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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The federal government dumps energy rebates as the government rethinks

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Speaker 1: its reform agenda. Communications Minister Anika Wells in more hot

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Speaker 1: water over publicly funded flights for her family, and the

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Speaker 1: world watches as Australia's social media band kicks off. Plus

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Speaker 1: close to one million Australians now work two jobs, and

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Speaker 1: Qantas finally gets its full fleet of a three eighties

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Speaker 1: back in the sky. It is Tuesday, the ninth of

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Speaker 1: December twenty twenty five. I'm Michael Thompson and good morning

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Sean plenty to get through today the main story this morning.

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Speaker 1: Federal Treasurer at Jim Chalmers yesterday said federal energy rebates

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Speaker 1: will end at the end of the year, ruling out

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Speaker 1: a second extension.

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Speaker 2: The Energy Bill Relief Fund initially provided a universal three

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Speaker 2: hundred dollars household rebate for the twenty twenty four to

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Speaker 2: twenty five financial year that was paid in quarterly installments.

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Speaker 2: Then the government added another one hundred and fifty dollars

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Speaker 2: extension from July to December. That's end this December, but

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Speaker 2: that is where it will all end. Rebates for household

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Speaker 2: electricity bills has cost the Commonwealth almost seven billion dollars

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Speaker 2: since they were first introduced. Yesterday, Jim Chalmers said no more,

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Speaker 2: all over.

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Speaker 1: It's done now. His comments come as speculation increases about

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Speaker 1: major reform in next year's federal budget, which we might

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Speaker 1: get a little hint about next week when the Mid

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Speaker 1: Year Economic and Fiscal Outlook, which has the catchiest acronym

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Speaker 1: of all time MAEFO, is released.

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Speaker 2: Yes, there's a bit to this. Government spending has been

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Speaker 2: propping up the economy. We know that. We saw it

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Speaker 2: in the National accounts last week. Experts say it's time

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Speaker 2: for the private sector to take over. That should definitely

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Speaker 2: help productivity in Australia. That's a good thing now. A

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Speaker 2: report from Loyd, which I reckon, Chris Richardson and the

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Speaker 2: team perhaps the best budget and lest there are. It

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Speaker 2: was released yesterday, shows a likely drop in the budget

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Speaker 2: deficit this financial year, but an increase in the next

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Speaker 2: financial year. Budgets are really simple ways of showing how

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Speaker 2: much a government is supporting the economy, so the Deloitte

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Speaker 2: reports suggest the government won't be pulling back. So if

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Speaker 2: you're getting a bigger budget deficit. That's saying that the

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Speaker 2: budget is supporting the economy even more. Anyway, the point

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Speaker 2: is we are trying, We're hoping that won't happen. On

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Speaker 2: top of all this, we had Prime Minister Anthony Alberzi's

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Speaker 2: saying over the past forty eight hours that the May

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Speaker 2: budget would be the starting point for long lasting economic

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Speaker 2: and social reform. They have a big enough mandate. If

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Speaker 2: any government should be in a position to undertake serious

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Speaker 2: economic and social reform, it's this government. And Albanese is

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Speaker 2: talking about that.

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Speaker 1: What would it be? You know how, I know that

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Speaker 1: you hate speculating, Sean, so I'm going to put you

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Speaker 1: on the spot to speculate something of this kind of magnitude.

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Speaker 1: If he's talking about long lasting economic and social reform,

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Speaker 1: we know that it's not GST related or anything, or

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Speaker 1: really taxation related, is it, because it's kind of ruled

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Speaker 1: out those big ticket items without going to another election.

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Speaker 1: So it really does leave it to more social reforms

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Speaker 1: than anything.

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Speaker 2: Yeah. I mean, this government has done a lot in

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Speaker 2: terms of aged care, in terms of childcare, that reform

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Speaker 2: the ndies. Now there's a lot of stuff that needs

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Speaker 2: to be settled in all that, So I don't know

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Speaker 2: whether he's talking about that sort of thing. You can't

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Speaker 2: have economic reform without having tax reform. It's not feeding

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Speaker 2: and reform unless it's tax reform. So who knows they're

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Speaker 2: social reform? I don't know. Spanning sixteen year olds from

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Speaker 2: under sixteen year olds from using social media, that's social reform.

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Speaker 1: That certainly is which we will get to a little

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Speaker 1: bit later on, because we need to mention the fact

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Speaker 1: it is a very significant day in the calendar. Today

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Speaker 1: seawan a big day for interest rate watches. I don't

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Speaker 1: know whether it's fair to say this is a significant

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Speaker 1: day on the calendar. Actually, that might be overstating it.

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Speaker 1: The RBA Board is unlikely to actually move on the

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Speaker 1: official cash rate at two thirty today, though it is

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Speaker 1: very possible that Governor Michelle Bullock might just hint that

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Speaker 1: the next move in interest rates is going to be up.

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Speaker 2: So that's what HSBC Chief Economist Paul Bloxham, a former

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Speaker 2: Reserve banker, thinks could happen. BT shares David bassenis he

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Speaker 2: thinks a board member advocating a rate hike today, a

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Speaker 2: rate hike today, say it again, a rate hike today

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Speaker 2: isn't out of the question. Amp Shane Oliver, who's been

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Speaker 2: very very supportive of rate cuts now thinks rates are

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Speaker 2: on hold and he wouldn't be surprised if the Reserve

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Speaker 2: Bank sounds a little more hawkish, ie a little more

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Speaker 2: leaning towards rate rises. Will find out at two thirty today.

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Speaker 1: Indeed, the ax how do we go? Yesterday?

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Speaker 2: The S and PAX two hundred closed down just a

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Speaker 2: touch to eighty six hundred and twenty four points. Telco's

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Speaker 2: doing best, mining and utility companies, worst banks for mixtaanes

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Speaker 2: At and National Australia Bank sold off. Where's Farmers was lower,

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Speaker 2: CSL was higher, the big miners well lower. Telstra jumped

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Speaker 2: one and a half cent best to the mega caps.

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Speaker 2: Michael shout out to the mighty Aussie dollar. And I

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Speaker 2: do this with no holidays planned whatsoever going forward. It

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Speaker 2: hit a six month high. Of course it did sixty

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Speaker 2: six and a half a few ways sins, no holiday's plan.

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Speaker 2: So what's it do start appreciating?

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Speaker 1: That's right, It's called the Alma Index. It's basically it's basically,

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Speaker 1: whenever you're going overseas, the Aussie dollar sinks and whenever

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Speaker 1: you're staying here it starts to climb nice very frustrating. Yeah,

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Speaker 1: of course it is the Sewan. The pressure is building

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Speaker 1: on Prime Minister Anthony Albanezi to take action over Communications

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Speaker 1: Minister Anika Wells travel schedule. We've been talking about this.

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Speaker 1: We talked about it, yes, so we talked about it

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Speaker 1: last week and this should be a big time for

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Speaker 1: Anika Wells, the Communications Minister who's overseeing the social media

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Speaker 1: band that kicks in tomorrow. But just every day more

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Speaker 1: is coming out about these travel claims, the latest being

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Speaker 1: that she built taxpayers almost nine thousand dollars for return

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Speaker 1: flights so that her husband could attend the three AFL

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Speaker 1: Grand Finals that took place while she was Minister for Sport.

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Speaker 1: Her three children also received publicly funded flights to Melbourne

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Speaker 1: on ed occasion.

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Speaker 2: Yeah, yeah, put it well another day. Another revelation yesterday

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Speaker 2: was that in twenty twenty two, twenty three, twenty four,

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Speaker 2: she and her husband flew from Brisbane to Melbourne for

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Speaker 2: the AFL Grand Final at the expense of the taxpayer.

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Speaker 2: Other controversial trips involving her husband in recent times a

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Speaker 2: trip to the f one in Melbourne last year, a

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Speaker 2: ship to Adelaide which included a birthday party for a friend.

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Speaker 2: Another trip to Threadbot this year during the ski season. Now,

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Speaker 2: family reunion and titlements permit federal MPs to claim as

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Speaker 2: many as three return business class lives per year for

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Speaker 2: members of their family, on the provised that the travelers

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Speaker 2: between the MP's electorate and a destination other than Canberra.

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Speaker 2: Maybe she isn't outside the rules. Maybe, but given questions

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Speaker 2: over her travel, particularly the cost of her trips to

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Speaker 2: New York this year and then a couple of years

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Speaker 2: go to Switzerland, France, these other domestic trips, she's treading

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Speaker 2: a very fine line. And of course opposition Lady Susan

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Speaker 2: Lee arguably she did not break any rules when she

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Speaker 2: went to the Gold Coast a few years back when

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Speaker 2: she was a minister under Malcolm Turnbull. While she was there,

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Speaker 2: she happened to buy an investment unit and she actually

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Speaker 2: got kicked off the front.

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Speaker 1: Bench for it.

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Speaker 2: So she's not going to have any sympathy whatsoever for

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Speaker 2: Anika Wells and the pub test here. Oh she's I mean,

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Speaker 2: I'm actually torn about this, Michael, because politicians give up

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Speaker 2: so much of their life you know, and I think

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Speaker 2: to have their spouses and kids along is not a

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Speaker 2: bad thing. Yeah, but there's a limit.

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Speaker 1: And I do find it frustrating that it does take

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Speaker 1: the attention away from the big issue that Anaka Wells

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Speaker 1: has been pushing, which is the social media band, which

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Speaker 1: should be front and center this week for her. Instead

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Speaker 1: every day and every hour, it seems there is something

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Speaker 1: else coming out. But we will get to that in

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Speaker 1: a little bit, Sean. We have much to cover, much

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Speaker 1: to discuss back in a moment with the rest of

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Speaker 1: the day's business news Sewan. Former National Party member and

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Speaker 1: leader Barnaby Joyce yesterday confirmed he will join One Nation

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Speaker 1: and run for the Senate in New South Wales at

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Speaker 1: the next election.

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Speaker 2: He made the announcement appearing on a Teenworth radio station

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Speaker 2: with One Nation leader Pauline Hansen. Teenworth is in Joyce

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Speaker 2: in Joyce, the seat of New England. He intends to

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Speaker 2: remain the member until the next excellent due by twenty

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Speaker 2: twenty eight. Joyce said Hanson was a fellow traveler and

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Speaker 2: was keen to move on after or he was keen

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Speaker 2: to move on after several months of speculation. Now current

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Speaker 2: Nationals leader David litl Pratt didn't miss him. He said

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Speaker 2: Joyce was turning his back on his elector, and he

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Speaker 2: also suggested that he wanted to be leader of one

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Speaker 2: nation and was doing it for himself. No one in

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Speaker 2: the NATS was particularly happy about it, though Barnaby seemed

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Speaker 2: reasonably heavy. If he's ever happy.

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Speaker 1: There's certainly no surprises here, are they like we? No

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Speaker 1: nass has been coming for so long now Now close

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Speaker 1: to one million Australian workers hold more than one job,

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Speaker 1: with those in community and personal care most likely to

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Speaker 1: have multiple employers.

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Speaker 2: According to the Bureau Statistics, there were nine hundred and

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Speaker 2: seventy three thousand multiple job holders in the September quarter.

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Speaker 2: That's about six and a half percent of people employed.

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Speaker 2: That compares to fourteen million single job holders. It's higher

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Speaker 2: than three months earlier. Around seven point six percent were women,

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Speaker 2: five percent six percent were men. Now, in the twenty

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Speaker 2: five years before COVID, right five or six percent of

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Speaker 2: the workforce held two three four jobs that tumbled during COVID.

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Speaker 2: Then it's surged to twenty twenty two and has never

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Speaker 2: reversed back to normal. I speculate it's a cost of

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Speaker 2: living thing people need the money and when you have

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Speaker 2: people in the community in personal care most likely to

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Speaker 2: have multiple employees, that backs it up because those people

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Speaker 2: do incredible jobs yet get paid relatively poorly. So you

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Speaker 2: would think it is a cost of living issue.

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Speaker 1: Yeah, it does sound like it. At National Storage, a

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Speaker 1: listed real estate investment trust that owns more than two

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Speaker 1: hundred and ninety self storage facilities across Australia and New Zealand,

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Speaker 1: has agreed to a four billion dollar takeover offer by

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Speaker 1: a consortium of private equity players.

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Speaker 2: The consortium is led by Brookfield and GIC. The offer

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Speaker 2: values the group at six point seven billion dollars when

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Speaker 2: you add in the debt. The consortium bid for National

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Speaker 2: Storage last month, then it went into due diligence. National

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Speaker 2: Storage Board has backed the b chair Anthony key Keene,

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Speaker 2: saying your cash deal delivered attractive value and certainty. The

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Speaker 2: group's share price rose yesterday. That jumped sharply late last

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Speaker 2: month when the bid was announced.

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Speaker 1: Now it's not an exaggeration to say that the world

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Speaker 1: is watching very closely. Australia's social media band fro under

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Speaker 1: sixteen year olds. It kicks off tomorrow. You've got the

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Speaker 1: New York times. You've got the BBC and a whole

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Speaker 1: stack of other international publications reporting on the world for

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Speaker 1: basically this is the first time this has ever happened anywhere.

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Speaker 1: We've got Oprah Winfrey commenting on it. We've got us

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Speaker 1: kind of actors like Chris Pratt and others all kind

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Speaker 1: of chiming in on it, applauding Australia. It's getting a

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Speaker 1: lot of attention.

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Speaker 2: Sure As from tomorrow, children under the age of sixteen

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Speaker 2: are banned from having social media accounts, social media giants

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Speaker 2: or social media apps that are affected Facebook, Instagram, kick, Reddit, Snapchat, threads, TikTok,

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Speaker 2: twitch x and YouTube. Now they've all implemented new rules

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Speaker 2: and processes to prevent children accessing social media sites. The

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Speaker 2: onus is on the big tech companies, not the parents,

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Speaker 2: to enforce the ban if reasonable steps are not taken

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Speaker 2: by the social media sites they face finds it up

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Speaker 2: to forty nine and a half million dollars. It is

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Speaker 2: not an understatement to say the world is watching this.

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Speaker 2: You and I read fairly widely across international publications, and

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Speaker 2: it is everywhere now some countries, Malaysia, for example, has

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Speaker 2: already passed similar legislation based on the Australian legislation. The

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Speaker 2: European Union said it's watching and learning from Australia, though

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Speaker 2: it does say it will take steps towards it. Denmark's

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Speaker 2: already promised to ban under fifteen year olds on the

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Speaker 2: back of what we've done. Emmanuel mccron in recent times

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Speaker 2: has said if the EU doesn't do something, he will

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Speaker 2: do something. This is a big issue.

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Speaker 1: I hope.

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Speaker 2: I mean, well, I wish parents. Well, maybe I'll just

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Speaker 2: leave it at that, because, oh wow, I'm fortunate enough

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Speaker 2: in a sense that my youngest child's now seventeen. I

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Speaker 2: don't have to enforce this year, will Michael, Although your

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Speaker 2: kids are quite young, so maybe they haven't really got

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Speaker 2: social media.

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Speaker 1: A few years off off social media anyway.

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Speaker 2: Wow, you've got a fourteen year old and you're telling

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Speaker 2: him not to be on social media tomorrow.

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Speaker 1: Good luck, good luck. Indeed, now Quantus Sean finally has

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Speaker 1: all This is a This is a front runner for

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Speaker 1: my favorite story of the week. It's finally got all

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Speaker 1: of its a. Three eighties back in the air, with

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Speaker 1: the tenth Super Jumbo returning to Sydney after nearly six

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Speaker 1: years spent in a combination of storage and in heavy maintenance.

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Speaker 2: Named Paul McGinnis after one of the airline's founders. The

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Speaker 2: A three eighties spent three years in the California desert

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Speaker 2: due to the COVID pandemic, then another two and a

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Speaker 2: half years at Abu Dhabi undergoing maintenance to ensure it's

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Speaker 2: safe return to flying. I want to know how it

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Speaker 2: got from California to Abu Dhabi, But I was.

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Speaker 1: About to ask the same question. Can you imagine being

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Speaker 1: the pilot volunteering to do it. We think it's a contenance.

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Speaker 2: Yeah, we think it's okay, Off you go.

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Speaker 1: It's let's just do a skeleton crew just in case.

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Speaker 2: It's It's the largest maintenance check completed in Quantita's one

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Speaker 2: hundred and five year history, involving one hundred thousand hours

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Speaker 2: of work, representing a significant milestone for its engineering and

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Speaker 2: fleet renewal programs. It's also had a full cabin refresh.

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Speaker 2: Now all of the A three eighties in the Quantis

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Speaker 2: fleet have fourteen first class seventy business class sixty Premium

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Speaker 2: economy in three hundred and forty one economy seats over

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Speaker 2: the upper and lower decks. The aircraft which hadn't been

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Speaker 2: on Australian soil for two thousand days. Touchdown mate last week.

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Speaker 2: It'll serve as an operational spare, So imagine all that

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Speaker 2: work for a spare during Christmas period from January one,

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Speaker 2: it will boost international capacity by allowing a three eighty

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Speaker 2: or daily a three eighties flying on Quantus's Sydney Dallas route.

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Speaker 2: According to The Australian, quite a feat to get it

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Speaker 2: back in the air.

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Speaker 1: Yeah, sure, is turning to international news now. Sean and

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Speaker 1: Elon Musk's charitable foundation grew larger than ever last year,

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Speaker 1: but for the four fourth year in a row, the

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Speaker 1: huge charity failed to give away the minimum amount required by.

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Speaker 2: Law, and, according to a report in The New York Times,

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Speaker 2: the dare nations it did make went largely to charities

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Speaker 2: closely tied to Musk himself. The foundation is now one

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Speaker 2: of the largest in the country, more than fourteen billion

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Speaker 2: dollars in assets. But unlike some other billionaires who have

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Speaker 2: dedicated their nonprofits to broader social or political causes, Musk

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Speaker 2: in recent years used his nonprofit in ways that track

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Speaker 2: the interests of his businesses. For example, in twenty twenty four,

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Speaker 2: the Musk Foundation gave away four hundred and seventy four

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Speaker 2: million dollars, more than it had in any previous year,

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Speaker 2: but more than three quarters of that three seventy million

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Speaker 2: went to a nonprofit in Texas led by Musk's top aid.

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Speaker 2: That nonprofit appears to provide a benefit to his business

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Speaker 2: empire because it operates a primary school in a rural

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Speaker 2: area where many of his employees live. It's right near

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Speaker 2: a cluster of Musk's companies. A higher proportion of US

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Speaker 2: Foundation gifts in twenty twenty four went to those closely

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Speaker 2: connected charities then in any years since twenty twenty, according

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Speaker 2: to an analysis by The Times.

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Speaker 1: All Right, he has a bit in that. Don't know

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Speaker 1: whether all of that passes the pub test.

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Speaker 2: Nah, that one doesn't pass the pub test.

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Speaker 1: This is not a good day for the pub test.

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Speaker 1: I'll tell you what is good though, Sean. You've got

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Speaker 1: an interview coming up next Fear and Greed Q and

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Speaker 1: A with Henry Oshida from US fintech Rocket Dollar.

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Speaker 2: Yes. So, what Henry broadly does is help retirees or

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Speaker 2: people with what we would call DIY superfunds, the equivalent

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Speaker 2: in the US invest in alternative assets so we talk

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Speaker 2: to him about what's the outlook for some of those

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Speaker 2: alternative assets for private equity, for private credit, for gold

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Speaker 2: and you know why the old equities and bonds might

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Speaker 2: not be the way to go. A fascinating chat.

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Speaker 1: Yeah, indeed, a great insight into the way that it

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Speaker 1: works in the US and potentially than what we could

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Speaker 1: see flowing through through to Australia then as well. It's

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Speaker 1: coming up next and Rocket Dollar is a great supporter

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Speaker 1: of Fear and Greed. It is in your Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com dodau which is where you sign up for the

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Speaker 1: free daily newsletter, and there's a link in today's show

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Speaker 1: notes for that one as well. Thank you Sean, Thank

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Speaker 1: you Michael. It's Tuesday, the ninth of December twenty twenty five.

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Speaker 1: Make sure you're following the podcast and join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson

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Speaker 1: And that was Fear and Greed. Have a great day.