1
00:00:04,280 --> 00:00:06,960
Speaker 1: Welcome to the weekend edition of the Fast Five Business

2
00:00:07,000 --> 00:00:08,200
Speaker 1: News by Fear and Greed.

3
00:00:08,280 --> 00:00:10,600
Speaker 2: I'm Michael Thompson and Hello Sean Aylmer.

4
00:00:10,800 --> 00:00:12,120
Speaker 3: Hello Michael Sean.

5
00:00:12,280 --> 00:00:14,200
Speaker 1: On weekdays, it's all about the Fast five, the top

6
00:00:14,200 --> 00:00:16,280
Speaker 1: five business stories in five minutes. On the weekend though

7
00:00:16,280 --> 00:00:18,040
Speaker 1: we still keep it to five minutes, but we are

8
00:00:18,079 --> 00:00:20,400
Speaker 1: going to pick out the biggest business story of the week,

9
00:00:20,560 --> 00:00:23,599
Speaker 1: the most remarkable story, a sleeper story, one that's not

10
00:00:23,640 --> 00:00:26,560
Speaker 1: getting the attention that it deserves, and then our favorite

11
00:00:26,640 --> 00:00:30,320
Speaker 1: business story. What was the biggest story? Though this week it's.

12
00:00:30,200 --> 00:00:32,440
Speaker 3: All about markets, the Australian share market. In fact, the

13
00:00:32,479 --> 00:00:35,640
Speaker 3: past week we've seen record highest the Commonwealth Bank, Macquarie Group,

14
00:00:35,720 --> 00:00:38,960
Speaker 3: Wistech Global the other three banks in near seven year highs.

15
00:00:39,320 --> 00:00:41,320
Speaker 3: West Farmers have come off a bit, but it's within

16
00:00:41,360 --> 00:00:44,080
Speaker 3: striking distance of a record. Even El's just doing all right.

17
00:00:44,240 --> 00:00:46,599
Speaker 3: It's trading around a one year high. Maybe not CSL,

18
00:00:46,640 --> 00:00:49,400
Speaker 3: maybe not. The big miners for the lithium and uranium

19
00:00:49,440 --> 00:00:52,560
Speaker 3: stocks did it very well this week as well. That's

20
00:00:52,600 --> 00:00:56,320
Speaker 3: all on shortage of supply concerns in other countries. There's

21
00:00:56,360 --> 00:00:58,880
Speaker 3: just growing confidence that the economy is going to land

22
00:00:59,040 --> 00:01:02,040
Speaker 3: softly and not go into recession. We'll start getting rate

23
00:01:02,120 --> 00:01:04,679
Speaker 3: cuts next year. The straight of inflation is still there,

24
00:01:04,680 --> 00:01:07,679
Speaker 3: but it's receding and that's giving investors confidence. Michael, what

25
00:01:07,720 --> 00:01:09,199
Speaker 3: about you? For the biggest story of the week.

26
00:01:09,480 --> 00:01:11,440
Speaker 1: The other big one that everyone was talking about was

27
00:01:11,440 --> 00:01:16,959
Speaker 1: the US presidential election debate, and this was extraordinary. It

28
00:01:16,959 --> 00:01:19,520
Speaker 1: was Donald Trump and Kamala Harris. According to pretty much

29
00:01:19,520 --> 00:01:22,640
Speaker 1: every poll and plenty of commentators on both sides, Harris

30
00:01:22,800 --> 00:01:25,240
Speaker 1: won the debate. It was so different though, from last

31
00:01:25,240 --> 00:01:28,720
Speaker 1: time when it was Trump and Biden. Kamala Harris went

32
00:01:28,760 --> 00:01:30,880
Speaker 1: into this bit of an unknown quantity for a lot

33
00:01:30,920 --> 00:01:32,959
Speaker 1: of voters, and a lot of people watched. Tens of

34
00:01:32,959 --> 00:01:35,199
Speaker 1: millions of people watch. So lay trap after trap after

35
00:01:35,200 --> 00:01:37,320
Speaker 1: trap for the former president. He just walked right into them.

36
00:01:37,920 --> 00:01:41,640
Speaker 1: Immigrants eating people's pets, sex change operations for illegal aliens

37
00:01:41,640 --> 00:01:45,120
Speaker 1: in jail, the execution of babies after birth, an endorsement

38
00:01:45,160 --> 00:01:48,760
Speaker 1: from the Hungarian prime minister, wildly considered to be a dictator.

39
00:01:49,840 --> 00:01:53,200
Speaker 1: It was a pretty impressive display according to a lot

40
00:01:53,200 --> 00:01:55,000
Speaker 1: of commentators, and as I mentioned, this was on the

41
00:01:55,040 --> 00:01:57,640
Speaker 1: Republican side as well. In case that wasn't enough, to

42
00:01:57,680 --> 00:02:01,200
Speaker 1: invigorate the Democrats. After the debate was Taylor Swift gave

43
00:02:01,240 --> 00:02:03,880
Speaker 1: her endorsement, which may actually prove to be more influential

44
00:02:03,920 --> 00:02:06,480
Speaker 1: than any debate. When in what like the first kind

45
00:02:06,480 --> 00:02:09,480
Speaker 1: of fourteen hours or something after that, more than three

46
00:02:09,600 --> 00:02:12,480
Speaker 1: hundred and thirty thousand people that clicked on Taylor Swift's

47
00:02:12,560 --> 00:02:15,440
Speaker 1: link to register to vote. That is a lot of

48
00:02:15,440 --> 00:02:17,120
Speaker 1: people becoming engaged in politics.

49
00:02:17,520 --> 00:02:20,440
Speaker 3: Quite incredible, remarkable lot, even saying Michael, which of course

50
00:02:20,480 --> 00:02:22,519
Speaker 3: takes us to the next category, what was your most

51
00:02:22,520 --> 00:02:23,639
Speaker 3: remarkable story for the week?

52
00:02:23,760 --> 00:02:25,240
Speaker 2: Oh, what a segue, Sean.

53
00:02:25,280 --> 00:02:28,000
Speaker 1: The most remarkable story, I think is the world biggest

54
00:02:28,160 --> 00:02:32,079
Speaker 1: tech company, the world biggest company full stop making a massive,

55
00:02:32,080 --> 00:02:36,560
Speaker 1: massive announcement, Apple launching its new range of iPhones, Apple watches,

56
00:02:36,600 --> 00:02:39,440
Speaker 1: and AirPods. The company of obviously worth three and a

57
00:02:39,520 --> 00:02:42,160
Speaker 1: half trillion US dollars. Its fortunes and the fortunes of

58
00:02:42,200 --> 00:02:45,720
Speaker 1: its investors largely rely on the success of the iPhone.

59
00:02:46,000 --> 00:02:49,080
Speaker 1: Everyone talking about Apple Intelligence, all those features that will

60
00:02:49,080 --> 00:02:51,320
Speaker 1: be rolled out to make lives easier. But the interesting thing,

61
00:02:51,560 --> 00:02:54,600
Speaker 1: the really remarkable thing, was how they focus so much

62
00:02:54,680 --> 00:02:57,120
Speaker 1: now on health as well. We've got AirPods that can

63
00:02:57,160 --> 00:02:59,520
Speaker 1: test hearing loss and then work as hearing aids, and

64
00:02:59,600 --> 00:03:02,799
Speaker 1: Apple Watch the detect sleep appnear you kind of put

65
00:03:02,840 --> 00:03:06,119
Speaker 1: all of this together with the Apple intelligence features as well.

66
00:03:06,160 --> 00:03:08,880
Speaker 1: And it was a big, big week for the world's

67
00:03:08,880 --> 00:03:10,040
Speaker 1: biggest company.

68
00:03:09,720 --> 00:03:11,520
Speaker 3: Sure was. Can I tell you my sleeper story for

69
00:03:11,520 --> 00:03:14,280
Speaker 3: the week, mikel Oh, Yes, please. And new CEOs and

70
00:03:14,360 --> 00:03:17,200
Speaker 3: chairs is a bit going on. CEOs and chairs are

71
00:03:17,280 --> 00:03:19,880
Speaker 3: very influential, of course, they run companies. We've got lots

72
00:03:19,880 --> 00:03:21,639
Speaker 3: of news on that this week. Westpap will get a

73
00:03:21,680 --> 00:03:23,840
Speaker 3: new CEO, with the boss of the business banking unit,

74
00:03:23,880 --> 00:03:27,360
Speaker 3: Anthony Miller, taking over the top job in December. His

75
00:03:27,639 --> 00:03:31,359
Speaker 3: key role is to improve Westpac's tech stack. It currently

76
00:03:31,440 --> 00:03:34,160
Speaker 3: operates one hundred and eighty platforms, wants to get down

77
00:03:34,160 --> 00:03:36,240
Speaker 3: to about sixty. That'll be a big, big job. Good

78
00:03:36,280 --> 00:03:38,600
Speaker 3: luck to him. The chair of the ax Amen roats

79
00:03:38,600 --> 00:03:40,920
Speaker 3: and he'll retire next month after four years as head

80
00:03:40,960 --> 00:03:43,360
Speaker 3: of the board of the share market operator. That period

81
00:03:43,440 --> 00:03:46,480
Speaker 3: was notable for the failed rollout of a settlement in

82
00:03:46,560 --> 00:03:51,160
Speaker 3: clearing infrastructure known as Chess and ib CEO Mike Fitzgibbon.

83
00:03:51,240 --> 00:03:54,320
Speaker 3: He's been around for twenty years he's quit and under fire.

84
00:03:54,360 --> 00:03:57,160
Speaker 3: Boss of nine Mike Sneezebee said it's time for him

85
00:03:57,160 --> 00:03:59,240
Speaker 3: to go. The company's share price is dropped by more

86
00:03:59,280 --> 00:04:01,840
Speaker 3: than fifty percent since he took the job. Been very

87
00:04:01,840 --> 00:04:03,600
Speaker 3: tough for him. Just a lot of change at the top.

88
00:04:03,680 --> 00:04:04,520
Speaker 2: Michael. Yeah.

89
00:04:04,560 --> 00:04:07,280
Speaker 1: Indeed, look two kind of sleeper stories out of Canberra,

90
00:04:07,320 --> 00:04:09,720
Speaker 1: and they're only sleepers because they will become bigger stories

91
00:04:09,760 --> 00:04:11,800
Speaker 1: later on down the track once laws are passed, all

92
00:04:11,840 --> 00:04:14,560
Speaker 1: that kind of thing. But the first one was social

93
00:04:14,560 --> 00:04:16,880
Speaker 1: media bands for teenager has been talk of it for

94
00:04:16,920 --> 00:04:19,719
Speaker 1: a while. This week the government committed to making it

95
00:04:19,800 --> 00:04:22,560
Speaker 1: happen this year. So that's a big one. The other

96
00:04:22,600 --> 00:04:25,599
Speaker 1: one is the biggest overhaul in aged care funding in

97
00:04:25,680 --> 00:04:28,760
Speaker 1: three decades, the Government and the Opposition striking a deal

98
00:04:28,800 --> 00:04:30,640
Speaker 1: on the Age Care Act. A lot of extra funding

99
00:04:30,720 --> 00:04:33,720
Speaker 1: for support at home, new laws will protect older Australians.

100
00:04:34,240 --> 00:04:35,880
Speaker 1: It is also kind of a display of a bit

101
00:04:35,880 --> 00:04:39,080
Speaker 1: of bipartisanship, the two kind of main parties landing on

102
00:04:39,120 --> 00:04:41,240
Speaker 1: a position where they kind of agree on a few things,

103
00:04:41,279 --> 00:04:43,640
Speaker 1: which just doesn't happen that often in Canberra anymore.

104
00:04:43,880 --> 00:04:45,880
Speaker 3: It doesn't. I've got to tell you about my favorite story.

105
00:04:45,880 --> 00:04:49,120
Speaker 3: It's about the Cavendish banana. We eat five million bananas

106
00:04:49,160 --> 00:04:54,600
Speaker 3: a day in Australia. Incredible. Every Cavendish banana actually came

107
00:04:54,839 --> 00:04:59,120
Speaker 3: from an original banana. They believe that occurred naturally about

108
00:04:59,120 --> 00:05:02,520
Speaker 3: one thousand years ago. But because Cavendish bananas are sterile,

109
00:05:02,600 --> 00:05:05,839
Speaker 3: meaning they're propagated by cutting stems from a parent plant,

110
00:05:06,520 --> 00:05:09,320
Speaker 3: every banana now, every Cavendish banana has come from that

111
00:05:09,480 --> 00:05:14,160
Speaker 3: original one. Most eaten fruit in the world, it's actually

112
00:05:14,160 --> 00:05:17,040
Speaker 3: a herb. It's not actually a fruit after all. A

113
00:05:17,160 --> 00:05:20,800
Speaker 3: lack of genetic diversity has made it vulnerable to bacterial disease.

114
00:05:20,839 --> 00:05:24,599
Speaker 3: Hence the introduction of a genetically modified banana. The first

115
00:05:24,640 --> 00:05:27,240
Speaker 3: one was eaten, or at least the first one in

116
00:05:27,279 --> 00:05:30,960
Speaker 3: Australia was eaten this week. I think that's something to celebrate.

117
00:05:31,200 --> 00:05:33,960
Speaker 2: I think that is indeed, and Sean my favorite story.

118
00:05:33,960 --> 00:05:36,480
Speaker 1: If I was to say only fans too on this podcast,

119
00:05:36,640 --> 00:05:38,880
Speaker 1: it would probably kind of question what I'm doing. But

120
00:05:38,920 --> 00:05:42,720
Speaker 1: the fact is it has a business purpose here, and

121
00:05:42,760 --> 00:05:46,000
Speaker 1: the fact is that the number of content creators on

122
00:05:46,040 --> 00:05:48,200
Speaker 1: this platform has grown to four point one million.

123
00:05:48,240 --> 00:05:49,679
Speaker 2: It only began eight years.

124
00:05:49,520 --> 00:05:54,200
Speaker 1: Ago, but in the last year only fans paid out

125
00:05:54,240 --> 00:05:57,360
Speaker 1: six point six billion dollars to those content creators. We

126
00:05:57,400 --> 00:05:59,280
Speaker 1: found that out this week another six hundred.

127
00:05:59,000 --> 00:05:59,640
Speaker 2: And thirty million.

128
00:05:59,720 --> 00:06:02,640
Speaker 1: When to Leonard Radvinski, the man who now owns it,

129
00:06:02,640 --> 00:06:06,000
Speaker 1: it is pretty spectacular growth for a platform, and actually

130
00:06:06,080 --> 00:06:08,839
Speaker 1: quite impressive to see the people creating the content being

131
00:06:08,880 --> 00:06:10,679
Speaker 1: the ones to actually receive the money.

132
00:06:10,720 --> 00:06:12,679
Speaker 2: I just think it's a really interesting business model.

133
00:06:12,920 --> 00:06:14,800
Speaker 1: Sure is all right, there we go five minutes and

134
00:06:14,839 --> 00:06:16,360
Speaker 1: pretty much everything you need to know in the world

135
00:06:16,360 --> 00:06:16,760
Speaker 1: of business.

136
00:06:16,760 --> 00:06:18,240
Speaker 2: Thank you Sean, Thank you Michael.

137
00:06:18,440 --> 00:06:20,200
Speaker 1: We'll be back on Monday morning with the top five

138
00:06:20,200 --> 00:06:22,520
Speaker 1: business stories in five minutes. Don't forget to hit follow

139
00:06:22,560 --> 00:06:26,320
Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X.

140
00:06:26,360 --> 00:06:28,840
Speaker 1: I'm Michael Thompson and this is the fast five business news.

141
00:06:28,839 --> 00:06:29,600
Speaker 2: Buck here and greet