1 00:00:06,120 --> 00:00:08,600 Speaker 1: This is the weekend edition of Fear and Greed business 2 00:00:08,600 --> 00:00:11,119 Speaker 1: news you can use. I'm Michael Thompson and good morning, 3 00:00:11,160 --> 00:00:14,600 Speaker 1: Sean Aylman. Good morning, Michael, Sean. Our weekend show is 4 00:00:14,640 --> 00:00:16,200 Speaker 1: all about the two of us, each nominating what we 5 00:00:16,239 --> 00:00:19,919 Speaker 1: think is the biggest business news story, the most remarkable story, 6 00:00:20,000 --> 00:00:22,760 Speaker 1: the mystery category that we change every week, and then 7 00:00:22,800 --> 00:00:26,119 Speaker 1: our favorite business related story. It is a competition. We 8 00:00:26,200 --> 00:00:29,040 Speaker 1: need a winner. So we are joined every week by 9 00:00:29,080 --> 00:00:32,400 Speaker 1: a judge who has a very strict set of criteria 10 00:00:32,479 --> 00:00:35,720 Speaker 1: that he disregards the moment he starts. Fear and Greed. 11 00:00:35,720 --> 00:00:38,120 Speaker 1: Colleague Adam Lang is our judge. Adam. 12 00:00:38,159 --> 00:00:40,320 Speaker 2: Good morning, Good morning Michael and Sean. 13 00:00:40,680 --> 00:00:42,680 Speaker 3: Adam't you ever get sick of the abuse that Michael 14 00:00:42,760 --> 00:00:47,199 Speaker 3: hurls at you every morning? No, it's strangely, Saturday morning, strangely. 15 00:00:47,240 --> 00:00:50,199 Speaker 2: I quite enjoy it. It wakes me up for the competition. 16 00:00:50,120 --> 00:00:53,559 Speaker 1: And it's not abuse, it's just context. Everyone needs to 17 00:00:53,640 --> 00:00:56,640 Speaker 1: understand that the criteria that you have, Adam, are applied 18 00:00:56,720 --> 00:00:59,880 Speaker 1: loosely at best. What are those criteria? 19 00:01:00,440 --> 00:01:04,440 Speaker 4: Topicality and time illness are obviously their economic impact is 20 00:01:04,480 --> 00:01:08,680 Speaker 4: the most important one to me. Then there's some subjective 21 00:01:08,720 --> 00:01:13,440 Speaker 4: bias the things I like, and melodrama throw a bit 22 00:01:13,480 --> 00:01:13,880 Speaker 4: into it. 23 00:01:14,000 --> 00:01:19,200 Speaker 3: Do you think that subjective Adam's subjective bias and melodrama 24 00:01:19,640 --> 00:01:21,080 Speaker 3: are at the opposite ends of the. 25 00:01:21,080 --> 00:01:28,759 Speaker 1: Spectrum against melodrama. I suspect that might be the case. 26 00:01:28,959 --> 00:01:31,760 Speaker 3: I mean, a man that loves a spreadsheet ain't melodramatic. 27 00:01:32,280 --> 00:01:33,479 Speaker 3: That's really what I'm saying here. 28 00:01:33,520 --> 00:01:37,160 Speaker 4: But what if you use like happy colors, that's you 29 00:01:37,200 --> 00:01:38,360 Speaker 4: don't on spreadsheets? 30 00:01:38,360 --> 00:01:39,440 Speaker 3: Do you do the coloring stuff? 31 00:01:39,640 --> 00:01:40,760 Speaker 2: Yeah, I like it. 32 00:01:41,520 --> 00:01:43,200 Speaker 3: I don't mind the shading. I just don't like the color. 33 00:01:44,080 --> 00:01:45,080 Speaker 2: Oh the colored text. 34 00:01:45,200 --> 00:01:48,880 Speaker 4: No, the text is pretty constant black. But I do 35 00:01:49,000 --> 00:01:50,640 Speaker 4: like the shading the highlights. 36 00:01:51,280 --> 00:01:54,720 Speaker 3: But even then I prefer the dull colored shades to 37 00:01:55,000 --> 00:01:58,360 Speaker 3: the shades. Yeah, very much pastor mean when it comes. 38 00:01:58,200 --> 00:02:01,160 Speaker 2: To you and I are so similar as Sean were. 39 00:02:01,120 --> 00:02:04,800 Speaker 3: The same age, our birthdays just days away from each other. 40 00:02:05,200 --> 00:02:08,000 Speaker 3: We had very similar sort of upbringings. 41 00:02:08,120 --> 00:02:09,760 Speaker 2: Yepeah, Yeah, we. 42 00:02:09,639 --> 00:02:14,800 Speaker 1: Were equally dull. Goodness, this is what a start to 43 00:02:14,840 --> 00:02:18,959 Speaker 1: the show. We both like a bit of punishment, well, 44 00:02:19,120 --> 00:02:20,280 Speaker 1: good Catholic cupbringing. 45 00:02:20,720 --> 00:02:24,280 Speaker 3: That's it. The guilt anyway, I. 46 00:02:24,240 --> 00:02:26,280 Speaker 1: Had no idea where you were going with that, just said, 47 00:02:26,639 --> 00:02:30,320 Speaker 1: let's get into it. Sean biggest story of the week, 48 00:02:30,680 --> 00:02:31,400 Speaker 1: what was it? 49 00:02:31,560 --> 00:02:33,720 Speaker 3: Yes, we had to rest last week from this one. 50 00:02:33,760 --> 00:02:36,840 Speaker 3: But how can you ignore the economy, Adam? The economy 51 00:02:37,240 --> 00:02:41,440 Speaker 3: hasn't the worm turned any fan of the two Ronnies, 52 00:02:41,440 --> 00:02:43,880 Speaker 3: which I'm sure Adam was. We understand what the worm 53 00:02:43,960 --> 00:02:46,160 Speaker 3: turned was. Just a few weeks ago, it was all 54 00:02:46,200 --> 00:02:50,760 Speaker 3: about when is the next interest rate cut? Now it's 55 00:02:50,800 --> 00:02:54,720 Speaker 3: all about whether there'll be an interest rate cut, Probably 56 00:02:54,760 --> 00:02:57,720 Speaker 3: not this week. The unemployment rate fell to four point 57 00:02:57,840 --> 00:03:02,080 Speaker 3: three percent last month, from four point five percent to September. Now, 58 00:03:02,120 --> 00:03:06,600 Speaker 3: in October, the number of employed people rose by forty 59 00:03:06,680 --> 00:03:10,519 Speaker 3: two thousand, why above expectations. There was a fifty five 60 00:03:10,520 --> 00:03:15,040 Speaker 3: thousand jump in full time employees offset by thirteen thousand 61 00:03:15,280 --> 00:03:18,960 Speaker 3: loss in part time workers. Consumer sentiment saw to its 62 00:03:19,000 --> 00:03:21,880 Speaker 3: highest level in nearly four years. You put that into 63 00:03:21,919 --> 00:03:25,600 Speaker 3: everything mean that just means that the economy is actually 64 00:03:25,639 --> 00:03:29,280 Speaker 3: doing okay. Therefore the Reserve Bank are less likely cut 65 00:03:29,320 --> 00:03:32,160 Speaker 3: interest rates. It's pretty much the best result in seven years. 66 00:03:32,200 --> 00:03:35,560 Speaker 3: Outside COVID maybe a Roague number. We had Deputy Governor 67 00:03:35,600 --> 00:03:38,440 Speaker 3: Andrew Houser, Deputy Governor of the Reserve Bank, of course, 68 00:03:38,760 --> 00:03:40,720 Speaker 3: saying that the central bank could be boxed in because 69 00:03:40,720 --> 00:03:45,320 Speaker 3: the economy isn't creating enough capacity. So we had data, 70 00:03:45,440 --> 00:03:48,280 Speaker 3: we had surveys, we had Reserve Bank officials this week, 71 00:03:48,320 --> 00:03:53,640 Speaker 3: all coming out pointing to interest rates on hold so 72 00:03:53,800 --> 00:03:59,120 Speaker 3: very much. This week the question shifted from when to 73 00:03:59,280 --> 00:04:05,400 Speaker 3: weather there'll be a rate cut? Brief, concise, important, economic impact, 74 00:04:06,280 --> 00:04:11,320 Speaker 3: lacks melodrama. I agree with that, but otherwise an excellent, 75 00:04:11,760 --> 00:04:14,160 Speaker 3: excellent effort for the biggest story of the week. Michael, 76 00:04:14,320 --> 00:04:18,240 Speaker 3: did you just judge yourself? At least I didn't go 77 00:04:18,240 --> 00:04:22,040 Speaker 3: into the third person squirrel. You know that's what you do, Michael. 78 00:04:22,120 --> 00:04:24,560 Speaker 3: Sometimes you go into the third person and call yourself 79 00:04:24,560 --> 00:04:25,520 Speaker 3: by the nickname Hm. 80 00:04:26,920 --> 00:04:31,360 Speaker 1: I have done it once, maybe twice. But I cannot 81 00:04:31,360 --> 00:04:32,960 Speaker 1: believe that I'm having to remind you of this for 82 00:04:33,000 --> 00:04:35,320 Speaker 1: the third week in a row. That you need to 83 00:04:35,320 --> 00:04:39,400 Speaker 1: think bigger Sean, that you need to think global once again, 84 00:04:39,720 --> 00:04:44,680 Speaker 1: think perhaps the biggest economy in the world, the US 85 00:04:44,839 --> 00:04:48,640 Speaker 1: adam is moving again at last. 86 00:04:48,560 --> 00:04:49,120 Speaker 3: Which. 87 00:04:50,760 --> 00:04:52,680 Speaker 1: Just on the spot, it's like it's on a treadmill, 88 00:04:52,720 --> 00:04:55,279 Speaker 1: but at least that the treadmill itself is now moving 89 00:04:55,320 --> 00:04:58,080 Speaker 1: once again. Because it was switched off. The US government 90 00:04:58,120 --> 00:05:04,240 Speaker 1: shut down, ending after forty three days, the longest in history. 91 00:05:04,760 --> 00:05:09,400 Speaker 1: One point four million federal employees unpaid, suspended food stamps 92 00:05:09,440 --> 00:05:16,640 Speaker 1: to many low income and Americans, delayed, canceled flights, chaos 93 00:05:17,480 --> 00:05:21,920 Speaker 1: at airports. There was a breakthrough after the Democrats. Some 94 00:05:22,000 --> 00:05:24,120 Speaker 1: of the Democrats broke ranks in the Senate. They were 95 00:05:24,320 --> 00:05:26,280 Speaker 1: citing the fact that the suspension of the food stamp 96 00:05:26,320 --> 00:05:28,960 Speaker 1: program was actually a crisis. It was a real crisis 97 00:05:29,000 --> 00:05:35,560 Speaker 1: that made them basically negotiate and degree and finally, finally, finally, 98 00:05:35,600 --> 00:05:39,680 Speaker 1: the shutdown is over. The big question here is where 99 00:05:39,839 --> 00:05:42,839 Speaker 1: to now for the United States. The pressure is on 100 00:05:42,920 --> 00:05:45,520 Speaker 1: flights to resume as normal in time for Thanksgiving. They're 101 00:05:45,520 --> 00:05:47,400 Speaker 1: saying that it could take weeks for things to get 102 00:05:47,400 --> 00:05:49,919 Speaker 1: back to normal because it has been such a widespread impact. 103 00:05:50,279 --> 00:05:54,120 Speaker 1: The Fed will start getting data again gradually, though it's 104 00:05:54,240 --> 00:05:57,320 Speaker 1: ability to make interest rate decisions and other decisions has 105 00:05:57,360 --> 00:06:00,880 Speaker 1: surely been affected, and there's so much uncertainty now over 106 00:06:00,960 --> 00:06:03,160 Speaker 1: rate cuts and the potential for further rate cuts. It's 107 00:06:03,240 --> 00:06:06,080 Speaker 1: course all sorts of chaos and financial markets Bitcoin fell, 108 00:06:06,160 --> 00:06:11,520 Speaker 1: Wall Street fell, chaos, chaos, I mean, come on like 109 00:06:11,960 --> 00:06:14,280 Speaker 1: you only need to look at Wall Street and just 110 00:06:14,320 --> 00:06:16,720 Speaker 1: go you know what, there's only one word that describes that. 111 00:06:16,920 --> 00:06:20,560 Speaker 1: It's chaos, absolute chaos. 112 00:06:21,240 --> 00:06:23,760 Speaker 3: Anyways, no different this week to any other weeks. 113 00:06:25,000 --> 00:06:30,080 Speaker 1: Yes, yeah, I know that's true, but big falls chaos everywhere. Adam, 114 00:06:30,279 --> 00:06:36,239 Speaker 1: chaos sean back pay for back pay for government employees. Interestingly, 115 00:06:36,800 --> 00:06:40,359 Speaker 1: contractors don't receive backpay once the shut down ends. Many 116 00:06:40,360 --> 00:06:44,240 Speaker 1: of those Adam, interesting kind of side bar here. Many 117 00:06:44,240 --> 00:06:47,560 Speaker 1: of those are small businesses without other big clients, relying 118 00:06:47,760 --> 00:06:52,200 Speaker 1: entirely on the US government for their income. Massive effect 119 00:06:52,360 --> 00:06:56,719 Speaker 1: on those the lasting economic impact have This analyst estimated 120 00:06:56,720 --> 00:06:59,760 Speaker 1: that the shutdown was going to knock about zero point 121 00:06:59,760 --> 00:07:02,279 Speaker 1: one zero point two percentage points of economic growth for 122 00:07:02,360 --> 00:07:06,880 Speaker 1: every week that it went on. Fifteen billion US dollars 123 00:07:06,960 --> 00:07:08,960 Speaker 1: a week for six weeks. 124 00:07:09,600 --> 00:07:10,560 Speaker 3: That is huge. 125 00:07:10,880 --> 00:07:13,800 Speaker 1: Not to mention did I mention the chaos as well 126 00:07:14,320 --> 00:07:17,840 Speaker 1: on financial markets because of the uncertainty of our interest rates? 127 00:07:18,040 --> 00:07:21,560 Speaker 1: Like this is the biggest story of the week. It 128 00:07:21,600 --> 00:07:24,000 Speaker 1: is a global story that then has an effect on 129 00:07:24,240 --> 00:07:25,720 Speaker 1: everyone else because of. 130 00:07:25,720 --> 00:07:29,160 Speaker 3: The US is a US story? 131 00:07:29,360 --> 00:07:32,080 Speaker 1: No, no, no, because whatever happens to the US effects 132 00:07:32,120 --> 00:07:34,840 Speaker 1: everyone else. It's just like it is, just because it 133 00:07:34,920 --> 00:07:37,840 Speaker 1: is so big and so influential. We've seen this, we've 134 00:07:37,840 --> 00:07:41,440 Speaker 1: discussed it of cause it's chaos sean everywhere. 135 00:07:42,040 --> 00:07:45,680 Speaker 3: Anyway, I'm confidently handed over to you. 136 00:07:45,960 --> 00:07:48,440 Speaker 1: I've thrown a lot of stuff at you there. I 137 00:07:48,520 --> 00:07:50,240 Speaker 1: don't know where it's going to get picked up. 138 00:07:50,160 --> 00:07:52,360 Speaker 2: On the word chaos. I think that thing there. 139 00:07:52,800 --> 00:07:56,920 Speaker 4: Yes, the biggest economy in the world. Yes, absolutely enormous 140 00:07:56,960 --> 00:08:01,840 Speaker 4: impact there, but no, not the big business story of 141 00:08:01,920 --> 00:08:04,320 Speaker 4: the week here in Australia. 142 00:08:04,440 --> 00:08:06,840 Speaker 1: But you never said that it needs to be Australian. 143 00:08:06,880 --> 00:08:09,360 Speaker 1: I don't, I don't. I don't want to quibble. I've 144 00:08:09,400 --> 00:08:12,560 Speaker 1: never been one to argue, but you've never said that 145 00:08:12,600 --> 00:08:15,280 Speaker 1: this needs to be Australian. It feels like you've just 146 00:08:15,320 --> 00:08:21,240 Speaker 1: added a new criteria local one one nil. 147 00:08:21,680 --> 00:08:25,840 Speaker 4: Yeah, economic impact here, I was really surprised by those 148 00:08:25,920 --> 00:08:30,880 Speaker 4: unemployment numbers I know anywhere. So it's great news for 149 00:08:30,960 --> 00:08:34,160 Speaker 4: people who can earn. But for those trillions of dollars 150 00:08:34,160 --> 00:08:37,040 Speaker 4: that Australians have in their property, the one third that 151 00:08:37,160 --> 00:08:44,080 Speaker 4: owned them, one third that don't they rent the year Yeah, absolutely, 152 00:08:44,480 --> 00:08:46,920 Speaker 4: And I've got a vested interest in it too, right, 153 00:08:46,960 --> 00:08:49,440 Speaker 4: It affects all of us, so we're not going to 154 00:08:49,440 --> 00:08:52,319 Speaker 4: get a lower interest rate, not for the short term, 155 00:08:53,200 --> 00:08:53,800 Speaker 4: not for a while. 156 00:08:54,080 --> 00:08:56,240 Speaker 1: An interesting point that you just made about the trillions 157 00:08:56,240 --> 00:08:58,440 Speaker 1: of dollars of property, because if I can move quite 158 00:08:58,480 --> 00:09:03,679 Speaker 1: seamlessly onto the most remarkable story of the week, okay, adam, 159 00:09:03,800 --> 00:09:07,199 Speaker 1: quite a remarkable milestone for the Australian property market, twelve 160 00:09:07,280 --> 00:09:10,760 Speaker 1: trillion dollars in value. So I mean, I know that 161 00:09:10,800 --> 00:09:12,960 Speaker 1: this is something that you're interested in because you brought 162 00:09:13,000 --> 00:09:20,880 Speaker 1: it up yourself just moments ago. Twelve trillion dollars extraordinary. 163 00:09:19,840 --> 00:09:21,560 Speaker 3: And the week did it tick over. 164 00:09:22,400 --> 00:09:26,800 Speaker 1: It was about four o'clock on Monday afternoon. I noticed 165 00:09:26,840 --> 00:09:29,760 Speaker 1: it happened. I was just watching it going here. It's 166 00:09:29,840 --> 00:09:33,640 Speaker 1: like watching the O Domina in the car. Here it comes, here, 167 00:09:33,640 --> 00:09:35,040 Speaker 1: it comes, and you don't want to miss it because 168 00:09:35,080 --> 00:09:37,079 Speaker 1: if you missed that twelve trillion dollar mark. 169 00:09:37,080 --> 00:09:40,280 Speaker 3: And then inevitably you look up when you're driving and 170 00:09:40,320 --> 00:09:42,760 Speaker 3: then you look back down and I've gone through the 171 00:09:42,840 --> 00:09:45,520 Speaker 3: ninety zero one. 172 00:09:45,400 --> 00:09:47,720 Speaker 1: Yeah you miss it in something that yeah, twelve twelve 173 00:09:47,760 --> 00:09:51,240 Speaker 1: trillion and one, you're like, oh damn, missed it. But anyway, 174 00:09:51,440 --> 00:09:55,160 Speaker 1: that is three times the size of the superannuation system. 175 00:09:55,200 --> 00:09:56,840 Speaker 1: As you pointed out to us this week, Sean, when 176 00:09:56,880 --> 00:10:00,079 Speaker 1: you were emphasizing how remarkable this was four times the 177 00:10:00,120 --> 00:10:05,080 Speaker 1: size of bank deposits across the country. But also, what 178 00:10:05,200 --> 00:10:07,360 Speaker 1: I think is the most remarkable part of this is 179 00:10:07,360 --> 00:10:10,760 Speaker 1: the fact that the value of the housing market has doubled, 180 00:10:11,320 --> 00:10:15,000 Speaker 1: doubled in the last decade, most of the growth coming 181 00:10:15,000 --> 00:10:19,920 Speaker 1: in the last five years. That is just extraordinary, right, 182 00:10:20,200 --> 00:10:23,880 Speaker 1: And we hit the twelve trillion dollar mark faster than 183 00:10:23,920 --> 00:10:26,520 Speaker 1: the experts. Stay at totality where this data came from. 184 00:10:26,880 --> 00:10:30,079 Speaker 1: We're expecting this happened, that they were forecasting it. We've 185 00:10:30,120 --> 00:10:32,520 Speaker 1: been waiting for it and waiting for it, and then 186 00:10:32,559 --> 00:10:35,160 Speaker 1: it came faster than we thought. Two reasons why this 187 00:10:35,240 --> 00:10:38,200 Speaker 1: is so remarkable. As we were discussing through the Weekshawn 188 00:10:38,320 --> 00:10:41,400 Speaker 1: again when we're emphasizing how remarkable this whole thing is. 189 00:10:42,040 --> 00:10:45,640 Speaker 1: That has an economic impact. Of course, house price is rising. 190 00:10:45,640 --> 00:10:47,360 Speaker 1: If you own a place the value is going up, 191 00:10:47,400 --> 00:10:49,400 Speaker 1: you feel wealthy, you spend more of the wealth effect 192 00:10:49,400 --> 00:10:51,880 Speaker 1: good for the economy, et cetera, et cetera. The other reason, 193 00:10:52,080 --> 00:10:55,400 Speaker 1: of course, Adam, it emphasizes just how tough it is 194 00:10:55,400 --> 00:10:58,920 Speaker 1: for first home buyers as well. How on earth and 195 00:10:59,000 --> 00:11:03,640 Speaker 1: someone looking at that going the housing market has doubled 196 00:11:05,080 --> 00:11:08,200 Speaker 1: the value in ten years, How on earth can a 197 00:11:08,240 --> 00:11:11,040 Speaker 1: first home buyer be expected to save a deposit when 198 00:11:11,040 --> 00:11:13,560 Speaker 1: the entire market, the value of the market is growing 199 00:11:13,640 --> 00:11:17,520 Speaker 1: that It is just extraordinary, right, the whole thing is remarkable. 200 00:11:17,559 --> 00:11:20,920 Speaker 1: Twelve trillion dollars. That's it. 201 00:11:21,000 --> 00:11:22,280 Speaker 3: Do you think it's remarkable? 202 00:11:22,720 --> 00:11:27,720 Speaker 1: It is just like I thought, chaos, Yeah, yeah, chaos, chaos, chaos, remarkable, yes, 203 00:11:27,920 --> 00:11:28,200 Speaker 1: all of. 204 00:11:28,200 --> 00:11:31,959 Speaker 3: These there's not That is a remarkable number. Twelve trillion dollars. 205 00:11:32,440 --> 00:11:37,600 Speaker 3: I've got to say remarkable. Incremental though, because this time 206 00:11:37,679 --> 00:11:39,760 Speaker 3: last week it was probably you know, eleven point nine 207 00:11:40,320 --> 00:11:44,760 Speaker 3: nine nine nine trillion dollars. That's twelve trillion dollars. Like, 208 00:11:46,240 --> 00:11:48,560 Speaker 3: I don't know what that's changing anyone's life this week? 209 00:11:49,000 --> 00:11:53,320 Speaker 3: What does change everyone's life? Our lives included, right, we 210 00:11:53,480 --> 00:11:57,080 Speaker 3: who run a small business. This week we saw an 211 00:11:57,080 --> 00:12:00,960 Speaker 3: action the fill for full Federal Courts land mark ruling 212 00:12:01,000 --> 00:12:06,079 Speaker 3: back in twenty twenty three actually hit home. The ruling 213 00:12:06,120 --> 00:12:09,920 Speaker 3: said that all the employers must ask employees if they 214 00:12:09,920 --> 00:12:12,920 Speaker 3: want to work public holidays. They can't just automatically matically 215 00:12:13,120 --> 00:12:16,360 Speaker 3: roster them on this week. BHP was found that it 216 00:12:16,400 --> 00:12:18,440 Speaker 3: had to pay one hundred thousand dollars for failing to 217 00:12:18,640 --> 00:12:22,200 Speaker 3: ask its mining workforce whether they wanted to work on 218 00:12:22,240 --> 00:12:24,840 Speaker 3: Christmas Day and Boxing Day. Now the Big Australian bridged 219 00:12:25,000 --> 00:12:28,720 Speaker 3: national employment standards, as per the Federal Court ruling in 220 00:12:28,720 --> 00:12:32,240 Speaker 3: twenty twenty three. The point here, the point here. This 221 00:12:32,400 --> 00:12:35,920 Speaker 3: is the first time it was tested. This affects every 222 00:12:36,160 --> 00:12:39,800 Speaker 3: single business. The twenty twenty three ruling applies regardless of 223 00:12:39,840 --> 00:12:44,240 Speaker 3: agreements and contracts. It extends to all sectors of the economy, 224 00:12:44,320 --> 00:12:49,679 Speaker 3: all sectors of the economy, fast food, retail, podcasting. What 225 00:12:49,720 --> 00:12:52,600 Speaker 3: if we're working on a public holiday, which we done. 226 00:12:53,240 --> 00:12:55,000 Speaker 3: You've got to ask me if I want to work. 227 00:12:55,080 --> 00:12:57,040 Speaker 3: You can't just tell me to work. You want to say, Sean, 228 00:12:57,720 --> 00:12:58,600 Speaker 3: do you want to work? 229 00:13:00,160 --> 00:13:02,160 Speaker 2: You say Sean, yeah. 230 00:13:02,520 --> 00:13:02,559 Speaker 1: No. 231 00:13:02,760 --> 00:13:05,640 Speaker 3: I always say, of course not, I want to work 232 00:13:06,080 --> 00:13:08,520 Speaker 3: public holiday. I mean. The thing is, an employee can 233 00:13:08,559 --> 00:13:11,400 Speaker 3: still require workers to come in and work on a 234 00:13:11,400 --> 00:13:15,040 Speaker 3: public holiday if the employee's refusal to its request is 235 00:13:15,120 --> 00:13:18,319 Speaker 3: unreasonable based on the nature of the work. So I say, Adam, no, 236 00:13:18,440 --> 00:13:19,679 Speaker 3: I don't want to come in. You say well we're 237 00:13:19,679 --> 00:13:21,400 Speaker 3: not going to have a show. Well, then I have 238 00:13:21,440 --> 00:13:25,720 Speaker 3: to come in. But Adam, Michael, both of you, you've 239 00:13:25,720 --> 00:13:28,040 Speaker 3: still got to ask me first. And this is a 240 00:13:28,120 --> 00:13:31,200 Speaker 3: christ You think of retail, you think of hospitality, people 241 00:13:31,240 --> 00:13:33,200 Speaker 3: working on those days. You can't just be rostered on. 242 00:13:33,280 --> 00:13:35,200 Speaker 3: You've got to be asked. And this is the first 243 00:13:35,240 --> 00:13:39,760 Speaker 3: time we saw the reality of that ruling. That is remarkable. 244 00:13:39,880 --> 00:13:42,800 Speaker 1: That is remarkable, certainly remarkable. In twenty twenty three when 245 00:13:42,840 --> 00:13:45,040 Speaker 1: the landmark ruling was made. 246 00:13:45,360 --> 00:13:46,680 Speaker 3: But no one knew how it was going to be 247 00:13:47,360 --> 00:13:50,040 Speaker 3: Today this week we found out what it means. 248 00:13:50,679 --> 00:13:57,360 Speaker 1: That feels incremental help. Without Adam, it's chaos. 249 00:13:57,840 --> 00:13:58,400 Speaker 2: Chaos. 250 00:13:58,880 --> 00:14:02,400 Speaker 4: I have never been asked if I wanted to work 251 00:14:02,400 --> 00:14:03,880 Speaker 4: a public holiday as either. 252 00:14:03,800 --> 00:14:04,480 Speaker 2: Roster hon or. 253 00:14:04,520 --> 00:14:07,520 Speaker 4: I wasn't you know, And I actually until that you 254 00:14:07,600 --> 00:14:09,800 Speaker 4: brought it up this week, Sean, I had no idea 255 00:14:10,080 --> 00:14:10,679 Speaker 4: it was a thing. 256 00:14:11,600 --> 00:14:13,400 Speaker 2: So why on earth would that exist? 257 00:14:14,120 --> 00:14:18,000 Speaker 3: So Luke our producer, right, we oh, we did do. 258 00:14:17,960 --> 00:14:20,560 Speaker 2: An employment agreement with him. 259 00:14:20,840 --> 00:14:24,760 Speaker 3: He's you. But because everything like, we've got to ask Luke. Hey, Luke, 260 00:14:25,240 --> 00:14:27,160 Speaker 3: you know once again, can you work on a public 261 00:14:27,160 --> 00:14:28,680 Speaker 3: holiday for us? It looks great? 262 00:14:29,200 --> 00:14:31,480 Speaker 2: Nine times a year in the state of New South Wales. 263 00:14:31,680 --> 00:14:35,280 Speaker 3: Yeah, there you go, asked, So. 264 00:14:37,120 --> 00:14:41,680 Speaker 2: Michael wins on this one. I am. I think they're 265 00:14:41,680 --> 00:14:42,680 Speaker 2: both excellent. 266 00:14:44,440 --> 00:14:48,680 Speaker 1: Don't be too hard on his shot. That's a I'm 267 00:14:48,680 --> 00:14:50,080 Speaker 1: a good result, thanks, Adam. 268 00:14:50,760 --> 00:14:55,120 Speaker 4: They're both remarkable stories. But the you know, the wealth 269 00:14:55,120 --> 00:14:58,680 Speaker 4: effect of twelve trillion in property is pronounced and as 270 00:14:58,720 --> 00:15:01,960 Speaker 4: you said, Michael, people trying to get into the market 271 00:15:02,320 --> 00:15:04,840 Speaker 4: and it's doubled in value in the last ten years. 272 00:15:05,080 --> 00:15:07,160 Speaker 3: Now, hold on, Look, I just don't want to point 273 00:15:07,200 --> 00:15:11,120 Speaker 3: at a fault in Michael's theory here, but can I. 274 00:15:12,320 --> 00:15:14,200 Speaker 1: Is it to do with the fact that more supplies 275 00:15:14,240 --> 00:15:14,520 Speaker 1: come on. 276 00:15:15,000 --> 00:15:17,440 Speaker 3: There might be two hundred thousand new houses a year, 277 00:15:17,480 --> 00:15:19,920 Speaker 3: so there's two million new houses a year. Yes, it's 278 00:15:20,080 --> 00:15:22,840 Speaker 3: not like the actual prices of double. 279 00:15:23,560 --> 00:15:26,320 Speaker 1: The existing stock value has doubled. Yes, And I thought, 280 00:15:26,400 --> 00:15:28,080 Speaker 1: but I wasn't going to point that out because it 281 00:15:28,480 --> 00:15:30,880 Speaker 1: took away slightly from. 282 00:15:30,680 --> 00:15:33,240 Speaker 3: The remarkability in case. 283 00:15:34,120 --> 00:15:36,560 Speaker 1: I mean, it's just the headline as well, the fact 284 00:15:36,600 --> 00:15:38,280 Speaker 1: that it has doubled in the last decade. In the 285 00:15:38,280 --> 00:15:40,080 Speaker 1: first home, I was just like, I don't know how 286 00:15:40,160 --> 00:15:42,720 Speaker 1: I can I can't compete with that it feels like 287 00:15:42,760 --> 00:15:45,760 Speaker 1: I'm just going to kind of miss the what do 288 00:15:45,800 --> 00:15:48,640 Speaker 1: you miss the bus, the boat, the train? Oh yeah, 289 00:15:48,680 --> 00:15:52,760 Speaker 1: missed the boat traditionally the boat, I think, perhaps missed 290 00:15:52,760 --> 00:15:56,000 Speaker 1: the monorail, like it feels like that needs to be modernized. 291 00:15:56,160 --> 00:15:57,240 Speaker 1: Missed the hovercraft on. 292 00:15:57,200 --> 00:15:58,600 Speaker 2: This the horseless carriage? 293 00:15:58,680 --> 00:15:58,960 Speaker 3: Yes? 294 00:15:59,160 --> 00:16:01,920 Speaker 1: Yes? Did you have any additional comments to make in 295 00:16:01,920 --> 00:16:03,240 Speaker 1: praise of my story, Adam? 296 00:16:03,320 --> 00:16:03,680 Speaker 3: Or is that. 297 00:16:05,240 --> 00:16:07,600 Speaker 2: I was pretty much done? Yeah? 298 00:16:07,960 --> 00:16:10,960 Speaker 3: That was because there were no comments because it wasn't 299 00:16:10,960 --> 00:16:15,240 Speaker 3: that remarkable story. That's why I call that a pity win. 300 00:16:18,160 --> 00:16:20,480 Speaker 1: Usually I get those in about the third or fourth 301 00:16:20,520 --> 00:16:22,560 Speaker 1: category when once I lost everything else. 302 00:16:24,080 --> 00:16:26,600 Speaker 4: Michael, can you now give us permission to work every 303 00:16:26,680 --> 00:16:28,720 Speaker 4: single public holiday in twenty twenty six? 304 00:16:29,400 --> 00:16:31,640 Speaker 3: So there's a good question. Can you actually say on 305 00:16:31,840 --> 00:16:33,160 Speaker 3: bulk yes? 306 00:16:33,280 --> 00:16:35,520 Speaker 2: Oh gosh, batch approval? 307 00:16:35,800 --> 00:16:36,040 Speaker 3: Yeah. 308 00:16:36,680 --> 00:16:39,320 Speaker 1: Otherwise it feels very inefficient of having to go around 309 00:16:39,320 --> 00:16:41,840 Speaker 1: to every employee and ask them before and got to 310 00:16:41,840 --> 00:16:45,960 Speaker 1: do it over Christmas Christmas and they separate email. Yeah, 311 00:16:45,960 --> 00:16:47,960 Speaker 1: but what happens if you have someone who doesn't look 312 00:16:48,000 --> 00:16:48,800 Speaker 1: at their emails? 313 00:16:49,040 --> 00:16:55,080 Speaker 3: Sean, do you know how many emails I got don't opens? Oh? 314 00:16:55,240 --> 00:16:58,000 Speaker 3: Go on, do it? My work account or personal account. 315 00:16:58,040 --> 00:16:59,880 Speaker 1: Give us your work account, because that's the one that 316 00:17:00,880 --> 00:17:07,280 Speaker 1: eighteen thousand. So this is a public service announcement to 317 00:17:07,400 --> 00:17:10,080 Speaker 1: anybody looking to get in contact with Fear and Greed. 318 00:17:10,880 --> 00:17:13,600 Speaker 1: Email me order do not. 319 00:17:13,840 --> 00:17:17,840 Speaker 4: Do not become one of the eighteen thousand waiting into 320 00:17:17,880 --> 00:17:20,879 Speaker 4: the abyss that is Alma's inbox. 321 00:17:21,240 --> 00:17:24,840 Speaker 1: Goodness gracious. Okay, we will take a quick break back 322 00:17:24,880 --> 00:17:35,560 Speaker 1: in a moment with the mystery category of the week. Okay, Sean, 323 00:17:35,680 --> 00:17:37,520 Speaker 1: we are looking now for our mystery category. It is 324 00:17:37,560 --> 00:17:38,360 Speaker 1: one all so. 325 00:17:39,800 --> 00:17:42,840 Speaker 3: Just before we would just jump into this because during 326 00:17:42,880 --> 00:17:46,199 Speaker 3: the break you had to go at me for not 327 00:17:46,320 --> 00:17:49,560 Speaker 3: having for having so many unopened emails, and then during 328 00:17:49,560 --> 00:17:52,400 Speaker 3: the break you showed me your phone, and Adam showed 329 00:17:52,440 --> 00:17:56,320 Speaker 3: us his phone. You have one hundred and three text messages. 330 00:17:57,440 --> 00:18:02,280 Speaker 3: I read, therefore not answer it. Shocking, I have zero. 331 00:18:02,880 --> 00:18:05,320 Speaker 3: I mean, as you imagine, Adam has zero emails and 332 00:18:05,440 --> 00:18:08,600 Speaker 3: answered zero texts. I have a lot of emails and 333 00:18:09,520 --> 00:18:13,120 Speaker 3: always do a text you, Michael, more than a hundred texts. 334 00:18:13,160 --> 00:18:15,760 Speaker 3: How can you do that? That's just cruel living on. 335 00:18:16,640 --> 00:18:21,320 Speaker 1: Well, okay, it is partly because I see them on 336 00:18:21,320 --> 00:18:23,600 Speaker 1: my watch when they come in I'm like, oh, I 337 00:18:23,640 --> 00:18:26,880 Speaker 1: will respond to that on my phone later when I've 338 00:18:26,880 --> 00:18:28,639 Speaker 1: got my phone on me, and then I forget to 339 00:18:28,680 --> 00:18:31,600 Speaker 1: do that or something, or it's it's something that requires 340 00:18:31,600 --> 00:18:32,480 Speaker 1: more thought. 341 00:18:32,280 --> 00:18:36,520 Speaker 3: And say, are there certain people you've got a long 342 00:18:36,600 --> 00:18:41,480 Speaker 3: line of texts from? So I presume Shann your partner, Shan, Yep, 343 00:18:41,640 --> 00:18:47,040 Speaker 3: you'd be answering her all the time. That's fine, Yes, 344 00:18:48,000 --> 00:18:49,760 Speaker 3: answer Shann because I'm scared of Shan. 345 00:18:51,119 --> 00:18:57,439 Speaker 1: But no, mostly I'm just scrolling down through this, Sean. 346 00:18:59,560 --> 00:19:03,679 Speaker 1: I think, I look, I'm going to get myself in 347 00:19:03,720 --> 00:19:07,080 Speaker 1: trouble by going into any detail on this. 348 00:19:07,280 --> 00:19:07,720 Speaker 2: It is. 349 00:19:09,280 --> 00:19:13,760 Speaker 1: The mystery category this week. This is that's not fair. 350 00:19:13,800 --> 00:19:16,479 Speaker 1: You dropped me in that big time. It's something that 351 00:19:16,520 --> 00:19:19,840 Speaker 1: we were discussing privately off air, and then you did 352 00:19:19,880 --> 00:19:22,960 Speaker 1: the unforgivable and brought it into the podcast, into the 353 00:19:23,000 --> 00:19:27,160 Speaker 1: podcast fair game, I say, which I have never done 354 00:19:27,440 --> 00:19:33,639 Speaker 1: ever ever. Our mystery category this week, Adam, is because 355 00:19:33,680 --> 00:19:36,160 Speaker 1: there were some really good stories around this week, but 356 00:19:36,200 --> 00:19:38,560 Speaker 1: the stories that were more interesting were the stories that 357 00:19:38,600 --> 00:19:41,040 Speaker 1: they were really about, not the stories that you thought 358 00:19:41,080 --> 00:19:41,679 Speaker 1: they were about. 359 00:19:41,800 --> 00:19:44,480 Speaker 3: Right, So this is the news that's not the news, Okay, the. 360 00:19:44,640 --> 00:19:47,240 Speaker 1: Story that is actually about something else. 361 00:19:48,160 --> 00:19:52,840 Speaker 3: Yes, sean Commonwealth Bank the news. That's not the news. 362 00:19:53,840 --> 00:19:57,800 Speaker 3: The news is that Commonwealth Bank at a really strong 363 00:19:57,960 --> 00:20:01,720 Speaker 3: first quarter. Homelands grew by one point one times the 364 00:20:01,800 --> 00:20:04,000 Speaker 3: average of the banking sector, so better than the average 365 00:20:04,000 --> 00:20:07,080 Speaker 3: of the banking sector, household deposits one point two times. 366 00:20:07,640 --> 00:20:11,000 Speaker 3: In those areas, CBA very much outperformed the market. In 367 00:20:11,040 --> 00:20:14,760 Speaker 3: the increasingly competitive business lending sector. Come Wealth Bank did 368 00:20:14,760 --> 00:20:17,120 Speaker 3: the same as the rest of the market. The bank's 369 00:20:17,160 --> 00:20:22,840 Speaker 3: profit margin improved, bad loans decreased. Good news, that's the news. 370 00:20:24,040 --> 00:20:32,360 Speaker 3: But but but quote truple but investors quadruple? But what 371 00:20:32,400 --> 00:20:37,560 Speaker 3: would it qua druple? But anyway, investors are looking for 372 00:20:37,880 --> 00:20:41,120 Speaker 3: anything negative they can on CBA at the moment. And 373 00:20:42,000 --> 00:20:46,520 Speaker 3: Matt Common made a few comments about competition in the future. 374 00:20:47,359 --> 00:20:51,120 Speaker 3: That did the trick. So what wasn't the news? All 375 00:20:51,160 --> 00:20:53,439 Speaker 3: the news was good news. What wasn't the news? But 376 00:20:53,680 --> 00:20:56,200 Speaker 3: was the reality is that Commonwealth Bank was sold off 377 00:20:56,200 --> 00:21:01,000 Speaker 3: big time. Dropped ten percent in two in fives eight 378 00:21:01,040 --> 00:21:03,760 Speaker 3: percent in two days this week. The shift away from 379 00:21:03,800 --> 00:21:08,760 Speaker 3: Commonwealth Bank is quite marked, quite dramatic. This financial year. 380 00:21:08,920 --> 00:21:13,119 Speaker 3: Komof Banks down thirteen percent. West Packs up twenty percent, 381 00:21:13,200 --> 00:21:16,040 Speaker 3: ain Z's up thirty three percent, Nabs up nine percent. 382 00:21:16,400 --> 00:21:19,520 Speaker 3: So it again. Kamov Bank is off thirteen percent. Not 383 00:21:19,600 --> 00:21:22,879 Speaker 3: that long ago, Commonwealth Bank's market cap was about the 384 00:21:22,920 --> 00:21:25,879 Speaker 3: same as the three banks combined. No longer. It is 385 00:21:25,960 --> 00:21:30,679 Speaker 3: coming back to the pack And incredibly, the news this 386 00:21:30,800 --> 00:21:33,120 Speaker 3: week was all the good news out of Commonwealth Bank. 387 00:21:33,280 --> 00:21:37,160 Speaker 3: Not the news. The reality was the massive selloff. Did 388 00:21:37,200 --> 00:21:39,080 Speaker 3: that work or not? It's the way we did that, 389 00:21:39,160 --> 00:21:42,840 Speaker 3: Michael or not? Adams happy, I think so, yeah, very 390 00:21:42,920 --> 00:21:43,280 Speaker 3: I think so. 391 00:21:43,880 --> 00:21:47,560 Speaker 1: I was clearing text messages. 392 00:21:49,480 --> 00:21:51,399 Speaker 3: But it's your news. That wasn't the news, Michael. 393 00:21:51,600 --> 00:21:57,440 Speaker 1: The Liberal Party this week, Adam, Yes, dumped net zero, 394 00:21:58,680 --> 00:22:00,680 Speaker 1: which you would think would be the You would think 395 00:22:00,680 --> 00:22:02,440 Speaker 1: that would be the so it's what everyone was talking about. 396 00:22:02,600 --> 00:22:04,600 Speaker 1: But this story is not about climate policy. It's not 397 00:22:04,600 --> 00:22:07,320 Speaker 1: about net zero. This is about the Liberal Party leadership, 398 00:22:07,359 --> 00:22:10,800 Speaker 1: about Susan Lee and her very very very tenuous hold 399 00:22:11,400 --> 00:22:14,960 Speaker 1: on the party, on her position and on the future 400 00:22:15,160 --> 00:22:18,719 Speaker 1: of the party as well within the Australian system, because 401 00:22:19,080 --> 00:22:22,960 Speaker 1: it's actually quite a it's quite worrying and it's quite 402 00:22:23,000 --> 00:22:25,320 Speaker 1: a sad state for the party to be in at 403 00:22:25,320 --> 00:22:27,480 Speaker 1: the moment. You can go back to the split months 404 00:22:27,520 --> 00:22:30,760 Speaker 1: ago between the Libs and the Nats, where that was 405 00:22:30,800 --> 00:22:33,879 Speaker 1: over a bunch of issues from nuclear power and a 406 00:22:33,920 --> 00:22:36,640 Speaker 1: whole lot of other bits and pieces. But the conservatives 407 00:22:36,640 --> 00:22:38,879 Speaker 1: in the party, I suspect saw their chance at that 408 00:22:38,960 --> 00:22:42,520 Speaker 1: time and drove a wedge in the ability potentially make 409 00:22:43,119 --> 00:22:46,040 Speaker 1: to push the party to a more conservative side and 410 00:22:46,160 --> 00:22:50,399 Speaker 1: hopefully regained some of the voters that they had lost. 411 00:22:50,920 --> 00:22:54,080 Speaker 1: It has been a slow bleed since then for the party. 412 00:22:54,119 --> 00:22:57,600 Speaker 1: For Susan Lee at front benches like Andrew Hasty quitting 413 00:22:57,680 --> 00:23:01,120 Speaker 1: over I think he was quitting over immigration. But net 414 00:23:01,200 --> 00:23:05,119 Speaker 1: zero has been bubbling along under the surface for quite 415 00:23:05,119 --> 00:23:09,919 Speaker 1: some time through that. This week net zero came to 416 00:23:10,000 --> 00:23:11,560 Speaker 1: a head in the party room. 417 00:23:11,400 --> 00:23:13,159 Speaker 3: For the Libs. Susan Lee lost. 418 00:23:13,520 --> 00:23:16,720 Speaker 1: She wanted to keep net zero, but the numbers went 419 00:23:16,880 --> 00:23:19,760 Speaker 1: against her and the party dumped it. There are two 420 00:23:19,840 --> 00:23:22,120 Speaker 1: things here. There's a lot here that I find puzzling, 421 00:23:22,160 --> 00:23:25,720 Speaker 1: but in particular two things that I find really really puzzling. 422 00:23:26,080 --> 00:23:28,560 Speaker 1: How on earth does the Liberal Party expect to win 423 00:23:28,680 --> 00:23:32,040 Speaker 1: votes back from the teals where they did lose people 424 00:23:32,160 --> 00:23:36,639 Speaker 1: too by going more conservative. And for the party as well, 425 00:23:36,960 --> 00:23:40,320 Speaker 1: that's supposed to be the friend of business in Parliament 426 00:23:40,600 --> 00:23:44,720 Speaker 1: promising to repeal carbon emission legislation, both both kind of 427 00:23:44,760 --> 00:23:49,440 Speaker 1: short term and long term targets. It's probably the opposite 428 00:23:49,480 --> 00:23:51,440 Speaker 1: of what business wants because we talk about the fact 429 00:23:51,440 --> 00:23:55,119 Speaker 1: that business wants certainty and a pathway to a greener economy, 430 00:23:55,359 --> 00:23:59,440 Speaker 1: and legislation in place at the moment does provide certainty. 431 00:23:59,440 --> 00:24:01,360 Speaker 1: It actually says this is the target, this is where 432 00:24:01,400 --> 00:24:02,600 Speaker 1: we need to get to. This is where we need 433 00:24:02,680 --> 00:24:04,280 Speaker 1: to get to by twenty thirty. It's where we need 434 00:24:04,320 --> 00:24:06,560 Speaker 1: to get to by twenty fifty, and saying that hey, 435 00:24:06,840 --> 00:24:08,920 Speaker 1: in three years or two and a half years, or 436 00:24:08,960 --> 00:24:10,720 Speaker 1: if it's in kind of five and a half years, 437 00:24:10,800 --> 00:24:12,440 Speaker 1: we're going to change all of that. We're going to 438 00:24:12,480 --> 00:24:14,720 Speaker 1: get rid of all the legislation that's there and we're 439 00:24:14,720 --> 00:24:16,320 Speaker 1: just going to start all over again. We're going to 440 00:24:16,320 --> 00:24:19,600 Speaker 1: do this separately. That's not certainty. It is not certainty 441 00:24:19,640 --> 00:24:22,560 Speaker 1: for business, it's not certainty for Australia. I actually feel 442 00:24:22,560 --> 00:24:25,200 Speaker 1: really sorry for Susan Lee on this because she inherited 443 00:24:25,200 --> 00:24:30,120 Speaker 1: a basket case after the election, an absolute drubbing, drubbing 444 00:24:30,160 --> 00:24:33,320 Speaker 1: for the Liberal Party and it's just getting worse. It 445 00:24:33,359 --> 00:24:35,000 Speaker 1: feels like she might have brought a little bit of 446 00:24:35,000 --> 00:24:38,879 Speaker 1: time perhaps by dumping net zero. She's staved off what 447 00:24:39,040 --> 00:24:41,320 Speaker 1: is likely to be a leadership challenge, But it's another 448 00:24:41,320 --> 00:24:44,000 Speaker 1: two and a half years to the next election, and 449 00:24:44,040 --> 00:24:47,040 Speaker 1: the odds of her still being there when this really 450 00:24:47,080 --> 00:24:49,040 Speaker 1: what this was a proxy for the leadership. This is 451 00:24:49,080 --> 00:24:51,760 Speaker 1: a proxy for the future of the entire party here 452 00:24:52,040 --> 00:24:55,359 Speaker 1: and she does not have the authority within the party 453 00:24:55,400 --> 00:24:57,600 Speaker 1: and you can only imagine it's going to take one 454 00:24:57,640 --> 00:25:00,240 Speaker 1: more issue and there will be a leadership spill. The 455 00:25:00,240 --> 00:25:02,560 Speaker 1: odds of her still being there at the next election 456 00:25:02,720 --> 00:25:05,040 Speaker 1: are not good. So while this looked on the surface 457 00:25:05,080 --> 00:25:07,720 Speaker 1: to be about climate policy and net zero, it was 458 00:25:07,880 --> 00:25:11,560 Speaker 1: about the broader future of the Liberal Party and how 459 00:25:11,640 --> 00:25:16,399 Speaker 1: on earth they actually restore themselves to being an opposition 460 00:25:16,560 --> 00:25:22,680 Speaker 1: party and don't end up, bizarrely potentially as the minor coalition. 461 00:25:22,760 --> 00:25:24,919 Speaker 3: I think is chaos involved in the Liberal Party at 462 00:25:24,920 --> 00:25:25,280 Speaker 3: the moment? 463 00:25:26,240 --> 00:25:31,720 Speaker 1: There is chaos. There is chaos everywhere. Sean so CBA Sean. 464 00:25:31,520 --> 00:25:35,480 Speaker 4: Wasn't it like the world's most valued bank? Yeah, in 465 00:25:35,560 --> 00:25:40,719 Speaker 4: terms of share price multiple, share price improblement extraordinary, And 466 00:25:40,760 --> 00:25:43,879 Speaker 4: so when you get over performance to the market average 467 00:25:43,880 --> 00:25:47,080 Speaker 4: and get such a heavy drop, so what we're investor 468 00:25:47,119 --> 00:25:51,320 Speaker 4: is expecting. I thought that was so interesting, Mike. I 469 00:25:51,320 --> 00:25:54,359 Speaker 4: think you have to win this one. We know we 470 00:25:54,400 --> 00:25:55,560 Speaker 4: need an effective opposition. 471 00:25:55,720 --> 00:25:57,960 Speaker 3: Mark look on Michael's face. No it's not. 472 00:25:58,000 --> 00:25:59,639 Speaker 1: I'm trying to be a gracious winner. 473 00:26:00,920 --> 00:26:07,080 Speaker 3: It's a winner. I don't know how to do it, but. 474 00:26:07,000 --> 00:26:09,600 Speaker 2: We you know, as a nation, I think we wasted 475 00:26:09,680 --> 00:26:12,000 Speaker 2: ten years. Is there a carbon tax? Isn't there? 476 00:26:12,040 --> 00:26:15,520 Speaker 4: Both sides of politics tore themselves apart over it, and 477 00:26:15,560 --> 00:26:19,600 Speaker 4: then we finally got consensus and we got certainty, business 478 00:26:19,640 --> 00:26:24,159 Speaker 4: got certainty, and now we don't again, and it's just 479 00:26:24,920 --> 00:26:26,679 Speaker 4: trying out of ego over logic. 480 00:26:27,000 --> 00:26:28,280 Speaker 2: I just don't get it. 481 00:26:28,520 --> 00:26:31,080 Speaker 3: I don't disagree with your judgment, right, I think that 482 00:26:31,200 --> 00:26:34,640 Speaker 3: is a good call, and I find that really hard 483 00:26:34,680 --> 00:26:37,280 Speaker 3: to say, but he's a good call. The only thing though, 484 00:26:37,280 --> 00:26:41,080 Speaker 3: I would say, just away from this show, we're spending 485 00:26:41,080 --> 00:26:43,439 Speaker 3: so much time of this. The coalition won't be in 486 00:26:43,440 --> 00:26:47,240 Speaker 3: power for another six years, possibly nine years possible, and 487 00:26:47,280 --> 00:26:50,359 Speaker 3: so this is a exists at all. Yeah, yeah, So 488 00:26:50,440 --> 00:26:53,840 Speaker 3: this is a policy of an organization which I suppose 489 00:26:53,960 --> 00:26:56,359 Speaker 3: backs up Michael's point that it's not actually about climate change, 490 00:26:56,359 --> 00:27:00,680 Speaker 3: it's about Susan Lee's leadership. Let's just move on. Two one. 491 00:27:00,760 --> 00:27:05,720 Speaker 3: You're up, guys, hard agree with the jobs. 492 00:27:05,800 --> 00:27:07,280 Speaker 2: Just let you go freely there. 493 00:27:07,760 --> 00:27:09,719 Speaker 1: This is glorious. You know what this is? 494 00:27:09,760 --> 00:27:10,600 Speaker 2: This is chaos. 495 00:27:11,160 --> 00:27:13,160 Speaker 3: Favorite story Michael Gove for Chaos. 496 00:27:13,760 --> 00:27:18,399 Speaker 1: Warren Buffett, legendary investor, is going quiet. He says he 497 00:27:18,480 --> 00:27:23,840 Speaker 1: has written Adam his final annual letter to Berkshire Hathaway 498 00:27:23,920 --> 00:27:28,280 Speaker 1: shareholders ahead of his retirement in coming weeks, and it 499 00:27:28,320 --> 00:27:32,080 Speaker 1: was all class wasn't it? Just Warren Buffett just seems 500 00:27:32,080 --> 00:27:35,240 Speaker 1: like a classy kind of fella. He talked about accelerating philanthropy, 501 00:27:35,680 --> 00:27:37,280 Speaker 1: trying to give away a bit more of his one 502 00:27:37,359 --> 00:27:40,560 Speaker 1: hundred and fifty billion dollar fortune, doing it through his 503 00:27:40,600 --> 00:27:44,680 Speaker 1: three children's foundations, to the tune of giving them enough 504 00:27:45,119 --> 00:27:47,639 Speaker 1: that they are then able to give away five hundred 505 00:27:47,680 --> 00:27:54,240 Speaker 1: million dollars each per year, which overall is not going 506 00:27:54,320 --> 00:27:56,760 Speaker 1: to get one hundred and fifty billion dollars, but that 507 00:27:56,880 --> 00:28:00,439 Speaker 1: is when you think about it, the causes that that 508 00:28:00,560 --> 00:28:02,760 Speaker 1: is going to be able to support five hundred million 509 00:28:02,800 --> 00:28:05,760 Speaker 1: dollars each per year, and there will be more to come. 510 00:28:06,160 --> 00:28:09,120 Speaker 1: You've got greg Abel taking over a CEO. Buffett says, 511 00:28:09,160 --> 00:28:12,240 Speaker 1: he'll take here. I like this. He'll keep a significant 512 00:28:12,520 --> 00:28:16,600 Speaker 1: chunk chunk of Berkshire's Class A shares until shareholders are 513 00:28:16,680 --> 00:28:19,960 Speaker 1: fully comfortable with greg Abel. So a bit of a 514 00:28:20,000 --> 00:28:22,560 Speaker 1: sign of support, he said, though that level of confidence 515 00:28:22,680 --> 00:28:25,600 Speaker 1: shouldn't take long. He did he had to squeeze in 516 00:28:25,600 --> 00:28:27,120 Speaker 1: a few more lessons. And this is the thing about 517 00:28:27,160 --> 00:28:30,320 Speaker 1: his letters, that they are full of kind of lessons 518 00:28:29,760 --> 00:28:33,960 Speaker 1: in investing, lessons in leadership, lessons in kind of life, 519 00:28:34,000 --> 00:28:38,560 Speaker 1: his view on everything. But he said that essentially executive 520 00:28:38,560 --> 00:28:41,719 Speaker 1: pay disclosure rules had fueled an arms race. His quote 521 00:28:41,760 --> 00:28:45,560 Speaker 1: was what often bothers very wealthy CEOs is that other 522 00:28:45,640 --> 00:28:49,440 Speaker 1: CEOs are getting even richer. Envy and greed walk hand 523 00:28:49,560 --> 00:28:52,560 Speaker 1: in hand. I just love that, right, like it's it's 524 00:28:52,680 --> 00:28:56,000 Speaker 1: just a cool line. Wonder how long he spends kind 525 00:28:56,000 --> 00:28:58,080 Speaker 1: of crafting these things, and I wonder to what extent 526 00:28:58,200 --> 00:29:01,040 Speaker 1: is chat GPT help him towards in the last in 527 00:29:01,080 --> 00:29:03,840 Speaker 1: the last year, in the last couple of years, not much. 528 00:29:04,080 --> 00:29:06,840 Speaker 1: I can't imagine it would be a huge amount. It 529 00:29:06,920 --> 00:29:10,120 Speaker 1: seems quite a fitting sign off from the oracle of Omaha, 530 00:29:10,200 --> 00:29:14,760 Speaker 1: who turned a textile mill into a trillion dollar conglomerate, 531 00:29:15,040 --> 00:29:19,200 Speaker 1: taught generations adam of investors about the fundamentals of buying 532 00:29:19,240 --> 00:29:22,800 Speaker 1: what you understand, thinking long term. And it's done probably 533 00:29:22,880 --> 00:29:26,120 Speaker 1: more to encourage philanthropy in the US than almost anyone else. 534 00:29:26,200 --> 00:29:28,200 Speaker 1: Him and Bill Gates and Melinda Gates and a few 535 00:29:28,200 --> 00:29:30,920 Speaker 1: others with the Giving Pledge as well, when they are 536 00:29:31,080 --> 00:29:33,880 Speaker 1: kind of committing to giving away as much of their 537 00:29:33,960 --> 00:29:36,240 Speaker 1: of their fortunes as they can and setting up the 538 00:29:36,280 --> 00:29:39,600 Speaker 1: structure to do it, and putting the pressure on others 539 00:29:39,880 --> 00:29:42,520 Speaker 1: to do the same, to do it publicly, and to 540 00:29:42,520 --> 00:29:45,160 Speaker 1: make sure that it is actually done, preferably while still alive, 541 00:29:45,200 --> 00:29:46,800 Speaker 1: but if not, then on death and make sure that 542 00:29:46,840 --> 00:29:50,040 Speaker 1: actually does make a difference. I think that's also significant. 543 00:29:50,840 --> 00:29:53,400 Speaker 1: That is it a bit of a rambling long one 544 00:29:53,400 --> 00:29:57,000 Speaker 1: from me there forever I know, but it went on forever. 545 00:29:57,080 --> 00:29:59,600 Speaker 3: I'll tell you my favorite story really quickly, because we're 546 00:29:59,680 --> 00:30:01,840 Speaker 3: so out of time. Michael, Yes, just keep your mouth 547 00:30:01,880 --> 00:30:05,840 Speaker 3: closed there, don't jump In favorite story, a couple in 548 00:30:05,920 --> 00:30:09,680 Speaker 3: northern New South Wales, the town of Lismore, bought a 549 00:30:09,760 --> 00:30:17,080 Speaker 3: house for one dollar. They were at an auction at 550 00:30:17,160 --> 00:30:21,840 Speaker 3: Mwoomba ROSL. Five other houses no sorry, four other houses 551 00:30:21,880 --> 00:30:24,080 Speaker 3: sold for five dollars. There's another one that sold for 552 00:30:24,080 --> 00:30:25,920 Speaker 3: two hundred dollars. The couple that bought the two hundred 553 00:30:25,960 --> 00:30:28,520 Speaker 3: dollar house used to rent it, went to the RSL 554 00:30:28,560 --> 00:30:30,800 Speaker 3: to see what it would get, ended up buying it. 555 00:30:30,800 --> 00:30:33,320 Speaker 3: It's part of the New South Wales government's buyback scheme 556 00:30:33,440 --> 00:30:36,080 Speaker 3: for flood affected housing. Those who don't know that region 557 00:30:36,320 --> 00:30:39,560 Speaker 3: horrendous floods in over the last decade a few times 558 00:30:39,840 --> 00:30:42,840 Speaker 3: in that region. The government has brought back the homes 559 00:30:43,040 --> 00:30:46,560 Speaker 3: and the land and now they're selling the house. Now 560 00:30:46,600 --> 00:30:49,440 Speaker 3: there is a catch. You've basically got to move the house. 561 00:30:49,440 --> 00:30:51,480 Speaker 3: You've got to cut the house in half on a truck, 562 00:30:51,560 --> 00:30:54,560 Speaker 3: restump it on your own land, put it back together. 563 00:30:54,920 --> 00:30:57,800 Speaker 3: I suggested glue, though Michael thought that was a silly suggestion. 564 00:30:58,200 --> 00:31:04,000 Speaker 3: You might need a few renovations. That five thousand, yeah exactly. 565 00:31:04,360 --> 00:31:09,520 Speaker 3: The you who stick that's about one hundred thousand estimate 566 00:31:09,520 --> 00:31:11,840 Speaker 3: about one hundred thousand to do all that. But that's 567 00:31:11,840 --> 00:31:14,240 Speaker 3: a lot cheaper than a new build. I just you know, 568 00:31:15,000 --> 00:31:17,000 Speaker 3: I've got to congratulate the New South Wales government on 569 00:31:17,040 --> 00:31:20,560 Speaker 3: this one. For selling these homes actually firstly taking them 570 00:31:20,600 --> 00:31:24,400 Speaker 3: off people's hands, these are unensurable areas and selling the 571 00:31:24,440 --> 00:31:30,200 Speaker 3: people for a dollar. Great story, great marketing too, right, Yeah, 572 00:31:30,360 --> 00:31:30,800 Speaker 3: I love it. 573 00:31:32,680 --> 00:31:34,640 Speaker 2: Unfortunately I love Warren Buffett more. 574 00:31:35,160 --> 00:31:37,920 Speaker 3: You would because you don't care about the people of Lizmore. 575 00:31:37,960 --> 00:31:41,080 Speaker 3: You just care about the rich dudes. What okay, let 576 00:31:41,120 --> 00:31:44,880 Speaker 3: me unload on Warren Buffett and Bill Gates and Melinda 577 00:31:44,920 --> 00:31:47,720 Speaker 3: Gates and stuff like that. It's all okay for these 578 00:31:47,760 --> 00:31:52,880 Speaker 3: philanthropists to be great philanthropists when they are multi billionaires, right, 579 00:31:53,160 --> 00:31:56,280 Speaker 3: how do they become multi billionaires? They became multi billionaires 580 00:31:56,360 --> 00:31:59,680 Speaker 3: by taking a large share of the profits as opposed 581 00:32:00,080 --> 00:32:03,920 Speaker 3: to providing workers with decent pay. I mean, I'm kind 582 00:32:03,960 --> 00:32:07,520 Speaker 3: of overstating a little bit. Let's it does so of 583 00:32:07,520 --> 00:32:09,640 Speaker 3: get to me that these guys who have tens of 584 00:32:09,640 --> 00:32:13,280 Speaker 3: billions of dollars, they got to give it away, right, 585 00:32:13,280 --> 00:32:15,920 Speaker 3: and it's not going to affect their lifetile one iota. 586 00:32:16,640 --> 00:32:19,760 Speaker 3: But how did they actually get that money? Right? They 587 00:32:19,840 --> 00:32:24,280 Speaker 3: shrewd investments no, I mean Microsoft, They built Microsoft or 588 00:32:24,320 --> 00:32:28,000 Speaker 3: berkhy Hathaway and took the profits and the profits made 589 00:32:28,040 --> 00:32:31,160 Speaker 3: them rich. Why, I mean, why does a business have 590 00:32:31,200 --> 00:32:34,560 Speaker 3: a profit because it pays workers less, or it pays 591 00:32:34,560 --> 00:32:39,200 Speaker 3: supplies less. Like come on, it's all a rich more 592 00:32:39,360 --> 00:32:40,920 Speaker 3: become very socialist of the leander. 593 00:32:42,360 --> 00:32:46,640 Speaker 4: This is celerity, brilliant, brilliant for a show called Fear 594 00:32:46,640 --> 00:32:51,560 Speaker 4: and Greed though right in the zone. So yes, Michael, 595 00:32:51,600 --> 00:32:54,400 Speaker 4: you have to win that one. The Oracle of Omaha 596 00:32:54,560 --> 00:33:00,160 Speaker 4: signs off and that means Michael, you've won the story count. 597 00:33:00,360 --> 00:33:02,200 Speaker 3: Three to one. The story count. 598 00:33:03,680 --> 00:33:06,760 Speaker 1: This could be that day where I lose on the points, though. 599 00:33:07,840 --> 00:33:08,720 Speaker 2: I think it's a PB. 600 00:33:08,920 --> 00:33:13,040 Speaker 4: Michael, ninety four points your ninety two points. Very clod Michael, 601 00:33:13,400 --> 00:33:14,600 Speaker 4: brilliant debate. 602 00:33:15,160 --> 00:33:19,560 Speaker 1: Solid result, good result, well done, chaos everywhere. 603 00:33:19,640 --> 00:33:20,240 Speaker 3: This is good. 604 00:33:20,880 --> 00:33:24,840 Speaker 1: Thank you Adam for your judgments this morning and next week, 605 00:33:24,880 --> 00:33:27,200 Speaker 1: do you reckon? We can establish whether we are talking 606 00:33:27,240 --> 00:33:30,080 Speaker 1: local or internationally, because that's three weeks in a row 607 00:33:30,120 --> 00:33:32,840 Speaker 1: now I have tried to go the global angle for 608 00:33:32,920 --> 00:33:35,920 Speaker 1: these stories, and three weeks in a row where I 609 00:33:35,960 --> 00:33:37,120 Speaker 1: have been punished for it. 610 00:33:37,200 --> 00:33:39,520 Speaker 3: Don't you think? Don't you think a fool would learn 611 00:33:40,040 --> 00:33:45,560 Speaker 3: the first time? Fool me once, shame on you, fool 612 00:33:45,600 --> 00:33:49,840 Speaker 3: me twice, shame on me, fool me three times. Call me, 613 00:33:49,840 --> 00:33:50,600 Speaker 3: Michael Thompson. 614 00:33:52,800 --> 00:33:55,800 Speaker 1: I feel like I may have deserved that. Thank you, Sean, 615 00:33:56,240 --> 00:33:59,640 Speaker 1: thank you, Michael, thank you, Adam, thank you, Michael. 616 00:33:59,640 --> 00:34:00,160 Speaker 3: Thank you. 617 00:34:01,880 --> 00:34:03,920 Speaker 1: Make sure you're following the podcast and head along to 618 00:34:04,000 --> 00:34:07,840 Speaker 1: Fearandgreed dot com dot au to to sign up for 619 00:34:07,880 --> 00:34:10,359 Speaker 1: our free daily newsletter. That is a link as well. 620 00:34:10,440 --> 00:34:12,560 Speaker 1: In today's show notes, I'm Michael Thompson. That was Fear 621 00:34:12,600 --> 00:34:13,920 Speaker 1: and Greed. We have a great weekend.