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Speaker 1: It's Wednesday, the twenty first 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 when it's five minutes. Are Michael Thompson

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Speaker 1: and Good morning, Sean Hailmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: Five stories five minutes. Let's get going story. Another one

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Speaker 1: is a massive one actually. The Reserve Bank Board debated

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Speaker 1: a fifty basis point cut in interest rates ahead of

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Speaker 1: announcing a twenty five basis point dropped yesterday afternoon. The

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Speaker 1: Central Bank highlighted that the Australian economy is still sluggish,

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Speaker 1: with households being particularly cautious.

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Speaker 2: The RBA cut the official cash rate to three point

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Speaker 2: eighty five percent, saying inflation has fallen substantially from its

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Speaker 2: peak in twenty twenty two. Basically higher interest rates of

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Speaker 2: work to take the steam out of the economy. The

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Speaker 2: bank is a bit worried about households and a Central

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Speaker 2: Bank forecast and inflation will be around two and a

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Speaker 2: half percent into next year. That gave it ladditude cut rates.

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Speaker 2: Still plenty of uncertainties around inflation, though mostly because of

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Speaker 2: the strength of the local labor market. The Reserve Bank

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Speaker 2: also warned that the world economic outlook remains unclear, citing

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Speaker 2: the US tariff issue as a big one. This has

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Speaker 2: contributed to a weaker economic outlook for Australia.

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Speaker 1: I don't mean to be greedy or anything here, Sean,

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Speaker 1: but were there any hints about another rate cut possibly well?

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Speaker 2: In the press conference afterwards, Governor Michelle Bullock was clear

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Speaker 2: that at fifty bases point cut had been discussed.

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Speaker 1: While she said that's.

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Speaker 2: What you'd expect, I'm not sure that's the case. And

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Speaker 2: it does demonstrate that Reserve Bank is worried about economic growth.

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Speaker 2: Economists and bond traders reckoned there will be another couple

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Speaker 2: of rate cuts later in the year.

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Speaker 1: So just quickly, what does it mean for people with

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Speaker 1: a mortgage six.

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Speaker 2: Hundred thousand dollar line over thirty years one hundred bucks

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Speaker 2: a month less, twelve hundred dollars a year less. That's

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Speaker 2: not bad. The other thing National Australia Bank in this

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Speaker 2: the four big banks came out very quickly cutting interest

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Speaker 2: rates on a thirty year mortgage of five hundred and

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Speaker 2: fifty thousand. If you don't change your repayments, you will

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Speaker 2: pay it off two years earlier.

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Speaker 1: It's extraordinary, isn't it is? Wow? Powerful story Number two.

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Speaker 1: The Liberal Party will be the opposition party in the

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Speaker 1: Federal Parliament and there'll be no coalition involving the National

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Speaker 1: Party after a breakdown in negotiations over policy.

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Speaker 2: While the announcement yesterday was pushed by both the Livers

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Speaker 2: and the Nats, is amicable, I don't think so. The

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Speaker 2: Conservative allies have been joined at the HIT for eighty years,

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Speaker 2: just the third split in that time, first time since

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Speaker 2: nine and eighty seven. After each election the Livers and

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Speaker 2: Nats negotiate a new coalition agreement. Yesterday they broke down

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Speaker 2: over nuclear power, the forced divestiture of supermarkets and establishing

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Speaker 2: a twenty billion dollar regional Future Fund. Means there'll be

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Speaker 2: no Nationals in the shadow cabinet. It means that the

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Speaker 2: main opposition party will just have twenty eight seats in

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Speaker 2: the one hundred and fifty seat House of Reps over

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Speaker 2: the past two elections and Libs have lost thirty five seats.

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Speaker 2: That's just one. What are the leaders of the party said, Well,

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Speaker 2: David Little Proud, the Nationals leader, So the intention is

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Speaker 2: to rejoin ahead of the next election, but both sides

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Speaker 2: need to work through their policy positions. Liberal leader Susan

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Speaker 2: Lee said the NATS should have respected the Liberal Party

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Speaker 2: process over policy. She added that National MPs will not

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Speaker 2: be automatically added to the front bench if the coalition

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Speaker 2: patches up its differences. Well, not speaking, but surely grinning

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Speaker 2: from ear to ear is Prime Minister Anthony Abernezi.

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Speaker 1: You would imagine, so all right on the story number three.

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Speaker 1: And obviously households had a bit of a win with

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Speaker 1: a rate cut, but you might end up paying more

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Speaker 1: now for your phone bill. Telstra will raise the prices

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Speaker 1: of most of its phone and internet plans by between

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Speaker 1: three and five dollars per month from July one as

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Speaker 1: it tries to boost earning.

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Speaker 2: Sean So Telco grew up announce an eight hundred million

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Speaker 2: dollar investment and its mobile network of its half year

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Speaker 2: results a couple of months ago. It said the hikes

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Speaker 2: that kick in in July are needed to invest in

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Speaker 2: its network, so things like the fifty gigabit monthly postpaid

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Speaker 2: mobile plan goes from sixty five to seventy bucks, the

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Speaker 2: popular monthly fifty megabits per second home internet plan one

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Speaker 2: hundred and five to one hundred and nine. There were

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Speaker 2: some good news. The lower start mobile plans, starter MBN

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Speaker 2: plans and premium plans will remain the same or be

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Speaker 2: lower in price. That also, Telsa also lowered the plans

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Speaker 2: of high speed home internet plans, the NBN two fifties

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Speaker 2: lower so to the NBN one thousand.

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Speaker 1: Story number four, Rio Tinto continues to push beyond iron ore,

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Speaker 1: investing one point four billion dollars in a Chilean lithium producer.

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Speaker 2: Rare targeted lithium used in batteries in its efforts to

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Speaker 2: diversify away from iron ore. It's already brought into projects

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Speaker 2: in Argentina and Australia. In the Chilean project where we'll

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Speaker 2: invest nine hundred million US three forty nine point nine

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Speaker 2: percent steak, It's got extensive aluminium and copper mining, but

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Speaker 2: it's just preferred to invest in lithium, notwithstanding a slump

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Speaker 2: in its prices. In contrast, BHP's pushed into copper and

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Speaker 2: pretty much stayed away from lithium.

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Speaker 1: Last one sean story number five, Sesame Street and Netflix

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Speaker 1: have struck a deal that we'll see the very popular

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Speaker 1: TV show appear on the streaming platform after US President

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Speaker 1: Donald Trump pulled funding for the Freedoware channel PBS.

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Speaker 2: Netflix said the iconic program is a beloved cornerstone of

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Speaker 2: children's media. According to the BBC from Elier, this year,

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Speaker 2: Netflix will off with its three hundred million subscribers and

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Speaker 2: new season of the show and ninety hours of previous episodes.

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Speaker 2: Sesame Street was funded by PBS and radio network NPR.

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Speaker 2: Now Trump pulled funding from the governed body that backed them.

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Speaker 2: He claimed that the organization engaged in bias and partisan

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Speaker 2: news coverage. Sesame Street has been going for more than

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Speaker 2: fifty years. Two founders got together with the Harvard University

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Speaker 2: Graduate School of Education. They got mppets created, Jim Henson

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Speaker 2: created People like Big Bird, first aired on the tenth

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Speaker 2: of November nineteen sixty nine.

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Speaker 1: Wow, all right, there we go the top five business

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Speaker 1: stories in five minutes. Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Wednesday, the twenty first of May twenty twenty five.

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Speaker 1: Remember to hit follow on the podcast, and if five

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Speaker 1: minutes isn't enough, you can find our longer daily show

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Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm

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Speaker 1: Michael Thompson and that was the fast five business news

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Speaker 1: by fear and greed. Have a great day.