1 00:00:06,240 --> 00:00:09,480 Speaker 1: Federal Treasurer Jim Chalmers lashes out at the Reserve Bank 2 00:00:09,560 --> 00:00:13,400 Speaker 1: for the way it views the economy. Australia joins the US, 3 00:00:13,520 --> 00:00:17,319 Speaker 1: Canada and the Philippines to undertake naval exercises sure to 4 00:00:17,480 --> 00:00:22,919 Speaker 1: irritate Beijing and the growing industry of dog perfumes. Welcome 5 00:00:22,960 --> 00:00:25,280 Speaker 1: to Fear and Greed. Daily business news for people who 6 00:00:25,320 --> 00:00:27,720 Speaker 1: make their own decisions. It is Thursday, the eighth of 7 00:00:27,760 --> 00:00:32,880 Speaker 1: August twenty twenty four. I'm Michael Thompson and dog perfumes. 8 00:00:33,680 --> 00:00:37,040 Speaker 2: I could see your face. You are struggling to hold 9 00:00:37,080 --> 00:00:40,040 Speaker 2: it together there, Michael, What you did very well? Yes, 10 00:00:40,479 --> 00:00:43,680 Speaker 2: it's a perfume to really not perfume perfume. 11 00:00:44,080 --> 00:00:47,600 Speaker 1: Oh, I'm sorry. I'm not culturate enough to talk about 12 00:00:47,600 --> 00:00:51,600 Speaker 1: dog sense. We will be getting to that one later, Sean. 13 00:00:51,680 --> 00:00:54,200 Speaker 1: It's a cracker of a story, isn't it a fair 14 00:00:54,240 --> 00:00:56,600 Speaker 1: bit to get through first? Though? The main story this morning, 15 00:00:56,600 --> 00:00:59,440 Speaker 1: the Federal Treasurer Jim Chalmers has taken on the Reserve 16 00:00:59,480 --> 00:01:03,840 Speaker 1: Bank about its assessment that big spending by governments is 17 00:01:03,880 --> 00:01:04,920 Speaker 1: prolonging inflation. 18 00:01:05,720 --> 00:01:08,640 Speaker 2: Following the Central Banks Board and meeting this week, its 19 00:01:08,680 --> 00:01:11,280 Speaker 2: decision to not move on interest rates because inflation is 20 00:01:11,319 --> 00:01:14,400 Speaker 2: too high, and comments from the Governor Michelle Bullock about 21 00:01:14,440 --> 00:01:17,360 Speaker 2: there being too much excess demand in the economy. Dr 22 00:01:17,440 --> 00:01:20,760 Speaker 2: Chalmers yesterday came out firing. Basically, he said the Central 23 00:01:20,760 --> 00:01:24,040 Speaker 2: Bank was wrong. He told ABC Radio, I think it's 24 00:01:24,040 --> 00:01:26,839 Speaker 2: hard to sustain an argument that the economy is running 25 00:01:26,840 --> 00:01:29,839 Speaker 2: too hot or that people have too much spare cash, 26 00:01:30,120 --> 00:01:32,560 Speaker 2: given all of the data and all of the feedback 27 00:01:32,600 --> 00:01:35,480 Speaker 2: that we get which shows that's not the case. Dr 28 00:01:35,560 --> 00:01:38,679 Speaker 2: Chalmers said he didn't accept the argument that government spending 29 00:01:38,800 --> 00:01:42,280 Speaker 2: is fueling inflation. He argued that the government's policies were 30 00:01:42,280 --> 00:01:44,960 Speaker 2: pushing down the cost of living and budget spending wasn't 31 00:01:45,200 --> 00:01:47,800 Speaker 2: the primary determinant of prices. 32 00:01:47,360 --> 00:01:48,120 Speaker 3: In the economy. 33 00:01:48,800 --> 00:01:52,680 Speaker 2: Certainly, federal energy rebates will push down the overall the 34 00:01:52,720 --> 00:01:56,360 Speaker 2: headline inflation figured this financial year, but the Reserve Bank 35 00:01:56,360 --> 00:01:58,400 Speaker 2: made it very clear this week that the effect is 36 00:01:58,440 --> 00:02:02,600 Speaker 2: temporary and not part of its interest rate deliberations. Also, 37 00:02:02,800 --> 00:02:06,760 Speaker 2: the Reserve Bank updated its forecasts. It shows a significant 38 00:02:06,880 --> 00:02:10,560 Speaker 2: jump in public demand this year. That is government spending 39 00:02:10,639 --> 00:02:16,400 Speaker 2: this year, which if it occurs, will definitely increase inflationary pressures. Now, 40 00:02:16,440 --> 00:02:20,400 Speaker 2: the government is very tentative about this one because remember 41 00:02:20,440 --> 00:02:22,480 Speaker 2: with all those Stage three tax cuts, there was all 42 00:02:22,520 --> 00:02:25,560 Speaker 2: the talk about are you adding to inflation? Same do 43 00:02:25,639 --> 00:02:29,560 Speaker 2: when the budget came out. Looks like the Reserve Bank 44 00:02:29,680 --> 00:02:32,520 Speaker 2: thinks the federal government is adding to inflation. 45 00:02:33,160 --> 00:02:35,920 Speaker 1: It's been an extraordinary couple of days. What's the wash 46 00:02:36,000 --> 00:02:38,280 Speaker 1: up from the interest rate decision on Tuesday? 47 00:02:39,120 --> 00:02:42,160 Speaker 2: Well, the markets still think there's a chance at rates 48 00:02:42,320 --> 00:02:46,320 Speaker 2: will be cut later this year. As Lucy Ellis, a 49 00:02:46,360 --> 00:02:49,760 Speaker 2: chief economist at Westpac, told us in yesterday's interview, she 50 00:02:49,880 --> 00:02:52,840 Speaker 2: thought they'd be going in November this year, though what 51 00:02:53,000 --> 00:02:56,760 Speaker 2: happened on Tuesday has really made her rethink where she's going. 52 00:02:56,880 --> 00:02:58,840 Speaker 2: We actually got a great insight in the Central Bank's 53 00:02:58,880 --> 00:03:02,400 Speaker 2: thinking yesterday from its chief economist Sarah Hunter, who appeared 54 00:03:02,400 --> 00:03:05,600 Speaker 2: before Parliament. She explained that there's less capacity in the 55 00:03:05,600 --> 00:03:09,320 Speaker 2: economy to produce stuff and along with high demand, just 56 00:03:09,400 --> 00:03:12,720 Speaker 2: means we'll take a bit longer to get control of inflation. 57 00:03:13,240 --> 00:03:14,840 Speaker 3: The talk about aggregate. 58 00:03:14,360 --> 00:03:17,120 Speaker 2: Demand and supply on Tuesday by the Reserve Bank is 59 00:03:17,160 --> 00:03:20,760 Speaker 2: what has attracted most attention from market economists. While doctor 60 00:03:20,800 --> 00:03:24,400 Speaker 2: Hunter was reasonably sanguine about financial markets and all the 61 00:03:24,480 --> 00:03:27,280 Speaker 2: volatility that's going on she said that the Reserve Bank 62 00:03:27,360 --> 00:03:29,760 Speaker 2: didn't take much notice of that. She also added that 63 00:03:29,800 --> 00:03:33,359 Speaker 2: the Reserve Bank's base case is not for a recession 64 00:03:33,440 --> 00:03:36,400 Speaker 2: in the US, which would be good for the local economy. 65 00:03:37,200 --> 00:03:39,920 Speaker 1: Sean great response yesterday to the Fear and Greed Weekly 66 00:03:40,000 --> 00:03:44,880 Speaker 1: newsletter where you shared your view of the Reserve Bank's decision, 67 00:03:45,840 --> 00:03:48,120 Speaker 1: and we also included in that a link to as 68 00:03:48,160 --> 00:03:52,080 Speaker 1: well Lucy Ellis's interview from yesterday as well. 69 00:03:52,080 --> 00:03:56,400 Speaker 2: Michael, you're being modest here because we looked at the 70 00:03:56,400 --> 00:04:00,480 Speaker 2: analytics this morning and in the newsletter yesterday. There's also 71 00:04:00,560 --> 00:04:05,160 Speaker 2: a link to an Exploding Whale yep, which is Michael's 72 00:04:05,160 --> 00:04:08,160 Speaker 2: all time favorite videos at late sixties, early seventies. 73 00:04:08,080 --> 00:04:12,040 Speaker 1: Yeah, nineteen nineteen to seventy thereabout, yeah, and it is 74 00:04:12,120 --> 00:04:14,720 Speaker 1: just an absolute classic. And really that was that was 75 00:04:14,760 --> 00:04:17,800 Speaker 1: my sole contribution to the weekly newsletter. You get all 76 00:04:17,839 --> 00:04:20,719 Speaker 1: of the kind of the business and economic analysis and 77 00:04:20,760 --> 00:04:24,080 Speaker 1: everything from Sean Almer, from Michael Thompson. 78 00:04:24,320 --> 00:04:25,559 Speaker 3: The exploding whale. 79 00:04:25,680 --> 00:04:28,240 Speaker 2: Guess what the best The highest clickthrough was. 80 00:04:29,080 --> 00:04:30,159 Speaker 1: It'd be the whale, wouldn't it? 81 00:04:30,160 --> 00:04:31,960 Speaker 2: Sean certainly was. 82 00:04:32,200 --> 00:04:34,760 Speaker 3: Oh I watched a couple of times. 83 00:04:35,000 --> 00:04:38,520 Speaker 1: Vindication, you know, what that is that everyone wants to 84 00:04:38,520 --> 00:04:42,760 Speaker 1: see more of exploding whale exploding whales. Anyway, if you 85 00:04:42,760 --> 00:04:44,680 Speaker 1: haven't signed up for the Fear and Green newsletter, do 86 00:04:44,800 --> 00:04:47,320 Speaker 1: so today. Head along to Fearangreed dot com dot au 87 00:04:47,800 --> 00:04:50,320 Speaker 1: and I'll have to dig up something else special for 88 00:04:50,400 --> 00:04:52,840 Speaker 1: next For next week. I think I've set a precedent here. 89 00:04:52,839 --> 00:04:56,520 Speaker 1: Sean back on track. Local markets, how do they go? Yesterday? 90 00:04:57,040 --> 00:05:00,240 Speaker 2: The SMPA six two hundred close up zero point three 91 00:05:00,279 --> 00:05:03,640 Speaker 2: percent to seventy seven hundred points. Having started the day lower, 92 00:05:04,040 --> 00:05:06,880 Speaker 2: Nine of the eleven sectors on the benchmark index ended higher, 93 00:05:07,000 --> 00:05:09,640 Speaker 2: led by the real estate investment trusts. The two sectors 94 00:05:09,640 --> 00:05:12,480 Speaker 2: that ended lower were the two biggest financials and materials. 95 00:05:12,960 --> 00:05:15,200 Speaker 2: Among the large caps. The banks were mixed with Commonwealth 96 00:05:15,240 --> 00:05:17,360 Speaker 2: Bank and A and Z up, while last in Australia 97 00:05:17,360 --> 00:05:20,200 Speaker 2: Bank and Westpac were lower. CSL had a good day, 98 00:05:20,279 --> 00:05:23,120 Speaker 2: rising nearly one percent, as did Telstra it was at 99 00:05:23,160 --> 00:05:25,920 Speaker 2: one point two percent. Woodside closed one on a half 100 00:05:25,960 --> 00:05:28,320 Speaker 2: percent high. Wasn't so good for the big three miners, 101 00:05:28,320 --> 00:05:30,680 Speaker 2: as I and all prices fell. Fortesqu Medals Group and 102 00:05:30,760 --> 00:05:33,279 Speaker 2: Rio both closed down more than one percent, while BHP 103 00:05:33,480 --> 00:05:36,240 Speaker 2: was off half a percent. A notable poor performer was 104 00:05:36,320 --> 00:05:38,960 Speaker 2: James Hardy, which dropped more than two percent, pairing back 105 00:05:39,000 --> 00:05:42,720 Speaker 2: gains made in recent sessions. In corporate news, Newin Pharmaceuticals 106 00:05:42,720 --> 00:05:46,120 Speaker 2: put itself into a trading halt yesterday ahead of downgrading 107 00:05:46,200 --> 00:05:48,960 Speaker 2: its earnings outlook on the back of weaker sales from 108 00:05:49,040 --> 00:05:53,200 Speaker 2: American partner Arcadia. Newan's share price is off more than 109 00:05:53,240 --> 00:05:55,960 Speaker 2: thirty percent this year, having more than doubled in the 110 00:05:56,000 --> 00:05:58,159 Speaker 2: final six weeks of twenty twenty three. 111 00:05:58,600 --> 00:06:00,960 Speaker 1: And what's happening in the international mone markets. 112 00:06:00,880 --> 00:06:03,720 Speaker 2: Japan continues to be the most interesting financial market in 113 00:06:03,760 --> 00:06:06,000 Speaker 2: the region. Yesterday, it's central bank, the Bank of Japan, 114 00:06:06,080 --> 00:06:08,960 Speaker 2: said it won't raise its policy interest rate when financial 115 00:06:09,000 --> 00:06:11,000 Speaker 2: and capital markets are unstable. 116 00:06:11,839 --> 00:06:12,520 Speaker 3: People like that. 117 00:06:12,880 --> 00:06:16,120 Speaker 2: It sent the Nicki that's a local share market higher 118 00:06:16,160 --> 00:06:19,440 Speaker 2: and the yen also appreciated. The Nickie is now trading 119 00:06:19,440 --> 00:06:21,719 Speaker 2: around the level it was at the beginning of the week, 120 00:06:22,200 --> 00:06:24,640 Speaker 2: having at one point a couple of days ago dropped 121 00:06:24,640 --> 00:06:28,480 Speaker 2: by as much as thirteen percent. Otherwise, I suppose things 122 00:06:28,480 --> 00:06:31,080 Speaker 2: are volatile and equity markets but not quite as jumpy 123 00:06:31,200 --> 00:06:33,799 Speaker 2: as earlier in the week. Oil prices are trending higher 124 00:06:33,880 --> 00:06:36,440 Speaker 2: goals trending lower. The Ausie dollars up about half a 125 00:06:36,520 --> 00:06:39,320 Speaker 2: cent against the greenback to sixty five and a half 126 00:06:39,320 --> 00:06:42,000 Speaker 2: FEUs cents, and cryptos are off their loawers, with bitcoin 127 00:06:42,160 --> 00:06:45,599 Speaker 2: back almost to fifty seven thousand US dollars a unit. 128 00:06:46,080 --> 00:06:49,000 Speaker 1: And Sean after the show, you have an interesting interview 129 00:06:49,040 --> 00:06:52,040 Speaker 1: coming up with Neamiah Richardson, who is the CEO of 130 00:06:52,120 --> 00:06:53,040 Speaker 1: Pangana Credit. 131 00:06:53,680 --> 00:06:56,159 Speaker 2: I learned a lot in this interview. Now there's a 132 00:06:56,160 --> 00:06:58,479 Speaker 2: lot of stuff I don't know, but Naami helped me 133 00:06:58,520 --> 00:07:01,440 Speaker 2: out here. So Pangana are working with MERSA and they've 134 00:07:01,480 --> 00:07:05,800 Speaker 2: launched a listed investment trusts which invests in global private credit. 135 00:07:06,360 --> 00:07:09,120 Speaker 2: I get private credit. What I didn't get is that 136 00:07:09,720 --> 00:07:12,640 Speaker 2: global private credits private credit in the US and Europe 137 00:07:12,760 --> 00:07:17,240 Speaker 2: is very different to private credit in Australia and therefore 138 00:07:17,280 --> 00:07:20,400 Speaker 2: as an investor, it means it gives you more options. 139 00:07:20,960 --> 00:07:24,280 Speaker 2: And the point a lot of this is to do 140 00:07:24,360 --> 00:07:29,320 Speaker 2: with regulation and because regular tree requirements are slightly different different, 141 00:07:29,680 --> 00:07:32,840 Speaker 2: it means when you're investing in private credit off sure, 142 00:07:33,400 --> 00:07:35,760 Speaker 2: you end up with many, many more options. So it's 143 00:07:35,760 --> 00:07:38,840 Speaker 2: just a great chat to Niami who takes me through. 144 00:07:38,680 --> 00:07:41,280 Speaker 1: All that yeah, sure is and Pangana Credit are great 145 00:07:41,280 --> 00:07:44,120 Speaker 1: supporters of fear and greed. Sean, we have quite a 146 00:07:44,120 --> 00:07:46,000 Speaker 1: bit to get to, including the story that we are 147 00:07:46,080 --> 00:07:50,080 Speaker 1: all looking forward to about dog perfume. We'll be back 148 00:07:50,080 --> 00:07:51,720 Speaker 1: in a moment, but the rest of the day's business 149 00:07:51,760 --> 00:08:01,120 Speaker 1: news Sean. Australia will take part in a joint military 150 00:08:01,160 --> 00:08:04,600 Speaker 1: exercise in the South China Sea alongside the United States, 151 00:08:04,680 --> 00:08:08,400 Speaker 1: Canada and the Philippines, in a move sure to irritate Beijing. 152 00:08:08,880 --> 00:08:11,360 Speaker 2: A joint statement by military leaders of the four nations 153 00:08:11,400 --> 00:08:14,360 Speaker 2: said naval and air force units were determined to demonstrate 154 00:08:14,600 --> 00:08:19,320 Speaker 2: our collective commitment to strengthen regional and international cooperation in 155 00:08:19,400 --> 00:08:23,120 Speaker 2: support of a free and open Indo Pacific. The combined 156 00:08:23,240 --> 00:08:26,600 Speaker 2: armed forces will conduct the exercise within the Philippines Exclusive 157 00:08:26,680 --> 00:08:28,360 Speaker 2: Economic Zone. 158 00:08:28,000 --> 00:08:29,000 Speaker 3: Next week now. 159 00:08:29,240 --> 00:08:31,160 Speaker 2: In the statement, the leaders of the nation said the 160 00:08:31,160 --> 00:08:33,840 Speaker 2: activity will be conducted in a manner that is consistent 161 00:08:33,880 --> 00:08:37,079 Speaker 2: with international law and with due regard to the safety 162 00:08:37,080 --> 00:08:41,040 Speaker 2: of navigation and the rights and interests of other states. 163 00:08:41,080 --> 00:08:41,760 Speaker 3: Not hard to. 164 00:08:41,679 --> 00:08:44,960 Speaker 2: See who they're pointing at in this one. China and 165 00:08:45,000 --> 00:08:47,440 Speaker 2: the Philippines in particular have been at logerheads over the 166 00:08:47,440 --> 00:08:50,360 Speaker 2: region in recent months. The fact that Canada, the US 167 00:08:50,440 --> 00:08:53,600 Speaker 2: and Australia are joining with the Philippines just demonstrates that 168 00:08:53,640 --> 00:08:57,959 Speaker 2: the four are trying to show a united front against Beijing. 169 00:08:58,720 --> 00:09:03,160 Speaker 1: Australia has issued travel advisory notices warning tourists of the 170 00:09:03,280 --> 00:09:07,120 Speaker 1: risks to their safety from anti immigration protests and riots 171 00:09:07,120 --> 00:09:07,680 Speaker 1: in the UK. 172 00:09:08,320 --> 00:09:10,760 Speaker 2: Yes After last weekends violence in the country in which 173 00:09:10,840 --> 00:09:15,240 Speaker 2: riot has attacked hotels used to house asylum seekers, Australia 174 00:09:15,320 --> 00:09:18,120 Speaker 2: updated its travel warning to the UK now says avoid 175 00:09:18,160 --> 00:09:21,200 Speaker 2: areas where protests are occurring due to the potential for 176 00:09:21,240 --> 00:09:25,400 Speaker 2: disruption and violence. The United Arab Memorans, Nigeria, Malaysia, Indonesia, 177 00:09:25,440 --> 00:09:27,600 Speaker 2: amongst others, have also told their citizens to be on 178 00:09:27,679 --> 00:09:31,080 Speaker 2: high alert. The violence has affected towns and city centers 179 00:09:31,120 --> 00:09:35,120 Speaker 2: across the country, including tourist destinations like Manchester and Liverpool. 180 00:09:35,400 --> 00:09:38,080 Speaker 2: Now the Australian government has also changed its travel advice 181 00:09:38,280 --> 00:09:41,840 Speaker 2: for Bangladesh to do not travel, with the Foreign Ministry 182 00:09:41,840 --> 00:09:44,559 Speaker 2: saying the situation is volatile. It comes as the president 183 00:09:44,559 --> 00:09:47,760 Speaker 2: of Bangladesh to dissolve the country's parliament following an ultimatum 184 00:09:47,840 --> 00:09:50,880 Speaker 2: issued by student protests, which forced the resignation of the 185 00:09:50,880 --> 00:09:52,600 Speaker 2: Prime Minister earlier in the week. 186 00:09:53,320 --> 00:09:57,160 Speaker 1: Sean childcare remains the most common reason why women who 187 00:09:57,200 --> 00:10:00,600 Speaker 1: want a job can't start quickly, while so men it's 188 00:10:00,679 --> 00:10:02,319 Speaker 1: long term health or disability. 189 00:10:02,720 --> 00:10:05,760 Speaker 2: The Bureau of Statistics released daity yesterday that shows one 190 00:10:05,800 --> 00:10:08,760 Speaker 2: point three million people aged between eighteen and seventy five 191 00:10:09,040 --> 00:10:11,679 Speaker 2: without a paid job want one. 192 00:10:11,760 --> 00:10:11,920 Speaker 1: Now. 193 00:10:11,920 --> 00:10:14,160 Speaker 2: There are two point one million people without a job 194 00:10:14,520 --> 00:10:17,360 Speaker 2: who don't want one, and another three point four million 195 00:10:17,559 --> 00:10:21,160 Speaker 2: retired or permanently unable to work. In total, there are 196 00:10:21,160 --> 00:10:24,400 Speaker 2: about nineteen million Australians in that age bracket. That's at 197 00:10:24,400 --> 00:10:26,400 Speaker 2: the end of March, seventy three percent have a job. 198 00:10:26,440 --> 00:10:29,199 Speaker 2: We're about to start one. The ABS also put out 199 00:10:29,200 --> 00:10:32,559 Speaker 2: figures showing the cost of living increases totaled around one 200 00:10:32,559 --> 00:10:35,680 Speaker 2: point three percent during the June quarter. Now it was 201 00:10:35,679 --> 00:10:39,960 Speaker 2: the first quarter since twenty ten where the increase in 202 00:10:40,000 --> 00:10:43,559 Speaker 2: cost of living for all household types was higher than 203 00:10:43,600 --> 00:10:48,000 Speaker 2: the increase in inflation. Insurance and financial services, which includes 204 00:10:48,040 --> 00:10:51,480 Speaker 2: mortgage interest charges along with food and non alcoholic beverages, 205 00:10:51,720 --> 00:10:54,480 Speaker 2: with the main contributors across all household types to the 206 00:10:54,559 --> 00:10:55,760 Speaker 2: higher living costs. 207 00:10:56,120 --> 00:11:00,880 Speaker 1: Workers in rogue rams, financial franchises paid and took illicit 208 00:11:01,040 --> 00:11:04,199 Speaker 1: kickbacks and faked tax returns and company statements in the 209 00:11:04,280 --> 00:11:08,120 Speaker 1: years leading up to their termination, Westpac alleges, in response 210 00:11:08,160 --> 00:11:10,640 Speaker 1: to a class action threat hanging over the bank, this 211 00:11:10,760 --> 00:11:12,199 Speaker 1: is fascinating, yeah. 212 00:11:12,040 --> 00:11:14,199 Speaker 2: West Pac said it would effectively shut down the thirty 213 00:11:14,200 --> 00:11:17,680 Speaker 2: three year old RAMS brand this week, amid and Australian 214 00:11:17,679 --> 00:11:21,080 Speaker 2: Securities and Investments Commission probe into the business covering the 215 00:11:21,160 --> 00:11:25,240 Speaker 2: conduct of franchisees that have since. The franchisese have since 216 00:11:25,280 --> 00:11:28,400 Speaker 2: taken the bank to court. Now, the sixteen franchisees alleged 217 00:11:28,480 --> 00:11:32,920 Speaker 2: the bank improperly urnaminated their licenses. However, in documents filed 218 00:11:32,920 --> 00:11:35,880 Speaker 2: to the Federal Court and obtained by the Australian Financial Review, 219 00:11:36,240 --> 00:11:39,920 Speaker 2: Westpac said it found evidence of widespread misconduct. Now away 220 00:11:39,920 --> 00:11:42,360 Speaker 2: from the court case, the RAMS will no longer accept 221 00:11:42,480 --> 00:11:45,840 Speaker 2: new customers, while existing ones can still access services through 222 00:11:45,880 --> 00:11:48,800 Speaker 2: its app, website and call centers, with its thirty one 223 00:11:48,840 --> 00:11:53,040 Speaker 2: point eight billion dollar loan book absorbed into Westpac's mortgage portfolio. 224 00:11:53,520 --> 00:11:56,160 Speaker 1: Now this next story, Sean, I don't know what to 225 00:11:56,200 --> 00:11:59,480 Speaker 1: make of this. An employee of a warehouse storing a 226 00:11:59,600 --> 00:12:04,920 Speaker 1: veritable treasure Trove sean of unreleased Bluey themed coins, has 227 00:12:04,960 --> 00:12:08,880 Speaker 1: been charged with stealing six hundred thousand dollars worth of 228 00:12:08,920 --> 00:12:10,560 Speaker 1: the currency from the back of a truck. 229 00:12:11,600 --> 00:12:15,280 Speaker 2: Last month, police were told sixty three thousand unreleased one 230 00:12:15,320 --> 00:12:20,280 Speaker 2: dollar coins featuring the popular Australian cartoon character Your Favorite Michael. 231 00:12:20,480 --> 00:12:21,720 Speaker 3: Apparently they were taken. 232 00:12:21,520 --> 00:12:24,960 Speaker 2: From a storage facility in Sydney's West. According to a 233 00:12:25,080 --> 00:12:29,160 Speaker 2: story in the Cdney Morning Herald, strike Force Bandit was 234 00:12:29,240 --> 00:12:32,840 Speaker 2: formed to investigate the alleged theft. You know why what 235 00:12:33,040 --> 00:12:34,800 Speaker 2: was called strike Force Banded Michael? 236 00:12:35,040 --> 00:12:38,520 Speaker 1: Oh, well done? That is fantasmic. That is creative naming 237 00:12:38,720 --> 00:12:40,959 Speaker 1: by the police because of course band It is the 238 00:12:41,080 --> 00:12:42,920 Speaker 1: name of Bluey's dad in the TV show. 239 00:12:43,040 --> 00:12:43,640 Speaker 3: And that's right. 240 00:12:44,000 --> 00:12:47,640 Speaker 2: The one dollar buck coins, that's what the number one, 241 00:12:47,640 --> 00:12:50,560 Speaker 2: then dollar buck. One dollar buck coins were produced by 242 00:12:50,559 --> 00:12:53,240 Speaker 2: the Australian Mint in a limited edition and feature six 243 00:12:53,320 --> 00:12:56,200 Speaker 2: year old Blue Healer Bluey holding a balloon on the 244 00:12:56,200 --> 00:12:58,920 Speaker 2: front and King Charles on the back. Wonder King Charles 245 00:12:58,920 --> 00:13:01,120 Speaker 2: has watched Blue with the grandkids, I. 246 00:13:01,040 --> 00:13:04,079 Speaker 1: Would imagine, so I don't think there's many people on 247 00:13:04,120 --> 00:13:08,559 Speaker 1: the planet that have grandkids that have not seen Blue. 248 00:13:08,520 --> 00:13:10,840 Speaker 3: Please please you ded that last bit last week. 249 00:13:11,240 --> 00:13:13,200 Speaker 1: I thought I'd better just save you there. 250 00:13:13,880 --> 00:13:16,439 Speaker 2: Last week, police officers raided a property where they found 251 00:13:16,600 --> 00:13:18,360 Speaker 2: one hundred and eighty nine of the missing coins. The 252 00:13:18,400 --> 00:13:20,520 Speaker 2: man a position of the coins was a legitimate coin 253 00:13:20,559 --> 00:13:23,160 Speaker 2: collector who had innocantly obtained them, please said. But it 254 00:13:23,240 --> 00:13:27,000 Speaker 2: was the breakthrough needed to nab the bluey one dollar 255 00:13:27,040 --> 00:13:27,760 Speaker 2: butt thief. 256 00:13:28,679 --> 00:13:29,720 Speaker 1: That's a great story. 257 00:13:30,120 --> 00:13:30,960 Speaker 3: That's the story for you. 258 00:13:31,600 --> 00:13:33,680 Speaker 1: It's very likely it's going to appear in the weekend 259 00:13:33,800 --> 00:13:38,600 Speaker 1: edition when we do this. Turning to international news and 260 00:13:38,720 --> 00:13:43,200 Speaker 1: Carmla Harris yesterday introduced Tim Walls, her running mate in 261 00:13:43,240 --> 00:13:45,640 Speaker 1: the race for the White House, saying that the Minnesota 262 00:13:45,679 --> 00:13:49,080 Speaker 1: governor was a champion of dearly held freedoms that Donald 263 00:13:49,120 --> 00:13:50,800 Speaker 1: Trump was plotting to take away. 264 00:13:51,200 --> 00:13:53,880 Speaker 2: Her comments in front of thousands of cheering supporters in 265 00:13:53,920 --> 00:13:57,760 Speaker 2: Philadelphia came after Pole's showed the Vice president moving slightly 266 00:13:57,800 --> 00:14:01,720 Speaker 2: ahead of her Republican rival in some national and crucial 267 00:14:01,760 --> 00:14:06,679 Speaker 2: battleground state polling averages. Harris selected Wolls, a former football 268 00:14:06,720 --> 00:14:09,680 Speaker 2: coach and National Guardsmen, over the governor of Pennsylvania and 269 00:14:09,760 --> 00:14:13,520 Speaker 2: also over an Arizona senator. Wolls is a mainstream democrat 270 00:14:13,559 --> 00:14:15,880 Speaker 2: from the Midwest who appeals to both the progressive and 271 00:14:16,040 --> 00:14:18,760 Speaker 2: moderate wings of the party. Of course, he was immediately 272 00:14:18,760 --> 00:14:22,560 Speaker 2: attacked by the opposition. Donald Trump and Republicans called him 273 00:14:22,600 --> 00:14:27,119 Speaker 2: a radical leftist. Harris and Wolls are now pitching themselves 274 00:14:27,160 --> 00:14:31,400 Speaker 2: as defenders of personal freedoms, including abortion rights and safety 275 00:14:31,440 --> 00:14:34,440 Speaker 2: from gun violence. According to The Financial Times. 276 00:14:34,920 --> 00:14:38,440 Speaker 1: Sean Hamas has chosen one of the architects of the 277 00:14:38,480 --> 00:14:42,280 Speaker 1: deadly October seven attacks on Israel to lead the militant 278 00:14:42,280 --> 00:14:45,520 Speaker 1: group's political wing as fighting continues in the Gaza strip. 279 00:14:46,080 --> 00:14:49,640 Speaker 2: Yaha Sinwa, the leader of Hamas in Gaza since twenty seventeen, 280 00:14:49,760 --> 00:14:53,600 Speaker 2: has long been considered a planner of Hamas's military strategy, 281 00:14:53,920 --> 00:14:57,720 Speaker 2: and now he will replace Ismail Hanaya, the group's previous 282 00:14:57,800 --> 00:15:00,640 Speaker 2: political leader, who was cooled in an explosion in Iran 283 00:15:00,760 --> 00:15:04,200 Speaker 2: last week that's been widely attributed to Israel. A hardline 284 00:15:04,200 --> 00:15:06,840 Speaker 2: figure born in Gas, Aren't mister Sinha, who sixty one, 285 00:15:06,920 --> 00:15:10,600 Speaker 2: is a prime target for Israeli forces. He's widely believed 286 00:15:10,640 --> 00:15:13,240 Speaker 2: to be hiding out in tunnels underneath the enclave to 287 00:15:13,280 --> 00:15:16,360 Speaker 2: avoid Israeli attack. Now his selection to lead the group's 288 00:15:16,400 --> 00:15:19,560 Speaker 2: political office comes as a region braces for Iran and 289 00:15:19,600 --> 00:15:24,720 Speaker 2: its proxies, including Hamas Hezbla in London and the Huties 290 00:15:24,800 --> 00:15:28,240 Speaker 2: in Yemen to strike Israel in response to the killings 291 00:15:28,280 --> 00:15:31,880 Speaker 2: last week of mister Haneya and a senior Hesbila commander. 292 00:15:32,760 --> 00:15:36,640 Speaker 1: Sean, it's time we need to talk about dogs, and 293 00:15:36,680 --> 00:15:41,480 Speaker 1: in particular, luxury brand Dolcha and Gabana introducing a new fragrance. 294 00:15:42,720 --> 00:15:45,800 Speaker 1: It is a fragrance for canines, and it is a bargain, 295 00:15:46,080 --> 00:15:48,920 Speaker 1: apparently at about one hundred and seventy dollars a bottle. 296 00:15:49,480 --> 00:15:53,840 Speaker 2: According to Dolcea and Kabana's website. The alcohol free fragrance 297 00:15:54,440 --> 00:15:59,160 Speaker 2: specifically for dogs contains, let me quote Thika kuning in 298 00:15:59,240 --> 00:16:04,000 Speaker 2: warm notes of e lang, the clean and enveloping touch 299 00:16:04,560 --> 00:16:10,120 Speaker 2: of musk and the woody, creamy undertones of sandalwood. 300 00:16:10,640 --> 00:16:14,560 Speaker 1: You know what, Sean, it feels like that's overkill, right. 301 00:16:15,320 --> 00:16:17,520 Speaker 3: I'm just thinking, I reckon if you were. 302 00:16:17,360 --> 00:16:20,560 Speaker 1: Bringing out dog perfumes, what about the scent of bones, 303 00:16:21,040 --> 00:16:23,760 Speaker 1: the scent of scared cats, the scent of other dogs. 304 00:16:23,800 --> 00:16:25,640 Speaker 1: Butts like, surely. 305 00:16:27,000 --> 00:16:29,440 Speaker 3: You've gone off early. You haven't even listened to the story. 306 00:16:29,520 --> 00:16:31,320 Speaker 3: You need to you know you've gone off too early. 307 00:16:31,760 --> 00:16:34,360 Speaker 2: I'm sorry, got center butts got into the New York Times. 308 00:16:34,400 --> 00:16:37,720 Speaker 2: The perfume has been certified by an organization called the 309 00:16:37,800 --> 00:16:42,960 Speaker 2: Safe Pet Cosmetics, which is an independent veterinary organization in Italy. 310 00:16:43,600 --> 00:16:47,560 Speaker 2: Of course, there is a slight problem. According to critics, 311 00:16:48,760 --> 00:16:52,360 Speaker 2: dogs rely heavily on smell to navigate the world, which 312 00:16:52,360 --> 00:16:55,560 Speaker 2: of course is filled with subtle oad cues from other dogs, 313 00:16:55,920 --> 00:17:01,560 Speaker 2: the butts, humans, food, potential danger, stuff like that. All 314 00:17:01,600 --> 00:17:03,760 Speaker 2: to that, and there could be all sorts of social 315 00:17:03,800 --> 00:17:06,560 Speaker 2: issues and confusion among dogs around the world. There are 316 00:17:06,600 --> 00:17:10,600 Speaker 2: a few dog perfumes around. Hound It's HWND, a dog 317 00:17:10,640 --> 00:17:15,480 Speaker 2: food and grooming company, makes peach bum natural perfume for 318 00:17:15,600 --> 00:17:20,639 Speaker 2: lady dogs. So for lady dogs, Yes, for lady dogs. 319 00:17:21,280 --> 00:17:25,280 Speaker 2: Don't go any further than Michael. Another organization, Peanut and Pickle, 320 00:17:25,960 --> 00:17:30,560 Speaker 2: has a selection of fragrances such as coconut, sea salt, peppermint, 321 00:17:30,960 --> 00:17:34,320 Speaker 2: and grapefruit. In fact, Queen Elizabeth the Second, who of 322 00:17:34,359 --> 00:17:37,280 Speaker 2: course is known for her Corgies, created her own dog 323 00:17:37,320 --> 00:17:40,480 Speaker 2: perfume in twenty twenty two. So let's not laugh about it, Michael. 324 00:17:40,600 --> 00:17:43,400 Speaker 2: Let's take it a little bit more seriously, Dalcea and Gabanna, 325 00:17:43,480 --> 00:17:45,399 Speaker 2: good luck with your new fragrance for dogs. 326 00:17:46,119 --> 00:17:49,359 Speaker 1: It feels like they're over complicating things perhaps, Yeah, that 327 00:17:49,480 --> 00:17:52,240 Speaker 1: is one heck of a story, Sean, and quite a 328 00:17:52,280 --> 00:17:55,480 Speaker 1: way to finish the show. Actually, up next is the 329 00:17:55,520 --> 00:17:58,080 Speaker 1: Fear and Greed Daily Interview. You are speaking today with 330 00:17:58,160 --> 00:18:03,280 Speaker 1: Neamiah Richardson, CEO Pengana Credit, a supporter of this podcast. 331 00:18:03,359 --> 00:18:07,119 Speaker 2: All about private credit and investing in private credit overseas, 332 00:18:07,119 --> 00:18:10,000 Speaker 2: a global private credit and why it's different to investing 333 00:18:10,040 --> 00:18:13,080 Speaker 2: in private credit and Australia. Interesting interview, Very interesting. 334 00:18:13,440 --> 00:18:15,160 Speaker 1: Yeah, certainly is. It is up next in the Fear 335 00:18:15,160 --> 00:18:18,560 Speaker 1: and Greed playlist on your podcast platform or at Fearangreed 336 00:18:18,720 --> 00:18:23,000 Speaker 1: dot com dot au. Thank you, Sean, Thank you Michael. 337 00:18:23,440 --> 00:18:25,960 Speaker 1: It is Thursday, the eighth of August twenty twenty four. 338 00:18:26,040 --> 00:18:28,199 Speaker 1: Make sure you're following the podcast and please join us 339 00:18:28,200 --> 00:18:32,159 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson 340 00:18:32,200 --> 00:18:34,200 Speaker 1: and that was Fear and Greed. Have a great day.