1 00:00:03,840 --> 00:00:06,520 Speaker 1: It's Friday, the thirty first of May twenty twenty four. 2 00:00:06,840 --> 00:00:09,600 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,400 Speaker 1: where we give you the top five business stories you 4 00:00:11,480 --> 00:00:14,040 Speaker 1: need to know into five minutes. Oh Michael Thompson and 5 00:00:14,080 --> 00:00:14,960 Speaker 1: good morning. 6 00:00:14,680 --> 00:00:17,040 Speaker 2: Sean Aylmer, Good morning, Michael Shawn. 7 00:00:17,120 --> 00:00:19,680 Speaker 1: Five stories in five minutes. Let's get going. Story number one, 8 00:00:19,720 --> 00:00:25,120 Speaker 1: the Australian superannuation industry is closing in on four trillion dollars, 9 00:00:25,120 --> 00:00:28,000 Speaker 1: with big inflows and strong returns pushing the sector to 10 00:00:28,120 --> 00:00:28,920 Speaker 1: record levels. 11 00:00:29,280 --> 00:00:32,159 Speaker 2: New figures from the Australian Prudential Regulation Authority showed an 12 00:00:32,159 --> 00:00:35,040 Speaker 2: eleven percent return pushed the pool of super money to 13 00:00:35,159 --> 00:00:38,760 Speaker 2: three point eighty five trillion dollars, with the super sarcharge 14 00:00:38,760 --> 00:00:40,959 Speaker 2: increasing from eleven percent to we're eleven and a half 15 00:00:41,000 --> 00:00:43,720 Speaker 2: percent from July one. The push beyond four trillion is 16 00:00:43,840 --> 00:00:47,040 Speaker 2: likely later this year, subject to investment markets, of course. 17 00:00:47,280 --> 00:00:48,840 Speaker 2: For the twelve months to the end of March, which 18 00:00:48,920 --> 00:00:51,280 Speaker 2: the period app is talking about, the ASEX two hundred 19 00:00:51,440 --> 00:00:53,960 Speaker 2: was up around ten percent, while international equities in bond 20 00:00:53,960 --> 00:00:57,800 Speaker 2: markets also rallied sharply. For the year. Contributions heard a 21 00:00:57,880 --> 00:01:00,760 Speaker 2: one hundred and seventy seven billion dollars. That's money being 22 00:01:00,760 --> 00:01:03,680 Speaker 2: put aside for Super by employers and members. There was 23 00:01:03,680 --> 00:01:05,880 Speaker 2: also a big jump in benefit payments last year to 24 00:01:05,880 --> 00:01:08,360 Speaker 2: one hundred and thirteen billion dollars. This is a growing 25 00:01:08,440 --> 00:01:11,280 Speaker 2: challenge for the superfunds as seven hundred thousand baby boomers 26 00:01:11,319 --> 00:01:14,800 Speaker 2: retire over the next five years and draw down their savings. 27 00:01:14,920 --> 00:01:17,720 Speaker 2: There's now seven mega funds with more than one hundred 28 00:01:17,720 --> 00:01:19,000 Speaker 2: billion dollars under management. 29 00:01:19,040 --> 00:01:22,920 Speaker 1: Michael Sewn Superannuation is obviously big business in Australia, but 30 00:01:22,920 --> 00:01:25,600 Speaker 1: it's still quite a bit smaller than the housing market, 31 00:01:25,640 --> 00:01:25,960 Speaker 1: isn't it. 32 00:01:26,160 --> 00:01:29,040 Speaker 2: That's true The residential markets estimated to be worth well 33 00:01:29,080 --> 00:01:32,040 Speaker 2: over ten trillion dollars in Australia. The ASEX is worth 34 00:01:32,040 --> 00:01:35,120 Speaker 2: around three trillion dollars. Obviously, there's a big crossover between 35 00:01:35,120 --> 00:01:38,160 Speaker 2: the super funds and the ASEX. According to KPMG report 36 00:01:38,200 --> 00:01:41,600 Speaker 2: this week, the average superbalance and this includes everyone, is 37 00:01:41,720 --> 00:01:44,399 Speaker 2: ninety seven thousand dollars. Obviously, all the workers have been 38 00:01:44,400 --> 00:01:46,640 Speaker 2: paying into Super for much longer. They'll have more than that. 39 00:01:46,800 --> 00:01:48,240 Speaker 2: Younger people may have less than that. 40 00:01:48,360 --> 00:01:51,240 Speaker 1: All right, onto story number two, and China has lifted 41 00:01:51,240 --> 00:01:54,080 Speaker 1: its ban on five Australian beef exporterers that have been 42 00:01:54,120 --> 00:01:56,560 Speaker 1: locked out since the twenty twenty trade war. 43 00:01:56,920 --> 00:02:00,320 Speaker 2: The suspension of five major beef exporters has been lifted, 44 00:02:00,360 --> 00:02:03,880 Speaker 2: effective immediately. They are mostly based in Southeast Queensland and 45 00:02:03,960 --> 00:02:06,400 Speaker 2: New South Wales about a billion dollars in exports. Their 46 00:02:06,600 --> 00:02:09,000 Speaker 2: Minster forra Agriculture Murray Watt said the lifting of different 47 00:02:09,000 --> 00:02:11,720 Speaker 2: export bans over the past few months has resulted in 48 00:02:11,800 --> 00:02:15,919 Speaker 2: three billion dollars in extra exports bands and excessive tariffs 49 00:02:15,919 --> 00:02:19,080 Speaker 2: on twenty billion dollars worth of product from commodities to 50 00:02:19,120 --> 00:02:23,600 Speaker 2: agricultural products were placed on Australian goods by Beijing during 51 00:02:23,639 --> 00:02:26,119 Speaker 2: the height of COVID. Since the election of the Albanezi 52 00:02:26,200 --> 00:02:29,120 Speaker 2: government two years ago, they've gradually been dismantled, though there 53 00:02:29,120 --> 00:02:31,519 Speaker 2: are still three meat works who were banned. There's also 54 00:02:31,560 --> 00:02:34,160 Speaker 2: a ban on Australian lobster still. 55 00:02:33,720 --> 00:02:37,480 Speaker 1: Storing number three. The latest Bureau of Statistics figures show 56 00:02:37,520 --> 00:02:41,079 Speaker 1: that spending in data centers and technology is growing, boosting 57 00:02:41,080 --> 00:02:44,280 Speaker 1: the economy, but the construction sector continues to struggle. 58 00:02:44,880 --> 00:02:47,919 Speaker 2: Business investment across private sector firms jumped to one percent 59 00:02:48,000 --> 00:02:50,840 Speaker 2: in the March quarter, touch higher than expected, while investment 60 00:02:50,880 --> 00:02:53,520 Speaker 2: in two of the biggest industries, mining and manufacturing, was lower. 61 00:02:53,639 --> 00:02:56,960 Speaker 2: Other investment, which includes tech spending, has surged over the 62 00:02:56,960 --> 00:02:59,960 Speaker 2: past year. Title business investment is up five point five 63 00:03:00,040 --> 00:03:02,399 Speaker 2: five percent. That's pretty good. It's been the good news 64 00:03:02,400 --> 00:03:05,560 Speaker 2: story of the economy. In the pre COVID decade, business 65 00:03:05,560 --> 00:03:08,560 Speaker 2: investment averaged about one point one percent per year, according 66 00:03:08,560 --> 00:03:11,800 Speaker 2: to AMP. Since COVID, it's about seven percent. It's helping 67 00:03:11,840 --> 00:03:15,400 Speaker 2: offset weakness in the housing sector. Also in the construction sector, 68 00:03:15,440 --> 00:03:19,000 Speaker 2: building approval figures released yesterday show a zero point three 69 00:03:19,080 --> 00:03:22,720 Speaker 2: percent dip in April versus an expected near two percent jump. 70 00:03:23,040 --> 00:03:27,080 Speaker 2: Tital building approvals in the month of April was just 71 00:03:27,160 --> 00:03:29,800 Speaker 2: over thirteen thousand. Over the last twelve months, it's running 72 00:03:29,800 --> 00:03:32,600 Speaker 2: about one hundred and sixty three thousand. Remember the government's 73 00:03:32,639 --> 00:03:35,200 Speaker 2: targeting two hundred and forty thousand homes. Still a long 74 00:03:35,240 --> 00:03:35,720 Speaker 2: way from that. 75 00:03:36,680 --> 00:03:40,160 Speaker 1: Story Number four, it's rich less time. Sean and Gena 76 00:03:40,200 --> 00:03:43,360 Speaker 1: Reinhardt continues her reign for the fifth year and her 77 00:03:43,400 --> 00:03:47,360 Speaker 1: worth is pushed beyond beyond the forty billion dollar mark. 78 00:03:47,400 --> 00:03:48,120 Speaker 1: This is amazing. 79 00:03:48,680 --> 00:03:51,280 Speaker 2: Yes, that's what happens when you own on all minds. 80 00:03:51,360 --> 00:03:55,800 Speaker 2: The AFR twenty twenty four rich list puts Harry Triggboff, 81 00:03:55,800 --> 00:03:58,600 Speaker 2: the ninety one year old property icon who owns Meriton 82 00:03:58,640 --> 00:04:01,120 Speaker 2: at number two. Number tire is Mike and Any canon 83 00:04:01,120 --> 00:04:04,040 Speaker 2: Brooks from at Lassian, Anthony Patt and his family who 84 00:04:04,040 --> 00:04:06,200 Speaker 2: made their money from busy packages. Four and at number 85 00:04:06,240 --> 00:04:09,320 Speaker 2: five is at Lassian Scott Farquha Clive Palmer number six, 86 00:04:09,360 --> 00:04:11,840 Speaker 2: then at seven and eight are Nikola and Andrew Forrest. 87 00:04:12,160 --> 00:04:14,480 Speaker 2: Until this year their wealth was combined, but they're split 88 00:04:14,520 --> 00:04:16,640 Speaker 2: over the past twelve months. Making up the top ten 89 00:04:16,839 --> 00:04:21,240 Speaker 2: Ivan Glassenburg from Glencore and Canvas Glemmor couple Melanie Perkins 90 00:04:21,279 --> 00:04:23,960 Speaker 2: and Cliff Obricht. Combined, the top ten are worth about 91 00:04:23,960 --> 00:04:25,840 Speaker 2: two hundred and twenty three billion dollars. 92 00:04:26,560 --> 00:04:29,880 Speaker 1: Speaking of big money, sean story number five, Sony Music 93 00:04:30,200 --> 00:04:32,440 Speaker 1: is the front runner to buy the music catalog of 94 00:04:32,440 --> 00:04:36,559 Speaker 1: British rock band Queen, which is expected to fetch about 95 00:04:36,600 --> 00:04:40,880 Speaker 1: a billion US dollars or one point five billion Aussie dollars. 96 00:04:41,320 --> 00:04:44,600 Speaker 2: Queen's been shopping its music catalog around four more than 97 00:04:44,640 --> 00:04:46,800 Speaker 2: a year. It had held talks with both Sony and 98 00:04:46,880 --> 00:04:50,200 Speaker 2: Universal Music. According to the FT, Sony was still among 99 00:04:50,200 --> 00:04:53,800 Speaker 2: the bidders, while Universal had left its exclusivity period on 100 00:04:53,839 --> 00:04:56,600 Speaker 2: negotiations expired because they think the price is too high. 101 00:04:57,080 --> 00:04:59,360 Speaker 2: If it's sold for a billion US dollars, it will 102 00:04:59,360 --> 00:05:02,760 Speaker 2: pretty much be record price. It will include recorded music 103 00:05:02,800 --> 00:05:05,479 Speaker 2: and publishing, as well as other income including merchandise and 104 00:05:05,520 --> 00:05:09,760 Speaker 2: licensing and revenue from the biopic film Bohemian Rhapsody. In 105 00:05:09,839 --> 00:05:11,920 Speaker 2: a few big sales for music rights in the last 106 00:05:12,000 --> 00:05:16,440 Speaker 2: couple of years, Bruce Beinkstein, Bob Dylan, Neil Young, more recently, 107 00:05:16,560 --> 00:05:19,240 Speaker 2: Kiss but Queen is the next level. It's one of 108 00:05:19,240 --> 00:05:22,400 Speaker 2: the most commercially successful groups in music history, having sold 109 00:05:22,440 --> 00:05:24,600 Speaker 2: more than three hundred million records globally. 110 00:05:25,200 --> 00:05:26,880 Speaker 1: All right, there we go to the top five business 111 00:05:26,920 --> 00:05:27,960 Speaker 1: stories in five minutes. 112 00:05:27,960 --> 00:05:29,560 Speaker 2: Thank you Sean, Thank you Michael. 113 00:05:29,880 --> 00:05:32,400 Speaker 1: It is Friday, the thirty first of May twenty twenty four. 114 00:05:32,520 --> 00:05:34,960 Speaker 1: Remember to hit follow on the podcast, and if five 115 00:05:34,960 --> 00:05:37,120 Speaker 1: minutes isn't enough, you can find our longer daily show 116 00:05:37,160 --> 00:05:40,159 Speaker 1: called Fear and Greed whereever you listen to podcasts, or 117 00:05:40,200 --> 00:05:42,560 Speaker 1: at Fearangreed dot com dot au, which is also where 118 00:05:42,600 --> 00:05:45,000 Speaker 1: you can sign up for our free weekly newsletter. I'm 119 00:05:45,000 --> 00:05:47,240 Speaker 1: Michael Thompson and that was the fast five business news 120 00:05:47,279 --> 00:05:49,040 Speaker 1: by fear and greed. Have a great day.