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

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Speaker 1: The annual bill for public servants across the country hits

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Speaker 1: two hundred and fifty billion dollars. Microsoft to refund millions

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Speaker 1: of dollars after allegations it duped Australian customers. And a

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Speaker 1: treasure trove of Jim Morrison songs and poetry found in

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Speaker 1: remote Tasmania has returned to the singer's estate. Plus National

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Speaker 1: Australia Bank's annual profit gets the thumbs down from investors.

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Speaker 1: And it's been a tough few days for Donald Trump.

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Speaker 1: It is Friday, the seventh of November twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Sewan.

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Speaker 1: The main story this morning the country's governments increased spending

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Speaker 1: on public service wages to nearly two hundred and fifty

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Speaker 1: billion dollars last financial year. That's up sixteen percent over

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Speaker 1: two years, and it is the Commonwealth workforce that's growing

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Speaker 1: the fastest.

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Speaker 2: I think we should say like a quarter of with

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Speaker 2: trillion dollars.

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Speaker 1: I was just thinking that it's just the scale and

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Speaker 1: just sounds huge, spectacular.

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Speaker 2: Over the past two years All levels of government have

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Speaker 2: boosted their wages bill, in part due to wage rises

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Speaker 2: and in part due to hiring more people. State governments

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Speaker 2: are the biggest employer. Seventy seven percent of public sector

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Speaker 2: employment comes from the states and territories. Commonwealth government comprises

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Speaker 2: fifteen percent, local government eight percent. But the Commonwealth government's

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Speaker 2: wages bills has grown fastest, paying forty one billion dollars

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Speaker 2: twenty percent more than two years ago. Soage annually forty

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Speaker 2: one billion dollars Camber now employees will not Canberra the city,

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Speaker 2: but the federal government now employees three hundred and eighty

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Speaker 2: six thousand people, up from three hundred and fifty thousand

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Speaker 2: people just two years ago. If you think of that

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Speaker 2: wages bill up twenty percent more now, part of that

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Speaker 2: is more people, part of that is increased wages. And

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Speaker 2: you think of healthcare workers and aged care workers. They

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Speaker 2: all got a big jump in pay, which is fair enough.

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Speaker 2: In contrast, the average weekly earnings race three point four

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Speaker 2: percent last financially, or in four point one percent the

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Speaker 2: one before, so face vailue. It looks like the Commonwealth

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Speaker 2: spending is running way ahead of the private sector.

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Speaker 1: These numbers are huge and particularly among the six states

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Speaker 1: and two territories. Nearly two million people are employed by

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Speaker 1: the states. That is a lot.

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Speaker 2: Now, most of the jobs are in public administration and safeties.

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Speaker 2: I think policing, education and training, teachers, health care and assistants, nurses, cares,

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Speaker 2: that type of thing. The surgeon spending comes as economists

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Speaker 2: and analysts have criticized the federal government for spending too much.

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Speaker 2: Yes Sday, the Opposition pushed the point, asking whether the

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Speaker 2: government spending is driving inflation. Treasure Jim Chalmers said no.

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Speaker 2: So the Reserve Bank have made it very clear in

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Speaker 2: the course of coming to its decision earlier in the week,

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Speaker 2: that government spending has nothing to do with it, did

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Speaker 2: they No, No, no, no, no. I mean I don't

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Speaker 2: think the Reserve means said that at all.

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Speaker 1: Okay, it might be reading between the lines there, Jim.

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Speaker 2: I mean what he's saying is that in the last

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Speaker 2: two quarters of economic growth, government spending hasn't added to growth,

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Speaker 2: and that it's shifting towards the public sector. All that

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Speaker 2: might be right, but when you've added that many jobs, right,

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Speaker 2: you're adding to aggregate demand, You're adding to inflationary pressures.

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Speaker 2: It's just bunkom to say otherwise, the point isn't so

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Speaker 2: much whether you know it's added to economic growth. It's

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Speaker 2: about how much spending the government is doing. Is there

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Speaker 2: too much public spending? I suspect there is, Michael.

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Speaker 1: And bonus points for using the term bunkom.

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Speaker 2: Yes, isn't that a great word.

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Speaker 1: It's fantastic and it really brings a story like that

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Speaker 1: to life. I think all of a sudden, God, I

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Speaker 1: love the fact that that this can turn into a barney,

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Speaker 1: that even public sector spending can become a big political issue, right, Yeah.

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Speaker 2: And the numbers are just huge. Now it's hard to

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Speaker 2: argue we need fewer teachers, fewer nurses, fewer cares. I

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Speaker 2: suppose what you need to do is make sure that

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Speaker 2: every cent spent is spent wisely. Also, productivity rates in

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Speaker 2: the public sector are really low compared to historic history,

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Speaker 2: but also compared to the private sector, and that's a

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Speaker 2: real problem.

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Speaker 1: Yeah, you know what it is.

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Speaker 2: It's bunkom, it's bumpkin, Michael, there we go. Now.

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Speaker 1: National Australia Bank SEAN has reported a drop in net

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Speaker 1: profit for the full year to the end of September,

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Speaker 1: though Boss Andrew Irvine says there is good momentum in

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Speaker 1: the country's second largest lender.

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Speaker 2: The bank reported an annual cash profit of seven point

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Speaker 2: one billion dollars, slightly below expectations, and an unchanged final

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Speaker 2: dividend of eighty five cents a share. Share price, though

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Speaker 2: finished the day down three point four percent and let's

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Speaker 2: concerned about high costs and a jump in bad loans.

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Speaker 2: Irvine said the bank was making good progress in key

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Speaker 2: target areas business banking, driving deposit growth and strengthening home

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Speaker 2: lending via its own sales force. NAB is the country's

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Speaker 2: largest business lender twenty two percent market share. It is

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Speaker 2: facing stiff competition from Commonwealth Bank and Westpac. As a result,

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Speaker 2: its profit margins in that part of the business are

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Speaker 2: definitely being squeezed. Expenses were higher, in part because of

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Speaker 2: a one hundred and thirty million dollar cost after the

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Speaker 2: bank was found to be underpaying in its employees its

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Speaker 2: net interest margin from just doing his normal jobs so effectively,

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Speaker 2: his profit margin fell slightly. Irvine nominated housing as Australia's

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Speaker 2: biggest societal and policy challenge.

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Speaker 1: Great Interview Today Sean coming up after the show, Fear

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Speaker 1: and Greed. Q and A features NAB CEO Andrew Irvine.

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Speaker 2: Great chat with him. I loved his comparison of National

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Speaker 2: Australia Bank wants to be the Toyota of the banking sector.

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Speaker 2: Then we ask him whether he likes being a National

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Speaker 2: Australia Bank, so he he has a mixed response. Were

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Speaker 2: worth listen.

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Speaker 1: It's a really good chat. It is coming up after

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Speaker 1: the show, so I stick around for that one now.

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Speaker 1: Microsoft will refund millions of dollars to Australian customers after

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Speaker 1: the consumer watchdog alleged that it duped two point seven

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Speaker 1: million Aussies ind up paying for more expensive software plans

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Speaker 1: that included the Copilot chatbot, even if they didn't actually

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Speaker 1: want it.

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Speaker 2: Microsoft wrote to customers yesterday apologizing to those affected. The

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Speaker 2: tech giant said it should have been more transparent about

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Speaker 2: the experience of a cheaper or the existence of a

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Speaker 2: cheaper plan for those who did not think it's artificial

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Speaker 2: intelligence features worth paying more for. Customers can request a

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Speaker 2: refund before the end of the year. Of course, Last week,

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Speaker 2: the HBZ alleged that Microsoft concealed the option to switch

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Speaker 2: to a less expensive subscription known as the Classic Plan,

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Speaker 2: which didn't include copilot. That's what kicked this thing along.

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Speaker 2: What this casually highlights, Sam the challenge for groups like

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Speaker 2: Microsoft in alphabet slash Google are the big tech companies

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Speaker 2: who want to upgrade their customers into paying more money

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Speaker 2: to get a payback for the hundreds of billions of

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Speaker 2: dollars they're spending on AI and data centers and infrastructure.

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Speaker 2: It's not necessarily going to be that easily.

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Speaker 1: No, No, it's really not. Big start to the show,

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Speaker 1: Sean Microsoft's embarrassment, nab results political Buncom had to get

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Speaker 1: it in the third time. We've got a lot more

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Speaker 1: still to come, though. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean. Australia's

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Speaker 1: trade deficit with the United States in September it was

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Speaker 1: one billion dollars, meaning we buy more from the US

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Speaker 1: than we sell to it.

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Speaker 2: So if we have any trade negotiations coming up, it's

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Speaker 2: a pretty good position to be in. The latest Bureau

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Speaker 2: Statistic number shows we shipped three point one billion dollars

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Speaker 2: worth of goods to the US imported four point two

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Speaker 2: billion dollars from that country. Over All, Australia around a

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Speaker 2: global trade surplus of two point eight billion dollars in September,

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Speaker 2: driven by gold exports and other commodities.

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Speaker 1: The federal government passed legislation yesterday for its new environmental

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Speaker 1: laws through the House of Raps. That was the easy partner.

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Speaker 1: The hard part Well for anything here's going to be

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Speaker 1: getting through the Senate exactly.

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Speaker 2: An environment Minister Murray Watt said he's still hopeful the

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Speaker 2: government can pass its green tape laws before the end

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Speaker 2: of next week. That's the end of the parliamentary year.

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Speaker 2: Why is a parliamentary year finishing on the fourteenth of November.

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Speaker 2: I don't want to get to my high horse here,

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Speaker 2: but go for it, climb on up. It is bumpkin' yes,

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Speaker 2: that sure, we still have five or six weeks till Christmas?

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Speaker 2: Ouch is it all? So six weeks till Christmas and

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Speaker 2: Parliament stops sitting, we can't get the legislat I mean,

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Speaker 2: so they're negotiating for Coalish and Greens on that. He

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Speaker 2: says that privately they're more moderate than what they're saying publicly.

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Speaker 2: But at the end of the day, why do we

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Speaker 2: have to get it through by the end of the

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Speaker 2: next week. Why can't we have another four weeks of

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Speaker 2: parliamentary sitting days.

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Speaker 1: Parliament should run more like a business, right, run right

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Speaker 1: up to Christmas. If you said to most businesses shut

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Speaker 1: down now, you don't get to trade between now and Christmas,

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Speaker 1: there'd be an uproar.

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Speaker 2: There would be an uproar.

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Speaker 1: Oh all right, right, oh god, I joined you. This

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Speaker 1: has now become a high horse for two shots.

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Speaker 2: There is not much room up here.

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Speaker 1: It's cozy. It's a more of a pony Building Materials

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Speaker 1: sorry pony just because of the scale with two of

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Speaker 1: us on it. A figured it looks more like a

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Speaker 1: pony because the two.

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Speaker 2: People sts rather than the high horse. The high pony.

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Speaker 1: Yeah, it's a it's just a step over one rather

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Speaker 1: than needing to climb up onto it. Building Materials Group

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Speaker 1: James Hardy was hit with what's known as a speeding

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Speaker 1: ticket on the ASX yesterday. That's because at share price

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Speaker 1: fell as much as seventeen percent in early trading to

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Speaker 1: a five year low.

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Speaker 2: So when a stock moves really sharply, like falling seventeen

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Speaker 2: percent really quickly, the AX steps in. There's anything running

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Speaker 2: around that shareholders should know about, James Hardy said. A

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Speaker 2: possible reason possible probable was it would be cut from

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Speaker 2: the MISKY Australian indices at the close of business yesterday.

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Speaker 2: That's because it's shifting as primarily listening to Wall Street.

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Speaker 2: Not being part of the MISKY index means passive investors

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Speaker 2: are less lately to hold them. Also, some of its

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Speaker 2: new subsidiaries from its AASEC building Materials group in the

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Speaker 2: US have dowgraded their earnings. James Hardy didn't tell us

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Speaker 2: that yesterday, but that is the truth of the matter.

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Speaker 2: James Hardy now has the unwanted title of being the

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Speaker 2: third worst performing stock on the AX over the past

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Speaker 2: year for top two hundred, I should say the third. Yeah,

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Speaker 2: so it's probably like better than the second worst.

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Speaker 1: Who's that? Oh, you don't want to ask you the

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Speaker 1: second of the first?

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Speaker 2: Treasury Wine estates, when's that one? The worst? Plumbing supplies

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Speaker 2: group rees down more than fifty percent. It had a

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Speaker 2: horror result a couple of months ago. Hasn't recovered with

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Speaker 2: James Hardy down yesterday thirteen percent. It is now the

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Speaker 2: third worst performer. And remember we loved it, James Hardy

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Speaker 2: a couple of years ago.

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Speaker 1: Yeah, that's a long way to fall in a very

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Speaker 1: short period of time. Yeah, okay, James Hardierside, how did

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Speaker 1: the ASEX perform yesterday?

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Speaker 2: The broader SMPASEX two hundred closed up a bit zero

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Speaker 2: point three percent to eighty eight and twenty eight points,

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Speaker 2: mostly thanks to the material sector, including Big three minors

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Speaker 2: which Awel rows around two percent. Energy stocks were higher,

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Speaker 2: Tech and consumer discretionary strucks broadly lower. West Farmer's Goodman Group,

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Speaker 2: We're both down.

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Speaker 1: How about this one? The lost songs of legendary rock

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Speaker 1: singer Jim Morrison that turned up in a house in

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Speaker 1: of all places, remote Tasmania have now been returned to

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Speaker 1: his family in the US. This is a cracker of

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Speaker 1: a story.

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Speaker 2: It is a great story. Lame as unreleased or never released.

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Speaker 2: The real to reel recordings were found in the Huon

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Speaker 2: Valley home of US music producer the late John Haney.

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Speaker 2: According to The Australian, Haney, a producer, mixing engineer and

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Speaker 2: sound designer who worked with The Doors and its Frontman Frontman,

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Speaker 2: died in his Adopted Island home in September twenty twenty three.

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Speaker 2: Among a treasure trove of recording equipment found where these

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Speaker 2: real to reel recordings with Henry. Henry labeled them, suggests

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Speaker 2: there's about six unreleased Morrison tracks, ones called Whiskey and

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Speaker 2: others called wild Woman, very Jim Morrison.

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Speaker 1: That seems entirely appropriate.

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Speaker 2: Right, Yeah, so they've hit The executor of the estate

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Speaker 2: has done a deal. The Morrison family will make a

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Speaker 2: donation to Haney's favorite charities and as a result, they

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Speaker 2: will get back these recordings, which is pretty cool. At

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Speaker 2: least one tape was recorded after Morrison left the doors.

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Speaker 2: In one recording recording session on Morrison's twenty seventh in

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Speaker 2: last birthday, on December eighth, nineteen seventy, he turned. Basically,

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Speaker 2: they're having a few drinks. Everyone got drunk while the

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Speaker 2: tapes were still running. Oh and that's what's recorded. Jim

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Speaker 2: Morrison died in July nineteen seventy one, sadly far too young.

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Speaker 1: What a story, Okay, turning to international news now, Sean,

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Speaker 1: it has been a slightly rough week for US President

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Speaker 1: Donald Trump. Midweek, the voters of four different states voted

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Speaker 1: in Democrat candidates for office, just as the President's approval

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Speaker 1: ratings fell below forty percent. Then you've got the Supreme

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Speaker 1: Court appearing somewhat skeptical of Trump's tariffs.

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Speaker 2: Is that an easy job? Spare a thought for the

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Speaker 2: big fellow, the big fellaw. So, we had the election

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Speaker 2: of a Democrat as Mayor of New York. We had

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Speaker 2: democratic governors elected in Virginia, News Jersey. There was also

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Speaker 2: a majority in the state Supreme Court of Pennsylvania that

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Speaker 2: ended up being democratic. It was also the Californian vote

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Speaker 2: where the Democrat option was voted in. Then we had

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Speaker 2: oral arguments heard in the country Supreme Court on Donald

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Speaker 2: Trump's tariffs. We're reading the tea leaves here, but analysts

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Speaker 2: basically said justices appeared skeptical of the legal basis for

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Speaker 2: Trump's tariffs. Then the US was forced to cut flights

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Speaker 2: by ten percent at forty airports because of the government shutdown,

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Speaker 2: which is now the longest shutdown in history. Earlier in

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Speaker 2: the week, we ended up having those food stamps cut

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Speaker 2: for many families. Polls suggest the Republicans are shouldering most

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Speaker 2: of the blame for this, not the Democrats, I'm sure.

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Speaker 2: Russian President Vladimir Putin yesterday said he may start restart

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Speaker 2: nuclear weapons tests in response to Trump's decision to resume testing.

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Speaker 2: Just not a good few days for Donald Trump.

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Speaker 1: And I don't reckon this next story, we'll kind of

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Speaker 1: make Donald Trump much happier, right and Vidier Chief executive

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Speaker 1: Jansen Huang has warned that China will beat the US

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Speaker 1: in the artificial intelligence race thanks to lower energy costs

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Speaker 1: and looser regulations.

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Speaker 2: So, speaking for the Financial Times, Huang put it pretty plainly,

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Speaker 2: China is going to win the AI race full stop,

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Speaker 2: period is probably what you should say. His comments come

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Speaker 2: after the Trump administration maintained a ban on California based

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Speaker 2: Nvidia selling its most advanced chips to Beijing following a

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Speaker 2: meeting between Trump and Chinese letter Shijing Ping. So you

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Speaker 2: know he's a gripe to bear. Jensen Twang. On that one,

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Speaker 2: the Nvidia chief said that the West, including the US

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Speaker 2: and UK, was being held back by cynicism. We need

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Speaker 2: more optimism, he said. Huang sigaled out new rules on

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Speaker 2: AI by US states that could result in fifty new regulations.

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Speaker 2: He contrasted that approach with Chinese energy subsidies that made

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Speaker 2: it more affordable for local tech companies to run Chinese

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Speaker 2: alternatives to Nvidia's AI chips. He didn't mention emissions from

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Speaker 2: those energy companies by the way.

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Speaker 1: Of course, not Bumper Show Today, Shana a Bumper interview

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Speaker 1: coming up next, and Fear and Greed Q and A

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Speaker 1: with a Andrew Irvine. It is coming up in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearandgreed dot com dot au, which is where you sign

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Speaker 1: up for the Bumper Daily newsletter as well.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Friday, the seventh of November 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.