1 00:00:03,800 --> 00:00:06,720 Speaker 1: It's Friday, the sixth of June twenty twenty five. Welcome 2 00:00:06,760 --> 00:00:09,040 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,039 --> 00:00:10,840 Speaker 1: where we give you the top five business stories you 4 00:00:10,880 --> 00:00:13,360 Speaker 1: need to know when just five minutes. I'm Michael Thompson 5 00:00:13,400 --> 00:00:14,720 Speaker 1: and good morning Sean Alem. 6 00:00:14,880 --> 00:00:16,080 Speaker 2: Good morning Michael, Sean. 7 00:00:16,120 --> 00:00:18,159 Speaker 1: Five stories, five minutes. Let's go a story. Number one. 8 00:00:18,200 --> 00:00:21,080 Speaker 1: The federal government is close to doing a deal with 9 00:00:21,120 --> 00:00:24,400 Speaker 1: the Greens over its tax hike on superannuation balances above 10 00:00:24,440 --> 00:00:25,439 Speaker 1: three million dollars. 11 00:00:25,640 --> 00:00:29,440 Speaker 2: It's most controversial legislation under discussion at the moment. The 12 00:00:29,440 --> 00:00:33,640 Speaker 2: earnings tax rate on superannuation balances above three million dollars 13 00:00:33,920 --> 00:00:36,959 Speaker 2: will rise from fifteen percent to thirty percent. The more 14 00:00:37,000 --> 00:00:39,840 Speaker 2: controversial part of the legislation is that it will tax 15 00:00:39,960 --> 00:00:43,600 Speaker 2: unrealized gains. About eighty thousand people could have to pay 16 00:00:43,640 --> 00:00:46,200 Speaker 2: tax on their superbalances of more than three million dollars 17 00:00:46,520 --> 00:00:49,400 Speaker 2: even though they haven't sold anything or drown down anything, 18 00:00:49,640 --> 00:00:52,640 Speaker 2: So people with property holdings in a superfund could be 19 00:00:52,640 --> 00:00:55,639 Speaker 2: caught out for example. Also, that three million dollars threshold 20 00:00:55,680 --> 00:00:58,200 Speaker 2: is not linked to inflation, so more and more people 21 00:00:58,200 --> 00:01:00,960 Speaker 2: will be caught up over time. T He estimates the 22 00:01:00,960 --> 00:01:03,800 Speaker 2: top ten percent of taxpayers would be impacted in thirty 23 00:01:03,880 --> 00:01:07,160 Speaker 2: years if the three million dollar threshold is an indexed. 24 00:01:07,360 --> 00:01:10,319 Speaker 2: The Financial Services Council projects more than half a million 25 00:01:10,360 --> 00:01:13,120 Speaker 2: people who are working today will be caught up by 26 00:01:13,160 --> 00:01:16,000 Speaker 2: the tax over their lifetime. Now, the other controversial bit 27 00:01:16,040 --> 00:01:19,039 Speaker 2: is that Polly's will be treated differently because most of 28 00:01:19,080 --> 00:01:22,320 Speaker 2: them are part of defined benefit schemes. They'll be able 29 00:01:22,360 --> 00:01:25,959 Speaker 2: to defer any tax liability. Doesn't seem fair. The Greens yesterday, 30 00:01:26,000 --> 00:01:29,160 Speaker 2: though pledged in principal support for legislation, it came out 31 00:01:29,200 --> 00:01:31,240 Speaker 2: for the coalition shut down the possibility of doing a 32 00:01:31,280 --> 00:01:32,480 Speaker 2: deal with the government. 33 00:01:32,400 --> 00:01:35,600 Speaker 1: Just quickly before we leave politics. Shawn former Liberal president 34 00:01:35,800 --> 00:01:38,560 Speaker 1: Alan Stockdale, told a meeting of the New South Wales 35 00:01:38,640 --> 00:01:42,320 Speaker 1: Liberal Women's Council that female party members had become assertive 36 00:01:42,720 --> 00:01:45,000 Speaker 1: and that their male counterparts need protection. 37 00:01:45,440 --> 00:01:49,520 Speaker 2: Auch didn't go down well with senior Conservatives, including Opposition 38 00:01:49,600 --> 00:01:53,000 Speaker 2: leader Susan Lee same deal. Anthony Alberniezi was critical of it. 39 00:01:53,120 --> 00:01:57,080 Speaker 2: Stockdale apologized yesterday, but I think the best quote went 40 00:01:57,120 --> 00:02:00,960 Speaker 2: to National Senator Bridget Mackenzie. She said, honestly, Alan read 41 00:02:01,000 --> 00:02:02,600 Speaker 2: the room. It was a shocking comment. I think it's 42 00:02:02,600 --> 00:02:04,280 Speaker 2: time for Alan to head back to the Melbourne Club, 43 00:02:04,320 --> 00:02:05,920 Speaker 2: have a stiff whiskey and chat with the old boys 44 00:02:05,960 --> 00:02:07,600 Speaker 2: about what went wrong and how to do it better 45 00:02:07,600 --> 00:02:08,000 Speaker 2: next time. 46 00:02:08,080 --> 00:02:10,160 Speaker 1: Yeah, well said, all right, onto story number two. Now, 47 00:02:10,200 --> 00:02:12,600 Speaker 1: for at least thirty five years, Sean Australia had been 48 00:02:12,680 --> 00:02:15,200 Speaker 1: running a trade deficit with the USS and we buy 49 00:02:15,240 --> 00:02:17,480 Speaker 1: more from the US than we sell to them. That 50 00:02:17,560 --> 00:02:20,000 Speaker 1: was up until February this year, and then again in March, 51 00:02:20,040 --> 00:02:23,440 Speaker 1: which unfortunately was right ahead of Donald Trump's Liberation Day tariff, 52 00:02:23,480 --> 00:02:27,120 Speaker 1: so a spectacularly bad case of timing there. Things though, 53 00:02:27,240 --> 00:02:30,040 Speaker 1: have now returned to normal, with the US trade deficit 54 00:02:30,080 --> 00:02:31,240 Speaker 1: re emerging in April. 55 00:02:31,400 --> 00:02:35,160 Speaker 2: Yes, as you say, very unfortunate timing. The reason for 56 00:02:35,240 --> 00:02:37,880 Speaker 2: the surplus for those two months were big and unusual 57 00:02:37,919 --> 00:02:40,359 Speaker 2: sales of gold, so investors in the US were looking 58 00:02:40,400 --> 00:02:42,480 Speaker 2: for somewhere slafe to put their money. They're looking for gold, 59 00:02:42,600 --> 00:02:45,080 Speaker 2: we had it, Hence we ended up going from a 60 00:02:45,160 --> 00:02:48,919 Speaker 2: deficit to a surplus. The Australian Bureau Statistics data released 61 00:02:49,000 --> 00:02:51,480 Speaker 2: yesterday showed things are back to normal, though we're running 62 00:02:51,520 --> 00:02:53,600 Speaker 2: a one point six billion dollar deficit with the US. 63 00:02:53,600 --> 00:02:55,960 Speaker 2: I'm sure Donald Trump would be happy about that. We 64 00:02:56,000 --> 00:02:58,639 Speaker 2: are still selling plenty of gold to the US investors. 65 00:02:58,720 --> 00:03:00,959 Speaker 2: But the ship has righted it, so to speak. 66 00:03:01,160 --> 00:03:04,480 Speaker 1: Story number three. Ocean temperatures in the Southwest Pacific reached 67 00:03:04,520 --> 00:03:07,519 Speaker 1: fresh hires in twenty twenty four, as heat waves struck 68 00:03:07,560 --> 00:03:10,240 Speaker 1: more than ten percent of the world's marine waters. 69 00:03:10,840 --> 00:03:13,360 Speaker 2: Long stints of extreme ocean heat were experienced by nearly 70 00:03:13,360 --> 00:03:16,760 Speaker 2: forty million square kilometers of the region last year, including 71 00:03:16,800 --> 00:03:20,919 Speaker 2: the waters around Australia, according to the World Meteorological Organization. 72 00:03:21,480 --> 00:03:25,720 Speaker 2: The organization says the ocean heat and acidification were inflicting 73 00:03:25,840 --> 00:03:29,560 Speaker 2: long lasting damage on marine ecosystems and economies. For example, 74 00:03:29,560 --> 00:03:33,000 Speaker 2: the Great Barrier Reef has reported six mass bleaching events 75 00:03:33,040 --> 00:03:35,680 Speaker 2: in the last ten years. Warming on land was also 76 00:03:35,760 --> 00:03:38,400 Speaker 2: higher than it had ever been. In twenty twenty four, 77 00:03:38,480 --> 00:03:40,880 Speaker 2: temperatures were around zero point four eight degrees above the 78 00:03:40,960 --> 00:03:43,840 Speaker 2: nineteen ninety one to twenty twenty average across the region. 79 00:03:44,120 --> 00:03:48,120 Speaker 2: According to report on AAP, heat waves particularly acute in 80 00:03:48,160 --> 00:03:51,600 Speaker 2: Western Australia, with the coastal town of Canarbon reaching forty 81 00:03:51,680 --> 00:03:54,600 Speaker 2: nine point nine degrees in February. There was two degrees 82 00:03:54,600 --> 00:03:56,160 Speaker 2: above the previous record. 83 00:03:55,960 --> 00:03:59,400 Speaker 1: Wow story number four. Donald Trump has banned citizens of 84 00:03:59,440 --> 00:04:03,400 Speaker 1: twelve trees from entering the US and also launched an 85 00:04:03,440 --> 00:04:07,360 Speaker 1: investigation into aids of Joe Biden for allegedly concealing his 86 00:04:07,440 --> 00:04:08,200 Speaker 1: mental decline. 87 00:04:08,240 --> 00:04:11,080 Speaker 2: The sweeping ban on entry for foreign nationals from certain 88 00:04:11,120 --> 00:04:13,600 Speaker 2: countries is reminiscent of the so called Muslim ban he 89 00:04:13,640 --> 00:04:16,719 Speaker 2: introduced during his first term. It applies on a bunch 90 00:04:16,720 --> 00:04:23,640 Speaker 2: of countries, including Afghanistan, Congo, Erichaya, Haiti, Iran, Libya, Somali Sidan, Yemen, 91 00:04:24,080 --> 00:04:27,120 Speaker 2: and Me and mart Trump also put partial restrictions on 92 00:04:27,200 --> 00:04:31,440 Speaker 2: people from places like Cuba, Turkmenistan, Venezuela. He said the 93 00:04:31,480 --> 00:04:33,800 Speaker 2: ban would allow the US government to and I quote 94 00:04:33,839 --> 00:04:37,360 Speaker 2: protected citizens from terrorist attacks and other national security or 95 00:04:37,400 --> 00:04:40,600 Speaker 2: public safety threats end quote. The investigation into Biden and 96 00:04:40,600 --> 00:04:43,599 Speaker 2: his AIDS follows through on his election campaign, vows to 97 00:04:43,640 --> 00:04:47,120 Speaker 2: investigate his predecessor. Also yesterday, Trump renewed his assault on 98 00:04:47,160 --> 00:04:50,880 Speaker 2: Harvard University, scrapping visa for foreign students looking to study 99 00:04:50,920 --> 00:04:51,919 Speaker 2: at the elite institution. 100 00:04:52,240 --> 00:04:54,920 Speaker 1: Last one storing number five, a ship carrying about three 101 00:04:54,960 --> 00:04:58,200 Speaker 1: thousand cars to Mexico was abandoned in the middle of 102 00:04:58,240 --> 00:05:01,800 Speaker 1: the Pacific Ocean earlier this week, highlighting a growing risk 103 00:05:01,960 --> 00:05:04,120 Speaker 1: to the transportation of electric vehicles. 104 00:05:04,240 --> 00:05:07,479 Speaker 2: The fire aboard the Morning Midas occurred approximately three hundred 105 00:05:07,520 --> 00:05:10,080 Speaker 2: miles south of Attack Island and Alaska. According to the 106 00:05:10,160 --> 00:05:13,240 Speaker 2: US Coast Guard, Smoke was first seen coming from a 107 00:05:13,360 --> 00:05:16,719 Speaker 2: deck of the vessel. The cargo included about eight hundred 108 00:05:16,760 --> 00:05:20,640 Speaker 2: electric vehicles. The crew initiated firefighting procedures. Blazes couldn't be 109 00:05:20,640 --> 00:05:23,200 Speaker 2: brought under control, according to Bloomberg, and they had to 110 00:05:23,279 --> 00:05:26,960 Speaker 2: basically abandon ship. Fires are becoming a bigger problem in 111 00:05:27,000 --> 00:05:30,920 Speaker 2: global shipping involved with evs. They're often hard to extinguish, 112 00:05:31,040 --> 00:05:34,279 Speaker 2: more dangerous to fight. Tightly packed car carrying cargo ships 113 00:05:34,279 --> 00:05:38,040 Speaker 2: have limited ventilation that can intensify heat. It's a problem 114 00:05:38,160 --> 00:05:39,279 Speaker 2: for the shipping industry. 115 00:05:39,400 --> 00:05:41,120 Speaker 1: Yeah, indeed, all right, there we go the top five 116 00:05:41,160 --> 00:05:43,719 Speaker 1: business stories in five minutes. Thank you Sean, Thank you Michael. 117 00:05:43,960 --> 00:05:46,320 Speaker 1: It is Friday, the sixth of June twenty twenty five, 118 00:05:46,360 --> 00:05:48,880 Speaker 1: remembered hit follow on the podcast and if five minutes 119 00:05:48,920 --> 00:05:51,280 Speaker 1: isn't enough, you can find our longer daily show called 120 00:05:51,279 --> 00:05:54,119 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 121 00:05:54,160 --> 00:05:56,240 Speaker 1: Thompson and that was the fast five business news by 122 00:05:56,240 --> 00:05:57,680 Speaker 1: fear and greed. Have a great day.