1 00:00:03,840 --> 00:00:07,160 Speaker 1: It's Tuesday, the tenth of September twenty twenty four. Welcome 2 00:00:07,200 --> 00:00:09,600 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,320 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,520 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,600 --> 00:00:15,000 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,280 --> 00:00:17,119 Speaker 2: Good morning Michael, Sean. 7 00:00:17,200 --> 00:00:20,160 Speaker 1: Five stories, five minutes. Let's get cracking. Story Number one. 8 00:00:20,280 --> 00:00:24,680 Speaker 1: The country's largest listed company, Commonwealth Bank, is now twenty 9 00:00:24,720 --> 00:00:28,319 Speaker 1: percent bigger than number two BHP, with the banks really 10 00:00:28,320 --> 00:00:31,520 Speaker 1: cementing their positions as the dominant players on the local market. 11 00:00:31,840 --> 00:00:34,280 Speaker 2: A couple of months ago, BHP was easily the biggest 12 00:00:34,320 --> 00:00:36,560 Speaker 2: company on the balls, but with Comwealth Bank up forty 13 00:00:36,560 --> 00:00:39,120 Speaker 2: percent of the past year and BHP down ten percent, 14 00:00:39,159 --> 00:00:41,800 Speaker 2: the Sydney based bank has now cemented its position at 15 00:00:41,800 --> 00:00:45,000 Speaker 2: the top of the ASX. Among the top twenty companies, 16 00:00:45,040 --> 00:00:47,680 Speaker 2: there's broadly been two tiers in terms of performance over 17 00:00:47,720 --> 00:00:50,480 Speaker 2: the last fifty two weeks, the good and the ugly. 18 00:00:50,680 --> 00:00:52,640 Speaker 2: WESPAC has been the top performer of the bank's up 19 00:00:52,680 --> 00:00:55,440 Speaker 2: fifty percent, followed by Comwealth Bank, National Australian Banks up 20 00:00:55,520 --> 00:00:58,440 Speaker 2: thirty six percent, a Z's up twenty six percent, mcquarie 21 00:00:58,440 --> 00:01:00,960 Speaker 2: grows up with thirty percent, as is Westie. Goodman Group 22 00:01:01,000 --> 00:01:03,560 Speaker 2: has risen forty four percent. Wis Tech Global a massive 23 00:01:03,640 --> 00:01:06,440 Speaker 2: eighty three percent. These are much bigger rises in the 24 00:01:06,440 --> 00:01:08,720 Speaker 2: overall market, with the S and PASEX two hundred up 25 00:01:08,760 --> 00:01:12,759 Speaker 2: just eleven percent. Now, offsetting the strong performances have been 26 00:01:12,840 --> 00:01:16,920 Speaker 2: some pretty ordinary performances. Woodsides down thirty seven percent, four 27 00:01:16,959 --> 00:01:19,600 Speaker 2: to Scus off sixteen percent, the HP's down ten percent, 28 00:01:19,920 --> 00:01:22,200 Speaker 2: and Reo is off four percent. That's all over the 29 00:01:22,280 --> 00:01:25,280 Speaker 2: last twelve months, say ourselves. The only top twenty company 30 00:01:25,280 --> 00:01:27,520 Speaker 2: moving with the market rising about ten percent over the 31 00:01:27,520 --> 00:01:31,880 Speaker 2: past year. Telstra and Transurban have been flat. Police is underperformed. 32 00:01:32,160 --> 00:01:34,480 Speaker 1: Sean, Just quickly you mentioned Wise Tech Global. There have 33 00:01:34,600 --> 00:01:37,520 Speaker 1: the tech stocks been the best performers over the past years. 34 00:01:37,640 --> 00:01:40,560 Speaker 1: Is so much hyper around tech generally? Or has that 35 00:01:40,640 --> 00:01:41,920 Speaker 1: title gone to the banks? 36 00:01:42,280 --> 00:01:44,279 Speaker 2: It's now gone in the banks. The ASEX two hundred 37 00:01:44,280 --> 00:01:46,760 Speaker 2: Bank indexes up forty percent, the Tech index is up 38 00:01:46,800 --> 00:01:51,120 Speaker 2: thirty percent, The Resources index is down sixteen percent. That's 39 00:01:51,120 --> 00:01:53,960 Speaker 2: mostly about fears of a slow down in the world's too, 40 00:01:53,960 --> 00:01:56,200 Speaker 2: because the economies the US and China. The other stocks 41 00:01:56,200 --> 00:01:58,280 Speaker 2: that haven't done very well, at least compared to the 42 00:01:58,360 --> 00:02:00,440 Speaker 2: last Caps are the small caps? 43 00:02:00,720 --> 00:02:03,600 Speaker 1: Okay? Moving on to story number two. Now and more 44 00:02:03,640 --> 00:02:07,720 Speaker 1: than three thousand serving military personnel and former veterans died 45 00:02:07,760 --> 00:02:11,000 Speaker 1: from suicide between nineteen ninety seven and twenty twenty one. 46 00:02:11,360 --> 00:02:14,080 Speaker 1: The US is from the Royal Commission into Defense and 47 00:02:14,200 --> 00:02:19,040 Speaker 1: Veteran Suicide and a scathing report of how military chiefs 48 00:02:19,040 --> 00:02:21,079 Speaker 1: and the bureaucracy takes care of those who have worn 49 00:02:21,120 --> 00:02:21,680 Speaker 1: the uniform. 50 00:02:21,680 --> 00:02:24,320 Speaker 2: For Australia, the seven volume report made one hundred and 51 00:02:24,360 --> 00:02:27,880 Speaker 2: twenty two recommendations, including better mental health screening for recruits, 52 00:02:27,960 --> 00:02:31,880 Speaker 2: reducing the frequency of postings for personnel, time performance assessments 53 00:02:31,880 --> 00:02:34,920 Speaker 2: for senior officers, to mental health and gender equality outcomes, 54 00:02:35,120 --> 00:02:38,800 Speaker 2: and management of unacceptable behavior. The Royal Commission received almost 55 00:02:38,840 --> 00:02:42,000 Speaker 2: six thousand submissions, heard from almost three hundred and fifty witnesses, 56 00:02:42,280 --> 00:02:44,960 Speaker 2: and prompted then Chief of Defense Force Angus Campbell to 57 00:02:45,000 --> 00:02:48,760 Speaker 2: apologize for deficiencies in providing care and support for servicemen 58 00:02:48,880 --> 00:02:52,000 Speaker 2: and women and veterans. Defense Minister Richard Miles's table the 59 00:02:52,000 --> 00:02:55,000 Speaker 2: final report yesterday. Earlier in the day, Royal Commission Chair 60 00:02:55,080 --> 00:02:58,200 Speaker 2: Nick Caldus blamed a failure of leadership in Canberra over 61 00:02:58,240 --> 00:03:02,080 Speaker 2: the years for failing to heed warnings despite countless recommendations 62 00:03:02,080 --> 00:03:03,200 Speaker 2: from prior inquiries. 63 00:03:03,639 --> 00:03:06,680 Speaker 1: Story number three. Westpac will get a new CEO, with 64 00:03:06,760 --> 00:03:09,920 Speaker 1: the boss of Business Banking Anthony Miller, taking over the 65 00:03:09,919 --> 00:03:11,320 Speaker 1: top job in December. 66 00:03:11,639 --> 00:03:14,000 Speaker 2: The outgoing CEO, Peter King, was supposed to leave the 67 00:03:14,000 --> 00:03:16,440 Speaker 2: bank four years ago, but answered and sos from chair 68 00:03:16,520 --> 00:03:19,160 Speaker 2: John McFarland to become a CEO for a couple of years. 69 00:03:19,160 --> 00:03:22,480 Speaker 2: That was after the Ostrak scandal. He took it up 70 00:03:22,520 --> 00:03:24,440 Speaker 2: for a couple of years and COVID hit in the end. 71 00:03:24,440 --> 00:03:26,679 Speaker 2: He'll be CEO for close to five years. His replacement, 72 00:03:26,680 --> 00:03:28,800 Speaker 2: mister Miller, is a lawyer and investment banker from the 73 00:03:28,840 --> 00:03:32,040 Speaker 2: inner western suburbs of Sydney. Big organizations to tend to 74 00:03:32,120 --> 00:03:35,280 Speaker 2: like internal CEO candidates. I'm sure the board is happy 75 00:03:35,280 --> 00:03:37,440 Speaker 2: with his appointment. Mister Miller will take over a much 76 00:03:37,520 --> 00:03:40,680 Speaker 2: simpler organization than it was five years ago. This sold 77 00:03:40,720 --> 00:03:44,000 Speaker 2: things like bt Fund's management, it's general and life insurance businesses, 78 00:03:44,040 --> 00:03:48,080 Speaker 2: and its vendor finance operations. His big job, according to analysts, 79 00:03:48,160 --> 00:03:51,839 Speaker 2: is to simplify Westpac's tech stack. It currently operates one 80 00:03:51,960 --> 00:03:54,440 Speaker 2: hundred and eighty platforms. Good luck to him. 81 00:03:54,600 --> 00:03:59,160 Speaker 1: Indeed, Story number four retailer Solomon lou has fired the 82 00:03:59,280 --> 00:04:03,360 Speaker 1: managing direct of Smiggle, John Cheston, and accused the longtime 83 00:04:03,400 --> 00:04:05,800 Speaker 1: executive of quote serious misconduct. 84 00:04:06,520 --> 00:04:10,600 Speaker 2: The company didn't outline reasons why mister Chesteron was immediately terminated, 85 00:04:10,600 --> 00:04:14,520 Speaker 2: but his exit came as confidential internal documents about the 86 00:04:14,520 --> 00:04:18,560 Speaker 2: performance of some of Premier Investments, mister Lew's company, were 87 00:04:18,760 --> 00:04:22,880 Speaker 2: leaked to the media. In a statement, mister Lew's Premier 88 00:04:22,880 --> 00:04:25,640 Speaker 2: Investment said it considers that mister Cheston has engaged in 89 00:04:25,720 --> 00:04:28,800 Speaker 2: serious misconduct and a serious breach of his employment terms, 90 00:04:29,200 --> 00:04:32,360 Speaker 2: and on that basis, his employment has been terminated. Mister 91 00:04:32,440 --> 00:04:35,479 Speaker 2: Cheston has already been employed to run ASX listed fashion 92 00:04:35,560 --> 00:04:38,320 Speaker 2: jewelry chain Leavisa. Mister Cheston was due to serve out 93 00:04:38,320 --> 00:04:40,680 Speaker 2: a twelve month notice period with Premier, doesn't need to 94 00:04:40,680 --> 00:04:42,720 Speaker 2: do that anymore. In terms of the leak documents, they 95 00:04:42,720 --> 00:04:45,520 Speaker 2: show all the brands within Premier, Portman's Just Genes, dott E, 96 00:04:45,640 --> 00:04:49,040 Speaker 2: Jjason Jackie have suffered negative sales growth this year. 97 00:04:49,440 --> 00:04:51,880 Speaker 1: Last one. Story number five sean, if you want to 98 00:04:51,880 --> 00:04:54,960 Speaker 1: be a politician, then trained as a lawyer or become 99 00:04:55,000 --> 00:04:57,960 Speaker 1: a party staffer. According to a new report into the 100 00:04:57,960 --> 00:05:00,600 Speaker 1: backgrounds of federal parliamentarians. 101 00:05:00,120 --> 00:05:03,480 Speaker 2: Politicians with white collar backgrounds dominate parliament, with lawyers and 102 00:05:03,520 --> 00:05:07,480 Speaker 2: barristers comprising about one fifth of MPs in federal Labour, Greens, 103 00:05:07,520 --> 00:05:11,039 Speaker 2: National and Liberal parties, along with managers and consultants. Former 104 00:05:11,080 --> 00:05:13,839 Speaker 2: political staffers also dominate the ranks of politicians sitting in 105 00:05:13,880 --> 00:05:16,520 Speaker 2: the House of Representatives and Senate. More than half of 106 00:05:16,640 --> 00:05:19,680 Speaker 2: Labour MP's worked as staff as before getting pre selected, 107 00:05:20,040 --> 00:05:22,120 Speaker 2: while the makeup is about one third for the Liberal 108 00:05:22,200 --> 00:05:25,120 Speaker 2: Party twenty percent for the Nationals. The report comes from 109 00:05:25,200 --> 00:05:27,760 Speaker 2: think tank Per Capita. It says the number of lawyers 110 00:05:27,760 --> 00:05:30,159 Speaker 2: and barristers is up from fifteen percent in the previous 111 00:05:30,160 --> 00:05:33,760 Speaker 2: Scott Morrison government. Worth noting Anthony Albanize is typical of 112 00:05:33,760 --> 00:05:36,600 Speaker 2: a labor politician. New South Wales' government research officer, then 113 00:05:36,640 --> 00:05:40,240 Speaker 2: a staffer then Federal Politics Opposition leader Petted Dunn is 114 00:05:40,279 --> 00:05:42,159 Speaker 2: not typical. He was a police officer. 115 00:05:43,240 --> 00:05:45,640 Speaker 1: There we go, the top five business stories in five minutes. 116 00:05:45,720 --> 00:05:47,520 Speaker 2: Thank you Sean, Thank you Michael. 117 00:05:47,880 --> 00:05:51,080 Speaker 1: It is Tuesday, the tenth of September twenty twenty four. 118 00:05:51,520 --> 00:05:53,920 Speaker 1: Make sure you're following the podcast, and if five minutes 119 00:05:54,000 --> 00:05:56,160 Speaker 1: isn't enough, you can find our longer daily show called 120 00:05:56,200 --> 00:05:59,320 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 121 00:05:59,320 --> 00:06:01,480 Speaker 1: Thompson and it was the past five Business news by 122 00:06:01,520 --> 00:06:05,200 Speaker 1: Fear and Greed. Have a great day.