1 00:00:03,800 --> 00:00:06,920 Speaker 1: It's Wednesday, the eleventh of June twenty twenty five. Welcome 2 00:00:06,960 --> 00:00:09,320 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,320 --> 00:00:11,160 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,440 Speaker 1: need to know. When it's five minutes, I'm Michael Thompson 5 00:00:13,440 --> 00:00:14,840 Speaker 1: and good morning Sean Aylmer. 6 00:00:14,920 --> 00:00:16,280 Speaker 2: Good morning, Michael, Sean. 7 00:00:16,360 --> 00:00:18,439 Speaker 1: Five stories, five minutes. Let's go. Story number one is 8 00:00:18,440 --> 00:00:21,040 Speaker 1: a big one. Prime Minister Anthony Alberanezi has laid out 9 00:00:21,079 --> 00:00:24,680 Speaker 1: parameters for any trade negotiations with US President Donald Trump, 10 00:00:24,920 --> 00:00:27,800 Speaker 1: saying that things like the pharmaceutical Benefit Scheme, the media 11 00:00:27,840 --> 00:00:31,639 Speaker 1: Bargaining Code and biosecurity, well, none of those are up 12 00:00:31,680 --> 00:00:32,960 Speaker 1: for negotiation exactly. 13 00:00:33,000 --> 00:00:35,200 Speaker 2: The Prime Minister was at the National Press Club yesterday, 14 00:00:35,280 --> 00:00:38,159 Speaker 2: his first major speech since being re elected more than 15 00:00:38,200 --> 00:00:40,519 Speaker 2: five weeks ago. In a wide ranging Q and A 16 00:00:40,640 --> 00:00:44,120 Speaker 2: covering defense, trade, economics, the housing crisis, and productivity, the 17 00:00:44,280 --> 00:00:47,320 Speaker 2: PM said his first legislative priority is to cut the 18 00:00:47,360 --> 00:00:49,920 Speaker 2: student debt by twenty percent. I promise that in the 19 00:00:49,920 --> 00:00:52,720 Speaker 2: election campaign. He said it will save three million Australians 20 00:00:52,720 --> 00:00:55,680 Speaker 2: in average of five five hundred dollars each. Some of 21 00:00:55,720 --> 00:00:57,960 Speaker 2: the key points from yesterday defense spending needs to go 22 00:00:58,040 --> 00:01:00,160 Speaker 2: up in future budgets, though nothing has been locked in. 23 00:01:00,200 --> 00:01:01,560 Speaker 2: Of course, the US wants it to go to three 24 00:01:01,600 --> 00:01:03,800 Speaker 2: and a half per cent of GDP. Our plan is 25 00:01:03,840 --> 00:01:06,679 Speaker 2: about two point three percent of GDP in a few years. 26 00:01:07,040 --> 00:01:10,000 Speaker 2: On China and the region, Australia's engagement needs to be diplomatic, 27 00:01:10,040 --> 00:01:13,160 Speaker 2: mature and needs to avoid attempts to simplify what are 28 00:01:13,160 --> 00:01:16,760 Speaker 2: a complex set of relationships, the PM said. He defended 29 00:01:16,760 --> 00:01:19,080 Speaker 2: the government support for things like penalty rates for workers. 30 00:01:19,680 --> 00:01:22,679 Speaker 2: He also said his government must push local authorities to 31 00:01:22,720 --> 00:01:24,880 Speaker 2: cut through red tape to make it cheaper to build 32 00:01:24,920 --> 00:01:28,480 Speaker 2: new houses. Now the centerpiece, the Prime Minister announced a 33 00:01:28,640 --> 00:01:31,679 Speaker 2: jobs and Skills summit for August. The goal is to 34 00:01:31,720 --> 00:01:34,400 Speaker 2: develop new policies to bolster productivity. He wants to bring 35 00:01:34,400 --> 00:01:37,920 Speaker 2: together the business community, the union movement, in civil society. 36 00:01:38,400 --> 00:01:42,240 Speaker 2: We don't want uncivil society, obviously, civil society, Albanez. He said, 37 00:01:42,240 --> 00:01:44,640 Speaker 2: it's about building the broadest possible base of support for 38 00:01:44,720 --> 00:01:45,560 Speaker 2: economic reform. 39 00:01:45,880 --> 00:01:47,440 Speaker 1: Is that just his way of saying he doesn't want 40 00:01:47,480 --> 00:01:51,360 Speaker 1: ruffians taking just quickly a couple of changes at the 41 00:01:51,440 --> 00:01:52,960 Speaker 1: very top of the bureaucracy. 42 00:01:53,040 --> 00:01:55,320 Speaker 2: The head of Treasury that World regarded Stephen Kennedy will 43 00:01:55,360 --> 00:01:57,920 Speaker 2: become the Secretary of the Department of Prime Minister and Cabinet, 44 00:01:57,960 --> 00:02:01,680 Speaker 2: replacing the outgoing Glynn Davis, and the Finance Department boss, 45 00:02:01,720 --> 00:02:05,360 Speaker 2: Jenny Wilkinson will become the first ever female Treasury secretary. 46 00:02:05,600 --> 00:02:07,960 Speaker 1: Story number two. How about the local market? The S 47 00:02:08,000 --> 00:02:11,000 Speaker 1: and PA SX two hundred sean finished at a record 48 00:02:11,080 --> 00:02:14,239 Speaker 1: high yesterday, up nearly one percent to eight thousand, five 49 00:02:14,320 --> 00:02:15,720 Speaker 1: hundred and eighty seven points. 50 00:02:15,800 --> 00:02:18,200 Speaker 2: Pretty good. Energy, tech and bank stocks led the way 51 00:02:18,240 --> 00:02:20,560 Speaker 2: on the back of higher oil prices. That's on the 52 00:02:20,560 --> 00:02:22,840 Speaker 2: back of hopes about the US China trade deal. A 53 00:02:22,880 --> 00:02:25,120 Speaker 2: few things to mention you come off Bank Its share 54 00:02:25,160 --> 00:02:27,600 Speaker 2: price another record high one hundred and eighty two dollars 55 00:02:27,639 --> 00:02:30,080 Speaker 2: twenty five cents at one point yesterday, gives it a 56 00:02:30,120 --> 00:02:34,080 Speaker 2: market cap of three hundred and five billion dollars. Bitcoin 57 00:02:34,320 --> 00:02:37,280 Speaker 2: also near a record, pushed above one hundred and ten 58 00:02:37,360 --> 00:02:40,720 Speaker 2: thousand US dollars a unit yesterday morning after rolling about 59 00:02:40,720 --> 00:02:44,679 Speaker 2: four percent. Ossie dollar another one flirting around a six 60 00:02:44,720 --> 00:02:46,720 Speaker 2: month high. Flirting around a six month high for a 61 00:02:46,760 --> 00:02:50,760 Speaker 2: dollar like that, trading about sixty five point two US 62 00:02:50,800 --> 00:02:51,839 Speaker 2: cents this morning. 63 00:02:51,560 --> 00:02:55,000 Speaker 1: Sounds like something scoundrels and ruffians and uncivil society would 64 00:02:55,000 --> 00:02:57,880 Speaker 1: be interested in sean. Let's move on quickly to story 65 00:02:57,960 --> 00:03:00,800 Speaker 1: number three. A new era for buying our payo later companies, 66 00:03:00,840 --> 00:03:03,320 Speaker 1: such as after pay and Zip has arrived, with the 67 00:03:03,440 --> 00:03:06,239 Speaker 1: sector's products now regulated by credit laws. 68 00:03:06,320 --> 00:03:08,480 Speaker 2: Anyone signing up to a buy now pay later product 69 00:03:08,480 --> 00:03:11,560 Speaker 2: from yesterday must answer questions about their finances have their 70 00:03:11,600 --> 00:03:14,240 Speaker 2: credit history check before they can borrow money. By our 71 00:03:14,280 --> 00:03:17,600 Speaker 2: pay Later is particularly popular with younger consumers and allows 72 00:03:17,600 --> 00:03:19,960 Speaker 2: people to pay for goods in foreign installments. It means 73 00:03:20,000 --> 00:03:22,760 Speaker 2: some customers will be able to borrow less and follows 74 00:03:22,840 --> 00:03:25,799 Speaker 2: years of campaigning by consumer advocates, but it also makes 75 00:03:25,800 --> 00:03:29,120 Speaker 2: buy our pay later services more complex and less timely. 76 00:03:29,240 --> 00:03:31,680 Speaker 2: For example, new customers will have to answer questions about 77 00:03:31,680 --> 00:03:34,560 Speaker 2: their financial situation, including outstanding debts. 78 00:03:34,720 --> 00:03:38,080 Speaker 1: Story number four. Donald Trump's administration is sending seven hundred 79 00:03:38,080 --> 00:03:43,680 Speaker 1: marines to La Amid protests against raids on alleged illegal immigrants. 80 00:03:44,120 --> 00:03:47,040 Speaker 1: This is despite though opposition from the state's governor. 81 00:03:47,320 --> 00:03:49,320 Speaker 2: According to the White House, the marines are being sent 82 00:03:49,360 --> 00:03:53,320 Speaker 2: to protect federal personnel and federal property. It comes just 83 00:03:53,440 --> 00:03:57,760 Speaker 2: hours after California's democratic Governor Gavin Newsom sue Trump for 84 00:03:57,800 --> 00:04:00,560 Speaker 2: an earlier decision to deploy National Guard troops to stamp 85 00:04:00,560 --> 00:04:03,800 Speaker 2: out protests that began on the weekend. Now That lawsuit 86 00:04:04,240 --> 00:04:09,200 Speaker 2: called the president's decision an unprecedented usurpation of state authority. 87 00:04:09,480 --> 00:04:13,520 Speaker 2: Military forces frequently help in the US during natural disasters 88 00:04:13,560 --> 00:04:16,720 Speaker 2: and other incidents, very rare that they're deployed to aid 89 00:04:16,800 --> 00:04:20,039 Speaker 2: in domestic law enforcement, particularly without the support of the 90 00:04:20,040 --> 00:04:24,159 Speaker 2: state's governor. According to The Financial Times, about three hundred 91 00:04:24,240 --> 00:04:27,280 Speaker 2: members of the California National Guard arrived in Los Angeles 92 00:04:27,279 --> 00:04:30,279 Speaker 2: on Sunday after Trump transferred control of the military force 93 00:04:30,279 --> 00:04:32,960 Speaker 2: from state to federal authorities, then laid on Monday, the 94 00:04:33,000 --> 00:04:36,760 Speaker 2: Trump administration authorized another two thousand guardsmen to be deployed 95 00:04:37,000 --> 00:04:40,200 Speaker 2: to LA bringing the total number of authorized guardsmen to 96 00:04:40,400 --> 00:04:44,040 Speaker 2: four thousand, despite opposition from Newsome and local leaders. 97 00:04:44,760 --> 00:04:49,359 Speaker 1: Last one sean story number five growth in sales of 98 00:04:49,400 --> 00:04:53,200 Speaker 1: e cigarettes is faltering in North America and in Europe 99 00:04:53,880 --> 00:04:57,039 Speaker 1: raised his questions about the way forward for big tobacco. 100 00:04:56,760 --> 00:04:59,680 Speaker 2: British American tobacco. The Foots one hundred group behind this 101 00:05:00,279 --> 00:05:04,000 Speaker 2: the US E cigarettes said last week it expected sales 102 00:05:04,000 --> 00:05:07,440 Speaker 2: of its viping of its faith viping no vaping devices 103 00:05:07,760 --> 00:05:10,760 Speaker 2: to fall by a mid teens percentage globally in the 104 00:05:10,760 --> 00:05:13,080 Speaker 2: first half of the year. In the US, the world's 105 00:05:13,120 --> 00:05:16,120 Speaker 2: largest vaping market, year on years, sales of regulated devices 106 00:05:16,160 --> 00:05:18,680 Speaker 2: have fallen almost every month during the past two years, 107 00:05:18,720 --> 00:05:22,000 Speaker 2: according to Neilson. Meanwhile, in the UK, the second largest market, 108 00:05:22,400 --> 00:05:24,120 Speaker 2: vaping prevalence has leveled off. 109 00:05:24,200 --> 00:05:24,360 Speaker 1: Now. 110 00:05:24,360 --> 00:05:28,040 Speaker 2: The slowdown comes after really a decade of strong growth. 111 00:05:28,240 --> 00:05:30,839 Speaker 2: It accelerated between twenty twenty one and twenty twenty four, 112 00:05:30,880 --> 00:05:32,240 Speaker 2: but now it looks like it's peaked. 113 00:05:32,520 --> 00:05:34,719 Speaker 1: All right, There we go the top five business stories 114 00:05:34,760 --> 00:05:36,680 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 115 00:05:36,760 --> 00:05:39,440 Speaker 1: is Wednesday, the eleventh of June twenty twenty five. Remember 116 00:05:39,440 --> 00:05:42,039 Speaker 1: to hit follow on the podcast. If five minutes isn't enough, 117 00:05:42,040 --> 00:05:44,160 Speaker 1: you can find our longer daily show called Fear and 118 00:05:44,240 --> 00:05:47,320 Speaker 1: Greed wherever you listen to podcasts. I'm Michael Thompson and 119 00:05:47,360 --> 00:05:49,600 Speaker 1: they were the past five business news by Fear and Greed. 120 00:05:49,960 --> 00:05:50,640 Speaker 1: Have a great day.