1 00:00:03,840 --> 00:00:06,880 Speaker 1: It's Tuesday, the twenty seventh of August twenty twenty four. 2 00:00:07,120 --> 00:00:09,880 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,920 --> 00:00:12,080 Speaker 1: where we give you the top five business stories. 4 00:00:11,720 --> 00:00:12,239 Speaker 2: You need to know. 5 00:00:12,320 --> 00:00:14,840 Speaker 1: Where it is five minutes. I'm Michael Thompson and good 6 00:00:14,840 --> 00:00:15,920 Speaker 1: morning Sean Aylmer. 7 00:00:16,239 --> 00:00:18,000 Speaker 2: Good morning, Michael, Seawan. 8 00:00:18,160 --> 00:00:21,640 Speaker 1: Five stories in five minutes. Let's get going. Story number one. 9 00:00:21,720 --> 00:00:25,400 Speaker 1: The federal government will review its own travel policies and 10 00:00:25,480 --> 00:00:28,600 Speaker 1: it'll take a tougher approach to Sydney airport slots as 11 00:00:28,600 --> 00:00:32,280 Speaker 1: it pushes to promote more competition in the domestic airline industry. 12 00:00:33,120 --> 00:00:35,920 Speaker 2: It follows the release of the government's long awaited White Paper. 13 00:00:36,200 --> 00:00:38,800 Speaker 2: You mentioned a couple of recommendations there, Michael. The paper 14 00:00:38,800 --> 00:00:42,760 Speaker 2: includes fifty six initiatives intended to improve the traveler experience, 15 00:00:43,080 --> 00:00:46,800 Speaker 2: enhance competition and assist the industry towards the more sustainable future. 16 00:00:47,000 --> 00:00:49,280 Speaker 2: The government promised to lower the barrier for entries for 17 00:00:49,360 --> 00:00:52,040 Speaker 2: newcomers by enforcing a user or lose it approach to 18 00:00:52,040 --> 00:00:54,920 Speaker 2: Sydney airport slots all important those slots, and it wants 19 00:00:54,960 --> 00:00:58,440 Speaker 2: to introduce greater transparency around airlines and airport's commercial activities. 20 00:00:58,480 --> 00:01:02,360 Speaker 2: To help identify any competitive practices. Airlines will have to 21 00:01:02,400 --> 00:01:05,040 Speaker 2: show cause why flights have been delayed or canceled. That 22 00:01:05,080 --> 00:01:09,160 Speaker 2: will also be an independent aviation industry ombudsman scheme and 23 00:01:09,200 --> 00:01:12,640 Speaker 2: a Charter of Customer Rights. The aviation Ombardsman would be 24 00:01:12,680 --> 00:01:15,959 Speaker 2: industry funded with a capacity to handle large numbers of complaints. 25 00:01:15,959 --> 00:01:18,000 Speaker 2: The Charter of Rights will establish a regime for the 26 00:01:18,040 --> 00:01:21,560 Speaker 2: fair and appropriate treatment of customers, including actions the airline 27 00:01:21,680 --> 00:01:24,560 Speaker 2: must take in the event of flight delays and cancelations. 28 00:01:25,160 --> 00:01:27,760 Speaker 1: And Shaun, the government's going to stop using Quantus or 29 00:01:27,760 --> 00:01:30,360 Speaker 1: at least reduce its reliance on Quantus. 30 00:01:30,760 --> 00:01:33,399 Speaker 2: Yes, Quantus receives more than eighty percent of domestic flight 31 00:01:33,440 --> 00:01:37,080 Speaker 2: spending from politicians, judges and some government departments, despite its 32 00:01:37,080 --> 00:01:39,600 Speaker 2: average ticket being more than two hundred and eighty dollars 33 00:01:39,640 --> 00:01:43,120 Speaker 2: higher for MPs. These changes need legislation and it's not 34 00:01:43,160 --> 00:01:45,360 Speaker 2: clear exactly when that will happen, though the new ombudsman 35 00:01:45,440 --> 00:01:47,520 Speaker 2: is expected to be named this week. All this comes 36 00:01:47,560 --> 00:01:50,440 Speaker 2: in the months after budget carrier Bondser and Regional Express 37 00:01:50,480 --> 00:01:54,040 Speaker 2: when into voluntary administration. Quantestant Jetstar remain the dominant players 38 00:01:54,040 --> 00:01:57,680 Speaker 2: in the local market. About two thirds of the domestic audience. 39 00:01:58,000 --> 00:01:59,880 Speaker 2: This white paper is yearsed in the making. Some of 40 00:01:59,880 --> 00:02:02,919 Speaker 2: the recommendations have been floating around for quite a while. 41 00:02:03,120 --> 00:02:06,280 Speaker 2: Its goal is to give the industry a blueprint out 42 00:02:06,360 --> 00:02:07,320 Speaker 2: until twenty fifty. 43 00:02:08,080 --> 00:02:11,640 Speaker 1: Story number two sean federal right to disconnect laws have 44 00:02:11,720 --> 00:02:15,720 Speaker 1: come into force this week, meaning workers are legally entitled 45 00:02:15,720 --> 00:02:18,840 Speaker 1: to decline calls or emails outside work hours. 46 00:02:19,240 --> 00:02:21,480 Speaker 2: Under the laws, employers face fines and up to ninety 47 00:02:21,520 --> 00:02:23,640 Speaker 2: three thousand dollars for getting in touch with an employee 48 00:02:23,680 --> 00:02:26,840 Speaker 2: for non essential reasons outside of working hours. Prime Minister 49 00:02:26,880 --> 00:02:30,280 Speaker 2: Anthony Alberezi said the laws will boost productivity because people 50 00:02:30,320 --> 00:02:33,040 Speaker 2: will be more focused while they're at work. He told 51 00:02:33,080 --> 00:02:35,280 Speaker 2: the ABC. Just as people don't get paid twenty four 52 00:02:35,320 --> 00:02:37,040 Speaker 2: hours a day, they don't have to work for twenty 53 00:02:37,040 --> 00:02:40,000 Speaker 2: four hours a day. Employment and Workplace Relations Minister Murray 54 00:02:40,000 --> 00:02:42,480 Speaker 2: Watt said the law's raimed to encourage workplaces to have 55 00:02:42,560 --> 00:02:46,119 Speaker 2: a conversation about what is reasonable in their workplace. Australia 56 00:02:46,160 --> 00:02:49,600 Speaker 2: follows nations such as France, Spain and Belgium and introducing 57 00:02:49,840 --> 00:02:53,160 Speaker 2: right to disconnect laws to protect workers from unreasonable contact 58 00:02:53,400 --> 00:02:55,920 Speaker 2: outside of ours, while other governments around the world are 59 00:02:55,919 --> 00:02:57,200 Speaker 2: considering similar measures. 60 00:02:57,639 --> 00:03:00,880 Speaker 1: Story number three. Endeavor Group, the owner of Dan Murphy's 61 00:03:00,880 --> 00:03:04,880 Speaker 1: and BWS chains, said sales in the new financial year 62 00:03:04,919 --> 00:03:08,400 Speaker 1: have been softer, sending its share price down seven percent yesterday. 63 00:03:08,600 --> 00:03:10,680 Speaker 2: And Neva posted a three percent full the net profit 64 00:03:10,760 --> 00:03:13,800 Speaker 2: last year in line with expectations, with hotel revenue out 65 00:03:13,960 --> 00:03:16,639 Speaker 2: doing retail sales. Steve don, a huge CEO of and 66 00:03:16,680 --> 00:03:18,799 Speaker 2: Devor Group, said there was a large shift and they're 67 00:03:18,800 --> 00:03:22,079 Speaker 2: ready to drink beverage space where consumers are seeking convenience 68 00:03:22,160 --> 00:03:25,200 Speaker 2: and value. They're moving from a pricey four pack to 69 00:03:25,280 --> 00:03:28,000 Speaker 2: a cheaper six or ten pack. Looking for value in beer, 70 00:03:28,040 --> 00:03:31,080 Speaker 2: shoppers are seeking thirty can blocks rather than twenty four cans. 71 00:03:31,080 --> 00:03:33,840 Speaker 2: Mister Donna, who said the hotel's business grew faster than 72 00:03:33,840 --> 00:03:37,440 Speaker 2: retail sales, reflecting better food and bar menus and refurbished accommodation. 73 00:03:37,880 --> 00:03:40,240 Speaker 2: But the biggest news of all, Michael, people are looking 74 00:03:40,240 --> 00:03:43,000 Speaker 2: for value for money. They've turned away just a touched 75 00:03:43,120 --> 00:03:45,960 Speaker 2: from the chicken schnitty while the fish and chips are 76 00:03:46,000 --> 00:03:46,720 Speaker 2: back in fashion. 77 00:03:47,200 --> 00:03:50,600 Speaker 1: Oh there you go. Story number four. Cogan dot Com, 78 00:03:50,640 --> 00:03:53,280 Speaker 1: the online retailer that at one point in the middle 79 00:03:53,320 --> 00:03:56,440 Speaker 1: of COVID was worth more than three times the value 80 00:03:56,440 --> 00:04:00,800 Speaker 1: of Mayer, has returned to profitability and paid final dividend 81 00:04:00,880 --> 00:04:02,160 Speaker 1: for the first time in three years. 82 00:04:02,520 --> 00:04:05,440 Speaker 2: Founder and CEO of Rustling Cogan attributed some of the 83 00:04:05,480 --> 00:04:08,640 Speaker 2: improved performance on people upgrading to really big TVs, as 84 00:04:08,640 --> 00:04:11,320 Speaker 2: in eighty five inch dispays. He said, large TVs are 85 00:04:11,320 --> 00:04:14,320 Speaker 2: now more affordable, and home entertainment has largely been spared 86 00:04:14,320 --> 00:04:17,080 Speaker 2: the cost of living crisis. In essence, people aren't spending 87 00:04:17,080 --> 00:04:19,920 Speaker 2: as much at restaurants and cafes, but they're watching more 88 00:04:19,920 --> 00:04:22,640 Speaker 2: streaming and sports. While revenue was down six percent last 89 00:04:22,680 --> 00:04:25,520 Speaker 2: financial year at Cogan, it made a profit, albeit small, 90 00:04:25,520 --> 00:04:27,600 Speaker 2: which was better than the previous year's twenty six million 91 00:04:27,640 --> 00:04:31,040 Speaker 2: dollar loss. Kagan's share price closed up thirteen percent yesterday. 92 00:04:31,839 --> 00:04:34,840 Speaker 1: Last one story number five. Ikea is taking on the 93 00:04:34,960 --> 00:04:38,880 Speaker 1: likes of eBay and Facebook, Marketplace and Craigslist gum Tree, 94 00:04:38,920 --> 00:04:41,479 Speaker 1: all of those with a peer to peer marketplace for 95 00:04:41,560 --> 00:04:44,479 Speaker 1: customers to sell second hand furniture to each other. 96 00:04:45,040 --> 00:04:47,720 Speaker 2: Ikea pre Owned will be tested in Madrid and Oslow 97 00:04:47,760 --> 00:04:49,080 Speaker 2: until the end of the year, with the aim of 98 00:04:49,160 --> 00:04:52,080 Speaker 2: rolling out the buying and selling platform globally. According to 99 00:04:52,120 --> 00:04:55,040 Speaker 2: report in the Financial Times. The new marketplace is part 100 00:04:55,080 --> 00:04:57,560 Speaker 2: of a transformation at Ikea over the past few years, 101 00:04:57,600 --> 00:04:59,560 Speaker 2: as it moves from being an out of town retailer 102 00:04:59,600 --> 00:05:01,279 Speaker 2: with custom must have to pick up and build their 103 00:05:01,279 --> 00:05:05,320 Speaker 2: own furniture, to a business offering online sales, city center stores, 104 00:05:05,520 --> 00:05:08,920 Speaker 2: and services such as assembly. Ikea has had a small 105 00:05:08,960 --> 00:05:11,880 Speaker 2: offering under which it buys used furniture from customers and 106 00:05:11,920 --> 00:05:14,400 Speaker 2: resells it in store, but the new platform is much 107 00:05:14,440 --> 00:05:17,039 Speaker 2: much more ambitious, haiming to tackle the secondhand market for 108 00:05:17,080 --> 00:05:20,239 Speaker 2: customers selling directly to each other. Customers enter their product, 109 00:05:20,279 --> 00:05:22,679 Speaker 2: their own pictures, and a selling price. All i Care's 110 00:05:22,720 --> 00:05:26,400 Speaker 2: own artificial intelligence enabled database brings in its own promotional 111 00:05:26,400 --> 00:05:29,600 Speaker 2: images and measurements that you buy clicks the furniture directly 112 00:05:29,640 --> 00:05:31,839 Speaker 2: from the seller, who has the option of receiving money 113 00:05:32,279 --> 00:05:35,160 Speaker 2: or a voucher from Ikea with a fifteen percent bonus. 114 00:05:35,480 --> 00:05:37,520 Speaker 1: All right, there we go the top five business stories 115 00:05:37,560 --> 00:05:38,200 Speaker 1: in five minutes. 116 00:05:38,200 --> 00:05:39,880 Speaker 2: Thank you Sean, Thank you Michael. 117 00:05:40,120 --> 00:05:43,200 Speaker 1: It is Tuesday, the twenty seventh of August twenty twenty four. 118 00:05:43,640 --> 00:05:46,080 Speaker 1: Remember to hit follow on the podcast ten five minutes 119 00:05:46,160 --> 00:05:48,440 Speaker 1: isn't enough. You can find our longer daily show called 120 00:05:48,440 --> 00:05:52,000 Speaker 1: Fear and Greed. Wherever you listen to podcasts, AM Michael Thompson, 121 00:05:52,000 --> 00:05:53,000 Speaker 1: and that was fear and greed. 122 00:05:53,160 --> 00:05:53,800 Speaker 2: No it wasn't. 123 00:05:54,160 --> 00:05:56,240 Speaker 1: I'm Michael Thompson, and that was the Fast five Business 124 00:05:56,279 --> 00:05:58,240 Speaker 1: News by fear and Greed. Have a great day.