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Speaker 1: The federal government appoints an external administrator to clean out

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Speaker 1: the CFMEU. Australia's ambassador to the US, Kevin Rudd, says

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Speaker 1: people should chill about the prospect of a Trump White

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Speaker 1: House and super funds record a second successive boom year

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Speaker 1: for members. Welcome to fear and greed. Daily business news

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Speaker 1: for people who make their own decisions. It's Thursday, the

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Speaker 1: eighteenth of July twenty twenty four. I'm Julian King and

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Speaker 1: good morning, Sewan Ailmer.

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Speaker 2: Good morning, Julian Sewn.

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Speaker 1: The main story this morning. The federal government has appointed

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Speaker 1: an external administrator to clean out the CFMEU, and Workplace

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Speaker 1: Relations Minister Tony Burke has worn the government will legislate

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Speaker 1: to remove any legal barriers if opposed by the Union.

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Speaker 2: Prime Minister Anthony Albernize said the divisions in Victoria, which

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Speaker 2: is the center of allegations involving thugery and organized crime,

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Speaker 2: as well as Queensland, New South Wales and by extensions,

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Speaker 2: South Jonia and Tasmania will be Undreadministration. Labour's National Executive

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Speaker 2: agreed to request from all Eastern States Labor governments except

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Speaker 2: the Act to suspend the cfme year, Construction and General

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Speaker 2: Division's affiliation with the Labor Party and stop donations and

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Speaker 2: affiliation fees now. The Federal Labor Party will also sever

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Speaker 2: all ties while the union is under administration, although it

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Speaker 2: won't be handing back donations it's received from the CFMEU.

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Speaker 2: The peak union body, the ACTU said it will suspend

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Speaker 2: the CFMEMEU as an affiliate. Oppositionally to Peter Dunton said

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Speaker 2: the action isn't enough and the union should be deregistered.

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Speaker 2: He said the cfmeus thuggish behavior will turn out to

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Speaker 2: be the biggest defrauding of the Australian taxpayer in history.

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Speaker 1: Heah, there's so much in this story. So what do

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Speaker 1: we know so far? Or maybe it's better put as

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Speaker 1: what has been alleged by the nine media investigation.

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Speaker 2: Yeah, it's a good point. These are allegations untested in court.

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Speaker 2: The investigation has a ledged that Bike's criminal and underworld

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Speaker 2: figures had infiltrated the building industry, some of whom are

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Speaker 2: employed on federal and state government funded projects. It's alleged

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Speaker 2: that senior officials of the CFMEU took bribes and there

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Speaker 2: were hundreds of thousands of dollars in free building work

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Speaker 2: being given out by major builders to union bosses. There's

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Speaker 2: also been claims of CFMEU officials threatening factional opponents at

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Speaker 2: their homes. Victorian boss John Setka stepped down last Friday

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Speaker 2: ahead of all these allegations. Complicating things, particularly for the government,

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Speaker 2: is the role the union plays in hundreds of major

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Speaker 2: construction projects across the country and the union's close ties

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Speaker 2: to the federal and state labor parties, with some members

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Speaker 2: working at the union before being elected department. This is

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Speaker 2: a story that will go on for weeks and weeks,

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Speaker 2: possibly months. The CFMEU leadership has called for politicians to

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Speaker 2: effectively to butt out, really let them look after their

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Speaker 2: own problems. That ain't going to happen now.

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Speaker 1: I don't think so. Plenty more water still to go

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Speaker 1: under the bridge. How did local markets perform Yesterday?

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Speaker 2: Another great day. PASX two hundred closed up zero point

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Speaker 2: seven percent to a new closing high of eight thousand

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Speaker 2: and fifty eight points. It followed strong gains on Wall Street.

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Speaker 2: About eight percent of the top two hundred stocks finished

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Speaker 2: high yesterday, with strong performances from a quarry group, which

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Speaker 2: was up more than two percent, as well as Telstra

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Speaker 2: Woollies and National Australia Bank James Hardy jump more than

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Speaker 2: six percent, building on gains earlier in the week. Now

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Speaker 2: hard Is is very exposed to the US economy, in

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Speaker 2: lower rates should help earnings at the building products group.

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Speaker 2: Gold stocks did well as the price of the precious

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Speaker 2: metal rows. West African Resources and belle Vue Gold were

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Speaker 2: both higher. Property stocks continued their recent good run, with

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Speaker 2: Goodman Center and Charter Hall showing the way.

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Speaker 1: Now.

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Speaker 2: Property companies are highly leveraged plenty of debt, so if

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Speaker 2: interest rates fall, then their earnings reduces their interest rate

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Speaker 2: payments and their earnings should increase, good for the sector.

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Speaker 2: In fact, the rate index the read of State Investment

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Speaker 2: Trust Index, is now more than seven percent over the

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Speaker 2: past week. The tech stocks also did well, led by

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Speaker 2: a wise tech. The big miners were the worst performers.

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Speaker 1: And what's happening in international markets.

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Speaker 2: Wall Street just keeps running with a broad based SMP

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Speaker 2: five hundred rising yesterday will the Dale Jones Industrial Average,

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Speaker 2: which measures thirty of the largest companies in the US,

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Speaker 2: it hit a new record. Small caps are also doing well,

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Speaker 2: not something we've been able to say too regularly in

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Speaker 2: the past few years. The Russell two thousand has now

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Speaker 2: risen for five straight days, its longest run since April

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Speaker 2: two thousand. The S and P five hundred is up

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Speaker 2: about twenty percent this year. Sparing on the Boss is

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Speaker 2: confidence that rate cuts are coming and coming months, and

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Speaker 2: a growing belief that Donald Trump will win the November

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Speaker 2: presidency poll. One of mister Trump's signature policies is to

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Speaker 2: cut corporate taxes that should boster earnings. Hence, people like

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Speaker 2: the share market gold's also want a tear heading a

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Speaker 2: new peak of two six four nine point sixty six

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Speaker 2: US dollars and ounce. US bond yields have fallen, reflecting

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Speaker 2: expectations of lower interest rates. Bitcoins high worth just under

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Speaker 2: sixty six thousand US dollars unit, and Julian. Finally, the

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Speaker 2: the dollar is buying sixty seven point three US sense.

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Speaker 1: It's on a six month high. The Australian dollar will

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. Ambassador to the United States Kevin Rudd

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Speaker 1: says Australia is positioned well regardless of whether the Democrats

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Speaker 1: or the Republicans win the US presidential election in November.

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Speaker 2: Mister Rud, who of course is a former Prime minister,

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Speaker 2: said he had been assiduous in working to get acquainted

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Speaker 2: with likely key figures in a potential future Trump administration.

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Speaker 2: Speaking to another former ambassador and a former federal treasurer,

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Speaker 2: Joe Hockey, mister Rudd said he'd been traveling the country

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Speaker 2: getting to know people who get key positions in foreign policy,

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Speaker 2: national security, trade, domestic policy, the economy and treasury. He

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Speaker 2: also said he'd been telling European counterparts to chill at

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Speaker 2: the prospect of a repeat Trump White House, saying, if elected,

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Speaker 2: a Trump presidency would present a perfectly navigable and manageable

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Speaker 2: set of relationships over the next four years. I know

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Speaker 2: how the Europeans liked here in Kevin Rudd telling him

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Speaker 2: to chill.

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Speaker 1: They'd reply by saying, fair shake of the old sauce bottle.

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Speaker 2: Mate yes, or something like that, or something like that.

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Speaker 1: We miss Kevin o' seven, jawn, Mum and Dad. Investors

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Speaker 1: are cutting their holdings in the Big four mats, taking

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Speaker 1: the level of retail shareholder ownership to a record.

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Speaker 2: Low, notwithstanding the bank shares soaring, with Commonwealth Bank hitting

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Speaker 2: new records recently. Retail investors were net sellers. In the

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Speaker 2: three months to the end of June. According to Jardin, Australia,

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Speaker 2: Commonwealth Bank, National Australian Bank and ain Z recorded their

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Speaker 2: lowest level of retail ownership ever. Westpac's the exception, and

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Speaker 2: jarden explains that it's because of its higher franked dividend

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Speaker 2: yield and the appeal of its recent special dividend. In

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Speaker 2: a note to clients, Jardin also said overseas ownership of

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Speaker 2: banks had continued to rise quarter on quarter, with A

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Speaker 2: and ZED recording the highest offshore owner among the banks

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Speaker 2: at thirty percent. Comwealth Bank enjoyed its highest offshore ownership

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Speaker 2: on record at twenty three point eight percent. Basically, retail

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Speaker 2: investors are getting out, offshore investors are getting in. Local

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Speaker 2: institutional investors think the big super funds. They're still buying

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Speaker 2: their banks, with the National Australia Bank the favorite among

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Speaker 2: the big four with its domestic institutional ownership at a

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Speaker 2: thirteen year high. In contrast, Westpac has the least share

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Speaker 2: of domestic institutional ownership at twenty six point two percent.

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Speaker 1: Yeah, the banks have been doing the heavy lifting which

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Speaker 1: drove up the price. With that ASX two hundred. Do

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Speaker 1: you think CBA is over priced, Shawn.

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Speaker 2: Everyone else thinks CBA is of a price, and it

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Speaker 2: keeps running. Certainly on historical valuations, it's very, very expensive,

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Speaker 2: but been saying that for a few months now, and

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Speaker 2: it just keeps going.

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Speaker 1: It does. A small super fund for the mining industry

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Speaker 1: and major retail fund cfs, First Choice and iaof Balanced

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Speaker 1: Investor Trusts were the top performers among growth funds last

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Speaker 1: financial year, with a median fund returning nine point one percent.

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Speaker 2: It was the second consecutive nine percent plus year for

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Speaker 2: super funds, as international equities underpinned strong returns. According to

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Speaker 2: chant West, the returns were well above the typical long

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Speaker 2: term objective of growth funds now there normally about six percent.

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Speaker 2: Their median growth fund was nine point one percent. It's

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Speaker 2: also the thirteenth positive outcome in the past fifteen years.

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Speaker 2: For the twelve months, it was a mix of retail

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Speaker 2: and super funds that did best, while in terms of

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Speaker 2: asset allocation, international equities by far outstripped local shares. The

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Speaker 2: only asset class to provide negative returns last financial year

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Speaker 2: was actually unlisted property. Growth funds have between sixty one

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Speaker 2: and eighty percent of their money in growth assets. The

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Speaker 2: median for high growth funds was nearly twelve percent. Super

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Speaker 2: is a long term investment and the best performing funds

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Speaker 2: over ten years. They do remain the industry funds led

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Speaker 2: by host Plus, Australian Retirement Trust and Ossie Super.

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Speaker 1: You mentioned their chant West Mano Mohan Kumar Shawn as

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Speaker 1: the senior investment research manager at chat West and immediately

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Speaker 1: after this show you've got a good chat with him.

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Speaker 2: Yes, we have a chat about how the different asset

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Speaker 2: classes performed during the twenty twenty four financial year. We

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Speaker 2: also ask Mana what he thinks is going to happen

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Speaker 2: in the coming twelve months or so. It's a great

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Speaker 2: chat for any investor, anyone with a superfund.

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Speaker 1: Really yep, stay tuned for that really interesting insights. Now.

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Speaker 1: Australia has quietly become a food superpower shorn over the

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Speaker 1: past decade as local farmers have increased their output by

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Speaker 1: more than ninety percent. According to billionaire paper packaging and

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Speaker 1: recycling magnate Anthony Pratt.

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Speaker 2: The Australian food production industry now represents six percent of

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Speaker 2: Australia's gross domestic product. He said over the past ten years,

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Speaker 2: twelve hundred food factories have been built across the nation

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Speaker 2: and food exports have more than doubled from twenty nine

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Speaker 2: billion dollars to fifty nine billion dollars, he told The

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Speaker 2: Australian's Global Food Forum. Notably, beef exports the China over

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Speaker 2: the period have grown by two hundred percent. Mister Pratt

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Speaker 2: highlighted that Australia has cured eleven new free trade agreements

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Speaker 2: in recent years, including the landmark Australia India FTA that

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Speaker 2: came into effect at the end of twenty twenty two.

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Speaker 2: In total, we now have eighteen FTAs in place. This

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Speaker 2: has helped diversify the nation's food export, which is a

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Speaker 2: good thing.

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Speaker 1: I vividly recall, Sean, the great kale shortage year in

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Speaker 1: Australia of twenty fourteen. I'm sure that's the time you remember.

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Speaker 2: Well, well, the one I remember is a great Iceberg

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Speaker 2: lettuce shortage and we ended up having I think it

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Speaker 2: was KFC putting cabbage, that's right, instead of iceberg letters

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Speaker 2: in their burgers.

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Speaker 1: A crisis, yes, and then the bananas. Don't forget the bananas.

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Speaker 2: That was a big one where they went up to

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Speaker 2: about ten dollars a kilo, and when you saw it,

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Speaker 2: went to someone's house and they had bananas.

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Speaker 1: They're rich. PHP sold record amounts of Australian i at

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Speaker 1: all over the past year, but copper is where growth

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Speaker 1: is likely to come from this year. Sure, copper production was.

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Speaker 2: Nine percent higher over the past year thanks to the

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Speaker 2: ODS Minerals acquisition. It's forecast rized by as much as

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Speaker 2: ten percent in the year ahead. BHP said it's es

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Speaker 2: Condida mine in Chile will begin producing high grade materials soon.

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Speaker 2: BHP has been focused on building its copper assets, as

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Speaker 2: demonstrated by its failed attempt by Anglo American earlier in

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Speaker 2: the year. Demand for copper is expected to surge alongside eleustrification.

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Speaker 2: BHP sold two hundred and eighty seven point seven million

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Speaker 2: tons very hard to get head around something of that

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Speaker 2: size two hundred and eighty seven point seven million tons

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Speaker 2: of Australian iron ore last financial year, an increase of

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Speaker 2: three percent and well ahead of the previous record set

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Speaker 2: back in twenty twenty two. BHP's share price they fell

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Speaker 2: nearly one percent yesterday. It's our fifteen percent this year.

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Speaker 1: To International News Now, the Republican National Convention continues in

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Speaker 1: Milwaukee with a show of unity that contrasts sharply with

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Speaker 1: division in the Democrats over Joe Biden staying in the campaign.

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Speaker 2: Former rivals of mister Trump, including his final challenger in

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Speaker 2: the primaries, Nikki Hayley, they spoke for the former president.

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Speaker 2: Another one time rival, Florida Governor Ron De Santis, also

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Speaker 2: I spoke for mister Trump. Interesting people turned up, including

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Speaker 2: Rupert Murdoch. Mister Trump is due to address the gathering tonight.

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Speaker 2: Outside the convention, Ohio police officers shot and killed a

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Speaker 2: man who was wielding two knives near the center. Meanwhile,

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Speaker 2: President Joe Biden is continuing his call to calm the

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Speaker 2: device of rhetoric on both sides, but that didn't stop

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Speaker 2: him from listing why the former Trump administration was hell.

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Speaker 2: That was his word, hell for Black Americans, including the

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Speaker 2: former president's mishandling of the coronavirus pandemic, skyrocketing unemployment amid

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Speaker 2: early lockdowns, and attempts to as Biden put it, raised black.

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Speaker 1: History for all. The calling of the cooling of the

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Speaker 1: political climate, and I don't think it's going to be

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Speaker 1: long before the temperance rises again. They're Shawn in the USA. Now,

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Speaker 1: investment banking is back, with Wall Street posting its best

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Speaker 1: quarter for the sector in more than two years in

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Speaker 1: what bankers said was the early innings of a sustained recovery.

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Speaker 2: The five largest investment banks Goldman, Sacks, JP, Morgan, Chase, Morgan,

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Speaker 2: stand Bank of American and City Group together reported an

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Speaker 2: investment banking fees of more than eight billion US dollars

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Speaker 2: in the second quarter of four percent increase from a

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Speaker 2: year earlier and the highest since the start of twenty

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Speaker 2: twenty two. All the banks except Goldman announced higher than

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Speaker 2: expected investment banking revenues for the quarterup Each of the

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Speaker 2: big five investment banks has outperformed the benchmark SMP five

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Speaker 2: hundred index over the past three months.

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Speaker 1: Now, in a story that's about half a rung above

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Speaker 1: nuptials out of births, deaths and marriages office, possibly the

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Speaker 1: world's most extravagant wedding has just taken place, with the

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Speaker 1: youngest son of Asia's richest man marrying his longtime girlfriend.

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Speaker 1: And I've got to say the guest list was impressive.

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Speaker 2: It was the youngest son of Mkesham Barney. His name

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Speaker 2: is z A Nant Embarney married Radica Merchant at the

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Speaker 2: Embarney owned Jail World Convention Center in Mumbai. Now. We

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Speaker 2: talked about this on Fear and Greed just a little

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Speaker 2: while ago. The marriage culminated months of wedding events that

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Speaker 2: featured performances by pop stars including Rihanna and Justin Bieber.

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Speaker 2: The guest list for the four day wedding that ran

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Speaker 2: over last weekend included former British Prime Ministers Tony Blair

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Speaker 2: and Boris Johnson. Sadi a rem Co chief executive, amon

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Speaker 2: nasa Adele, the singer staying with the singers, Lana del

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Speaker 2: Ray Drake was there, David Beckham was there. Now Television

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Speaker 2: news channels showed celebrities like Kim Kardashian in a red

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Speaker 2: ensemble and professional wrestler and Hollywood actor John Sina Kardashian

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Speaker 2: sisters Kim and Chloe there. They took a ride and

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Speaker 2: a motorized rickshaw through Mumbai before joining the wedding. Seller

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Speaker 2: Ramoni's I didn't get an invite, Julie, and I presume

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Speaker 2: you didn't.

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Speaker 1: It must have got lost in the mail. The question

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Speaker 1: I'll ask you, Sean is what do you get as

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Speaker 1: a wedding gift for the richest man in Asia.

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Speaker 2: Yeah, I have absolutely no idea.

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Speaker 1: Can you just imagine how much they gathering the wishing

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Speaker 1: will by the end of the night.

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Speaker 2: Yeah, Yeah, that's exactly right. Wow, incredible it is.

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Speaker 1: Up next is the Fear and Greed Daily Interview with

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Speaker 1: Mano mohan Kumar, Senior Investment Research manager at Chantwest.

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Speaker 2: Hey, it's all about the super returns for last year.

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Speaker 2: It's a great chat about the different asset classes, which

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Speaker 2: ones did well and which ones didn't do so well.

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Speaker 1: That is up next in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dot au.

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Speaker 1: Thank you, Sean, Thank you very much.

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Speaker 2: Julian.

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Speaker 1: It's Thursday, the eighteenth of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast. Join us online at LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook. Have a great day.