1 00:00:03,400 --> 00:00:06,109 Michael Thompson: Welcome to the Fear and Greed Weekend Edition, the week 2 00:00:06,300 --> 00:00:08,590 Michael Thompson: that was. A wrap of the biggest stories over the 3 00:00:08,590 --> 00:00:11,979 Michael Thompson: past seven days. I'm Michael Thompson, and good morning Sean Aylmer. 4 00:00:12,460 --> 00:00:15,810 Sean Aylmer: Good morning, Michael. Now, before we go further, I want to know how have 5 00:00:15,810 --> 00:00:18,550 Sean Aylmer: you enjoyed the week? As our regular listeners would know, 6 00:00:18,650 --> 00:00:21,450 Sean Aylmer: we've made a few changes. There's two of us, Michael and I, 7 00:00:21,820 --> 00:00:24,160 Sean Aylmer: doing the morning show now. Are you enjoying it, Michael? 8 00:00:24,220 --> 00:00:27,330 Michael Thompson: I certainly am. I've learnt an awful lot. I particularly 9 00:00:27,330 --> 00:00:28,760 Michael Thompson: enjoy when you put me on the spot. 10 00:00:29,010 --> 00:00:31,670 Sean Aylmer: Like now. My favourite feedback during the week, generally we've 11 00:00:31,670 --> 00:00:34,909 Sean Aylmer: had very positive feedback about it. My favourite feedback during 12 00:00:34,909 --> 00:00:36,349 Sean Aylmer: the week was a woman I ran into when I 13 00:00:36,350 --> 00:00:38,650 Sean Aylmer: was walking one morning. She said, that new Michael fella, 14 00:00:38,650 --> 00:00:42,229 Sean Aylmer: he's got a real newsreaders voice. Her point was that 15 00:00:42,229 --> 00:00:45,210 Sean Aylmer: I didn't, but I thought that was a great compliment to you, Michael. 16 00:00:45,479 --> 00:00:48,930 Michael Thompson: Oh, thank you anonymous woman that you ran into while walking. 17 00:00:49,010 --> 00:00:50,370 Michael Thompson: She is now my favourite listener. 18 00:00:50,750 --> 00:00:50,979 Sean Aylmer: Indeed. 19 00:00:51,380 --> 00:00:52,909 Michael Thompson: All right. Let's jump into it, shall we? It was 20 00:00:52,909 --> 00:00:55,190 Michael Thompson: a huge week this week for Scott Morrison and for 21 00:00:55,190 --> 00:00:59,060 Michael Thompson: global affairs, for bouncing markets and Chinese property crises and 22 00:00:59,060 --> 00:01:03,330 Michael Thompson: for COVID cases. But really, what a crazy week for 23 00:01:03,330 --> 00:01:06,959 Michael Thompson: markets. Down, down, down, and then up, up, up. What 24 00:01:06,959 --> 00:01:07,640 Michael Thompson: was that all about? 25 00:01:08,290 --> 00:01:11,680 Sean Aylmer: Well, two things. A group called Evergrande, which is a 26 00:01:11,680 --> 00:01:16,560 Sean Aylmer: big Chinese property company, and global central banks. Let's start with Evergrande. 27 00:01:16,950 --> 00:01:20,590 Sean Aylmer: It's the biggest property group in China with about $US300 billion 28 00:01:20,910 --> 00:01:25,110 Sean Aylmer: in liabilities. It's already defaulted on loan repayments, and this 29 00:01:25,110 --> 00:01:28,420 Sean Aylmer: week it had to make coupon payments to investors. The 30 00:01:28,420 --> 00:01:31,569 Sean Aylmer: fear was that it wouldn't have enough money to do so. 31 00:01:31,780 --> 00:01:33,750 Sean Aylmer: And that would hit the Chinese market, which would hit 32 00:01:33,750 --> 00:01:37,649 Sean Aylmer: the global market. Financial markets generally were very nervous. Not 33 00:01:37,650 --> 00:01:40,429 Sean Aylmer: often do you see a company that large looking like 34 00:01:40,430 --> 00:01:42,959 Sean Aylmer: it could go under. People were fearing it was going 35 00:01:42,959 --> 00:01:47,130 Sean Aylmer: to be another Lehman Brothers moment. In the end, the 36 00:01:47,130 --> 00:01:51,670 Sean Aylmer: Chinese government stepped in and threw cash into the Chinese economy, 37 00:01:51,670 --> 00:01:55,450 Sean Aylmer: which kind of helped allay concerns around that. And Evergrande 38 00:01:55,450 --> 00:01:59,430 Sean Aylmer: said it was able to pay the bond holders. That's 39 00:01:59,430 --> 00:02:01,760 Sean Aylmer: the first part of the story. The second part of 40 00:02:01,760 --> 00:02:04,980 Sean Aylmer: the story is global central banks around the world. Now, 41 00:02:04,980 --> 00:02:07,610 Sean Aylmer: it was a big week for them meeting and talking 42 00:02:07,610 --> 00:02:10,720 Sean Aylmer: about what's going to happen on inflation, economic growth, and 43 00:02:10,720 --> 00:02:13,919 Sean Aylmer: then interest rates. Basically, it fell down to three categories. 44 00:02:14,120 --> 00:02:16,980 Sean Aylmer: There was a group of central banks that think things 45 00:02:16,980 --> 00:02:20,430 Sean Aylmer: are going okay but not much better than that. The Reserve 46 00:02:20,430 --> 00:02:23,970 Sean Aylmer: Bank fits into that. The Bank of Japan fits into that. Broadly, 47 00:02:23,970 --> 00:02:25,930 Sean Aylmer: they said rates are still on hold. Mind you, the 48 00:02:25,930 --> 00:02:28,600 Sean Aylmer: local central bank, the Reserve Bank did make it clear 49 00:02:28,600 --> 00:02:31,109 Sean Aylmer: that it believed the economy would come out of COVID okay. 50 00:02:31,610 --> 00:02:34,230 Sean Aylmer: The second group thought things were a bit better. So 51 00:02:34,230 --> 00:02:36,889 Sean Aylmer: the economies were growing a bit faster. A few more 52 00:02:36,889 --> 00:02:40,050 Sean Aylmer: inflation pressures around. The US Federal Reserve and the Bank 53 00:02:40,050 --> 00:02:42,840 Sean Aylmer: of England fitted into that. And then there's a third category, 54 00:02:42,850 --> 00:02:45,340 Sean Aylmer: things were a lot better. Now, Norway's central bank, not 55 00:02:45,340 --> 00:02:47,600 Sean Aylmer: something we've ever mentioned on Fear and Greed before, we 56 00:02:47,600 --> 00:02:49,990 Sean Aylmer: will from now on, they lifted interest rates. So at 57 00:02:49,990 --> 00:02:54,419 Sean Aylmer: the beginning of the week, it was all about Evergrande and collapsing property prices and 58 00:02:54,419 --> 00:02:57,380 Sean Aylmer: markets were falling, by the end of the week, everyone was 59 00:02:57,380 --> 00:03:00,660 Sean Aylmer: a bit happier about the stronger economy. So it went down, 60 00:03:00,870 --> 00:03:03,280 Sean Aylmer: then it went up. You can't say markets aren't fickle. 61 00:03:03,540 --> 00:03:06,209 Michael Thompson: Yeah, absolutely. So what's it all mean though for commodity 62 00:03:06,210 --> 00:03:06,810 Michael Thompson: markets then? 63 00:03:07,260 --> 00:03:11,690 Sean Aylmer: Well, it hasn't done anything to becalm commodity markets at this point. Coal, gas, 64 00:03:11,690 --> 00:03:14,440 Sean Aylmer: base metals, they're all doing well. Oil hit a 10 65 00:03:14,440 --> 00:03:17,710 Sean Aylmer: week high this week. And with the Aussie dollar trading around that 66 00:03:17,710 --> 00:03:21,050 Sean Aylmer: 73 US cent mark, don't expect any relief at the 67 00:03:21,050 --> 00:03:24,230 Sean Aylmer: petrol pump anytime soon. The other commodity to go on 68 00:03:24,230 --> 00:03:27,010 Sean Aylmer: a rollercoaster ride this week was iron ore. And we 69 00:03:27,010 --> 00:03:29,600 Sean Aylmer: all know how important that is for Australia. It got 70 00:03:29,600 --> 00:03:32,820 Sean Aylmer: as low as 90 US dollars a ton in futures trading. 71 00:03:33,100 --> 00:03:35,960 Sean Aylmer: That's down from 230 US dollars a ton back in May. 72 00:03:36,490 --> 00:03:38,700 Sean Aylmer: But it did rebound somewhat towards the end of the week, 73 00:03:38,940 --> 00:03:41,560 Sean Aylmer: but it's now about half what it was four months ago. 74 00:03:41,800 --> 00:03:44,610 Sean Aylmer: And that's it the big three miners, Fortescue, BHP and 75 00:03:44,610 --> 00:03:47,500 Sean Aylmer: Rio Tinto. In fact, Fortescue this week, its share price 76 00:03:47,500 --> 00:03:48,640 Sean Aylmer: hit a 52 week low. 77 00:03:48,990 --> 00:03:52,480 Michael Thompson: Now, Sean, it feels like we have spent a lot 78 00:03:52,570 --> 00:03:54,550 Michael Thompson: of this week looking overseas. 79 00:03:55,050 --> 00:03:56,870 Sean Aylmer: I think we did. We were following the Prime Minister. Look, 80 00:03:56,870 --> 00:03:58,450 Sean Aylmer: I'll have more to say on that in a moment, 81 00:03:58,620 --> 00:04:01,420 Sean Aylmer: but there was plenty of other international news around. Mike, 82 00:04:01,620 --> 00:04:04,050 Sean Aylmer: I really liked the one about Honda saying that a 83 00:04:04,050 --> 00:04:08,380 Sean Aylmer: shortage of semiconductor chips meant that its production levels had 84 00:04:08,380 --> 00:04:09,450 Sean Aylmer: fallen to 40%. 85 00:04:09,920 --> 00:04:12,570 Michael Thompson: Yeah, it's pretty extraordinary isn't it? And then the flow 86 00:04:12,570 --> 00:04:15,790 Michael Thompson: on effect that that has to the difficulties of people 87 00:04:15,830 --> 00:04:19,500 Michael Thompson: getting hold of a new car. And then the benefit 88 00:04:19,500 --> 00:04:22,610 Michael Thompson: for someone trying to sell a used car, suddenly the 89 00:04:22,820 --> 00:04:24,589 Michael Thompson: price has gone up. This is probably the only time in 90 00:04:24,589 --> 00:04:28,520 Michael Thompson: history that your new car won't actually depreciate the moment 91 00:04:28,520 --> 00:04:29,950 Michael Thompson: you drive it out of the car yard. 92 00:04:30,260 --> 00:04:35,099 Sean Aylmer: Yeah, I think that's right. I think that's right. But there was another interesting one out of Associated Press. 93 00:04:35,100 --> 00:04:38,410 Sean Aylmer: It's estimated that COVID has now killed as many Americans 94 00:04:38,710 --> 00:04:44,940 Sean Aylmer: as did the 1918/1919 Spanish flu pandemic. That's about 675,000. 95 00:04:45,230 --> 00:04:48,529 Sean Aylmer: Quite a remarkable statistic. Of course, the population is far, 96 00:04:48,529 --> 00:04:50,920 Sean Aylmer: far greater now than it was a hundred years ago, but 97 00:04:50,920 --> 00:04:52,620 Sean Aylmer: it just shows the damage COVID has done. 98 00:04:53,000 --> 00:04:56,080 Michael Thompson: Yeah. And plenty happening in global politics as well. Canadian 99 00:04:56,080 --> 00:04:59,070 Michael Thompson: Prime Minister, Justin Trudeau, he won a third term, but 100 00:04:59,070 --> 00:05:02,220 Michael Thompson: still as a minority government. He actually went to the 101 00:05:02,220 --> 00:05:05,900 Michael Thompson: polls two years earlier, hoping to win a majority government, 102 00:05:05,900 --> 00:05:09,070 Michael Thompson: but clearly didn't quite get there. He is a big spender, 103 00:05:09,070 --> 00:05:12,680 Michael Thompson: he's keen on environmental change. So in for a few 104 00:05:12,860 --> 00:05:14,440 Michael Thompson: more interesting years in Canada. 105 00:05:14,830 --> 00:05:17,160 Sean Aylmer: Exactly right. And of course, Germany is going to the polls 106 00:05:17,160 --> 00:05:19,880 Sean Aylmer: this weekend. And it's likely that if the Greens don't 107 00:05:19,880 --> 00:05:22,960 Sean Aylmer: get in, they'll certainly have some seat in government. So 108 00:05:23,220 --> 00:05:26,130 Sean Aylmer: the biggest economy in Europe and the fourth biggest in the world 109 00:05:26,500 --> 00:05:30,050 Sean Aylmer: is shifting left. Another interesting one this week was China's 110 00:05:30,050 --> 00:05:33,690 Sean Aylmer: president Xi Jinping. He said that China wouldn't build any more 111 00:05:33,690 --> 00:05:37,640 Sean Aylmer: coal projects overseas. Part of its push to allay global 112 00:05:37,640 --> 00:05:41,700 Sean Aylmer: concerns about carbon emissions. Of course, Beijing is still commissioning 113 00:05:41,700 --> 00:05:44,190 Sean Aylmer: lots of local coal fired power stations. But you know, 114 00:05:44,190 --> 00:05:45,080 Sean Aylmer: at least it's a start. 115 00:05:45,550 --> 00:05:48,970 Michael Thompson: You got to start somewhere, I suppose. Now back home, the 116 00:05:49,029 --> 00:05:52,130 Michael Thompson: COVID news, always a pretty big feature of the week. 117 00:05:52,480 --> 00:05:55,460 Michael Thompson: New South Wales is improving, or at least it seems 118 00:05:55,460 --> 00:05:56,419 Michael Thompson: to be stabilising. 119 00:05:56,980 --> 00:05:59,460 Sean Aylmer: Yeah, the numbers were sort of the low thousands. There 120 00:05:59,460 --> 00:06:01,770 Sean Aylmer: was one day where it started with a 9 as 121 00:06:01,770 --> 00:06:04,960 Sean Aylmer: in 900s. There are still too many deaths. One day 122 00:06:04,960 --> 00:06:07,010 Sean Aylmer: there was 13, a couple of days there were 12, 123 00:06:07,270 --> 00:06:11,250 Sean Aylmer: yesterday there were 11. Hospitalisation rates are down. The good 124 00:06:11,250 --> 00:06:14,510 Sean Aylmer: news is that if you're vaccinated, you're unlikely to actually 125 00:06:14,510 --> 00:06:18,520 Sean Aylmer: go to hospital. By far the disproportionate number entering hospital 126 00:06:18,529 --> 00:06:21,630 Sean Aylmer: in New South Wales, haven't had double vaccinations or have 127 00:06:21,630 --> 00:06:24,279 Sean Aylmer: only had one jab. That state does seem to be 128 00:06:24,279 --> 00:06:28,300 Sean Aylmer: plateauing somewhat. Unfortunately, the numbers in Victoria are getting worse. 129 00:06:28,400 --> 00:06:31,260 Sean Aylmer: They're being measured in the 700s now. That's up quite a 130 00:06:31,260 --> 00:06:34,640 Sean Aylmer: bit from a week ago. And again, hospitalisation numbers are 131 00:06:34,640 --> 00:06:37,690 Sean Aylmer: rising there. So too deaths. The ACT seems to have 132 00:06:37,760 --> 00:06:41,120 Sean Aylmer: kept a fairly tight control of its outbreak. The numbers 133 00:06:41,120 --> 00:06:44,330 Sean Aylmer: there are basically in the teens. I think governments this 134 00:06:44,330 --> 00:06:48,089 Sean Aylmer: week wanted to make it all about vaccinations. Moderna arrived 135 00:06:48,089 --> 00:06:50,810 Sean Aylmer: in the country. That was great news. The government decided 136 00:06:50,810 --> 00:06:54,219 Sean Aylmer: that kids 12 years and older could access the Pfizer vaccine. 137 00:06:54,490 --> 00:06:58,540 Sean Aylmer: About 50% of the population is now fully vaccinated and 74% 138 00:06:58,540 --> 00:07:01,320 Sean Aylmer: have had the first jab. But Michael, I've got to say, 139 00:07:01,320 --> 00:07:04,220 Sean Aylmer: of all the COVID news, what I'll remember most is 140 00:07:04,220 --> 00:07:05,700 Sean Aylmer: really the protests this week. 141 00:07:05,890 --> 00:07:11,510 Michael Thompson: Yeah. Shocking scenes in Melbourne. Really, really ugly scenes. And 142 00:07:11,600 --> 00:07:13,660 Michael Thompson: I think the thing that really struck me was the 143 00:07:13,660 --> 00:07:16,210 Michael Thompson: way then it started to blur the lines between what 144 00:07:16,210 --> 00:07:20,790 Michael Thompson: was a vaccination protest with the construction workers and then 145 00:07:20,790 --> 00:07:26,210 Michael Thompson: becoming a bigger protest regarding lockdowns and anti- vaxxers overall. 146 00:07:26,210 --> 00:07:28,340 Michael Thompson: And it was just really unpleasant to see. 147 00:07:28,980 --> 00:07:31,580 Sean Aylmer: Yeah, I think that's right. By the end of the week, it was the far- right 148 00:07:31,580 --> 00:07:36,170 Sean Aylmer: groups and the anti- vaxxers rather than the CFMEU running the protests. 149 00:07:36,400 --> 00:07:38,810 Sean Aylmer: Let's hope there's not too much of that and there's not 150 00:07:38,810 --> 00:07:41,740 Sean Aylmer: a super spreader event as a result because it's very 151 00:07:41,740 --> 00:07:42,360 Sean Aylmer: possible that there could be. 152 00:07:43,430 --> 00:07:46,200 Michael Thompson: Yeah, I completely agree. But there was a bit of 153 00:07:46,200 --> 00:07:49,870 Michael Thompson: good news as well about our international borders. And this 154 00:07:50,050 --> 00:07:51,530 Michael Thompson: is actually really good news. 155 00:07:51,730 --> 00:07:56,210 Sean Aylmer: Really good news. The Trade Minister Dan Tehan said that borders would 156 00:07:56,210 --> 00:08:00,370 Sean Aylmer: open once the 80% vaccination rate was reached. That's expected 157 00:08:00,370 --> 00:08:02,840 Sean Aylmer: to be later this year. QR codes will be linked 158 00:08:02,840 --> 00:08:06,410 Sean Aylmer: to passports and that'll show your vaccination status. And once 159 00:08:06,410 --> 00:08:08,630 Sean Aylmer: you are fully vaccinated, you will be able to travel 160 00:08:08,630 --> 00:08:11,580 Sean Aylmer: overseas. At the moment though, when you come back, you 161 00:08:11,580 --> 00:08:14,790 Sean Aylmer: will still have to do the 14 day quarantine period. 162 00:08:15,050 --> 00:08:17,560 Sean Aylmer: Although the government is working with other countries to create 163 00:08:17,560 --> 00:08:19,970 Sean Aylmer: bubbles to reduce those quarantine times. 164 00:08:20,310 --> 00:08:24,250 Michael Thompson: Now, looking at federal politics. I love Newspoll data. I just 165 00:08:24,350 --> 00:08:27,070 Michael Thompson: like looking to see what it means. But now it 166 00:08:27,070 --> 00:08:28,460 Michael Thompson: seems you have to take it with a bit of 167 00:08:28,460 --> 00:08:32,040 Michael Thompson: a grain of salt because in recent years, polling does 168 00:08:32,040 --> 00:08:34,260 Michael Thompson: seem to then be flipped on its head by the 169 00:08:34,260 --> 00:08:35,970 Michael Thompson: time you actually reach election day. 170 00:08:36,320 --> 00:08:38,780 Sean Aylmer: That's right. In the last couple of elections, polls haven't 171 00:08:38,780 --> 00:08:42,390 Sean Aylmer: done a good job predicting the outcome. The latest Newspoll has 172 00:08:42,450 --> 00:08:46,380 Sean Aylmer: Labor ahead on a two party preferred basis, 53 to 47. 173 00:08:46,679 --> 00:08:49,720 Sean Aylmer: There's an election due before May next year. Anthony Albanese, 174 00:08:49,720 --> 00:08:52,770 Sean Aylmer: the opposition leader, has the lowest personal approval rating since 175 00:08:52,770 --> 00:08:55,780 Sean Aylmer: taking that job from Bill Shorten. Not good news for him, 176 00:08:55,780 --> 00:08:58,030 Sean Aylmer: but as Laura Tingle told us during the week, there 177 00:08:58,030 --> 00:09:00,110 Sean Aylmer: doesn't seem to be any sign of challengers. 178 00:09:00,600 --> 00:09:03,050 Michael Thompson: No. And the other big story in politics this week was 179 00:09:03,050 --> 00:09:06,390 Michael Thompson: the resignation of former Attorney General Christian Porter from the 180 00:09:06,390 --> 00:09:09,540 Michael Thompson: front bench. And that was really over the $1 million blind 181 00:09:09,540 --> 00:09:13,100 Michael Thompson: trust that was used to pay some of his legal 182 00:09:13,260 --> 00:09:16,580 Michael Thompson: bills for the defamation case that he had against the ABC, 183 00:09:16,990 --> 00:09:19,630 Michael Thompson: which is a case that he neither won nor lost, 184 00:09:19,630 --> 00:09:22,540 Michael Thompson: but it certainly then cost him his position on the 185 00:09:22,540 --> 00:09:23,209 Michael Thompson: front bench. 186 00:09:23,679 --> 00:09:26,010 Sean Aylmer: Sure did. I think it didn't pass the pub test. 187 00:09:26,010 --> 00:09:29,000 Sean Aylmer: It didn't pass ministerial standards. The idea that you can 188 00:09:29,000 --> 00:09:31,300 Sean Aylmer: just take a million dollars from someone you don't know 189 00:09:31,300 --> 00:09:34,780 Sean Aylmer: and use that to prosecute a defamation case. It's a 190 00:09:34,780 --> 00:09:37,540 Sean Aylmer: bit naive, particularly for someone who used to be Attorney 191 00:09:37,540 --> 00:09:38,410 Sean Aylmer: General of the country. 192 00:09:38,870 --> 00:09:41,439 Michael Thompson: Yeah, absolutely right. All right. Let's have a bit of 193 00:09:41,440 --> 00:09:44,020 Michael Thompson: a look at corporate news. There's been plenty of corporate 194 00:09:44,020 --> 00:09:44,780 Michael Thompson: action this week. 195 00:09:45,240 --> 00:09:48,760 Sean Aylmer: Given all the noise around Evergrande out of China and 196 00:09:48,840 --> 00:09:52,630 Sean Aylmer: the global central bank movement, it's quite amazing how much 197 00:09:52,630 --> 00:09:54,480 Sean Aylmer: was going on in the local market. So we started 198 00:09:54,480 --> 00:09:58,470 Sean Aylmer: with Transurban buying the 49% of Westconnex, that's a toll 199 00:09:58,470 --> 00:10:00,210 Sean Aylmer: road in Sydney that it doesn't own, from the New 200 00:10:00,210 --> 00:10:03,429 Sean Aylmer: South Wales government. That's a $10 billion pickup. Then the private 201 00:10:03,429 --> 00:10:08,010 Sean Aylmer: equity group EQT pulled its bid for financial software platform Iress. 202 00:10:08,010 --> 00:10:12,760 Sean Aylmer: That was supposed to be worth $2.3 billion. Westpac's plans to sell 203 00:10:12,760 --> 00:10:16,650 Sean Aylmer: its Fiji and PNG businesses were scuttled. So it has 204 00:10:16,650 --> 00:10:18,330 Sean Aylmer: to go back to the drawing board on that one. 205 00:10:18,790 --> 00:10:23,820 Sean Aylmer: And then Brookfield bid $9.6 billion for energy group AusNet Services. Now, 206 00:10:23,820 --> 00:10:25,679 Sean Aylmer: it got to do due diligence on the back of 207 00:10:25,679 --> 00:10:29,410 Sean Aylmer: that $9.6 billion bid. APA then came over the top and said, 208 00:10:29,410 --> 00:10:34,050 Sean Aylmer: we'll bid $9.9 billion and we want to have a look at the books. Of course, 209 00:10:34,120 --> 00:10:36,210 Sean Aylmer: Brookfield had said, well, no, no, no. We've got an 210 00:10:36,210 --> 00:10:39,630 Sean Aylmer: exclusive due diligence arrangement with AusNet. So APA has gone to 211 00:10:39,630 --> 00:10:42,950 Sean Aylmer: The Takeovers Panel saying, well, our bid is bigger. Surely 212 00:10:42,950 --> 00:10:46,050 Sean Aylmer: we should get access to what's underneath the hood there. 213 00:10:46,640 --> 00:10:50,090 Sean Aylmer: What it really does show is how valuable infrastructure assets 214 00:10:50,090 --> 00:10:52,699 Sean Aylmer: are in Australia at the moment. We've spoken a bit about 215 00:10:52,700 --> 00:10:55,459 Sean Aylmer: the super funds buying into it, but Brookfield is a 216 00:10:55,460 --> 00:10:59,010 Sean Aylmer: fund manager, APA is a listed group. We know the 217 00:10:59,010 --> 00:11:02,410 Sean Aylmer: super funds love all these infrastructure plays. It's just incredible 218 00:11:02,410 --> 00:11:04,569 Sean Aylmer: how popular infrastructure is at the moment. 219 00:11:09,650 --> 00:11:12,160 Michael Thompson: Okay. Now we get to the point in the program 220 00:11:12,220 --> 00:11:14,140 Michael Thompson: where we go through the biggest story of the week, 221 00:11:14,240 --> 00:11:18,300 Michael Thompson: the sleeper story, the most remarkable story and our favourite story. 222 00:11:18,340 --> 00:11:21,559 Michael Thompson: And Sean, let's see whether we agree on these ones. 223 00:11:22,040 --> 00:11:24,010 Michael Thompson: I think that the biggest story of the week was 224 00:11:24,010 --> 00:11:27,280 Michael Thompson: Scott Morrison and his round the world in seven days trip. 225 00:11:27,730 --> 00:11:32,270 Sean Aylmer: I totally agree. He was resplendent in the Australian mask 226 00:11:32,270 --> 00:11:35,390 Sean Aylmer: I thought. Hanging out with Joe Biden, Boris Johnson from 227 00:11:35,390 --> 00:11:39,360 Sean Aylmer: the United Kingdom, Narendra Modi from India, Emmanuel Macron from no, 228 00:11:39,740 --> 00:11:43,830 Sean Aylmer: definitely not Emmanuel Macron from France. They've not actually talked. Yeah, look, 229 00:11:43,830 --> 00:11:46,349 Sean Aylmer: it was a pretty impressive effort from the Prime Minister 230 00:11:46,350 --> 00:11:49,150 Sean Aylmer: this week. Obviously, the week started at the back end 231 00:11:49,150 --> 00:11:51,020 Sean Aylmer: of the deal with the United States and the United 232 00:11:51,020 --> 00:11:55,160 Sean Aylmer: Kingdom to create AUKUS, which includes buying nuclear subs with $80 billion. 233 00:11:55,160 --> 00:11:58,000 Sean Aylmer: We all know how upset France was as a result 234 00:11:58,000 --> 00:12:00,210 Sean Aylmer: of that. We also know how upset Beijing was, saying 235 00:12:00,210 --> 00:12:03,090 Sean Aylmer: it was a fairly provocative move. The Prime Minister was 236 00:12:03,090 --> 00:12:06,559 Sean Aylmer: in Washington for the official announcement and it really did 237 00:12:06,559 --> 00:12:10,179 Sean Aylmer: work out well for Scott Morrison. He's closely aligned Australia 238 00:12:10,179 --> 00:12:13,030 Sean Aylmer: with the United States and the United Kingdom. Certainly the 239 00:12:13,030 --> 00:12:16,850 Sean Aylmer: most enduring allies we've had over the long term. But he's 240 00:12:16,850 --> 00:12:20,170 Sean Aylmer: pushed it away from China. Not everyone's happy with that. 241 00:12:20,370 --> 00:12:23,100 Sean Aylmer: Paul Keating's not happy with that. The former Prime Minister, nor are many of the 242 00:12:23,100 --> 00:12:27,590 Sean Aylmer: miners who sell plenty of products to Beijing. But Michael, 243 00:12:27,640 --> 00:12:30,730 Sean Aylmer: I've got to say, one of the highlights for mine 244 00:12:31,020 --> 00:12:34,390 Sean Aylmer: was Scott Morrison sitting down with Narendra Modi, the Prime 245 00:12:34,390 --> 00:12:38,760 Sean Aylmer: Minister of India, agreeing to fight climate change. Now India 246 00:12:38,760 --> 00:12:41,130 Sean Aylmer: is one of the biggest emitters in the world, and 247 00:12:41,130 --> 00:12:44,170 Sean Aylmer: on a pro- rata basis as in per head of population, 248 00:12:44,550 --> 00:12:48,270 Sean Aylmer: so is Australia. Both countries have totally refused to commit 249 00:12:48,270 --> 00:12:51,939 Sean Aylmer: to carbon neutrality by 2050, but there they were, preaching 250 00:12:51,940 --> 00:12:54,309 Sean Aylmer: to the rest of the world how they would lead 251 00:12:54,309 --> 00:12:56,520 Sean Aylmer: the way in reducing carbon emissions. 252 00:12:56,640 --> 00:12:59,490 Michael Thompson: It's quite extraordinary. And I did see in a series 253 00:12:59,490 --> 00:13:02,200 Michael Thompson: of meetings that the Prime Minister had with both sides 254 00:13:02,200 --> 00:13:04,760 Michael Thompson: of politics in the US that at one point he 255 00:13:04,760 --> 00:13:07,280 Michael Thompson: was being thanked for his leadership on climate. 256 00:13:07,390 --> 00:13:08,559 Sean Aylmer: Nancy Pelosi. Amazing 257 00:13:08,710 --> 00:13:12,270 Michael Thompson: Exactly. Which did just strike me as a little bit odd. 258 00:13:12,420 --> 00:13:14,559 Sean Aylmer: Look, I'm a fan of Nancy Pelosi. I think she's 259 00:13:14,559 --> 00:13:17,610 Sean Aylmer: an incredibly capable individual. I just think she got that 260 00:13:17,610 --> 00:13:21,329 Sean Aylmer: one wrong. Mind you, maybe she'd spoken to Josh Frydenberg 261 00:13:21,330 --> 00:13:24,020 Sean Aylmer: a few days earlier or something because he came out 262 00:13:24,020 --> 00:13:27,450 Sean Aylmer: yesterday saying that the government should commit to carbon 263 00:13:27,450 --> 00:13:31,719 Sean Aylmer: neutrality by 2050. Even Barnaby Joyce kind of made noises 264 00:13:31,720 --> 00:13:34,580 Sean Aylmer: yesterday that it wasn't a bad idea. So I suspect 265 00:13:34,580 --> 00:13:37,830 Sean Aylmer: they're opening the way before the Glasgow meeting later in 266 00:13:37,830 --> 00:13:39,590 Sean Aylmer: the year for Australia to do that. 267 00:13:39,850 --> 00:13:43,570 Michael Thompson: Yeah, the shift is starting. All right, the sleeper story 268 00:13:43,570 --> 00:13:45,470 Michael Thompson: of the week. For you Sean, what was it? 269 00:13:46,000 --> 00:13:49,110 Sean Aylmer: Well, for me, I think it was the one where 270 00:13:49,110 --> 00:13:53,089 Sean Aylmer: Zip Co bought into ZestMoney, which is an Indian buy 271 00:13:53,090 --> 00:13:56,400 Sean Aylmer: now pay later group. It's got 11 million registered users and 272 00:13:56,400 --> 00:13:59,670 Sean Aylmer: about 10,000 online merchants. Now that sounds like a lot, but 273 00:13:59,780 --> 00:14:03,760 Sean Aylmer: not really for India given that's got a 1.4 billion population. Why 274 00:14:03,760 --> 00:14:06,370 Sean Aylmer: I think it's a sleeper, Australian companies have really struggled 275 00:14:06,370 --> 00:14:09,800 Sean Aylmer: to get into India. It's incredibly bureaucratic and a lot 276 00:14:09,800 --> 00:14:13,790 Sean Aylmer: of the regulations there have favoured local companies. But it 277 00:14:13,790 --> 00:14:16,380 Sean Aylmer: is trying to become more international. The Quad meeting this 278 00:14:16,380 --> 00:14:20,230 Sean Aylmer: weekend in which Narendra Modi, Scott Morrison, Joe Biden, and 279 00:14:20,230 --> 00:14:23,960 Sean Aylmer: the Japanese Prime Minister Yoshihide Suga. They're all meeting. The 280 00:14:23,960 --> 00:14:26,700 Sean Aylmer: fact that Australia is talking to India about these sorts 281 00:14:26,700 --> 00:14:29,360 Sean Aylmer: of things, be it at a strategic level, and we 282 00:14:29,360 --> 00:14:32,410 Sean Aylmer: have local companies buying in to Indian companies, I think 283 00:14:32,410 --> 00:14:35,470 Sean Aylmer: we will get closer to that country. And with that 284 00:14:35,470 --> 00:14:39,990 Sean Aylmer: bigger population, it really does provide opportunities for Australian business. 285 00:14:39,990 --> 00:14:41,510 Sean Aylmer: That's why I think it's a sleeper story. 286 00:14:42,020 --> 00:14:44,530 Michael Thompson: Yeah, it is a big one. I don't quite agree 287 00:14:44,530 --> 00:14:46,911 Michael Thompson: that it's the sleeper story of the week. 288 00:14:46,911 --> 00:14:48,840 Sean Aylmer: Oh, Michael. First day on a Saturday, and you're disagreeing. 289 00:14:49,060 --> 00:14:52,890 Michael Thompson: That's right. I'm not here to agree with everything you 290 00:14:52,890 --> 00:14:53,470 Michael Thompson: say, Sean. 291 00:14:53,470 --> 00:14:54,901 Sean Aylmer: What is it? What is it? 292 00:14:54,901 --> 00:14:58,850 Michael Thompson: It is all about property. It is all about property prices. 293 00:14:58,850 --> 00:15:02,010 Michael Thompson: And it is what the Commonwealth Bank boss Matt Comyn 294 00:15:02,010 --> 00:15:06,730 Michael Thompson: was saying later this week. When he said that he 295 00:15:06,730 --> 00:15:09,210 Michael Thompson: was worried about the speed at which property prices are rising, 296 00:15:09,540 --> 00:15:12,500 Michael Thompson: and then saying that banks should act to cool the market. 297 00:15:12,500 --> 00:15:16,640 Michael Thompson: Because it is pretty remarkable when the country's biggest lender 298 00:15:16,700 --> 00:15:20,730 Michael Thompson: that makes a lot of money from providing mortgages to 299 00:15:20,780 --> 00:15:24,550 Michael Thompson: home buyers is actually calling for a slowdown in the 300 00:15:24,550 --> 00:15:27,630 Michael Thompson: market and is prepared to take action to do that. 301 00:15:28,080 --> 00:15:31,680 Sean Aylmer: Yep. I totally agree. This week ANZ boss Shayne Elliott 302 00:15:31,680 --> 00:15:34,420 Sean Aylmer: also came out and talked about the divide and the 303 00:15:34,420 --> 00:15:37,980 Sean Aylmer: social problems that were occurring because of housing affordability issues. 304 00:15:38,320 --> 00:15:40,690 Sean Aylmer: The Reserve Bank Assistant Governor Michele Bullock came out and 305 00:15:40,810 --> 00:15:43,060 Sean Aylmer: said they were a bit worried about indebtedness. All this 306 00:15:43,060 --> 00:15:45,760 Sean Aylmer: isn't about now, the next 12 months, it's about 2, 3, 307 00:15:45,760 --> 00:15:48,580 Sean Aylmer: 4, 5 years time when interest rates do start to 308 00:15:48,580 --> 00:15:51,500 Sean Aylmer: rise and people find themselves with these massive home loans 309 00:15:51,770 --> 00:15:53,360 Sean Aylmer: which they're struggling to pay. 310 00:15:53,780 --> 00:15:55,910 Michael Thompson: Definitely a sleeper story. Maybe we can just have two 311 00:15:55,910 --> 00:15:57,040 Michael Thompson: sleeper stories for this week. 312 00:15:57,040 --> 00:15:58,560 Sean Aylmer: Today, that's a fair point. 313 00:15:58,860 --> 00:16:02,700 Michael Thompson: Excellent. Now, the most remarkable story of the week for you, what was it? 314 00:16:03,470 --> 00:16:08,330 Sean Aylmer: I love the one about the 4,500 kilometre cable that's going 315 00:16:08,330 --> 00:16:12,070 Sean Aylmer: to run from the Northern Territory to Singapore, via Indonesia, 316 00:16:12,490 --> 00:16:16,880 Sean Aylmer: carrying energy or power that's generated via solar panels in 317 00:16:16,880 --> 00:16:21,229 Sean Aylmer: Tennant Creek in the Northern Territory and will power the 318 00:16:21,230 --> 00:16:24,780 Sean Aylmer: island of Singapore. Now it's a $30 billion project, a fair 319 00:16:24,780 --> 00:16:27,850 Sean Aylmer: way to go. But the Indonesians this week gave their 320 00:16:27,850 --> 00:16:32,050 Sean Aylmer: approval to it. Mike Cannon- Brookes from Atlassian and Andrew 321 00:16:32,050 --> 00:16:35,609 Sean Aylmer: Forrest from Fortescue Metals, they're both big backers of it. 322 00:16:36,110 --> 00:16:38,340 Sean Aylmer: I just love the story because I like the idea 323 00:16:38,400 --> 00:16:41,670 Sean Aylmer: that it's a renewable energy project from Australia. So we're 324 00:16:41,770 --> 00:16:45,070 Sean Aylmer: exporting renewable energy, which I think is fantastic, but the 325 00:16:45,070 --> 00:16:46,500 Sean Aylmer: science just blows me away. 326 00:16:46,940 --> 00:16:49,050 Michael Thompson: Oh, you know what, Sean? I was all set to 327 00:16:49,070 --> 00:16:51,680 Michael Thompson: disagree with you, but you are right. That is a 328 00:16:51,990 --> 00:16:54,550 Michael Thompson: really remarkable story. I still have one that I'm going 329 00:16:54,550 --> 00:16:55,100 Michael Thompson: to nominate. 330 00:16:55,520 --> 00:16:56,850 Sean Aylmer: We're allowed to have a second place. 331 00:16:56,940 --> 00:17:01,110 Michael Thompson: Okay. Second place then would be for me, AMP not 332 00:17:01,110 --> 00:17:05,050 Michael Thompson: just dipping below a dollar, but hitting 91 cents. Now, 333 00:17:05,050 --> 00:17:08,940 Michael Thompson: this is, or was, the bluest of blue chip stocks. 334 00:17:09,350 --> 00:17:13,200 Michael Thompson: 170 years of history got absolutely hammered in the Royal 335 00:17:13,200 --> 00:17:16,350 Michael Thompson: Commission for charging fees for no service, has just been 336 00:17:16,440 --> 00:17:20,650 Michael Thompson: declining in recent years. There's a new CEO there. Alexis 337 00:17:20,650 --> 00:17:23,690 Michael Thompson: George has a heck of a job to do. 338 00:17:24,030 --> 00:17:26,359 Sean Aylmer: She sure does. She's got her work cut out. It's 339 00:17:26,359 --> 00:17:28,900 Sean Aylmer: no longer a big company. Its market cap is now 340 00:17:28,900 --> 00:17:33,760 Sean Aylmer: about $3.1 billion. It's not far from slipping out of the 341 00:17:33,760 --> 00:17:37,500 Sean Aylmer: top 200 companies in the country. This is AMP. QBE 342 00:17:38,830 --> 00:17:42,669 Sean Aylmer: is six times the size, QBE insurance, is six times 343 00:17:43,010 --> 00:17:46,910 Sean Aylmer: the size of AMP. It really has been a dreadful 344 00:17:46,910 --> 00:17:49,250 Sean Aylmer: few years. Good luck to Alexis George. I think she's 345 00:17:49,390 --> 00:17:51,870 Sean Aylmer: very capable, but she's got a lot of work to do. 346 00:17:52,080 --> 00:17:55,110 Michael Thompson: Yeah. Big, big, big job. Now, our favourite story of the week. 347 00:17:55,110 --> 00:17:57,300 Sean Aylmer: We're going to agree on this, I guarantee. 348 00:17:57,320 --> 00:18:00,520 Michael Thompson: I know we will because we are both avid TV viewers. 349 00:18:01,119 --> 00:18:03,109 Michael Thompson: It's the streaming services. What's the story? 350 00:18:06,180 --> 00:18:08,720 Sean Aylmer: I love the fact that we got the numbers for the streaming services and in 351 00:18:08,720 --> 00:18:12,129 Sean Aylmer: the last couple of years, it's incredible how many new 352 00:18:12,130 --> 00:18:14,820 Sean Aylmer: services seem to have come into my household. And I 353 00:18:14,820 --> 00:18:17,780 Sean Aylmer: reckon I have six or seven subscriptions. So I'm not 354 00:18:17,780 --> 00:18:20,140 Sean Aylmer: just talking about the free ones, I'm actually paying for 355 00:18:20,140 --> 00:18:23,750 Sean Aylmer: these things. What's interesting, Netflix remains at number one, it's 356 00:18:23,750 --> 00:18:28,060 Sean Aylmer: got 6 million subscribers in Australia. Stan was number two, 357 00:18:28,060 --> 00:18:30,979 Sean Aylmer: but that's gone back to number four. It's got 2.4 million. 358 00:18:31,470 --> 00:18:34,590 Sean Aylmer: The second one is now Amazon Prime at 2.9 million. I 359 00:18:34,590 --> 00:18:37,159 Sean Aylmer: thought that couldn't be right. And then I looked at 360 00:18:37,160 --> 00:18:39,810 Sean Aylmer: my TV and one of the kids has subscribed to it, so 361 00:18:39,810 --> 00:18:43,840 Sean Aylmer: I'm one of those 2.9 million. Third is Disney Plus. My kids 362 00:18:43,840 --> 00:18:47,859 Sean Aylmer: are old, we're still subscribed to Disney Plus. 2.6 million. And 363 00:18:47,859 --> 00:18:50,140 Sean Aylmer: then comes Stan. Kayo has done pretty well. That's the 364 00:18:50,359 --> 00:18:55,639 Sean Aylmer: Foxtel subsidiary. Kayo has 1.1 million subscribers. That's all according to Telsyte's 365 00:18:55,640 --> 00:18:59,639 Sean Aylmer: 2021 Australian entertainment subscription study. 366 00:18:59,770 --> 00:19:02,900 Michael Thompson: And the streaming services then featured very heavily at the 367 00:19:02,900 --> 00:19:05,879 Michael Thompson: Emmy's this week. And I know we are starting to veer well away 368 00:19:05,880 --> 00:19:06,670 Michael Thompson: from business news. 369 00:19:08,260 --> 00:19:10,389 Sean Aylmer: I used to live in New York and in the apartment building, 370 00:19:10,390 --> 00:19:13,939 Sean Aylmer: our neighbours, the woman was a partner at one of 371 00:19:13,940 --> 00:19:17,460 Sean Aylmer: the big accounting firms. And she actually had the job 372 00:19:17,650 --> 00:19:21,730 Sean Aylmer: of walking the envelope onto the stage during the Emmys. So, 373 00:19:21,730 --> 00:19:24,220 Sean Aylmer: you know it comes and the best show is? 374 00:19:24,460 --> 00:19:24,740 Michael Thompson: Yep. 375 00:19:24,740 --> 00:19:27,170 Sean Aylmer: So, all of that is audited by one of the 376 00:19:27,170 --> 00:19:28,899 Sean Aylmer: big four accounting. Or it used to be, I presume 377 00:19:28,900 --> 00:19:32,560 Sean Aylmer: it still is. It was audited and tightly kept secret. 378 00:19:32,800 --> 00:19:36,109 Sean Aylmer: Her job was to do that, but as her reward 379 00:19:36,109 --> 00:19:38,260 Sean Aylmer: at the best show, or whatever it was, she got 380 00:19:38,260 --> 00:19:42,010 Sean Aylmer: to walk on in her outfit and give the results 381 00:19:42,160 --> 00:19:43,040 Sean Aylmer: to the host. 382 00:19:43,210 --> 00:19:46,190 Michael Thompson: That's extraordinary. And that's a job that was probably flying 383 00:19:46,190 --> 00:19:48,760 Michael Thompson: fairly well under the radar until a few years ago. 384 00:19:48,760 --> 00:19:52,001 Michael Thompson: Remember when at the Oscars they got the wrong winner 385 00:19:52,550 --> 00:19:57,720 Michael Thompson: for the best picture? I don't think auditors typically are 386 00:19:57,720 --> 00:20:01,990 Michael Thompson: very high profile. There were two auditors that year that 387 00:20:02,170 --> 00:20:05,119 Michael Thompson: were well and truly featured in the headlines for a 388 00:20:05,119 --> 00:20:07,300 Michael Thompson: reason they did not actually want to be there. 389 00:20:07,300 --> 00:20:08,640 Sean Aylmer: My friend was not one of them. 390 00:20:09,000 --> 00:20:11,740 Michael Thompson: Oh, that is a relief. Jeez, we digressed a fairway 391 00:20:11,740 --> 00:20:14,960 Michael Thompson: there. But the streaming services did do very, very well 392 00:20:14,960 --> 00:20:18,910 Michael Thompson: at the Emmy's. And so they should because Hacks was 393 00:20:18,910 --> 00:20:21,130 Michael Thompson: one of the big winners this year. Won a lot 394 00:20:21,130 --> 00:20:23,659 Michael Thompson: of awards and is probably the best show that's currently 395 00:20:23,660 --> 00:20:24,700 Michael Thompson: on streaming services. 396 00:20:24,920 --> 00:20:28,929 Sean Aylmer: Tumbleweeds. Tumbleweeds. No one's agreeing with you. Ted Lasso was the 397 00:20:28,930 --> 00:20:30,790 Sean Aylmer: one that won all the awards. It's the best show 398 00:20:30,790 --> 00:20:31,970 Sean Aylmer: on streaming services at the most. 399 00:20:32,420 --> 00:20:34,490 Michael Thompson: Well, I can't really disagree with you because I haven't 400 00:20:34,490 --> 00:20:36,300 Michael Thompson: seen it. So you know what? I'm going to go binge 401 00:20:36,300 --> 00:20:40,250 Michael Thompson: it across the weekend and I will refute you next Saturday. 402 00:20:40,350 --> 00:20:40,619 Sean Aylmer: Fair enough. 403 00:20:40,619 --> 00:20:46,740 Sean Aylmer: Hey, it was a cracking week for interviews I thought. 404 00:20:46,850 --> 00:20:47,840 Sean Aylmer: Particularly good this week. 405 00:20:48,010 --> 00:20:51,040 Michael Thompson: Yeah, certainly was. Monday we spoke to Geoff Wilson who 406 00:20:51,040 --> 00:20:53,879 Michael Thompson: is the founder of Wilson Asset Management. That was a 407 00:20:53,880 --> 00:20:58,359 Michael Thompson: really interesting one because he is one of the sharpest investors around. An activist investor. 408 00:20:58,830 --> 00:21:01,350 Michael Thompson: And so when he speaks, it's definitely worth listening to 409 00:21:01,350 --> 00:21:01,990 Michael Thompson: what he has to say. 410 00:21:02,420 --> 00:21:05,760 Sean Aylmer: Totally. And then on Tuesday, we had Simon Kuestenmacher from 411 00:21:05,760 --> 00:21:08,590 Sean Aylmer: The Demographics Group. He's one of our favourites because he 412 00:21:08,590 --> 00:21:13,300 Sean Aylmer: has this ability to take really big trends and interpret 413 00:21:13,300 --> 00:21:16,179 Sean Aylmer: them and explain what's going on in the economy and 414 00:21:16,180 --> 00:21:18,900 Sean Aylmer: in society. This week, we talked to him all about 415 00:21:18,900 --> 00:21:21,930 Sean Aylmer: population in Australia and when peak population is, and what's 416 00:21:21,930 --> 00:21:25,220 Sean Aylmer: happening to us with migration. Love talking to Simon and 417 00:21:25,480 --> 00:21:26,910 Sean Aylmer: he's well worth another listen. 418 00:21:27,200 --> 00:21:31,919 Michael Thompson: Yeah. Wednesday, Chris Bedingfield from Quay Global Investors. This was 419 00:21:31,920 --> 00:21:35,330 Michael Thompson: an interesting one because we were talking to him about 420 00:21:35,410 --> 00:21:38,040 Michael Thompson: investing in real estate, but it's not just investing in 421 00:21:38,040 --> 00:21:41,439 Michael Thompson: say, residential real estate, or putting a tenant in an 422 00:21:41,440 --> 00:21:44,189 Michael Thompson: apartment. This is global real estate. This is looking at 423 00:21:44,190 --> 00:21:48,240 Michael Thompson: office versus retail versus residential versus industrial. So really big 424 00:21:48,240 --> 00:21:50,700 Michael Thompson: picture kind of stuff. But Chris is an absolute expert. 425 00:21:50,700 --> 00:21:53,330 Michael Thompson: So highly recommend going back and have a listen to that one. 426 00:21:53,450 --> 00:21:55,550 Sean Aylmer: What I loved about that one is that everyone loves 427 00:21:55,550 --> 00:21:57,800 Sean Aylmer: industrial real estate at the moment. They're saying if you're 428 00:21:57,800 --> 00:22:00,430 Sean Aylmer: going to invest, buy industrial real estate. He is a 429 00:22:00,430 --> 00:22:02,670 Sean Aylmer: bit soft on industrial real estate. So particularly if you're 430 00:22:02,670 --> 00:22:04,389 Sean Aylmer: going to invest in industrial, make sure you listen to 431 00:22:04,390 --> 00:22:07,320 Sean Aylmer: that one. Thursday, of course, we spoke to Laura Tingle, 432 00:22:07,369 --> 00:22:11,510 Sean Aylmer: Chief Political Correspondent for ABC 7.30 report. Now I have worked with 433 00:22:11,510 --> 00:22:14,830 Sean Aylmer: Laura on and off in different ways, probably over 20 years. 434 00:22:15,150 --> 00:22:18,330 Sean Aylmer: I don't think there is a sharper mind in analysing 435 00:22:18,330 --> 00:22:19,321 Sean Aylmer: politics in the country. 436 00:22:19,321 --> 00:22:23,119 Michael Thompson: I agree with you on that one. That was a terrific interview. And 437 00:22:23,119 --> 00:22:26,680 Michael Thompson: then yesterday you spoke to Michael Pillemer from PPS Mutual. 438 00:22:27,060 --> 00:22:29,500 Sean Aylmer: Yeah, he told us all about the life insurance industry. 439 00:22:29,500 --> 00:22:31,889 Sean Aylmer: And I kind of grew up with jokes about the 440 00:22:31,890 --> 00:22:34,730 Sean Aylmer: life insurance industry, but it's having somewhat of a renaissance since 441 00:22:34,730 --> 00:22:37,710 Sean Aylmer: the Banking Royal Commission. And I learned a lot from 442 00:22:37,710 --> 00:22:40,570 Sean Aylmer: Michael just about how it was changing and how it 443 00:22:40,570 --> 00:22:44,270 Sean Aylmer: was actually trying to evolve into a more modern operation 444 00:22:44,270 --> 00:22:45,210 Sean Aylmer: and modern business. 445 00:22:45,530 --> 00:22:47,359 Michael Thompson: Now remember, if you want to listen to any of 446 00:22:47,359 --> 00:22:49,510 Michael Thompson: those interviews or indeed any of the shows from the 447 00:22:49,510 --> 00:22:52,879 Michael Thompson: past week, all are available on your favourite podcast platform 448 00:22:52,960 --> 00:22:56,149 Michael Thompson: or at fearandgreed.com.au. Thank you very much, Sean. 449 00:22:56,300 --> 00:22:56,960 Sean Aylmer: Thank you, Michael. 450 00:22:57,380 --> 00:22:59,760 Michael Thompson: And don't forget that tomorrow, Sean and I will both 451 00:22:59,760 --> 00:23:01,530 Michael Thompson: be back with Adam Lang from the Fear and Greed 452 00:23:01,530 --> 00:23:03,280 Michael Thompson: team to have a bit more of an in-depth look 453 00:23:03,280 --> 00:23:06,010 Michael Thompson: at some of the news around the place. I'm Michael Thompson, 454 00:23:06,070 --> 00:23:08,129 Michael Thompson: have a good Saturday and a great weekend.