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

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Speaker 1: Prime Minister Anthony Albernesi supports the idea of legislated work

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Speaker 1: from home privileges. The Corporate Regulator is close to agreeing

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Speaker 1: to allow a competitor to the Australian Stock Exchange, and

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Speaker 1: a Western Australian prospector strikes it rich while filming a

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Speaker 1: YouTube tutorial. Plus, the government buys into a list of

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Speaker 1: lithium stock and prize money for the US Tennis Open

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Speaker 1: rises to one hundred and thirty million dollars. It is Friday,

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Speaker 1: the eighth of August twenty twenty five. Oh Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Joan.

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Speaker 1: The main story this morning is all about the workplace.

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Speaker 1: That starts with Prime Minister Anthony Alberanzi his defended criticism

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Speaker 1: of Victorian Premier just Sinda Allen's push to legislate work

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Speaker 1: from home, labeling the stance consistent with the views of

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Speaker 1: the federal government.

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Speaker 3: The Prime Minister likened the arguments against the move to

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Speaker 3: the absolute predicted when the Labor government introduced the right

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Speaker 3: to disconnect measures. The PM said working from home is

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Speaker 3: something that's important, something that Australians voted for. Over the weekend.

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Speaker 3: Of course, ms Allen says she wants to legislate working

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Speaker 3: from home two days a week for public and private

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Speaker 3: sector workers in that state. Now whether or not that

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Speaker 3: can be done legally is open to question, but it

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Speaker 3: certainly triggered a barrage of a barrage.

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Speaker 2: Right, there's a good word, Michael, barrage. A barrage.

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Speaker 1: So it makes it sound very fancy, doesn't barrage of

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Speaker 1: criticism French criticism. Yes, a barrage. Now this when he

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Speaker 1: says that working from home is something that's important, something

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Speaker 1: that Australian voted for, is he's saying that because because

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Speaker 1: work from home wasn't actually a policy that the Federal

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Speaker 1: Labor government took. It was just one that had been

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Speaker 1: floated by the opposition and because the opposition didn't get in.

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Speaker 3: Therefore, she spoke about Peter Dunton specifically, and he floted

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Speaker 3: the idea of getting everyone back into the office.

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Speaker 2: Yes, it was so unpopular.

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Speaker 3: I think the Prime minister's jumping on it, saying, oh on,

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Speaker 3: let's do the opposite, and people seem to like it.

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Speaker 1: Even though that policy got dumped before it even got

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Speaker 1: to election.

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Speaker 2: Drue.

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Speaker 1: So meanwhile, still on this workplace theme, right, A reporter's

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Speaker 1: revealed incidents of parliamentary staff being spat at, physically abused,

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Speaker 1: and working large amounts of overtime.

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Speaker 2: Yes, not very good reading.

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Speaker 3: The Review of Resourcing in Parliamentary Offices surveyed almost five

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Speaker 3: hundred parliamentarians and staff, eighty percent of whom say they

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Speaker 3: work overtime. Mind you, I wonder the other twenty percent

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Speaker 3: they all work very hard in parliament house. Seventy two

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Speaker 3: percent say security incidents are increasing. One individual told the commission,

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Speaker 3: I've been pulled across the counter, I've been spat at,

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Speaker 3: I've had things thrown at me. Recommendations include improved security,

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Speaker 3: workload management, and staff well being practices. Special Minister for

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Speaker 3: State Don Farrell said the Albanezi government has a firm

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Speaker 3: commitment to continuous improvement of the culture or the parliamentary workplace.

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Speaker 3: You would imagine that what's gone on in the parliament

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Speaker 3: workplace in recent years this should be a focus, a

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Speaker 3: real focus for the government.

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Speaker 1: Absolutely. I mean that kind of thing, being spat out,

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Speaker 1: having things thrown it you shouldn't be happening in any workplace.

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Speaker 1: But you expect Parliament to be held to the highest

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Speaker 1: possible standard, don't you.

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Speaker 3: Yes, but we thought that on some of the other

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Speaker 3: issues as well.

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Speaker 1: Very good point. All right, One more still kind of

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Speaker 1: in the workplace. I suppose public servants sean will no

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Speaker 1: longer be allowed to accept first class flight upgrades, but

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Speaker 1: the Albanize government has stopped short of forcing federal bureaucrats

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Speaker 1: to fly Economy between Sydney and Melbourne.

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Speaker 3: That would be too much, too much, surely business. This

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Speaker 3: has been part of an ongoing dialogue since it emerged

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Speaker 3: last year that Prime Minister Albanzi received at least twenty

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Speaker 3: two free upgrades from Economy by Quantas, along with other

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Speaker 3: politicians and public servants. The review, which was completed by

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Speaker 3: the Department of Finance in December last year and released

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Speaker 3: very quite new last week, found the existing policy was

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Speaker 3: fit for purpose but wasn't always followed by individuals.

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Speaker 1: Okay, moving away from workplace stories, the Corporate Regulator sean

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Speaker 1: AS in the final stages of considering an application to

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Speaker 1: approve an alternative listing market to rival the ax.

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Speaker 3: AC is considering an application by CBO Australia a subsidiary

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Speaker 3: of an American group, Cebo Global Markets, as it claims,

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Speaker 3: the move is expected to enhance competition and attract foreign investment,

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Speaker 3: providing more choice for investors in greater international alignment. Of course,

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Speaker 3: it comes just a day after a ticker mix up

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Speaker 3: by the AX that wiped four hundred million dollars from

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Speaker 3: TPG Telecom after incorrectly connecting it to the sale of

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Speaker 3: automotive software business Infomdia. The asset news, alongside Wednesday's TPG disaster,

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Speaker 3: sent the market operators share price down nine percent yesterday.

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Speaker 1: That's glorious timing for the application to go in from CBO.

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Speaker 3: Right, yeah, you wonder whether it was a coincidence or not.

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Speaker 2: Oh yeah.

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Speaker 1: The S and PASX two hundred while we're talking about

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Speaker 1: markets closed down zero point one one percent yesterday to

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Speaker 1: eighty eight hundred and thirty one points.

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Speaker 2: It was a bit of a rollercaster ride.

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Speaker 3: Michael egin Gold Companies fared pretty well, so to consumer

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Speaker 3: discretionary stocks, healthcare index underperform. The banks were mixed, Big

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Speaker 3: miners are all lower. CSL worst of the large caps.

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Speaker 3: Aristocrat Leisure, Wisetech Global the best.

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Speaker 1: Okay, we've got a lot still to come. There's some

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Speaker 1: great stories coming out. I can't wait to talk about

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Speaker 1: the prospector. Yeah, it is just a ripper and we'll

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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. Sewan, the federal government has taken a

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Speaker 1: fifty million dollar steak in lithium producer Lion Town Resources,

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Speaker 1: wanting to support the critical minerals company amid a commodities downturn.

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Speaker 3: So Linetown is about to undertake a two hundred and

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Speaker 3: sixty six million dollar capital raising to sure up its

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Speaker 3: balance sheet, which has been hammered by lower lithium prices.

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Speaker 3: Fifty million of that has already been bankrobbed for by

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Speaker 3: the federal government's National Reconstruction Fund Corporate, and the NRCF

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Speaker 3: is a fifteen billion dollar fund the company's major shareholders.

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Speaker 3: Linetown's major shareholders, Genera Einhartch She won't be part.

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Speaker 2: Of this raising.

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Speaker 3: Previously, the governor has invested two hundred million dollars in

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Speaker 3: Arafura rare Earth, but this is very unusual for the

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Speaker 3: government to throw money at a listed company. It basically

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Speaker 3: the announcement triggered further speculation that the fund could take

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Speaker 3: equity stakes in other troubled areas, particularly metal smelters. So

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Speaker 3: there's about a dozen smelters and refineries covering aluminium, steel, copper.

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Speaker 2: Manganese in doubt.

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Speaker 3: Now they're struggling because of sawing power prices or the

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Speaker 3: trade disortions from Chinese competitors. And so the question is

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Speaker 3: whether this is a precedent for the government. Will they

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Speaker 3: actually jump in and start saving some of these companies,

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Speaker 3: Which is industry policy which generally economists don't like, but

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Speaker 3: it is certainly something that's happening in the US, and

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Speaker 3: there's a global trend towards it. Okay.

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Speaker 1: Now, Federal Treasury research says large tax concessions for superannuation

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Speaker 1: and capital gains well, they favor high earners and older people.

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Speaker 3: In a budget Sustainability and tax reform paper released yesterday,

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Speaker 3: Treasury said the income tax burden would fall on a

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Speaker 3: shrinking share of the population, the working age people, basically

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Speaker 3: more people retiring, fewer people proportionately to fund that. It says,

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Speaker 3: without government intervention, bracket creep will also result in rising

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Speaker 3: average tax rates. According to a report in the finn

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Speaker 3: those rising average tax rates can disincentivize labor market, participation

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Speaker 3: in savings, and discourage investment in skills. The report says

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Speaker 3: the effect may be particularly pronounced for second earners, and

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Speaker 3: often that's women.

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Speaker 1: Returning to the workplace. Now, Sean, please, we didn't get

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Speaker 1: away from it for too long. Mining giant Rio Tinto

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Speaker 1: as looking to cut sick leave by up to seventy

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Speaker 1: five percent for tens of thousands of workers in its

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Speaker 1: Pilbra minds in wa a move that it says this

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Speaker 1: has actually been driven by a staff survey.

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Speaker 3: Soria's proposing changing the number of annual six days for

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Speaker 3: its iron Ore employees from drum roll go on forty

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Speaker 3: five to twelve so that the national minium standard is

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Speaker 3: ten rare, saying we want to go from forty five

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Speaker 3: to twelve. The minor claims the changes relate to fairness

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Speaker 3: issues that's come out of a staff survey. Now, the

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Speaker 3: Western Mine Workers' Alliance aren't happy. They've labeled the move

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Speaker 3: a slap in the face for workers and reaffirmed calls

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Speaker 3: for a union agreement on it.

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Speaker 1: Forty five days.

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Speaker 3: Yeah, I'm sure there are specific circumstances in some of

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Speaker 3: these minds that mean there is a need I don't

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Speaker 3: know enough about it, but you know, like I think,

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Speaker 3: forty five days is obviously sounds like a huge number,

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Speaker 3: but fly out situational, so without all the details, it's

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Speaker 3: hard to judge.

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Speaker 2: But at face value, forty five days a lot of days.

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Speaker 1: You're telling me not to go off too early on

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Speaker 1: this one.

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Speaker 3: Ah, those nine weeks of sickly, that's a lot.

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Speaker 1: That's pretty good, Okay, Sean. It's been heralded. I know

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Speaker 1: you're a perhaps I gonna put this, you know, I'll

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Speaker 1: just say the story and then I'll sledge you. It's

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Speaker 1: been heralded as the largest freestanding beauty store in the world.

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Speaker 1: It is opening today in Melbourne. This is a massive,

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Speaker 1: massive shop.

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Speaker 2: A big shop.

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Speaker 3: Who said bricks and mortar retailing was dead?

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Speaker 2: Not me? Not me?

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Speaker 3: Well maybe I did, but I've changed my mind, Izzie

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Speaker 3: Beauty Giant Mecha's three story Burke Street store set over

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Speaker 3: four thousand square kilometers. That's the equivalent of about twenty

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Speaker 3: tennis courts. The new flagship store boasts a hairdresser, nail salon,

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Speaker 3: a wellness apothecary there's a good word too, and even

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Speaker 3: a florist. The cost of the project has been kept

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Speaker 3: under wraps. But it is a big deal. I mean, look,

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Speaker 3: I've been to met with my daughter to be honest,

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Speaker 3: big fan, Raise is a big fan. But you know

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Speaker 3: three stories, twenty tennis courts, size of beauty products.

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Speaker 1: Okay, now I'm gonna say do right because I feel

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Speaker 1: like you are the one person that is single handedly

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Speaker 1: keeping bricks and mortar stores alive in this country.

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Speaker 3: Everyone else's moved with the one person trying to destroy

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Speaker 3: them because you buy everything online.

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Speaker 1: Yes, you don't even do your groceries online? Can you

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Speaker 1: walk up and down the aisles of coals and woolies

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Speaker 1: with I just don't understand that click and collect is

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Speaker 1: there for a reason, Sean use it?

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Speaker 3: Okay?

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Speaker 1: Well do sorry to get that off my chest now.

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Speaker 1: A YouTuber has literally struck gold and a potential forty

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Speaker 1: thousand dollars pay day while prospecting in WA's gold fields.

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Speaker 1: This is outstanding.

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Speaker 3: Kevin Richardson was making a tutorial video for his YouTube

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Speaker 3: channel with his wife when he unearthed a seven ounce

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Speaker 3: nugget of gold. As if that would ever happen if

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Speaker 3: you'd given goals training around fifty two hundred Aussie announce

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Speaker 3: so let's just go seven times that we're at about

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Speaker 3: the forty k mark.

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Speaker 2: That particular nugget not bad.

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Speaker 3: He intends to sell the nugget, which he says should

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Speaker 3: pay off the couple's caravan prospecting. Probably isn't that lucrative

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Speaker 3: a deal. No, I mean it is for mister Richardson

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Speaker 3: obviously in the last few days, and his wife.

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Speaker 2: Well.

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Speaker 1: But if for forty thousand dollars nugget is making headlines,

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Speaker 1: you can assume that this isn't happening that often.

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Speaker 2: No, no, that's true.

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Speaker 3: But just the fact that he was actually doing the

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Speaker 3: tutorial video on me too when it happened.

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Speaker 1: This is enough to make me buy a metal detector.

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Speaker 1: To be fair, I've checked it out many times in

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Speaker 1: the past. This might just be what it takes to

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Speaker 1: push me over the edge. I love that story. Turning

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Speaker 1: two international news now and US President Donald Trump has

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Speaker 1: told European leaders that he is willing to meet with

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Speaker 1: his Russian and Ukrainian counterparts as soon as next week,

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Speaker 1: in an effort to broke a piece between the two countries.

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Speaker 3: In a statement, the White House said that Russia had

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Speaker 3: expressed desire to meet with Donald Trump and that he

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Speaker 3: was opened to meeting with both presidents Putin and Zelensky.

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Speaker 3: Should the meeting go ahead, it will be the first

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Speaker 3: in person summit between the Russian president and the US

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Speaker 3: leader in more than four years.

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Speaker 1: A Russian super yacht worth a casual five hundred million

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Speaker 1: dollars is being auctioned off, three years after it was

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Speaker 1: seized by US authorities, who say it was owned by

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Speaker 1: a sanctioned Russian billionaire.

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Speaker 3: The Armadaea features a swimming pool, helipad, of course, beauty salon.

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Speaker 3: Maybe they've got Mekka on the year on the on

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Speaker 3: the boat, beauty salon, and accommodate sixteen guests and thirty

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Speaker 3: six crew members. What I love about that that's more

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Speaker 3: than two crew members per guest. The luxury ship was

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Speaker 3: seized in twenty twenty two as part of the Justice

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Speaker 3: departments the US Justice Department's efforts to punish Russian oligarchs

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Speaker 3: for their country's invasion of the Ukraine. There are questions

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Speaker 3: around the ownership of the Armadaea. The US contends that

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Speaker 3: gold mining billionaires Suliman Keremov owns the yacht, despite claims

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Speaker 3: from a former chair and CEO of oil and Gas

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Speaker 3: company ros Neft, that he's the owner. Now rosn hasn't

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Speaker 3: been or he hasn't been sanctioned, said, the point being,

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Speaker 3: they can't seize it anyway. They're going to now this one.

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Speaker 1: I'm pretty sure this was actually seized in Fiji a

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Speaker 1: couple of years ago.

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Speaker 2: Yes, I think you're right.

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Speaker 1: And I remember seeing it there because we were over

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Speaker 1: in Fiji and go on the going out to one

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Speaker 1: of the islands and everyone on the boat was looking

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Speaker 1: to this massive super yacht off to the side, and

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Speaker 1: word got around and go, that's actually one of the

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Speaker 1: Russian super yachts that was seized, and looking at it

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Speaker 1: was this monstrous thing. You could see the luxury. I

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Speaker 1: could see that it was worth half a billion dollars.

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Speaker 1: It's just a staggering thing. I love that story. Great

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Speaker 1: story today, Sean, loving this show. The Countdown is on too,

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Speaker 1: the US Tennis Open and is set to offer a

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Speaker 1: record eighty five million US dollars one hundred and thirty

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Speaker 1: allien oussie and prize money across all competitions. This is

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Speaker 1: the largest perse in tennis history.

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Speaker 3: Total price money has increased twenty percent from last year.

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Speaker 3: Men's and women's singles winners will take home five million

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Speaker 3: US dollars each from three point six million dollars last year,

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Speaker 3: with similar percentage increases cascaded through the ranks. It follows

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Speaker 3: discussions between the sports leading players. With each of the

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Speaker 3: four major tournaments including this train open seeking. The players

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Speaker 3: in those tournaments are seeking a higher percentage of revenues.

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Speaker 1: Okay, Up next is Fear and Greed Q and A today, Sean,

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Speaker 1: I'm putting the question to you that basically, with everything

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Speaker 1: that's going on lately in terms of tariffs and the

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Speaker 1: need for interest rate cuts to kind of stimulate the

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Speaker 1: economy and get things going, why is the ASX at

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Speaker 1: all time highs?

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Speaker 2: That's exactly right.

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Speaker 3: That is a good question, and one it's a good

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Speaker 3: question we answer it later. Well, we answer it. Keep

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Speaker 3: listening and you'll get the answer basically Fear and.

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Speaker 1: Greed Q and A, which is coming up next to

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Speaker 1: the Fear and Greed player list on your podcast platform

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Speaker 1: or at Fearandgreed dot com dot au.

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

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Speaker 1: It is Friday, the eighth of August twenty twenty five.

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

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Speaker 1: x TikTok and Facebook. And don't forget to sign up

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Speaker 1: for our free daily newsletter at Fearangreed dot com dodau.

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Speaker 2: I'm Michael Thompson and that was Fear and Greed.

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Speaker 1: Have a great day.