1 00:00:03,120 --> 00:00:06,120 Speaker 1: It's Wednesday, the nineteenth of March twenty twenty five. Welcome 2 00:00:06,160 --> 00:00:08,600 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:08,600 --> 00:00:10,480 Speaker 1: where we give you the top five business stories you 4 00:00:10,520 --> 00:00:12,960 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,000 --> 00:00:14,360 Speaker 1: and good morning Sean Aylmer. 6 00:00:14,400 --> 00:00:15,520 Speaker 2: Good morning, Michael, Sean. 7 00:00:15,680 --> 00:00:17,959 Speaker 1: Five stories, five minutes. Let's go a story. Number one. 8 00:00:18,239 --> 00:00:22,439 Speaker 1: Federal Treasurer Jim Chalmers has blasted the US administration over 9 00:00:22,480 --> 00:00:26,640 Speaker 1: the introduction of tariff's, warning of slower economic growth. He 10 00:00:26,680 --> 00:00:30,560 Speaker 1: also confirmed next week's budget will show a deficit for many. 11 00:00:30,520 --> 00:00:33,240 Speaker 2: Years now a major speech in Brisbane ahead of the budget, 12 00:00:33,240 --> 00:00:36,960 Speaker 2: the Treasurer has said Australia should focus on resilience over retaliation, 13 00:00:37,080 --> 00:00:39,839 Speaker 2: and when it comes to Trump's tariffs, he said the 14 00:00:39,960 --> 00:00:42,479 Speaker 2: US tariffs are self defeating and self sabotaging and he 15 00:00:42,600 --> 00:00:46,080 Speaker 2: fears the global economy will grow more slowly thanks to them. 16 00:00:46,920 --> 00:00:49,559 Speaker 2: And I quote, in a world of retaliation and escalation, 17 00:00:49,680 --> 00:00:52,440 Speaker 2: the impacts of tariff's are amplified. They linger for longer, 18 00:00:52,760 --> 00:00:55,160 Speaker 2: resulting in a bigger reduction in GDP and a bigger 19 00:00:55,200 --> 00:00:57,800 Speaker 2: increase in prices. Now on Monday night, the Paris based 20 00:00:57,800 --> 00:01:01,360 Speaker 2: OECD issued a more downbeat assessment the global economy. It 21 00:01:01,440 --> 00:01:05,080 Speaker 2: reckons Australia will grow one point eight percent next year. 22 00:01:05,680 --> 00:01:08,720 Speaker 2: That report also said tariff's will push consumer prices higher 23 00:01:08,760 --> 00:01:11,200 Speaker 2: and could force central banks to start lifting interest rates 24 00:01:11,200 --> 00:01:13,960 Speaker 2: to the OECD and Charmer's view was backed up yesterday 25 00:01:14,000 --> 00:01:18,119 Speaker 2: by National Australia Bank Chief executive Andrew Irvine. He said, 26 00:01:18,200 --> 00:01:21,840 Speaker 2: if the tariff madness does happen, we may be at 27 00:01:21,840 --> 00:01:23,920 Speaker 2: the end of the interest rate reduction cycle. 28 00:01:24,120 --> 00:01:26,440 Speaker 1: What about the budget? Did we get many hints about 29 00:01:26,440 --> 00:01:26,959 Speaker 1: what's in it? 30 00:01:27,040 --> 00:01:28,680 Speaker 2: Not a lot. Apart from the fact that there will 31 00:01:28,720 --> 00:01:32,080 Speaker 2: be deficits for the foreseeable future. The last two financial 32 00:01:32,160 --> 00:01:35,360 Speaker 2: years have been in surplus. The latest fiscal update forecast 33 00:01:35,360 --> 00:01:38,680 Speaker 2: a deficit of about twenty seven billion dollars this financial year. 34 00:01:39,040 --> 00:01:41,080 Speaker 2: The Treasurer suggests there won't be much of a change 35 00:01:41,080 --> 00:01:44,800 Speaker 2: in that. Yesterday he said there's a little extra revenue. 36 00:01:45,200 --> 00:01:48,040 Speaker 2: Or sorry, he said, there is little extra revenue, as 37 00:01:48,040 --> 00:01:50,800 Speaker 2: in not much to fund new demands and the governor 38 00:01:50,800 --> 00:01:52,800 Speaker 2: has already announced the bulk of its pre election spending 39 00:01:52,800 --> 00:01:55,080 Speaker 2: initiatives came out of course cost of living. There will 40 00:01:55,120 --> 00:01:57,520 Speaker 2: be something in the budget to relieve cost of living pressure. 41 00:01:57,640 --> 00:02:00,960 Speaker 1: Yes, of course, all right. Story number two still in politics, 42 00:02:00,960 --> 00:02:04,360 Speaker 1: oppositionally to Peter Dutton is pushing a referendum to give 43 00:02:04,400 --> 00:02:07,760 Speaker 1: the government powers to deport criminal duel nationals. 44 00:02:07,840 --> 00:02:09,959 Speaker 2: In fact, mister Dutton said spending four hundred and fifty 45 00:02:09,960 --> 00:02:13,000 Speaker 2: million dollars on a referendum would be good value for money. 46 00:02:13,040 --> 00:02:17,000 Speaker 2: The Coalition is thinking about promising a referendum on deportation powers, 47 00:02:17,440 --> 00:02:20,400 Speaker 2: which would potentially hand the government the ability to cancel 48 00:02:20,440 --> 00:02:23,880 Speaker 2: the citizenship of anyone found guilty of serious crimes such 49 00:02:23,919 --> 00:02:27,400 Speaker 2: as terrorism offenses. This was tested in the High Court 50 00:02:27,400 --> 00:02:31,280 Speaker 2: in twenty twenty two. Didn't hold up. Now The voice 51 00:02:31,320 --> 00:02:33,840 Speaker 2: referendum cost four hundred and fifty million dollars. That's where 52 00:02:33,880 --> 00:02:36,440 Speaker 2: that number comes from. Only eight of the forty five 53 00:02:36,639 --> 00:02:40,560 Speaker 2: referendums since Federation have passed. So a referendum on the 54 00:02:40,600 --> 00:02:45,160 Speaker 2: government powers to deport criminal duel nations hmm, not sure 55 00:02:45,240 --> 00:02:46,640 Speaker 2: that one will pass either. 56 00:02:47,720 --> 00:02:51,640 Speaker 1: Story number three, This one's incredible. Sean Robin Denholm, the 57 00:02:52,040 --> 00:02:56,120 Speaker 1: Australian chair of Tesla and ostensibly the boss of Elon Musk, 58 00:02:56,240 --> 00:02:59,760 Speaker 1: has made so far close to seven hundred million US 59 00:02:59,800 --> 00:03:02,760 Speaker 1: dollar in pay and stock during her time at the 60 00:03:02,800 --> 00:03:03,600 Speaker 1: ev maker. 61 00:03:03,840 --> 00:03:07,040 Speaker 2: Denholm was picked by Mask to run the Tesla board 62 00:03:07,160 --> 00:03:10,680 Speaker 2: and is the best paid chair of any public company 63 00:03:10,919 --> 00:03:14,480 Speaker 2: in the United States. Rouders has calculated her compensation since 64 00:03:14,520 --> 00:03:17,160 Speaker 2: she first joined the board in twenty fourteen as six 65 00:03:17,240 --> 00:03:19,639 Speaker 2: hundred and eighty two million dollars. That's more than one 66 00:03:19,800 --> 00:03:23,840 Speaker 2: billions dollars. Today, she's cashed in about five hundred and 67 00:03:23,840 --> 00:03:27,000 Speaker 2: thirty two million US of Tesla shares. She is a 68 00:03:27,080 --> 00:03:29,840 Speaker 2: rich woman. Her previous jobs in tech, including at Telstra, 69 00:03:29,919 --> 00:03:34,200 Speaker 2: paid her a maximum of three million US annually, pretty good, 70 00:03:34,720 --> 00:03:37,280 Speaker 2: but she's now on average getting twenty times that. A 71 00:03:37,320 --> 00:03:40,000 Speaker 2: former accountant and relative unknown until taking the chairs job 72 00:03:40,000 --> 00:03:42,720 Speaker 2: at Tesla, Denholm has been criticized for defending a fifty 73 00:03:42,760 --> 00:03:45,840 Speaker 2: six billion with a B payout for Mask, a payout 74 00:03:45,840 --> 00:03:47,880 Speaker 2: which was rejected by courts, though that's still in the 75 00:03:47,920 --> 00:03:50,960 Speaker 2: legal system. Now she's under more pressure as Musk spends 76 00:03:51,040 --> 00:03:53,800 Speaker 2: time with the Trump administration and the share price of 77 00:03:53,800 --> 00:03:56,720 Speaker 2: Tesla tanks. She's also been criticized in a Delaware court, 78 00:03:56,760 --> 00:03:59,520 Speaker 2: with a judge saying her lucrative board pay has hindered 79 00:03:59,560 --> 00:04:01,400 Speaker 2: her ability to perform her duties. 80 00:04:02,360 --> 00:04:05,920 Speaker 1: Story number four Thailand. SEAN plans to have the number 81 00:04:05,920 --> 00:04:10,160 Speaker 1: of days that allows foreign tourists to stay without visas 82 00:04:10,360 --> 00:04:13,440 Speaker 1: to thirty days as the nation cracksdown on travelers who've 83 00:04:13,480 --> 00:04:16,880 Speaker 1: been exploiting the waiver to engage in illegal businesses. 84 00:04:17,120 --> 00:04:20,240 Speaker 2: Thailand allows passport holders from ninety three countries to enter 85 00:04:20,279 --> 00:04:23,719 Speaker 2: the country for tourism for a period not exceeding sixty days. 86 00:04:23,920 --> 00:04:26,719 Speaker 2: The reduction to thirty days has been greed in principle. 87 00:04:26,800 --> 00:04:28,840 Speaker 2: Now why are they doing it well? The Association of 88 00:04:28,880 --> 00:04:31,919 Speaker 2: Thai Travel Agents are worried over the growing number of 89 00:04:31,920 --> 00:04:35,080 Speaker 2: foreigners illegally working or doing business in the country. The 90 00:04:35,120 --> 00:04:38,840 Speaker 2: Thai Hotels Association said the long visa free period might 91 00:04:38,880 --> 00:04:41,960 Speaker 2: be to blame for the increasing condominium units being illegally 92 00:04:42,000 --> 00:04:45,360 Speaker 2: rented out to foreign guess. Tourism of course key driver 93 00:04:45,480 --> 00:04:48,760 Speaker 2: the Thai economy. It's the second largest economy in the region. 94 00:04:49,320 --> 00:04:53,120 Speaker 2: The government's targeting foreign tourist arrivals to top forty million 95 00:04:53,360 --> 00:04:55,640 Speaker 2: this year. That's back to pre pandemic levels. 96 00:04:55,720 --> 00:04:58,680 Speaker 1: That is huge. Last one, this is quite incredible as 97 00:04:58,680 --> 00:05:03,120 Speaker 1: massive stories. Today Sean story number five byd has unveiled 98 00:05:03,160 --> 00:05:07,159 Speaker 1: a new system for electric cars that the Chinese automaker says, 99 00:05:07,240 --> 00:05:09,960 Speaker 1: will allow them to charge almost as fast as it 100 00:05:10,000 --> 00:05:13,279 Speaker 1: takes a regular car to refuel, which is arguably the 101 00:05:13,320 --> 00:05:15,240 Speaker 1: holy grail right for EV's. 102 00:05:15,000 --> 00:05:17,800 Speaker 2: I think so. BYD's new battery and charging system was 103 00:05:17,839 --> 00:05:21,039 Speaker 2: capable of providing four hundred kilometers of range in five 104 00:05:21,120 --> 00:05:24,159 Speaker 2: minutes in tests on its new hahn El Sadan. The 105 00:05:24,240 --> 00:05:27,440 Speaker 2: manufacturer will start selling vehicles with the new technology next month. 106 00:05:27,440 --> 00:05:31,120 Speaker 2: According to Reuters, BYD's market value on the Hong Kong 107 00:05:31,160 --> 00:05:33,720 Speaker 2: Stock Exchange now more than Ford, more than GM, more 108 00:05:33,720 --> 00:05:37,600 Speaker 2: than Volswagen, about a quarter of Tesla, although it sells 109 00:05:37,640 --> 00:05:40,960 Speaker 2: more evs than Tesla. But as you say, being able 110 00:05:41,000 --> 00:05:42,560 Speaker 2: to charge your car and the time it takes a 111 00:05:42,600 --> 00:05:45,039 Speaker 2: combustion engine vehicle to pull in and out of a 112 00:05:45,080 --> 00:05:47,119 Speaker 2: petrol station pretty much the holy grail. 113 00:05:47,279 --> 00:05:49,000 Speaker 1: All right, there we go to the top five business 114 00:05:49,040 --> 00:05:51,400 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 115 00:05:51,480 --> 00:05:54,080 Speaker 1: It is Wednesday, the nineteenth of March twenty twenty five. 116 00:05:54,160 --> 00:05:56,440 Speaker 1: Remember to hit follow on the podcast, and if five 117 00:05:56,440 --> 00:05:58,760 Speaker 1: minutes isn't enough, you can find our longer daily show 118 00:05:58,800 --> 00:06:01,560 Speaker 1: called Fear and Greed wherever you listen to podcasts, and 119 00:06:01,560 --> 00:06:03,840 Speaker 1: head along to Fearangreed dot com dot au and sign 120 00:06:03,880 --> 00:06:06,520 Speaker 1: up for our free weekly newsletter. It comes out every Wednesday. 121 00:06:06,760 --> 00:06:09,280 Speaker 1: I'm Michael Thompson and that was the fast five business 122 00:06:09,320 --> 00:06:14,680 Speaker 1: news by Fear and Greed. Have a great day.