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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the twenty third of July twenty twenty five.

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Speaker 1: I'm suan Alma. Every afternoon, We've got the five stories

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Speaker 1: that happened today that you need to know about. Story

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Speaker 1: number one. The local share market jumped about zero point

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Speaker 1: seven percent today, nearing a record finished with SMPASX two

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Speaker 1: hundred closing in eighty seven hundred and thirty seven points.

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Speaker 1: It was a better day for most of the big banks,

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Speaker 1: particularly A and Z, which rose two and a half percent,

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Speaker 1: while West Pack was up one point four percent. Again,

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Speaker 1: the big miners outperformed, with four to s Q Metals

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Speaker 1: rising more than two percent. The techtogs were among the laggards,

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Speaker 1: with Promedicus, Ria and zero all falling best on the day.

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Speaker 1: There was white Haven Coal up six and a half

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Speaker 1: percent after Chinese officials said they're cracking down on cocaine

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Speaker 1: coal over production. Story number two. Australia is one of

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Speaker 1: only a handful of OECD countries where there's more money

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Speaker 1: being held in savings accounts than in capital market investments.

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Speaker 1: That according to a new report from global fund manager Vanguard,

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Speaker 1: and it's significant for a couple of reasons. It means

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Speaker 1: people are putting their money into a term deposit rather

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Speaker 1: than investing it inequities or managed funds that could lower

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Speaker 1: their returns. People could be missing out. The other point

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Speaker 1: means there's plenty of money not available for Australian businesses.

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Speaker 1: The US is the prime example, but in places like Canada, Italy, Mexico,

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Speaker 1: Spain and the Netherlands, savers are more likely to what

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Speaker 1: you think of as invest money rather than just put

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Speaker 1: it in a savings account. Vanguard says to change the behavior,

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Speaker 1: new motivations are needed, like tax incentives outside super more

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Speaker 1: affordable financial advice, and improving financial literacy levels story number three.

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Speaker 1: New research suggests that more than fifty percent of Australians

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Speaker 1: now align the federal and state governments as their main

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Speaker 1: source of income. Government spending during and after COVID rammed up.

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Speaker 1: More recently, there have been bigger outlaids in aged care

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Speaker 1: and childcare. But the main reason for the rise in

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Speaker 1: reliance on government money is the ndis. It costs fifty

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Speaker 1: two billion dollars a year in Australia, is among the

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Speaker 1: largest disability spenders in the world. The fifty percent. Figure

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Speaker 1: includes welfare payments and subsidies, as well as public sector wages,

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Speaker 1: and comes from a Center for Independent Studies report. Total

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Speaker 1: federal and state government spending has hit a postwar high

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Speaker 1: of thirty nine percent of GDP, up from thirty four

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Speaker 1: to thirty five percent before the two thousand and eight

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Speaker 1: global financial crisis. Australia before cancer diagnostic group Telix Pharmaceuticals

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Speaker 1: share price tumbled fifteen percent today after the US regulators

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Speaker 1: appended it seeking information about disclosures related to the development

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Speaker 1: of the company's prostate cancer therapies. Melbourne based Telis says

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Speaker 1: it has notified the Australian Securities and Investments Commission about

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Speaker 1: the subpoena, which it called a fact finding request. It

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Speaker 1: does not know when the matter will be resolved or

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Speaker 1: if any action will be taken. Telix makes most of

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Speaker 1: its revenue from a prostate cancer imaging drug. It said

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Speaker 1: the sec request related to its prostate cancer therapeutic candidates

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Speaker 1: didn't impact the commercial or late stage as sets, including

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Speaker 1: the imaging drug and story number five. In corporate news,

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Speaker 1: Woodside Energy reported strong second quarter production of fifty million

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Speaker 1: barrels of oil equivalent, up two percent pushing its share

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Speaker 1: price up one and a half percent. Karoon Energy, chief

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Speaker 1: executive at Julian Fowls, will leave the company by midnext

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Speaker 1: year after a decision announced at its annual meeting in

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Speaker 1: May to relocate key corporate teams and roles to Brazil

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Speaker 1: in the US from Melbourne. Julian doesn't want to leave

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Speaker 1: Melbourne fair enough. The Queensland Revenue Office has declined an

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Speaker 1: initial proposal by suspended ASEX coal miner Bowen Cocin Coal

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Speaker 1: for the firmadi of the payment of state royalties. Bowen

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Speaker 1: really needs a deal to stay viable. Ampole flagged first

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Speaker 1: half pretax earnings of about six hundred and forty million

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Speaker 1: dollars as resilient convenience in New Zealand operations offset soft

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Speaker 1: volumes and a weaker refining environment and points. Bet has

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Speaker 1: rejected an unsolicited all script takeover offer from Better, backing

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Speaker 1: a superior or cash bid from Japanese giant Mixy. That's

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Speaker 1: if the afternoon report for Wednesday, the twenty third of

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Speaker 1: July twenty twenty five. Make sure you hit follow on

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Speaker 1: the podcast. We will be back tomorrow morning with the

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Speaker 1: Thursday edition of the past five business years I peer

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Speaker 1: and gree I'm Sean Elmer. Enjoy you reading