1 00:00:06,240 --> 00:00:09,399 Speaker 1: The top twenty stocks on the ASX have diverged into 2 00:00:09,440 --> 00:00:13,560 Speaker 1: two groups, the very successful and the biggest losers. Horrendous 3 00:00:13,600 --> 00:00:16,840 Speaker 1: facts emerged from the Royal Commission into Defense and Veteran 4 00:00:16,960 --> 00:00:20,040 Speaker 1: suicide and the jobs you need to get if you 5 00:00:20,120 --> 00:00:22,680 Speaker 1: want to become a politician. Welcome to Fear and Greed. 6 00:00:22,800 --> 00:00:25,280 Speaker 1: Daily business news for people who make their own decisions. 7 00:00:25,360 --> 00:00:28,840 Speaker 1: It is Tuesday, the tenth of September twenty twenty four. 8 00:00:28,960 --> 00:00:31,200 Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer. 9 00:00:31,480 --> 00:00:33,360 Speaker 2: Good morning, Michael, Sean. 10 00:00:33,640 --> 00:00:36,919 Speaker 1: The main story this morning. The country's largest listed company, 11 00:00:36,960 --> 00:00:41,600 Speaker 1: Commonwealth Bank, is now twenty percent bigger than number two BHP, 12 00:00:42,159 --> 00:00:45,080 Speaker 1: with the major banks really cementing their positions as the 13 00:00:45,159 --> 00:00:47,040 Speaker 1: dominant players on the local market. 14 00:00:47,640 --> 00:00:50,479 Speaker 2: A couple of months ago, BHP was easily the biggest 15 00:00:50,479 --> 00:00:53,040 Speaker 2: company on the bors, but with Commonwealth Bank up forty 16 00:00:53,040 --> 00:00:55,640 Speaker 2: percent over the past year and BHP down ten percent, 17 00:00:56,000 --> 00:00:59,040 Speaker 2: the Sydney based bank has now cemented its position at 18 00:00:59,080 --> 00:01:02,520 Speaker 2: the top of the boar. Among the top twenty companies 19 00:01:02,560 --> 00:01:06,000 Speaker 2: the megacaps, there's broadly been two tiers in terms of 20 00:01:06,120 --> 00:01:10,000 Speaker 2: performance over the last fifty two weeks, the good and 21 00:01:10,080 --> 00:01:12,880 Speaker 2: the ugly. Westpac has been the top performer of the 22 00:01:12,880 --> 00:01:16,119 Speaker 2: bank's up fifty percent, followed by Commonwealth Bank, National Australian Bank, 23 00:01:16,120 --> 00:01:18,160 Speaker 2: which is up thirty six percent, and A and Z. 24 00:01:18,760 --> 00:01:21,000 Speaker 2: It's had its own troubles, but it's still up twenty 25 00:01:21,040 --> 00:01:23,800 Speaker 2: six percent over the past year. Macquarie Group is up 26 00:01:23,800 --> 00:01:26,640 Speaker 2: more than thirty percent, as is West Farmers. Goodman Group 27 00:01:26,800 --> 00:01:29,440 Speaker 2: has risen by forty four percent. Weistech Global jumped by 28 00:01:29,480 --> 00:01:32,840 Speaker 2: a massive eighty three percent. These are much much bigger 29 00:01:32,920 --> 00:01:34,960 Speaker 2: rises than the overall market. In fact, the S and 30 00:01:35,000 --> 00:01:38,200 Speaker 2: PA is six two hundred itself is up just eleven percent, 31 00:01:38,440 --> 00:01:40,680 Speaker 2: so you can see how these mega caps have really 32 00:01:40,720 --> 00:01:45,360 Speaker 2: been outperforming. Off Setting the strong performances, though, have been 33 00:01:45,600 --> 00:01:49,480 Speaker 2: some very very ordinary performances, particularly in resources over the 34 00:01:49,560 --> 00:01:53,040 Speaker 2: past twelve months. Woodside is down thirty seven percent forour 35 00:01:53,040 --> 00:01:56,160 Speaker 2: to s QW Metals is off sixteen percent, BHP is 36 00:01:56,240 --> 00:01:59,639 Speaker 2: down ten percent, Rios off four percent. I mean, compare 37 00:01:59,640 --> 00:02:03,680 Speaker 2: that to the incredible difference between them. CSL is really 38 00:02:03,680 --> 00:02:06,920 Speaker 2: the only top twenty company moving with the market rising 39 00:02:06,960 --> 00:02:10,160 Speaker 2: ten percent over the past year or so. Others like 40 00:02:10,280 --> 00:02:14,000 Speaker 2: Telstra held by more than a million people's million shareholders 41 00:02:14,280 --> 00:02:18,400 Speaker 2: and Transurban they've been flat, while Woollies, another very popular 42 00:02:18,400 --> 00:02:21,120 Speaker 2: retail stock, has actually gone backwards. 43 00:02:21,800 --> 00:02:23,880 Speaker 1: Sean just to zero in on one that you mentioned. 44 00:02:23,960 --> 00:02:27,840 Speaker 1: You mentioned wise tech Global. There's so much talk, so 45 00:02:27,960 --> 00:02:30,640 Speaker 1: much hype around the tech stocks. Have they been the 46 00:02:30,639 --> 00:02:33,280 Speaker 1: best performers over the past year or has that title 47 00:02:33,320 --> 00:02:34,040 Speaker 1: gone to the banks? 48 00:02:34,400 --> 00:02:36,280 Speaker 2: Ah, good question, It's gone to the banks. With the 49 00:02:36,320 --> 00:02:39,480 Speaker 2: ASEX two hundred Bank index up nearly forty percent over 50 00:02:39,480 --> 00:02:41,600 Speaker 2: the year compared to the thirty percent rise for the 51 00:02:41,680 --> 00:02:46,040 Speaker 2: All Technology index, the Resources index is down sixteen percent. 52 00:02:46,240 --> 00:02:49,760 Speaker 2: It really shows up starkly that if you've been in 53 00:02:49,800 --> 00:02:53,000 Speaker 2: resources over the twelve months, you've lost our big time. 54 00:02:53,360 --> 00:02:56,480 Speaker 2: If you've been in banks and technology, you've done pretty well. 55 00:02:56,639 --> 00:02:56,839 Speaker 1: Now. 56 00:02:56,840 --> 00:02:59,520 Speaker 2: Mostly the Resources index has fallen because it reflects fears 57 00:02:59,520 --> 00:03:01,200 Speaker 2: about the slow down in the world too, because the 58 00:03:01,200 --> 00:03:04,520 Speaker 2: economies the US and China. There is one notable exception 59 00:03:04,880 --> 00:03:09,639 Speaker 2: in the Resources index gold stocks. They've done really, really well. 60 00:03:09,880 --> 00:03:14,400 Speaker 2: Many retail investors play among smaller stocks. We know that 61 00:03:14,880 --> 00:03:17,240 Speaker 2: and in that the news has been bad. The ASEX 62 00:03:17,280 --> 00:03:20,840 Speaker 2: Smaller Ordinary Index is up just four percent. It means 63 00:03:20,840 --> 00:03:25,400 Speaker 2: evaluation gap between large caps and small caps is wide, 64 00:03:26,120 --> 00:03:29,480 Speaker 2: very very wide. Now you could say that suggests there's 65 00:03:29,560 --> 00:03:32,720 Speaker 2: value in small caps, buying the small caps, but and 66 00:03:32,880 --> 00:03:34,760 Speaker 2: lysts've been saying that for about two years now and 67 00:03:34,800 --> 00:03:37,200 Speaker 2: it hasn't come to play. So we're certainly not an 68 00:03:37,240 --> 00:03:39,640 Speaker 2: investing podcast. There is no advice in any of this. 69 00:03:40,000 --> 00:03:42,880 Speaker 2: If you want to invest, go and see a financial planner. 70 00:03:43,320 --> 00:03:45,720 Speaker 2: But certainly, if you have invested in small caps and 71 00:03:45,760 --> 00:03:50,120 Speaker 2: resources over the past twelve months, you've underperformed banks, particularly 72 00:03:50,160 --> 00:03:52,080 Speaker 2: in tech stocks, you've done pretty well. 73 00:03:52,240 --> 00:03:56,640 Speaker 1: Yeah, some big trends there. If we just look specifically yesterday, Sean, 74 00:03:57,120 --> 00:03:59,000 Speaker 1: going from the big picture to it quite a narrow 75 00:03:59,040 --> 00:04:01,520 Speaker 1: picture now out of the local market perform yesterday, well, 76 00:04:01,520 --> 00:04:01,800 Speaker 1: the S. 77 00:04:01,760 --> 00:04:05,120 Speaker 2: And PAX two hundred closed down zero point three percent 78 00:04:05,120 --> 00:04:08,720 Speaker 2: to seven nine hundred and eighty eight points. Consumer discretionary 79 00:04:08,760 --> 00:04:12,000 Speaker 2: stocks did worst. Property companies did best. Of course, when 80 00:04:12,040 --> 00:04:14,160 Speaker 2: I have a story like that first story about how 81 00:04:14,160 --> 00:04:18,719 Speaker 2: all the banks do on the day, what happens. Yeah, 82 00:04:18,760 --> 00:04:20,159 Speaker 2: they awful, of course. 83 00:04:20,440 --> 00:04:22,880 Speaker 1: And I suspect it's personal. It is just about I think. 84 00:04:23,279 --> 00:04:25,640 Speaker 2: I think and Westpac up fifty percent for the year. YEP, 85 00:04:25,720 --> 00:04:27,800 Speaker 2: it was the worst performing yesterday, down one percent. 86 00:04:29,440 --> 00:04:30,640 Speaker 1: Well played worst pack. 87 00:04:30,720 --> 00:04:33,880 Speaker 2: Yes Aria, Woodside and West Farmers were also down at 88 00:04:33,960 --> 00:04:36,120 Speaker 2: least one percent yesterday. Best on the day among the 89 00:04:36,160 --> 00:04:38,760 Speaker 2: large capsules, a Wise Tech Global up two point three percent, 90 00:04:39,000 --> 00:04:41,640 Speaker 2: a bunch of stocks including CSL Hub twenty four, Super 91 00:04:41,640 --> 00:04:45,360 Speaker 2: Retail Group and Viva Energy all traded x dividend in 92 00:04:45,520 --> 00:04:48,719 Speaker 2: m and a News. Charter Hall Retail Reate Realist Investment 93 00:04:48,720 --> 00:04:52,200 Speaker 2: Trust has teamed up with super fund Host Plus. It's 94 00:04:52,200 --> 00:04:55,000 Speaker 2: a charter Hall plus Host plus two bid for AX 95 00:04:55,120 --> 00:04:58,760 Speaker 2: listed Hotel Property Investments. Charter Hall bought fourteen point eight 96 00:04:58,760 --> 00:05:02,480 Speaker 2: percent of HBI back in March. Yesterday's bit as a 97 00:05:02,520 --> 00:05:05,520 Speaker 2: premium of around five percent to the previous closing price. 98 00:05:05,920 --> 00:05:08,599 Speaker 2: There's also been some changes to the makeup of the 99 00:05:08,600 --> 00:05:12,360 Speaker 2: ASEX two hundred. They occur every three months. Recently listed 100 00:05:12,360 --> 00:05:15,840 Speaker 2: Goodman E. Gomez comes into the benchmarkets and PASEX two 101 00:05:15,920 --> 00:05:19,159 Speaker 2: hundred that's from September twenty three. Also joining the top 102 00:05:19,160 --> 00:05:23,440 Speaker 2: two hundred will be Western Australian Minor West Gold, which 103 00:05:24,000 --> 00:05:27,520 Speaker 2: is a gold miner, and Cole Minor, Yeah, Cole that 104 00:05:27,680 --> 00:05:31,040 Speaker 2: was dropping out, Domain Nanosonics and Strike Energy. 105 00:05:31,720 --> 00:05:33,960 Speaker 1: West Gold that's got to be one of the great names, 106 00:05:34,000 --> 00:05:37,560 Speaker 1: isn't it especially you did say Western Australia, wasn't it 107 00:05:37,720 --> 00:05:38,039 Speaker 1: so West? 108 00:05:38,120 --> 00:05:38,320 Speaker 2: Yeah? 109 00:05:38,480 --> 00:05:41,080 Speaker 1: Just West Gol's every box. I need to sit down. 110 00:05:41,680 --> 00:05:44,200 Speaker 1: You are a big fan of West World though, what 111 00:05:44,360 --> 00:05:45,279 Speaker 1: the TV show? 112 00:05:45,360 --> 00:05:49,040 Speaker 2: The TV show? Yes, yeah, Well you're the only person 113 00:05:49,080 --> 00:05:51,120 Speaker 2: that ever made it past season one that I'm aware of, 114 00:05:51,240 --> 00:05:53,479 Speaker 2: because I think you made to season three or something. 115 00:05:53,480 --> 00:05:54,360 Speaker 2: Didn't you say yes? 116 00:05:54,400 --> 00:05:56,039 Speaker 1: And then then I said, why do. 117 00:05:56,040 --> 00:05:58,640 Speaker 2: You give up? And he said, oh, the same storyline 118 00:05:59,400 --> 00:06:00,960 Speaker 2: I haven't made first full season. 119 00:06:02,680 --> 00:06:05,400 Speaker 1: The first season is an absolute ripper. It is one 120 00:06:05,440 --> 00:06:07,920 Speaker 1: of the best shows anyway. 121 00:06:07,920 --> 00:06:09,720 Speaker 2: That's why West Gold. Everytime I see West Goll, I 122 00:06:09,760 --> 00:06:11,240 Speaker 2: think West World and I think of you. 123 00:06:12,200 --> 00:06:13,760 Speaker 1: I just I just think of the fact that it's 124 00:06:13,760 --> 00:06:17,600 Speaker 1: a WA minor and their mining goal and it's just 125 00:06:17,640 --> 00:06:20,120 Speaker 1: like it. Just I just love companies that tell you 126 00:06:20,160 --> 00:06:22,039 Speaker 1: what they do in the name, and this takes all 127 00:06:22,120 --> 00:06:22,680 Speaker 1: the boxes. 128 00:06:23,120 --> 00:06:25,920 Speaker 2: Only nice one, not only what it does, but where 129 00:06:25,960 --> 00:06:26,320 Speaker 2: it does it. 130 00:06:27,000 --> 00:06:32,400 Speaker 1: Oh nus for anything more? Getting way too excited here 131 00:06:32,400 --> 00:06:36,040 Speaker 1: about this. You better take us two International markets. 132 00:06:35,800 --> 00:06:39,039 Speaker 2: Oils there isn't it From its multi year lowser, which 133 00:06:39,200 --> 00:06:41,520 Speaker 2: occurred over the weekend with Frank Crewe trading just under 134 00:06:41,560 --> 00:06:44,279 Speaker 2: seventy two US dollars a barrel. This week, there's a 135 00:06:44,360 --> 00:06:47,800 Speaker 2: bunch of prominent organizations expected to release their forecast for 136 00:06:47,839 --> 00:06:51,480 Speaker 2: oil prices that will probably impact the price, and all 137 00:06:51,560 --> 00:06:54,200 Speaker 2: continues to fall, dropping below niney US dollars a ton, 138 00:06:54,680 --> 00:06:57,640 Speaker 2: reflecting lower demand from China. Prices are now down a 139 00:06:57,680 --> 00:06:59,440 Speaker 2: third this year, weighing on the share price at the 140 00:06:59,440 --> 00:07:03,480 Speaker 2: local miner. Nice reference there. Back to the main story, Michael, 141 00:07:03,480 --> 00:07:06,359 Speaker 2: of course, also doesn't help the federal budget goals. Trading 142 00:07:06,400 --> 00:07:08,400 Speaker 2: just under twenty five hundred US sills announced the AUSI 143 00:07:08,440 --> 00:07:10,160 Speaker 2: dollars fetching sixty six point. 144 00:07:10,080 --> 00:07:10,920 Speaker 1: Seven US ms. 145 00:07:11,360 --> 00:07:14,960 Speaker 2: In economic news yesterday, China's core inflation fell to its 146 00:07:15,000 --> 00:07:17,320 Speaker 2: lowest level of more than three years, triggering calls for 147 00:07:17,480 --> 00:07:21,240 Speaker 2: greaterst stimulus to burst household spending to help achieve Beijing's 148 00:07:21,280 --> 00:07:24,679 Speaker 2: five percent and your growth target. The CPI excluding volatile 149 00:07:24,720 --> 00:07:27,600 Speaker 2: food and energy costs rows just zero point three percent 150 00:07:27,680 --> 00:07:31,000 Speaker 2: in August from a year earlier, which is the slowest 151 00:07:31,000 --> 00:07:32,800 Speaker 2: pace since March twenty twenty one. 152 00:07:33,480 --> 00:07:35,560 Speaker 1: Shawan, you have a great interview coming up after the 153 00:07:35,600 --> 00:07:39,160 Speaker 1: show today. You are speaking with Kate Dundas, who is 154 00:07:39,160 --> 00:07:44,080 Speaker 1: the Executive Director of the UN Global Compact Network Australia. 155 00:07:44,160 --> 00:07:47,200 Speaker 1: This is a fascinating organization. Yeah, it sure is. 156 00:07:47,240 --> 00:07:51,200 Speaker 2: It's part of the UN and it's basically keeping an 157 00:07:51,240 --> 00:07:54,880 Speaker 2: eye on how Australian companies are doing in terms of 158 00:07:54,960 --> 00:07:59,240 Speaker 2: climate change, mandatory climate reporting, how the federal election, the 159 00:07:59,280 --> 00:08:02,920 Speaker 2: upcoming federal election will play into it. It's a great chat. 160 00:08:03,080 --> 00:08:05,800 Speaker 2: I learn a lot from this chat. And I'm the 161 00:08:05,840 --> 00:08:08,600 Speaker 2: first to admit that this is not my area of expertise. 162 00:08:09,120 --> 00:08:10,520 Speaker 2: And you know, when you're doing an interview and you 163 00:08:10,560 --> 00:08:13,040 Speaker 2: just keep getting corrected. I think I've got a cracking question, 164 00:08:13,440 --> 00:08:17,320 Speaker 2: and the interview we says yes, yes, yes, but and 165 00:08:17,360 --> 00:08:19,840 Speaker 2: then creets me on the question. This happens a couple 166 00:08:19,880 --> 00:08:22,600 Speaker 2: of times of this interview. So it's great because I'm 167 00:08:22,680 --> 00:08:23,360 Speaker 2: learning a lot. 168 00:08:23,640 --> 00:08:25,480 Speaker 1: Yeah, it is a really good and the way I 169 00:08:25,560 --> 00:08:28,120 Speaker 1: kind of the message that I took home from this 170 00:08:28,320 --> 00:08:31,000 Speaker 1: was that this is the link between the business community 171 00:08:31,200 --> 00:08:34,640 Speaker 1: and the UN and it's just it is fascinating kind 172 00:08:34,679 --> 00:08:39,480 Speaker 1: of where kind of global politics and global policies kind 173 00:08:39,480 --> 00:08:42,200 Speaker 1: of collide with business and kind of trying to shepherd 174 00:08:42,240 --> 00:08:44,560 Speaker 1: everyone in the same direction, which would be a massive, 175 00:08:44,600 --> 00:08:48,120 Speaker 1: massive task hurting sheep. Yeah. Absolutely, it was a great 176 00:08:48,200 --> 00:08:50,200 Speaker 1: chat all about that. It's coming up after the show, 177 00:08:50,240 --> 00:08:52,160 Speaker 1: so I stick around for that. Don't miss it to 178 00:08:52,240 --> 00:08:54,480 Speaker 1: must listen. Sean will be back in a moment with 179 00:08:54,520 --> 00:09:04,800 Speaker 1: the rest of the day's business news Sean. More than 180 00:09:04,840 --> 00:09:09,880 Speaker 1: three thousand serving military personnel and former veterans died from 181 00:09:09,920 --> 00:09:13,640 Speaker 1: suicide between nineteen ninety seven and twenty twenty one. The 182 00:09:13,800 --> 00:09:17,240 Speaker 1: Royal Commission into Defense and Veterans Suicide has found in 183 00:09:17,280 --> 00:09:21,240 Speaker 1: a scathing report of how military chiefs and the bureaucracy 184 00:09:21,400 --> 00:09:24,800 Speaker 1: takes care of those who have worn the uniform. For Australia, the. 185 00:09:24,800 --> 00:09:28,160 Speaker 2: Seven volume report made one hundred and twenty two recommendations, 186 00:09:28,200 --> 00:09:32,319 Speaker 2: including better mental health screening for recruits, reducing the frequency 187 00:09:32,320 --> 00:09:37,040 Speaker 2: of postings for personnel and tying performance assessments for senior officers, 188 00:09:37,320 --> 00:09:40,760 Speaker 2: to mental health and gender equality outcomes, and management of 189 00:09:40,960 --> 00:09:44,400 Speaker 2: unacceptable behavior. According to a report in the Financial Review, 190 00:09:44,440 --> 00:09:48,080 Speaker 2: the Royal Commission received almost six thousand submissions, heard from 191 00:09:48,120 --> 00:09:51,360 Speaker 2: almost three hundred and fifty witnesses, and prompted then Chief 192 00:09:51,400 --> 00:09:55,000 Speaker 2: of Defense Force Angus Campbell to apologize for deficiencies in 193 00:09:55,040 --> 00:09:58,680 Speaker 2: providing care and support for servicemen and women and Veterans. 194 00:09:58,960 --> 00:10:02,960 Speaker 2: Defense Minister Richard Miles tabled the final report yesterday. Earlier 195 00:10:02,960 --> 00:10:06,000 Speaker 2: in the day, Royal Commissioned Chair Nick Caldas blamed a 196 00:10:06,120 --> 00:10:09,120 Speaker 2: failure of leadership in Canberra over the years for failing 197 00:10:09,120 --> 00:10:13,720 Speaker 2: to heed warnings despite countless recommendations from prior inquiries. 198 00:10:14,400 --> 00:10:16,880 Speaker 1: Now, Shawn, we talked a lot about the banks earlier 199 00:10:16,920 --> 00:10:19,199 Speaker 1: in the show, and Westpac we'll get a new CEO 200 00:10:19,360 --> 00:10:22,480 Speaker 1: with the Boss of Business Banking Anthony Miller, taking over 201 00:10:22,520 --> 00:10:24,600 Speaker 1: the top job in December. Yeah. 202 00:10:24,640 --> 00:10:27,320 Speaker 2: The outgoing CEO Peter King, was supposed to leave the 203 00:10:27,320 --> 00:10:29,840 Speaker 2: bank four years ago, but ansteed and sos from then 204 00:10:29,960 --> 00:10:33,120 Speaker 2: chair John McFarland to become CEO for a couple of years. 205 00:10:33,400 --> 00:10:36,319 Speaker 2: That was after the Ostrak scandal resulted in the then 206 00:10:36,400 --> 00:10:39,720 Speaker 2: CEO Brian Hartzer and the Chair Lindsay Maxtead leaving the bank. 207 00:10:39,880 --> 00:10:42,520 Speaker 2: So mister King stepped up for a couple of years, 208 00:10:42,640 --> 00:10:44,880 Speaker 2: supposed to be a short term fixed then COVID hit. 209 00:10:45,480 --> 00:10:48,040 Speaker 2: In the end he'll be CEO for close to five years. 210 00:10:48,400 --> 00:10:51,720 Speaker 2: His replacement, mister Miller, is a lawyer and investment banker 211 00:10:51,880 --> 00:10:56,240 Speaker 2: from the Inner West of Sydney. Big organizations tend to 212 00:10:56,320 --> 00:10:59,040 Speaker 2: like internal CEO candidates, and mister Miller will take over 213 00:10:59,120 --> 00:11:02,240 Speaker 2: a much simple organization that it was. Five years ago. 214 00:11:03,160 --> 00:11:06,280 Speaker 2: Westpac sold in BT funds management, it's general and life 215 00:11:06,320 --> 00:11:10,120 Speaker 2: insurance businesses, its vendor finance operations. That was the strategy 216 00:11:10,160 --> 00:11:12,959 Speaker 2: to simplify the bank. It's occurred, so mister Miller will 217 00:11:13,000 --> 00:11:17,959 Speaker 2: take over a more simple bank. His big job, according 218 00:11:18,000 --> 00:11:22,800 Speaker 2: to analysts, is to simplify Westpac's tech stack. It currently 219 00:11:22,840 --> 00:11:27,120 Speaker 2: operates about one hundred and eighty platforms. Now that's as 220 00:11:27,120 --> 00:11:29,440 Speaker 2: a result of a bunch of mergers and things like 221 00:11:29,480 --> 00:11:34,640 Speaker 2: that over the years. Anyway, his sister, I think it was, 222 00:11:34,640 --> 00:11:38,000 Speaker 2: was a gold medalist in the women's water polo team 223 00:11:38,080 --> 00:11:41,040 Speaker 2: in Sydney in two thousand, had a brother who boxed 224 00:11:41,040 --> 00:11:45,160 Speaker 2: at the Olympics. So he's got certainly a competitive streak 225 00:11:45,160 --> 00:11:46,880 Speaker 2: in his family. Anyway, good luck to him. 226 00:11:47,080 --> 00:11:49,599 Speaker 1: Goodness, that's going to be a big job simplifying the 227 00:11:49,920 --> 00:11:53,000 Speaker 1: tech stack. One hundred and eighty platforms. 228 00:11:52,840 --> 00:11:54,520 Speaker 2: Yeah, down to sixty and the fact that they've got 229 00:11:54,559 --> 00:11:58,200 Speaker 2: an internal candidate suggests that they're going to keep going 230 00:11:58,240 --> 00:12:01,320 Speaker 2: with what Peter King has been doing. But wow, I 231 00:12:01,360 --> 00:12:04,440 Speaker 2: mean going, Yeah, one hundred and eighty to sixty. That 232 00:12:04,520 --> 00:12:05,320 Speaker 2: is a massive job. 233 00:12:05,640 --> 00:12:07,840 Speaker 1: Yeah, I wouldn't ever know where to start. That's why 234 00:12:07,840 --> 00:12:11,240 Speaker 1: I haven't been appointed CEO Westpac. Maybe maybe that's the 235 00:12:11,280 --> 00:12:14,920 Speaker 1: reason of many reasons I suspect. And now the Federal 236 00:12:14,960 --> 00:12:17,800 Speaker 1: Opposition has called for the government to be given powers 237 00:12:17,840 --> 00:12:22,840 Speaker 1: to force divestitures in the aviation industry, essentially meaning that 238 00:12:23,040 --> 00:12:26,040 Speaker 1: canber could force Quantas to sell Jet Star. 239 00:12:26,520 --> 00:12:29,800 Speaker 2: The option is being pushed by the coalition's Transport spokeswoman 240 00:12:29,920 --> 00:12:33,040 Speaker 2: Bridget McKenzie on the basis that the threat of divestiture 241 00:12:33,360 --> 00:12:36,040 Speaker 2: could be enough to keep airfares lower than they otherwise 242 00:12:36,080 --> 00:12:38,680 Speaker 2: would be. She isn't saying the Coalition wants to force 243 00:12:38,720 --> 00:12:41,360 Speaker 2: the National character to sell Jet Star. She just wants 244 00:12:41,480 --> 00:12:44,240 Speaker 2: the threat there. The Federal Opposition has taken on quite 245 00:12:44,280 --> 00:12:47,560 Speaker 2: a few big businesses recently, particularly the retailers. This pushes 246 00:12:47,600 --> 00:12:51,600 Speaker 2: the strategy into the aviation. Senator McKenzie said Australians want 247 00:12:51,679 --> 00:12:54,760 Speaker 2: an airline sector where there is genuine choice, where planes 248 00:12:54,800 --> 00:12:57,439 Speaker 2: take off and land on time, and where luggage arrives 249 00:12:57,440 --> 00:13:01,320 Speaker 2: at a destination along with the passengers. Very popularist argument, 250 00:13:01,440 --> 00:13:04,160 Speaker 2: of course, just in time for the next federal election. 251 00:13:04,240 --> 00:13:07,120 Speaker 2: Now it got plenty of media play. Yesterday Bridget McKenzie 252 00:13:07,200 --> 00:13:09,600 Speaker 2: was actually writing in the Finn Review. It seems that 253 00:13:09,640 --> 00:13:11,840 Speaker 2: some of her colleagues didn't know anything about it until 254 00:13:11,840 --> 00:13:15,480 Speaker 2: they read it in the Finn Review. When National's leader 255 00:13:15,559 --> 00:13:18,400 Speaker 2: David little Proud was asked about it, he kind of said, 256 00:13:18,800 --> 00:13:21,880 Speaker 2: the idea needs further study. That's like a stan wall, 257 00:13:21,920 --> 00:13:26,360 Speaker 2: that's like what the Apparently it didn't go before the 258 00:13:26,360 --> 00:13:29,600 Speaker 2: Shadow Cabinet ahead of her saying it. So, yeah, there's 259 00:13:29,600 --> 00:13:32,960 Speaker 2: probably a few slightly upset people. 260 00:13:33,240 --> 00:13:35,880 Speaker 1: What's going on here, Sean, because at the moment we've 261 00:13:35,880 --> 00:13:38,720 Speaker 1: got Labor taking on the unions, we've got the Coalition 262 00:13:38,880 --> 00:13:42,240 Speaker 1: taking on big business. It just feels like, oh, the 263 00:13:42,360 --> 00:13:45,200 Speaker 1: traditional kind of alliances are just crumbling here. 264 00:13:45,600 --> 00:13:49,199 Speaker 2: Yes, yes, yes, yes, yes, I don't know. I think 265 00:13:49,200 --> 00:13:52,040 Speaker 2: Peter Dunn has actually said that Labor, that the Coalition 266 00:13:52,120 --> 00:13:55,880 Speaker 2: or the Liberals at least is a friend of business, 267 00:13:56,320 --> 00:13:59,800 Speaker 2: but not necessarily big business. There was some he made 268 00:14:00,040 --> 00:14:04,400 Speaker 2: speech earlier in the year which kind of identified the difference. 269 00:14:04,920 --> 00:14:07,920 Speaker 2: But I totally agree with you. The world is sort 270 00:14:07,960 --> 00:14:08,960 Speaker 2: of upside down at the moment. 271 00:14:09,240 --> 00:14:13,080 Speaker 1: Yeah, certainly is now. Another sector ramping up ahead of 272 00:14:13,120 --> 00:14:16,199 Speaker 1: a federal election is mining, and last night Prime Minister 273 00:14:16,240 --> 00:14:19,640 Speaker 1: Anthony alberez He told the Minerals Industry Dinner that big 274 00:14:19,640 --> 00:14:24,040 Speaker 1: Australian companies can still compete globally without reducing wages or 275 00:14:24,080 --> 00:14:25,400 Speaker 1: lowering safety standards. 276 00:14:25,600 --> 00:14:28,720 Speaker 2: Mistra Albanesi said that other countries have the same quantities 277 00:14:28,720 --> 00:14:31,840 Speaker 2: of resources as Australia and have larger populations and people 278 00:14:31,880 --> 00:14:34,520 Speaker 2: willing to work for less money in more dangerous conditions, 279 00:14:34,560 --> 00:14:38,680 Speaker 2: but Australian companies don't compete and succeed by copying that model. 280 00:14:39,080 --> 00:14:41,680 Speaker 2: The big miners, particularly b HP, have been upset at 281 00:14:41,680 --> 00:14:44,320 Speaker 2: the government's same Job, Same Pay rules, which come into 282 00:14:44,320 --> 00:14:47,080 Speaker 2: effect on one November. They'll force companies to lift pay 283 00:14:47,120 --> 00:14:50,400 Speaker 2: for workers employed via labor higher firms to match those 284 00:14:50,480 --> 00:14:54,080 Speaker 2: of the company employees. The HP has been very outspoken 285 00:14:54,120 --> 00:14:56,320 Speaker 2: on that one. It comes as the Minerals Council of 286 00:14:56,320 --> 00:14:59,280 Speaker 2: Australia releases the report calling for policies to reverse a 287 00:14:59,360 --> 00:15:04,400 Speaker 2: seven years agnation in mining investment. The policies cover rules 288 00:15:04,480 --> 00:15:09,040 Speaker 2: or proposed rules around emissions, taxation, governance. No doubt the 289 00:15:09,080 --> 00:15:12,000 Speaker 2: mining industry, which is really struggling and We talked about 290 00:15:12,000 --> 00:15:14,640 Speaker 2: that in the main story will be a big part 291 00:15:14,760 --> 00:15:16,240 Speaker 2: of the upcoming election campaign. 292 00:15:16,760 --> 00:15:20,160 Speaker 1: Domino's Pizza Sean has been hit with a class action 293 00:15:20,440 --> 00:15:24,720 Speaker 1: alleging misleading or deceptive conduct and breaches of its disclosure 294 00:15:24,800 --> 00:15:27,840 Speaker 1: obligations regarding the performance of its Japanese stores. 295 00:15:28,360 --> 00:15:30,760 Speaker 2: Yeah. So, in January this year, Domino share price tum 296 00:15:31,000 --> 00:15:34,720 Speaker 2: thirty percent after it released an awful training update based 297 00:15:34,760 --> 00:15:36,480 Speaker 2: on the outlook for Asia and Europe. It was the 298 00:15:36,600 --> 00:15:40,200 Speaker 2: fourth profit downgrade in three years, and it looks like 299 00:15:40,240 --> 00:15:43,160 Speaker 2: shareholders are pretty much fed up with it all. Including 300 00:15:43,280 --> 00:15:46,360 Speaker 2: yesterday's two percent drop, Domino share price is down fifty 301 00:15:46,400 --> 00:15:50,160 Speaker 2: percent this year, and proceedings have been filed by Echo 302 00:15:50,240 --> 00:15:53,240 Speaker 2: Law on behalf of shareholders who bought into Dominoes in 303 00:15:53,280 --> 00:15:55,320 Speaker 2: the second half of twenty twenty one. Now, that was 304 00:15:55,360 --> 00:15:58,800 Speaker 2: the peak period for Dominoes. A Domino share at the 305 00:15:58,840 --> 00:16:01,680 Speaker 2: peak was word with more than one hundred and sixty dollars. 306 00:16:01,960 --> 00:16:03,640 Speaker 2: Today it's less than thirty dollars. 307 00:16:04,440 --> 00:16:08,680 Speaker 1: Retailer Solomon Lou has fired the managing director of Smiggle, 308 00:16:08,840 --> 00:16:13,320 Speaker 1: John Cheston, and accused the longtime executive of quote serious 309 00:16:13,360 --> 00:16:15,040 Speaker 1: misconduct so the. 310 00:16:14,960 --> 00:16:19,120 Speaker 2: Company didn't outline reasons why mister Chesteron was immediately terminated, 311 00:16:19,120 --> 00:16:23,600 Speaker 2: but his exit came as confidential internal documents were leaked 312 00:16:23,760 --> 00:16:29,000 Speaker 2: to the media. Now they were damaging to Maya, the 313 00:16:29,240 --> 00:16:31,960 Speaker 2: department store chain in which mister Lew's Premier Investments is 314 00:16:32,000 --> 00:16:35,880 Speaker 2: the biggest shareholder, or damaging two Premier Investments depends how 315 00:16:35,880 --> 00:16:38,720 Speaker 2: you read it, according to media reports. In a statement, 316 00:16:38,760 --> 00:16:42,000 Speaker 2: mister Lew's Premier Investment said it considers that mister Chesson 317 00:16:42,360 --> 00:16:46,000 Speaker 2: has engaged in serious misconduct in a serious breach of 318 00:16:46,040 --> 00:16:49,960 Speaker 2: his employment terms and on that basis, his employment has 319 00:16:50,000 --> 00:16:53,760 Speaker 2: been terminated full stop. Mister Chesson has already been employed 320 00:16:53,760 --> 00:16:56,640 Speaker 2: to run ASX listed fashion jewelry chain Levisa. He was 321 00:16:56,720 --> 00:16:58,480 Speaker 2: due to serve out a twelve month notice period with 322 00:16:58,520 --> 00:17:01,560 Speaker 2: Premier no longer. In terms of the leak documents, they 323 00:17:01,600 --> 00:17:04,520 Speaker 2: show that all the brands within Premier, Portman's Just Genes, 324 00:17:04,560 --> 00:17:09,399 Speaker 2: Dottye Jjson Jackiee have suffered negative sales growth this year. 325 00:17:10,040 --> 00:17:12,399 Speaker 1: Ouch Now I mentioned this one at the top of 326 00:17:12,440 --> 00:17:14,480 Speaker 1: the show, Sean, if you want to be a politician, 327 00:17:14,840 --> 00:17:18,880 Speaker 1: they neither train as a lawyer or become a party staffer. 328 00:17:19,080 --> 00:17:22,760 Speaker 1: According to a new report into the background of federal parliamentarians. 329 00:17:23,119 --> 00:17:26,879 Speaker 2: Politicians with white collar backgrounds dominate parliament, with lawyers and 330 00:17:26,920 --> 00:17:31,080 Speaker 2: barristers comprising about one in five MPs in federal Labor, Greens, 331 00:17:31,200 --> 00:17:34,760 Speaker 2: National and Liberal parties. That's in the current parliament. Managers 332 00:17:34,760 --> 00:17:38,360 Speaker 2: and consultants also do pretty well. Former political staffers dominate 333 00:17:38,400 --> 00:17:41,080 Speaker 2: the ranks of politicians sitting in the House of Representatives 334 00:17:41,320 --> 00:17:44,720 Speaker 2: and Senate. More than half of Labor MPs worked as 335 00:17:44,720 --> 00:17:48,119 Speaker 2: staffers before getting pre selected, while the makeup is about 336 00:17:48,119 --> 00:17:51,240 Speaker 2: one third for the Liberal Party twenty percent for the Nationals, 337 00:17:51,280 --> 00:17:54,040 Speaker 2: according to report in the finn The report from think 338 00:17:54,040 --> 00:17:57,119 Speaker 2: tank per Capita says the number of lawyers and barristers 339 00:17:57,160 --> 00:17:59,919 Speaker 2: is up fifteen percent from or compared to the pre 340 00:18:00,080 --> 00:18:04,040 Speaker 2: is Scott Morrison government. Worth noting here Anthony Albanezi is 341 00:18:04,320 --> 00:18:07,200 Speaker 2: very typical of a Labor politician, a New South Wales 342 00:18:07,280 --> 00:18:10,680 Speaker 2: government research officer than a staffer than Indi federal politics 343 00:18:11,200 --> 00:18:14,160 Speaker 2: the Liberal parties Peter Dutton is not. He of course, 344 00:18:14,400 --> 00:18:16,640 Speaker 2: was a police officer all right. 345 00:18:16,800 --> 00:18:20,280 Speaker 1: Turning to international news now and the surge in support 346 00:18:20,359 --> 00:18:24,119 Speaker 1: for Krmala Harris has faded. A new poll suggests leaving 347 00:18:24,160 --> 00:18:27,000 Speaker 1: Donald Trump ahead in the run up to what may 348 00:18:27,040 --> 00:18:31,080 Speaker 1: be the only televised debate between the candidates, scheduled for 349 00:18:31,280 --> 00:18:32,800 Speaker 1: tomorrow Australian time. 350 00:18:33,000 --> 00:18:35,000 Speaker 2: For the first time in a month. Mister Trump is 351 00:18:35,080 --> 00:18:38,280 Speaker 2: narrowly ahead with forty eight to forty seven percent support 352 00:18:38,400 --> 00:18:40,919 Speaker 2: nationwide among those likely to vote, according to the New 353 00:18:41,000 --> 00:18:43,920 Speaker 2: York Times Siena College poll, and also shows that nearly 354 00:18:43,960 --> 00:18:46,080 Speaker 2: a third of Americans felt that they needed to learn 355 00:18:46,080 --> 00:18:49,000 Speaker 2: more about Missus Harris where she stands in the issues 356 00:18:49,000 --> 00:18:51,600 Speaker 2: that matter to voters. Only nine percent felt that way 357 00:18:51,640 --> 00:18:53,920 Speaker 2: about Trump. According to a report in The Times, it 358 00:18:54,040 --> 00:18:56,720 Speaker 2: just shows people know what Donald Trump think, They're not 359 00:18:56,760 --> 00:18:59,679 Speaker 2: so sure about what Carmala Harris thinks. A survey by 360 00:18:59,720 --> 00:19:03,200 Speaker 2: CBS News the voters in three swing states show Harris 361 00:19:03,280 --> 00:19:06,119 Speaker 2: ahead by a single point in Michigan and Wisconsin, tied 362 00:19:06,160 --> 00:19:08,880 Speaker 2: with Trump in Pennsylvania. A you go of poll last 363 00:19:08,880 --> 00:19:10,679 Speaker 2: week commissioned by the Time It's put Harris ahead and 364 00:19:10,680 --> 00:19:14,040 Speaker 2: four swing states Trump in three. It just shows how very, 365 00:19:14,160 --> 00:19:18,080 Speaker 2: very tight this election is going to be, and of 366 00:19:18,119 --> 00:19:20,160 Speaker 2: course less than eight weeks till voting day. 367 00:19:20,760 --> 00:19:21,879 Speaker 1: I can't wait for the debate. 368 00:19:22,200 --> 00:19:23,920 Speaker 2: Yeah, it's gonna be fantastic. 369 00:19:24,200 --> 00:19:26,400 Speaker 1: Especially after last one. Which feels like such a long 370 00:19:26,440 --> 00:19:29,800 Speaker 1: time ago now the Trump Biden debate, so much has 371 00:19:29,800 --> 00:19:32,760 Speaker 1: happened since then. I'm actually really excited about this one. 372 00:19:33,000 --> 00:19:34,440 Speaker 2: Yeah, it's about lunchtime tomorrow. 373 00:19:34,840 --> 00:19:38,400 Speaker 1: Oh, I shall be watching up next Fear and Greed 374 00:19:38,480 --> 00:19:41,600 Speaker 1: Daily Interview Kate Dundas, Executive Director of the UN Global 375 00:19:41,640 --> 00:19:43,159 Speaker 1: Compact Network Australia. 376 00:19:43,440 --> 00:19:46,359 Speaker 2: Yeah, it's all it's about where business, as you put at, Michael, 377 00:19:46,359 --> 00:19:49,919 Speaker 2: it's about where business meets the United Nations climate change goals, 378 00:19:50,400 --> 00:19:53,880 Speaker 2: where they coincide, work together, and where they don't. 379 00:19:54,520 --> 00:19:56,120 Speaker 1: Indeed, it is up next in the Fear and Greed 380 00:19:56,160 --> 00:19:58,959 Speaker 1: playlist on your podcast platform or at Fearangreed dot com. 381 00:19:59,000 --> 00:20:01,680 Speaker 1: Tod are you been on your playlist as well? At 382 00:20:01,680 --> 00:20:04,280 Speaker 1: a round about midday? I say around about mid day, 383 00:20:04,280 --> 00:20:08,720 Speaker 1: it's exactly midday. A new bonus episode of Ask Fear 384 00:20:08,760 --> 00:20:12,800 Speaker 1: and Greed goes live. This is the bonus episode where 385 00:20:12,840 --> 00:20:16,080 Speaker 1: we take listener questions. Really, I take the questions and 386 00:20:16,119 --> 00:20:20,040 Speaker 1: then put them to you, Sean and so far, I 387 00:20:20,119 --> 00:20:22,720 Speaker 1: reckon we've got one hundred percent success rate in answering 388 00:20:22,800 --> 00:20:23,960 Speaker 1: questions that have been put to. 389 00:20:23,960 --> 00:20:27,400 Speaker 2: Us well, answering them that did we answer them well 390 00:20:27,440 --> 00:20:29,240 Speaker 2: I'm not sure about one hundredercent In terms of answering, 391 00:20:29,240 --> 00:20:29,879 Speaker 2: I didn't say that. 392 00:20:30,640 --> 00:20:33,199 Speaker 1: I wasn't discussing quality here. I was just saying, did 393 00:20:33,280 --> 00:20:38,560 Speaker 1: we answer it? Yes, there's nothing more to that. But 394 00:20:38,640 --> 00:20:40,439 Speaker 1: if you have a question that you would like us 395 00:20:40,480 --> 00:20:42,280 Speaker 1: to answer, today's question is a great one. It's about 396 00:20:42,280 --> 00:20:44,600 Speaker 1: all the companies leaving the AX and kind of who's 397 00:20:44,720 --> 00:20:47,280 Speaker 1: kind of coming into replace them. It's a fantastic one. 398 00:20:47,440 --> 00:20:49,480 Speaker 1: If you have a question, it can be anything about 399 00:20:49,560 --> 00:20:53,920 Speaker 1: business or economics or anything. Really. We answered one while 400 00:20:54,000 --> 00:20:58,240 Speaker 1: you're away Sean about the right to disconnect and whether 401 00:20:58,280 --> 00:21:01,240 Speaker 1: you're better to have those conversas in a big group 402 00:21:01,480 --> 00:21:04,960 Speaker 1: environment or one on one. And Adam Lange, our colleague, 403 00:21:05,000 --> 00:21:07,119 Speaker 1: was in his element answering that question. 404 00:21:07,680 --> 00:21:09,240 Speaker 2: He'd love it, he'd love all that. I mean, he 405 00:21:09,320 --> 00:21:13,320 Speaker 2: loves workplace relations anyway, and he's run big workforces, so 406 00:21:13,520 --> 00:21:16,120 Speaker 2: I'm sure whatever he said was very, very sensible. 407 00:21:16,520 --> 00:21:18,399 Speaker 1: Yeah, that was one ask fear and greed that I 408 00:21:18,440 --> 00:21:21,400 Speaker 1: think we actually answered well, not saying that we don't 409 00:21:21,400 --> 00:21:24,280 Speaker 1: answer them well with you. Oh golly, put my foot 410 00:21:24,280 --> 00:21:25,120 Speaker 1: in it there, didn't I? 411 00:21:25,560 --> 00:21:29,439 Speaker 2: Yeah, definitely? Oh sorry, No, that's right. I think I 412 00:21:29,440 --> 00:21:31,000 Speaker 2: think Adam would have been done a great job. 413 00:21:31,080 --> 00:21:33,520 Speaker 1: Yeah, he did keep an eye on the playlist coming 414 00:21:33,520 --> 00:21:36,960 Speaker 1: out at midday. Hopefully I'll be less awkward then. Thank 415 00:21:37,000 --> 00:21:39,560 Speaker 1: you very much, Sean, Thank you, Michael. It's Tuesday, the 416 00:21:39,560 --> 00:21:42,439 Speaker 1: tenth of September twenty twenty four. Make sure you're following 417 00:21:42,440 --> 00:21:45,160 Speaker 1: the podcast and please join us online on LinkedIn, Instagram, 418 00:21:45,280 --> 00:21:48,320 Speaker 1: x TikTok, and Facebook. Michael Thompson, that was fear and greed. 419 00:21:48,760 --> 00:21:51,800 Speaker 1: Have a great day.