1
00:00:03,840 --> 00:00:06,680
Speaker 1: It's Thursday, the twenty second of May twenty twenty five.

2
00:00:06,760 --> 00:00:09,440
Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

3
00:00:09,440 --> 00:00:11,320
Speaker 1: where we give you the top five business stories you

4
00:00:11,400 --> 00:00:13,960
Speaker 1: need to know in just five minutes. Are Michael Thompson

5
00:00:14,000 --> 00:00:15,520
Speaker 1: and Good Morning, Sean Aylmer.

6
00:00:15,720 --> 00:00:17,240
Speaker 2: Good Morning, Michael Sewn.

7
00:00:17,320 --> 00:00:19,840
Speaker 1: Five stories to race through in five minutes. Let's get

8
00:00:19,880 --> 00:00:22,320
Speaker 1: cracking story number one. The fallout from the split by

9
00:00:22,360 --> 00:00:26,280
Speaker 1: the coalition parties continues, with former Prime Minister Tony Abbott

10
00:00:26,320 --> 00:00:29,480
Speaker 1: calling on the two sides to rejoin and senior Liberal

11
00:00:29,560 --> 00:00:32,919
Speaker 1: Senator James Patterson saying the Coalition needs to reform as

12
00:00:32,960 --> 00:00:35,920
Speaker 1: a matter of urgency because the Libs can't afford to

13
00:00:35,920 --> 00:00:38,720
Speaker 1: be fighting both labor and the Nationals at the same time.

14
00:00:39,040 --> 00:00:41,680
Speaker 2: Patterson said none of the policy demands made by Nationals

15
00:00:41,800 --> 00:00:44,879
Speaker 2: leader David little Proud were insurmountable. The only demand that

16
00:00:44,880 --> 00:00:48,120
Speaker 2: could never be acceeeded to was that four National members

17
00:00:48,159 --> 00:00:50,880
Speaker 2: of the shadow Cabinet not to be bound by cabinet solidarity.

18
00:00:51,080 --> 00:00:53,760
Speaker 2: Former Prime Minister Tony Abbott said that history shows that

19
00:00:53,840 --> 00:00:57,000
Speaker 2: the Liberals and Nationals win together and fail separately. Of course,

20
00:00:57,080 --> 00:00:59,560
Speaker 2: Liberal Party elder John Howard called for unity the day

21
00:00:59,560 --> 00:01:03,120
Speaker 2: before yesterday. Meanwhile, That's Deputy leader Kevin Hogan said the

22
00:01:03,120 --> 00:01:07,840
Speaker 2: decision to split wasn't overwhelming, but it was conclusive. The

23
00:01:07,840 --> 00:01:12,039
Speaker 2: two parties are at odds over the forced divestiture of supermarkets,

24
00:01:12,440 --> 00:01:16,160
Speaker 2: nuclear power, establishing a twenty billion dollar Regional Future Fund,

25
00:01:16,440 --> 00:01:20,000
Speaker 2: and forcing universal service obligations to ensure adequate mobile phone

26
00:01:20,080 --> 00:01:23,000
Speaker 2: coverage in the Bush. Liberal leader Susan Lee said she

27
00:01:23,280 --> 00:01:26,160
Speaker 2: just couldn't give assurances one way or the other because

28
00:01:26,200 --> 00:01:29,120
Speaker 2: her party needs to go through a post election review

29
00:01:30,080 --> 00:01:33,840
Speaker 2: that didn't satisfy David Little proud coalition has slipped. Lee

30
00:01:33,880 --> 00:01:36,959
Speaker 2: intends to name her shadow cabinet today without any National MPs.

31
00:01:37,319 --> 00:01:39,559
Speaker 1: Just very quickly, do the maths on this one for me, Sean.

32
00:01:39,840 --> 00:01:41,959
Speaker 1: How will parliament work? Because if the Libs only have

33
00:01:42,040 --> 00:01:44,880
Speaker 1: twenty eight seats in the House of Reps, the cross benches,

34
00:01:44,920 --> 00:01:49,280
Speaker 1: which now includes the National Party fifteen members there, one

35
00:01:49,360 --> 00:01:52,480
Speaker 1: Greens MP, a whole bunch of teals that grouping is

36
00:01:52,480 --> 00:01:54,440
Speaker 1: actually going to be larger than the opposition.

37
00:01:54,800 --> 00:01:57,240
Speaker 2: Yeah, that's pretty right, Michael. As we said yesterday, Anthony

38
00:01:57,240 --> 00:01:59,360
Speaker 2: Abernezi and Labor must be grinning from here. Do we

39
00:01:59,520 --> 00:02:01,840
Speaker 2: now there are, which is still there are two seats

40
00:02:01,880 --> 00:02:05,480
Speaker 2: still in doubt. If they go against the Libs, which

41
00:02:05,560 --> 00:02:09,920
Speaker 2: is likely, there will be more crossbenches than opposition. The

42
00:02:09,960 --> 00:02:13,320
Speaker 2: government will have plenty of opposition. They're not much unified competition.

43
00:02:13,760 --> 00:02:16,320
Speaker 1: Okay, Story number two. While all that's going on in Canberra,

44
00:02:16,560 --> 00:02:19,040
Speaker 1: it seems that the local share market doesn't really care

45
00:02:19,240 --> 00:02:20,760
Speaker 1: and it just keeps getting stronger.

46
00:02:21,040 --> 00:02:23,720
Speaker 2: Yeah, quite incredible. The market rose again yesterday on growing

47
00:02:23,760 --> 00:02:26,560
Speaker 2: confidence of another interest rate cut as soon as July.

48
00:02:27,000 --> 00:02:29,160
Speaker 2: On Tuesday, the Reserve Bank reduced the cash straight by

49
00:02:29,200 --> 00:02:31,640
Speaker 2: twenty five basis points bond markets from our price, in

50
00:02:31,639 --> 00:02:34,200
Speaker 2: a better than even chance of two more this year.

51
00:02:34,280 --> 00:02:37,799
Speaker 2: By the closed yesterday up another half percent. It's only

52
00:02:37,800 --> 00:02:40,720
Speaker 2: a couple percent below its all time peak. But really

53
00:02:40,800 --> 00:02:44,240
Speaker 2: the story continues to be about Comwealth Bank. Its share

54
00:02:44,280 --> 00:02:47,720
Speaker 2: price hit a new record of one hundred and seventy

55
00:02:47,720 --> 00:02:50,960
Speaker 2: six dollars and forty six cents a share around lunch time.

56
00:02:51,120 --> 00:02:55,359
Speaker 2: That's three records in three days. It is abrahemoth, worth

57
00:02:55,400 --> 00:02:58,200
Speaker 2: two hundred and ninety two billion dollars, now nearly fifty

58
00:02:58,200 --> 00:03:01,960
Speaker 2: percent bigger than the number two come BHP Wow.

59
00:03:02,240 --> 00:03:05,840
Speaker 1: Story number three. The pay gap shown between men and

60
00:03:05,880 --> 00:03:08,640
Speaker 1: women in the public sector is much smaller than the

61
00:03:08,680 --> 00:03:11,280
Speaker 1: gap in the private sector, but still there, with women

62
00:03:11,320 --> 00:03:14,880
Speaker 1: earning ninety four cents for every dollar that a man earns.

63
00:03:15,160 --> 00:03:18,359
Speaker 2: That's according to fightings from the Workplace Gender Equality Agencies

64
00:03:18,480 --> 00:03:22,960
Speaker 2: first ever gender pay gap report for Commonwealth public sector employees.

65
00:03:23,280 --> 00:03:27,800
Speaker 2: We're talking about ABC, Aussie Post, the Federal Police, RBA, CSIRO,

66
00:03:28,080 --> 00:03:31,400
Speaker 2: et cetera. On average, men earn eight two hundred dollars

67
00:03:31,400 --> 00:03:34,040
Speaker 2: more than women each year. Half of Commonwealth public sector

68
00:03:34,120 --> 00:03:39,720
Speaker 2: employees have a median total remuneration gender pay gap less

69
00:03:39,920 --> 00:03:43,080
Speaker 2: than four point eight percent, compared to about twice that

70
00:03:43,440 --> 00:03:45,520
Speaker 2: in the private sector. The pay gap is still there

71
00:03:45,840 --> 00:03:48,440
Speaker 2: in the public sector, just not as bad as a

72
00:03:48,480 --> 00:03:51,640
Speaker 2: private sector. Women and men have more balanced representation in

73
00:03:51,680 --> 00:03:54,560
Speaker 2: the upper pay areas with the Commonwealth public sector, women

74
00:03:54,600 --> 00:03:58,280
Speaker 2: comprise forty seven percent of the highest paid positions that

75
00:03:58,400 --> 00:04:02,000
Speaker 2: explain somewhat gap compared to the private sector.

76
00:04:02,440 --> 00:04:05,440
Speaker 1: Story number four. How about this one? FORDESCU Medals boss

77
00:04:05,480 --> 00:04:09,040
Speaker 1: Andrew Forrest has warned that Australian miners risk being left

78
00:04:09,080 --> 00:04:13,760
Speaker 1: behind as Chinese manufacturers upgrade plants and shift to iron

79
00:04:13,800 --> 00:04:16,800
Speaker 1: ore that's better suited to lower emission steelmaking.

80
00:04:17,160 --> 00:04:19,880
Speaker 2: Andrew Forrest said, Chinese buyers are looking more closely at

81
00:04:19,960 --> 00:04:23,159
Speaker 2: African and Brazilian deposits. Fortescue is the country's third largest

82
00:04:23,160 --> 00:04:27,080
Speaker 2: iron ore producer, and with BHP in Rio, it faces

83
00:04:27,279 --> 00:04:31,080
Speaker 2: aging minds and falling all grades. Western Australia is the

84
00:04:31,160 --> 00:04:35,160
Speaker 2: largest exporter of iron ore. China's the biggest importer. Speaking

85
00:04:35,240 --> 00:04:37,680
Speaker 2: at an AFR mining conference, Andrew Forrest said, and I

86
00:04:37,760 --> 00:04:41,760
Speaker 2: quote Rio tinto BHP. They talk a big game, but

87
00:04:41,920 --> 00:04:45,039
Speaker 2: everyone is going down. The choice is getting made now

88
00:04:45,120 --> 00:04:46,800
Speaker 2: and we don't have time to lose.

89
00:04:47,080 --> 00:04:50,080
Speaker 1: Last one story number five for a very brief period

90
00:04:50,200 --> 00:04:53,320
Speaker 1: three months to be exact, Virgin Australia Sean took the

91
00:04:53,440 --> 00:04:56,600
Speaker 1: crown as the most popular domestic airline in the country,

92
00:04:57,040 --> 00:04:59,640
Speaker 1: but alas Quantas has won it back again.

93
00:05:00,120 --> 00:05:04,520
Speaker 2: The Australian Competition and Consumer Commission figures show Quantus's domestic

94
00:05:04,600 --> 00:05:06,159
Speaker 2: market share in the three months at the end of

95
00:05:06,200 --> 00:05:10,400
Speaker 2: March was thirty seven point five percent, retaking the mantle

96
00:05:10,440 --> 00:05:14,000
Speaker 2: of top dog top carrier perhaps Michael above Virgin at

97
00:05:14,000 --> 00:05:16,400
Speaker 2: thirty four point four percent, Jet Star twenty six point

98
00:05:16,400 --> 00:05:18,920
Speaker 2: four percent. Rex is still flying a few routes thanks

99
00:05:19,000 --> 00:05:22,120
Speaker 2: to government assistance one point seven percent. Quantus did particularly

100
00:05:22,160 --> 00:05:25,040
Speaker 2: well in the business travel market, Jetstar drop nearly five

101
00:05:25,040 --> 00:05:27,719
Speaker 2: percent in the leisure market. The hbill See says virgin

102
00:05:27,760 --> 00:05:31,640
Speaker 2: strategic repositioning away from business related to travel leaves Quantus

103
00:05:31,680 --> 00:05:34,800
Speaker 2: with eighty percent of the total corporate segment and fifty

104
00:05:34,839 --> 00:05:38,279
Speaker 2: four percent of this small and medium enterprise market. The

105
00:05:38,320 --> 00:05:41,839
Speaker 2: report says Quantus and Jetstar have not increased capacity even

106
00:05:41,880 --> 00:05:42,920
Speaker 2: though demand is higher.

107
00:05:43,040 --> 00:05:45,040
Speaker 1: All right, there we go the top five business stories

108
00:05:45,040 --> 00:05:47,479
Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

109
00:05:47,560 --> 00:05:50,360
Speaker 1: is Thursday, the twenty second of May twenty twenty five.

110
00:05:50,480 --> 00:05:52,880
Speaker 1: Remember to hit follow on the podcast and five minutes

111
00:05:52,920 --> 00:05:55,120
Speaker 1: isn't enough. You can find our longer daily show called

112
00:05:55,160 --> 00:05:58,440
Speaker 1: Fear and Greed whereever you listen to podcasts. You can

113
00:05:58,440 --> 00:06:00,800
Speaker 1: also find it at Fearandgreed dot com today, which is

114
00:06:00,800 --> 00:06:03,400
Speaker 1: where you can sign up for our free daily newsletter.

115
00:06:03,600 --> 00:06:05,919
Speaker 1: I'm Michael Thompson and that was the fast five business

116
00:06:05,920 --> 00:06:08,760
Speaker 1: news by Fear and Greed. Have a great day.