1 00:00:03,920 --> 00:00:06,920 Speaker 1: It's Friday, the third of October twenty twenty five. Welcome 2 00:00:06,960 --> 00:00:09,360 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,360 --> 00:00:11,119 Speaker 1: where we give you the top five business stories you 4 00:00:11,160 --> 00:00:13,640 Speaker 1: need to know in just five minutes. A'm Michael Thompson 5 00:00:13,680 --> 00:00:15,040 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,200 --> 00:00:16,920 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,000 --> 00:00:19,120 Speaker 1: Five stories, five minutes. Let's go a story number one. 8 00:00:19,160 --> 00:00:21,720 Speaker 1: The three big miners Rio, Tinto, BHP and four to 9 00:00:21,800 --> 00:00:25,000 Speaker 1: s Kew Metals pay the most corporate tax, while some 10 00:00:25,040 --> 00:00:28,960 Speaker 1: companies including Optis, Virgin Australia and CSL pay zero. 11 00:00:29,280 --> 00:00:31,160 Speaker 2: At least that's what happened in the twenty twenty three 12 00:00:31,280 --> 00:00:34,839 Speaker 2: twenty four financial year. According to the Australian Tax Office. 13 00:00:34,920 --> 00:00:37,440 Speaker 2: The big four banks pay to combine ten billion dollars 14 00:00:37,440 --> 00:00:40,440 Speaker 2: come with bank paid most. Insurance Australia Group owner of 15 00:00:40,479 --> 00:00:45,000 Speaker 2: an RMA paid nine dollars, Yes, just nine dollars, AMPTPG, 16 00:00:45,159 --> 00:00:47,640 Speaker 2: Transurban and Domino's paid zero. Before we get to upset, 17 00:00:47,680 --> 00:00:49,839 Speaker 2: there are reasons why a company doesn't pay much or 18 00:00:49,880 --> 00:00:52,640 Speaker 2: any tax. Seventeen percent of big business has made a 19 00:00:52,680 --> 00:00:55,760 Speaker 2: loss in an additional nine percent deducted losses from the 20 00:00:55,800 --> 00:00:57,680 Speaker 2: previous years. In fact, it was the first time that 21 00:00:57,720 --> 00:01:01,560 Speaker 2: more than seventy percent of big businesses did pay some tax. 22 00:01:02,040 --> 00:01:06,280 Speaker 2: The total tax take was ninety five point seven billion dollars. 23 00:01:06,319 --> 00:01:10,040 Speaker 2: If you add in the compliance tax that's the stuff 24 00:01:10,080 --> 00:01:12,119 Speaker 2: that the ATA has been able to chase down, ended 25 00:01:12,200 --> 00:01:15,520 Speaker 2: up at over one hundred billion dollars. Not a bad effort, not. 26 00:01:15,480 --> 00:01:18,360 Speaker 1: Bad at all. So I mentioned the miners, who is 27 00:01:18,440 --> 00:01:20,280 Speaker 1: paying all the tax? And really what about the big 28 00:01:20,319 --> 00:01:23,560 Speaker 1: offshore companies, the tech giants are they paying their fast share? 29 00:01:24,080 --> 00:01:27,600 Speaker 2: So with the minus first, the miners and energy companies 30 00:01:27,600 --> 00:01:31,720 Speaker 2: combined forty eight point five billion dollars. That's half or 31 00:01:31,760 --> 00:01:35,000 Speaker 2: over half of the company tax take. It's the third 32 00:01:35,080 --> 00:01:37,200 Speaker 2: year in arraw they've paid more tax than all the 33 00:01:37,240 --> 00:01:40,640 Speaker 2: other sectors combined. For example, Rio six point three billion, 34 00:01:40,680 --> 00:01:44,160 Speaker 2: BHP six billion, four s Q four billion, big amounts there. 35 00:01:44,200 --> 00:01:47,120 Speaker 2: In terms of the big tech companies, well, Michael, my opinion, 36 00:01:47,120 --> 00:01:49,960 Speaker 2: they're probably not paying enough tax. Microsoft, Google, Facebook, Apple 37 00:01:50,000 --> 00:01:53,080 Speaker 2: and Amazon collectively played six hundred and fifty million dollars 38 00:01:53,280 --> 00:01:56,920 Speaker 2: in tax for their oussie operations. Netflix paid no tax 39 00:01:57,120 --> 00:01:59,360 Speaker 2: on one point two billion dollars of total income. Tesla 40 00:01:59,360 --> 00:02:02,240 Speaker 2: paid twenty seven million dollars in a statement, the ATO 41 00:02:02,360 --> 00:02:05,200 Speaker 2: said it continues to pay close attention to these taxpayers 42 00:02:05,480 --> 00:02:07,320 Speaker 2: to ensure that they're paying the right amount of tax 43 00:02:07,360 --> 00:02:09,960 Speaker 2: and that losses are not created through contrived schemes. 44 00:02:10,400 --> 00:02:14,440 Speaker 1: Sehn story number two. The Reserve Bank believes financial pressures 45 00:02:14,440 --> 00:02:17,560 Speaker 1: on Australian households are easing, with the number of mortgage 46 00:02:17,600 --> 00:02:20,920 Speaker 1: holders at risk of falling behind on repayments less than 47 00:02:20,919 --> 00:02:23,120 Speaker 1: one percent, which is a low not seen since twenty 48 00:02:23,160 --> 00:02:23,679 Speaker 1: twenty two. 49 00:02:24,000 --> 00:02:26,639 Speaker 2: In its twice yearly Financial Stability to review, the Reserve 50 00:02:26,680 --> 00:02:29,920 Speaker 2: Bank said that the cost of living crisis is easing, 51 00:02:30,000 --> 00:02:32,920 Speaker 2: helped by lower inflation, inter straight cuts and these Stage 52 00:02:32,960 --> 00:02:35,560 Speaker 2: three tax cuts. Significantly, the number of inquiries to the 53 00:02:35,639 --> 00:02:38,720 Speaker 2: National Debt Helpline has stabilized over the past year the 54 00:02:38,800 --> 00:02:41,480 Speaker 2: Central banks and the number of mortgage holders in arrears 55 00:02:41,480 --> 00:02:45,359 Speaker 2: are basically more than ninety days passed behind on their 56 00:02:45,360 --> 00:02:48,960 Speaker 2: home loans peaked twelve months ago and has been declining 57 00:02:48,960 --> 00:02:52,280 Speaker 2: ever since, now back to pre pandemic levels. One stat 58 00:02:52,280 --> 00:02:54,760 Speaker 2: which was interesting the bottom quarter of income owners with 59 00:02:54,800 --> 00:02:58,320 Speaker 2: the mortgage have enough savings to afford ten months of repayments, 60 00:02:58,919 --> 00:03:01,840 Speaker 2: top quarter has enough for twenty months, and the Bank 61 00:03:01,880 --> 00:03:04,880 Speaker 2: expects this to continue help by Lara interest rates. 62 00:03:05,080 --> 00:03:08,800 Speaker 1: Story number three, a mutual defense treaty between Australia and 63 00:03:08,840 --> 00:03:12,000 Speaker 1: Papua New Guinea has been approved by P andng's cabinet. 64 00:03:12,040 --> 00:03:13,919 Speaker 1: After a bit of a false start last month saw 65 00:03:13,960 --> 00:03:16,040 Speaker 1: the signing of the agreement delayed. 66 00:03:15,880 --> 00:03:18,079 Speaker 2: The Pook Pook Defense Treaty was endorsed by P and 67 00:03:18,160 --> 00:03:21,560 Speaker 2: G Prime Minister James and Marape's cabinet with an absolute majority. 68 00:03:21,800 --> 00:03:24,359 Speaker 2: Marapa says that the Pookbook Treaty will open the way 69 00:03:24,639 --> 00:03:26,880 Speaker 2: for a ten for up to ten thousand P ANDNG 70 00:03:27,080 --> 00:03:29,919 Speaker 2: citizens to serve in the Australian Defense Force. It will 71 00:03:29,919 --> 00:03:32,560 Speaker 2: allow p and G to establish new special forces and 72 00:03:32,639 --> 00:03:35,760 Speaker 2: Air force capabilities. In a statement, Camera welcome the decision, 73 00:03:36,080 --> 00:03:38,680 Speaker 2: saying p andng's just the third country after New Zealand 74 00:03:38,760 --> 00:03:41,760 Speaker 2: and the US to have a treaty with Australia. 75 00:03:41,840 --> 00:03:44,840 Speaker 1: Story number four. This one staggering. Sean Elon Musk has 76 00:03:44,840 --> 00:03:47,280 Speaker 1: become the first ever person to be worth half a 77 00:03:47,480 --> 00:03:51,200 Speaker 1: trillion dollars and is now one hundred and fifty billion 78 00:03:51,360 --> 00:03:54,600 Speaker 1: US dollars richer than the number two person on the list, 79 00:03:54,760 --> 00:03:55,520 Speaker 1: Larry Ellison. 80 00:03:55,800 --> 00:03:58,640 Speaker 2: And that's according to forbeses rich List, which was actually 81 00:03:58,680 --> 00:04:02,120 Speaker 2: the original rich lists, says. Musk hit that milestone on Wednesday, 82 00:04:02,160 --> 00:04:05,400 Speaker 2: after the share price of Tesla jumped four percent. Shareholders. 83 00:04:05,600 --> 00:04:10,280 Speaker 2: Tesla shareholders are enjoying musks returns focus, having briefly, of course, 84 00:04:10,280 --> 00:04:12,320 Speaker 2: he was a chief cost cutter for Donald Trump. Since 85 00:04:12,360 --> 00:04:14,840 Speaker 2: he quit that job in April, Tesla' share prices doubled. 86 00:04:15,160 --> 00:04:18,240 Speaker 2: Musks twelve percent stake in Tesla worth about one ninety 87 00:04:18,240 --> 00:04:21,200 Speaker 2: one billion. He's staken SpaceX about one hundred and sixty 88 00:04:21,200 --> 00:04:25,320 Speaker 2: billion dollars in X about sixty billion dollars fewer tens 89 00:04:25,320 --> 00:04:28,279 Speaker 2: of billion dollars in other assets floating around. Just before 90 00:04:28,320 --> 00:04:30,560 Speaker 2: we leave Musk and rich assets, open Ay has just 91 00:04:30,600 --> 00:04:33,720 Speaker 2: been valued at half a trillion dollars, putting it ahead 92 00:04:33,760 --> 00:04:37,320 Speaker 2: of SpaceX in terms of valuations. Dan't reckon Musk could 93 00:04:37,320 --> 00:04:38,320 Speaker 2: be happy with that one. 94 00:04:38,520 --> 00:04:40,880 Speaker 1: No, I don't think so. Last one storry number five. 95 00:04:40,960 --> 00:04:46,600 Speaker 1: Universal Music and Warner Music nearing landmark AI licensing deals 96 00:04:46,600 --> 00:04:49,200 Speaker 1: as record labels try to set the terms for how 97 00:04:49,279 --> 00:04:50,800 Speaker 1: tech groups pay for music. 98 00:04:51,480 --> 00:04:54,960 Speaker 2: Universal and Warner homes to people like Palo Swift, Kendrick Lamar, 99 00:04:55,080 --> 00:04:58,599 Speaker 2: the band Coldplay could each strike deals with artificial intelligence 100 00:04:58,640 --> 00:05:01,960 Speaker 2: companies within According to the FT, the talks have centered 101 00:05:02,040 --> 00:05:04,839 Speaker 2: on how the labels license their songs, for creating AI 102 00:05:05,000 --> 00:05:08,680 Speaker 2: generated tracks, and for training large language models. According to 103 00:05:08,720 --> 00:05:11,120 Speaker 2: the report, they're seeking a payment structure similar to that 104 00:05:11,240 --> 00:05:15,200 Speaker 2: for streaming, whereby playing a song triggers a micro payment. 105 00:05:15,240 --> 00:05:17,840 Speaker 2: Now to calculate payments, the labels want AI groups to 106 00:05:17,880 --> 00:05:23,960 Speaker 2: develop attribution technology akin to YouTube's content ID system. The 107 00:05:24,160 --> 00:05:27,479 Speaker 2: music labels hope any deal sets of precedent for how 108 00:05:27,560 --> 00:05:30,000 Speaker 2: AI companies pay for music going forward. 109 00:05:30,240 --> 00:05:32,240 Speaker 1: All right, there we go the top five business stories 110 00:05:32,240 --> 00:05:34,280 Speaker 1: in five minutes. Thank you very much, Sean, Thank you. 111 00:05:34,320 --> 00:05:34,640 Speaker 2: Michael. 112 00:05:34,760 --> 00:05:37,240 Speaker 1: It is Friday, the third of September twenty twenty five. 113 00:05:37,279 --> 00:05:39,440 Speaker 1: Remembered to hit follow on the podcast and if five 114 00:05:39,480 --> 00:05:41,640 Speaker 1: minutes isn't enough, you're going to find our longer daily 115 00:05:41,680 --> 00:05:44,960 Speaker 1: show called Fear and Greed wherever you listen to podcasts. 116 00:05:45,000 --> 00:05:47,039 Speaker 1: I'm Michael Thompson and that was the fast five business 117 00:05:47,120 --> 00:05:48,960 Speaker 1: news by Fear and Greed. Have a great day.