past four years or so, but the European comments provided

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Speaker 2: some respite. We saw within planes like Mineral Resources, Pilgrim Minerals,

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Speaker 2: Linehound Resources or Surge Liners, which is our biggest rare

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Speaker 2: earths producer, it surged as well. So finally, some good

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Speaker 2: news for some of those battery metals companies.

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Speaker 1: We're talking yesterday about the Virgin float. There's been a

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Speaker 1: bit more kind of good news coming through on that

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Speaker 1: front too.

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Speaker 2: Yeah, it looks like it will get off the ground.

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Speaker 2: Virgins bankers have secured Oh I like that.

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Speaker 1: They even realized you've done and I was watching you

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Speaker 1: to see the take off.

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Speaker 2: Yeah yeah, strap in here we go.

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Speaker 1: Long runway for this one, virgins.

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Speaker 2: Bankers have secured commitments from institutional investors to underwrite the

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Speaker 2: six hundred and eighty five million dollar fates. The idea

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Speaker 2: is they go out to the market if they can't

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Speaker 2: raise all the money. They've got these bankers in the

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Speaker 2: background saying yeah, we'll take it. It pretty much guarantees

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Speaker 2: that owner Bain will get somewhat of a payday. That's

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Speaker 2: on top of the sale of the twenty five percent

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Speaker 2: steak to airlines earlier in the year. Now Bain bought

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Speaker 2: Virgin for about seven hundred million dollars in twenty twenty

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Speaker 2: at the beginning of the pandemic. There's billions of dollars

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Speaker 2: in debt. Looks like it will well and truly make

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Speaker 2: its money by this by the time this process is

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Speaker 2: all over.

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Speaker 1: Ocean temperatures in the Southwest Pacific reached fresh highs in

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Speaker 1: twenty twenty four as heat waves struck more than ten

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Speaker 1: percent of the world's marine waters.

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Speaker 2: If you think of the size of the world's marine waters.

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Speaker 2: Ten percent is huge. Long stints of extremeation heat were

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Speaker 2: experienced by nearly forty million square kilometers of the region

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Speaker 2: last year, including the water surrounding Australia. According to the

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Speaker 2: World Meteorological Organization, there's a good word, meteorological. Go on,

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Speaker 2: say it one more time, meteorological.

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Speaker 1: Meteorological. Okay, there we go.

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Speaker 2: We bail every letter the WMO from here on. Inssiation,

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Speaker 2: heat and acidification, we're inflicting long lasting damage on marine

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Speaker 2: ecosystems and economies. For example, the Great Barrier Reef has

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Speaker 2: reported its sixth mass bleaching in just ten years. Warming

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Speaker 2: on land was also high than it had been ever before.

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Speaker 2: Last year, temperatures were around zero point four eight degrees

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Speaker 2: above the nineteen ninety one to twenty twenty average across

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Speaker 2: the region. This is according to report on AAP. Heat

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Speaker 2: Waves were particularly acute in Western Australia, with the coastal

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Speaker 2: town of Canarvon reaching forty nine point nine degrees in February,

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Speaker 2: breaking existing temperature records by more than two degrees.

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Speaker 1: Ou Now turning to international news, the US President Donald

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Speaker 1: Trump has been very busy over the last couple of days.

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Speaker 1: He's banned citizens of twelve countries from entering the US.

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Speaker 1: It's also launched an investigation into aids of Joe Biden

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Speaker 1: for allegedly concealing his mental decline.

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Speaker 2: The sweeping ban on entry for foreign nationals from certain

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Speaker 2: countries is reminiscent of the so called Muslim ban he

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Speaker 2: introduced during his first term. This ban on entry applies

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Speaker 2: to nationals from Afghanistan, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somali, Sidan, Yemen,

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Speaker 2: and mianmar Although they did call it Burmer, which no

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Speaker 2: one actually calls that country Burmer anymore.

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Speaker 1: It's me.

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Speaker 2: They take effect from the ninth of June. He also

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Speaker 2: partially restricted entry for citizens of Rundi, Cuba, Laos, Sierra Leone, Togo, Tekmenistan,

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Speaker 2: and Venezuela. Trump said the ban will allow the US

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Speaker 2: government to and I quote protect its citizens from terrorist

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Speaker 2: attacks and other national security or public safety threats into

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Speaker 2: The investigation into Joe Biden and his AIDS follows through

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Speaker 2: on his election campaign, vows to investigate his predecessor. Also yesterday,

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Speaker 2: he renewed his assault on Harvard University, scrapping visas for

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Speaker 2: foreign students looking to study at the Ivy League Institution.

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Speaker 1: Just quickly staying with Donald Trump's the president also said

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Speaker 1: that his Russian counterpart, Vladimir Putin, is not ready for

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Speaker 1: an immediate peace. Those are his words in Ukraine after

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Speaker 1: an hour long conversation with him.

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Speaker 2: During the conversation, the Russian president warned of retaliation for

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Speaker 2: kids drone a tack on his country's bomber fleet. Trump's

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Speaker 2: of the corps with Putin was good, covering both the

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Speaker 2: fighting with Ukraine and ongoing negotiations with Iran over its

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Speaker 2: nuclear program, but there were no breakthroughs. According to the FT,

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Speaker 2: the conversation between Trump and Putin is the second between

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Speaker 2: the two leaders in less than a month. Comes after

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Speaker 2: the Russian president rejected Ukraine's calls for an immediate ceasefire

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Speaker 2: and a top level summit to end the war.

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Speaker 1: A ship mentioned this at the top of the show.

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Speaker 1: A ship carrying three thousand cars to Mexico was abandoned

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Speaker 1: in the middle of the Pacific Ocean earlier this week,

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Speaker 1: highlighting a what is a growing risk really for the

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Speaker 1: transportation of electric vehicles.

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Speaker 2: The fire aboard the Morning Midas occurred approximately three hundred

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Speaker 2: miles south of Adak Island in Alaska. According to the

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Speaker 2: US Coast Guard, smoke was first seen coming from a

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Speaker 2: deck of the vessel, whose cargo included about eight hundred evs. Now,

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Speaker 2: the crew initiated firefighting procedures couldn't bring the blaze under control.

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Speaker 2: Fires are becoming a bigger and bigger problem in global

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Speaker 2: shipping of evs. According to Bloomberg, they're often harder to

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Speaker 2: extinguish and more dangerous to fight. Now tightly packed car

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Speaker 2: carrying cargo ships have limited ventilation that intensifies the heat.

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Speaker 2: Of course, you can't stop the battery fire. It's hard

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Speaker 2: to know how to prevent it, and so this is

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Speaker 2: becoming a growing problem around the world.

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Speaker 1: All right, Sean, Now coming straight up next is the

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Speaker 1: Fear and Greed Daily Interview. You're speaking today with Milos Sulisch,

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Speaker 1: who is the CEO of Bank of Sydney.

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Speaker 2: It's a great chat. So Melos started his life in

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Speaker 2: the big banks and is now with one of the

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Speaker 2: smaller banks, running Bank of Sydney. He talks about everything

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Speaker 2: from interest rates and challenger banks and smaller business SMEs

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Speaker 2: small and medium sized enterprises, which is where Bank of

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Speaker 2: Sydney have most customers. But then it goes into the

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Speaker 2: unfair regulatory environment and why the big banks get a

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Speaker 2: sort of free kick. These are the smaller banks and

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Speaker 2: it's really interesting take on that sector.

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Speaker 1: Yeah, yeah, basically that he's saying it is not a

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Speaker 1: level playing field at all at all for the banks.

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Speaker 1: It is coming up after the show and Bank of

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Speaker 1: Sydney works with blue Chip Communication, which is a terrific

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Speaker 1: supporter of Fear and Greed. It is coming up on

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Speaker 1: the Fear and Greed playlist or at Fearangreed dot com

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Speaker 1: dot au, which is also where you sign up for

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Speaker 1: that free daily newsletter. Today just keep on going on

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Speaker 1: about Thank you Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Friday, the sixth of June twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.