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

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Speaker 1: The Reserve Bank governor warns that another rate hike is

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Speaker 1: a live option as the Iranian conflict pushes oil prices higher.

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Speaker 1: The Middle East conflict escalates with the Australian Defense Forts

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Speaker 1: headquarters in the UAE hit and back home. The richest

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Speaker 1: program in radio, The Kyle and Jackie O Show, collapses

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Speaker 1: after a spatch between the two stars. Plus Apple and

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Speaker 1: Google launch versions of cheaper mobile phones and weight loss

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Speaker 1: drugs might help heart attack victims recovery. It is Wednesday,

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Speaker 1: the fourth of March twenty twenty six. I'm Michael Thompson

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Speaker 1: in Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, Reserve Bank Governor Michelle Bullock

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Speaker 1: has warned that a rate hike at the March board meeting,

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Speaker 1: which is in less than a fortnite now, is actually

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Speaker 1: a live option. Bullock says that the Iran conflict and

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Speaker 1: the surge in oil prices are adding a new inflation

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Speaker 1: risk on top of what was already a pretty tricky picture.

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Speaker 1: You got headline inflation running at three point eight percent

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Speaker 1: and the trimmed mean at three point four percent, which

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Speaker 1: are both well above the RBA's target band of two

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Speaker 1: to three percent.

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Speaker 2: That's right. Speaking at the Financial Reviews Business Summit, she

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Speaker 2: also defended the February rate hike as the least bad

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Speaker 2: option now. Bullock said it will take time to sort

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Speaker 2: out the impact of the Middle East conflict. While it

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Speaker 2: has already pushed up energy prices, it could actually slow

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Speaker 2: the world economy and that would reduce inflation over time.

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Speaker 2: She admitted the Bank got it wrong when it assessed

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Speaker 2: supply and demand and the economy were coming back to

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Speaker 2: balance last year. That of course, prompted it to cut

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Speaker 2: interest rates. Basically, she said that the Bank misjudged how

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Speaker 2: strong private demand would be in the second half of

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Speaker 2: twenty twenty five overestimated the economy's ability to supply that demand. Now,

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Speaker 2: that's all about productivity, She said. The local economy supply

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Speaker 2: potential has been somewhat lower than previously assessed. Let's put

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Speaker 2: that into English. Productivity has been weaker than the Reserve

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Speaker 2: Bank thought, which means the economy can't handle as much

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Speaker 2: spending without pushing prices higher. She did agree to a

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Speaker 2: question that AI could be the solution for the country's

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Speaker 2: productivity challenge, but added it won't result in significant job losses.

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Speaker 2: She said it wouldn't result in significant job losses in

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Speaker 2: the short term and ways to go there. She didn't

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Speaker 2: sound totally convinced on that one.

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Speaker 1: Hey, the productivity warning got a lot of attention, and

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Speaker 1: the Reserve Bank has slashed its productivity forecasts and warned

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Speaker 1: that Australians should expect lower living standards if the trend

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Speaker 1: doesn't actually reverse.

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Speaker 2: And now with oil spiking because of the Iran conflict,

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Speaker 2: the cost of living pressure is getting worse, not better.

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Speaker 2: Economists are warning petrol prices could rise forty cents a

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Speaker 2: liter in coming months.

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Speaker 1: Wow, so fill up now at its heart sean, what

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Speaker 1: does this mean for someone perhaps like me sitting there

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Speaker 1: with a mortgage wondering like this doesn't sound good?

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Speaker 2: Well, that long ago we're having for lower rates. Forget

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Speaker 2: that the rates went up in February. Now a genuine

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Speaker 2: chance again to go up again on March seventeen. Of course,

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Speaker 2: the GDP figures out this week. That's the next big

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Speaker 2: data point. If the economy looks strong, well, you know,

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Speaker 2: that really does strengthen the case from another hike. If

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Speaker 2: it's weak, which is very possible. The board has a

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Speaker 2: much harder decision. Do you raise rates into a slowing

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Speaker 2: economy justified inflation? Probably would, I'm guessing, but I don't know.

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Speaker 1: Yeah, we'll have all the details on the gdp AT

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Speaker 1: data this afternoon in the afternoon report and more analysis

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Speaker 1: tomorrow morning. Sean, it is going to be a very

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Speaker 1: busy day today, now moving on from the economy. On

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Speaker 1: day four of the war in the Middle East, the

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Speaker 1: US and Israeli strikes on Iran continued, while Israel exchanged

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Speaker 1: fire with Hesbalah militants in Lebanon. Qatar said it had

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Speaker 1: shot down two Iranian jets, while the US said three

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Speaker 1: of its jets were downed by friendly fire from Kuwait.

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Speaker 1: Iran said that the Strait of Humus was closed and

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Speaker 1: has threatened to attack ships that are transiting that route,

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Speaker 1: which is an absolutely vital passage for oil through the region.

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Speaker 1: Australia's Middle East ADF headquarters was hit by an Iranian missile,

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Speaker 1: and that's been confirmed by Defense Minister Richard Miles. Fortunately

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Speaker 1: though all personnel are safe.

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Speaker 2: Thankfully. The US Central Command said its forces have destroyed

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Speaker 2: Islamic Revolutionary Guard Corps Command and control facilities in Iran.

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Speaker 2: Washington has urged its citizens to immediately depart fifteen countries

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Speaker 2: in the region. Now, of course that's easier, it said,

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Speaker 2: than done. Meanwhile, President Donald Trump said the war could

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Speaker 2: could last far longer than four or five weeks. He

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Speaker 2: did not rule out the possibility of US boots on

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Speaker 2: the ground back home. Foreign mins depenning Wonks of the

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Speaker 2: number of Australians stranded in the region dwarfed any previous

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Speaker 2: consular assistance operation. She said that people are trying to

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Speaker 2: get out. There are a very limited commercial flights in

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Speaker 2: and out, and the government is looking at that. The

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Speaker 2: Albanezi government also which matorous not to panic and rush

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Speaker 2: out and buy petrol ahead of likely price increases, which

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Speaker 2: I would like to say. When the government says, yep,

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Speaker 2: petrol prices is going out, don't panic, don't come by

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Speaker 2: it now, Well, that pretty much triggers me to go

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Speaker 2: and buy petrol.

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Speaker 1: Oh yeah, I'll fill up everything I can find. I'll

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Speaker 1: fill up in gum boot if I can find it. Look,

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Speaker 1: Sean was talking yesterday in the Afternoon Report about just

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Speaker 1: some of the many effects of the conflict and that

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Speaker 1: some of them are not the immediate ones that you

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Speaker 1: would expect, like say, for instance, a couple of Amazon's

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Speaker 1: data centers have been hit in the Middle East and

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Speaker 1: that's effected them cloud computing in the region. Talking about

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Speaker 1: the Melbourne hotels that are being hit by no shows,

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Speaker 1: people just not turning up because I can't get to

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Speaker 1: Australia because of the flight delays. And then there's the

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Speaker 1: more obvious kind of effects on the local share market.

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Speaker 1: For instance, yesterday it was down one point three percent.

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Speaker 1: The S and PA Sex two hundred finished at nine

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Speaker 1: thousand and seventy seven points one point three percent. That's

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Speaker 1: a big slide.

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Speaker 2: Yeah, no surprises. The I think most of the indices

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Speaker 2: bar one went backwards yesterday. People are buying things like

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Speaker 2: consumer staples, financials, more stable offerings Michael is probably how

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Speaker 2: to stay. The more cyclical stocks, consumer discretionary tech companies,

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Speaker 2: miners they were sold off yesterday. Now among the large caps,

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Speaker 2: it was some pretty big news. Fortescuo Metals, Evolution Mining,

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Speaker 2: the gold company they both dropped four percent. Where's Farmers

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Speaker 2: Northern Star and another gold company down three percent? Be

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Speaker 2: period Goodman Group ra all off two and a half percent.

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Speaker 2: So there's a lot of nervousness around at the moment.

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Speaker 1: Michael, Yeah, certainly is okay, a lot still to come.

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Speaker 1: Sean back in a moment with the rest of the

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Speaker 1: day's business news, Sean. There's been severe flooding across southeastern

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Speaker 1: Australia after what's being described as a once in a

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Speaker 1: generation rain events. Slow moving low has been dumping rain

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Speaker 1: across South Australia, across western Victoria, western New South Wales

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Speaker 1: since the weekend. Some areas copped more than one hundred

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Speaker 1: and fifty millimeters overnight as flash flood warnings that are

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Speaker 1: active across multiple states, rivers a rising communities are isolated.

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Speaker 1: It really is a crisis.

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Speaker 2: It is a crisis and the human crisis, and certainly

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Speaker 2: for people with stock and crops in those regions. And

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Speaker 2: some of the fotos are amazing. If you bring it

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Speaker 2: back to the economics of it, it means something for

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Speaker 2: insurance premiums now. New data from Finity this week shows

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Speaker 2: home insurance premiums have risen fifty one percent in five years.

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Speaker 2: Fifty one percent in five years, that is quite phenomenal

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Speaker 2: these sorts of events. Add to that, the average premium

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Speaker 2: has gone from just under two thousand lost to elite

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Speaker 2: three thousand dollars in that period, and in high risk

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Speaker 2: flood zones much much worse. So one Brisbane homeowner was

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Speaker 2: quoted as having to play seventy thousand dollars a year.

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Speaker 2: Seventy thousand. It's quite amazing.

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Speaker 1: Sounds like a typo, doesn't it.

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Speaker 2: Yeah, yeah, yeah, it's not. The drive is a catastrophic losses,

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Speaker 2: construction cost inflation and insurance repricing risk for people in

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Speaker 2: these flood effector and areas right now, vis is just

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Speaker 2: a nightmare. You know, whether they'll be able to get

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Speaker 2: insurance it will be a big question now sure.

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Speaker 1: And after twenty two years, the controversial Kyle and Jackie

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Speaker 1: O Show has been pulled off the air effective immediately

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Speaker 1: after Jackie O Henderson told the media company ARN Media

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Speaker 1: that she could no longer work with her co host

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Speaker 1: Kyle sandaland The program that's very highly rated in Sydney

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Speaker 1: pushed into Melbourne two years ago as a blockbuster ten year,

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Speaker 1: two hundred million dollar contract between Sandaland's Henderson and the

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Speaker 1: radio station that they appear on, Kiss FM, But after

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Speaker 1: an on air bust up nearly two weeks ago, Henderson

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Speaker 1: refused to return to the airwaves, and then last night,

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Speaker 1: AARN told investors that Henderson had said she quote cannot

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Speaker 1: continue to work with mister Kyle Sandaland and that it

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Speaker 1: had terminated the services agreement with Henderson Media, the vehicle

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Speaker 1: through which she signed her contract.

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Speaker 2: Yes ARN said it had written to Sandalands and his

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Speaker 2: private company, Quassa Media Services, saying his behavior on the

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Speaker 2: show on February twenty was I quote an act of

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Speaker 2: serious misconduct end quote that breached the services agreement with him.

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Speaker 2: In a statement, AARN said, and again I'm quoting, mister

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Speaker 2: Sandalans has been given fourteen days to remedy this breach.

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Speaker 2: If it is not remedied, IARN will terminate the services

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Speaker 2: agreement with Quassar Media, and in that event, mister Sandalands

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Speaker 2: will cease to present the Kyle and JACKIEO Show. During

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Speaker 2: the foot ening day period, mister Sandalans will not take

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Speaker 2: part in the show end quote.

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Speaker 1: Now.

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Speaker 2: Back on February twenty, Sandalands told Henderson she'd become unworkable

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Speaker 2: with her fixation on star charts. I quote him, you're

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Speaker 2: with the fairies with this shit. It's mental end quote.

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Speaker 2: Henderson replied she was and I quote offended by you

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Speaker 2: saying something like that they went off air. Michael, you

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Speaker 2: and I discussed this. You thought it might have been

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Speaker 2: a stunt initially. Yeah, and this would be not necessarily

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Speaker 2: the highest ranking radio show in the country, but probably

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Speaker 2: the highest profile across a certain demographic.

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Speaker 1: Yep.

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Speaker 2: Yeah, and that turn a million dollar, ten year blockbuster

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Speaker 2: deal that's gone to shreds after two years. They didn't

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Speaker 2: really work in Melbourne, did they?

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Speaker 1: No? No, I don't know. It hasn't been a success

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Speaker 1: in Melbourne, but they are the highest paid media personalities

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Speaker 1: in the country and have generated huge amounts of revenue

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Speaker 1: for the companies that they work for and huge audiences

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Speaker 1: in Sydney. So this is a major major change in Yes,

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Speaker 1: I did think that initially it might have been a

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Speaker 1: stunt because it's it's it is a controversial show, but

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Speaker 1: clearly after that statement to the ASX, it is not

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Speaker 1: and could well be the end for the Kyle and

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Speaker 1: Jackie Oh Show. All right. Sean Magellan Financial has merged

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Speaker 1: with investment bank Baron Joey in a deal worth one

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Speaker 1: point six billion dollars in the market. The market loves it.

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Speaker 1: Magellan shares surged twenty percent yesterday after the company came

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Speaker 1: out of a trading halt.

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Speaker 2: Yes, I mean, it's kind of the meeting of the

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Speaker 2: financial gurus in the country. David Gonsky chair The combined

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Speaker 2: grew Brian Benari, CEO Magellan sharehold has been about fifty

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Speaker 2: eight percent, Baron Joey about thirty two percent. Barclay retains

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Speaker 2: about five percent. Baron Joey has really become quite a

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Speaker 2: force in the Australian finance industry since it launched five

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Speaker 2: years ago.

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Speaker 1: That's pretty extraordinary. Only in only just in only five

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Speaker 1: years to have grown to this level. It has been

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Speaker 1: a huge success.

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Speaker 2: Yeah, it's I mean, it certainly has it. Guy Fowler

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Speaker 2: and Matthew Grounds, who are kind of the two of

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Speaker 2: the rock star investment bankers of that sort of the

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Speaker 2: first twenty years of this decade, they went and jumped

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Speaker 2: into this and off they go. They've been winning mandates

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Speaker 2: across m and A, equity capital markets, all sorts of things.

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Speaker 1: Yeah, extraordinary story. Now Apple, Sean's let's go to something

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Speaker 1: more affordable here, shall we. They've released a new affordable

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Speaker 1: iPhone just under one thousand dollars. It's really pushing to

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Speaker 1: keep its market share from its key rivals Samsung and Google.

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Speaker 1: Of course, the launch comes to stuff to Google launched

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Speaker 1: its own low cost offering.

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Speaker 2: That's right. So the new iPhone seventeen E has doubled

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Speaker 2: most entry liberal phones capacity at two hundred and fifty

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Speaker 2: six gigabytes. It also integrates Apple satellite features, so that's

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Speaker 2: the emergency SOS roadside assistance. Find my via Satellite runs

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Speaker 2: in the latest generation A nineteen chip hits shelves next week.

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Speaker 2: A week later, then Google's affordable ten X Pixel phone.

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Speaker 2: It's available for sale tomorrow, starting price eight hundred and

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Speaker 2: forty nine. The ten A runs I said ten S

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Speaker 2: Pixel phone, but I think it's a ten A Michael On.

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Speaker 1: Honestly, I'm an iPhone guy. I don't know.

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Speaker 2: Pixel ten runs on Google's custom built tens A G

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Speaker 2: four chip, providing full access to Gemini. We love Gemini

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Speaker 2: great an ALI tool, which of course is the company's

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Speaker 2: personal AI assistant. Basically, Google looks to be competing on

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Speaker 2: software rather than hard We've got a long way to go, though.

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Speaker 2: According to stat Counter, Google's got just four percent of

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Speaker 2: the local smartphone market. Applelas sixty one percent, Samsung twenty

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Speaker 2: five percent.

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Speaker 1: That's interesting that even in that in this lowest tier,

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Speaker 1: that they're now introducing all of those satellite things like

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Speaker 1: the find myn own the emergent. I needed to find

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Speaker 1: my the other week, Sean. I think you and I

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Speaker 1: were talking when I managed to lock myself out of

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Speaker 1: my phone.

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Speaker 2: Just sol out for about a day and a half.

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Speaker 1: Yeah, I put my wrong my code in incorrectly, I

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Speaker 1: think eight times in a row, eight times in a row,

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Speaker 1: and it fully disabled my phone and I had to

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Speaker 1: delete everything and set it all up again using find

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Speaker 1: my and I sware to myself, I would never admit

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Speaker 1: that publicly, and I.

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Speaker 2: Have only told me about ten thousand listeners.

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Speaker 1: There we go. Good international news now, Sean, We've talked

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Speaker 1: a lot of international coverage. One more story definitely worth

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Speaker 1: a mention in this one. Weight loss jabs could be

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Speaker 1: given by paramedics at the scene of a heart attack

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Speaker 1: to cut the risk of complications after research has found

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Speaker 1: that drugs had things like we go Vi and a

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Speaker 1: Zepic had a powerful effect in preventing tissue damage, and

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Speaker 1: that then has the potential to cut the risk of

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Speaker 1: serious problems. That effect up to half of all patients

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Speaker 1: suffering a heart attack.

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Speaker 2: So a new study led by the University of Bristol

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Speaker 2: and University College London looked at GOLP one drugs. Now,

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Speaker 2: previous studies have shown that the drugs can lower the

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Speaker 2: risk of heart disease and stroke, regardless of a patient's

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Speaker 2: other health conditions or the amount of weight they lose.

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Speaker 2: Now the new study, according to the Times of London,

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Speaker 2: research has looked at how the drugs good help to

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Speaker 2: reverse blockages caused by cells called parasites, which constrict blood

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Speaker 2: vessels at the onset of a heart attack and reduce

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Speaker 2: blood flow. So they're talking about what's going on during

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Speaker 2: the heart attack and afterwards as opposed to as a

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Speaker 2: preventative meather measure. So, this new study showed that nearly

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Speaker 2: half of all heart attack patients, the tiny blood vessels

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Speaker 2: within the heart muscle remained narrowed even after the main

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Speaker 2: artery is cleared. However, if few GLP one drugs are provided,

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Speaker 2: then that may be prevented. The point here these weight

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Speaker 2: loss drugs not just good for heart attacks in terms

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Speaker 2: of preventative but actually can help after they've occurred.

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Speaker 1: Sewn up next is fear and Greed, Q and A,

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Speaker 1: and last week we traveled to the Salesforce World Tour.

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Speaker 1: The Agent Force event in Sydney, had a series of

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Speaker 1: great conversations with Salesforce and Agent executives and customers as well.

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Speaker 1: Today you're speaking with Sanjana Perulika, who is the senior

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Speaker 1: vice president of Product Marketing for Agent Force and an

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Speaker 1: absolute guru when it comes to agentic Ai.

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Speaker 2: Look, I'm here talking about large language model thing that

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Speaker 2: I know what's on. What I'm on about, she's kind

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Speaker 2: of beyond that. She's up to a gentic Ai. It's

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Speaker 2: I had to ask, well, you're moving fast right, how

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Speaker 2: about you just explain all that to me? It was

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Speaker 2: a fantastic chat. Sanha is a fantastic communicator. Fantastic chat

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Speaker 2: about where agentic Ai is up to, and it's really

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Speaker 2: practical as well. One of my favorite interviews I reckon

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Speaker 2: I have done this year, particularly when you had to

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Speaker 2: go at me suggesting that I don't listen to TikTok

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Speaker 2: or watch TikTok.

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Speaker 1: And I love how quickly you owned up in this

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Speaker 1: conversation to just go you know what, I'm out gunned

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Speaker 1: by your expertise and this so please teach me. It's

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Speaker 1: a great chat. It's coming up next in the Fear

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Speaker 1: and Greed playlist on your pod cast platform or at

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Speaker 1: Fearandgreed dot com dot au.

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

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Speaker 1: It's Wednesday, the fourth of March twenty twenty six. 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 and Instagram. I'm Michael Thompson and that was

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