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Speaker 1: It's Friday, first of November twenty twenty four. Welcome to

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Speaker 1: the Fast five Business News by Fear and Agreed, where

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Speaker 1: we give you the top five business stories you need

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Speaker 1: to know in just five minutes. Oh, Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning, Michael sewn.

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Speaker 1: Five stories, five minutes. Let's go story number one. House

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Speaker 1: prices across the nation rose by on average zero point

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Speaker 1: three percent during October, But Sean, Sydney, Melbourne, Canberra, Darwin,

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Speaker 1: they all went backwards.

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Speaker 2: Yes. In Sydney, the drop in home values was the

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Speaker 2: first month on month decline since January twenty twenty three,

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Speaker 2: and the downturn was driven by weaker conditions in the

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Speaker 2: more expensive suburbs according to core Logic. In Melbourne, the

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Speaker 2: decline continues to trend which really has been going on

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Speaker 2: for months. In fact, house prices in Melbourne are down

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Speaker 2: two percent over the past year or so. The mid

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Speaker 2: tier capitals continue to outperform. Last month October, Brisbane house

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Speaker 2: prices jump zero point seven percent, Adelaide one point one

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Speaker 2: one percent, Perth one point four percent. Look at that annually,

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Speaker 2: Brisbane's thirteen percent, Adelaide's fifteen percent, Perth is twenty three percent.

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Speaker 2: Pretty phenomenal house price growth, but it certainly has peaked.

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Speaker 2: They are coming off. A consistent theme across all the

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Speaker 2: cities is that the more affordable areas are doing better

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Speaker 2: than the wealthier areas. The reason for that, according to

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Speaker 2: core Logic, more first time buyers in the market, more

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Speaker 2: investors in the market. Also, there's been a jump in

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Speaker 2: supply that has helped slow growth in house prices. Not

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Speaker 2: a disaster last year's Sydney's house prices or over the

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Speaker 2: last year sind his house prices raise by about four percent.

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Speaker 2: As I mentioned, Melbourne was backwards by two percent, nationally

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Speaker 2: six percent. But certainly the umph has come out of

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Speaker 2: the housing market.

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Speaker 1: Yeah, certainly seems that way, all right. I'm to story

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Speaker 1: number two. Now, Optus is being sued by the Competition

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Speaker 1: watchdog after allegedly putting undue pressure on consumers, including people

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Speaker 1: with intellectual disabilities, to buy phones and mobile.

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Speaker 2: Australian Competition and Consumer Commission Chair Gena Cascott Leap said,

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Speaker 2: and I quote this case concerns allegations of very serious

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Speaker 2: conduct as our case is that Optus sold goods to

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Speaker 2: consumers experiencing vulnerability which they did not need, did not want,

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Speaker 2: and could not afford. Now, the watchdog claims Optis acted

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Speaker 2: unconscionably that included pursuing debts It continued after management became

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Speaker 2: aware of weaknesses in its systems exploited by its sales staff.

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Speaker 2: That's all, according to report in the finn Review. The

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Speaker 2: case in the Federal court also alleges Optus put undue

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Speaker 2: pressure on people to buy phones and communication services, even

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Speaker 2: though some could not use the services at home because

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Speaker 2: there was no Optus coverage where they lived. Interim CEO

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Speaker 2: Michael Menta came out yesterday. He apologized. He said the

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Speaker 2: telker has sacked several staff over the incident.

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Speaker 1: Story number three, the flight upgrade saga continues, sure it,

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Speaker 1: It's just not going away. With Opposition leader Peter Dutton conceding,

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Speaker 1: his office asked Gina Ryinhart's office to use her company's

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Speaker 1: private jet to travel from Queensland to Sydney to attend

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Speaker 1: a barley bombing service.

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Speaker 2: So Peter Dutton couldn't or, he says, he couldn't get

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Speaker 2: a commercial flight. He said the government refused to request

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Speaker 2: for ANAAF plane and a private charter was going to

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Speaker 2: cost forty thousand dollars, so they rang Gina. He's not

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Speaker 2: the only one who is caught up in this opposition.

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Speaker 2: Transport spokesperson Bridget mackenzie. She's pretty much led the attacks

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Speaker 2: against the government. She's now checking with airlines just in

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Speaker 2: case she received upgrades. This is all on the back

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Speaker 2: of a book by AFI columnist Joel Aston on Quantas.

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Speaker 2: It infers that Anthony Alberanezi rang Alan Joyce, then CEO,

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Speaker 2: asking for upgrades when Transport Minister the Prime Minister's office

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Speaker 2: yesterday after many days, came out and said he had

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Speaker 2: never rung, text or email Joyce about an upgrade. Fair enough,

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Speaker 2: but wow, it's taken a long time for them to

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Speaker 2: get that out.

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Speaker 1: Indeed.

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Speaker 2: Sorry.

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Speaker 1: Number four Coles says sales of its home brands are booming,

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Speaker 1: particularly shown the premium products, but otherwise turnovers actually flat.

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Speaker 2: Yes, that was for the September quarter. It follows Woolies

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Speaker 2: announcement the day before. Sales at Coals supermarkets were up

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Speaker 2: three and a half percent. Woolies reported to three point

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Speaker 2: eight percent rise. Prices at Coal's were up just to

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Speaker 2: touch dier point one percent. They actually fell at Woolies

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Speaker 2: across all the products. Cole Ceolee Wekett said shoppers are

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Speaker 2: seeking out discounts. They're shopping at three or more retailers

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Speaker 2: every week to keep costs lower. Coal strategy is fewer,

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Speaker 2: bigger promotions, so for example, the might have half price

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Speaker 2: promotions rather than many, many ten percent off promotions. The competition,

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Speaker 2: she said, is whe Katz said, is not just Woolies

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Speaker 2: and LD anymore, but it's Bunnings and Chemist Warehouse in

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Speaker 2: those groups as well. It's pretty tough for SUP markets

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Speaker 2: at the moment, even without the government pressure. What analysts

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Speaker 2: think is that given Coals and Woolies are trying very

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Speaker 2: hard to get customers back, they could end up discounting

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Speaker 2: things more to try and wring back those customers. Gotta

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Speaker 2: love competition, Michael I keep saying, indeed.

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Speaker 1: Sean, it's because I wholeheartedly agree with every one of

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Speaker 1: your stories here, excellent last one, story number five. I

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Speaker 1: think you'll agree with this one. This is a cracker

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Speaker 1: of a story. Starbucks is experiencing a crisis. Sales at

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Speaker 1: the world's biggest coffee chain are down, Fewer people are

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Speaker 1: coming into the stores, and the group's share price well,

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Speaker 1: it seems to have hardly moved this year.

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Speaker 2: Yes, so it's about where it started the beginning of

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Speaker 2: the year. That did fall in May and recovery in

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Speaker 2: September when they pointed a new CEO, a guy called

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Speaker 2: Brian Nicol. He came in and this week said, well,

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Speaker 2: the experience at Starbucks is transactional. The menus are overwhelming,

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Speaker 2: the product is inconsistent, the wait is too long, and

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Speaker 2: the handoff is too hectic, Thanks very much. Others have said,

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Speaker 2: there's also eight de la lardes bit pricey? Are the

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Speaker 2: coffee shops now eight ingredient drinks take too long to

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Speaker 2: make a third of orders a maibile, meaning that all

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Speaker 2: those people waiting in the shop for those eight ingredient

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Speaker 2: drinks and all those mabile orders, they're just waiting too long.

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Speaker 2: Mister Nichol is highly regarded. He's come across on a

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Speaker 2: package worth about one hundred million dollars. His first steps,

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Speaker 2: he said, is don't charge for non dairy milk, don't

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Speaker 2: increase prices, and he's set the goal of being served

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Speaker 2: in four minutes.

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Speaker 1: All right, there we go to the top five business

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Speaker 1: stories in five minutes.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: It's Friday, the first of November twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: isn't enough, you can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

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Speaker 1: Thompson and that was the past five business news by

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Speaker 1: Fear and Greed. Have a great day.