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Speaker 1: It's Monday, the seventeenth of November twenty twenty five. Welcome

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Speaker 1: 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 Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: Five stories in five minutes. Let's go a story number one.

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Speaker 1: An independent review under A and Z is highly critical

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Speaker 1: of the bank's former leadership and culture ever since the

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Speaker 1: Banking Royal Commission, saying it as an insular institution where

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Speaker 1: staff are reluctant to challenge and deliver bad news.

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Speaker 2: The McKinsey report was prepared for ain Z after it

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Speaker 2: was hit by a series of scandals which led to

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Speaker 2: a two hundred and forty million dollar fine for widespread misconduct.

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Speaker 2: In a blistering assessment of former chief executive Shane Elliott,

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Speaker 2: the report said ain Z had lacked a tone from

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Speaker 2: the top and found that Australia's fourth largest bank had

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Speaker 2: failed to create a risk and customer focused culture while

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Speaker 2: its employees were complacent when problems arose. It identified that

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Speaker 2: the bank was so collaborative and trusting that there was

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Speaker 2: a reluctance to challenge and deliver bad news, and in

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Speaker 2: turn this led to complacency and limited self reflection and

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Speaker 2: an insular culture. These failings were compounded by a failure

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Speaker 2: of leadership to set the right tone to highlight the

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Speaker 2: importance of non financial risk. Many of the problems identified

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Speaker 2: McKinsey's were very similar to those uncovered at Commonwealth Bank

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Speaker 2: back in twenty sixteen after a fruancial inquiry by a

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Speaker 2: guy called John Laker, also evident in the Haine Banking

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Speaker 2: Royal Commission still going on at ain Z.

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Speaker 1: Yeah, and the fact that it all sounds so familiar

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Speaker 1: as disappointing, given we had a Banking Royal Commission to

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Speaker 1: not only work out what was going on in the

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Speaker 1: banking system, but critically to prevent it from happening again.

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Speaker 2: Yes, this report actually came out last Friday, late on Friday,

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Speaker 2: not easily accessible. Not a good look to begin with

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Speaker 2: if you're trying to be open around what's going on.

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Speaker 2: The irony of all this is that ain Z really

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Speaker 2: came through the Banking Royal Commission least scathed. Maybe that

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Speaker 2: was a bad thing because it appears to have done

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Speaker 2: least in terms of changing the culture. There were governance failures,

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Speaker 2: staff only giving their bosses good news, failure to highlight

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Speaker 2: the importance of non financial risk. Projects would start then

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Speaker 2: to be cost cutting, they'd never be completed. Money was

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Speaker 2: spent in tech, but not on training people to use

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Speaker 2: that tech. Now, the new CEO, Nuno Mattos, said it

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Speaker 2: will take time to change the culture. Given the depth

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Speaker 2: of the problems, it might take quite some time.

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Speaker 1: Under story number two, now, Sean and BHP has been

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Speaker 1: found legally liable for one of the worst environmental disasters

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Speaker 1: in the history of Brazil. In a landmark case brought

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Speaker 1: in the UK over the twenty fifteen Mariana dam collapse.

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Speaker 2: Over the weekend, the High Court in London rule that

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Speaker 2: the risk of these structures collapse had been foreseeable and

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Speaker 2: that BHP was strictly liable for damage cause to the

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Speaker 2: environment into third parties. BHP set said it intends to

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Speaker 2: appeal against the judgment. It's already entered into a thirty

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Speaker 2: two billion US dollar agreement with Brazilian public authorities and

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Speaker 2: public defenders for a full and final settlement of key claims.

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Speaker 2: Now putting that aside. Lawyers acting on behalf of more

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Speaker 2: than six hundred and twenty six hundred and twenty thousand.

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Speaker 2: Alleged victims are seeking up to seventy two billion dollars

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Speaker 2: in compensation from BHP and Brazilian minor Varalet, which jointly

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Speaker 2: owned the Somaco Iron ore project where the incident occurred.

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Speaker 2: The disasked to kill nineteen people when sludge was released

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Speaker 2: from behind the waist dam at the facility. According to

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Speaker 2: the FT.

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Speaker 1: Story number three, the coalition has launched a technology agnostic

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Speaker 1: that's their words, energy plan, which includes more gas but

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Speaker 1: is not anti renewables, according to Liberal leader Susan Lee.

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Speaker 2: Lee's shadow energy Minister Dan Tien and National's leader David

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Speaker 2: Littlproud said last evening that the coalition's affordable energy plan

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Speaker 2: was better for consumers. The coalition leader said the government

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Speaker 2: had demonized gas and reluctantly come back to it in

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Speaker 2: recent years because they know its value. Asked when consumers

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Speaker 2: could start seeing cheaper power under a future coalition government,

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Speaker 2: Lee basically said, well, the coalition needs to get elected first,

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Speaker 2: then they'll change the rules. She said, it's not anti renewables,

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Speaker 2: but the coalition understands that the country needs to be

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Speaker 2: in the right place with the right balance with base

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Speaker 2: load power and renewables. Little Proud said net zero is

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Speaker 2: not the only way to address climate change in for

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Speaker 2: Australia to do his fair share with regards to its emissions.

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Speaker 1: Shawn, It's worth a quick mention of the latest poll

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Speaker 1: results which are out today in the Financial Review. The

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Speaker 1: Redbridge Accent Research poll shows that after all of the

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Speaker 1: chaos within the Coalition over the last few weeks, the

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Speaker 1: coalition's primary vote fell five percentage points in one month,

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Speaker 1: a record low of twenty four percent, with One Nation

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Speaker 1: rising four points to record high of eighteen So the

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Speaker 1: One Nation is actually on the verge of overtaking the Coalition,

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Speaker 1: which is quite extraordinary. Onto story number four now sean

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Speaker 1: something a little bit different here. Scientists have discovered a

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Speaker 1: new native b species with tiny horns and give it

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Speaker 1: the devilish name of well mega child or mega chili,

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Speaker 1: depends on how you want to say it. Lucifer, that's

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Speaker 1: the reacting bit it is.

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Speaker 2: So she has found the bee. While observing a rare

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Speaker 2: wildflower that only grows in the Bremer Ranges in Western

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Speaker 2: Australia's Goldfields region, about five hundred kilometers east of Perth.

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Speaker 2: The highly distinctive prominent horns are only on the female bee.

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Speaker 2: The studies lead scientist Kit Prentegast from Curtin University, said

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Speaker 2: she was inspired to use the name Lucifer as she

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Speaker 2: was watching the Netflix show of the same name at

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Speaker 2: the time. It's the first new member of this bee

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Speaker 2: group in twenty years.

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Speaker 1: Finally, Sean's story number five. Somewhat paradoxically, Australian graziers will

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Speaker 1: be perhaps disappointed that the president cut tariff's. US President

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Speaker 1: Donald Trump, he cut the tariffs on beef over the weekend.

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Speaker 2: Yeah, so he cut tariffs on a bunch of things,

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Speaker 2: including beef, fruits, coffee, nuts, spices. The thing is Australia.

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Speaker 2: Australian beef exports. The tariffs on our exports in to

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Speaker 2: the US, we're less in New Zealand, less than Brazil.

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Speaker 2: As a result, we are absolutely booming in terms of

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Speaker 2: beef exports one point six billion dollars in the three

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Speaker 2: months two September, a twenty six percent rise over the

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Speaker 2: year with these tariffs coming off. Though not so good

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Speaker 2: for Australian Gracious Michael.

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Speaker 1: No, there we go. The top five business stories in

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

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Speaker 1: It's Monday, the seventeenth of November twenty twenty five. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson

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Speaker 1: and that was fear and greed. Have a great day.