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Speaker 1: It's Thursday, the twenty ninth of May twenty twenty five.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. Are Michael Thompson

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Speaker 1: and Good Morning.

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Speaker 2: Sean Aylmer, Good morning, Michael.

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Speaker 1: Seawan Five stories five minutes. Let's go with story number one.

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Speaker 1: A bit of good news. Hopefully, inflation is unlikely to

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Speaker 1: prevent another interest rate cut in coming months, with the

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Speaker 1: monthly CPI reading showing both headline and underlying inflation well

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Speaker 1: within the Reserve Bank's target band.

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Speaker 2: Headline inflation was unchanged at two point four percent in April,

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Speaker 2: according to the Australian Bureau Statistics. Trimmed mean inflation, the

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Speaker 2: Reserve Bank's preferred measure of bunder and lying inflation was

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Speaker 2: up slightly two point eight percent in April from two

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Speaker 2: point seven percent in March, perhaps a touch higher than

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Speaker 2: people expected, but economists don't think that'll stop the Reserve

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Speaker 2: Bank from cutting rates at some point later in the

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Speaker 2: year now. The Governor, Michelle Bullak has said she's willing

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Speaker 2: to cut rates again following last week's twenty five basis

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Speaker 2: point cut if inflation remains in the target band. That's

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Speaker 2: where it is always a caveat in economics, Michael, this

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Speaker 2: is just a monthly figure, which isn't as broad based

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Speaker 2: as the quarterly figure. The Reserve Bank will pay closer

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Speaker 2: attention to the quarterly figure when it comes out at

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Speaker 2: the end of July. Bond traders have priced in an

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Speaker 2: eighty percent chance that the Reserve Bank will cut rates

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Speaker 2: when the board meets in May, though many market economists

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Speaker 2: expect it may not be till August.

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Speaker 1: Just quickly showan We know housing inflation has been a

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Speaker 1: problem for a couple of years, but yesterday's figures seem

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Speaker 1: to suggest that some of the heat is coming out

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Speaker 1: of that market.

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Speaker 2: Yeah, some good news. Rent inflation slowed to five percent

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Speaker 2: in April, the Bureau said, which was the lowest pace

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Speaker 2: of price growth since February twenty twenty three, though still

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Speaker 2: above pre pandemic levels. The reason for the slow down

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Speaker 2: was an increase rental or an increase in rental vacancy rates.

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Speaker 2: The other really interesting point was the cost of building

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Speaker 2: a new home increased by just one point two percent

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Speaker 2: in the twelve months to April mid twenty twenty two.

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Speaker 2: That was more than twenty percent.

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Speaker 1: Wow. Okay. Moving on to story number two. Now the

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Speaker 1: coalition is back together again, allowing the Liberal Party leader

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Speaker 1: Susan Lee to announce her shadow Cabinet, which includes demotions

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Speaker 1: for Angus Taylor and Jane Hume.

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Speaker 2: Yes, so the coalition reformed after just a one week

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Speaker 2: break up. Yesterday, Lee and National's leader David little Proud

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Speaker 2: reached an agreement. Apparently they can eat steak and drink

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Speaker 2: beer together. That's how Susan Lee put it under the

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Speaker 2: shadow Cabinet, which needed the coalition to reform before being announced.

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Speaker 2: The former Finance Minister Jane Hume was the biggest casualty,

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Speaker 2: dumped from the front bench all together following her poor

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Speaker 2: election campaign and her support for Angus Taylor in the

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Speaker 2: leadership battle. Just sent a Price, who affected from the

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Speaker 2: Nationals two and a half weeks ago, to run as

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Speaker 2: Taylor's deputy in the leadership ballot ballot she goes to

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Speaker 2: the Shadow Outer Ministry, while Taylor, who held the Treasury portfolio,

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Speaker 2: goes to Defense Deputy Leader Ted O'Brien was confirmed as

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Speaker 2: the new Shadow Treasurer and will be joined by Victorian

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Speaker 2: senator and Conservative Conservative James Patterson as the shadow Finance Minister.

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Speaker 1: Story number three another big story here sean federal Labor

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Speaker 1: has approved woch Side Energies bid to extend the life

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Speaker 1: of its Northwest Shelf gas development until twenty seventy. Amid

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Speaker 1: pressure from environmentalists over the project.

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Speaker 2: Environment Minister Murray Watt confirmed that the government intends to

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Speaker 2: allow for the extension of the massive project, subject to

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Speaker 2: environmental conditions. It's taken seven years to get to this point,

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Speaker 2: with the project going through a plesthor of state and

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Speaker 2: federal government approval processes. Assuming Woodside agrees to the conditions,

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Speaker 2: the plan, which is already more than thirty five years old,

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Speaker 2: will not have to close by twenty thirty, but will

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Speaker 2: run till twenty seventy. It also allows the development of

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Speaker 2: the Brows gas fields. What said the protection of ancient

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Speaker 2: indigenous Rockhart, which has been at the center of campaigns

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Speaker 2: against the project's extension, was central to the government's conditional approval.

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Speaker 2: The decision sent Woodside's share price up four percent.

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Speaker 1: Story number four. Maya is set to expand its loyalty program,

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Speaker 1: introducing different tiers and eventually allowing members to spend outside

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Speaker 1: the retailer's own network.

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Speaker 2: Maya one is four point six million members that have

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Speaker 2: used the card in the past twelve months, one of

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Speaker 2: the largest loyalty programs in the country. Those customers spend

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Speaker 2: it three times more than non members, so relatively new

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Speaker 2: exec chair Olivia Worth, who formally ran Quantas's Frequent Flyer program,

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Speaker 2: is pushing the Maya one program, announcing that from August

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Speaker 2: it can be used in the new brands that have

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Speaker 2: been added to Meyer's network now. Maya recently bought a

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Speaker 2: bunch of brands off Premier Investments, JJ's, JCK, just Gens, etc.

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Speaker 2: By twenty twenty seven, they'll also be the option to

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Speaker 2: bank points and redeem them outside the myerstore network. According

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Speaker 2: to Worth, she says Maya needs to attract newer, not newer,

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Speaker 2: just new, younger customers, and the loyalty program is a

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Speaker 2: big part of that.

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Speaker 1: Michael last one story number five, SpaceX's Starship rocket suffered

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Speaker 1: a leak, tumbled out of control in space, and exploded

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Speaker 1: during a test flight yesterday morning, in a third straight

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Speaker 1: major setback for Elon Musk's company.

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Speaker 2: The launch system comprised of the Starship upper portion and

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Speaker 2: it's super heavy booster took off from the launch pat

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Speaker 2: in South Texas. About one point one million people were

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Speaker 2: viewing it on X. A few minutes into the flight,

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Speaker 2: the recycled super heavy boosters separated from the starship's upper portion.

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Speaker 2: It fired its engines. As the booster maneuvered itself into

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Speaker 2: position and fell back to Earth, it suffered an apparent

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Speaker 2: problem and exploded. First problem, Second problem, SpaceX. The top

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Speaker 2: part then appeared to fall short of another key milestone

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Speaker 2: planned for the mission. It was supposed to deploy a

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Speaker 2: slate of dummy satellites. Apparently the bay door didn't open,

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Speaker 2: so that didn't happen. Coming that test short, then problem

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Speaker 2: number three. About thirty five minutes into the mission, as

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Speaker 2: Starship Hurtle towards Earth's atmosphere on its journey home, the

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Speaker 2: live stream started to cut in and out lost altitude and,

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Speaker 2: as one commentator put it, SpaceX met its demise.

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Speaker 1: Okay, there we go, the top five business stories in

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Speaker 1: five minutes. Thank you Sean, Thank you Michael. It is Thursday,

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Speaker 1: the twenty ninth of May twenty twenty five. Remember to

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Speaker 1: hit follow on the podcast, and if five minutes isn't enough,

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Speaker 1: you can find our longer daily show called Fear and

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Speaker 1: Greed where heavy you listen. Podcasts are Michael Thompson and

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Speaker 1: that was the past by Business News by Fear and Greed.

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Speaker 1: Have a great day.