1 00:00:03,840 --> 00:00:06,640 Speaker 1: It's Thursday, the eighth of August twenty twenty four. Welcome 2 00:00:06,680 --> 00:00:09,040 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,039 --> 00:00:10,840 Speaker 1: where we give you the top five business stories you 4 00:00:10,920 --> 00:00:13,440 Speaker 1: need to know. Intus five minutes are Michael Thompson and 5 00:00:13,480 --> 00:00:17,680 Speaker 1: Good Morning, Sean Aylmer, Good morning, Michael Shawn. Five stories, 6 00:00:17,680 --> 00:00:21,160 Speaker 1: five minutes. Let's go. Story number one. The Federal Treasurer 7 00:00:21,200 --> 00:00:24,200 Speaker 1: Jim Chalmers has taken on the Reserve Bank about its 8 00:00:24,239 --> 00:00:28,320 Speaker 1: assessment that big spending by governments is prolonging inflation. 9 00:00:28,840 --> 00:00:31,800 Speaker 2: Following the Central Bank's board meeting this week its decision 10 00:00:31,840 --> 00:00:34,199 Speaker 2: to not move on interest rates because inflation is too high. 11 00:00:34,280 --> 00:00:36,839 Speaker 2: In comments from the Governor Michelle Bullock about there being 12 00:00:36,880 --> 00:00:40,199 Speaker 2: too much excess demand in the economy, Dr Chalmers yesterday 13 00:00:40,240 --> 00:00:43,559 Speaker 2: basically said the Central Bank was wrong. He told the ABC, 14 00:00:43,840 --> 00:00:45,800 Speaker 2: I think it's hard to sustain an argument that the 15 00:00:45,840 --> 00:00:48,279 Speaker 2: economy is running too hot or that people have too 16 00:00:48,360 --> 00:00:50,959 Speaker 2: much spare cash, given all of the data and all 17 00:00:51,000 --> 00:00:53,320 Speaker 2: of the feedback that we get which shows that's not 18 00:00:53,440 --> 00:00:56,320 Speaker 2: the case. Dr Chalmer said he didn't accept the argument 19 00:00:56,360 --> 00:00:59,000 Speaker 2: the government spending is fueling inflation. He argued that the 20 00:00:59,040 --> 00:01:01,880 Speaker 2: government's policies pushing down the cost of living and budget 21 00:01:01,920 --> 00:01:05,880 Speaker 2: spending wasn't the primary determinant of prices in the economy. Now, 22 00:01:05,920 --> 00:01:10,640 Speaker 2: certainly federal energy rebates will push down the headline inflation rate, 23 00:01:11,000 --> 00:01:12,800 Speaker 2: but the Reserve Bank has made it clear that the 24 00:01:12,840 --> 00:01:16,800 Speaker 2: effect is temporary and not part of its interest rate deliberations. Also, 25 00:01:17,000 --> 00:01:20,600 Speaker 2: updated forecasts from the Central Bank shows a significant jump 26 00:01:20,600 --> 00:01:23,440 Speaker 2: in public demand this year, which if it occurs, will 27 00:01:23,440 --> 00:01:24,959 Speaker 2: definitely be inflationary. 28 00:01:25,600 --> 00:01:28,000 Speaker 1: Sean, what was the wash up from the interest rate 29 00:01:28,080 --> 00:01:29,120 Speaker 1: decision on Tuesday. 30 00:01:29,600 --> 00:01:31,679 Speaker 2: Well, markets still think there's a chance of a rate 31 00:01:31,760 --> 00:01:33,479 Speaker 2: cut later in the year. We've got a great insight 32 00:01:33,520 --> 00:01:36,080 Speaker 2: into the Central banks thinking yesterday from its chief economist, 33 00:01:36,120 --> 00:01:39,200 Speaker 2: Sarah Hunter. She appeared before Parliament. She explained this less 34 00:01:39,280 --> 00:01:42,520 Speaker 2: capacity in the economy to produce stuff and along with 35 00:01:42,600 --> 00:01:44,920 Speaker 2: higher demand, it just will take a bit longer to 36 00:01:44,920 --> 00:01:48,440 Speaker 2: get control of inflation. All that talk about aggregate demand 37 00:01:48,480 --> 00:01:50,920 Speaker 2: as apply on Tuesday by the Reserve Bank is what 38 00:01:51,000 --> 00:01:54,960 Speaker 2: has attracted most attention from market economists. Doctor Hunter was 39 00:01:55,000 --> 00:01:58,360 Speaker 2: reasonably sanguine about financial markets. She said a volatile period 40 00:01:58,440 --> 00:02:01,600 Speaker 2: is now likely, so added that the Reserve banks base 41 00:02:01,680 --> 00:02:04,440 Speaker 2: case is not for a recession in the US. 42 00:02:04,880 --> 00:02:06,840 Speaker 1: All right, Moving on to story number two. Now, in 43 00:02:06,880 --> 00:02:10,040 Speaker 1: Australia will take part in a joint military exercise in 44 00:02:10,080 --> 00:02:13,680 Speaker 1: the South China Sea alongside the United States, Canada and 45 00:02:13,720 --> 00:02:17,320 Speaker 1: the Philippines, in a move that is sure to irritate Beijing. 46 00:02:17,880 --> 00:02:20,280 Speaker 2: A joint statement by military leaders of the four nations 47 00:02:20,320 --> 00:02:23,160 Speaker 2: said naval and air force units were determined to demonstrate 48 00:02:23,200 --> 00:02:27,760 Speaker 2: our collective commitment to strengthen regional and international cooperation in 49 00:02:27,800 --> 00:02:31,000 Speaker 2: support of a free and open indoor Pacific. The combined 50 00:02:31,080 --> 00:02:34,080 Speaker 2: armed forces will conduct the exercise within the Philippines Exclusive 51 00:02:34,120 --> 00:02:36,679 Speaker 2: Economic Zone on August seven and eight. The leaders of 52 00:02:36,680 --> 00:02:39,040 Speaker 2: the nations said the activity will be conducted in a 53 00:02:39,040 --> 00:02:41,919 Speaker 2: manner that is consistent with international law and withdue regard 54 00:02:41,960 --> 00:02:45,079 Speaker 2: to the safety of navigation and the rights and interests 55 00:02:45,080 --> 00:02:48,800 Speaker 2: of other states. Not hard to see who they're alluding 56 00:02:48,840 --> 00:02:51,679 Speaker 2: to in this one now. The Philippines in particular, has 57 00:02:51,880 --> 00:02:55,200 Speaker 2: really been at odds with China over the region in 58 00:02:55,240 --> 00:02:55,919 Speaker 2: recent months. 59 00:02:56,400 --> 00:02:59,919 Speaker 1: Story number three. Childcare remains the most common reason why 60 00:03:00,080 --> 00:03:03,320 Speaker 1: women who want a job can't start quickly, while for 61 00:03:03,400 --> 00:03:06,080 Speaker 1: men it's long term health or disability. 62 00:03:06,360 --> 00:03:08,760 Speaker 2: The Bureau of Stistix release data yesterday that shows one 63 00:03:08,800 --> 00:03:11,600 Speaker 2: point three million people aged between eighteen and seventy five 64 00:03:11,639 --> 00:03:14,240 Speaker 2: without a job want one. There are two point one 65 00:03:14,240 --> 00:03:17,000 Speaker 2: million people without a job who don't want one, and 66 00:03:17,080 --> 00:03:20,560 Speaker 2: another three point four million retired or permanently unable to work. 67 00:03:20,760 --> 00:03:23,760 Speaker 2: In titaled, there about nineteen million people in that age bracket. 68 00:03:24,000 --> 00:03:26,640 Speaker 2: The ABS also put out figures showing the cost of 69 00:03:26,680 --> 00:03:29,560 Speaker 2: living increases totaled around one point three percent in the 70 00:03:29,680 --> 00:03:32,720 Speaker 2: June quarter. It's the first time since twenty ten that 71 00:03:32,800 --> 00:03:36,280 Speaker 2: the increase in the cost of living for households was 72 00:03:36,400 --> 00:03:39,320 Speaker 2: higher than the increase in the inflation rate. Insurance and 73 00:03:39,360 --> 00:03:42,880 Speaker 2: financial services, which includes mortgage interest charges, along with food 74 00:03:42,960 --> 00:03:46,240 Speaker 2: and non alcoholic beverages, were the main contributors to the 75 00:03:46,320 --> 00:03:47,520 Speaker 2: higher living costs. 76 00:03:48,440 --> 00:03:52,520 Speaker 1: Story number four Sean, an employee of a warehouse storing 77 00:03:52,520 --> 00:03:55,480 Speaker 1: what can only be described as a as a treasure 78 00:03:55,560 --> 00:03:59,800 Speaker 1: trove of unreleased Bluey themed coins, has been charged with 79 00:04:00,080 --> 00:04:02,880 Speaker 1: stealing six hundred thousand dollars worth of the currency from 80 00:04:02,920 --> 00:04:03,720 Speaker 1: the back of a truck. 81 00:04:04,320 --> 00:04:07,600 Speaker 2: Last month. Police were told sixty three thousand unreleased one 82 00:04:07,640 --> 00:04:11,800 Speaker 2: dollar coins featuring the popular Australian cartoon character were taken 83 00:04:11,800 --> 00:04:14,520 Speaker 2: from a storage facility in Sydney's West. According to a 84 00:04:14,520 --> 00:04:17,200 Speaker 2: story in the Sydney Morning Herald, Strike Force Banned. It 85 00:04:17,400 --> 00:04:19,920 Speaker 2: was formed to investigate the alleged theft. Now Bandit, of course, 86 00:04:20,000 --> 00:04:21,960 Speaker 2: is the name of Blue's dad in the long running show. 87 00:04:22,400 --> 00:04:25,760 Speaker 2: The one dollar buck coins were produced by the Australian 88 00:04:25,800 --> 00:04:28,000 Speaker 2: Mint in the limited edition and feature six year old 89 00:04:28,040 --> 00:04:30,800 Speaker 2: blue healer Bluey holding a balloon on the front and 90 00:04:30,880 --> 00:04:33,520 Speaker 2: King Charles on the back. Last week, police officers raided 91 00:04:33,520 --> 00:04:35,440 Speaker 2: a property where they found just one hundred and eighty 92 00:04:35,520 --> 00:04:37,719 Speaker 2: nine of the missing coins, and the man in possession 93 00:04:37,720 --> 00:04:40,040 Speaker 2: of the coins was a legitimate coin collector who had 94 00:04:40,080 --> 00:04:43,800 Speaker 2: innocently obtained them, police said. But it was a breakthrough 95 00:04:44,000 --> 00:04:45,880 Speaker 2: needed to nab the Bluey thief. 96 00:04:46,360 --> 00:04:49,120 Speaker 1: All right. Last one sean story number five and I 97 00:04:49,160 --> 00:04:51,520 Speaker 1: have no idea what to make of this one. Luxury 98 00:04:51,600 --> 00:04:55,200 Speaker 1: brand dot Cha and Gabana has introduced a new fragrance. 99 00:04:55,839 --> 00:04:58,120 Speaker 1: But it is a fragrance for dogs and it's a 100 00:04:58,160 --> 00:05:00,400 Speaker 1: bargain at about one hundred and seventy as. 101 00:05:00,279 --> 00:05:04,040 Speaker 2: A bottle, according to Doll Chain Gabana's website. The alcohol 102 00:05:04,200 --> 00:05:07,800 Speaker 2: free fragrance specifically for dogs contains and I quote, the 103 00:05:07,839 --> 00:05:10,520 Speaker 2: cocooning and warm notes of e lang, the clean and 104 00:05:10,720 --> 00:05:13,800 Speaker 2: enveloping touch of musk, and the woody, creamy undertones of 105 00:05:13,920 --> 00:05:17,000 Speaker 2: sandal wood end quote. According to The New York Times, 106 00:05:17,040 --> 00:05:20,279 Speaker 2: perfume has been certified by Safe Pet Cosmetics, an independent 107 00:05:20,360 --> 00:05:23,440 Speaker 2: veterinary organization in Italy. It's like problem here. Dogs rely 108 00:05:23,560 --> 00:05:26,640 Speaker 2: heavily on smell to navigate the world. The world's filled 109 00:05:26,640 --> 00:05:29,279 Speaker 2: with subtle, loaded cues from other dogs, humans, food, and 110 00:05:29,279 --> 00:05:32,240 Speaker 2: other potentials. You muck around with that, you could cause 111 00:05:32,279 --> 00:05:35,880 Speaker 2: all sorts of confusion with dogs. Not the first perfume 112 00:05:35,920 --> 00:05:40,799 Speaker 2: around the place. An organization called hound hwnd it makes 113 00:05:40,800 --> 00:05:44,880 Speaker 2: the peach bum natural puffume for lady dogs. Another group, 114 00:05:44,920 --> 00:05:48,880 Speaker 2: Peanut and Pickle, has a selection of fragrances such as coconut, sea, salt, peppermint, 115 00:05:48,880 --> 00:05:51,839 Speaker 2: and grapefruit. Even Queen Elizabeth IID, known for her Corgis, 116 00:05:51,880 --> 00:05:54,640 Speaker 2: created her own dog perfume a couple of years ago. 117 00:05:55,640 --> 00:05:58,000 Speaker 1: Well there you go, the top five business stories in 118 00:05:58,040 --> 00:06:01,440 Speaker 1: five minutes. Thank you Sean, Thank you Michael. It is Thursday, 119 00:06:01,600 --> 00:06:04,719 Speaker 1: the eighth of August twenty twenty four. Remember hit follow 120 00:06:04,760 --> 00:06:06,760 Speaker 1: on the podcast and if five minutes isn't enough. Then 121 00:06:06,800 --> 00:06:08,719 Speaker 1: you can find our longer daily show called Fear and 122 00:06:08,760 --> 00:06:11,600 Speaker 1: Greed wherever you listen to podcasts and don't forget as 123 00:06:11,600 --> 00:06:14,320 Speaker 1: well to check out the new episode of our sister podcast, 124 00:06:14,360 --> 00:06:16,480 Speaker 1: How Do They Afford That, which comes out every week. 125 00:06:16,520 --> 00:06:18,760 Speaker 1: There is a new episode out now. It is all 126 00:06:18,920 --> 00:06:21,800 Speaker 1: about health insurance, private health insurance. And if you've ever 127 00:06:21,960 --> 00:06:25,080 Speaker 1: found the world of private health insurance confusing or a 128 00:06:25,120 --> 00:06:28,120 Speaker 1: little bit dense, then listen to this episode because we 129 00:06:28,200 --> 00:06:31,640 Speaker 1: go through everything and explain it all very very simply. 130 00:06:31,720 --> 00:06:33,159 Speaker 1: It is a must listener. I'll put a link in 131 00:06:33,160 --> 00:06:35,440 Speaker 1: today's show notes. I'm Michael Thompson and that was the 132 00:06:35,480 --> 00:06:37,800 Speaker 1: Fast five Business news by Fear and Greed. Have a 133 00:06:37,800 --> 00:06:40,560 Speaker 1: great day.