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Speaker 1: Welcome to the Saturday edition of The Fast Five. Business

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Speaker 1: News by Fear and Greed. Are Michael Thompson and Hello

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Speaker 1: Sean Ailmer. Hello Michael Sean. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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Speaker 1: On the weekend, we still keep it to five minutes,

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Speaker 1: of course, pretty close too, but we're going to instead

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Speaker 1: pick out the biggest business story of the week, at

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Speaker 1: the most remarkable business story, a mystery category that changes

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Speaker 1: every week, and then our favorite story. I think, undeniably, Sean,

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Speaker 1: the biggest story this week right around the world, of course,

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Speaker 1: has been the conflict in the Middle East. It started

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Speaker 1: a week ago today. It has dominated the news from

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Speaker 1: the initial attacks by the US and Israel on Ran

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Speaker 1: to the retaliations, and then the flow on effects and

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Speaker 1: price of oil, the movement of people around the world

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Speaker 1: and airport's being closed.

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Speaker 2: All of this.

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Speaker 1: With all of that said, locally, let's take a look

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Speaker 1: at the biggest stories kind of as they've played out here.

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Speaker 1: What's happened here this week?

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Speaker 2: I think all the big stories are related to the

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Speaker 2: Middle East. For me, it's probably the economy. We had

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Speaker 2: the Reserve Bank Governor Michelle Bullock saying that increasing interest

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Speaker 2: rates the week after next at the next board meeting

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Speaker 2: is a live option. Everyone kind of thought it wouldn't

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Speaker 2: happen until May. Maybe it'll happen sooner. We've got economic

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Speaker 2: growth figures two point six percent last calendar year growth

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Speaker 2: across public and private sectors. Household spending all important fift

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Speaker 2: percent of economic growth slowing a little bit, but discretionary

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Speaker 2: spending is rising. We've got figures out later in the

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Speaker 2: week that suggested that service is spending is rising. Basically,

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Speaker 2: the consumer is in fine fedal and that's why the

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Speaker 2: Reserve Bank is thinking about lifting interest rates, probably not

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Speaker 2: in ten days time or twelve days time when the

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Speaker 2: board meets, but probably will in May. Okay.

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Speaker 1: The other big story I think was markets, and again

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Speaker 1: you mentioned the fact that all of these stories are

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Speaker 1: kind of flowing on from the crisis in the Middle East,

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Speaker 1: and we've had a week of extremes, say for the ASX,

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Speaker 1: kind of starting out near kind of all time highs

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Speaker 1: and a lot of wariness, particularly kind of on Monday

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Speaker 1: and then Tuesday Wednesday, big plunges one point three percent,

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Speaker 1: one point nine percent, sixty three billion dollars in value

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Speaker 1: wiped off in one day, the biggest drop since April,

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Speaker 1: and Wall Street fell and Asian markets fell as well,

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Speaker 1: and there's been been like the gold price falling in

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Speaker 1: a time of uncertainty, just just strange things, the volatility

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Speaker 1: and the adding kind of oil prices soaring and the

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Speaker 1: impact on fuel prices.

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Speaker 2: It is.

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Speaker 1: That is one of the big stories and the big

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Speaker 1: flow on effects out of what's happening in the Middle East.

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Speaker 1: Let's move on to most remarkable story because some good

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Speaker 1: options here. What did you like?

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Speaker 2: So mine is the case against Star Entertainment. Basically, the

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Speaker 2: form chief executive Matt Becky did break the law by

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Speaker 2: failing to take seriously the risk the junket operators might

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Speaker 2: have been money laundering, not properly informing the board that

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Speaker 2: there was a serious threat that criminals were operating inside

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Speaker 2: the casino grew Now. Similar findings were made against Star's

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Speaker 2: former chief legal and risk officer, Paula Martin. However, the

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Speaker 2: case in the federal court bought by ACIK did not

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Speaker 2: find the directors of the company also liable. If they

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Speaker 2: were found liable, then it really would have been truly remarkable.

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Speaker 2: They were not found liable, though Justice Michael Lee was

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Speaker 2: pretty harsh on directors, basically said they didn't do a

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Speaker 2: good enough job for an ASEX listed company. He then

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Speaker 2: also said, but the fact of the matter is that

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Speaker 2: you have huge amounts of stuff to read, try and

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Speaker 2: get across. Sometimes it's two hours notice. Not fair on

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Speaker 2: you guys, so you're not liable. The case over all

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Speaker 2: quite remarkable.

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Speaker 1: Yeah, it is. The other one as Sewan this week

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Speaker 1: was the disintegration of the Kyle and Jackie Oh Show

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Speaker 1: on radio. And look, this is a show that's heard

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Speaker 1: in Sydney and in Melbourne, but it has an outsized

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Speaker 1: impact on the radio industry in this country. They've had

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Speaker 1: more than two decades together. When they defected from Today

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Speaker 1: AFM in Sydney to what then became KISSFM a decade ago,

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Speaker 1: it broke one station and made the other one. Like

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Speaker 1: they've been able to take their audience with them, which

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Speaker 1: is just something that doesn't really happen in radio. A

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Speaker 1: couple of years ago, they made a two hundred million

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Speaker 1: dollar ten year deal in twenty twenty three, they've been

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Speaker 1: off a bit more than they can chew, it seems.

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Speaker 1: Trying to expand into Melbourne. It hasn't worked. Big bust

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Speaker 1: up on air a couple of weeks ago and notices

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Speaker 1: to the ASX from aar in media that the show

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Speaker 1: is no more. It's just in terms of media, it's

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Speaker 1: a big story that one sure. Okay, now our mystery

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Speaker 1: category this week bread and butter stories.

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Speaker 2: Ah. Let me tell you about house prices Sydney and Melbourne.

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Speaker 2: Perth keeps surging, Adelaide, Brisbane somewhere in between. Perth prices

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Speaker 2: are up seven percent in the last three months of

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Speaker 2: last year, twenty two percent for last year. That is

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Speaker 2: quite phenomenal. Not a lot of supply in that market.

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Speaker 2: That's what's making the difference. All in all, medium value

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Speaker 2: of a home in Sydney just under one point three

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Speaker 2: million dollars one point one million in Brisbane. Perth that

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Speaker 2: almost a million dollars, followed by Adelaide, Canberra and Melbourne combined.

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Speaker 2: Regions are doing better than the capitals. It's just one

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Speaker 2: of those stories. It just keeps giving house prices and

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Speaker 2: the fact that Perth just continues. I was going to say,

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Speaker 2: chug long it's firing along where a city in Melbourne

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Speaker 2: are pretty much flatlining. Yeah, pretty incredible.

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Speaker 1: Yeah, certainly is the other bread and butter story this

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Speaker 1: week politics Sean. It wasn't anything hugely extraordinary this week,

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Speaker 1: but it was just kind of back to normal almost.

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Speaker 1: We had kind of newspole figures out this week that

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Speaker 1: showed that they may be kind of the coalition there are.

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Speaker 1: There is a bit of hope there under the new

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Speaker 1: leadership with Angus Taylor. You've got one nation support plateauing,

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Speaker 1: Elbow's popularity dropping as preferred prime minister. And Sean, in

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Speaker 1: a perfect segue into our joint favorite story of the week,

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Speaker 1: we had a special guest in canberrat Mark Carney, the

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Speaker 1: Canadian PMS in Town.

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Speaker 2: Ah, the bureaucrats hero making middle aged men look stylish

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Speaker 2: and sexy Michael, because he's talking about a new world

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Speaker 2: order where middle powers like Australia, are India, Korea, Canada

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Speaker 2: use our influence to guide the world. He's saying, stop

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Speaker 2: toning up to superpowers, Let's make our own way. The

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Speaker 2: old world order is dead, Let's create a new world order.

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Speaker 2: In the first address to the Australian Parliament by Canadian

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Speaker 2: leaders in two thousand and seven, he said that in

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Speaker 2: a post rupture world, the nations that are trusted and

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Speaker 2: can work together, will be quicker to the punch, more

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Speaker 2: effective in their responses, more proact is in shaping outcomes,

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Speaker 2: and ultimately more secure and prosperous. We all love Mark

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Speaker 2: Carney the moment.

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Speaker 1: Yeah yeah, he's a bit of a bit of a

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Speaker 1: rock star when it comes to politicians. Five minutes and

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Speaker 1: pretty much everything you need to know in the world

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Speaker 1: of business. Thank you, Sean, Thank you Michael. Don't forget

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Speaker 1: to hit follow on the podcast, especially if you're listening

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Speaker 1: through your daily drive playlist on Spotify. That playlist is

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Speaker 1: about to disappear and it will be harder to find

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Speaker 1: the Fast five. So hit follow today. I'm Michael Thompson

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Speaker 1: and it's the Fast five Business News by Fear and

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Speaker 1: Great