1 00:00:03,840 --> 00:00:07,200 Speaker 1: It's Tuesday, the twentieth of August twenty twenty four. Welcome 2 00:00:07,200 --> 00:00:09,600 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,640 --> 00:00:11,400 Speaker 1: When we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,960 Speaker 1: need to know into five minutes, I'm Michael Thompson. That 5 00:00:13,960 --> 00:00:15,320 Speaker 1: and good morning, Sean Aylmer. 6 00:00:15,560 --> 00:00:17,360 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,440 --> 00:00:20,919 Speaker 1: Five stories, five minutes. Let's go. Story number one. Insurance 8 00:00:20,960 --> 00:00:24,400 Speaker 1: premiums are set to rise this financial year in large 9 00:00:24,440 --> 00:00:28,360 Speaker 1: part because aging water pipes across the country are doing 10 00:00:28,440 --> 00:00:29,800 Speaker 1: greater damage to houses. 11 00:00:30,240 --> 00:00:33,839 Speaker 2: Sun Court, which owns brands Amy and Goio, among others, 12 00:00:34,000 --> 00:00:37,320 Speaker 2: yesterday said general insurance premiums will rise by mid to 13 00:00:37,400 --> 00:00:41,240 Speaker 2: high single digit amounts, and it's the housing sector that's 14 00:00:41,240 --> 00:00:43,680 Speaker 2: causing the pain. In terms of the water pipes, it's 15 00:00:43,680 --> 00:00:46,920 Speaker 2: because people now have more bathrooms and fridges that dispense 16 00:00:47,000 --> 00:00:50,760 Speaker 2: ice and chilled water. There's also lower quality piping being 17 00:00:51,040 --> 00:00:54,480 Speaker 2: used over the past couple of decades in construction that's hurting, 18 00:00:54,800 --> 00:00:57,320 Speaker 2: as is the fact that homes nowadays are more likely 19 00:00:57,360 --> 00:00:59,080 Speaker 2: to be open planned, so we'll leak in the kitchen 20 00:00:59,360 --> 00:01:02,480 Speaker 2: quickly flow through to other rooms. Apart from aging water pipes, 21 00:01:02,520 --> 00:01:05,039 Speaker 2: houses are now being built closer together, meaning damage in 22 00:01:05,040 --> 00:01:07,600 Speaker 2: one house is more likely to result in damage to 23 00:01:07,600 --> 00:01:11,360 Speaker 2: the neighbors. Households are also more likely to unlif him batteries. 24 00:01:11,440 --> 00:01:14,240 Speaker 2: Upping the fire is little bit of good news to 25 00:01:14,280 --> 00:01:18,280 Speaker 2: smash repair industry things. They're settling down new workers via 26 00:01:18,360 --> 00:01:21,920 Speaker 2: immigration and apprenticeships are keeping costs down, saying too with 27 00:01:22,040 --> 00:01:25,160 Speaker 2: building material costs. But the bottom line is premiums are 28 00:01:25,160 --> 00:01:26,080 Speaker 2: set to rise again. 29 00:01:26,120 --> 00:01:29,000 Speaker 1: Michael Sean, who said insurance is boring, does this mean 30 00:01:29,520 --> 00:01:31,080 Speaker 1: that insurers are making more money? 31 00:01:31,400 --> 00:01:34,119 Speaker 2: Sun Corp at least is making more money after three 32 00:01:34,160 --> 00:01:36,560 Speaker 2: tough years. Its net profit rose by twelve percent to 33 00:01:36,600 --> 00:01:39,520 Speaker 2: one point two billion dollars last financial year, and it 34 00:01:39,520 --> 00:01:43,200 Speaker 2: its dividends sharply. Helping the bottom line was fewer natural disasters, 35 00:01:43,200 --> 00:01:46,880 Speaker 2: falling inflation unless pressure and global reinsurance premiums. But Some 36 00:01:47,120 --> 00:01:50,480 Speaker 2: Corps second half cash earnings missed expectations. Initially, the group's 37 00:01:50,480 --> 00:01:53,360 Speaker 2: share price fell before finishing up one point four percent. 38 00:01:53,960 --> 00:01:56,320 Speaker 2: Over the last five years, Some Corp has responded to 39 00:01:56,320 --> 00:01:59,560 Speaker 2: around seven hundred thousand claims costing more than nine billion 40 00:02:00,000 --> 00:02:03,880 Speaker 2: dollar last financial year. It managed a dozen separate weather events, 41 00:02:03,960 --> 00:02:07,240 Speaker 2: particularly in Queensland. Their claims were a bit lower than 42 00:02:07,280 --> 00:02:08,280 Speaker 2: its allowance. 43 00:02:08,360 --> 00:02:11,200 Speaker 1: Big numbers though. All right on to story number two. Now. 44 00:02:11,639 --> 00:02:14,560 Speaker 1: Parliament is sitting in Canberra this week Sean and the 45 00:02:14,600 --> 00:02:17,919 Speaker 1: debate over Gaza is capturing the headlines and really dominating 46 00:02:18,000 --> 00:02:18,560 Speaker 1: question time. 47 00:02:19,040 --> 00:02:22,440 Speaker 2: Prime Minister Anthony Alberezi accused the Coalition of hypocrisy after 48 00:02:22,480 --> 00:02:26,079 Speaker 2: it attacked Labor for failing to provide appropriate security vetting 49 00:02:26,200 --> 00:02:30,160 Speaker 2: for Palestinian refugees fleeing war torn Gaza to come to Australia. 50 00:02:30,520 --> 00:02:33,320 Speaker 2: The vast majority of the thirteen hundred arrivals from Gaza 51 00:02:33,400 --> 00:02:37,200 Speaker 2: have been granted visitor visas rather than refugee visas, meaning 52 00:02:37,240 --> 00:02:39,680 Speaker 2: they're subject to a different level of security vetting, which 53 00:02:39,680 --> 00:02:42,880 Speaker 2: some approved in less than twenty four hours. During question time, 54 00:02:42,919 --> 00:02:45,680 Speaker 2: the Prime Minister said the Coalition had similarly granted visit 55 00:02:45,680 --> 00:02:49,120 Speaker 2: of visas to arrivals from Gaza when Hamas, a listed 56 00:02:49,160 --> 00:02:54,320 Speaker 2: terrorist organization, controlled the enclave. Elsewhere, every State and Territory 57 00:02:54,360 --> 00:02:57,880 Speaker 2: Construction Division of the CFMEU will soon be in administration 58 00:02:58,120 --> 00:03:01,040 Speaker 2: after the government and opposition reached a deal guaranteeing the 59 00:03:01,080 --> 00:03:04,400 Speaker 2: passage of legislation through both houses this week, and the 60 00:03:04,440 --> 00:03:07,560 Speaker 2: PM said the government is working to get gambling reforms right, 61 00:03:07,680 --> 00:03:10,880 Speaker 2: amid pressure from labor MPs to implement a full ban 62 00:03:11,040 --> 00:03:13,040 Speaker 2: on online gambling advertising. 63 00:03:13,360 --> 00:03:14,920 Speaker 1: Yeah, there's a bit going on at the moment now. 64 00:03:14,960 --> 00:03:18,799 Speaker 1: Story number three. Westpac said it's June quarter profit came 65 00:03:18,800 --> 00:03:21,520 Speaker 1: in flat at one point eight billion dollars and said 66 00:03:21,560 --> 00:03:24,639 Speaker 1: the very competitive mortgage wars have started to cool. 67 00:03:25,240 --> 00:03:27,359 Speaker 2: That's good news for the lenders and Westpac's share price 68 00:03:27,680 --> 00:03:30,560 Speaker 2: more than two percent yesterday. Chief executive Peter King said 69 00:03:30,560 --> 00:03:33,919 Speaker 2: operating momentum was positive with decent growth in deposits and loans, 70 00:03:34,240 --> 00:03:36,480 Speaker 2: but higher interest rates and cost of living pressures are 71 00:03:36,480 --> 00:03:40,000 Speaker 2: taking their toll on customers. Delinquent loans rose to one 72 00:03:40,040 --> 00:03:43,160 Speaker 2: point four to two percent from one point three six 73 00:03:43,200 --> 00:03:46,560 Speaker 2: percent during the quarter. Westpac's net interest margin, effectively the 74 00:03:46,560 --> 00:03:49,480 Speaker 2: bank's profit margin rose slightly, demonstrating that some of the 75 00:03:49,520 --> 00:03:51,080 Speaker 2: heat has come out of the mortgage wars. 76 00:03:51,800 --> 00:03:54,640 Speaker 1: Story number four. Federal police have been called in to 77 00:03:54,760 --> 00:03:58,960 Speaker 1: investigate where The Regional Express's former chairman and major investor 78 00:03:59,400 --> 00:04:03,720 Speaker 1: illegally he recorded the company's final board meeting amid increasingly 79 00:04:03,760 --> 00:04:07,160 Speaker 1: bitter recriminations over the airlines collapsed late last month. 80 00:04:07,560 --> 00:04:10,480 Speaker 2: The Australian Federal Police confirmed it had received a report 81 00:04:10,520 --> 00:04:13,080 Speaker 2: of a potential crime last week. According to a report 82 00:04:13,120 --> 00:04:15,640 Speaker 2: in the Financial Review, people close to the airline said 83 00:04:15,640 --> 00:04:18,919 Speaker 2: the company's chair, John Sharp, had spoken to investigators. The 84 00:04:19,000 --> 00:04:22,040 Speaker 2: report to the AFP alleged that lim Kim Hway, who 85 00:04:22,160 --> 00:04:25,360 Speaker 2: was deposed as Rex's chair earlier this year, and controlled 86 00:04:25,360 --> 00:04:27,920 Speaker 2: them on the fifty percent of the register until administrators 87 00:04:27,920 --> 00:04:31,200 Speaker 2: at EY were called in on July thirty one, illegally 88 00:04:31,320 --> 00:04:34,520 Speaker 2: recorded the final board meeting. Those claims come amid a 89 00:04:34,720 --> 00:04:37,400 Speaker 2: serious falling out between mister Limb and other directors, including 90 00:04:37,400 --> 00:04:40,760 Speaker 2: mister Sharp. Mister Limb was removed as executive chair with 91 00:04:40,839 --> 00:04:43,360 Speaker 2: little explanation in June. He later made a push to 92 00:04:43,440 --> 00:04:45,360 Speaker 2: dump the company's entire board. 93 00:04:45,440 --> 00:04:48,640 Speaker 1: Last one sean sorry number five. There is a new 94 00:04:48,680 --> 00:04:52,320 Speaker 1: money saving trend in the US. This is extraordinary. Charging 95 00:04:52,360 --> 00:04:55,280 Speaker 1: your wedding guests to attend your nuptials. 96 00:04:55,520 --> 00:04:57,479 Speaker 2: You'd find out who your friends are. According to a 97 00:04:57,480 --> 00:05:00,599 Speaker 2: study by the wedding planning website The Not, the average 98 00:05:00,640 --> 00:05:03,320 Speaker 2: cost of a wedding ceremony and reception in twenty twenty 99 00:05:03,320 --> 00:05:06,120 Speaker 2: three was thirty five thousand US dollars. That's up five 100 00:05:06,160 --> 00:05:08,159 Speaker 2: thousand US dollars from a year before. Now they're not 101 00:05:08,279 --> 00:05:11,160 Speaker 2: serve out about ten thousand couples to get that figure. 102 00:05:11,200 --> 00:05:13,320 Speaker 2: According to a story in The New York Times, the 103 00:05:13,400 --> 00:05:17,000 Speaker 2: cost of being a guest has also risen quite sharply. 104 00:05:17,760 --> 00:05:21,000 Speaker 2: As a result, people are starting to charge guests to 105 00:05:21,040 --> 00:05:23,480 Speaker 2: attend their wedding now. The main problem with charging guests, 106 00:05:23,480 --> 00:05:25,520 Speaker 2: according to the report, is that people don't like paying 107 00:05:25,800 --> 00:05:28,200 Speaker 2: and often decide not to pay in Therefore, day to 108 00:05:28,200 --> 00:05:30,799 Speaker 2: attend a New York City couple have sparked a viral 109 00:05:30,800 --> 00:05:33,440 Speaker 2: to bait over the idea. After inviting three hundred and 110 00:05:33,440 --> 00:05:36,559 Speaker 2: fifty people at about four hundred and fifty dollars each 111 00:05:36,960 --> 00:05:40,200 Speaker 2: to attend their twelve hour wedding, they charged the guests 112 00:05:40,200 --> 00:05:43,240 Speaker 2: that money. Of the three to fifty people, sixty turned up. 113 00:05:44,080 --> 00:05:46,320 Speaker 1: It's a very good way to cull the unwanted guests. 114 00:05:46,320 --> 00:05:48,599 Speaker 1: There we go the top five business stories in five minutes. 115 00:05:48,880 --> 00:05:52,919 Speaker 1: Thank you Sean, thank you Michael. It's Tuesday, the twentieth 116 00:05:52,920 --> 00:05:55,080 Speaker 1: of August twenty twenty four. Remember to hit follow on 117 00:05:55,120 --> 00:05:57,120 Speaker 1: the podcast and five minutes isn't it enough? You're can 118 00:05:57,240 --> 00:06:00,400 Speaker 1: find our longer daily show called Fear and Greed wherever 119 00:06:00,440 --> 00:06:02,960 Speaker 1: you listen to podcasts, I'm Michael Thompson and that was 120 00:06:03,000 --> 00:06:07,640 Speaker 1: the Fast vive by fear and greed. Have a great day.