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Speaker 1: Welcome to the weekend edition of The Fast five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello

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Speaker 1: Sean Aylmer. Hi, Michael Sean. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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Speaker 1: On the weekend, we still obviously keep it to five minutes,

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Speaker 1: but we are picking out here the biggest business story

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Speaker 1: of the week, the most remarkable story, a mystery category

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Speaker 1: changes every week, and then our favorite story. Can I

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Speaker 1: go first with the biggest?

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Speaker 2: Please?

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Speaker 1: I think it was the fallout from the election last weekend.

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Speaker 1: Why are you looking at me like that?

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Speaker 2: No reason, Michael, go on, the fallout from last week's

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Speaker 2: story go on, Well.

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Speaker 1: It's because it has consumed every single day the headlines.

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Speaker 1: It was a massive landslide for Labor last weekend. Counting

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Speaker 1: is still going, but we are talking kind of ninety

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Speaker 1: seats for Labor. They only needed seventy six for majority government.

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Speaker 1: The coalition, on the other hand, is around forty. We

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Speaker 1: had Opposition leader Peter Dunt't losing his seat. We had

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Speaker 1: Green's leader Adam Bant losing his seat. So there's two

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Speaker 1: parties now that over the last few days Sean. We

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Speaker 1: have seen them engaging in these leadership battles and the

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Speaker 1: disc ushans there. Clive Palmer nothing very little to show

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Speaker 1: for all the money that he spent. Really, though, the

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Speaker 1: consequences of this election result are huge. We are looking

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Speaker 1: at what potentially another six years of labor government. That

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Speaker 1: is how big that majority is. It does mean certainty,

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Speaker 1: It means consistency, which is very important for business. It

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Speaker 1: does put pressure on the government though to deliver because

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Speaker 1: a mandate of this size doesn't come along very often,

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Speaker 1: and really there'll be the expectation that they will do

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Speaker 1: something meaningful with it.

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Speaker 2: Yeah, that probably is the biggest story. I just quick

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Speaker 2: mentioned for the deal between the US and the UK,

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Speaker 2: the first trade deal done under the new White House administration.

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Speaker 2: We all know Donald Trump put on massive tariffs against

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Speaker 2: friend and foe. His idea is to negotiate these tariffs down.

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Speaker 2: It looks like they've done that with the UK and

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Speaker 2: the Prime Minister Keystarma there. We don't have any detail

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Speaker 2: on exactly what that means, so we're waiting for all

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Speaker 2: that to come out, but just the fact that a

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Speaker 2: deal has been done and should be the pre runner

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Speaker 2: to many other deals in coming months.

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Speaker 1: It was the most remarks dockable story for you this week, Sean.

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Speaker 2: My most remarkable story is corporate Australia. Plenty going on.

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Speaker 2: We had big bank results remains in National Australia Bank,

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Speaker 2: Westpay all kind of solid without being great. Mcquarie Bank

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Speaker 2: it had a full year profit three point seven billion dollars.

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Speaker 2: There also something called the mcquarie Annual Conference. It's where

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Speaker 2: one hundred firms or more than one hundred firms present

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Speaker 2: to investors. We had Murvak talking about Building Group, Murvak

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Speaker 2: talking about the collapse of seven thousand builders and subcontractors.

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Speaker 2: We had Wise Tech worried about Donald Trump's tariffs. We

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Speaker 2: had sales at JB Hi Fi slowing somewhat. Find Our

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Speaker 2: Pay Later Group, Zipco very consumer facing in the US.

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Speaker 2: You wouldn't expect much from it. Well it's actually doing okay.

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Speaker 2: Tollroid Group Transurbans cutting people because aren't people aren't using

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Speaker 2: its tolls as much. Massive week for Corporate Australia.

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Speaker 1: Very quick mention. An honorable mention to Warren Buffett, the

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Speaker 1: oracle of Omaha, arguably the world's greatest investor. He announced

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Speaker 1: at the start of this week, really last weekend that

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Speaker 1: he is retiring. What a spectacular career after taking over

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Speaker 1: Berkshire Hathaway in nineteen six five. If you invested one

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Speaker 1: thousand dollars then Sean, it would be worth forty two

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Speaker 1: point one million dollars. I wish I had a time

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Speaker 1: to share.

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Speaker 2: I wish Michael a mased outrageous story of the week.

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Speaker 1: Look, there's really, I think only one contender for this,

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Speaker 1: and this is truly outrageous. A law firm fined more

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Speaker 1: than fifty thousand dollars for forcing a junior lawyer to

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Speaker 1: work up to twenty four hour days. There are obviously long,

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Speaker 1: plenty of stories about long hours in law firms and things,

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Speaker 1: but this is something else. All together, we had Melbourne's

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Speaker 1: Magistrate Court ruling that the law firm Erudite Legal, breached

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Speaker 1: workplace laws through its egregious practices. In one instance, in

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Speaker 1: her first week, the lawyer worked a Saturday, did not

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Speaker 1: go home that night, worked from twelve pm to twelve

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Speaker 1: pm the next day, and then the following day she

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Speaker 1: was told that she'd be working in a hotel room

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Speaker 1: rather than going home for the next few nights, had

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Speaker 1: to share a bed with the office manager worked from

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Speaker 1: nine am to five thirty am, and just the details

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Speaker 1: of this case were extraordinary and it is absolutely outrageous. Yeah, totally, Okay,

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Speaker 1: something a little bit lighter to finish on Sean. Normally

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Speaker 1: we'd go with our favorite story. We've given it a

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Speaker 1: theme for this week. It is going to be our

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Speaker 1: favorite Donald Trump thought bubble, because there were a couple

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Speaker 1: of good.

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Speaker 2: Ones, well, plenty to choose from. My favorite was the

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Speaker 2: fact that Donald Trump wants to reopen the notorious Alcatraz

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Speaker 2: in San Francisco Bay. It closed sixty years ago. Al

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Speaker 2: Capone was a prisoner that there. Trump wants to substantially

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Speaker 2: enlarge and rebuild Alcatraz, spend billions of dollars to hows

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Speaker 2: and I quote America's most ruthless and violent offenders. He

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Speaker 2: said that the reopening of Alcatraz will serve as a

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Speaker 2: symbol of law, order and justice. Plenty of caps in

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Speaker 2: that particular truth social message as well. He spake to

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Speaker 2: the Justice Department, among others, to get it opened again.

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Speaker 2: What was very funny was the next few days the

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Speaker 2: administration just backed down from it as fast as they

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Speaker 2: possibly could. Great thought bubble, though Donald Trump.

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Speaker 1: Another one shown the one hundred percent tariff on movies

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Speaker 1: produced outside of the US. Donald Trump met with a

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Speaker 1: number of actors, John Voight and Mel Gibson among them,

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Speaker 1: and then announce the tariff, saying that foreign governments luring

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Speaker 1: US film productions overseas with financial incentives are leading to

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Speaker 1: a quote very fast death of the US movie industry.

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Speaker 1: Also said it was a matter of national security because

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Speaker 1: foreign films are coming in with propaganda and messages and

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Speaker 1: things like that. It is a thought bubble. It is

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Speaker 1: pretty much the very definition of a thought bubble because

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Speaker 1: it's had to backtrack a bit. If it was to happen,

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Speaker 1: it would be really damaging to Australia because we have

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Speaker 1: quite a well developed film industry here and we do

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Speaker 1: lure a lot of international production productions down Under. But really,

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Speaker 1: I just don't think it's going to happen. I thinks,

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Speaker 1: all right, there we go five minutes and pretty much

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Speaker 1: everything you need to know in the world of business.

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Speaker 2: Thank you Sean, thank you Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on Instagram. TikTok, LinkedIn Facebook and X.

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Speaker 1: I'm Michael Thompson and this is the past five business

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Speaker 1: news by Fear and Great