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

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Speaker 1: Australia eases a mission standards on petrol as the price

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Speaker 1: of oil surges amid a slump in supply from the

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Speaker 1: Middle East, the first signs of cracks in household spending emerge,

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Speaker 1: and Australia's tech golden child at Lassion cuts sixteen hundred

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Speaker 1: jobs plus one in seven Australians experience personal fraud each

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Speaker 1: year and hedgehogs and badgers to replace Winston Churchill and

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Speaker 1: Jane Austen on British pound notes. It is Friday, the

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Speaker 1: thirteenth of March twenty twenty six. I'm Michael Thompson and

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Speaker 1: good morning, Sean Alberd. We cover a wide range of stories.

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Speaker 2: Eclectic mix of stories this morning.

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Speaker 1: Michael, there certainly is let's get stuck into it Shawan

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Speaker 1: the main story this morning. Energy Minister Chris Bowen says

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Speaker 1: that Australia has thirty six days of petrol and twenty

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Speaker 1: nine days of jet fuel and the government will temporarily

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Speaker 1: allow dirtier petrol on the roads to boost the country's

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Speaker 1: energy supplies.

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Speaker 2: He was in the House of Reps yesterday. He said

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Speaker 2: that Australia's fuel supplies were secure, no need for panic buying,

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Speaker 2: but then went ahead and dropped mission standards. It means

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Speaker 2: fuel quality standards will be amended to allow higher sulfur

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Speaker 2: levels for the next sixty days. It's going to be

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Speaker 2: very smelly around the petrol pump on that one. It

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Speaker 2: allows around one hundred million liters a month of new

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Speaker 2: petrol supply that would otherwise have been exported to be

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Speaker 2: part of the domestic supply. Bowen said demand for fuel

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Speaker 2: had doubled since the war began. He said a national

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Speaker 2: coordination mechanism would be convened to respond to supply chain issues. He,

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Speaker 2: along with many state premiers, said do not panic buy

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Speaker 2: is very important. You buy as you need, but do

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Speaker 2: not panic buy.

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Speaker 1: The more you say it, though, the more it just planned.

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Speaker 2: That seed panicked totally.

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Speaker 1: Yeah, And I'm just thinking about my car has less

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Speaker 1: than a quarter of a tank left, and it just

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Speaker 1: and you just start to worry, like, Okay, am I

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Speaker 1: going to be paying a dollar sixty earliter to do that?

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Speaker 1: Am I going to be able to get the supply

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Speaker 1: that I need?

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Speaker 2: I'm waiting for prices to come down before I fill

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Speaker 2: up that might be a bit hopeful.

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Speaker 1: It's going to be a lot of coasting down hills

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Speaker 1: and the ale mayhousehold for a while. Sean. The announcement

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Speaker 1: yesterday from Chris Bowen came after Brent krude surge nearly

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Speaker 1: ten percent to push above one hundred US dollars a

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Speaker 1: barrel again yesterday, and that hit the local share market.

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Speaker 1: That surge came after a Raq stopped operations at its

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Speaker 1: oil ports after two tankers were targeted by explosive laden boat. Also,

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Speaker 1: the other big thing that happened yesterday, Oman moved its

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Speaker 1: tanker fleet away from its main oil terminal, effectively stopping

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Speaker 1: supply from that country. So there's a number of things

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Speaker 1: all combining at once to push that oil price up.

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Speaker 1: The action overshadowed the release of emergency reserves by the

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Speaker 1: International Energy Agency. The total release will be four hundred

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Speaker 1: million barrels globally from thirty two member countries. It is

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Speaker 1: a massive collective effort, and just to give some kind

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Speaker 1: of perspective on that, it is about the same as

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Speaker 1: would flow through the Strait of Hormuz, which is this contested,

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Speaker 1: this space, this really narrow space where so much that

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Speaker 1: oil flows through over twenty days.

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Speaker 2: Yeah, a lot of oil oil experts said though the

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Speaker 2: global oil market is shifting from a short term geopolitical

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Speaker 2: shock to a prolonged supply squeeze. We've talked in recent

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Speaker 2: days about whatever Donald Trump says, the market moves. Unfortunately,

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Speaker 2: the market is less likely to believe what Donald Trump

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Speaker 2: is saying at the moment, and that is a problem.

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Speaker 2: We have Middle East, the Middle East conflict disrupting production

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Speaker 2: and now disrupting exports. That means higher prices for longer,

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Speaker 2: higher petrol prices, high inflation, more chance of the Reserve Bank

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Speaker 2: lifting interest rates. In terms of the impact on the

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Speaker 2: local market, the SMPA six two hundred closed down one

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Speaker 2: point three percent today to eighty six hundred and twenty

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Speaker 2: nine points, very much on the back of the oil

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Speaker 2: price move. The energy companies did best. Not surprisingly, tech

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Speaker 2: and property sectors fell hardest. Ossie dollar so it nearly

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Speaker 2: hit seventy two cents then has come off a bit

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Speaker 2: down to seventy one point three US since one asset

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Speaker 2: class that's been pretty steady for the past six weeks,

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Speaker 2: including since the bombing in Iran. Bitcoin and crypto's generally

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Speaker 2: surprisingly trading just under seventy thousand US dollars a unit bitcoin.

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Speaker 1: He talked about then, just how hard it is to

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Speaker 1: not necessarily believe what Donald Trump says, but kind of

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Speaker 1: sort out the fact from the embellishments, right. And yesterday

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Speaker 1: US President, the US President said that the war in

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Speaker 1: the Middle East is being prosecut and I quote as

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Speaker 1: well as anybody's ever seen, and that Iran is pretty

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Speaker 1: much at the end of the line. The big question

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Speaker 1: for everyone, and not just oil markets here Sean, is

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Speaker 1: just how long this will go on? And notwithstanding the

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Speaker 1: president's bravado, Royce's is reporting that US intelligence agencies think

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Speaker 1: that Iran's leadership is still actually largely intact and isn't

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Speaker 1: actually at risk of collapse anytime soon.

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Speaker 2: Man, it's not intact inasmuch as the supreme leader was killed,

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Speaker 2: but the fact that it's not at risk of collapse

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Speaker 2: anytime soon is significant. And if you saw the pictures

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Speaker 2: in I think it was Tehran or Isfahan, one of

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Speaker 2: those cities of people supporting the new leader, it suggests

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Speaker 2: that there's still a lot of support there. Meanwhile, well

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Speaker 2: that's going on, you know, Bombs, missholes, drans continue to

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Speaker 2: fly across the region. Particularly Iran, Iraq, Israel, Beirut surrounding countries.

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Speaker 2: A container ship yesterday was hit near the UAE. The

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Speaker 2: two in oil thanks we mentioned before, they remain on fire.

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Speaker 2: There is a lot of conflict and wartime activity going

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Speaker 2: on at the moment. Yeah.

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Speaker 1: Absolutely. And just finally on the Middle East, Foreign Affairs

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Speaker 1: Minister Penny Wong, so there are about thirteen thousand Australians

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Speaker 1: in the Middle East who want to leave.

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Speaker 2: She said about thirty five hundred people had returned home

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Speaker 2: on twenty five flights so far. The conflict is having

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Speaker 2: a damaging impact on global tourism obviously, so people can't

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Speaker 2: get home as part of the problem. In fact, the

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Speaker 2: World Travel and Tourism Council yesterday put out a release

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Speaker 2: saying that the war's costing the tourism sector eight hundred

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Speaker 2: and fifty million dollars a day in disruptions to wear travel,

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Speaker 2: traveler confidence and regional connectivity. And the Middle East accounts

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Speaker 2: for about five percent of global international arrivals, about fourteen

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Speaker 2: percent of transit traffic. And just before we leave the airlines,

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Speaker 2: Air New Zealand said it will cut eleven hundred services

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Speaker 2: through to May on the back of what's going on

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Speaker 2: in the Middle East, particularly those higher fuel prices.

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Speaker 1: Okay, lots still to come. Sean back in a moment

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

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Speaker 1: spending fell last month for the first time since September

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Speaker 1: twenty twenty four, marking a shift from steady growth and

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Speaker 1: raising a few questions about the need for more interest

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Speaker 1: rate hikes.

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Speaker 2: Maybe I'm just actually being a little hopeful here, Michael.

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Speaker 1: Maybe always optimistic.

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Speaker 2: I am. I am an Optimisian common Wealth thanks the

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Speaker 2: comple Banks, household spending index fell half percent. Spending was

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Speaker 2: down across six of the twelve categories in IT. Utility

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Speaker 2: has had the biggest monthly fall. Now, in annual terms,

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Speaker 2: the pace of growth slates about four point nine percent,

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Speaker 2: which is the slowest pace in at least a year.

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Speaker 2: Common Wealth Bank Chief economist Blenda Allen said, while it's

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Speaker 2: too early to call us sustained slow down, discretionary categories

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Speaker 2: are softening first, and that's typically where households start to

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Speaker 2: pull back when budgets are under pressure. Come off Bank

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Speaker 2: of course, biggest bank, more information on credit and debit

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Speaker 2: cards than anywhere else. So the great thing about this

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Speaker 2: information is it's almost real time now. The Reserve Bank

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Speaker 2: Board meets early next week. Given a surge in oil prices,

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Speaker 2: people think. In fact, all four major banks now are

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Speaker 2: tipping rate hikes next Tuesday and then another one in May.

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Speaker 2: What's really interesting about this data from yesterday. It's kind

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Speaker 2: of the first time we've seen household spending just looking

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Speaker 2: a little. I was gonna say cracky. That's not the

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Speaker 2: right word. Dodge is not the word, right word, trending

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Speaker 2: the wrong way? Shall we say something.

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Speaker 1: Like that, Yeah, it's going to make that would make

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Speaker 1: it hard, right, I mean, all Reserve Bank Board meetings

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Speaker 1: would be relatively interesting. This one next week would be

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Speaker 1: a ripper. To be a fly on the wall, right.

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Speaker 2: Yeah, I mean not that they'd ever want to be

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Speaker 2: a fly on the wall, to be perfectly honest, the

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Speaker 2: Michael that I'd.

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Speaker 1: Rather be a gecko. Now they got a stick to

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Speaker 1: it there, Yeah.

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Speaker 2: Yeah, slightly scared.

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Speaker 1: Of them, yeah yeah, less likely to get swatted or

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Speaker 1: sprayed anyway. Maybe that's the new saying to oh, to

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Speaker 1: be a gecko on the wall for that Reserve Bank

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Speaker 1: Board meeting. Moving on, Sean, the golden child of the

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Speaker 1: local tech sector, at Lassian will cut ten percent of

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Speaker 1: its workforce, saying that artificial intelligence has reduced the number

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Speaker 1: of people that needs and the cost savings will be

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Speaker 1: deployed in developing AI in the business. So that's about

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Speaker 1: sixteen hundred jobs, of which four hundred and eighty are

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Speaker 1: expected to come from here from Australian operations. It is

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Speaker 1: the highest profile local company now to slash jobs as

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Speaker 1: a direct result of the growth of AI.

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Speaker 2: Co founder and chief executive Mike can Brooks said the

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Speaker 2: company's chief technology officer, Raji Rajhan, was among those leaving.

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Speaker 2: At Lassian, of course, is listed on NASDAK on Wall Street,

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Speaker 2: its share prices down sixty six percent in the past

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Speaker 2: twelve months. It's part of what market watches are calling

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Speaker 2: the SaaS apocalypse, where software service providers being hammered because

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Speaker 2: of the potential for AI to replace what they do now.

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Speaker 2: Caden Brooks said the decision was made to spend more

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Speaker 2: money investing in AI and enterprise sales. So rather than

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Speaker 2: AI hurting the company, he's his argument has always been

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Speaker 2: that it will help the company do things better and

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Speaker 2: do it cheaper and I wait and see on that.

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Speaker 1: Yeah. Indeed, now at least three point two million Australians

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Speaker 1: or what's that one in seven experienced personal fraud last

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Speaker 1: financial year, double the level of a decade ago. That

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Speaker 1: is really high. The big one here, according to the ABS,

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Speaker 1: is card fraud. Ten percent of the population experiencing it

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Speaker 1: each year, and total losses from card fraud were estimated

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Speaker 1: to be two point two billion.

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Speaker 2: Dollars last financial year. The really good news is that

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Speaker 2: about three quarters of Australians who experienced car fraud were

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Speaker 2: reimbursed by their bank or card issuer. The survey also

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Speaker 2: found that around six hundred thousand people experienced a scam

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Speaker 2: in the last year, although that was less than a

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Speaker 2: year earlier. There were far fewer phishing scams as people

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Speaker 2: became savvier. Other than what you might call mainstream scams

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Speaker 2: included identity theft that two hundred and twenty thousand reports

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Speaker 2: of that, and online impersonation about five hundred thousand reports

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Speaker 2: of that.

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Speaker 1: Sean it's interesting when my phone did its recent update.

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Speaker 1: I've got an iPhone and when it did the recent

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Speaker 1: iOS update, as part of that, it automatically activated call

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Speaker 1: screening for any unknown numbers and so any number that

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Speaker 1: I don't know automatically gets diverted to a bot essentially

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Speaker 1: that asks who's calling and then it puts it through

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Speaker 1: to me. What that has done has removed entirely any

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Speaker 1: scam calls. Getting two three four scam calls a day

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Speaker 1: that were either automated ones or real people. I have

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Speaker 1: not had one in weeks, now, is that right? And

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Speaker 1: so this is kind of like a technology first approach

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Speaker 1: to preventing scams. And you just think, as more people

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Speaker 1: I know, that's a newer phone, right, but as more

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Speaker 1: people are kind of being exposed to that, that's going

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Speaker 1: to have an impact on the number of scams. It's

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Speaker 1: also cutting down the number of people that are actually

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Speaker 1: calling me. So I'm feeling quite lonely at the best

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Speaker 1: of times. But you know what, it is a good

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Speaker 1: result overall, and you only hope that post numbers continue

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Speaker 1: to decline. Turning to international news, I think this story

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Speaker 1: is awesome. Netflix will pay as much as six hundred

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Speaker 1: million US dollars that's about eight hundred and forty million

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Speaker 1: Aussie for Interpositive, which is the AI movie making company

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Speaker 1: founded by Ben Affleck, making the purchase one of the

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Speaker 1: biggest ever by the streaming leaders. Netflix hasn't really been

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Speaker 1: known for acquisitions into positives owner owners. There's more more

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Speaker 1: than just ben Affleck. They'll earn even more if it

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Speaker 1: meets certain performance targets, according to a report on Bloomberg.

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Speaker 2: So Netflix is buying in a positive to accelerate the

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Speaker 2: use of artificial intelligence in its filmmaking. The startup has

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Speaker 2: developed a suite of tools that allow filmmakers to alter

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Speaker 2: existing footage, so it's already been used in the upcoming

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Speaker 2: Brad Pitt film. The acquisition is also one of the

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Speaker 2: largest aideals by a major Hollywood company. Groups like Netflix,

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Speaker 2: Amazon are increasingly experimenting with AI technology to cut production,

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Speaker 2: production costs and improve the quality of their work. Now,

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Speaker 2: Amazon's created an in house team to deploy AI across

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Speaker 2: its film and TV work. Walt Disney has struck a

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Speaker 2: commercial partnership with Open AI. This is what Netflix is doing.

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Speaker 2: Hollywood workers worry that studios will use AI to eliminate

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Speaker 2: jobs cut costs. That are also concerned that tech companies

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Speaker 2: will steal their work and use it to train AI

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Speaker 2: technology without compensating them.

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Speaker 1: Finally, Sean British banknotes are losing the politicians and literary

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Speaker 1: figures and welcoming hedgehogs and badgers as you do right.

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Speaker 1: The next generation of pound notes will feature wildlife native

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Speaker 1: to the UK, according to the Bank of England, after

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Speaker 1: half a century in which that status was reserved for

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Speaker 1: historical figures, including Winston Churchill and Jane Austen.

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Speaker 2: No Australia would put on it. If you were going

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Speaker 2: to put on.

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Speaker 1: Life. Just animals, well, I mean we've already got them

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Speaker 1: on our coins, haven't we. Like we've already got a

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Speaker 1: kidners and kangaroos and true others.

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Speaker 2: Basically. The Bank of England held a public consultation refreshing

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Speaker 2: its money last year found nature emerged as the most

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Speaker 2: popular theme among the forty four thousand responses. According to Bloomberg,

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Speaker 2: historical figures came in third at second. Architecture landmarks fair enough.

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Speaker 2: The bank said it was looking for images that symbolized

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Speaker 2: the UK, resonated with the public and weren't divisive. Problem,

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Speaker 2: of course, removal of national icons like Jane Austen and

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Speaker 2: who's another.

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Speaker 1: Fellow, said Winston church Winston Churchill that one fairly prominent figure.

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Speaker 2: It's kind of fairly contentious at the moment because the

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Speaker 2: labor governments cloaked itself in pink patriotism. Basic with what's

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Speaker 2: going on, It's got this political landscape really fractioned at

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Speaker 2: the moment, dominance of right wing reform, you reform UK,

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Speaker 2: So any of these sorts of things are actually really

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Speaker 2: controversial at the moment.

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Speaker 1: Oh yeah, yeah. And instantly as soon as this emerged,

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Speaker 1: there were a lot of acquisitions of wokism essentially that

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Speaker 1: you're kind of removing the history in order to be

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Speaker 1: very neutral moving forward. So interesting to see how that

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Speaker 1: one plays out. Shure Now, speaking of interesting, a cracker

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Speaker 1: of a chap coming up after the show. You're speaking

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Speaker 1: today on Fear and Greed Q and A with Michael Ackland,

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Speaker 1: who is the chief financial officer at Telstra.

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Speaker 2: So we start by saying, Michael, you've got more than

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Speaker 2: a million shareholders, how do you keep them happy? How

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Speaker 2: do you get those dividends out there? And he has

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Speaker 2: a bit of a laugh and we talk about that.

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Speaker 2: But then we go on and how Telstra is using AI,

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Speaker 2: how it's instituting it, how it well, and he kind

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Speaker 2: of concedes that you can't actually ahead of using AI

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Speaker 2: be sure that it's going to work. But we talk

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Speaker 2: about trying to maximize your chances of AI working well

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Speaker 2: in a workplace from Telstra's point of view. Now, Telstra,

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Speaker 2: of course one of the biggest companies in the country,

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Speaker 2: and it's just great to get to see if I

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Speaker 2: want to have a chat about what's really relevant right now.

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Speaker 1: It is a really good conversation. It is coming up

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Speaker 1: next in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearandgreed dot com dot au, which is

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Speaker 1: also where you sign up for the free daily newsletter.

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Speaker 1: I'll put a link in the show notes. Make it

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Speaker 1: super easy. Thank you Sean, Thank you Michael. It's Friday,

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Speaker 1: the thirteenth of March twenty twenty six. Make sure you're

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Speaker 1: following the podcast and join us online on LinkedIn and Instagram.

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Speaker 1: I'm Michael Thompson and that was Fear and Agreed. Have

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Speaker 1: a great day.