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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 Abanezi sets out his economic agenda, announcing

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Speaker 1: a Jobs and Skills summit aimed at improving productivity. The

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Speaker 1: ASX and bitcoin both head towards record territory, and vapes

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Speaker 1: or e cigarettes are losing favor among consumers. Plus a

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Speaker 1: new era for buy now, pay later companies, and Donald

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Speaker 1: Trump calls in the Marines for Los Angeles. It is Wednesday,

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Speaker 1: the eleventh of June twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer, Good morning, Michael Sewan. Massive

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Speaker 1: newsletter today, there is it is so loaded years with news,

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Speaker 1: with interesting stuff. That's right, And I mean look, I

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Speaker 1: mean clearly you haven't written your part of it yet,

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Speaker 1: which is why you are kind of dodging around this.

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Speaker 1: But the newsletter, it is worth signing up because it

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Speaker 1: only takes what three or four minutes to read, yep,

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Speaker 1: and you are guaranteed to arrive at work better prepared

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Speaker 1: for the day and probably just a little bit ahead

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Speaker 1: of your.

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Speaker 2: Colleagues unless they've signed up, then you're catching up with them.

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Speaker 1: Yeah, that's a good point, but it is very easy

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Speaker 1: to sign up head along to Fearandagree dot com dot au.

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Speaker 1: You can also just check the show notes for this

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Speaker 1: episode and we'll put a link in there. So it

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Speaker 1: is very very easy. It's out every day, every weekday

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Speaker 1: by six am in your inbox. Okay, moving on now, Sean.

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Speaker 1: The main story this morning. Prime Minister Anthony Upaneasy has

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Speaker 1: laid out parameters for any trade negotiations with US President

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Speaker 1: Donald Trump, saying things like the pharmaceutical benefits scheme, the

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Speaker 1: media bargaining Code and biosecurity they're not up for negotiation,

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Speaker 1: that's right.

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Speaker 2: The Prime Minister was at the National Press Club yesterday,

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Speaker 2: his first major speech since being re elected more than

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Speaker 2: five weeks ago. It was a wide ranging Q and

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Speaker 2: A covering defense, trade, economics, the housing crisis, productivity. The

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Speaker 2: Prime Minister said his first legislative priority is to cut

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Speaker 2: student debt by twenty percent, as promised during the election campaign.

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Speaker 2: He said it will save three million Australians an average

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Speaker 2: of five five hundred dollars each. Some of the key

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Speaker 2: points from the speech yesterday. You mentioned it when he

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Speaker 2: talked about any upcoming trade negotiations with the US administration.

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Speaker 2: There are certain things that he just simply said are

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Speaker 2: not up for negotiation. He also said defense spending needs

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Speaker 2: to go up in future budgets, though nothing has been

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Speaker 2: locked in now. At the moment, defense spending is specially

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Speaker 2: get to about two point three percent of GDP in

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Speaker 2: a few years. The US, of course, wants it to

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Speaker 2: lift to three point five percent. On China and the region,

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Speaker 2: Albanesi said Australia's engagement needs to be diplomatic mature and

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Speaker 2: needs to avoid attempts to simplify what are a complex

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Speaker 2: set of relationships. He defended the government support for things

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Speaker 2: like penalty rates for workers, saying they don't work against

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Speaker 2: productivity improvements. Albanzi said his government must push local authorities

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Speaker 2: to cut through red tape to make it cheaper to

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Speaker 2: build new houses, and as you mentioned, a job of

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Speaker 2: Jobs and Skills summit for August. The goal is to

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Speaker 2: develop new policies to bolster productivity. He wants to bring

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Speaker 2: together the business community, the union movement, and what he

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Speaker 2: called civil society. What's on civil society.

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Speaker 1: Well, it's not the kind of thing you want to

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Speaker 1: have at a summit, that's for sure.

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Speaker 2: Civil society.

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Speaker 1: Dear Lord, No, we.

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Speaker 2: Want civil society, And he said it's about building the

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Speaker 2: broadest possible base of support for economic reform.

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Speaker 1: Didn't we just have a Jobs and Skills submit That

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Speaker 1: was one in twenty twenty two. Well, we suppose went

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Speaker 1: due for another one.

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Speaker 2: This government is very good at having get together this chance. Yeah,

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Speaker 2: you know summits reports, Yeah, inquiries.

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Speaker 1: That's right. The big pressure then is on actually acting

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Speaker 1: on what comes out of.

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Speaker 2: Those, right, So you would like to think of government

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Speaker 2: in its second term will be acting more than inquiring.

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Speaker 1: Yeah. I would have thought at this point after a

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Speaker 1: full term you would kind of know all of these things. Yes,

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Speaker 1: you've had a term to gather all the information. Second

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Speaker 1: term put it into action, especially when you've got such

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Speaker 1: a massive majority.

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Speaker 2: So the big abi criticism of the Albanezer government last

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Speaker 2: term was the fact that it did so many inquiries

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Speaker 2: and didn't actually act on them.

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Speaker 1: Okay, Sean, there's a couple of changes at the very

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Speaker 1: top of the bureaucracy.

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Speaker 2: The head of treasury, so we talk about the Reserve

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Speaker 2: Bank governor Michelle Bullock. They head of Treasury is the

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Speaker 2: other big one. The person that runs out as a

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Speaker 2: guy called Stephen Kennedy. Well, He's going to become the

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Speaker 2: Secretary of the Department of Prime Minister and Cabinet, so

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Speaker 2: he look after He'll look after Anthony. Now beneath he's

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Speaker 2: bureaucracy a bit of term. He's replacing the out going

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Speaker 2: Glynn Davis and Finance Department boss Jenny Wilkinson will become

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Speaker 2: the first female Treasury secretary. So congratulations to Jenny Wilkinson.

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Speaker 1: Terrific local markets. How did they go yesterday?

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Speaker 2: Well, the S and PA Sex two hundred finished at

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Speaker 2: a record high. Michael, look at the glee in your eyes?

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Speaker 2: Aren't nearly one percent to when I said that you

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Speaker 2: tried to put glee in your eyes because there was none.

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Speaker 2: You raise your eyebrows more than screen in the eyes.

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Speaker 1: I think I'm dead inside, John.

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Speaker 2: The mark was up nearly one percent to eight thousand,

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Speaker 2: five hundred and eighty seven point two points. Energy, tech

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Speaker 2: and bank stocks led the way on the back of

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Speaker 2: higher oil prices. Now that reflects hopes about a US

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Speaker 2: China trade deal plus expectations that local interest rates will

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Speaker 2: fall again next month. We better point out the Commwealth

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Speaker 2: Bank again. It hit another record high one hundred and

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Speaker 2: eighty two dollars twenty five cents. It's up about forty

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Speaker 2: five percent of the past twelve months. It closed at

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Speaker 2: one hundred and eighty two dollars market cap three hundred

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Speaker 2: and five billion dollars.

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Speaker 1: Wow, that's extraordinary. Just keeps going.

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Speaker 2: It just keeps going.

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Speaker 1: Bitcoin as well, nearing a record level. It seems like

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Speaker 1: the ongoing US China trade talks that they are actually

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Speaker 1: helping riskier assets.

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Speaker 2: Yes, I think so.

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Speaker 1: So.

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Speaker 2: Bitcoin pushed above one hundred and ten thousand US dollars

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Speaker 2: a unit yesterday morning. It came back a bit, but

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Speaker 2: it rallied about four percent in the twenty four hours

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Speaker 2: up until yesterday morning. Wall Street ended flat over the weekend. Now,

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Speaker 2: those trade talks in London were going well, according to

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Speaker 2: US President Toald Trump, but then he added, I quote,

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Speaker 2: China's not easy. What did you expect?

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Speaker 1: Thanks scoop and the Aussie dollar. Sean flirting flirting six

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Speaker 1: month high.

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Speaker 2: I think like flirting with the six month high. That

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Speaker 2: six month high sixty five point two five US cents.

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Speaker 2: You are just breaking into your former career. It's back

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Speaker 2: about sixty five point one five, sixty five point two

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Speaker 2: US cents this morning.

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Speaker 1: Sean just very quickly before we go to a break.

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Speaker 1: Couple of quick things I want to mention we are

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Speaker 1: working with FONTO, which is a research agency, to learn

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Speaker 1: more about the Fear and Greed community. So we are

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Speaker 1: running a short survey to hear from us to how

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Speaker 1: you're feeling, what you love, what do you think we

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Speaker 1: could improve on. It only takes a few minutes and

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Speaker 1: if you take part before June thirty, you'll be in

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Speaker 1: the running to win a three thousand dollars luck Escapes voucher.

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Speaker 1: It is a pretty fantastic prize on offer if you

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Speaker 1: are able to take the survey or put the link

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Speaker 1: in today's show notes so that you can find that

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Speaker 1: very easily. And also in the coming months, we're going

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Speaker 1: to bring you a regular segment called Business by Numbers.

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Speaker 1: It is once a week and we'll be presenting the

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Speaker 1: top three numbers to know for the week, brought to

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Speaker 1: you by zero zero dot com slash au. For instance, today,

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Speaker 1: three hundred and five billion dollars the market cap of

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Speaker 1: Comwealth Bank, obviously Australia's biggest company, after its share price rose,

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Speaker 1: hit another new record yesterday, hitting that extraordinary market cap

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Speaker 1: three hundred and five billion dollars one hundred and ten

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Speaker 1: thousand US dollars Bitcoin pushing past the milestone yesterday morning

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Speaker 1: after rallying as you mentioned, Sean, about four percent in

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Speaker 1: twenty four hours and the number we just mentioned sixty

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Speaker 1: two and a half US cents. The Aussie dollar hovering

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Speaker 1: around that six month high, which is very good news

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Speaker 1: for anyone planning to travel overseas soon. Looking at you here,

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Speaker 1: Sean will take a very quick break, be back in

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Speaker 1: a moment with the rest of the day's business news, Sean.

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Speaker 1: A new era for buying our pay later companies like

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Speaker 1: after pay and Zip has arrived, with these sectors' products

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Speaker 1: now regulated by credit laws. We've been talking about this

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Speaker 1: for a while, Sean.

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Speaker 2: Massive change. Anyone signing up to a buy and our

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Speaker 2: pay later product from yesterday must answer questions about their

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Speaker 2: finances have their credit history check before they can borrow

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Speaker 2: the money. Buy now pay Later is particularly popular with

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Speaker 2: younger consumers. Basically allows people to pay for goods in installments,

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Speaker 2: normally for installments. It means some customers will be able

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Speaker 2: to these new rules. The credit rules will means some

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Speaker 2: customers will be able to borrow less. And it follows

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Speaker 2: years of campaigning by consumer advocates. But it also makes

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Speaker 2: buy now, pay later services more complex and less timely,

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Speaker 2: and that's one of the great advantages of buying our

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Speaker 2: pay later, So it's not necessarily a good news story.

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Speaker 2: For example, new customers will have to answer questions about

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Speaker 2: their financial situation, including outstanding.

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Speaker 1: Debts on balance. Good thing, I think so, and.

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Speaker 2: Some of the better operators I might have this increase,

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Speaker 2: but I actually think Zipco already operates under these rules,

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Speaker 2: so I think it's fair if people are borrowing money,

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Speaker 2: they should be subject to credit laws.

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Speaker 1: Yeah, and we had talked to the boss of zip

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Speaker 1: previously on the podcast and she had been quite clear

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Speaker 1: that they wanted greater regulation in this space. So there's

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Speaker 1: a couple of smaller takeovers in the offing Shipbuilder Hostel.

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Speaker 1: Shipbuilder is one of those words you have to say

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Speaker 1: it very carefully, very carefully. Anyway, the share price for

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Speaker 1: Ostel jumped, and property services building group John Lynn Group

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Speaker 1: went into a trading hold on takeover speculation.

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Speaker 2: In the case of Ostor, South Korea's Henwa Group was

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Speaker 2: given approval by foreign investment officials in the US to

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Speaker 2: buy out the entirety of Australia's largest shipbuilder. Now that

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Speaker 2: sounds a bit weird that US officials would be giving

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Speaker 2: a approval to a South Korean company to buy the

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Speaker 2: Australian company. And you're right. However, Ostell Big in Defense

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Speaker 2: Vessel's major facility in Alabama. Hanna has been trying to

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Speaker 2: take a stake in Hostel, a large steak, potentially take

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Speaker 2: it over for a few years. It's needed regulatory approval,

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Speaker 2: so it's got the US regulatory approval. The bigger impediment

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Speaker 2: is that the largest shareholder in Nostel is the Forest family,

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Speaker 2: as in Andrew and Nicola Forest. There against any deal.

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Speaker 2: Now Hanma once lifted stake in Hostel to at least

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Speaker 2: nineteen point nine percent. Needs these approvals in the US

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Speaker 2: and from the Foreign Investment Review Board in Australia and

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Speaker 2: the John Link case. Media reports say it's received a

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Speaker 2: takeover bid from private equity company PEP. It's in a

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Speaker 2: trading halt at the moment.

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Speaker 1: Monash IVF Group has reported that it transferred the wrong

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Speaker 1: embryo into a Melbourne woman. That's the second such incident

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Speaker 1: in two months. That's really distressing.

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Speaker 2: Yes, in April or back in April at his Brisbane clinic,

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Speaker 2: the embryo of one patient was incorrectly transferred to another patient,

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Speaker 2: resulting in the birth of a child with the wrong parent.

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Speaker 2: In the most recent incident, Monash mistakenly transferred to patient's

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Speaker 2: own embryo to her to herself during a process in

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Speaker 2: which was supposed to receive an embryo from her partner.

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Speaker 2: Monash IVF yesterday said its conducting and investigation and had

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Speaker 2: extended the scope of the independent review already underway. It'll

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Speaker 2: provide an update on the findings of the expanded review

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Speaker 2: in due course. Its share price was down about twenty

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Speaker 2: seven percent yesterday. It's of about forty percent over the

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Speaker 2: last year.

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Speaker 1: There's a few stories in state politics definitely worth a

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Speaker 1: Mentionab'll head to Tasmania first whether Speaker of the House

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Speaker 1: will resign.

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Speaker 2: Michelle O'Byrne held the deciding voter and no confidence vote

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Speaker 2: against Premier Jeremy Rockcliffe. Now she is resigning basically means

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Speaker 2: Tassy is going to an election. In Victoria, the state's

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Speaker 2: power grid is under pressure after an unexpected outage at Lawn,

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Speaker 2: the state's second largest car fired power station. There were

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Speaker 2: concerns that the cold the weather could strain the market

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Speaker 2: and drive up wholesale electricity prizes. And finally, New South

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Speaker 2: Wales's Deputy Premier pro car has been diagnosed with breast cancer.

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Speaker 2: She will start treatment immediately and we certainly wish her

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Speaker 2: the best.

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Speaker 1: Yeah. Indeed, Now turning to international news, and Donald Trump's

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Speaker 1: administration is sending seven hundred marines to la A mid

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Speaker 1: protests against raids on alleged illegal immigrants, despite opposition from

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Speaker 1: the state's governor.

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Speaker 2: Now, according to the White House, and marines are being

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Speaker 2: sent to protect federal personnel and federal property. It comes

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Speaker 2: just hours after California's Democratic governor, Gavin Newsom sued Trump

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Speaker 2: for an earlier decision to deploy National Guard troops. So

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Speaker 2: we've got marines and National Guard troops. That lawsuit called

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Speaker 2: the president's decision an unprecedented usurpation. That's a good word,

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Speaker 2: usurpation of state authority. Military forces frequently assist the US

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Speaker 2: during natural disasters other incidents, but it's really rare that

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Speaker 2: they're deployed to aid in domestic law enforcement, particularly when

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Speaker 2: the state governor doesn't support it. According to the Fteam

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Speaker 2: and members of the California National Guard arrived in Los

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Speaker 2: Angeles on Sunday after Trump transferred control of the military

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Speaker 2: force from state to federal authorities. Then late on Monday,

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Speaker 2: the Trump administration authors another two thousand guardsmen to be

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Speaker 2: deployed to LA bringing the total number of authorized guardsmen

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Speaker 2: to four thousand, despite opposition from Newsome and local leaders.

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Speaker 1: How about this one, Sean The UK will invest fourteen

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Speaker 1: point two billion pounds as about what thirty billion their

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Speaker 1: dollars to help build the size well See nuclear plant,

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Speaker 1: saying the reactor will help deliver a golden age of

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Speaker 1: abundant clean energy.

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Speaker 2: The proposed plant in Suffolk has been on the drawing

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Speaker 2: board for more than a decade and the eventual price

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Speaker 2: tag will be about forty billion dollars. Currently, the UK

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Speaker 2: has nine operable reactors producing about fifteen percent of the

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Speaker 2: country's electricity. How a bunch of reactors are at end

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Speaker 2: of life. It plans to have nuclear provide about twenty

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Speaker 2: five percent of energy by twenty fifteen. Now in the UK,

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Speaker 2: gas remains the largest generator, electricity about thirty nine percent,

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Speaker 2: then wind at twenty five percent, and then nuclear.

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Speaker 1: Growth in sales of e cigarettes is faltering in North

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Speaker 1: America and Europe, raising questions about the way forward for

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Speaker 1: big tobacco.

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Speaker 2: British American tobacco. The Footzy one hundred, group behind those

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Speaker 2: e cigarettes of the US's e cigarettes, said last week

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Speaker 2: it expected sales of its vaping devices to form by

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Speaker 2: a mid teens percentage globally in the first half of

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Speaker 2: the year. In the US, the world's largest vaping market,

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Speaker 2: year on near sales of regulated devices have fallen almost

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Speaker 2: every month during the past two years, according to Nelson. Meanwhile,

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Speaker 2: in the UK, the second largest market, vaping prevalence has

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Speaker 2: leveled off. The slowdown comes after more than a decade

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Speaker 2: of strong growth, which accelerated between twenty twenty one and

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Speaker 2: twenty twenty four as disposable e cigarettes proliferated in the

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Speaker 2: US and UK. But it just appears to have peaked.

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Speaker 2: Good news, I'd say.

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Speaker 1: Yeah, absolutely, I still find it off putting. I don't

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Speaker 1: know if you do the same. When you're sitting in traffic,

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Speaker 1: see the car window in front of you go down

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Speaker 1: a crack, and all of a sudden, the biggest plume

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Speaker 1: loom of smoke, of smoke of vape vapor I suppose

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Speaker 1: comes out they're like, holy hell, cars on fire. Up

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Speaker 1: next is the Fear and Greed Daily Interview. Your guest

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Speaker 1: today Karen Buller from UNI Super, which is a great

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Speaker 1: supporter of Fear and Greed.

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Speaker 2: It's a fantastic chat with Kiaren. She's a private client

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Speaker 2: advice and we talked about the gender pay gap, particularly

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Speaker 2: in superannuation, and strategies needed to improve outcomes for women

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Speaker 2: when it does come to superannuation. It is Wilworth a listen.

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Speaker 1: Yeah, indeed, it is up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com dot au, which is also where you sign up

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Speaker 1: for the free daily newsletter. Thank you Sean, Thank you Michael.

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Speaker 1: It's Wednesday, the eleventh of June twenty twenty five. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson

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Speaker 1: and that was Fear and Greed. Have a great day.