1 00:00:04,120 --> 00:00:06,520 Speaker 1: Welcome to the weekend edition of the Fast five Business 2 00:00:06,559 --> 00:00:07,720 Speaker 1: News by Fear and Greed. 3 00:00:07,720 --> 00:00:11,360 Speaker 2: I'm Michael Thompson and hello Sean Ailner. Good morning, Michael Seawan. 4 00:00:11,400 --> 00:00:13,319 Speaker 1: On weekdays, it's all about the Fast five, the top 5 00:00:13,320 --> 00:00:15,560 Speaker 1: five business stories in five minutes. On the weekend, we 6 00:00:15,600 --> 00:00:17,360 Speaker 1: still keep it to five minutes, but we are going 7 00:00:17,400 --> 00:00:19,400 Speaker 1: to pick out the biggest business story of the week, 8 00:00:19,480 --> 00:00:24,040 Speaker 1: the most remarkable story, a mystery category that changes every week, 9 00:00:24,079 --> 00:00:27,320 Speaker 1: and then our favorite story. Let's jump straight into the biggest. 10 00:00:27,360 --> 00:00:28,159 Speaker 2: So what was it for you? 11 00:00:28,600 --> 00:00:30,560 Speaker 3: Well, I think the fact that the economy is expanding 12 00:00:30,560 --> 00:00:33,040 Speaker 3: at a two point one percent clip according to the 13 00:00:33,360 --> 00:00:37,360 Speaker 3: economic growth figures out this week from the Bureau Statistics, Consumers, business, government, 14 00:00:37,440 --> 00:00:40,879 Speaker 3: all driving growth. The real surprise in it was inventories. Now, 15 00:00:40,880 --> 00:00:43,120 Speaker 3: it's a funny little number of inventores. You would think 16 00:00:43,320 --> 00:00:46,800 Speaker 3: that when inventries run down then you would get a 17 00:00:46,840 --> 00:00:49,400 Speaker 3: boost to the GDP. It actually works the other way. 18 00:00:50,040 --> 00:00:52,640 Speaker 3: Zero point five percent. If you put that on top 19 00:00:52,720 --> 00:00:54,720 Speaker 3: of the quarterly grade of zero point four percent, so'll 20 00:00:54,720 --> 00:00:57,120 Speaker 3: add it back in. You actually had an economy growing 21 00:00:57,320 --> 00:00:59,840 Speaker 3: close to one percent for the quarter. What's that mean 22 00:00:59,840 --> 00:01:04,360 Speaker 3: for interest rate cuts? Well, highly unlikely anytime soon. In fact, 23 00:01:04,480 --> 00:01:07,560 Speaker 3: the market's even thinking about interest rate hikes. 24 00:01:08,080 --> 00:01:08,960 Speaker 2: That is a big story. 25 00:01:09,040 --> 00:01:12,360 Speaker 1: The other big story this week Sean Parliament's not sitting yet, 26 00:01:12,400 --> 00:01:15,120 Speaker 1: it was still a massive week in politics. The federal 27 00:01:15,160 --> 00:01:17,559 Speaker 1: government announced a bunch of stuff. It's going to create 28 00:01:17,600 --> 00:01:20,640 Speaker 1: an independent agency to manage defense projects. That's described as 29 00:01:20,640 --> 00:01:23,800 Speaker 1: the biggest overhaul of the department in fifty years. It 30 00:01:23,800 --> 00:01:26,280 Speaker 1: released its two year old Jobs for Mates review to 31 00:01:26,360 --> 00:01:29,720 Speaker 1: deal with fears of and I quote overpaid political hacks 32 00:01:30,200 --> 00:01:34,440 Speaker 1: being parachuted into public roles. Fortunately, Sean, they've rejected many 33 00:01:34,480 --> 00:01:36,520 Speaker 1: of the tougher recommendations, so they probably will be too 34 00:01:36,600 --> 00:01:40,320 Speaker 1: much changed there. Health Minister Mark Butler confirmed that Australia 35 00:01:40,400 --> 00:01:43,480 Speaker 1: is in talks with Washington about drug pricing, so maybe 36 00:01:43,560 --> 00:01:46,119 Speaker 1: the US is pushing for higher payments under the PBS. 37 00:01:46,400 --> 00:01:51,000 Speaker 1: Speaking of the US, the Pentagon's review into Orcus is 38 00:01:51,080 --> 00:01:55,120 Speaker 1: done delivered. US is completely supportive of the project. Canberra 39 00:01:55,200 --> 00:01:58,160 Speaker 1: launched a big ad blitz to promote the social media 40 00:01:58,200 --> 00:02:00,720 Speaker 1: ban for under sixteens, so they spending ten million dollars 41 00:02:00,800 --> 00:02:04,120 Speaker 1: on that. And speaking of big spending, there was a 42 00:02:04,120 --> 00:02:06,000 Speaker 1: lot of talk about one hundred million dollars spent on 43 00:02:06,040 --> 00:02:09,080 Speaker 1: a new website for the Bureau of Meteorology. One senator 44 00:02:09,160 --> 00:02:12,000 Speaker 1: described it as massive feeding on the public sector by 45 00:02:12,000 --> 00:02:15,840 Speaker 1: the big consulting firms. Huge week in politics, considering Parliament 46 00:02:15,880 --> 00:02:17,080 Speaker 1: wasn't even sitting. 47 00:02:17,760 --> 00:02:20,680 Speaker 3: Yeah, yeah, indeed, Look the most remarkable story. I think 48 00:02:20,680 --> 00:02:23,320 Speaker 3: we've got one each of the same genre. Let me 49 00:02:23,360 --> 00:02:27,040 Speaker 3: go first, Communications Minister arnikle wells under fire after building 50 00:02:27,120 --> 00:02:31,919 Speaker 3: taxpayers one hundred thousand dollars for three flights, one for her, 51 00:02:32,240 --> 00:02:34,480 Speaker 3: one for her chief of staff, and one for another 52 00:02:35,160 --> 00:02:39,720 Speaker 3: staff member to attend the United Nations General Assembly. What 53 00:02:40,000 --> 00:02:44,000 Speaker 3: was quite remarkable? Mean she delayed the flights simply because 54 00:02:44,040 --> 00:02:46,640 Speaker 3: the triple zero outage ad optics had happened, So fair enough, 55 00:02:46,720 --> 00:02:48,520 Speaker 3: Communications Minister needs to hang around. 56 00:02:48,720 --> 00:02:50,040 Speaker 2: Then jumped on a flight to New York. 57 00:02:50,040 --> 00:02:52,760 Speaker 3: Heers cost thirty four thousand, her staff members cost thirty 58 00:02:52,760 --> 00:02:56,320 Speaker 3: eight thousand. The person who flew earlier cost twenty two thousand. 59 00:02:56,680 --> 00:03:01,080 Speaker 3: Now the flight a business class return flight knee Melbourne, 60 00:03:01,160 --> 00:03:04,560 Speaker 3: New York, about sort of up to twenty thousand at 61 00:03:04,560 --> 00:03:07,440 Speaker 3: the moment. Thirty eight thousand for one flight doesn't pass 62 00:03:07,480 --> 00:03:08,040 Speaker 3: the pub test. 63 00:03:08,400 --> 00:03:10,360 Speaker 1: No, it certainly does not. And the other one that 64 00:03:10,400 --> 00:03:12,360 Speaker 1: I reckon doesn't pass the pub test. The boss of 65 00:03:12,400 --> 00:03:16,080 Speaker 1: the Future Fund defending the spending of twenty thousand dollars 66 00:03:16,160 --> 00:03:19,959 Speaker 1: to spend to send his executive assistant on a hotel 67 00:03:20,160 --> 00:03:22,040 Speaker 1: scoping trip. There are a few flights and things within 68 00:03:22,080 --> 00:03:26,160 Speaker 1: this business class flights for two people to assess accommodation 69 00:03:26,360 --> 00:03:29,880 Speaker 1: options and negotiate room rates. Senator David Pocock said this 70 00:03:29,919 --> 00:03:32,680 Speaker 1: week exactly what we were all thinking. I suspect, why 71 00:03:32,680 --> 00:03:34,600 Speaker 1: couldn't this have been done over the phone? He actually 72 00:03:34,680 --> 00:03:37,840 Speaker 1: asked if she was checking the firmness of the beds. 73 00:03:37,880 --> 00:03:41,400 Speaker 1: CEO Raphael Aunt told Senate estimates that the trip delivered 74 00:03:41,400 --> 00:03:44,880 Speaker 1: savings of thirty thousand dollars and importantly, Sean ensured that 75 00:03:44,920 --> 00:03:48,240 Speaker 1: the hotels were in safe places within cities, which is 76 00:03:48,280 --> 00:03:50,160 Speaker 1: not something that can be done remotely at all. 77 00:03:50,200 --> 00:03:51,720 Speaker 2: You cannot book any of that up or talk to 78 00:03:51,760 --> 00:03:52,440 Speaker 2: anybody there. 79 00:03:52,880 --> 00:03:56,120 Speaker 1: There was also a confirmation from Aunt that he dined 80 00:03:56,120 --> 00:03:59,760 Speaker 1: at Disney's invitation only Club thirty three, where membership costs 81 00:03:59,760 --> 00:04:00,960 Speaker 1: ten of thousands of dollars. 82 00:04:00,960 --> 00:04:01,960 Speaker 2: It's no normal club. 83 00:04:02,200 --> 00:04:05,240 Speaker 1: He was there to study Disney's cultural induction program, but 84 00:04:05,280 --> 00:04:07,680 Speaker 1: there was no confirmation on whether the Future Fund, which 85 00:04:07,720 --> 00:04:11,080 Speaker 1: is a fund owned by Australians, paid for that or 86 00:04:11,080 --> 00:04:14,240 Speaker 1: whether that was paid for by Disney. Just nothing passing 87 00:04:14,320 --> 00:04:17,320 Speaker 1: the pub test this week. It's just all a bit uncomfortable. 88 00:04:18,240 --> 00:04:20,120 Speaker 1: Let's have a bit of fun with our mystery category. 89 00:04:20,680 --> 00:04:23,520 Speaker 1: This week Spotify rapped. So it's that time of year 90 00:04:23,560 --> 00:04:25,920 Speaker 1: where all of the companies are telling us what we've 91 00:04:26,000 --> 00:04:28,760 Speaker 1: listened to and what we searched for online, all this 92 00:04:28,880 --> 00:04:29,359 Speaker 1: kind of stuff. 93 00:04:29,400 --> 00:04:30,680 Speaker 2: Spotify did this week. 94 00:04:30,920 --> 00:04:34,120 Speaker 1: They told us that the top five artists that Australians 95 00:04:34,120 --> 00:04:36,880 Speaker 1: listened to were all from offshore. Taylor Swift of course 96 00:04:36,960 --> 00:04:40,080 Speaker 1: number one, Drake Morgan wall On the Weekend, and Billie Eilish. 97 00:04:40,279 --> 00:04:44,719 Speaker 1: The most streamed track here in Australia was Ordinary by 98 00:04:44,880 --> 00:04:47,920 Speaker 1: Alex Warren Sean What were you listening to? Though? That's 99 00:04:47,960 --> 00:04:49,920 Speaker 1: what I'm more curious about, because I don't reckon you're 100 00:04:49,960 --> 00:04:50,960 Speaker 1: a typical Australian. 101 00:04:51,360 --> 00:04:54,159 Speaker 3: Well one hundred and ninety one genres. I must say, 102 00:04:54,160 --> 00:04:57,520 Speaker 3: more podcasts and music, but alternative rock was my top category, 103 00:04:57,520 --> 00:05:00,920 Speaker 3: followed by pop rap, the new wave, every jage they 104 00:05:00,960 --> 00:05:03,680 Speaker 3: told me seventy two. That hurt. That's probably because I 105 00:05:03,680 --> 00:05:05,920 Speaker 3: listened to a lot of rim David Bowie, Beatles, radio 106 00:05:06,000 --> 00:05:07,520 Speaker 3: Head and you two what about you? 107 00:05:07,800 --> 00:05:11,520 Speaker 1: Yeah, look, my kids listen on the same account, so 108 00:05:11,560 --> 00:05:12,919 Speaker 1: there was a lot of soft pop. 109 00:05:13,040 --> 00:05:16,640 Speaker 2: Golden from the kpop demon Hunters was there. 110 00:05:16,960 --> 00:05:18,760 Speaker 1: But the thing that gets me is that even then, 111 00:05:18,800 --> 00:05:21,000 Speaker 1: even with the kids kind of balancing me out. I'm 112 00:05:21,080 --> 00:05:25,200 Speaker 1: thirty nine years old. My listening age Sean came in 113 00:05:25,279 --> 00:05:26,480 Speaker 1: at seventy eight. 114 00:05:27,880 --> 00:05:31,279 Speaker 2: How the heck did that? Life of your age? Yeah? Indeed? Okay, 115 00:05:31,480 --> 00:05:35,440 Speaker 2: favorite story of the week? What did you like? Well, 116 00:05:35,560 --> 00:05:35,960 Speaker 2: very much? 117 00:05:36,080 --> 00:05:41,400 Speaker 3: The story about illegal tobacco. Basically, the government has excised 118 00:05:41,440 --> 00:05:44,880 Speaker 3: it so much, like fifty dollars pack of cigarettes, thirty 119 00:05:44,880 --> 00:05:47,920 Speaker 3: four dollars goes to the government so much that it 120 00:05:47,960 --> 00:05:51,840 Speaker 3: has incentivized an illegal trade in it, so people can 121 00:05:51,880 --> 00:05:54,320 Speaker 3: buy a pack of cigarettes for sixteen bucks. According to 122 00:05:54,400 --> 00:05:57,280 Speaker 3: Roy Morgan, more people are now smoking between eighten to 123 00:05:57,360 --> 00:06:00,080 Speaker 3: twenty four year olds than they were before. That's so 124 00:06:00,279 --> 00:06:03,400 Speaker 3: the government's excise tax has done the exact opposite to 125 00:06:03,480 --> 00:06:07,440 Speaker 3: what was set out to do. It's just great demonstration 126 00:06:07,560 --> 00:06:10,719 Speaker 3: of economics in action. But it's actually a crisis. We 127 00:06:10,800 --> 00:06:13,720 Speaker 3: have more people smoking, we have more crime as a 128 00:06:13,760 --> 00:06:17,360 Speaker 3: result of the illegal tobacco trade. Government needs to change 129 00:06:17,360 --> 00:06:18,080 Speaker 3: policy quickly. 130 00:06:18,279 --> 00:06:21,080 Speaker 1: Yeah, yeah, my favorite. There are a few options. I 131 00:06:21,120 --> 00:06:23,680 Speaker 1: was looking at Samsung's trifold phone, or the price of 132 00:06:23,720 --> 00:06:26,080 Speaker 1: copper hitting a record high, which isn't the most exciting, 133 00:06:26,160 --> 00:06:29,560 Speaker 1: but it has a massive impact on Australia's miners accentures 134 00:06:29,800 --> 00:06:33,200 Speaker 1: staff now being called reinventors. We're in a different direction altogether. 135 00:06:33,279 --> 00:06:36,240 Speaker 1: The Rise of Giving Tuesday Sean, which follows in the 136 00:06:36,360 --> 00:06:39,279 Speaker 1: US from Black Friday and Cyber Monday. This week we 137 00:06:39,320 --> 00:06:42,360 Speaker 1: had Michael and Susan Dell, the founders of Dell Technologies, 138 00:06:42,360 --> 00:06:45,160 Speaker 1: pledging six point twenty five billion US dollars to go 139 00:06:45,240 --> 00:06:48,479 Speaker 1: to kids in the US, particularly in lower income areas. 140 00:06:48,520 --> 00:06:51,480 Speaker 1: It's believed to be among the largest ever cash donations 141 00:06:51,480 --> 00:06:54,280 Speaker 1: to charity. Kind of fits into what the President is 142 00:06:54,320 --> 00:06:57,680 Speaker 1: doing with his so called Trump accounts, where Treasury is 143 00:06:57,680 --> 00:07:00,280 Speaker 1: putting one thousand dollars in an investment account for every 144 00:07:00,400 --> 00:07:03,240 Speaker 1: child born in twenty twenty five or later. I just 145 00:07:03,240 --> 00:07:04,960 Speaker 1: think it's a really interesting story, and I like the 146 00:07:05,080 --> 00:07:07,760 Speaker 1: Rise of Giving Tuesday as a bit of a counterbalance 147 00:07:07,839 --> 00:07:09,840 Speaker 1: to what is a lot of spending and a lot 148 00:07:09,840 --> 00:07:12,880 Speaker 1: of consuming over Black Friday and Cyber Monday. 149 00:07:13,160 --> 00:07:14,000 Speaker 2: Yeah, great story. 150 00:07:14,280 --> 00:07:16,480 Speaker 1: Okay, there we go five minutes and pretty much everything 151 00:07:16,520 --> 00:07:17,720 Speaker 1: you need to know in the world of business. 152 00:07:17,800 --> 00:07:19,480 Speaker 2: Thank you Sean, Thank you Michael. 153 00:07:19,520 --> 00:07:21,480 Speaker 1: Don't forget to follow on the podcast and head to 154 00:07:21,520 --> 00:07:23,680 Speaker 1: Fear and Greed dot com dot au to sign up 155 00:07:23,680 --> 00:07:24,960 Speaker 1: for our free daily newsletter. 156 00:07:24,960 --> 00:07:27,400 Speaker 2: I'm Michael Thompson and this is the fast five business 157 00:07:27,400 --> 00:07:28,480 Speaker 2: news by Fear and Greed.