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Speaker 1: Sixty thousand workers protests across the country as relations between

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Speaker 1: unions and the government worsen. Big Minor Rio Tinto announces

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Speaker 1: plans plants seven hundred and fifty thousand trees and meta

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Speaker 1: moves to restrict children from accessing Instagram. Welcome to Fear

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Speaker 1: and Greed. Daily business news for people who make their

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Speaker 1: own decisions. It is Thursday, the nineteenth of September twenty

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Speaker 1: twenty four. I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Sean got some exciting news that we'll get to in

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Speaker 1: a little bit. We've got a few stories that we

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Speaker 1: need to chat about first, so just park your excitement

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Speaker 1: for a moment if you can. The main story this

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Speaker 1: morning is actually a big one, isn't it. Relations between

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Speaker 1: the government and the union movement have hit a new low,

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Speaker 1: with an estimated sixty thousand construction workers yesterday protesting the

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Speaker 1: forced administration of the CFMEAU.

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Speaker 2: Unionists backing the cf have targeted anyone assisting the administrator

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Speaker 2: as the biggest betrayers for the movement. That's a quot.

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Speaker 2: They called for the scalps of employers who seek to

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Speaker 2: back out of pay deals during the administration. Yesterday was

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Speaker 2: the second major rally in two months. The protesters threatened

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Speaker 2: a third walkout and a three days strike. There were

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Speaker 2: plenty of not so veiled threats and very aggressive language.

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Speaker 2: The Electrical Trade at Union's Victorian secretary Troy Grave threatened

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Speaker 2: strikes against lang A Rourke, John Holland and Aciona if

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Speaker 2: the builders used the CFME YOU administration to wind back

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Speaker 2: the clock on conditions. He went on to warn builders

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Speaker 2: and I quote, if you want to f with us,

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Speaker 2: we will f with you. Use the full word, of course.

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Speaker 2: He played down reports of the CFME YOU appointing bikes

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Speaker 2: as workplace delegates on building sites, saying that was twelve

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Speaker 2: or fourteen bikers out of three hundred thousand construction workers.

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Speaker 2: Earlier this week, former Council for the Independent Commission against

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Speaker 2: Corruption Jeffrey Watson sc who the CFMEU appointed to investigate

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Speaker 2: the Victorian branch, made preliminary findings at bikes and organized

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Speaker 2: crime figures had infiltrated the union. Now yesterday, International Transport

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Speaker 2: Workers Federation organizer and former maritime union leader Paul mcmclear said,

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Speaker 2: and I quote, there is not a single guilty union

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Speaker 2: official of the CFMAU. Instead, he blamed the government and

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Speaker 2: media of complicity with criminality sacks. CFMU New South Wales

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Speaker 2: leader Darren Greenfield, who's facing charges for taking bribes from

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Speaker 2: an employer, claims he denies urged the Sydney protesters too,

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Speaker 2: and I quote take the community and families with us

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Speaker 2: in the next election to make sure that these efforts

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Speaker 2: a labor disappear. Australian Manufacturing Workers Union Victorian Secretary Toney

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Speaker 2: Mavramatis said in Melbourne that the CFMU does not need administrators.

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Speaker 2: We know how to fix our problems, get the f

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Speaker 2: out of our way and let us do our jobs.

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Speaker 1: Sure, I never quite know what to make of these

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Speaker 1: A huge crowds, like extraordinarily kind of elammatory language. Do

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Speaker 1: these rallies help the union movement? Do they help the CFMEU.

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Speaker 2: Well, when sixty thousand people show up for an unauthorized rally,

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Speaker 2: it shows that the CFMEU has support. I'm just not

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Speaker 2: sure the threats and aggressive behavior from union officials win

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Speaker 2: over many friends. Maybe it works inside the industry, but

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Speaker 2: I doubt it works too well outside. There's a criminal

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Speaker 2: element within the CFMEU and that needs to be sorted

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Speaker 2: out full stop. And it surprises me that the leadership

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Speaker 2: and members of the union don't seem to want to

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Speaker 2: address that it's illegal behavior that just is not allowed

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Speaker 2: some of the other things which are more at the

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Speaker 2: margins about terms and conditions. I mean, that's for negotiating,

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Speaker 2: and the unions play a great role in that. But

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Speaker 2: if there's criminal activity, surely we want to get rid

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Speaker 2: of that anyway. Just like the business leaders are frustrated

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Speaker 2: with the Albanezi government for the new ir laws, met

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Speaker 2: the union movement are frustrated about the CFMEU administration. But

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Speaker 2: guess what, it ain't going to change.

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Speaker 1: Yeah, these were remarkable scene yesterday, local markets. How do

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Speaker 1: they perform?

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Speaker 2: The s and PI six two hundred hit a new

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Speaker 2: record high, Michael, you'd be very excited about that eight

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Speaker 2: and one hundred and fifty three point five points. Oh,

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Speaker 2: closed flat for the day at eighty one hundred and

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Speaker 2: forty two points.

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Speaker 1: It takes a little bit of the gloss off, doesn't it,

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Speaker 1: Like hit a new record high, but then to close flat,

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Speaker 1: like come on, just finish up, finish high.

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Speaker 2: Just yeah. Five of the eleven Saber indices the index

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Speaker 2: were higher five for lower and consumer stables. That index

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Speaker 2: was flat. Utility stocks were among the best performers, while

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Speaker 2: their materials companies were among the worst. The big miners

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Speaker 2: continue to struggle. B HP and RIO both down more

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Speaker 2: than one percent after four casts of iron ore prices

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Speaker 2: falling to eighty US dollars a ton. National Australian Bank

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Speaker 2: was a standout among large caps, jumping one point one percent.

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Speaker 2: It's hit a new seventeen year high. That's the best

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Speaker 2: since pre global financial crisis of two thousand and seven. Locally,

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Speaker 2: bond traders have priced in an eighty five percent chance

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Speaker 2: of a rate cut this year from the Reserve Bank,

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Speaker 2: even though Governor Michelle Bulloch has made it clear she

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Speaker 2: doesn't see rates falling until at least twenty twenty five.

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Speaker 2: We'll find out more about the chances of a rate

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Speaker 2: cut at eleven thirty am this morning when the Bureau

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Speaker 2: Statistics Labor force stats are released.

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Speaker 1: Very exciting and what's happening in international markets.

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Speaker 2: I quick run through the numbers here. Brent crudes trading

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Speaker 2: around seventy three US dollars of barrel gold has come

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Speaker 2: off its record high. It's still worth nearly twenty five

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Speaker 2: to seventy US dollars an ounce and all steady around

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Speaker 2: ninety one US dollars a barrel, bitcoins back above sixty

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Speaker 2: thousand US dollars a unit, and the Aussie dollars buying

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Speaker 2: sixty seven point seven US cents.

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Speaker 1: Okay, I can't hold it in anymore.

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Speaker 2: Tell us, I mean tell us.

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Speaker 1: Our very exciting us. It's a big day for us

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Speaker 1: here at Fear and Greed the launch of a brand

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Speaker 1: new podcast today. It is called the Property Pendulum, brought

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Speaker 1: to you by Domain and Fear and Greed. It is

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Speaker 1: the podcast Sean that tells you which way the property

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Speaker 1: market is going to swing and perhaps most importantly, how

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Speaker 1: to make the most of it.

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Speaker 2: A swinging property market.

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Speaker 1: Don't go anywhere.

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Speaker 2: I'm not, Michael, I'm not. That's very, very, very exciting.

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Speaker 2: So what's the first episode about? What am I going

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Speaker 2: to line myself up for today?

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Speaker 1: Well, the first episode, Sean is about four things every

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Speaker 1: home buyer needs to know before making an offer. And

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Speaker 1: so the podcast is me and Alas Stolts, who is

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Speaker 1: the national property editor at Domain.

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Speaker 2: Alis Stults and I, if you don't mind anyway, tell

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Speaker 2: me about the tell me about the pod.

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Speaker 1: This is extraordinary. The podcast The Property Pendulum Alae Stolts

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Speaker 1: and I or me and Ala Stolts. Alice is of

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Speaker 1: course the national property editor at Domain and I would

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Speaker 1: say a property guru. I would say that she knows

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Speaker 1: more about property than pretty much anyone in this country.

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Speaker 1: And so we go through the four things and it's

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Speaker 1: quite detailed and quite a few surprises in there. So

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Speaker 1: if you're in the property market, if you are buying,

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Speaker 1: if you're selling, if you're just interested and engaged in

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Speaker 1: it and curious about it, then you can check this podcast.

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Speaker 1: It comes out every Thursday. It is in its own playlist,

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Speaker 1: So search for The Property Pendulum wherever you listen to podcasts.

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Speaker 1: But also you will hear it right here on Fear

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Speaker 1: and Greed because straight after this episode you'll hear the

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Speaker 1: Property Pendulum pop up. After that you'll hear yours true

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Speaker 1: elastic I look forward to it anyway, Sean, we have

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Speaker 1: plenty of things still to cover, lots of news around.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news. Sean minor Rio Tinto will plant

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Speaker 1: about seven hundred and fifty thousand trees on three thousand

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Speaker 1: hectares of grazing land near Townsville in Queensland. That sounds

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Speaker 1: like a lot.

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Speaker 2: It is a lot. It's part of Rio's push into

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Speaker 2: carbon neutral fuels. The idea is to harvest the seeds

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Speaker 2: from the seven hundred and fifty pongamia trees and refine

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Speaker 2: their oils into a form of renewable diesel. That diesel,

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Speaker 2: in theory, will power rios, trucks and generators. Like traditional

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Speaker 2: fuels made with oil extracted from underground rocks, biofuels release

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Speaker 2: carbon into the atmosphere when burned, but according to report

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Speaker 2: and fin review anyway, they're considered neutral for the climate

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Speaker 2: because the carbon and biofuels were sucked out of the

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Speaker 2: atmosphere by the tree, so the burning of a biofuel

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Speaker 2: doesn't actually release additional carbon into the atmosphere. Interesting. Rio

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Speaker 2: will own the land and the trees, but a wood

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Speaker 2: fiber company called Midway will actually tend to the crop.

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Speaker 2: The miner picked the pongamia tree because it's native to

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Speaker 2: Australia and can proliferate in the northern half of the country.

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Speaker 2: Rio doesn't plan to build a seed crushing plant or

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Speaker 2: a biofuel refinery at the site. Instead, it will rely

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Speaker 2: on third parties to process the raw materials. But the

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Speaker 2: concept is fantastic, really interesting.

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Speaker 1: It's a fascinating story that unshine now. Moody's Ratings says

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Speaker 1: mortgage delinquency rates in Australia will rise further this year

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Speaker 1: as the cost of living hurts households.

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Speaker 2: The ratings agencies said high interest rates and sticky inflation

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Speaker 2: were causing financial stress and more people were falling behind

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Speaker 2: in their mortgage payments. The share of prime quality home

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Speaker 2: loans that were at least thirty days in or ears

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Speaker 2: increased marginally to one point seventy three percent in June

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Speaker 2: from one point seven two percent in March. Delinquency rates

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Speaker 2: for lower quality mortgages, including loans to borrowers with poor

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Speaker 2: credit histories or those that lenders assessed using alternative documentation,

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Speaker 2: rose from four point zero one to four point two

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Speaker 2: to three percent. That's quite a jump. This group includes

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Speaker 2: self employed borrowers, low income homeowners, and those with high

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Speaker 2: loan to value ratio mortgages. According to reporting, The Australian,

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Speaker 2: moody said that after rising steadily for the last two

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Speaker 2: years from a historically low base, delinquency rates are now

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Speaker 2: around long term averages.

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Speaker 1: Echo Lawn has launched a class action in the Federal

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Speaker 1: court on behalf of Harving Norman customers allegedly sold unnecessary

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Speaker 1: and worthless extend warranties.

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Speaker 2: This is interesting, I have one. I have a couple

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Speaker 2: of these, in fact, tens of thousands. Well, I'm not

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Speaker 2: actually siding with Echo Law here, I should point.

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Speaker 1: That out, important thing to clarify it.

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Speaker 2: Yeah. Absolutely, tens of thousands of Harvey Norman Domain and

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Speaker 2: Joys Main customers who were sold extended warranties between September

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Speaker 2: twenty eighteen and now will be covered by the class action,

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Speaker 2: with hundreds of millions of dollars estimated to have been

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Speaker 2: paid by those customers in largely worthless warranty costs over

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Speaker 2: the period. The case centers around Harvey Norman's Product Care

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Speaker 2: and extended warranties sold with products such as electronics and

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Speaker 2: white goods, which claims to ourfer additional protection to consumers

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Speaker 2: where there is a fault with their product. Echo Laws

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Speaker 2: class action alleges that Product Care provides no value to consumers,

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Speaker 2: as the protection it offers customers is no more than

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Speaker 2: the rights and remedies already provided to those consumers under

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Speaker 2: the Australian Consumer Law now. According to media reports, the

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Speaker 2: class action lawsuit alleges Harvey Norman breached the law by

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Speaker 2: engaging in misleading or deceptive conduct, as well as unconscionable

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Speaker 2: conduct by leading customers to believe that the extended warranty

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Speaker 2: would give them additional protection they would not have otherwise had.

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Speaker 2: Harvin Norman said that its stores had complied with all

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Speaker 2: relevant laws at all times and it intends to defend

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Speaker 2: the proceedings vigorously.

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Speaker 1: New Hope has entered the race to buy Anglo Americans

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Speaker 1: five coal mines in Queensland and warned the UK listed

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Speaker 1: minor that it's asking price will need to come down

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Speaker 1: to get a deal done.

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Speaker 2: New Hope is primarily a thermal coal producer and Anglo's

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Speaker 2: mines are coking coal. Now cocing coal, sometimes called metallurgical coal,

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Speaker 2: typically contains more carbon produces high quality coke, which is

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Speaker 2: used in blast furnaces to make steel. Thermal coal, on

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Speaker 2: the other hand, is mostly used for electricity. Angler's Portfoilio

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Speaker 2: was expected to be sold in one parcel and fetch

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Speaker 2: five billion US dollars, but a few months ago, a

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Speaker 2: fire broke out in the groven of mine, and the

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Speaker 2: asking price now is expected to be less.

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Speaker 1: The ongoing rationalization in the super industry continues Sean, with

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Speaker 1: Equipped Super and Telstra Super exploring a merger that would

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Speaker 1: create a sixty billion dollar fund.

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Speaker 2: The boards of the two funds have entered a mergery

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Speaker 2: agreement via a non binding memorandum of understanding. The plan

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Speaker 2: is expected to be completed late next year, pending due diligence.

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Speaker 2: Australian Prudential Regulation Authority is encouraging consolidation as a TITANS

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Speaker 2: scrutiny of pension funds and performances, though deals are complex

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Speaker 2: to execute. Australian Retirement Trust recently agreed to merge with

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Speaker 2: smaller rival Quantas super Care Super and Spirit Super are

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Speaker 2: also merging now. Equipped Super has around thirty five billion

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Speaker 2: dollars of assets. Telstra Super has about twenty six billion

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Speaker 2: dollars combined two hundred and twenty five thousand members.

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Speaker 1: Good luck to them indeed. In international news, the war

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Speaker 1: in the Middle East has taken a dangerous turn, with

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Speaker 1: pages used by HESBELA members used as weapons purportedly by

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Speaker 1: Israel in an attack that killed nine and injured.

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Speaker 2: Thousands so pages belonging to HESBLA members exploded across Lebanon

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Speaker 2: in an apparent sabotage of the low tech system the

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Speaker 2: militant group uses to evade Israeli surveillance and assassination attempts.

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Speaker 2: The blast took place in several areas of Lebanon, including

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Speaker 2: the capital, Beirut, Iran BacT Hesbala, the dominant political military

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Speaker 2: force in Lebanon, blamed Israel for what it described as

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Speaker 2: a criminal attack, adding that reprisals are likely in Israel's

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Speaker 2: military declined to comment. In a statement, the UN Special

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Speaker 2: Coordinator for Lebanon called the attack an extremely concerning escalation

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Speaker 2: and urged all parties to refrain from any further action

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Speaker 2: or belly coast rhetoric which could trigger a wider conflagration

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Speaker 2: that nobody can afford. HESBLA said that at about three

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Speaker 2: thirty pm local time, many pages belonging to people working

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Speaker 2: in its different units and institutions exploded. Lebanon's health ministry

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Speaker 2: said nine people, including a child, had been killed in

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Speaker 2: the blast and more than twenty seven hundred were injured.

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Speaker 1: I mentioned this next one at the top of the

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Speaker 1: show Sean Meta is putting Instagram users under the age

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Speaker 1: of eighteen into new teen accounts to allow parents greater

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Speaker 1: control over their activities, including the ability to block children

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Speaker 1: from viewing the app at night.

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Speaker 2: The change will apply to new teen users, but will

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Speaker 2: also be extended to existing accounts held by teenagers over

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Speaker 2: the next few months. Changes under the teen account setting

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Speaker 2: include giving parents the ability to set daily time limits

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Speaker 2: for using the app, block teams from using Instagram at

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Speaker 2: certain times, see the account sair child is exchanging messages

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Speaker 2: with and being shown the content categories they are viewing.

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Speaker 2: According to report in The Guardian, teenagers signing up to

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Speaker 2: Instagram are already placed by default into the strictest privacy settings,

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Speaker 2: which include barring adults from messaging teens who don't follow

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Speaker 2: them and mutine notifications at night. Under the new teen

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Speaker 2: account feature, users under the age of sixteen will need

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Speaker 2: parental permission to change those settings, while sixteen and seven

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Speaker 2: year olds to fault it into the new features, we'll

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Speaker 2: be able to change them independently. The new account setting

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Speaker 2: will apply to users in the US, UK, Canada and

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Speaker 2: here in Australia.

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Speaker 1: And finally Shawn US rapper and business mogul Sean Combs

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Speaker 1: has been charged with using his fame and fortune to

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Speaker 1: run a sex trafficking enterprise, assault several women, and prevent

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Speaker 1: alleged victims of sexual coercion from fleeing.

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Speaker 2: That's according to a federal indictment unsealed in New York.

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Speaker 2: As reported by The Financial Times, the fifty four year old,

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Speaker 2: also known as Diddy, was arrested on Monday night and

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Speaker 2: pleaded not guilty during an initial court appearance. He was

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Speaker 2: denied bail and ordered to remain in customy. The formal

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Speaker 2: allegations against him come after the FBI raided combes homes

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Speaker 2: in California and Florida as part of long running investigation

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Speaker 2: and the leaking of a video that appeared to show

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Speaker 2: him kicking and beating a woman in a hotel corridor.

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Speaker 2: In their filing to a Manhattan federal court, US prosecutors

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Speaker 2: said Combs had, over the course of at least a decade,

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Speaker 2: I quote, abused, threatened, and coerced women and others around

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Speaker 2: him to fulfill his sexual desires, protect his reputation, and

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Speaker 2: conceal his conduct. The charges include racketeering, conspiracy, sex trafficking,

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Speaker 2: and transportation for purposes of prostitution. The most serious charge

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Speaker 2: carries a maximum sentence of life in prison. Claims will

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Speaker 2: appeal against the decision denying him bail, and he denies

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Speaker 2: all the allegations.

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Speaker 1: Okay, Now up next is as I mentioned, the new podcast,

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Speaker 1: the Property Pendulum, thanks to Fear and Greed and our

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Speaker 1: friends at Domain. After that, Sean, we have an interview

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Speaker 1: coming up with Liz Ritchie from the Regional Australia Institute.

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Speaker 2: Yeah, all new data about people moving from the city

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Speaker 2: to the regions and it looks at basically how inexpensive

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Speaker 2: the regions are. So it compares income medians or average

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Speaker 2: incomes to the cost of housing in some of these places,

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Speaker 2: and Liz talks about you know, Melbourne compared to Ballarat

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Speaker 2: and just how much cheap he is to live in

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Speaker 2: those regional areas. We also talk about you know, getting

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Speaker 2: jobs in those places and education and health facilities. It's

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Speaker 2: just a really interesting chat about the changing demographics of Australia.

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Speaker 1: Yeah, from the Property Pendulum into a conversation about what

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Speaker 1: to look for if you're considering making a tree change.

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Speaker 1: It feels like those two podcasts go together very very neatly,

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Speaker 1: almost as though we.

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Speaker 2: Planned it almost if only we knew.

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Speaker 1: Yeah indeed. Okay, so there's a bit coming up in

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Speaker 1: the Fear and Greed playlist on your podcast platform or

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Speaker 1: at Fearangreed dot com dot au. Thank you Sean, Thank

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Speaker 1: you Michael. It is Thursday, the nineteenth of September twenty

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Speaker 1: twenty four. Make sure you're following the podcast and please

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Speaker 1: join us online on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 1: Michael Thompson and that was Fear and Greed. Have a

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Speaker 1: great day.