1 00:00:03,880 --> 00:00:06,880 Speaker 1: It's Friday, the sixteenth of May twenty twenty five. Welcome 2 00:00:06,880 --> 00:00:09,239 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,240 --> 00:00:11,119 Speaker 1: where we give you the top five business stories you 4 00:00:11,240 --> 00:00:13,480 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,520 --> 00:00:14,880 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,120 --> 00:00:16,640 Speaker 2: Good morning, Michael, Seawan. 7 00:00:16,720 --> 00:00:20,200 Speaker 1: Five stories, five minutes. Let's go story number one. Employment 8 00:00:20,480 --> 00:00:23,320 Speaker 1: surged in April by eighty nine thousand. That's more than 9 00:00:23,400 --> 00:00:28,440 Speaker 1: four times what economists had expected. But despite the jump 10 00:00:28,440 --> 00:00:31,640 Speaker 1: in jobs, the unemployment rate actually held steady at four 11 00:00:31,640 --> 00:00:32,440 Speaker 1: point one percent. 12 00:00:32,840 --> 00:00:35,479 Speaker 2: That means more people joined the workforce. In fact, the 13 00:00:35,479 --> 00:00:38,280 Speaker 2: participation rate hit a new record. Were equaled a record 14 00:00:38,280 --> 00:00:40,800 Speaker 2: of sixty seven point one percent, according to the latest 15 00:00:40,880 --> 00:00:45,159 Speaker 2: data from the Australian Bureau Statistics. Now, we've had a 16 00:00:45,280 --> 00:00:49,360 Speaker 2: great month in April. March and February were a bit softer, 17 00:00:49,520 --> 00:00:52,200 Speaker 2: so let's look through all that noise. Over the past year, 18 00:00:52,680 --> 00:00:56,160 Speaker 2: the unemployment has jumped by two point seven percent. That's 19 00:00:56,160 --> 00:01:00,400 Speaker 2: hardened population growth. That means that the labour mon market 20 00:01:00,520 --> 00:01:04,640 Speaker 2: is strong. In fact, the employment to population level is 21 00:01:04,680 --> 00:01:07,560 Speaker 2: sixty four point four percent. That's an all time record. 22 00:01:07,959 --> 00:01:11,360 Speaker 1: Now, the results yesterday were a bit unexpected. What does 23 00:01:11,400 --> 00:01:14,919 Speaker 1: it mean next week for the Reserve Bank boards meeting. 24 00:01:15,480 --> 00:01:18,120 Speaker 2: Well, financial markets have priced in a rate cut. They're 25 00:01:18,120 --> 00:01:20,640 Speaker 2: at about a ninety two percent of a cut next week. 26 00:01:21,400 --> 00:01:24,440 Speaker 2: If you look at the big picture, we have slowing inflation. 27 00:01:24,880 --> 00:01:27,760 Speaker 2: We found out this week that wages aren't really pushing 28 00:01:28,000 --> 00:01:30,560 Speaker 2: that inflation any higher. We have a strong labor market. 29 00:01:30,840 --> 00:01:32,640 Speaker 2: I still think there will be a cut next week. 30 00:01:32,760 --> 00:01:34,520 Speaker 1: All right, Moving on to story number two now, Sean 31 00:01:34,560 --> 00:01:37,959 Speaker 1: Prime Minister Anthony Abernesi is in Indonesia at the moment, 32 00:01:37,959 --> 00:01:40,960 Speaker 1: where he met with the country's president and declared, quote, 33 00:01:41,040 --> 00:01:44,920 Speaker 1: no relationship is more important to Australia than this one. 34 00:01:45,080 --> 00:01:46,640 Speaker 2: The trip got off to a good start when the 35 00:01:46,680 --> 00:01:50,600 Speaker 2: Indonesian President, Prabao Subianto paid an unofficial visit to the 36 00:01:50,600 --> 00:01:52,960 Speaker 2: PM's hotel on Wednesday night. They greeted each other in 37 00:01:53,000 --> 00:01:56,040 Speaker 2: the lobby. He'll brief talks before the official bilateral meeting 38 00:01:56,080 --> 00:02:00,320 Speaker 2: started yesterday. Albanesi announced Australia will support Indonesia's bid to 39 00:02:00,400 --> 00:02:03,360 Speaker 2: join the OECD in the trans Specific Partnership trade deal. 40 00:02:03,680 --> 00:02:07,560 Speaker 2: That's a significant boost for Australian Indonesian relations. He went 41 00:02:07,600 --> 00:02:09,720 Speaker 2: on to say that the re elected labor government would 42 00:02:09,720 --> 00:02:12,160 Speaker 2: help the president's plans to play a bigger role in 43 00:02:12,160 --> 00:02:15,720 Speaker 2: the global economy through joining the two key economic organizations. 44 00:02:15,919 --> 00:02:18,040 Speaker 2: This is the first overseas trip for the PM since 45 00:02:18,040 --> 00:02:20,240 Speaker 2: winning the election, which you would think might just send 46 00:02:20,280 --> 00:02:23,400 Speaker 2: a message to Indonesia about the importance of the relationship. 47 00:02:23,680 --> 00:02:26,560 Speaker 1: Yeah, I suspect it might sturing. Number three, Car sales 48 00:02:26,600 --> 00:02:29,600 Speaker 1: fell by seven percent last month, with plug in hybrid 49 00:02:29,680 --> 00:02:33,040 Speaker 1: sales tumbling, and that followed the removal of a fringe 50 00:02:33,080 --> 00:02:36,400 Speaker 1: benefit tax exemption for those particular models. 51 00:02:36,639 --> 00:02:39,799 Speaker 2: The FBT exemption ended in March. Plugins went from nearly 52 00:02:39,800 --> 00:02:42,480 Speaker 2: five percent of sales in that month to less than 53 00:02:42,560 --> 00:02:45,920 Speaker 2: three percent, just shows how important government policy is on 54 00:02:46,040 --> 00:02:49,200 Speaker 2: consumer behavior. Across the board, sales were down seven percent 55 00:02:49,240 --> 00:02:51,760 Speaker 2: on last year. Toyota Highlux led the way, followed by 56 00:02:51,800 --> 00:02:56,000 Speaker 2: Ford Ranger, Toyota, rav FOD and Ford Everest. Toyota sold 57 00:02:56,080 --> 00:03:00,519 Speaker 2: nineteen three hundred cars last month. The next three, Ford, 58 00:03:00,600 --> 00:03:04,400 Speaker 2: Mazda and Kia combined sold twenty thousand, So Toyota is 59 00:03:04,400 --> 00:03:05,240 Speaker 2: a long way in front. 60 00:03:05,400 --> 00:03:08,079 Speaker 1: Indeed, they are now staring OUM before Tesla chair Robin 61 00:03:08,120 --> 00:03:11,640 Speaker 1: Denholm has cashed in nearly two hundred million US dollars 62 00:03:11,639 --> 00:03:14,680 Speaker 1: worth of shares over the past six months, capitalizing on 63 00:03:14,800 --> 00:03:18,400 Speaker 1: stock options she has earned while with the company, despite 64 00:03:18,639 --> 00:03:22,400 Speaker 1: chief executive Elon Musk actually urging employees to quote, hang 65 00:03:22,440 --> 00:03:23,160 Speaker 1: on to your stock. 66 00:03:23,480 --> 00:03:26,079 Speaker 2: The Australian born Denholme bought more than one hundred and 67 00:03:26,080 --> 00:03:29,040 Speaker 2: twelve thousand shares last week for just Ward's under twenty 68 00:03:29,120 --> 00:03:33,200 Speaker 2: five bucks US share that's the strike price under her options. 69 00:03:33,520 --> 00:03:36,600 Speaker 2: She sold them the same day for the actual price 70 00:03:36,600 --> 00:03:38,760 Speaker 2: and training price, which is two hundred and seventy five 71 00:03:38,840 --> 00:03:41,560 Speaker 2: bucks a share, So from twenty five US to two 72 00:03:41,600 --> 00:03:44,760 Speaker 2: seventy five US that's a nice profit. She also sold 73 00:03:44,800 --> 00:03:47,760 Speaker 2: multiple parcels of stocks this year, bringing her total profit 74 00:03:47,760 --> 00:03:50,960 Speaker 2: to around five hundred and thirty million US dollars, pushing 75 00:03:51,000 --> 00:03:54,280 Speaker 2: her estimated wealth past the one billion Ossie mark. It 76 00:03:54,320 --> 00:03:56,720 Speaker 2: comes at a turbulent time for Tesla. The stock plunged 77 00:03:56,760 --> 00:03:59,360 Speaker 2: as low as two hundred and twenty two dollars last 78 00:03:59,400 --> 00:04:03,440 Speaker 2: month that it's down forty percent since January. That, of course, 79 00:04:03,560 --> 00:04:05,560 Speaker 2: is on the back of Tesla sales falling amid a 80 00:04:05,560 --> 00:04:08,800 Speaker 2: backlash against Elon Musk's involvement in US politics. 81 00:04:09,200 --> 00:04:12,360 Speaker 1: Last one story number five Starbucks plans to spend more 82 00:04:12,400 --> 00:04:15,000 Speaker 1: on barristers while putting the expansion of a three year 83 00:04:15,040 --> 00:04:19,480 Speaker 1: old cafe technology system on ice, basically as it emphasizes 84 00:04:19,560 --> 00:04:21,960 Speaker 1: labor over gadgets as a way to try and bring 85 00:04:22,000 --> 00:04:23,479 Speaker 1: customers back to stores. 86 00:04:24,080 --> 00:04:27,400 Speaker 2: Genius, the US based coffeehouse recently reported at fifty percent 87 00:04:27,440 --> 00:04:29,719 Speaker 2: four of the net income for the March quarter. Under 88 00:04:29,839 --> 00:04:33,120 Speaker 2: relatively new chief executive Brian Nickel, Starbucks has sought to 89 00:04:33,160 --> 00:04:35,400 Speaker 2: reverse a sales slump that's persisted for more than a 90 00:04:35,440 --> 00:04:39,480 Speaker 2: year by reducing customer wait times, simplifying menus, and restoring 91 00:04:39,520 --> 00:04:42,240 Speaker 2: the coffee house feel. According to a report in the FT, 92 00:04:42,800 --> 00:04:45,080 Speaker 2: as part of that plan, Starbucks will pause a rollout 93 00:04:45,160 --> 00:04:48,360 Speaker 2: of parts of the Siren craft system, which was a technology, 94 00:04:48,360 --> 00:04:51,880 Speaker 2: a much wanted technology they were trying to introduce. Starbucks 95 00:04:51,960 --> 00:04:54,479 Speaker 2: has three hundred and sixty one thousand employees worldwide, most 96 00:04:54,480 --> 00:04:57,600 Speaker 2: of them in cafes. Bristers have complained of being overwhelmed 97 00:04:57,720 --> 00:05:01,480 Speaker 2: juggling install and online orders at the busiest times of day, 98 00:05:01,520 --> 00:05:04,360 Speaker 2: while customers have been frustrated by long wait times. 99 00:05:04,520 --> 00:05:06,480 Speaker 1: All right, there we go, the top five business stories 100 00:05:06,480 --> 00:05:07,960 Speaker 1: in five minutes. Thank you very much, Sean. 101 00:05:08,120 --> 00:05:08,800 Speaker 2: Thank you Michael. 102 00:05:09,080 --> 00:05:12,040 Speaker 1: It is Friday, the sixteenth of May twenty twenty five. 103 00:05:12,120 --> 00:05:14,080 Speaker 1: Remember to hit follow on the podcast, and if five 104 00:05:14,120 --> 00:05:16,320 Speaker 1: minutes isn't enough, you can find our longer daily show 105 00:05:16,360 --> 00:05:19,240 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 106 00:05:19,279 --> 00:05:21,480 Speaker 1: Michael Thompson and that was the Fast five Business News 107 00:05:21,520 --> 00:05:23,360 Speaker 1: by Fear and Greed. Had a great day.