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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Investors sell off the Commonwealth Bank after Australia's biggest company

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Speaker 1: reports a record ten point twenty five billion dollar profit.

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Speaker 1: The Prime Minister rejects calls for a four day working

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Speaker 1: week and massive profits in the housing markets, while rental

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Speaker 1: growth picks up again. Plus a fifty three billion dollar

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Speaker 1: bid for Google's Chrome browser. And why an English village

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Speaker 1: has turned on the US Vice President. It is Thursday,

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Speaker 1: the fourteenth of August twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning Natalie McDonald.

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Speaker 2: Good morning, Michael, Natalie.

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Speaker 1: A lot to get through today. The main story this morning.

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Speaker 1: Commonwealth Bank yesterday posted a record full year cash profit

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Speaker 1: of ten point twenty five billion dollars, up four percent,

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Speaker 1: driven by growth in home loans and business lending. The

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Speaker 1: result was pretty much on expectations, but the shares were

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Speaker 1: sold off hard. Australia's biggest company closed more than five

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Speaker 1: percent lower. First The results give us the main.

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Speaker 2: Figures, so homelans grew six percent to six hundred billion dollars,

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Speaker 2: while business loans jumped eleven percent. CEO Matt Commons said

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Speaker 2: the economy remains resilient with strong fundamentals like a healthy

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Speaker 2: labor market and steady immigration. Operating costs rose six percent,

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Speaker 2: partly due to inflation and increased investment in technology, including

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Speaker 2: a new partnership with open AI to help combat financial crime.

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Speaker 1: Yeah, that part with the with open AI and incorporating

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Speaker 1: it in and of course Commonwealth Bank already owns a

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Speaker 1: stake in another operator, Anthropic, and so this is really

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Speaker 1: kind of doubling down on that move into AI. So

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Speaker 1: there's some really interesting stuff in that, but it is

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Speaker 1: impossible to kind of move past the reaction in the

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Speaker 1: market yesterday. For so long Commonwealth Bank has been really

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Speaker 1: a market darling that the market cap has just kept

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Speaker 1: on climbing. Yesterday, though investors did not like what they

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Speaker 1: were seeing.

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Speaker 2: We saw heavy selling in CBA, the stock plunging almost

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Speaker 2: five and a half percent to one hundred and sixty

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Speaker 2: nine dollars and twelve cents. That is a long way

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Speaker 2: off its peak back in late June when it hit

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Speaker 2: one hundred and ninety one dollars. Why well, despite that

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Speaker 2: record cash profit, the results were described as just okay

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Speaker 2: by one analyst and point to sentiment that's been brewing

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Speaker 2: for a while around CBA being overvalued, the shares of

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Speaker 2: trading close to thirty times forward earnings. There were also

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Speaker 2: concerns around the outlook to including tougher competition for deposits

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Speaker 2: and weaker rate heel performance.

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Speaker 1: And look, the challenge for the broader market is it's

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Speaker 1: hard to have a good day on the A six

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Speaker 1: when Australi's biggest company is sold off.

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Speaker 2: That hard, right, exactly that, and so that pain in

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Speaker 2: CBA definitely cascading through the financials. CBA really being seen

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Speaker 2: as as a microcosm of what the big banks are

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Speaker 2: facing more broadly, so dragging the local boss to experience

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Speaker 2: its sharpest one day fall in nearly two weeks. Materials

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Speaker 2: they were a bright spot, lifted by rising commodity prices,

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Speaker 2: but overall the S and PSX two hundred closing down

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Speaker 2: points six percent or fifty three points at eighty eight

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Speaker 2: hundred and twenty seven.

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Speaker 1: Yeah, it is interesting that we've talked a lot lately

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Speaker 1: about the big switch, this move from the banks into

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Speaker 1: the miners, and yesterday we did see those banks coming

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Speaker 1: back and the miners, the big three in particular BHP

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Speaker 1: Rio tinto Fortescue, all climbing yesterday. We need to talk

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Speaker 1: about productivity, and I want to talk more broadly around

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Speaker 1: the Productivity round table and some of the there's a

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Speaker 1: lot of talk about it yesterday, but Matt Common, chief

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Speaker 1: Executive of Commonwealth Bank, actually had a bit to say

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Speaker 1: about this as well. It was sounding a warning about

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Speaker 1: proposed AI copyright changes that could let tech companies mine

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Speaker 1: artists and media creators work without payment.

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Speaker 2: And this is really interesting in terms of what we

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Speaker 2: were just saying around CBA's partnerships and deals in the

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Speaker 2: AI space. But you're right. What we've got is the

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Speaker 2: government is considering reforms ahead of next week's Productivity round table,

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Speaker 2: the Commission proposing exemptions for AI text and data mining.

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Speaker 2: Common stress that AI is a very important and strategic capability,

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Speaker 2: but must be used responsibly and with adequate compensation given

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Speaker 2: to creative workers for their contribution, saying that protecting intellectual

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Speaker 2: property is crucial and risks should be taken seriously.

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Speaker 1: The momentum, the expectations ahead of next week's round table

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Speaker 1: on being nervous, I am too, and we've been. It

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Speaker 1: feels like we've been talking about it forever, right, and

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Speaker 1: it just and there have been so many submissions coming

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Speaker 1: forward from every single part of Australian society, which is

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Speaker 1: what you want at something like this where it is

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Speaker 1: all about reform, that you want a really wide range

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Speaker 1: of proposals. It's fair to say, though expectations are running

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Speaker 1: pretty high, especially when the government has such a large

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Speaker 1: majority in such a large man to potentially do something.

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Speaker 1: Those expectations are cooled a little bit because Prime Minister

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Speaker 1: Anthony Alberanezi and Treasurer Jim Chalmers have reportedly held private

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Speaker 1: talks to agree on the need to rain in these

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Speaker 1: public expectations, these ones that we are building up right now.

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Speaker 2: Well, according to the finn the pair spoke face to

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Speaker 2: face last week about the need to be on the

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Speaker 2: same page regarding the roundtable. These conversations just dismissed us

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Speaker 2: as usual frisions. Really the PM already hosing down expectations

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Speaker 2: that the government will implement any new tax changes before

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Speaker 2: the next election, and that really being seen as a

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Speaker 2: symbolic of a steady line.

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Speaker 1: Yeah, and we've we've started out a couple of months

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Speaker 1: ago with all the talk about the potential for GST

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Speaker 1: changes and the like, and it feels like the expectations

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Speaker 1: now like getting smaller and smaller, because we keep hearing

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Speaker 1: now that the government wasn't given a mandate for such

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Speaker 1: significant tax reform at the election. One such proposal, though,

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Speaker 1: that we heard about in the last twenty four hours,

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Speaker 1: comes from the Australian Council of Trade Unions the act

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Speaker 1: They are pushing for a shorter working week, including wait

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Speaker 1: for it, the four day week without any loss of pay.

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Speaker 1: It didn't get the best reception yesterday.

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Speaker 2: No, so the ACTU is arguing that it's good for

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Speaker 2: workers and employers alike, improving productivity and work life balance,

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Speaker 2: saying that workers deserve to share in productivity gains. But

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Speaker 2: big business groups are pushing back pretty hard. The Australian

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Speaker 2: Industry Group calls it a populist anti productivity thought bubble,

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Speaker 2: the Australian Chamber of Commerce saying shorter hours should be

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Speaker 2: negotiated company by company, not imposed as a blanket rule.

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Speaker 2: And coming back to that last story around tempering public expectations,

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Speaker 2: the Albanesi government also saying it has no intention of

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Speaker 2: making industrial relations change during this term beyond those promised

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Speaker 2: during the election campaign.

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Speaker 1: Feels like we're not going to get much out of

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Speaker 1: next week, doesn't it.

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Speaker 2: I'm still looking forward to seeing what Reserve Bank Governor

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Speaker 2: Michelle Biloks got to say after refusing to give anything

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Speaker 2: away on Tuesday.

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Speaker 1: Oh, very good points. All right, big starts of the show.

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Speaker 1: We've covered a lot of ground already. We still have

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Speaker 1: a long way to go. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Natalie.

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Speaker 1: Wages in Australia kept growing at a steady pace in

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Speaker 1: the June quarter, going up by three point four percent

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Speaker 1: over the year.

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Speaker 2: Good news for public sector workers like nurses and police,

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Speaker 2: who saw bigger pay rises than those in the private sector. Overall,

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Speaker 2: wage growth is slowing down compared with last year, with

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Speaker 2: fewer people getting big pay bumps. Now we know that

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Speaker 2: the Reserve Bank is watching closely because that py word again,

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Speaker 2: productivity is pretty weak, as illustrated by Governor Michell bl

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Speaker 2: Lo at Tuesday's press conference, and that makes it harder

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Speaker 2: for wages to keep rising without causing inflation. Next on

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Speaker 2: the watchhist, of course, is unemployment data due out today.

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Speaker 1: A couple of big housing stories property stories today. The

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Speaker 1: Reserve Bank's decision to cut into strates this week was

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Speaker 1: really kind of promoted as a win for mortgage holders.

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Speaker 1: Of course, new data now from Domain is offering a

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Speaker 1: broader insight into Australia's housing market and in particular some

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Speaker 1: of the extraordinary profits that are being made in the

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Speaker 1: residential market.

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Speaker 2: Domain Group's latest report showing an impressive ninety seven percent

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Speaker 2: of house resales and eighty eight percent of unit resales

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Speaker 2: nationwide made a profit in the first half of twenty

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Speaker 2: twenty five. That's the highest in nearly twenty years for

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Speaker 2: houses and three years for units. Brisbane and Perth in

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Speaker 2: fact led house sales profits with over ninety nine percent

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Speaker 2: selling for a gain. Perth saw the biggest jump in

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Speaker 2: house profits, up twenty two percent, while Sydney still offers

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Speaker 2: the highest medium profit at seven hundred thousand, five hundred dollars.

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Speaker 2: Some cities like Darwin and Melbourne saw declines, but losses

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Speaker 2: remain pretty rare and pretty modest.

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Speaker 1: That is a staggering seven hundred thousand dollars and that's

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Speaker 1: the median profit in Sydney. That is quite remarkable. On

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Speaker 1: the flip side, this is not great news. Now this

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Speaker 1: next one for those who are renting rental. Growth across

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Speaker 1: Australia's capital cities has picked up for the first time

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Speaker 1: in over two years, sparking fresh concerns around inflation housing inflation.

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Speaker 2: The latest Toutality stats show rents rows three percent in

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Speaker 2: the year to July, up from two point seven percent

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Speaker 2: in June, with Sydney and Brisbane leading the charge, driven

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Speaker 2: by tight rental markets, especially in units and low vacancy rates.

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Speaker 2: With rents making up a big chunk of the Consumer

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Speaker 2: price index, this growth could push inflation higher and that's

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Speaker 2: certainly a concern.

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Speaker 1: We need to mention a couple of the results. The

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Speaker 1: other results. Commonwealth Bank does tend to kind of suck

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Speaker 1: a lot of the oxygen out, doesn't it, whenever we're

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Speaker 1: talking about this. But there were some other interesting stories

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Speaker 1: coming out of a reporting season yesterday. Treasury Wine Estates

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Speaker 1: is leaning on its luxury Penfolds brand to boost profits

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Speaker 1: this year. Cheaper wine sales, though continued to struggle.

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Speaker 2: The company reported a fifteen and a half percent rise

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Speaker 2: in earnings to about four hundred and seventy million dollars,

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Speaker 2: helped by those strong Penfold sales and its US premium

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Speaker 2: wine acquisitions. But its commercial wine division and that's selling

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Speaker 2: brands like Lindman's nineteen Crimes saw earnings drop nearly twenty

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Speaker 2: eight percent, reflecting a global shift away from cheaper wines.

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Speaker 2: In China, for instance, drinkers are opting for healthier choices.

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Speaker 2: The company also announcing a share buy back of up

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Speaker 2: to two hundred million dollars and shares in treasury wine

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Speaker 2: estates for the day climbing one point two percent.

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Speaker 1: At Utilities were the weakest sector yesterday, dragged lower by AG,

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Speaker 1: which was the worst performer on the ASX two hundred.

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Speaker 2: The energy giant reported a twenty one percent drop in

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Speaker 2: full core profit, signaling tougher times ahead. AJL posting a

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Speaker 2: ninety eight million dollar loss after some hefty charges, despite

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Speaker 2: a six percent rise in revenue to fourteen point four

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Speaker 2: billion dollars. Shares down thirteen percent.

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Speaker 1: Turning to international news now, and I don't know what

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Speaker 1: to make of this story. US President Donald Trump has

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Speaker 1: taken aim at Goldman Sachs boss David Solomon, telling him

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Speaker 1: to focus on being a DJ instead of running a bank.

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Speaker 2: There is no sicker burn in my opinion.

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Speaker 1: Especially coming from the President. The fact is that David

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Speaker 1: Solomon did have a bit of a side hustle as

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Speaker 1: a DJ. Didn't he he did?

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Speaker 2: This is true, so I guess kind of asking for

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Speaker 2: it maybe. But in terms of the story, Goldman issued

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Speaker 2: a warning that Trump's tariffs could hurt the US economy,

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Speaker 2: with costs likely to be passed on to consume. Trump

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Speaker 2: not having it hit back on true Social insisting tariffs

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Speaker 2: are bringing trillions into the treasury without fueling inflation, which,

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Speaker 2: by the way, slowed to two point seven percent, easing

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Speaker 2: slightly more than economists expected according to official data. But

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Speaker 2: back to Goldman, Trump accused DJ hobbyist Solomon of making

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Speaker 2: bad predictions on tariffs and markets, and staid he should

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Speaker 2: get a new economist.

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Speaker 1: But also, just.

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Speaker 2: While we're on this, Trump also going on a bit

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Speaker 2: of an online spree, also threatening to sue Federal Reserve

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Speaker 2: Chair Jerome Power over quote the horrible and grossly incompetent

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Speaker 2: job he has done in managing the construction of FED buildings,

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Speaker 2: and criticized him for being too late to cut interest rates.

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Speaker 1: Do you know what David Solomon's DJ name was? Oh?

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Speaker 1: Was it like DJ soul? Yeah? I mean it's not

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Speaker 1: not particularly inspired, is it?

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Speaker 2: But what kind of music did he playing? Who was

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Speaker 2: at Lollapalooza, wasn't he He.

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Speaker 1: Was like so he was actually playing, so like he

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Speaker 1: was playing there alongside kind of Green Day and the likes,

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Speaker 1: and there you've got the CEO of one of the

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Speaker 1: biggest banks in the world. I don't even know what

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Speaker 1: the term is for. What's that like, you know, on

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Speaker 1: the deck on the decks.

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Speaker 2: It should be noted we are both doing Yeah, we're

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Speaker 2: both trying.

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Speaker 1: To mixing at the moment without knowing what we're actually

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Speaker 1: talking about.

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Speaker 2: But then that was why he had to pull back,

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Speaker 2: was because he was facing criticism that he was off

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Speaker 2: doing his little hobby and the bank's performance was on

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Speaker 2: a bit of a downturn.

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Speaker 1: So so maybe there's some it's still a bit what

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Speaker 1: did you describe it as the sickest burn.

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Speaker 2: Yeah, that's my that's my professional opinion.

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Speaker 1: I enjoy that now. I mentioned this at the top

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Speaker 1: of the show. A somewhat bold play from AI startup Perplexity.

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Speaker 1: They lobbed a fifty two point eight billion US dollar

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Speaker 1: bid to buy Google's Chrome browser. That's the browser that

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Speaker 1: is used by billions of people around the world, and

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Speaker 1: this bid was unsolicited.

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Speaker 2: The move comes as a US court considers forcing Google

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Speaker 2: to sell Chrome after ruling it illegally monopolized the search market.

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Speaker 2: Google's fighting the ruling, pushing for smaller changes like loosening

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Speaker 2: default search agreements with Apple, Mozilla, and Android. This isn't

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Speaker 2: the first time Perplexity has made eyes at a major

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Speaker 2: Internet player. Earlier this year, it bid to merge with

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Speaker 2: TikTok's US operations amid a potential ban, leaving this bid,

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Speaker 2: which some analysts have pointed out, massively undervalues Chrome being

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Speaker 2: viewed with some skepticism.

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Speaker 1: Okay, I need to get to this one. We're running

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Speaker 1: out of time, but it's worth a mention. Around one

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Speaker 1: hundred locals and visitors gathered in England Cotswolds for what

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Speaker 1: they called a dance against Vance, which is a not

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Speaker 1: so subtle message to US Vice President J. D. Vance,

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Speaker 1: who was holidaying nearby.

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Speaker 2: And also it doesn't sound anywhere near as call with

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Speaker 2: my accent, oh, because you would say dance dance against

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Speaker 2: Vance anyway, Sunshine music, even a caterpillar cake, which is

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Speaker 2: iconic by cake standards in the UK. It looked like

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Speaker 2: a village fate, but the placards told another story. Organized

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Speaker 2: by the Stop Trump Coalition. Protesters criticized Vance's policies, his

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Speaker 2: treatment of UK President vladimirs Lensky, and his environmental stance.

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Speaker 2: Security around the village where he's staying has been tight,

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Speaker 2: with Rhodes Closed Secret Service agents stationed around the eighteenth

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Speaker 2: century manor where he is holidaying. Locals comparing the scenes

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Speaker 2: to the Will Smith film Men in Black and calling

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Speaker 2: it a bit over the top.

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Speaker 1: Can I let you in on a little secret. I

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Speaker 1: don't know whether I should be telling anybody this, but

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Speaker 1: guess who is in the Cotswolds right now?

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Speaker 2: Who's in the Cotswolds right now?

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Speaker 1: Apart from JD. Vance? Now Fear and Grade colleague Sean Aylmer,

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Speaker 1: who is there? Who posted a whole stack of photos

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Speaker 1: on Instagram in the last twenty four hours. He has

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Speaker 1: this knack for following international news stories. When Jeff Bezos,

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Speaker 1: Amazon founder was getting married in ve guess where Sean

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Speaker 1: popped up?

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Speaker 2: Coincidence? I think not.

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Speaker 1: I'm with you there all right. Up next is Fear

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Speaker 1: and Greed Q and A asking today what lies ahead

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Speaker 1: for Commonwealth Bank? And the guest today is Commonwealth Bank

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Speaker 1: CEO Matt Common speaking to our friends from Osby's, which

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Speaker 1: is Australia's leading provider of live and on demand video

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Speaker 1: of the latest news in Australian business markets, economy and startups.

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Speaker 1: Sign up for free at Osby's dot com dot au.

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Speaker 1: It's coming up next to the Fear and Greed playlist.

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Speaker 1: Thank you very much, Natalie, Thank you Michael. It is Thursday,

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Speaker 1: the fourteenth of August twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook and head along to Fearangreed dot

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Speaker 1: com dodau and sign up for our free daily newsletter.

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Speaker 1: I'm Michael Thompson and that was Fear and Greed. Have

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Speaker 1: a great day.