1
00:00:06,200 --> 00:00:09,120
Speaker 1: Welcome to Fear and Greed business news you can use today.

2
00:00:09,280 --> 00:00:12,200
Speaker 1: Reserve Bank Governor Michelle Bullock gives the economy a tick

3
00:00:12,200 --> 00:00:15,120
Speaker 1: of approval ahead of crucial labor force figures this week.

4
00:00:15,480 --> 00:00:19,040
Speaker 1: Qantas says five point seven million customer records have been

5
00:00:19,120 --> 00:00:22,040
Speaker 1: leaked on the dark web and bitcoin has a record

6
00:00:22,120 --> 00:00:26,760
Speaker 1: sell off. Plus Victoria will legislate to criminalize aggression towards retail,

7
00:00:26,880 --> 00:00:31,720
Speaker 1: hospitality and transport workers. And Penfoll's latest Grange vintage spurs

8
00:00:31,800 --> 00:00:35,160
Speaker 1: local sales. It is Monday, the thirteenth of October twenty

9
00:00:35,200 --> 00:00:39,200
Speaker 1: twenty five. I'm Michael Thompson and good morning, Sean Aylmer. Morning, Michael,

10
00:00:39,280 --> 00:00:40,480
Speaker 1: welcome back to the show.

11
00:00:40,600 --> 00:00:41,440
Speaker 2: How was your week off?

12
00:00:41,760 --> 00:00:43,880
Speaker 1: Oh it was very nice, thank you, and a very

13
00:00:43,880 --> 00:00:46,320
Speaker 1: busy news week by the looks of it. I've spent

14
00:00:46,360 --> 00:00:49,040
Speaker 1: a very enjoyable weekend catching up on all the fear

15
00:00:49,080 --> 00:00:50,320
Speaker 1: and greed that I missed out.

16
00:00:50,120 --> 00:00:53,120
Speaker 2: On what you weren't listing as as you went.

17
00:00:54,080 --> 00:00:57,040
Speaker 1: The main story this morning, Sean. Reserve Bank Governor Michelle

18
00:00:57,040 --> 00:01:00,480
Speaker 1: Bullock has given the labor market her tick of a approval,

19
00:01:00,880 --> 00:01:03,400
Speaker 1: adding that it is a little bit tight in some

20
00:01:03,600 --> 00:01:07,039
Speaker 1: areas and the Central Bank expects the unemployment rate to

21
00:01:07,120 --> 00:01:09,280
Speaker 1: drift a bit higher over the rest of the year.

22
00:01:09,720 --> 00:01:13,039
Speaker 2: She said that services inflation was still a little sticky.

23
00:01:13,280 --> 00:01:15,080
Speaker 2: These are all these terms a little bit tighter, little

24
00:01:15,080 --> 00:01:17,640
Speaker 2: sticky terms that the Reserve Bank tends to use, but

25
00:01:17,720 --> 00:01:20,960
Speaker 2: it was being offset by slightly lower goods inflation. The

26
00:01:21,000 --> 00:01:23,840
Speaker 2: governor also expects the private sector to take over from

27
00:01:23,840 --> 00:01:26,399
Speaker 2: the public sector as the driver of economic growth in

28
00:01:26,480 --> 00:01:29,240
Speaker 2: recent years. She said government spending had filled the gap,

29
00:01:29,240 --> 00:01:31,240
Speaker 2: but that was likely to change and there was a

30
00:01:31,280 --> 00:01:34,160
Speaker 2: switch going on from public to private sector demand. She

31
00:01:34,240 --> 00:01:36,800
Speaker 2: was also upbeat about consumption, saying it was a bit

32
00:01:36,800 --> 00:01:39,759
Speaker 2: better than expected. She didn't say it, but high consumption

33
00:01:39,880 --> 00:01:41,920
Speaker 2: is also the reason why the Reserve Banks sounded just

34
00:01:41,959 --> 00:01:45,399
Speaker 2: a little cooler on future interst rate cuts at its

35
00:01:45,400 --> 00:01:48,520
Speaker 2: board meeting a couple of weeks ago. In the construction sector,

36
00:01:48,600 --> 00:01:50,960
Speaker 2: a big employer and also a big booster to the

37
00:01:51,000 --> 00:01:54,440
Speaker 2: overall economy, it remained sluggish, she said, adding that the

38
00:01:54,480 --> 00:01:57,040
Speaker 2: government's policy to allow first time buyers to purchase a

39
00:01:57,120 --> 00:02:01,160
Speaker 2: home with a five percent deposit could push up house prices.

40
00:02:01,480 --> 00:02:03,880
Speaker 2: She also talked about investors being back in the market,

41
00:02:04,120 --> 00:02:06,560
Speaker 2: but look was speaking before Senate estimates on Friday, in

42
00:02:06,600 --> 00:02:08,440
Speaker 2: ahead of a bump a week for economic years with

43
00:02:08,520 --> 00:02:12,560
Speaker 2: speeches from her and other Reserve Bank senior management scheduled,

44
00:02:12,760 --> 00:02:16,960
Speaker 2: along with September labor force figures. Away from pure economics,

45
00:02:17,000 --> 00:02:19,760
Speaker 2: Bullets said the Central Bank was working through over one

46
00:02:19,840 --> 00:02:23,320
Speaker 2: hundred and seventy responses to its working paper on reforms

47
00:02:23,440 --> 00:02:24,919
Speaker 2: to card surcharges.

48
00:02:26,280 --> 00:02:29,000
Speaker 1: It is a big week for the economy, as you say,

49
00:02:29,400 --> 00:02:31,520
Speaker 1: lots of speeches coming up. We do have Michelle Bullet

50
00:02:31,520 --> 00:02:34,320
Speaker 1: speaking in New York later in the week. Chief economist

51
00:02:34,480 --> 00:02:37,840
Speaker 1: Sarah Hunter is speaking tomorrow, and then, as you mentioned,

52
00:02:37,840 --> 00:02:39,399
Speaker 1: the September labor force starter.

53
00:02:39,760 --> 00:02:41,760
Speaker 2: And we'll get the minutes from the latest Reserve Bank

54
00:02:41,760 --> 00:02:44,600
Speaker 2: Board meeting of two weeks ago when they went a

55
00:02:44,600 --> 00:02:47,560
Speaker 2: little cooler on rate cuts. So definitely a very big

56
00:02:47,560 --> 00:02:50,320
Speaker 2: week for the economy. One issue that analysts will be

57
00:02:50,360 --> 00:02:54,080
Speaker 2: listening carefully for is what the Central Bank thinks of

58
00:02:54,280 --> 00:02:58,560
Speaker 2: asset prices now. Bullet recently in third so she thought

59
00:02:58,560 --> 00:03:01,760
Speaker 2: the share market was potentially evalued. It's something the Bank

60
00:03:01,760 --> 00:03:05,239
Speaker 2: of England has warned about over the last week. Also

61
00:03:05,440 --> 00:03:08,880
Speaker 2: with gold training at record levels, Bitcoin was and we'll

62
00:03:08,880 --> 00:03:11,200
Speaker 2: talk about that in a moment, there's just plenty of

63
00:03:11,280 --> 00:03:14,120
Speaker 2: room for asset prices to fall. So I think many

64
00:03:14,160 --> 00:03:17,440
Speaker 2: analysts be waiting to see what Michelle Bullock Sarah Hunter

65
00:03:17,560 --> 00:03:20,360
Speaker 2: says about asset prices on that.

66
00:03:21,000 --> 00:03:23,520
Speaker 1: How did the AX finish up on Friday?

67
00:03:24,080 --> 00:03:28,240
Speaker 2: Well, the SMPASEX two hundred closed slightly lower on Friday

68
00:03:28,320 --> 00:03:31,160
Speaker 2: to eighty nine hundred and fifty eight points. Mining stocks

69
00:03:31,200 --> 00:03:34,520
Speaker 2: detracted from an otherwise positive day. But things aren't looking

70
00:03:34,600 --> 00:03:37,800
Speaker 2: quite so rosy as we head into the new session.

71
00:03:37,800 --> 00:03:40,120
Speaker 2: Wall Street tumbled over the weekend. The S and P

72
00:03:40,280 --> 00:03:43,680
Speaker 2: five hundred fell nearly three percent, worse session in six months,

73
00:03:43,800 --> 00:03:46,240
Speaker 2: while the NASAK one hundred fell three and a half percent.

74
00:03:46,680 --> 00:03:50,200
Speaker 2: The Wall Street fear gauged called the VIX index, it

75
00:03:50,280 --> 00:03:53,440
Speaker 2: topped twenty for the first time since April. All that

76
00:03:53,480 --> 00:03:56,280
Speaker 2: came after US President Donald Trump declared over the weekend

77
00:03:56,280 --> 00:03:59,120
Speaker 2: that he would impose an additional one hundred percent tariff

78
00:03:59,160 --> 00:04:03,800
Speaker 2: on China and exports control and export controls on and

79
00:04:03,840 --> 00:04:08,760
Speaker 2: I quote any and all critical software end quote from

80
00:04:08,840 --> 00:04:11,840
Speaker 2: November one. That's in retaliation of Beijing placing curbs on

81
00:04:11,880 --> 00:04:14,960
Speaker 2: the exports of rare earths. The White House then acknowledged

82
00:04:14,960 --> 00:04:18,159
Speaker 2: Trump could retreat from the dramatic escalation of China back

83
00:04:18,200 --> 00:04:21,320
Speaker 2: down from its rare earth restrictions, but it certainly it

84
00:04:21,400 --> 00:04:23,240
Speaker 2: spoot markets.

85
00:04:23,400 --> 00:04:25,200
Speaker 1: Something that we're going to do as a Q and

86
00:04:25,279 --> 00:04:29,320
Speaker 1: A at some point soon, Sean, is I want to

87
00:04:29,320 --> 00:04:32,159
Speaker 1: take a closer look at that VIX index, that this

88
00:04:32,279 --> 00:04:35,040
Speaker 1: idea of the fear index or the fear gauge and

89
00:04:35,120 --> 00:04:38,800
Speaker 1: how that actually measures is because it is really quite interesting.

90
00:04:38,800 --> 00:04:40,360
Speaker 1: But I won't put you on the spot right now

91
00:04:40,360 --> 00:04:44,080
Speaker 1: and ask you to explain in detail, but perhaps later

92
00:04:44,120 --> 00:04:45,680
Speaker 1: in the week we might address that in Fear and

93
00:04:45,720 --> 00:04:46,160
Speaker 1: Greed Q.

94
00:04:46,160 --> 00:04:49,000
Speaker 2: And A one day excellent idea excellent. Now.

95
00:04:49,279 --> 00:04:52,920
Speaker 1: One asset Sean that didn't appreciate the US China tariff

96
00:04:52,920 --> 00:04:57,279
Speaker 1: threat was cryptocurrencies, with a big sell off over the weekend.

97
00:04:57,960 --> 00:05:02,159
Speaker 2: Just days after touching a record high, Bitcoin fell twelve

98
00:05:02,200 --> 00:05:04,520
Speaker 2: percent from more than one hundred and twenty five thousand

99
00:05:04,920 --> 00:05:07,400
Speaker 2: US dollars unit to less than one hundred and thirteen

100
00:05:07,440 --> 00:05:10,360
Speaker 2: thousand US dollars unit. Some describe the sell off as

101
00:05:10,520 --> 00:05:14,800
Speaker 2: the largest liquidation event in crypto history. In twenty four

102
00:05:14,800 --> 00:05:17,599
Speaker 2: hour period that's worth more than nineteen billion dollars were

103
00:05:17,640 --> 00:05:21,880
Speaker 2: wiped out. More than one point six million traders liquidated

104
00:05:22,520 --> 00:05:27,359
Speaker 2: as in sold their bitcoin. That's according to coin glass data,

105
00:05:27,680 --> 00:05:30,520
Speaker 2: more than seven billion dollars of positions were sold in

106
00:05:30,600 --> 00:05:34,920
Speaker 2: less than one hour of trading. That is quite phenomenal.

107
00:05:35,160 --> 00:05:39,000
Speaker 1: Yeah, that's huge. Actually, remiss of me, Sean not to

108
00:05:39,000 --> 00:05:42,200
Speaker 1: mention this earlier Fear and greed Q and A Today.

109
00:05:42,400 --> 00:05:45,760
Speaker 1: Coming up after the show is Sharell Murphy, chief economist

110
00:05:45,880 --> 00:05:48,440
Speaker 1: at EY and it is all about the weak ahead.

111
00:05:48,880 --> 00:05:50,480
Speaker 2: It is all about the weekend, but we talk a

112
00:05:50,520 --> 00:05:52,600
Speaker 2: fair bit about labor markets and what's going on in

113
00:05:52,600 --> 00:05:54,839
Speaker 2: a minutes. A very big week for the labor market

114
00:05:55,000 --> 00:05:58,839
Speaker 2: with the labor force figures coming out. We asked Shirrell

115
00:05:58,920 --> 00:06:02,040
Speaker 2: about that, but then more broadly about how the economy's traveling.

116
00:06:02,480 --> 00:06:05,120
Speaker 1: Okay, that's coming up later on after the show. We'll

117
00:06:05,160 --> 00:06:07,080
Speaker 1: take a very quick break. In the meantime, Sean back

118
00:06:07,120 --> 00:06:10,000
Speaker 1: in a moment with the rest of the day's business news.

119
00:06:16,400 --> 00:06:20,520
Speaker 1: Sean Quantas says five point seven million customer records have

120
00:06:20,600 --> 00:06:22,800
Speaker 1: been leaked on the dark web as part of a

121
00:06:22,839 --> 00:06:27,680
Speaker 1: major hacking program from an international cyber criminal group called

122
00:06:28,680 --> 00:06:30,920
Speaker 1: correct Me. If I get this wrong, but it's Scattered

123
00:06:31,520 --> 00:06:35,679
Speaker 1: laps Us Hunters, but the second s in laps Us

124
00:06:35,760 --> 00:06:39,240
Speaker 1: is a dollar sign. It's a very typical name for

125
00:06:39,320 --> 00:06:42,279
Speaker 1: a cyber criminal group, right, so this has affected data

126
00:06:42,320 --> 00:06:44,479
Speaker 1: from thirty nine clients of Salesforce.

127
00:06:45,040 --> 00:06:47,799
Speaker 2: Well, to be honest, there's't a site. It's actually Scattered Lapses.

128
00:06:47,880 --> 00:06:55,080
Speaker 2: Dollar Hunters is a collective of cyber criminal groups. I'm

129
00:06:55,080 --> 00:06:57,479
Speaker 2: going to get wrong. It like one's called Scattered something,

130
00:06:57,520 --> 00:07:00,240
Speaker 2: the others are Lapses something, the other's Hunters something, and

131
00:07:00,240 --> 00:07:02,120
Speaker 2: they've all sort of come together in this issue. So

132
00:07:02,279 --> 00:07:06,240
Speaker 2: that's why we have such an odd name, notwithstanding that

133
00:07:06,279 --> 00:07:10,080
Speaker 2: most cyber criminal groups have wid names. Anyway, I digress.

134
00:07:10,840 --> 00:07:13,920
Speaker 2: The hackers demanded Salesforce player ransom. It refused to do so,

135
00:07:14,200 --> 00:07:18,080
Speaker 2: Therefore the information has been leaked. The hackers also compromised

136
00:07:18,280 --> 00:07:21,480
Speaker 2: other corporate accounts for major companies, so it wasn't just Quantas.

137
00:07:21,480 --> 00:07:27,360
Speaker 2: It was Toyota, Google, AdSense, Cisco, Chanel, IQA, McDonald's, KFC, Marriott,

138
00:07:27,360 --> 00:07:30,480
Speaker 2: and Disney. Basically they call their I help disks posed

139
00:07:30,480 --> 00:07:33,200
Speaker 2: as employees to gain access to the system. Succeeded in

140
00:07:33,280 --> 00:07:39,520
Speaker 2: doing that and stole all this data. Quantas of the

141
00:07:39,520 --> 00:07:42,560
Speaker 2: majority of customer records were limited to name, email addresses,

142
00:07:42,560 --> 00:07:46,560
Speaker 2: and frequent flyer details. A smaller portion also included business

143
00:07:46,640 --> 00:07:49,320
Speaker 2: or home address, date of birth, phone number, gender, and

144
00:07:49,360 --> 00:07:53,760
Speaker 2: meal preferences. No credit card details, personal financial information or

145
00:07:53,800 --> 00:07:57,200
Speaker 2: passport details were impacted, according to Quantas of course, the

146
00:07:57,280 --> 00:08:00,440
Speaker 2: carrier has got some sort of an experience in this

147
00:08:00,480 --> 00:08:04,320
Speaker 2: particular issue. Unfortunately, because back in June five point seven

148
00:08:04,440 --> 00:08:07,480
Speaker 2: million customer records will leak back there or stolen back then.

149
00:08:08,080 --> 00:08:10,840
Speaker 1: Now, Sean, let's take a look at politics. How about this?

150
00:08:10,880 --> 00:08:14,600
Speaker 1: One Independent Senator Lydia Thorpe yesterday said she would burn

151
00:08:14,720 --> 00:08:17,920
Speaker 1: down Parliament House to get justice for Palestine.

152
00:08:18,120 --> 00:08:21,480
Speaker 2: Speaking at an anti Israel protest in Melbourne, she liked

153
00:08:21,680 --> 00:08:25,080
Speaker 2: the Palestinian struggle to the fight for indigenous rights in Australia,

154
00:08:25,120 --> 00:08:28,320
Speaker 2: saying the two causes were bound by history of resistance.

155
00:08:28,680 --> 00:08:32,440
Speaker 2: In Sydney, thousands of pro Palestinian protests march to condemn

156
00:08:32,760 --> 00:08:35,360
Speaker 2: what they called genocide in Gaza. It was a well

157
00:08:35,360 --> 00:08:39,200
Speaker 2: behaved demonstration despite being did I permission for a march

158
00:08:39,240 --> 00:08:41,600
Speaker 2: that would have ended up at the Opera House. Meanwhile,

159
00:08:41,640 --> 00:08:44,679
Speaker 2: dozens of both set sailed from Sydney's Eastern Suburbs towards

160
00:08:44,720 --> 00:08:48,679
Speaker 2: the Opera House in a Jewish solidarity convoy urging Australia

161
00:08:48,720 --> 00:08:51,280
Speaker 2: to stand up against anti Semitism and racism.

162
00:08:51,800 --> 00:08:53,920
Speaker 1: And there are reports over the weekend that Prime Minister

163
00:08:53,960 --> 00:08:57,160
Speaker 1: Anthony Albernezi will do a deal with US President Donald

164
00:08:57,160 --> 00:08:59,920
Speaker 1: Trump around critical minerals when the two meet next week.

165
00:09:00,760 --> 00:09:04,000
Speaker 2: Trade Minister Don Farrell wasn't confirming anything, but said the

166
00:09:04,040 --> 00:09:06,400
Speaker 2: issues under discussion. He said Australia needs to have a

167
00:09:06,400 --> 00:09:08,880
Speaker 2: broad range of customers in the area to provide capital

168
00:09:09,240 --> 00:09:13,360
Speaker 2: and ensure there were markets to buy critical minerals. On that,

169
00:09:13,679 --> 00:09:16,320
Speaker 2: I think Anthony Aperneze's on holidays this week, isn't he

170
00:09:17,040 --> 00:09:20,000
Speaker 2: is he? I might have that wrong, but I just

171
00:09:20,200 --> 00:09:22,440
Speaker 2: think I saw that because he's in New York at

172
00:09:22,480 --> 00:09:24,880
Speaker 2: the end of the week, he's seeing a better time

173
00:09:24,920 --> 00:09:25,800
Speaker 2: of it than Susan Lee.

174
00:09:26,440 --> 00:09:30,800
Speaker 1: Absolutely Sean. The result Political Monitor is out and that's

175
00:09:30,800 --> 00:09:35,760
Speaker 1: in the nine newspapers. And you do feel for Susan

176
00:09:35,840 --> 00:09:39,640
Speaker 1: Lee because she has been absolutely hammered. In this latest

177
00:09:39,679 --> 00:09:42,920
Speaker 1: set of numbers, just thirty three percent of voters have

178
00:09:43,679 --> 00:09:46,720
Speaker 1: Lee's performance is either good or very good, which is

179
00:09:46,760 --> 00:09:50,680
Speaker 1: down eight percent in just onnth one month, thirty eight

180
00:09:50,720 --> 00:09:54,000
Speaker 1: percent of people have rated her performances either poor or

181
00:09:54,120 --> 00:09:56,800
Speaker 1: very poor. That's up six percent in this month. And

182
00:09:56,840 --> 00:09:59,280
Speaker 1: so obviously there's a lot going on at the moment.

183
00:09:59,320 --> 00:10:02,559
Speaker 1: Within the cold You've got Andrew Hasty quitting the front

184
00:10:02,559 --> 00:10:07,960
Speaker 1: bench and just disunity everywhere and absolute policy chaos and

185
00:10:08,080 --> 00:10:10,240
Speaker 1: just keeps getting worse. Having said that, it's also not

186
00:10:10,440 --> 00:10:13,520
Speaker 1: great for Anthony Albernezi at the moment because the same

187
00:10:13,559 --> 00:10:16,839
Speaker 1: polls showed that his performance rating was going backwards as well,

188
00:10:17,120 --> 00:10:19,520
Speaker 1: but certainly not at the same pace that the opposition

189
00:10:19,640 --> 00:10:24,040
Speaker 1: leaders is. So unfortunately for the coalition, it doesn't look

190
00:10:24,080 --> 00:10:27,720
Speaker 1: like anything's going to get any easier anytime soon. Shown no,

191
00:10:28,120 --> 00:10:31,800
Speaker 1: it doesn't now. Victoria mentioned this one in the intro.

192
00:10:32,040 --> 00:10:37,880
Speaker 1: Victoria will legislate to criminalize aggression towards retail, hospitality and

193
00:10:37,920 --> 00:10:41,480
Speaker 1: transport workers, following pressure from major retailers and unions to

194
00:10:41,600 --> 00:10:45,360
Speaker 1: introduce workplace protection orders as part of a crackdown on

195
00:10:45,440 --> 00:10:48,920
Speaker 1: this massive surge that we've seen in retail crime.

196
00:10:48,960 --> 00:10:51,920
Speaker 2: And it's been particularly the case in Victoria. The Allen

197
00:10:52,000 --> 00:10:55,800
Speaker 2: government met with the unions representing retail and transport workers

198
00:10:55,800 --> 00:10:58,640
Speaker 2: to brief them on proposed laws to increase penalties against

199
00:10:58,679 --> 00:11:01,920
Speaker 2: people who assault customers facing workers. According to a story

200
00:11:01,920 --> 00:11:04,480
Speaker 2: in the fin Review, under proposed laws, the penalty for

201
00:11:04,520 --> 00:11:07,080
Speaker 2: summary offenses will double from three months to six months

202
00:11:07,120 --> 00:11:11,480
Speaker 2: in jail. That mirrors similar crimes against emergency workers. Also

203
00:11:11,600 --> 00:11:15,920
Speaker 2: bringing cases of serious assault to court as indictable offenses

204
00:11:16,200 --> 00:11:19,000
Speaker 2: with up to five years jail that will be made easier.

205
00:11:19,000 --> 00:11:23,320
Speaker 2: But the bill would not include workplace protection orders, which

206
00:11:23,400 --> 00:11:26,920
Speaker 2: threakin to personal safety intervention orders that protect victims of

207
00:11:26,960 --> 00:11:30,800
Speaker 2: family violence and would ban high harm repeat offenders from stores.

208
00:11:31,200 --> 00:11:33,800
Speaker 2: Now this is a big issue for the unions because

209
00:11:34,000 --> 00:11:38,480
Speaker 2: these workplace protection orders have been used in the Act

210
00:11:39,160 --> 00:11:42,960
Speaker 2: and it is quite incredible how effective they've been in

211
00:11:43,040 --> 00:11:48,679
Speaker 2: reducing incidents of aggression and violence In camera. Retail stores

212
00:11:48,679 --> 00:11:50,960
Speaker 2: can gather evidence such as staff and witness statements and

213
00:11:50,960 --> 00:11:53,280
Speaker 2: security camera footage and apply to a magistrate for the

214
00:11:53,360 --> 00:11:57,120
Speaker 2: order being banning someone from a store for twelve months.

215
00:11:58,240 --> 00:12:02,720
Speaker 1: Now, the footage season is over forty seasoned plural both

216
00:12:02,760 --> 00:12:05,440
Speaker 1: over Sean. The auction market seems to be getting back

217
00:12:05,440 --> 00:12:08,400
Speaker 1: to normal, I suppose as normal as spring selling season

218
00:12:08,520 --> 00:12:12,959
Speaker 1: can be. Clearance rates are good over the past week, yeah.

219
00:12:12,840 --> 00:12:17,200
Speaker 2: Twenty six hundred homes taken to auction. The combined Capital

220
00:12:17,240 --> 00:12:21,200
Speaker 2: city prellminary clearance rate came in eight drum roll please,

221
00:12:21,679 --> 00:12:24,360
Speaker 2: seventy three point zero percent, the highest in three weeks.

222
00:12:24,400 --> 00:12:27,320
Speaker 2: Melbourne ed the way six seventy three point five. Actually

223
00:12:27,400 --> 00:12:30,880
Speaker 2: Sidney with seventy three point nine, Brisbane a little lowered

224
00:12:30,920 --> 00:12:33,839
Speaker 2: just under sixty nine act about sixty two at late

225
00:12:33,920 --> 00:12:34,800
Speaker 2: eighty one percent.

226
00:12:35,760 --> 00:12:41,199
Speaker 1: Australia has no automotive manufacturing industry Sean, so therefore Australia's

227
00:12:41,240 --> 00:12:45,240
Speaker 1: anti dumping laws cannot be applied to an increase in

228
00:12:45,320 --> 00:12:48,720
Speaker 1: the number of Chinese electric vehicles being sold in this country.

229
00:12:48,720 --> 00:12:51,720
Speaker 1: This is according to the Anti Dumping Commissioner.

230
00:12:51,640 --> 00:12:54,560
Speaker 2: So this came out of Senate estimates. On Friday, Coalition

231
00:12:54,800 --> 00:12:58,480
Speaker 2: Senator Susan McDonald said she's concerned about automotive dealers who

232
00:12:58,480 --> 00:13:01,600
Speaker 2: have large contracts with le legacy car brands and the

233
00:13:01,679 --> 00:13:04,439
Speaker 2: challenges they might face from the influx of influx of

234
00:13:04,520 --> 00:13:08,280
Speaker 2: Chinese manufacturers. Then we've talked a lot, particularly in the

235
00:13:08,320 --> 00:13:12,720
Speaker 2: EV space, about how Chinese manufacturers are selling many cars

236
00:13:12,720 --> 00:13:16,320
Speaker 2: in Australia. Latinas said that because these manufacturers were not

237
00:13:16,480 --> 00:13:19,000
Speaker 2: making or producing goods, they wouldn't be captured by the

238
00:13:19,080 --> 00:13:23,080
Speaker 2: regime basically because they're not in competition with a producer

239
00:13:23,120 --> 00:13:25,800
Speaker 2: in Australia. China produces more than seventy percent of the

240
00:13:25,840 --> 00:13:29,920
Speaker 2: world's evs and is the dominant supplier here, two manufacturers,

241
00:13:29,920 --> 00:13:32,800
Speaker 2: of course, fromong the top ten sellers. Industry Minister Tim

242
00:13:32,800 --> 00:13:35,680
Speaker 2: Airs said he's willing to meet with dealership groups to

243
00:13:35,760 --> 00:13:37,720
Speaker 2: discuss these emerging challenges.

244
00:13:38,520 --> 00:13:41,760
Speaker 1: Finally, before we get to international news, how about this.

245
00:13:41,960 --> 00:13:46,880
Speaker 1: Penfold's latest vintage of Grange Hermitage is driving record sales

246
00:13:47,160 --> 00:13:50,760
Speaker 1: for the winemaker at liquor retailers after the drop achieved

247
00:13:50,840 --> 00:13:54,679
Speaker 1: a perfect one hundred point score from wine tasters. I

248
00:13:54,679 --> 00:13:58,160
Speaker 1: imagine you rush straight out and bought a case one.

249
00:13:58,000 --> 00:14:02,680
Speaker 2: Thousand dollars in bottle, the two twenty twenty one vintage

250
00:14:03,160 --> 00:14:08,040
Speaker 2: two cases. What's interesting is that enthusiasm is spanning, not

251
00:14:08,840 --> 00:14:11,520
Speaker 2: certainly for grains, but right through the more affordable brands

252
00:14:11,520 --> 00:14:14,840
Speaker 2: of Penfiles. I've been twenty eight that's according to Dan

253
00:14:14,960 --> 00:14:18,080
Speaker 2: Murphy's and Cole's Liquor, as reported in The Australian. The

254
00:14:18,160 --> 00:14:21,720
Speaker 2: New Grange twenty twenty one vintage thousand bucks a bottle.

255
00:14:21,800 --> 00:14:24,320
Speaker 2: Been twenty eight, it's about fifty dollars a bottle. The

256
00:14:24,360 --> 00:14:26,960
Speaker 2: twenty twenty five penfolds line up, unveiled in August has

257
00:14:27,000 --> 00:14:31,400
Speaker 2: been welcomed, particularly since many prices actually haven't changed since

258
00:14:31,600 --> 00:14:34,320
Speaker 2: last year. According to the media report, the latest fintash

259
00:14:34,360 --> 00:14:37,080
Speaker 2: has broken all first day sales records. This is the

260
00:14:37,120 --> 00:14:40,720
Speaker 2: Graine vintage all first day sales records in Australian e

261
00:14:40,760 --> 00:14:44,280
Speaker 2: commerce channels, and grains sold more in a single month

262
00:14:44,800 --> 00:14:46,120
Speaker 2: than it has ever before.

263
00:14:46,400 --> 00:14:48,920
Speaker 1: Okay, Now turning to international news, we mentioned that Donald

264
00:14:48,960 --> 00:14:53,040
Speaker 1: Trump has imposed new one hundred percent tariffs on Chinese goods.

265
00:14:53,400 --> 00:14:58,440
Speaker 1: Beijing has responded somewhat more tactfully, saying the US should

266
00:14:58,440 --> 00:15:02,080
Speaker 1: stop threatening it with higher tab harufs and urged more negotiations.

267
00:15:02,520 --> 00:15:05,960
Speaker 2: The Ministry of Commerce and China's recent trade countermeasures on

268
00:15:06,120 --> 00:15:09,800
Speaker 2: US related issues were necessary defensive actions in Beijing will

269
00:15:09,800 --> 00:15:13,160
Speaker 2: take corresponding measures to safeguard its rights if the US

270
00:15:13,200 --> 00:15:17,760
Speaker 2: persists in its actions. They're sort of fighting words, which

271
00:15:17,800 --> 00:15:21,600
Speaker 2: markets don't particularly like. Trump's threats came after China added

272
00:15:21,760 --> 00:15:24,280
Speaker 2: new port fees on US ships started an anti trust

273
00:15:24,320 --> 00:15:28,520
Speaker 2: investigation into qualcom and unveiled new curbs on exports of

274
00:15:28,600 --> 00:15:32,280
Speaker 2: rare words and other critical minerals. According to Bloomberg, I quote,

275
00:15:32,280 --> 00:15:35,040
Speaker 2: the Commerce ministry threatening with high tariffs at every turn

276
00:15:35,120 --> 00:15:36,720
Speaker 2: is not the right way to get along with China.

277
00:15:37,160 --> 00:15:39,640
Speaker 2: China urges the US to correct its wrong practices as

278
00:15:39,640 --> 00:15:42,720
Speaker 2: soon as possible. It's funny in this when China certainly

279
00:15:42,760 --> 00:15:49,320
Speaker 2: sounds like the more sensible diplomatic organizer country in these negotiations.

280
00:15:49,600 --> 00:15:52,040
Speaker 1: Yeah, a slightly unusual position to be in here.

281
00:15:52,400 --> 00:15:52,720
Speaker 2: Okay.

282
00:15:52,800 --> 00:15:55,360
Speaker 1: Coming up next Fearing grad Q and a featuring Charell

283
00:15:55,480 --> 00:15:57,240
Speaker 1: Murphy all about the weak ahead. But as you say,

284
00:15:57,280 --> 00:15:59,320
Speaker 1: with a really close look at the labor market and

285
00:15:59,320 --> 00:16:01,560
Speaker 1: what's happening and what we can expect to come out

286
00:16:01,640 --> 00:16:04,360
Speaker 1: on Thursday. It's coming up in the Fear and Greed

287
00:16:04,360 --> 00:16:06,960
Speaker 1: playlist on your podcast platform or at Fearangreed dot com.

288
00:16:07,000 --> 00:16:08,360
Speaker 1: Today you which is where you sign up for the

289
00:16:08,480 --> 00:16:14,120
Speaker 1: free daily newsletter Sean, which is a stellar edition today.

290
00:16:14,200 --> 00:16:17,000
Speaker 2: Oh Cracking Read, Michael Cracking Read.

291
00:16:17,280 --> 00:16:19,400
Speaker 1: If you have not signed up for this Cracking read,

292
00:16:19,800 --> 00:16:22,040
Speaker 1: then do it today. I'll put a link in today's

293
00:16:22,040 --> 00:16:24,440
Speaker 1: show notes. It's entirely free and lands in your inbox

294
00:16:24,440 --> 00:16:26,280
Speaker 1: every morning by six am. Thanks very much, Sean.

295
00:16:26,480 --> 00:16:27,080
Speaker 2: Thanks Michael.

296
00:16:27,240 --> 00:16:30,720
Speaker 1: It's Monday, the thirteenth of October twenty twenty five. Make

297
00:16:30,720 --> 00:16:33,080
Speaker 1: sure you're following the podcast and please join us online

298
00:16:33,080 --> 00:16:36,520
Speaker 1: on LinkedIn, Instagram, x TikTok, and Facebook. Michael Thompson, and

299
00:16:36,560 --> 00:16:40,640
Speaker 1: that was fear and greed. Have a great day.