1
00:00:03,440 --> 00:00:05,800
Speaker 1: This is the weekend edition of Fear and Greed, daily

2
00:00:05,840 --> 00:00:08,200
Speaker 1: business news for people who make their own decisions. I'm

3
00:00:08,200 --> 00:00:10,320
Speaker 1: Michael Thompson, and good morning, Sean Aylmer.

4
00:00:10,440 --> 00:00:11,440
Speaker 2: Good morning, Michael.

5
00:00:12,080 --> 00:00:14,280
Speaker 1: Very excited about today, Sean. I'm very excited about every

6
00:00:14,320 --> 00:00:16,400
Speaker 1: weekend edition because it is my favorite show of the

7
00:00:16,400 --> 00:00:18,720
Speaker 1: week because it's competitive. It's about the two of us

8
00:00:18,720 --> 00:00:20,840
Speaker 1: each nominating what we think is the biggest story of

9
00:00:20,880 --> 00:00:25,880
Speaker 1: the week, the most remarkable story, the sleeper business story,

10
00:00:25,920 --> 00:00:27,880
Speaker 1: one that's kind of flying under the radar, a wee bit,

11
00:00:28,040 --> 00:00:34,479
Speaker 1: and then our favorite business adjacent story. Every week we

12
00:00:34,520 --> 00:00:37,040
Speaker 1: are joined by a judge to pick a winner. That

13
00:00:37,159 --> 00:00:39,760
Speaker 1: judge does a sterling job every week. He's our Fear

14
00:00:39,800 --> 00:00:42,520
Speaker 1: and Greed colleague. Adam Lang Adam, good morning.

15
00:00:43,320 --> 00:00:45,520
Speaker 3: Good morning, Michael, Good morning, Sean.

16
00:00:45,320 --> 00:00:46,000
Speaker 2: Morning Adam.

17
00:00:46,479 --> 00:00:50,120
Speaker 4: Now may I have a quick story. Yes, you know,

18
00:00:50,360 --> 00:00:52,560
Speaker 4: my favorite day of the week was at school.

19
00:00:52,280 --> 00:00:54,080
Speaker 2: Time, Happy Friday.

20
00:00:54,240 --> 00:00:55,800
Speaker 3: Wednesday were such a nurse.

21
00:00:55,800 --> 00:00:58,840
Speaker 4: Wednesday's was sporting day and in the afternoon you got

22
00:00:58,880 --> 00:01:02,600
Speaker 4: to play footy. So that was my favorite day of

23
00:01:02,600 --> 00:01:04,959
Speaker 4: the week, Wednesday. So I get it, Michael, the weekend

24
00:01:05,120 --> 00:01:06,560
Speaker 4: edition favorite show of the week.

25
00:01:06,640 --> 00:01:08,200
Speaker 1: But this is about as far from that as you

26
00:01:08,240 --> 00:01:10,480
Speaker 1: can get. This is like a competition for nerds.

27
00:01:10,840 --> 00:01:14,399
Speaker 4: Wow, I think of it as full contact.

28
00:01:14,880 --> 00:01:17,880
Speaker 1: Okay, I suppose in a way it is, because sometimes

29
00:01:17,880 --> 00:01:21,200
Speaker 1: it's my flailing arms as I get starts a wildly

30
00:01:21,400 --> 00:01:24,840
Speaker 1: gesture during the stories, there could be contact. So anyway,

31
00:01:24,880 --> 00:01:28,120
Speaker 1: I've copped the old biff. Now, just very quickly, Adam,

32
00:01:28,240 --> 00:01:30,760
Speaker 1: in let's say twelve seconds.

33
00:01:30,480 --> 00:01:31,480
Speaker 3: Or less, can you give us?

34
00:01:31,600 --> 00:01:33,760
Speaker 2: And it's just taken four of those.

35
00:01:34,840 --> 00:01:39,760
Speaker 4: Topicality, timeliness, economic impact, my subjective bias of course comes

36
00:01:39,760 --> 00:01:42,679
Speaker 4: into it. And really today I think we're going to

37
00:01:42,680 --> 00:01:43,840
Speaker 4: focus on melodrama.

38
00:01:44,400 --> 00:01:48,920
Speaker 1: Oh, come on, you could have focused on melodrama. Last

39
00:01:48,920 --> 00:01:53,840
Speaker 1: week was my Oscar winning performance. It was superb and

40
00:01:53,880 --> 00:01:56,720
Speaker 1: this week this week, I've got nothing. There's nothing left

41
00:01:56,760 --> 00:01:59,160
Speaker 1: I am. I am, then the field is equal. I

42
00:01:59,200 --> 00:02:02,360
Speaker 1: am a hollow out, shriveled up husk of a human.

43
00:02:02,680 --> 00:02:05,600
Speaker 1: I left everything that I have in last week's episode.

44
00:02:05,640 --> 00:02:08,560
Speaker 1: So I don't mean to kind of clearly not downplay

45
00:02:08,600 --> 00:02:09,560
Speaker 1: your expectations.

46
00:02:09,600 --> 00:02:10,320
Speaker 2: That's right, Adam.

47
00:02:10,880 --> 00:02:14,360
Speaker 1: Biggest story of the week, Sean, shall we get into this.

48
00:02:15,000 --> 00:02:19,200
Speaker 2: I'll go first, Adam. I have to met melodrum. Adam,

49
00:02:19,240 --> 00:02:23,200
Speaker 2: there has been rampant collusion between the competitors on this one.

50
00:02:23,639 --> 00:02:27,000
Speaker 2: And if you were worth your salt, oh, you would

51
00:02:27,080 --> 00:02:30,800
Speaker 2: kick Michael out right now before we're hearing another word. Absolutely.

52
00:02:32,120 --> 00:02:34,480
Speaker 2: I love it, Sean, because he rang me during the

53
00:02:34,520 --> 00:02:37,760
Speaker 2: week and he said, well, let's not fight out of

54
00:02:37,800 --> 00:02:40,680
Speaker 2: the economy. Of course, that's the biggest story. Let's do

55
00:02:40,840 --> 00:02:45,680
Speaker 2: something else that, oh, my good Man, is collusion. I

56
00:02:45,760 --> 00:02:48,280
Speaker 2: of course said no, no, Michael, no, no no. But

57
00:02:48,320 --> 00:02:51,720
Speaker 2: he convinced me. He used his metal dramatic ways.

58
00:02:52,520 --> 00:02:55,440
Speaker 1: That's all right. It was a forty minute speech to

59
00:02:55,560 --> 00:02:58,200
Speaker 1: Sean about the importance. Said, oh god, it had some

60
00:02:58,280 --> 00:03:00,320
Speaker 1: powerful points in it. And in the end here read

61
00:03:00,480 --> 00:03:02,280
Speaker 1: just to shut me out a collusion, Sean.

62
00:03:02,280 --> 00:03:04,120
Speaker 3: It felt like you shifted to pantomime.

63
00:03:04,240 --> 00:03:05,920
Speaker 2: Then, is that melodrama or not?

64
00:03:06,440 --> 00:03:07,240
Speaker 3: Behind you?

65
00:03:07,320 --> 00:03:12,040
Speaker 2: Behind me, out you. I did tell you. I once

66
00:03:12,360 --> 00:03:15,320
Speaker 2: saw John Inman in a pantomime in Bath in the

67
00:03:15,400 --> 00:03:18,480
Speaker 2: UK and John Edman for those many people would not

68
00:03:18,480 --> 00:03:20,440
Speaker 2: know John Edmand, But there was a TV show which

69
00:03:20,480 --> 00:03:22,800
Speaker 2: was before my time, really called Are You Being Served?

70
00:03:23,080 --> 00:03:27,240
Speaker 2: And he was the very camp shop attendant and he

71
00:03:27,360 --> 00:03:30,359
Speaker 2: was hilarious, and I saw him in a pantomime and

72
00:03:30,760 --> 00:03:34,880
Speaker 2: oh my word, he was extremely funny. Anyway, I digress,

73
00:03:35,240 --> 00:03:35,880
Speaker 2: I digress.

74
00:03:36,000 --> 00:03:36,800
Speaker 1: You sure do.

75
00:03:36,840 --> 00:03:41,320
Speaker 2: We have agreed that the economy is the biggest story.

76
00:03:41,520 --> 00:03:46,120
Speaker 2: Michael colluded. I didn't. And although even though we agreed.

77
00:03:45,840 --> 00:03:48,400
Speaker 1: Can we point out specifically what part of the economy

78
00:03:48,480 --> 00:03:50,360
Speaker 1: we found was the biggest story of this week?

79
00:03:50,640 --> 00:03:53,400
Speaker 2: Was? Well, it was the pace of economic growth. Yeah,

80
00:03:53,480 --> 00:03:55,480
Speaker 2: one point one percent for the month, slow, a straight

81
00:03:55,600 --> 00:03:58,760
Speaker 2: more than thirty years outside the pandemic, A capita basis

82
00:03:58,800 --> 00:04:02,320
Speaker 2: went backwards five in a row. That's happened March quarter.

83
00:04:02,320 --> 00:04:05,120
Speaker 2: Economy grew by zero point one percent. Long run average

84
00:04:05,160 --> 00:04:07,760
Speaker 2: free economic growth in Australia's like two and three quarters

85
00:04:07,800 --> 00:04:11,240
Speaker 2: three percent. We're at one point one percent, very very weak.

86
00:04:11,320 --> 00:04:13,920
Speaker 2: Household savings the rate fell to less than one percent

87
00:04:14,040 --> 00:04:17,600
Speaker 2: below pre pandemic levels. That's just the recap. That's just recap.

88
00:04:17,680 --> 00:04:19,159
Speaker 2: So we can't include that.

89
00:04:19,920 --> 00:04:24,000
Speaker 1: Yeah, and Adam, this is very, very very important that

90
00:04:24,120 --> 00:04:26,440
Speaker 1: I don't want you the fact that Sean has given

91
00:04:26,480 --> 00:04:28,480
Speaker 1: all of these details. I don't want that to color

92
00:04:28,720 --> 00:04:32,160
Speaker 1: your kind of perspective on his story that he's about

93
00:04:32,200 --> 00:04:34,560
Speaker 1: to give you, because his next story is not as good.

94
00:04:34,960 --> 00:04:36,120
Speaker 1: His next story is not as good.

95
00:04:36,160 --> 00:04:39,760
Speaker 2: Listen to the colluder, Adam, listen to the colluder. So

96
00:04:40,960 --> 00:04:43,920
Speaker 2: I decided Noel. I didn't decide. I disagreed with him

97
00:04:44,080 --> 00:04:48,520
Speaker 2: ferociously and then went along. I think the fact that

98
00:04:49,000 --> 00:04:52,160
Speaker 2: they need to be vaguely economics the main big stories.

99
00:04:52,920 --> 00:04:55,840
Speaker 2: So I've gone with Michelle Bullock before Senate estimates this

100
00:04:55,880 --> 00:05:00,839
Speaker 2: week some very very interesting stuff which would have got

101
00:05:00,880 --> 00:05:02,640
Speaker 2: a lot more noise except for the fact that economic

102
00:05:02,680 --> 00:05:05,400
Speaker 2: growth figures, which were crap were out on the same day.

103
00:05:05,839 --> 00:05:08,360
Speaker 2: She said that the Reserve Bank will raise interest rates

104
00:05:08,400 --> 00:05:11,039
Speaker 2: if it fears inflation is getting out of control and

105
00:05:11,080 --> 00:05:14,120
Speaker 2: not heading back towards the preferred two to three percent target.

106
00:05:14,200 --> 00:05:16,599
Speaker 2: Fair enough, we've sort of heard that before. When she

107
00:05:16,720 --> 00:05:19,440
Speaker 2: was asked whether she lift interestrates during an election cycle,

108
00:05:20,240 --> 00:05:24,360
Speaker 2: she said hell yeah. Well she didn't actually say hell yeah.

109
00:05:25,440 --> 00:05:28,440
Speaker 2: You could be paraphrasing this, Oh, I might be. She

110
00:05:28,520 --> 00:05:30,880
Speaker 2: basically said that the board would always put inflation first.

111
00:05:31,120 --> 00:05:35,039
Speaker 2: If the data says move, then they'll move. In fact,

112
00:05:35,160 --> 00:05:39,599
Speaker 2: I remember a discussion once involving Ian McFarlane, a Reserve

113
00:05:39,680 --> 00:05:43,120
Speaker 2: Bank governor of a couple ago, and he made the point,

114
00:05:43,400 --> 00:05:45,839
Speaker 2: wouldn't it be political. If interest rates needed to move

115
00:05:45,880 --> 00:05:48,760
Speaker 2: on my or another in an election cycle and you

116
00:05:48,839 --> 00:05:51,800
Speaker 2: didn't shift them, that'd be just as political as if

117
00:05:51,800 --> 00:05:53,880
Speaker 2: you did shift them. I thought that's a very good

118
00:05:53,920 --> 00:05:56,960
Speaker 2: point anyway. Ms Bullock also said the federal government's three

119
00:05:57,040 --> 00:06:00,680
Speaker 2: hundred dollars energy rebate and other state government rebut will

120
00:06:00,720 --> 00:06:03,599
Speaker 2: broadly be ignored. That's when she's thinking about inflation and

121
00:06:03,640 --> 00:06:05,719
Speaker 2: interest rates is just a one off hit. So what

122
00:06:05,720 --> 00:06:08,240
Speaker 2: they're worried about is long term inflation or medium to

123
00:06:08,279 --> 00:06:11,080
Speaker 2: long term inflation. Bottom line from Michelle Bollock the economy

124
00:06:11,160 --> 00:06:13,240
Speaker 2: still on a narrow path of getting inflation back to

125
00:06:13,240 --> 00:06:17,279
Speaker 2: target without large job losses. But that path is narrowing.

126
00:06:17,640 --> 00:06:19,800
Speaker 2: There are plenty of uncertainties out there, but it's actually

127
00:06:19,880 --> 00:06:22,320
Speaker 2: kind of good news. Really, it's very hard out there,

128
00:06:22,440 --> 00:06:24,320
Speaker 2: but it was sort of good news and got a

129
00:06:24,360 --> 00:06:26,599
Speaker 2: bit swamped by those GDP figures, which I would like

130
00:06:26,600 --> 00:06:29,480
Speaker 2: to include as part of my contribution to this category,

131
00:06:29,600 --> 00:06:30,960
Speaker 2: thank you very much, Michael.

132
00:06:31,240 --> 00:06:39,039
Speaker 1: Which clearly it is not included because Adam, my friend.

133
00:06:39,400 --> 00:06:41,000
Speaker 1: I just want to say that for the first time

134
00:06:41,120 --> 00:06:45,320
Speaker 1: in a very very long time, right, it feels like

135
00:06:45,400 --> 00:06:48,400
Speaker 1: a fair fight because we've agreed on the biggest story

136
00:06:48,760 --> 00:06:53,640
Speaker 1: being insisted. Yes, but I secured an agreement in the

137
00:06:53,760 --> 00:06:57,000
Speaker 1: end that we've agreed on the biggest story being the

138
00:06:57,200 --> 00:06:59,400
Speaker 1: economic growth figures. Right, that's great, So now we're just

139
00:06:59,520 --> 00:07:05,839
Speaker 1: arguing over second place. This feels fair to me. I

140
00:07:05,880 --> 00:07:08,039
Speaker 1: won't be saying that if I lose. If I lose,

141
00:07:08,400 --> 00:07:11,200
Speaker 1: certainly unfair, and that is entirely Shaun's fault and probably

142
00:07:11,200 --> 00:07:14,280
Speaker 1: yours as well, Adam. But at the moment, at the moment,

143
00:07:14,320 --> 00:07:19,120
Speaker 1: it seems pretty fair. And coincidentally, something else that seems

144
00:07:19,160 --> 00:07:22,200
Speaker 1: pretty fair this week is the Fair Work Commission.

145
00:07:22,320 --> 00:07:25,160
Speaker 3: Oh no, God, segue.

146
00:07:25,400 --> 00:07:27,680
Speaker 1: It was a segue. It was a glorious segue. What

147
00:07:27,800 --> 00:07:31,120
Speaker 1: a week, What a week for the Fair Work Commission.

148
00:07:31,160 --> 00:07:34,640
Speaker 1: They handed down a three point seventy five percent increase

149
00:07:34,640 --> 00:07:37,760
Speaker 1: in the minimum wage. That's equivalent to about thirty dollars

150
00:07:37,840 --> 00:07:41,560
Speaker 1: extra per week. Big, big news for a lot of people.

151
00:07:41,560 --> 00:07:44,520
Speaker 2: It affects some Ninger boxes, Michael, a couple of zing box,

152
00:07:44,600 --> 00:07:45,040
Speaker 2: a couple.

153
00:07:44,840 --> 00:07:47,840
Speaker 1: Of Zinger boxes, as TikTok followers pointed out to us

154
00:07:47,840 --> 00:07:49,920
Speaker 1: this week. But it affects something like two point six

155
00:07:50,000 --> 00:07:52,720
Speaker 1: million workers either on the minimum wage directly or on

156
00:07:52,760 --> 00:07:54,560
Speaker 1: an award wage that's perhaps linked to it, and it

157
00:07:54,640 --> 00:07:57,640
Speaker 1: affects not just those people, but it of course affects

158
00:07:57,680 --> 00:08:01,080
Speaker 1: all those businesses that will be paying these higher wages.

159
00:08:01,400 --> 00:08:03,360
Speaker 1: And that's where this story gets really interesting, because the

160
00:08:03,360 --> 00:08:06,280
Speaker 1: Fair Work Commission seems to have done done the impossible

161
00:08:06,280 --> 00:08:09,960
Speaker 1: in a way and satisfy almost everyone. The unions wanted

162
00:08:10,360 --> 00:08:12,640
Speaker 1: five percent, but we're happy with the increase because it's

163
00:08:12,680 --> 00:08:15,480
Speaker 1: slightly above the rate of inflation, so workers aren't going backwards.

164
00:08:15,680 --> 00:08:18,160
Speaker 1: Employers were aiming for a bit less, but we're generally

165
00:08:18,240 --> 00:08:21,960
Speaker 1: okay with it. An economists, even economists who are generally

166
00:08:22,000 --> 00:08:27,600
Speaker 1: are fairly these both technically economics because you both well

167
00:08:27,600 --> 00:08:30,880
Speaker 1: you're both a miserable but generally and representative of a

168
00:08:30,960 --> 00:08:35,480
Speaker 1: larger kind of population of economists, all generally miserable and dismal.

169
00:08:36,679 --> 00:08:38,480
Speaker 1: I don't know where I'm going. I've just spent all

170
00:08:38,480 --> 00:08:39,360
Speaker 1: this time insulting you.

171
00:08:39,480 --> 00:08:44,640
Speaker 4: Got Cherrell Murphy.

172
00:08:43,520 --> 00:08:48,080
Speaker 1: Actually, you know what is absolutely the exception to the rule.

173
00:08:48,160 --> 00:08:53,640
Speaker 1: He's the most hirelle as well. Yes, okay, so maybe

174
00:08:53,720 --> 00:08:57,240
Speaker 1: all other Gareth ed, maybe all other economists are upbeat,

175
00:08:57,240 --> 00:08:59,920
Speaker 1: and it's just you two who are the miserable anyway,

176
00:09:00,559 --> 00:09:02,640
Speaker 1: we got there. In the end, economists gave it a

177
00:09:02,679 --> 00:09:05,320
Speaker 1: tick as well, saying anything under four percent shouldn't add

178
00:09:05,320 --> 00:09:08,200
Speaker 1: to inflation. Really, the main opposition came from small business,

179
00:09:08,200 --> 00:09:10,200
Speaker 1: where the PEAG body said that three point seventy five

180
00:09:10,200 --> 00:09:12,839
Speaker 1: percent on top of last years five point seventy five

181
00:09:12,880 --> 00:09:15,599
Speaker 1: percent increase was really putting pressure on its membership. But

182
00:09:15,720 --> 00:09:20,679
Speaker 1: overall overall, I think we can mark this week on

183
00:09:20,760 --> 00:09:24,680
Speaker 1: the calendar as the first time in living memory, or

184
00:09:24,720 --> 00:09:27,079
Speaker 1: at least that I could find with a quick Google search,

185
00:09:27,400 --> 00:09:31,840
Speaker 1: that most affected parties were okay with the decision. So Adam,

186
00:09:31,880 --> 00:09:35,040
Speaker 1: it ticks all of your boxes. And simply for the

187
00:09:35,200 --> 00:09:38,280
Speaker 1: number of people affected by this, those taking home extra

188
00:09:38,320 --> 00:09:40,120
Speaker 1: money in the middle of the cost of living crisis,

189
00:09:40,400 --> 00:09:42,800
Speaker 1: and the business is required to find that extra money

190
00:09:42,800 --> 00:09:47,240
Speaker 1: when nobody is spending anything. This is the biggest story

191
00:09:47,320 --> 00:09:47,920
Speaker 1: of the week.

192
00:09:49,400 --> 00:09:50,400
Speaker 3: Very good Sean.

193
00:09:50,480 --> 00:09:54,880
Speaker 4: Speaking of narrow paths, I think Michael has found a

194
00:09:55,000 --> 00:09:59,000
Speaker 4: narrow path to victory on this one.

195
00:09:59,000 --> 00:10:02,199
Speaker 2: Notwithsteeding the fact it basically they just did what everyone expected.

196
00:10:02,480 --> 00:10:06,640
Speaker 2: That's okay. They didn't talk about elections, they didn't talk

197
00:10:06,679 --> 00:10:10,199
Speaker 2: about the importance of interest rates, just like if they

198
00:10:10,200 --> 00:10:13,080
Speaker 2: had gone four point five percent or two point five percent,

199
00:10:13,200 --> 00:10:16,320
Speaker 2: maybe he should have won. This very narrow path you're on, Michael.

200
00:10:17,559 --> 00:10:19,240
Speaker 1: I'm just not going to say anything because it just

201
00:10:19,360 --> 00:10:22,360
Speaker 1: sound with it. It sounds like I'm.

202
00:10:22,200 --> 00:10:24,360
Speaker 2: Winning this, and I think I think you got it.

203
00:10:24,440 --> 00:10:28,959
Speaker 4: Yeah, so Michelle Bullock's statements.

204
00:10:28,559 --> 00:10:30,760
Speaker 2: Now, were there any points off for collusion or not?

205
00:10:30,960 --> 00:10:32,280
Speaker 2: For Michael's collusion?

206
00:10:33,640 --> 00:10:37,240
Speaker 3: Collusion requires two bundies? Are you? Are you a reluctant

207
00:10:36,760 --> 00:10:37,680
Speaker 3: at Adam?

208
00:10:37,880 --> 00:10:41,360
Speaker 2: You have been in a room with Michael for twenty minutes,

209
00:10:41,600 --> 00:10:45,120
Speaker 2: let alone forty minutes listening to him. Crap on, that's

210
00:10:45,120 --> 00:10:48,520
Speaker 2: our collusion. That's abuse bullying, that sort of.

211
00:10:48,480 --> 00:10:52,839
Speaker 3: Behave giving yielding right, Oh, go on?

212
00:10:53,080 --> 00:10:57,160
Speaker 2: Tapping on Michelle Bullock, you were saying, Adam, Well, I.

213
00:10:57,120 --> 00:10:59,960
Speaker 4: Just didn't look her remarks and I think this is

214
00:11:00,120 --> 00:11:02,880
Speaker 4: there's great comfort in this are consistent. So I didn't

215
00:11:03,000 --> 00:11:05,920
Speaker 4: think anything she said this week was that different to

216
00:11:05,960 --> 00:11:07,280
Speaker 4: what she said before.

217
00:11:07,160 --> 00:11:09,480
Speaker 2: So irrelevant, irrelevant to the competition.

218
00:11:09,600 --> 00:11:11,559
Speaker 1: And the funny thing is there was a really wise

219
00:11:11,640 --> 00:11:14,120
Speaker 1: comment made by someone on the Mark this week.

220
00:11:15,360 --> 00:11:18,440
Speaker 2: You heard it, Adam, didn't you. Michael jumps up and goes, well,

221
00:11:18,480 --> 00:11:21,080
Speaker 2: you know she does all these press conferences. Now we

222
00:11:21,120 --> 00:11:24,000
Speaker 2: don't really care about centting estimates anymore. I mean, how

223
00:11:24,400 --> 00:11:25,800
Speaker 2: ignorant from the colluder.

224
00:11:27,280 --> 00:11:28,840
Speaker 3: I thought it was a fair point.

225
00:11:29,720 --> 00:11:31,440
Speaker 1: I think it was a wise comment. And you know

226
00:11:31,520 --> 00:11:33,959
Speaker 1: I put it to Stephen co coolest way, don't you, Sean.

227
00:11:34,000 --> 00:11:36,000
Speaker 1: He's a reserve bank watcher. See what he thought, See

228
00:11:36,000 --> 00:11:36,640
Speaker 1: if he thought.

229
00:11:36,480 --> 00:11:37,080
Speaker 2: It was wise?

230
00:11:38,640 --> 00:11:42,400
Speaker 1: All right, Michael, you've won on okay, jolly good, As

231
00:11:42,480 --> 00:11:45,280
Speaker 1: I said, a fair fight for the first time in history.

232
00:11:45,440 --> 00:11:48,719
Speaker 1: Now moving on to most remarkable story, shall we one?

233
00:11:48,800 --> 00:11:49,040
Speaker 2: Nil?

234
00:11:49,559 --> 00:11:53,320
Speaker 1: I will go first, Sean most remarkable story. The most

235
00:11:53,320 --> 00:11:57,480
Speaker 1: remarkable story this week, right, is one that it actually

236
00:11:57,559 --> 00:12:00,480
Speaker 1: just makes you shake your head because we've talked, passed

237
00:12:00,600 --> 00:12:04,400
Speaker 1: obviously about the ndis the National Disability Insurance Scheme. It

238
00:12:04,480 --> 00:12:07,959
Speaker 1: is a complicated topic because it is such a worthy,

239
00:12:08,320 --> 00:12:11,600
Speaker 1: necessary scheme providing people with a disability with the help

240
00:12:11,720 --> 00:12:14,640
Speaker 1: that they need through funding and support. But the thing

241
00:12:14,679 --> 00:12:17,680
Speaker 1: is it's also a very very expensive scheme, costing around

242
00:12:17,760 --> 00:12:21,079
Speaker 1: forty two billion dollars this financial year. That's up fourteen

243
00:12:21,120 --> 00:12:24,280
Speaker 1: percent on last year, with double digit growth being forecast

244
00:12:24,280 --> 00:12:26,200
Speaker 1: for the next couple of years too. And in fact,

245
00:12:26,200 --> 00:12:28,440
Speaker 1: there was modeling earlier this year, which I think kind

246
00:12:28,480 --> 00:12:30,720
Speaker 1: of startled a lot of people. That show that at

247
00:12:30,760 --> 00:12:35,000
Speaker 1: its rate at that point it would potentially blow out

248
00:12:35,160 --> 00:12:38,160
Speaker 1: to one hundred and twenty five billion dollars a year

249
00:12:38,240 --> 00:12:40,960
Speaker 1: by twenty thirty four. So in just a decade, was

250
00:12:40,960 --> 00:12:43,800
Speaker 1: that modeling this week? Was it that was earlier this year?

251
00:12:44,000 --> 00:12:47,520
Speaker 1: It's all context. Interesting, It is context to give you

252
00:12:47,559 --> 00:12:50,960
Speaker 1: an idea of the size of this program, just the

253
00:12:51,120 --> 00:12:54,880
Speaker 1: scale right, what is truly remarkable and what we learned

254
00:12:54,880 --> 00:12:58,040
Speaker 1: this week. The story this week, the big, big story

255
00:12:58,080 --> 00:13:00,640
Speaker 1: this week is the extent to which it is being roarted,

256
00:13:01,120 --> 00:13:04,959
Speaker 1: with criminals manipulating participants in the NDIS using their money

257
00:13:04,960 --> 00:13:07,040
Speaker 1: to buy drugs, holidays, cars, that type of thing. The

258
00:13:07,080 --> 00:13:10,560
Speaker 1: allegations came from someone who should know had John Dardo,

259
00:13:10,679 --> 00:13:14,640
Speaker 1: the Integrity chief of the National Disability Insurance Agency who

260
00:13:14,720 --> 00:13:17,760
Speaker 1: runs the NDIS, told a Senate committee this week that

261
00:13:17,840 --> 00:13:21,800
Speaker 1: at least five percent of the scheme spending isn't on

262
00:13:22,080 --> 00:13:26,080
Speaker 1: genuine needs. Five percent. So what's that, well than two

263
00:13:26,400 --> 00:13:29,840
Speaker 1: billion dollars of taxpayers money that should be helping people

264
00:13:29,840 --> 00:13:32,560
Speaker 1: with the disability. Two billion dollars would buy a lot

265
00:13:32,600 --> 00:13:35,520
Speaker 1: of support should be helping people with a disability going

266
00:13:35,559 --> 00:13:39,280
Speaker 1: to criminals instead people posing essentially as providers who are

267
00:13:39,320 --> 00:13:42,560
Speaker 1: supposed to help participants access the services they need, and

268
00:13:42,720 --> 00:13:45,560
Speaker 1: instead they're routing this system. They're ruting this thing for

269
00:13:45,600 --> 00:13:48,520
Speaker 1: all it's worth. Now the Minister responsible for the ndis

270
00:13:48,559 --> 00:13:51,360
Speaker 1: as Bill Shorten. He is under a huge amount of

271
00:13:51,360 --> 00:13:54,199
Speaker 1: pressure now to fix it. And the thing is, he says,

272
00:13:54,360 --> 00:13:56,640
Speaker 1: this is not a new problem. He says, the fraud

273
00:13:56,679 --> 00:14:00,439
Speaker 1: started under the coalition. But I think we should kind

274
00:14:00,440 --> 00:14:02,560
Speaker 1: of finish this up with the words of John Dardo, who,

275
00:14:02,640 --> 00:14:05,920
Speaker 1: as we say, knows this system. Here's the integrity chief

276
00:14:06,679 --> 00:14:09,120
Speaker 1: of the agency, so he is watching for this and

277
00:14:09,160 --> 00:14:10,800
Speaker 1: he said, this is a quote from him. He said,

278
00:14:11,000 --> 00:14:13,320
Speaker 1: this might be hard to hear, but I think that

279
00:14:13,400 --> 00:14:16,520
Speaker 1: it is outrageous that somebody can come in and claim

280
00:14:16,640 --> 00:14:20,520
Speaker 1: ten twenty fifty thousand dollars without a description, or claim

281
00:14:20,560 --> 00:14:23,520
Speaker 1: the entire plan in the first week of their plan,

282
00:14:23,840 --> 00:14:25,360
Speaker 1: and then went on to say that if we don't

283
00:14:25,400 --> 00:14:28,320
Speaker 1: go back and tune the way the system is designed now,

284
00:14:28,760 --> 00:14:31,520
Speaker 1: I can tell you there is not sufficient judiciary to

285
00:14:31,560 --> 00:14:34,160
Speaker 1: process the cases we have in the pipeline in the country.

286
00:14:34,160 --> 00:14:37,320
Speaker 1: Now that that is pretty damning. And the scale and

287
00:14:37,360 --> 00:14:41,400
Speaker 1: the audacity of this whole thing, it is just remarkable.

288
00:14:41,520 --> 00:14:44,400
Speaker 1: There you go, Sean, what have you got, Houston?

289
00:14:44,960 --> 00:14:50,840
Speaker 2: I have a problem. How do I compete? GI? What?

290
00:14:50,920 --> 00:14:53,120
Speaker 2: I'd just like to make one comment on the ndies,

291
00:14:53,280 --> 00:14:55,800
Speaker 2: like it is a great scheme. One of the issues

292
00:14:55,840 --> 00:14:59,160
Speaker 2: is the number of people who genuinely need to access

293
00:14:59,200 --> 00:15:02,280
Speaker 2: it is much more than that thought. Like health Autism

294
00:15:02,320 --> 00:15:05,520
Speaker 2: is a great example. Far more people are being diagnosed

295
00:15:05,560 --> 00:15:07,960
Speaker 2: with autism than ever before, you know, Like that's kind

296
00:15:07,960 --> 00:15:10,840
Speaker 2: of like a supply side thing rather than demand side thing.

297
00:15:11,120 --> 00:15:14,040
Speaker 2: And that's a worry anyway. Second most remarkable story, he says,

298
00:15:14,040 --> 00:15:16,520
Speaker 2: with his fingers crossed, his legs crossed, and everything else crossed?

299
00:15:17,080 --> 00:15:20,520
Speaker 2: What really was more remarkable than that? Pretty remarkable story

300
00:15:21,200 --> 00:15:26,800
Speaker 2: this week? I'm gonew right.

301
00:15:27,720 --> 00:15:30,640
Speaker 1: No, no, no, no, she said, She just said, I'm going

302
00:15:30,720 --> 00:15:31,680
Speaker 1: to throw a few in.

303
00:15:32,160 --> 00:15:33,360
Speaker 3: That's more than one story.

304
00:15:34,320 --> 00:15:37,040
Speaker 2: My you colluded on the first one, you went first

305
00:15:37,080 --> 00:15:40,720
Speaker 2: on the second one. Shut up, right, let's talk about

306
00:15:40,840 --> 00:15:44,320
Speaker 2: end video. Everyone's favorite stock now worth three point one

307
00:15:44,640 --> 00:15:49,800
Speaker 2: trillion US dollars, surpassing Apple as the second largest company

308
00:15:49,840 --> 00:15:53,760
Speaker 2: on Wall Street. Apple's worth just only three trillion dollars.

309
00:15:54,080 --> 00:15:57,480
Speaker 2: Microsoft's the largest company, worth three point one five trillion

310
00:15:57,680 --> 00:16:00,480
Speaker 2: US dollars. The last time end Video was worth more

311
00:16:00,480 --> 00:16:02,880
Speaker 2: than Apple was two thousand and two. Now that's five

312
00:16:02,960 --> 00:16:05,760
Speaker 2: years before the iPhone released. Both companies worth about ten

313
00:16:05,920 --> 00:16:09,120
Speaker 2: billion dollars back then, and videos stock has jumped nearly

314
00:16:09,120 --> 00:16:12,000
Speaker 2: two hundred percent since late last year. No one is

315
00:16:12,040 --> 00:16:14,360
Speaker 2: happier about this. In the CEO, not because he runs

316
00:16:14,360 --> 00:16:17,120
Speaker 2: a company. His name is Jensen Huang, not because he

317
00:16:17,200 --> 00:16:19,440
Speaker 2: runs a company. It's because all his wealth is tied

318
00:16:19,520 --> 00:16:21,040
Speaker 2: up and then Video stock, and he's now worth about

319
00:16:21,040 --> 00:16:25,480
Speaker 2: one hundred and seven billion dollars. Truly remarkable. But there

320
00:16:25,520 --> 00:16:29,960
Speaker 2: is another truly remarkable, vaguely sort of related story that

321
00:16:30,040 --> 00:16:32,120
Speaker 2: should be part of my entry into this category because

322
00:16:32,160 --> 00:16:37,680
Speaker 2: it affects far more people than the ndis. It affects

323
00:16:37,760 --> 00:16:39,880
Speaker 2: the shareholders of banks, and given most of us have

324
00:16:39,920 --> 00:16:44,280
Speaker 2: a superannuation fund, then that's us. The banking sector is booming.

325
00:16:44,320 --> 00:16:47,520
Speaker 2: Comwealth Bank share price hit a new all time high

326
00:16:47,560 --> 00:16:49,920
Speaker 2: this week. It's now up thirty percent over the past

327
00:16:49,920 --> 00:16:52,520
Speaker 2: twelve months, not even the best before National Australia Bank's

328
00:16:52,600 --> 00:16:54,920
Speaker 2: up thirty eight percent. West Packs up thirty five A

329
00:16:55,000 --> 00:16:58,960
Speaker 2: and Z twenty eight percent. That's despite so these banks

330
00:16:58,960 --> 00:17:01,680
Speaker 2: are booming as good as them been in decades and

331
00:17:01,720 --> 00:17:06,760
Speaker 2: COmON off bank forever. Yet need interest margins. The difference

332
00:17:06,800 --> 00:17:09,080
Speaker 2: between a bank receives and loans and pays on deposits

333
00:17:09,520 --> 00:17:13,040
Speaker 2: is narrowing. Loan or rears a rising. That's customers who

334
00:17:13,080 --> 00:17:17,160
Speaker 2: fall behind in payments. Banks on historical perspective are very

335
00:17:17,280 --> 00:17:20,200
Speaker 2: very expensive. The economy is slowing. That should hurt business

336
00:17:20,280 --> 00:17:23,480
Speaker 2: and personal lending. Banking analysts have cell recommendations on it.

337
00:17:23,480 --> 00:17:28,399
Speaker 2: It is truly remarkable that the banks and their shareholders,

338
00:17:28,400 --> 00:17:34,320
Speaker 2: they're millions of shareholders are enjoying this boom period. That

339
00:17:34,480 --> 00:17:37,400
Speaker 2: truly is remarkable. Have I made it back from the moon?

340
00:17:37,560 --> 00:17:38,480
Speaker 2: I don't not know.

341
00:17:39,359 --> 00:17:42,120
Speaker 1: Could you just not decide on which story you were

342
00:17:42,119 --> 00:17:43,760
Speaker 1: going to do, and so you decided to.

343
00:17:43,720 --> 00:17:49,080
Speaker 2: Say as I specifically said, they are vaguely related.

344
00:17:50,920 --> 00:17:52,200
Speaker 1: Adam, you know what to do here?

345
00:17:52,640 --> 00:17:54,679
Speaker 2: There you go, Well, we know what he did with

346
00:17:54,720 --> 00:17:55,920
Speaker 2: a collutter on.

347
00:17:56,119 --> 00:17:59,920
Speaker 3: This is this is unprecedented territory.

348
00:18:00,600 --> 00:18:05,480
Speaker 4: But allow me to establish a view and then, no doubt,

349
00:18:05,840 --> 00:18:09,359
Speaker 4: bring on the chorus of objections.

350
00:18:09,400 --> 00:18:12,040
Speaker 3: Michael wins no objections.

351
00:18:12,800 --> 00:18:14,440
Speaker 1: No, I think this is so far.

352
00:18:15,480 --> 00:18:17,880
Speaker 2: So I don't think I can argue with that either.

353
00:18:18,000 --> 00:18:21,600
Speaker 4: Go on, No, it's such a massive story. And look,

354
00:18:22,000 --> 00:18:25,560
Speaker 4: well that's trying to sound too worthy about it. Really,

355
00:18:26,119 --> 00:18:30,080
Speaker 4: ripping off the vulnerable is a special kind of evil

356
00:18:30,800 --> 00:18:33,639
Speaker 4: and I'm just so offended by it.

357
00:18:33,720 --> 00:18:36,560
Speaker 2: But well, hold on, hold on, hold on. Sometimes it's

358
00:18:38,119 --> 00:18:41,480
Speaker 2: the so called vulnerable ripping off the system as well. So, yeah,

359
00:18:41,520 --> 00:18:43,679
Speaker 2: there are crooks involved, but there also a lot of

360
00:18:43,720 --> 00:18:47,960
Speaker 2: people accessing, as he said, fifty thousand dollars in the

361
00:18:47,960 --> 00:18:51,239
Speaker 2: first week of their year long plan, which they then

362
00:18:51,280 --> 00:18:54,280
Speaker 2: gone by Carmel. Absolutely, and so it's not just criminals.

363
00:18:54,280 --> 00:18:56,160
Speaker 2: It's actually well I suppose that it is criminal behavior,

364
00:18:56,400 --> 00:18:58,320
Speaker 2: but yes, individuals.

365
00:18:58,080 --> 00:19:02,480
Speaker 4: And that, indeed is my point. The scale of spending

366
00:19:02,560 --> 00:19:06,320
Speaker 4: and fraud is absolutely remarkable, as is the system that's

367
00:19:06,359 --> 00:19:08,720
Speaker 4: allowed it. So just to your point, Sean, how is

368
00:19:08,760 --> 00:19:12,280
Speaker 4: it feasible that everyone can frontload all the quick and

369
00:19:12,280 --> 00:19:15,040
Speaker 4: I need it this week? So the system is so

370
00:19:15,240 --> 00:19:18,200
Speaker 4: deeply flawed that it's allowed that, and I think every

371
00:19:18,240 --> 00:19:21,040
Speaker 4: taxpayer should be concerned by it. So, Michael, you win

372
00:19:21,119 --> 00:19:24,960
Speaker 4: on the remarkable story. Honorable second to Shaw in that

373
00:19:25,000 --> 00:19:28,199
Speaker 4: you started out playing out for points and then in

374
00:19:28,280 --> 00:19:29,840
Speaker 4: videos story is really.

375
00:19:29,520 --> 00:19:32,240
Speaker 3: Good totally, but the bank's.

376
00:19:31,920 --> 00:19:35,320
Speaker 4: Performance and its relationship within.

377
00:19:35,160 --> 00:19:37,720
Speaker 3: Video, to me, is not apparent.

378
00:19:38,800 --> 00:19:41,480
Speaker 2: They're all listed, Adam, you idiot, They're all listed on

379
00:19:41,520 --> 00:19:42,280
Speaker 2: the share market.

380
00:19:42,720 --> 00:19:44,199
Speaker 3: It's different market.

381
00:19:46,000 --> 00:19:50,120
Speaker 2: Well, it's a global market now, Michael, you'll find absolutely

382
00:19:50,840 --> 00:19:51,920
Speaker 2: absolutely related.

383
00:19:52,720 --> 00:19:55,240
Speaker 1: Oh my god, Adam, So what do we do with

384
00:19:55,280 --> 00:19:56,040
Speaker 1: this kind of score?

385
00:19:56,560 --> 00:19:57,240
Speaker 3: Michael?

386
00:19:57,480 --> 00:20:00,000
Speaker 4: Can I just say the score just in cases effect

387
00:20:00,280 --> 00:20:02,400
Speaker 4: things to nil to nil.

388
00:20:02,640 --> 00:20:04,760
Speaker 2: It's very hard to work with you too, when you

389
00:20:05,040 --> 00:20:09,359
Speaker 2: when you're just so stupid sometimes like what what's a

390
00:20:09,440 --> 00:20:11,240
Speaker 2: listed stock got to do with a listed stock?

391
00:20:12,480 --> 00:20:16,560
Speaker 4: Honestly doesn't he doesn't he take it gracefully.

392
00:20:16,680 --> 00:20:18,560
Speaker 2: I never had a chance to sit. As Michael started

393
00:20:18,600 --> 00:20:20,200
Speaker 2: going on with endos, I'm thinking.

394
00:20:20,080 --> 00:20:22,800
Speaker 3: Oh too, nil, it's hard to beat me.

395
00:20:23,000 --> 00:20:23,480
Speaker 2: I'm down.

396
00:20:23,720 --> 00:20:25,720
Speaker 3: Yeah, it's really a damage.

397
00:20:25,400 --> 00:20:27,720
Speaker 2: Control with the colluder at this point.

398
00:20:28,840 --> 00:20:30,159
Speaker 1: Adam, what are we going to do with him? And

399
00:20:30,200 --> 00:20:31,880
Speaker 1: so what do you just judge one of the two

400
00:20:32,000 --> 00:20:33,520
Speaker 1: stories welcoming back in the.

401
00:20:33,560 --> 00:20:36,960
Speaker 4: Second half, Michael, Michael, you one move on, be a

402
00:20:37,000 --> 00:20:37,640
Speaker 4: gracious winner.

403
00:20:38,200 --> 00:20:39,360
Speaker 1: Okay, number one.

404
00:20:39,560 --> 00:20:40,200
Speaker 3: I'm lost.

405
00:20:40,320 --> 00:20:43,720
Speaker 1: I'm not used to this. I'm not gracious in this position,

406
00:20:44,000 --> 00:20:46,720
Speaker 1: but also in this kind of position, I think W

407
00:20:47,040 --> 00:20:51,639
Speaker 1: W S D. What would Sean do? And sure and

408
00:20:51,720 --> 00:20:56,560
Speaker 1: Sean would put his foot on my throat and make sure.

409
00:20:56,400 --> 00:20:57,480
Speaker 3: You go for for Neil.

410
00:20:57,520 --> 00:21:00,440
Speaker 1: That's right that Adam was marking me down on every

411
00:21:00,600 --> 00:21:03,879
Speaker 1: possible category and criteria imaginable. So I just want to

412
00:21:03,920 --> 00:21:05,720
Speaker 1: make sure that it is treated fair.

413
00:21:05,760 --> 00:21:09,840
Speaker 2: Now one's finding this funny, Michael, I'm sorry to nil.

414
00:21:10,040 --> 00:21:12,000
Speaker 1: I find that highly amusing.

415
00:21:11,640 --> 00:21:14,160
Speaker 2: Show gentle when I find slightly irritating, and I mean

416
00:21:14,200 --> 00:21:19,600
Speaker 2: I deserve to go down to nil except accept not

417
00:21:19,760 --> 00:21:22,639
Speaker 2: one ounce of melodrama from you this week, Michael. I've

418
00:21:22,680 --> 00:21:25,040
Speaker 2: had plenty because my stories have been lesser than yours.

419
00:21:25,560 --> 00:21:27,960
Speaker 2: Yet Adam has gone back on his word that he

420
00:21:28,000 --> 00:21:28,880
Speaker 2: started with the whole show.

421
00:21:29,400 --> 00:21:30,159
Speaker 3: Oh no, no, no.

422
00:21:30,200 --> 00:21:35,719
Speaker 4: I think I recognized your exceptional melodramatic performance within the scores.

423
00:21:35,760 --> 00:21:37,840
Speaker 2: I thought Michelle Bullock saying, hell, yeah, it was good,

424
00:21:37,920 --> 00:21:40,600
Speaker 2: but you're still lost. That's can we get the break.

425
00:21:40,600 --> 00:21:42,720
Speaker 1: We're gonna take a quick break. We're just gonna settle

426
00:21:42,720 --> 00:21:44,200
Speaker 1: things down a little bit. We're gonna have a cup

427
00:21:44,200 --> 00:21:47,360
Speaker 1: of tea. We're just gonna cut it. No bringing on

428
00:21:47,400 --> 00:21:50,399
Speaker 1: we're gonna liven things up afterwards for the sleeper story

429
00:21:50,400 --> 00:21:58,080
Speaker 1: of the week. All right, Sean, we're looking for a

430
00:21:58,119 --> 00:22:00,200
Speaker 1: sleeper story of the week now. A sleeper story is,

431
00:22:00,240 --> 00:22:02,119
Speaker 1: of course, a story that's flying under the radar a

432
00:22:02,160 --> 00:22:04,400
Speaker 1: little bit, not getting the attention that we think it deserves,

433
00:22:04,400 --> 00:22:07,960
Speaker 1: and so we are exposing it for everybody to see.

434
00:22:08,520 --> 00:22:11,120
Speaker 1: Why do you laugh when I talk about exposing things.

435
00:22:11,440 --> 00:22:14,960
Speaker 3: Adam, because I know the mind that was behind the

436
00:22:15,000 --> 00:22:15,880
Speaker 3: words my coors.

437
00:22:16,000 --> 00:22:18,600
Speaker 1: Yes, yes, it was in the gutter when I said that.

438
00:22:18,880 --> 00:22:22,040
Speaker 1: Now I'm going to go first on this one, the

439
00:22:22,520 --> 00:22:23,880
Speaker 1: sleeper story.

440
00:22:24,000 --> 00:22:29,439
Speaker 2: The long I work with you too to further my credibility.

441
00:22:29,480 --> 00:22:33,560
Speaker 3: Guys, stand proud, Sean impervious.

442
00:22:32,800 --> 00:22:34,120
Speaker 2: I will stand proud.

443
00:22:34,840 --> 00:22:36,639
Speaker 1: I have done a lot of damage to both of you.

444
00:22:37,280 --> 00:22:41,040
Speaker 1: Now for my sleeper story, here we go. I would

445
00:22:41,119 --> 00:22:45,040
Speaker 1: like you both to cast your mind back way back

446
00:22:45,400 --> 00:22:51,840
Speaker 1: in history. The year is twenty twenty two. Medibank Private

447
00:22:52,000 --> 00:22:55,080
Speaker 1: has just been hacked by Russian cyber criminals. The medical

448
00:22:55,119 --> 00:22:57,920
Speaker 1: details of nine point seven million Australians are now on

449
00:22:57,960 --> 00:23:00,400
Speaker 1: the dark web, being released bit by bit. These were

450
00:23:00,480 --> 00:23:03,439
Speaker 1: dark days back in twenty twenty two. Now fast forward,

451
00:23:04,160 --> 00:23:07,600
Speaker 1: many many many, many, many months to twenty twenty four,

452
00:23:08,200 --> 00:23:10,840
Speaker 1: and Medibank's chickens have come home to roost in the

453
00:23:10,840 --> 00:23:11,800
Speaker 1: form of a watchdog.

454
00:23:12,000 --> 00:23:14,880
Speaker 2: See given the outbreak of Avian flu, I think that's

455
00:23:14,920 --> 00:23:15,639
Speaker 2: just bad taste.

456
00:23:16,080 --> 00:23:19,960
Speaker 1: Actually it probably is. That is a horrendously mixed metaphor,

457
00:23:20,119 --> 00:23:22,880
Speaker 1: isn't it. Yes, yes, but you know what, I'm sticking

458
00:23:22,880 --> 00:23:27,560
Speaker 1: with it because the Office of the Australian Information Commissioner

459
00:23:28,520 --> 00:23:33,320
Speaker 1: is taking action not against the Russian hackers but against

460
00:23:33,359 --> 00:23:37,720
Speaker 1: Medibank Private for failing to protect the details of their customers.

461
00:23:37,720 --> 00:23:42,240
Speaker 1: And this could be theoretically be very very very costly.

462
00:23:42,400 --> 00:23:43,440
Speaker 1: The watchdog alleges.

463
00:23:43,560 --> 00:23:44,919
Speaker 2: Are you saying it's bad that they're doing this?

464
00:23:45,480 --> 00:23:48,440
Speaker 1: I'm getting to my points, Sholy, Sorry, apologies, that's fine.

465
00:23:48,760 --> 00:23:52,439
Speaker 1: The watchdog alleges contraventions of Section thirteen G of the

466
00:23:52,480 --> 00:23:55,959
Speaker 1: Privacy Act for each of Medibank's nine point seven million customers.

467
00:23:56,000 --> 00:23:58,600
Speaker 1: There is a maximum penalty here of up to two

468
00:23:58,680 --> 00:24:01,360
Speaker 1: point two to two million dollar each for each one

469
00:24:01,400 --> 00:24:04,960
Speaker 1: of those individual accounts. Now, just a bit of quick mass,

470
00:24:04,960 --> 00:24:07,439
Speaker 1: which is my specialty, of course, that would end up

471
00:24:07,600 --> 00:24:12,840
Speaker 1: being twenty one point five trillion dollars. That Medibank would

472
00:24:12,880 --> 00:24:15,480
Speaker 1: be on the hook for can you imagine just for

473
00:24:15,560 --> 00:24:19,119
Speaker 1: a moment, what that would do to health insurance premiums

474
00:24:19,480 --> 00:24:22,159
Speaker 1: for the customers at medibank. It is not going to

475
00:24:22,160 --> 00:24:24,399
Speaker 1: happen because in the real world the fine will not

476
00:24:24,440 --> 00:24:29,880
Speaker 1: be anything like that. But what this is, what this is, yes,

477
00:24:30,119 --> 00:24:34,639
Speaker 1: is a sleeper story because this action by the watchdog

478
00:24:34,920 --> 00:24:39,040
Speaker 1: will be a wake up call to businesses, to companies

479
00:24:39,320 --> 00:24:43,240
Speaker 1: right around the country, to management, to boards, because it

480
00:24:43,280 --> 00:24:47,359
Speaker 1: shows exactly where the responsibility lies. The companies have an

481
00:24:47,400 --> 00:24:50,600
Speaker 1: obligation to their customers to protect their data and if

482
00:24:50,640 --> 00:24:56,040
Speaker 1: they don't, the consequences can be dire. What a sleeper

483
00:24:56,080 --> 00:24:58,280
Speaker 1: story one for the ages.

484
00:24:58,800 --> 00:25:00,960
Speaker 2: Are you just giving up because you're up to nil?

485
00:25:01,520 --> 00:25:03,199
Speaker 2: So you just haven't a crack it in it? That

486
00:25:03,320 --> 00:25:06,119
Speaker 2: is such a ridiculous So a regulator has a go

487
00:25:06,200 --> 00:25:10,240
Speaker 2: with someone for losing data and it's a sleeper story to.

488
00:25:10,280 --> 00:25:14,800
Speaker 1: Wake up call Sean, which it seems kind of appropriate.

489
00:25:14,520 --> 00:25:17,960
Speaker 2: To keep trying. I know you're leading. You can't lose

490
00:25:18,119 --> 00:25:21,159
Speaker 2: to nil, but you got to keep trying. Michael, No, no,

491
00:25:21,320 --> 00:25:22,520
Speaker 2: you know what I am.

492
00:25:22,840 --> 00:25:25,520
Speaker 1: I am confident, I am fueled by my success in

493
00:25:25,560 --> 00:25:28,120
Speaker 1: the first half. I know what I've done. I'm sticking

494
00:25:28,119 --> 00:25:29,800
Speaker 1: with it. I'm sure of myself.

495
00:25:30,480 --> 00:25:33,360
Speaker 2: It's in the bag. Sean, Well, it might be the bag,

496
00:25:33,400 --> 00:25:34,240
Speaker 2: but you've got to keep trying.

497
00:25:34,320 --> 00:25:37,480
Speaker 3: You can't have a story like Injurious disposition. No, you

498
00:25:37,520 --> 00:25:39,760
Speaker 3: know what, Adam, You know what with people.

499
00:25:39,520 --> 00:25:41,840
Speaker 1: Like Sean, you just you need to stand up to them,

500
00:25:41,920 --> 00:25:47,080
Speaker 1: don't you. Yep, I was going to say that. Anyway,

501
00:25:47,080 --> 00:25:47,960
Speaker 1: What have you got, Sean?

502
00:25:48,320 --> 00:25:52,320
Speaker 2: Or keep trying, mister Lang. This is the title. My

503
00:25:52,400 --> 00:25:54,919
Speaker 2: sleeper story is a tale of Chinese interests trying to

504
00:25:54,960 --> 00:25:58,520
Speaker 2: skip into Australia and dominate our mineral supply while we

505
00:25:58,520 --> 00:26:03,239
Speaker 2: were sleeping Northern Minerals. No one had heard of him

506
00:26:03,240 --> 00:26:07,000
Speaker 2: before this week. Really, it minds that dysprosium and urbium,

507
00:26:07,080 --> 00:26:09,719
Speaker 2: never having done chemistry at school, no idea where they

508
00:26:09,720 --> 00:26:12,159
Speaker 2: are on the table thing that they talk about, but

509
00:26:12,680 --> 00:26:16,440
Speaker 2: periodic table disprosium andum, little known minerals they're using the

510
00:26:16,440 --> 00:26:20,480
Speaker 2: production of high performance magnets, batteries and defense equipment. Now,

511
00:26:20,640 --> 00:26:23,760
Speaker 2: a guy called Wu Tao, a Chinese businessman, bought nine

512
00:26:23,800 --> 00:26:28,160
Speaker 2: point nine percent of Northern Minerals a few years back. Then,

513
00:26:28,240 --> 00:26:29,800
Speaker 2: a couple of years ago, he tried to up it

514
00:26:29,800 --> 00:26:32,880
Speaker 2: to nineteen point nine percent. Mister Wu is a big

515
00:26:32,920 --> 00:26:37,359
Speaker 2: wig in the Chinese rare earth's world. He was knocked

516
00:26:37,359 --> 00:26:39,480
Speaker 2: backed by the Foreign Investment Review Board a couple of

517
00:26:39,560 --> 00:26:43,080
Speaker 2: years ago. They said, on national interests reasons, you can't

518
00:26:43,080 --> 00:26:45,600
Speaker 2: get to nineteen point nine percent. Wu is now accused

519
00:26:45,600 --> 00:26:48,160
Speaker 2: of orchestrating the buying of shares in the company via

520
00:26:48,200 --> 00:26:51,520
Speaker 2: a series of related entities and parties. He's basically used

521
00:26:51,800 --> 00:26:56,080
Speaker 2: kind of other companies and friends to buy up Northern Minerals.

522
00:26:56,080 --> 00:26:59,679
Speaker 2: That's the allegation. When the buying began last year, the

523
00:26:59,720 --> 00:27:02,400
Speaker 2: Sea of Northern Minerals, Nick Curtis reported to the Foreign

524
00:27:02,440 --> 00:27:07,280
Speaker 2: Investment Review Board fair enough. Shareholders then attempted to remove

525
00:27:07,359 --> 00:27:11,639
Speaker 2: him as a director, shareholders being some of these Chinese interests.

526
00:27:11,800 --> 00:27:15,000
Speaker 2: Mister Curtis actually resigned from the board instead. This is

527
00:27:15,040 --> 00:27:17,520
Speaker 2: only a couple of weeks ago. This week, Federal Treasury

528
00:27:17,600 --> 00:27:20,640
Speaker 2: Jim Charmers ordered companies associated with WO to sell down

529
00:27:20,760 --> 00:27:25,360
Speaker 2: their stakes. Such disposal orders are extremely rare in commercial

530
00:27:25,400 --> 00:27:28,280
Speaker 2: matters in Australia. The implication is that Chalmers has used

531
00:27:28,320 --> 00:27:32,000
Speaker 2: his power to prevent a surreptitious attempt by Chinese interest

532
00:27:32,080 --> 00:27:35,840
Speaker 2: to grab control of a promising Australian miner. That is

533
00:27:35,880 --> 00:27:38,600
Speaker 2: a good sleeper story. But there's more. The day after

534
00:27:38,600 --> 00:27:42,199
Speaker 2: the announcement, data hacked from Northern Minerals was released on

535
00:27:42,240 --> 00:27:45,199
Speaker 2: the dark web. The Australia reported that the hackers who

536
00:27:45,240 --> 00:27:47,840
Speaker 2: accessed the company systems in March had previously demanded a

537
00:27:47,840 --> 00:27:51,080
Speaker 2: cash payment in exchange for a promise to delete the data.

538
00:27:51,520 --> 00:27:54,720
Speaker 2: The ransom was refused by Northern Minerals. Suddenly it appears

539
00:27:54,840 --> 00:27:58,200
Speaker 2: on the dark web the day after Jim Chalmers said

540
00:27:58,440 --> 00:28:00,760
Speaker 2: you've got to get rid of some of your some

541
00:28:00,800 --> 00:28:03,840
Speaker 2: of your holdings. Now I'm not actually saying they're related,

542
00:28:04,080 --> 00:28:06,719
Speaker 2: but the timing is interesting. In the day after that

543
00:28:06,800 --> 00:28:10,320
Speaker 2: for Chinese backed shareholders, including mister Wu Wren, to be

544
00:28:10,359 --> 00:28:13,280
Speaker 2: directors of the company at a long delayed AGM. They

545
00:28:13,280 --> 00:28:15,800
Speaker 2: failed to get up, but mister Woo almost got there.

546
00:28:16,520 --> 00:28:19,359
Speaker 2: This is an amazing tailor really of a foreign interest

547
00:28:19,440 --> 00:28:21,800
Speaker 2: trying to slip under the radar and gain control of

548
00:28:21,800 --> 00:28:26,200
Speaker 2: a very strategically important Australian company. It actually makes you

549
00:28:26,240 --> 00:28:28,720
Speaker 2: wonder how many more are out there like this. And

550
00:28:28,760 --> 00:28:31,600
Speaker 2: these are real sleeper stories, because fortunately this one was caught.

551
00:28:31,880 --> 00:28:34,240
Speaker 2: But I wonder how many others are out there like that.

552
00:28:34,520 --> 00:28:38,440
Speaker 2: Just a cracking yarn this week, and actually a worthy

553
00:28:38,680 --> 00:28:42,360
Speaker 2: entry into this category as opposed to my not so

554
00:28:42,480 --> 00:28:46,640
Speaker 2: learned friend.

555
00:28:45,000 --> 00:28:52,520
Speaker 1: Ah, that seems unnecessarily cruel. I don't know, Adam, Yes,

556
00:28:52,640 --> 00:28:54,720
Speaker 1: what do you think? Well, as we went to the

557
00:28:54,760 --> 00:28:57,280
Speaker 1: halftime break, Sean had had.

558
00:28:57,160 --> 00:28:58,440
Speaker 3: A tough first half.

559
00:28:58,800 --> 00:28:59,360
Speaker 2: I'm liking this.

560
00:28:59,400 --> 00:29:01,320
Speaker 4: So if this was a game of rugby, he has

561
00:29:01,520 --> 00:29:03,280
Speaker 4: just launched in the second half.

562
00:29:03,360 --> 00:29:04,520
Speaker 3: That was brilliant.

563
00:29:04,880 --> 00:29:08,760
Speaker 4: So I think this is so fascinating the you know,

564
00:29:08,760 --> 00:29:11,320
Speaker 4: we've got wine and beef back in the trade agenda,

565
00:29:11,360 --> 00:29:14,800
Speaker 4: We've got international airways are being monitored, you know, China

566
00:29:14,840 --> 00:29:17,920
Speaker 4: and Australian planes in the air, and we've got Jim

567
00:29:18,000 --> 00:29:21,040
Speaker 4: Chalmers using disposal powers. There is so much in the

568
00:29:21,120 --> 00:29:24,760
Speaker 4: geopolitical arena that's interesting about this, and I think that

569
00:29:24,800 --> 00:29:27,959
Speaker 4: has to win for sleeper story of the week, So Michael,

570
00:29:28,080 --> 00:29:32,880
Speaker 4: I have to acknowledge too though, just exceptional levels of theater. Again,

571
00:29:33,280 --> 00:29:36,920
Speaker 4: very commendable, but on the story itself, Sean has to win.

572
00:29:38,000 --> 00:29:41,320
Speaker 2: Thing a Poul winner. He gets melodrama points. Yeah right, yeah, thanks.

573
00:29:42,040 --> 00:29:43,480
Speaker 3: Yours was also quite commendable.

574
00:29:44,760 --> 00:29:47,720
Speaker 2: Story. Yeah, too good a story? How you go right?

575
00:29:47,760 --> 00:29:49,360
Speaker 2: A favorite story? Can I go first?

576
00:29:49,440 --> 00:29:52,560
Speaker 1: Michael, Yes, so, adjusting the scores to I had gone

577
00:29:52,600 --> 00:29:54,240
Speaker 1: off a little early on my little score sheet here.

578
00:29:54,240 --> 00:29:59,520
Speaker 1: I'd already written three nil. Revise that down, adjusting the

579
00:29:59,560 --> 00:30:02,440
Speaker 1: score two to one. Lovely goodness me, all right, sure,

580
00:30:02,920 --> 00:30:04,680
Speaker 1: bring it home. What's your favorite story?

581
00:30:04,920 --> 00:30:08,560
Speaker 2: My favorite story is all about the consumer. It's about economics.

582
00:30:08,600 --> 00:30:11,640
Speaker 2: It's about every single one of us that shops, so

583
00:30:12,240 --> 00:30:15,760
Speaker 2: not just local, international as well huge. I'm talking about

584
00:30:15,760 --> 00:30:19,720
Speaker 2: the different ways retailers are thinking about attracting customers, and

585
00:30:19,760 --> 00:30:22,280
Speaker 2: it's actually good for customers. We have this cost of

586
00:30:22,360 --> 00:30:24,800
Speaker 2: living crisis going on at the moment and high interest

587
00:30:24,840 --> 00:30:28,840
Speaker 2: rates around the world, and retailers are finding that sales are,

588
00:30:29,000 --> 00:30:31,720
Speaker 2: if not falling, they're certainly not growing as fast. So

589
00:30:31,760 --> 00:30:35,800
Speaker 2: they're trying all sorts of things to become more attractive

590
00:30:36,000 --> 00:30:39,440
Speaker 2: to customers walking in the door. Now. This week, the

591
00:30:39,560 --> 00:30:42,120
Speaker 2: US pharmacy group Walgreens, which is massive, it said it's

592
00:30:42,160 --> 00:30:45,000
Speaker 2: going to lower prices on over a thousand items. Target.

593
00:30:45,040 --> 00:30:49,320
Speaker 2: The US Target announced price cuts on five thousand food products.

594
00:30:50,280 --> 00:30:52,680
Speaker 2: It's not overly innovative, but it's great to see that

595
00:30:52,720 --> 00:30:57,040
Speaker 2: for customers. Walmart in April introduced a private label food

596
00:30:57,040 --> 00:30:59,080
Speaker 2: line for the first time, bit behind some of the

597
00:30:59,080 --> 00:31:02,000
Speaker 2: plate guys here, but seventy percent of the products in

598
00:31:02,040 --> 00:31:06,200
Speaker 2: that line will cost less than five dollars. I care

599
00:31:06,520 --> 00:31:09,800
Speaker 2: they're starting to drop prices. During the March quarter earnings

600
00:31:09,840 --> 00:31:12,360
Speaker 2: updates in the US, some of the US companies said

601
00:31:12,360 --> 00:31:14,800
Speaker 2: they planned to slow price increases find other ways to

602
00:31:14,840 --> 00:31:18,080
Speaker 2: expand profit Starbucks, Coca Cola, and those sorts of guys.

603
00:31:18,640 --> 00:31:20,800
Speaker 2: The one I thought was really fascinating was fast food

604
00:31:20,800 --> 00:31:24,480
Speaker 2: group Wendy. It floated the idea of pricing goods differently

605
00:31:24,600 --> 00:31:28,520
Speaker 2: depending on peak demand periods. So, you know, Wendy's basically

606
00:31:28,560 --> 00:31:31,320
Speaker 2: ice creams between three point thirty and five, when kids

607
00:31:31,320 --> 00:31:34,000
Speaker 2: get out of school and rush to Wendy's, up the prices.

608
00:31:34,240 --> 00:31:38,840
Speaker 2: Between you know, ten and eleven thirty, when those retirees

609
00:31:39,280 --> 00:31:42,400
Speaker 2: spending their money up the prices. However, you know, at

610
00:31:42,400 --> 00:31:45,520
Speaker 2: two o'clock an ice cream might cost less. Very kind

611
00:31:45,520 --> 00:31:50,120
Speaker 2: of economically sound. May never fly. Even McDonald's is struggling

612
00:31:50,600 --> 00:31:53,120
Speaker 2: like it's placing a consumer backlash because the average cost

613
00:31:53,160 --> 00:31:55,200
Speaker 2: of Big Mac is up about twenty percent over the

614
00:31:55,200 --> 00:31:58,240
Speaker 2: past five years. It just it's a really interesting tale

615
00:31:58,280 --> 00:32:02,120
Speaker 2: of how the economy works. My favorite story as an economist,

616
00:32:02,560 --> 00:32:03,800
Speaker 2: my favorite story of the week.

617
00:32:05,560 --> 00:32:07,960
Speaker 1: I love that you started by talking about how it's

618
00:32:07,960 --> 00:32:12,160
Speaker 1: all about innovative thinking by retailers, and it wasn't until

619
00:32:12,160 --> 00:32:14,000
Speaker 1: we finally got to Wendy's that there was a little

620
00:32:14,000 --> 00:32:15,240
Speaker 1: bit of innovation.

621
00:32:15,440 --> 00:32:18,959
Speaker 2: Michael, Michael, Michael, Well, cutting prices it is innovative. I

622
00:32:18,960 --> 00:32:20,920
Speaker 2: don't come and critique your story.

623
00:32:21,120 --> 00:32:25,120
Speaker 1: Never been tried before, Sewan. Let's get more customers who

624
00:32:25,120 --> 00:32:27,000
Speaker 1: that I had to do that? Could we take a

625
00:32:27,000 --> 00:32:30,120
Speaker 1: little bit off the top ten percent of anyway, Look,

626
00:32:30,160 --> 00:32:33,200
Speaker 1: that's just minor details. I'm trying on being shorn for once,

627
00:32:33,240 --> 00:32:35,720
Speaker 1: and it's not very comfortable, to be honest, this.

628
00:32:35,680 --> 00:32:38,080
Speaker 3: Is a baffling role play change.

629
00:32:38,320 --> 00:32:38,800
Speaker 1: Yeah, I know.

630
00:32:39,040 --> 00:32:41,400
Speaker 2: Just listening to that wasn't very comfortable either, So me

631
00:32:41,480 --> 00:32:43,720
Speaker 2: being Michael wasn't really comfortable. So let's go back to

632
00:32:43,720 --> 00:32:44,440
Speaker 2: our old.

633
00:32:44,920 --> 00:32:47,320
Speaker 1: I'm taking off my shorn suit and putting.

634
00:32:47,120 --> 00:32:49,360
Speaker 2: Back on the or put your pants back on, Michael.

635
00:32:49,640 --> 00:32:51,160
Speaker 1: Putting on the birthday suit instead.

636
00:32:51,200 --> 00:32:51,640
Speaker 2: Here we go.

637
00:32:51,760 --> 00:32:53,880
Speaker 1: This is alive and things up. No, I'm just kidding.

638
00:32:53,880 --> 00:32:57,480
Speaker 1: I'm fully closed okay, favorite story. I had a little

639
00:32:57,480 --> 00:33:00,400
Speaker 1: bit a little bit of trouble picking a favorite story

640
00:33:00,400 --> 00:33:03,800
Speaker 1: this week because really, really, when I looked back across

641
00:33:03,840 --> 00:33:06,400
Speaker 1: the week, they were all so good. There were so

642
00:33:06,560 --> 00:33:11,000
Speaker 1: many options. So I'm doing something a little bit unusual

643
00:33:11,280 --> 00:33:14,400
Speaker 1: today with my favorite story. I'm going to choose one

644
00:33:14,640 --> 00:33:17,440
Speaker 1: entirely at random from all the stories that we have

645
00:33:17,520 --> 00:33:21,200
Speaker 1: covered throughout the week. I've got them all here, Adam.

646
00:33:21,400 --> 00:33:23,400
Speaker 2: Do you feel that there's a little bit of melodrama

647
00:33:23,440 --> 00:33:24,200
Speaker 2: in this story yet?

648
00:33:24,320 --> 00:33:24,920
Speaker 3: No?

649
00:33:24,920 --> 00:33:25,880
Speaker 1: No, this is Michael.

650
00:33:25,960 --> 00:33:27,160
Speaker 2: No, No, I'm talking to Adam.

651
00:33:27,240 --> 00:33:30,520
Speaker 4: It's like the theme music kicking a bit of dry

652
00:33:30,560 --> 00:33:33,440
Speaker 4: eyes smoke coming onto the stage before the main actor

653
00:33:33,440 --> 00:33:33,800
Speaker 4: comes in.

654
00:33:33,880 --> 00:33:38,160
Speaker 1: I am firing up my random story generator here. I

655
00:33:38,200 --> 00:33:40,320
Speaker 1: have put all of the stories from the week in

656
00:33:41,160 --> 00:33:44,200
Speaker 1: and I'm going to pluck one out at random. And

657
00:33:44,320 --> 00:33:47,360
Speaker 1: here it is, without any planning whatsoever. Do we have

658
00:33:47,440 --> 00:33:52,480
Speaker 1: any fans of the Wu Tang clan here in the room, Adam?

659
00:33:53,360 --> 00:33:57,280
Speaker 1: I could see your eyes lighting up. What is what

660
00:33:57,640 --> 00:34:01,560
Speaker 1: a coincidence? Well, you might just be interested in this story.

661
00:34:01,800 --> 00:34:06,560
Speaker 1: This morning, the Mona Gallery in Tasmania is about to

662
00:34:06,640 --> 00:34:10,239
Speaker 1: exhibit an album, Adam, that is so rare and so

663
00:34:10,360 --> 00:34:13,160
Speaker 1: valuable that only a few people, only a handful of people,

664
00:34:13,480 --> 00:34:17,080
Speaker 1: have ever actually listened to it. Now this is look,

665
00:34:17,280 --> 00:34:20,080
Speaker 1: just look at this. This is really quite remarkable. I've

666
00:34:20,200 --> 00:34:22,719
Speaker 1: struck it lucky with this story, picking this one out

667
00:34:22,760 --> 00:34:27,120
Speaker 1: at random. The album apparently is called Once Once upon

668
00:34:27,160 --> 00:34:29,680
Speaker 1: a Time in Showerlin. It was recorded in secret by

669
00:34:29,719 --> 00:34:31,880
Speaker 1: the Wu Tang clan and produced over a period of

670
00:34:31,920 --> 00:34:37,479
Speaker 1: six years. They made they made one single, just one

671
00:34:38,080 --> 00:34:42,640
Speaker 1: two CD copy, and then get this, they deleted all

672
00:34:42,840 --> 00:34:46,399
Speaker 1: the original master files so they can never make any more.

673
00:34:46,760 --> 00:34:49,560
Speaker 1: They wrapped the album up in a in a legal

674
00:34:49,600 --> 00:34:54,200
Speaker 1: agreement that says it can't be commercially exploited until twenty

675
00:34:54,280 --> 00:35:02,080
Speaker 1: one three, So that is another seventy something years. Look

676
00:35:02,280 --> 00:35:07,239
Speaker 1: mind going a look at the brain just scrambling is

677
00:35:07,360 --> 00:35:11,080
Speaker 1: your quick match to gain another seventy something years until

678
00:35:11,080 --> 00:35:13,200
Speaker 1: someone can whip out the CD burner and make a

679
00:35:13,239 --> 00:35:16,120
Speaker 1: copy of this album. In the meantime, there is just

680
00:35:16,239 --> 00:35:20,040
Speaker 1: this one copy in a special nickel silver casing. It's

681
00:35:20,080 --> 00:35:21,960
Speaker 1: going to be at Mona for just over a week,

682
00:35:22,239 --> 00:35:24,720
Speaker 1: where a limited number of tickets are available to listen

683
00:35:24,760 --> 00:35:28,120
Speaker 1: to a curated thirty six minute mix from the album

684
00:35:28,520 --> 00:35:32,680
Speaker 1: played from a personalized Wu Tang PlayStation one. And what

685
00:35:32,719 --> 00:35:34,560
Speaker 1: I love about this story. What I really love about

686
00:35:34,560 --> 00:35:36,480
Speaker 1: this which of course I'm only just finding out now

687
00:35:36,520 --> 00:35:39,440
Speaker 1: because all of this was entirely unplanned. I'm researching it

688
00:35:39,480 --> 00:35:42,879
Speaker 1: as we go, is the journey that the album has

689
00:35:42,960 --> 00:35:45,640
Speaker 1: had over the last decade or so. It was sold

690
00:35:45,800 --> 00:35:49,319
Speaker 1: at an auction in twenty fifteen for a record two

691
00:35:49,400 --> 00:35:53,400
Speaker 1: million US dollars to Martin Squelly, who tried and failed

692
00:35:53,400 --> 00:35:56,600
Speaker 1: to sell it on eBay. If that name does sound familiar,

693
00:35:56,640 --> 00:36:00,160
Speaker 1: he's one of the most notorious and controversial businessmen in

694
00:36:00,200 --> 00:36:03,120
Speaker 1: recent years. He hiked the price of a life saving

695
00:36:03,320 --> 00:36:06,400
Speaker 1: HIV drug by five thousand percent, and you can imagine

696
00:36:06,400 --> 00:36:08,680
Speaker 1: how that went down. It was a pretty awful time

697
00:36:08,719 --> 00:36:12,280
Speaker 1: in the US kind of corporate news. He was jailed

698
00:36:12,320 --> 00:36:13,080
Speaker 1: for What.

699
00:36:13,560 --> 00:36:14,399
Speaker 3: The hell has this got?

700
00:36:14,800 --> 00:36:18,160
Speaker 1: It is color, Sean, It is adding the context.

701
00:36:18,880 --> 00:36:19,960
Speaker 3: It is a journey.

702
00:36:20,000 --> 00:36:22,600
Speaker 2: I got to say, I had stopped listening and then

703
00:36:22,680 --> 00:36:25,000
Speaker 2: the next thing I hear is selling something something on

704
00:36:25,080 --> 00:36:26,879
Speaker 2: eBay or and I'm like, what the hell that's got

705
00:36:26,880 --> 00:36:28,880
Speaker 2: to do with his story? I'm confused.

706
00:36:28,920 --> 00:36:29,760
Speaker 3: Bring it home, Michael.

707
00:36:29,880 --> 00:36:32,319
Speaker 1: It is the journey. It is the journey that this

708
00:36:32,440 --> 00:36:36,600
Speaker 1: extraordinary album has taken to get to Tasmania. This man

709
00:36:36,680 --> 00:36:40,120
Speaker 1: was jailed for defrauding investors. The US Department of Justice

710
00:36:40,440 --> 00:36:43,040
Speaker 1: seized assets, and you know what one of those assets.

711
00:36:42,840 --> 00:36:43,680
Speaker 3: Was that they seized.

712
00:36:44,080 --> 00:36:48,040
Speaker 1: They seized this album, this rare, one of a kind album.

713
00:36:48,239 --> 00:36:50,279
Speaker 1: They sold it to a digital art collector for four

714
00:36:50,280 --> 00:36:54,839
Speaker 1: million dollars. And now now it's wound its way down

715
00:36:54,960 --> 00:36:58,279
Speaker 1: to the Southern Hemisphere, just probably on a plane, walked

716
00:36:58,520 --> 00:37:01,560
Speaker 1: landed at Mona, where it's going to be treated like

717
00:37:01,719 --> 00:37:04,960
Speaker 1: a work of art and where I am sure Adam

718
00:37:05,160 --> 00:37:07,560
Speaker 1: will be lining up to listen to it. What an

719
00:37:07,600 --> 00:37:12,400
Speaker 1: extraordinary stroke of luck that this was my randomly selected

720
00:37:12,400 --> 00:37:16,520
Speaker 1: favorite story of the week. Adam, do you agree?

721
00:37:17,600 --> 00:37:18,239
Speaker 3: Wow?

722
00:37:19,040 --> 00:37:23,280
Speaker 4: Okay, So Michael, your story machine got cranked up, and

723
00:37:23,440 --> 00:37:25,799
Speaker 4: what we end up is the Wu Tang Clan. Did

724
00:37:25,800 --> 00:37:28,600
Speaker 4: this story machine inform you of any of the members

725
00:37:28,640 --> 00:37:29,760
Speaker 4: of the Wu Tang clan?

726
00:37:30,080 --> 00:37:32,480
Speaker 1: I need I need a deal breaking here, because yes,

727
00:37:32,520 --> 00:37:34,320
Speaker 1: go on a bit lost.

728
00:37:34,719 --> 00:37:37,200
Speaker 3: So, Michael, any members that you can name without googling

729
00:37:37,239 --> 00:37:37,920
Speaker 3: the machine?

730
00:37:38,040 --> 00:37:39,920
Speaker 2: Fingers to yourself, fingers to yourself.

731
00:37:40,800 --> 00:37:42,359
Speaker 1: I mean there's so many I wouldn't want to name

732
00:37:42,400 --> 00:37:43,319
Speaker 1: one and leave some out.

733
00:37:43,400 --> 00:37:45,239
Speaker 3: So let's just take that as a no.

734
00:37:45,520 --> 00:37:47,080
Speaker 2: Isn't there about isn't there about nine?

735
00:37:47,160 --> 00:37:47,560
Speaker 3: Or something like?

736
00:37:47,560 --> 00:37:50,439
Speaker 1: This is a bunch of them, Steve, I think there's

737
00:37:50,480 --> 00:37:51,359
Speaker 1: at least ten.

738
00:37:52,680 --> 00:37:57,720
Speaker 2: Is there a John? Maybe? So what about a Charlie? Perhaps?

739
00:37:58,000 --> 00:38:03,360
Speaker 4: Just give you a couple of names. Inspector, Deck, ghost Face, Killer,

740
00:38:04,120 --> 00:38:07,120
Speaker 4: Old Dirty Bars, method man.

741
00:38:07,600 --> 00:38:09,760
Speaker 2: How do you know this? Do you just know this stuff?

742
00:38:09,800 --> 00:38:11,080
Speaker 2: Adam Well?

743
00:38:11,760 --> 00:38:14,120
Speaker 4: I was fascinated by the Wu Tang Clan when they

744
00:38:14,160 --> 00:38:16,480
Speaker 4: first came out, and they had a line of clothing

745
00:38:16,520 --> 00:38:19,600
Speaker 4: called Woo Wear, which was very gregarious.

746
00:38:19,640 --> 00:38:21,319
Speaker 3: Not my cup of tea, but I did like it.

747
00:38:21,840 --> 00:38:27,040
Speaker 1: You're gregarious. I just don't sell yourself short. But I mean, look,

748
00:38:27,280 --> 00:38:29,840
Speaker 1: I mean sure Wu Tang Clan is not really my

749
00:38:29,920 --> 00:38:31,920
Speaker 1: cup of tea, but I can still be fascinated by

750
00:38:31,920 --> 00:38:34,879
Speaker 1: the story and the fact that this album is so rare,

751
00:38:35,040 --> 00:38:36,319
Speaker 1: one of the kind of it is going to be

752
00:38:36,400 --> 00:38:38,600
Speaker 1: here in Australia, the fact that it's even kind of

753
00:38:38,640 --> 00:38:40,360
Speaker 1: that there will be people getting to listen to it

754
00:38:40,440 --> 00:38:44,800
Speaker 1: when really you almost the number of people.

755
00:38:44,640 --> 00:38:45,720
Speaker 2: Who have heard Michael.

756
00:38:46,520 --> 00:38:52,640
Speaker 3: Thank you, Michael. If disappointing, Ah, geez, So tough, so tough.

757
00:38:53,640 --> 00:38:57,040
Speaker 1: It's not Tom, I'm sorry, it is not tough.

758
00:38:57,360 --> 00:38:57,440
Speaker 2: You.

759
00:38:58,600 --> 00:39:00,920
Speaker 1: I'm going to let you in on a little seat here, Adam.

760
00:39:00,680 --> 00:39:02,400
Speaker 2: And roll reversal once again.

761
00:39:02,960 --> 00:39:05,800
Speaker 1: I didn't choose this at random. I chose it because

762
00:39:05,840 --> 00:39:07,640
Speaker 1: I know you like the Wu Tang Clat. There you go,

763
00:39:07,920 --> 00:39:11,080
Speaker 1: secrets out. I don't have a random story generator. It

764
00:39:11,160 --> 00:39:11,840
Speaker 1: was rigged.

765
00:39:12,239 --> 00:39:13,440
Speaker 2: The cheating colluda.

766
00:39:14,040 --> 00:39:16,399
Speaker 1: No, no, I'm just kidding. It is random.

767
00:39:16,480 --> 00:39:18,680
Speaker 4: I actually have to say, I'm going to give you

768
00:39:18,719 --> 00:39:22,480
Speaker 4: a drawer on this one because you know, look, retailer

769
00:39:22,560 --> 00:39:24,239
Speaker 4: is pricing dynamic pricing.

770
00:39:24,560 --> 00:39:27,000
Speaker 3: It's not brand new or exciting.

771
00:39:27,440 --> 00:39:28,320
Speaker 2: It is for Wendy's.

772
00:39:28,520 --> 00:39:30,759
Speaker 4: Well, no, I do actually find it exciting, and I

773
00:39:30,800 --> 00:39:34,600
Speaker 4: do find the Wu Tang Clan exciting. Mona is amazing.

774
00:39:34,800 --> 00:39:37,319
Speaker 4: So the thought of going to Mona to listen to

775
00:39:37,320 --> 00:39:39,360
Speaker 4: this album is actually highly appealing to me.

776
00:39:40,120 --> 00:39:41,640
Speaker 3: You need to You're going to get a draw on

777
00:39:41,640 --> 00:39:41,840
Speaker 3: that one.

778
00:39:42,600 --> 00:39:46,280
Speaker 1: And apparently it's as equally appealing as going to Wendy's

779
00:39:46,320 --> 00:39:48,480
Speaker 1: and getting a slightly more expensive ice cream. That is

780
00:39:48,480 --> 00:39:51,120
Speaker 1: what you're saying here. Listening to this album is the

781
00:39:51,120 --> 00:39:52,560
Speaker 1: equivalent of a Wendy's ice cream.

782
00:39:52,800 --> 00:39:55,719
Speaker 2: So no, no, it's a draw. Michael. You've won, You've won,

783
00:39:56,160 --> 00:39:59,200
Speaker 2: but I feel a moral victory because how Wendy's won

784
00:39:59,239 --> 00:40:03,080
Speaker 2: over Wu Tan at least drew with I will never know.

785
00:40:04,120 --> 00:40:05,839
Speaker 2: And a half to one and a half, but I

786
00:40:05,880 --> 00:40:07,480
Speaker 2: feel a moral victory.

787
00:40:08,080 --> 00:40:11,319
Speaker 3: Yeah, I think you particularly a strong second half.

788
00:40:11,520 --> 00:40:14,480
Speaker 2: Thank you, fight back, thank you, thank you.

789
00:40:14,920 --> 00:40:16,239
Speaker 1: All right, two and a half to one and a half.

790
00:40:16,280 --> 00:40:18,240
Speaker 1: What was the points the breakdown?

791
00:40:18,320 --> 00:40:23,080
Speaker 4: This is remarkable itself. Ninety three points each dead.

792
00:40:23,840 --> 00:40:25,600
Speaker 2: So it's not even a win to you, Michael, I'd

793
00:40:25,600 --> 00:40:26,640
Speaker 2: like to say.

794
00:40:28,080 --> 00:40:28,759
Speaker 3: That's still a win.

795
00:40:29,440 --> 00:40:30,640
Speaker 1: That is still a win.

796
00:40:30,880 --> 00:40:34,919
Speaker 3: I will still take Michael as the winner. Excellent game

797
00:40:35,000 --> 00:40:36,040
Speaker 3: of two halves.

798
00:40:35,960 --> 00:40:40,520
Speaker 1: Good result overall and a very good battle. And I've

799
00:40:40,600 --> 00:40:42,000
Speaker 1: learnt a lot about the Wu Tang.

800
00:40:42,080 --> 00:40:44,440
Speaker 3: Spirited competition and melodramatic.

801
00:40:45,000 --> 00:40:47,960
Speaker 1: Indeed, it's fairly light on melodrama I feel this week. Anyway.

802
00:40:48,360 --> 00:40:52,600
Speaker 3: Thank you Adam, thank you Michael, and thank you Shure.

803
00:40:52,480 --> 00:40:54,640
Speaker 2: Thank you Sean, Thank you very much, Michael, thank you Adam.

804
00:40:54,920 --> 00:40:57,120
Speaker 1: Make sure you're following the podcast and please join us

805
00:40:57,120 --> 00:41:01,560
Speaker 1: online on LinkedIn, Instagram, TikTok, Facebook, an X. I'm Michael

806
00:41:01,560 --> 00:41:03,800
Speaker 1: Thompson And that was fear and greed have a great weekend.