1 00:00:03,840 --> 00:00:07,160 Speaker 1: It's Monday, the sixteenth of September twenty twenty four. Welcome 2 00:00:07,200 --> 00:00:09,560 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,440 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:13,920 Speaker 1: need to know and us five minutes. I'm Michael Thompson 5 00:00:13,960 --> 00:00:15,280 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,720 --> 00:00:17,680 Speaker 2: Good morning Michael, Sean. 7 00:00:17,760 --> 00:00:20,560 Speaker 1: Five stories, five minutes, let's go. Story number one is 8 00:00:20,560 --> 00:00:24,120 Speaker 1: a big one. Australia is likely to miss renewable energy 9 00:00:24,160 --> 00:00:27,680 Speaker 1: targets by twenty thirty, but is making ground in transitioning 10 00:00:27,760 --> 00:00:30,840 Speaker 1: the energy grid. This is according to leading experts, just 11 00:00:30,920 --> 00:00:34,479 Speaker 1: as renewable energy as a share of total electricity production 12 00:00:34,680 --> 00:00:35,519 Speaker 1: hit a new record. 13 00:00:35,800 --> 00:00:38,360 Speaker 2: Yes, the news and the transition to renewables isn't great, 14 00:00:38,400 --> 00:00:41,920 Speaker 2: but it isn't a disaster either. Transcript. Chief Executive Brett 15 00:00:41,920 --> 00:00:45,200 Speaker 2: Redmond forecast that renewable energy will generate eighty two percent 16 00:00:45,240 --> 00:00:48,720 Speaker 2: of Australia's power by twenty thirty one thirty two. Now 17 00:00:48,760 --> 00:00:51,559 Speaker 2: that's a year or two later than the government's target. 18 00:00:51,840 --> 00:00:54,680 Speaker 2: He said. Recent delays to major projects probably meant the 19 00:00:54,720 --> 00:00:57,960 Speaker 2: country would miss its twenty thirty target. According to a 20 00:00:57,960 --> 00:01:01,040 Speaker 2: report in The Australian newgl Managing director Doug Moss said 21 00:01:01,040 --> 00:01:03,600 Speaker 2: the targets would be extremely challenging. Mind you, it's good 22 00:01:03,600 --> 00:01:06,640 Speaker 2: news for company like UGL, a building contractor for major 23 00:01:06,760 --> 00:01:11,800 Speaker 2: energy projects such as the Snowy Hydro Curry Curry gas facility. Broadly, 24 00:01:11,840 --> 00:01:14,560 Speaker 2: they're saying the eighty two percent won't be hit by 25 00:01:14,560 --> 00:01:17,040 Speaker 2: twenty thirty, but it should be hit soon afterwards. 26 00:01:17,720 --> 00:01:19,680 Speaker 1: Okay, So that eighty two percent is a key number. 27 00:01:19,680 --> 00:01:21,520 Speaker 1: How close are we to hitting it? 28 00:01:21,920 --> 00:01:23,880 Speaker 2: Well, some weeks we're much closer than others. The share 29 00:01:23,880 --> 00:01:26,920 Speaker 2: of electricity generated by renewables reached an all time high 30 00:01:27,080 --> 00:01:29,479 Speaker 2: seventy two point two percent in the half hour leading 31 00:01:29,560 --> 00:01:32,520 Speaker 2: up to midday last Monday, margining you better than the 32 00:01:32,560 --> 00:01:35,080 Speaker 2: previous high set in October last year. If we could 33 00:01:35,120 --> 00:01:38,320 Speaker 2: sustain that level, we'd be on a promising pathway, though 34 00:01:38,400 --> 00:01:41,560 Speaker 2: according to reporting the fin Review, some experts worn it 35 00:01:41,600 --> 00:01:44,720 Speaker 2: may struggle to rise much further over the next few 36 00:01:44,760 --> 00:01:48,880 Speaker 2: years until more coal power stations close. That's because coal 37 00:01:48,920 --> 00:01:51,600 Speaker 2: generators whose supply are still vital to keep the lights 38 00:01:51,640 --> 00:01:55,760 Speaker 2: on have to maintain minimum levels of operation around the clock. 39 00:01:56,080 --> 00:01:59,240 Speaker 2: The next major coal station to close is Origin Energies 40 00:01:59,320 --> 00:02:02,280 Speaker 2: two thousand and eight one hundred and eighty Megawa Arahing generator, 41 00:02:02,320 --> 00:02:05,200 Speaker 2: the country's biggest. Its shutdown was today by a couple 42 00:02:05,200 --> 00:02:08,000 Speaker 2: of years. It's due to close in August twenty twenty seven. Now, 43 00:02:08,000 --> 00:02:10,400 Speaker 2: solar panels continue to provide a large share of supply 44 00:02:10,520 --> 00:02:13,799 Speaker 2: rooftop solos about thirty eight thirty nine percent. That's at 45 00:02:13,800 --> 00:02:17,560 Speaker 2: its peak last week according to the Australian Energy Market Operator. 46 00:02:18,080 --> 00:02:20,640 Speaker 2: So things getting better, much better than June caught a 47 00:02:20,639 --> 00:02:23,440 Speaker 2: bit tough, shorter days, not as much wind and solar 48 00:02:23,520 --> 00:02:26,280 Speaker 2: generation in those shorter days. Anyway, we're getting there, Michael. 49 00:02:26,520 --> 00:02:28,680 Speaker 1: Indeed, we are all right on to story number two now, 50 00:02:28,760 --> 00:02:33,000 Speaker 1: and the Federal Coalition is now pushing to not change 51 00:02:33,080 --> 00:02:35,240 Speaker 1: the Reserve Bank Board, saying it no longer. 52 00:02:35,000 --> 00:02:38,080 Speaker 2: Needs to be considered all a bit confusing really, giving 53 00:02:38,120 --> 00:02:41,079 Speaker 2: an independent inquiry set up by the coalition government recommended 54 00:02:41,120 --> 00:02:43,440 Speaker 2: the Central Bank Board be split into an interest rate 55 00:02:43,480 --> 00:02:47,400 Speaker 2: setting board and a governance body. The Liberal Party supported 56 00:02:47,400 --> 00:02:49,480 Speaker 2: the split, though it couldn't agree with Federal treasure of 57 00:02:49,560 --> 00:02:51,360 Speaker 2: Jim Chalmers about who would sit on the interest rate 58 00:02:51,400 --> 00:02:55,200 Speaker 2: Setting Committee. Yesterday, Opposition Finance spakesperson Jane Hume said the 59 00:02:55,240 --> 00:02:57,880 Speaker 2: people currently on the Reserve Bank Board should continue to 60 00:02:57,919 --> 00:03:00,520 Speaker 2: do Montree policy, which sounds like the Opper position doesn't 61 00:03:00,520 --> 00:03:03,679 Speaker 2: want any change. Any splitting in the board requires legislative 62 00:03:03,880 --> 00:03:07,160 Speaker 2: change and agreement between the Government and Greens. At the 63 00:03:07,160 --> 00:03:08,760 Speaker 2: moment at least seems some way off. 64 00:03:09,560 --> 00:03:11,120 Speaker 1: Story number three. What do you make of this one? 65 00:03:11,120 --> 00:03:14,840 Speaker 1: About two thirds of Australian baby boomers leaving the workforce 66 00:03:15,040 --> 00:03:19,000 Speaker 1: don't actually have enough superannuation to retire comfortably. This is 67 00:03:19,040 --> 00:03:21,120 Speaker 1: according to research from the industry's Peak Body. 68 00:03:21,560 --> 00:03:23,919 Speaker 2: Slightly more than thirty percent of Australians are able to 69 00:03:24,000 --> 00:03:27,560 Speaker 2: afford a comfortable lifestyle in retirement, according to the Association 70 00:03:27,720 --> 00:03:31,800 Speaker 2: of Superannuation Funds of Australian Currently, the median pension account 71 00:03:31,800 --> 00:03:34,760 Speaker 2: balance for men aged sixty to sixty four is two 72 00:03:34,880 --> 00:03:37,560 Speaker 2: hundred and five one hundred and fifty four thousand for women, 73 00:03:37,760 --> 00:03:41,240 Speaker 2: The industry standard for what's considered a comfortable retirement six 74 00:03:41,320 --> 00:03:44,640 Speaker 2: hundred and ninety thousand for couples five ninety five thousand 75 00:03:44,680 --> 00:03:48,520 Speaker 2: for singles. According to report on Bloomberg, Australia's retirement savings 76 00:03:48,560 --> 00:03:50,920 Speaker 2: pool is now close to four trillion dollars. About two 77 00:03:50,960 --> 00:03:53,680 Speaker 2: and a half million Aussies are expected to retire over 78 00:03:53,720 --> 00:03:56,320 Speaker 2: the next decade. ASPA said that as the pension system 79 00:03:56,360 --> 00:03:59,640 Speaker 2: matures and balances increase the portion of people retiring with 80 00:03:59,720 --> 00:04:02,800 Speaker 2: a rough money to fund a comfortable lifestyle, we'll hit 81 00:04:02,840 --> 00:04:05,680 Speaker 2: about fifty percent or more by twenty fifty. 82 00:04:06,120 --> 00:04:09,840 Speaker 1: Story number four, the first independent analysis of more than 83 00:04:09,960 --> 00:04:14,880 Speaker 1: sixty airline loyalty programs, has ranked Quantus Frequent Fire twenty fourth, 84 00:04:15,080 --> 00:04:17,000 Speaker 1: and it's been critical of the large number of points 85 00:04:17,080 --> 00:04:20,800 Speaker 1: needed for redemptions, also critical of poor customer service and 86 00:04:20,920 --> 00:04:21,880 Speaker 1: high change fees. 87 00:04:22,400 --> 00:04:25,679 Speaker 2: Travel tech company point me undertook the analysis over several months, 88 00:04:25,680 --> 00:04:29,800 Speaker 2: allocating marks to each program across several criteria including the 89 00:04:29,839 --> 00:04:32,640 Speaker 2: ease of earning miles or points, redemption rates, ease of 90 00:04:32,640 --> 00:04:35,960 Speaker 2: booking and customer service quality. According to report in The Australian, 91 00:04:36,240 --> 00:04:39,160 Speaker 2: the reward program of Air France and KLM, known as 92 00:04:39,200 --> 00:04:43,120 Speaker 2: Flying Blue, was rated the best scheme, followed by Air Canada, Aeroplan, 93 00:04:43,720 --> 00:04:48,000 Speaker 2: United Mileage Plus, British Airway Executive Club and Virgin Atlantic 94 00:04:48,000 --> 00:04:53,120 Speaker 2: Flying Club. Emirates Skywards came in at eleventh. Singapore Airlines 95 00:04:53,480 --> 00:04:57,520 Speaker 2: scheme was seventeenth, Quantus twenty fourth, Virgin Australia at thirty third, 96 00:04:57,560 --> 00:05:00,440 Speaker 2: which was the same as Air New Zealand's Airpoints. 97 00:05:00,320 --> 00:05:03,839 Speaker 1: Last one story number five. Bunnings, Aldi and Kmart are 98 00:05:03,839 --> 00:05:08,640 Speaker 1: Australia's three most trusted brands, while Toyota, Bendigo Bank and 99 00:05:08,720 --> 00:05:09,839 Speaker 1: Nike are on the app. 100 00:05:10,320 --> 00:05:13,240 Speaker 2: That's the findings from the Roy Morgan survey released on Friday, 101 00:05:13,240 --> 00:05:15,599 Speaker 2: and the top three are unchanged over the June quarter. 102 00:05:15,680 --> 00:05:19,720 Speaker 2: Next in order are Toyota, Apple, Ossie, post Mya, Big 103 00:05:19,839 --> 00:05:24,159 Speaker 2: Wnroma and Samsung. The most distrusted brands in order of 104 00:05:24,200 --> 00:05:28,320 Speaker 2: bad to less bad, Optus Quantas, Facebook, Coles, Woollies, Telstra 105 00:05:28,400 --> 00:05:32,120 Speaker 2: News Corp, ex TikTok and Tam Roy Morgan CEO Michelle 106 00:05:32,160 --> 00:05:34,760 Speaker 2: Levine said Bunnings is the only survivor from the top 107 00:05:34,760 --> 00:05:37,159 Speaker 2: three rankings of a year ago. Willies and Cole's are 108 00:05:37,160 --> 00:05:40,600 Speaker 2: the ones who have truly fallen from Grace. The fact 109 00:05:40,680 --> 00:05:43,960 Speaker 2: that there's still high trust ratings for Aldi and Independent 110 00:05:44,000 --> 00:05:46,760 Speaker 2: Grace at IJA shows that the distrust for the two 111 00:05:46,960 --> 00:05:49,000 Speaker 2: majors is not an industry wide thing. 112 00:05:49,480 --> 00:05:51,240 Speaker 1: All right, there we go to the top five business 113 00:05:51,240 --> 00:05:52,279 Speaker 1: stories in five minutes. 114 00:05:52,320 --> 00:05:54,000 Speaker 2: Thank you Sean, Thank you Michael. 115 00:05:54,279 --> 00:05:57,120 Speaker 1: It is Monday, the sixteenth of September twenty twenty four, 116 00:05:57,480 --> 00:05:59,760 Speaker 1: remember to hit follow on the podcast and if five 117 00:05:59,760 --> 00:06:01,520 Speaker 1: minut it s isn't enough, you can find our longer 118 00:06:01,600 --> 00:06:04,400 Speaker 1: daily show called Fear and Greed where ever you listen 119 00:06:04,440 --> 00:06:06,520 Speaker 1: to podcasts, and that comes with a bunch of interviews 120 00:06:06,720 --> 00:06:10,080 Speaker 1: as well. Today's interview is a great one for investors. 121 00:06:10,120 --> 00:06:12,480 Speaker 1: I'm Michael Thomason and that was the fast fire business 122 00:06:12,480 --> 00:06:15,000 Speaker 1: news by Fear and Greed. Have a great day.