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Speaker 1: Welcome to the weekend edition of The Fast five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello

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Speaker 1: Sean Ailmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. On the weekend though

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Speaker 1: we still keep it to five minutes, but we're going

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Speaker 1: to pick out the biggest business story of the week,

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Speaker 1: the most remarkable story, the sleeper story, one that's flying

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Speaker 1: under the radar a little bit, and then our favorite

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Speaker 1: business story. Shall we jump straight into it? Let's shall

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Speaker 1: I go first?

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Speaker 2: Sure? Okay.

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Speaker 1: The biggest story, I think, the one that really kind

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Speaker 1: of had an impact on a lot of Australians this

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Speaker 1: week was interest rates, because of course, on Tuesday afternoon

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Speaker 1: we had the Reserve Bank Board reduce the official cash

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Speaker 1: rate by twenty five basis points. Nobody was really surprised.

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Speaker 1: Everyone had been calling for it. Business leaders and politicians

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Speaker 1: and all the bank economists had been saying it was

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Speaker 1: going to be happening, and it did happen. But what

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Speaker 1: was surprising was the commentary from the Reserve Bank Governor

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Speaker 1: Michelle Bullock afterwards. Basically, really it sounded like the Reserve

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Speaker 1: Bank was kind of almost begrudgingly giving this rape cut,

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Speaker 1: sitingly improved inflation figures, but saying, hey, hold your horses.

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Speaker 1: There may not actually be many more still to come,

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Speaker 1: so don't get too excited just yet. We need to

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Speaker 1: see inflation coming down more. The employment mark is still

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Speaker 1: too strong, so hey, don't get too carried away.

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Speaker 2: And he doubled down that on Friday when she's talking

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Speaker 2: to Parliament as well. My biggest story of the week

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Speaker 2: was all about Donald Trump. He slammed the Ukrainian president

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Speaker 2: called Vlahome Zelenski, dictated without elections, forcely claimed that Kiev

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Speaker 2: started the war against Russia. What it did was to

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Speaker 2: get European countries angry and they started to coalesce, work

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Speaker 2: together and actually stand up to Donald Trump. The other

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Speaker 2: thing that Trump did this week was in post twenty

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Speaker 2: five percent tariffs on things like cars, semiconducted chips, pharmaceutical

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Speaker 2: imports that will hit Australia because we actually sell a

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Speaker 2: lot of legal drugs to the US Sean.

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Speaker 1: Most remarkable story, what did you think?

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Speaker 2: Well, what a week for earning season. Too many to

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Speaker 2: talk about in terms of property, kind of good news

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Speaker 2: for data centers. Good news for retail, not so good

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Speaker 2: news for residential. Actually some pretty good news for office

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Speaker 2: box as well. People are returning to work. We saw

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Speaker 2: that in transurban as the results. That's a toll road group,

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Speaker 2: more people using tolls. That's because they're actually playing tolls,

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Speaker 2: because that's because they're returning to work. The insurers told

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Speaker 2: us that they've done well, but our insurance premiums it

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Speaker 2: won't be going up as much next year as they

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Speaker 2: did last year. Happy about that. Tough time for the

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Speaker 2: big miner is Rare Fortes, few Metal and BHP all

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Speaker 2: struggling with a week China Telstra pushing big time into

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Speaker 2: mobile business. That was one of these standout results. I

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Speaker 2: would say Wes Farmers Bunnings is booming. Enko sales that

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Speaker 2: came out are doing really well. Worse of the week

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Speaker 2: probably Mineral Resources eight hundred million dollar lost and he's

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Speaker 2: an extra three hundred million dollars drop greater road at

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Speaker 2: his new iron ore project in Western Australia. What about you, Michael.

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Speaker 1: A quick mention of what happened in politics this week.

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Speaker 1: It started with some polls really that showed that Prime

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Speaker 1: Minister Anthony Alberinezi is really quite on the nose that

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Speaker 1: it's showing an increasing likelihood of minority government with the

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Speaker 1: PM's approval rating plummeting. We had a few bits and

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Speaker 1: pieces that will probably go in the government's favor that

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Speaker 1: the biggest of those would have been the interest rate

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Speaker 1: cut that I mentioned earlier. The other thing, John, though,

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Speaker 1: that I've got to mention is the return of Clive Palmer. Yes,

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Speaker 1: because he's starting a new political party, because he can't

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Speaker 1: use parm of United anymore. It's now going to be

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Speaker 1: called Trumpet of Patriots. And I got to say it

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Speaker 1: with a straight face. One of these times, I'm going

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Speaker 1: to get through it.

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Speaker 2: You won't.

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Speaker 1: But it is based very much on kind of Trump

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Speaker 1: style politics. So we'll be watching this space. We'll certainly

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Speaker 1: be hearing about it. We'll here can assure you of

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Speaker 1: that sleeper story. Did you pick one out for us? Oh?

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Speaker 2: Look, I thought what was happening in South Australia is

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Speaker 2: really interesting. In the federal government. South Australian government will

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Speaker 2: both pay or together, we'll pay two point four billion

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Speaker 2: dollars to upgrade the Wayalet Steel Works and the hope

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Speaker 2: of finding a buyer for it. It means installing an

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Speaker 2: electric arc furnace to replace the aging coal fired blast furnace.

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Speaker 2: What I think is really interesting is that the governments

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Speaker 2: are prepared to pay billions of dollars to save this

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Speaker 2: steel works. Now, this is government intervention at the highest level.

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Speaker 2: So we talked a bit about Rex regional Express the

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Speaker 2: government intervention there. This is multiples of that. Donald Trump,

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Speaker 2: I reckon it's sort of emboldened governments around the world

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Speaker 2: to make big calls on investing in manufacturing and things

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Speaker 2: like that. Talk about it in those terms, but I

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Speaker 2: reckon that's what this story is about.

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Speaker 1: It's an interesting angle to it. A quick sleeper story

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Speaker 1: for me, was really just a follow on from results

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Speaker 1: and financial markets this week is the fact that over

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Speaker 1: the course of a week, the banking index is down

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Speaker 1: something like ten percent something like that. With all the

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Speaker 1: majors have been sold off, they've been priced to perfection

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Speaker 1: now for so long that any kind of negativity was

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Speaker 1: always going to hit them, and that's really what's happened

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Speaker 1: this week, and so it's pulled the rest of the

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Speaker 1: market down as well.

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Speaker 2: Can't tell you my favorite story please quick.

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Speaker 1: Because I know what you're going to do. And it

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Speaker 1: is a fantastic story, so please.

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Speaker 2: He's Jamie Diamond, the boss of JP Morgan, probably Wall

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Speaker 2: Street's most influential banker. He teed off on Jen Zas,

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Speaker 2: otherwise known as Zoomers, an elite report to The Wall

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Speaker 2: Street Journal. He complained of slow decision making, phone calls

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Speaker 2: going un and said younger recruits being left behind due

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Speaker 2: to work from home. He criticized Zoomers for spending all

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Speaker 2: the time on the video ap zoom instead at the

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Speaker 2: physical office. And I've got to quote him quote from

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Speaker 2: Jamie Diamond, don't give me this shit that work from

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Speaker 2: home Friday works. I call a lot of people on

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Speaker 2: Fridays and there's not a goddamn person you can get

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Speaker 2: a hold of.

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Speaker 1: That is a great quote. And you know what, that's

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Speaker 1: the perfect place to finish up. Thank you very much, Sean,

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Speaker 1: Thank you, mirgo five minutes and pretty much everything you

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Speaker 1: need to know in the world of business. We'll be

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Speaker 1: back on Monday morning with the top five business stories

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Speaker 1: in five minutes. Don't forget to hit follow and join

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Speaker 1: us online on Instagram, TikTok, LinkedIn, Facebook and X are

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Speaker 1: Michael Thompson and this is the last five business news

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Speaker 1: back here and great