1 00:00:03,840 --> 00:00:06,840 Speaker 1: It's Monday, the twentieth of October twenty twenty five. Welcome 2 00:00:06,840 --> 00:00:09,399 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,400 --> 00:00:11,280 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,680 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,720 --> 00:00:15,000 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,200 --> 00:00:16,760 Speaker 2: Good morning Michael, Sean. 7 00:00:16,920 --> 00:00:19,560 Speaker 1: Five stories in five minutes. Let's get cracking with story 8 00:00:19,600 --> 00:00:23,200 Speaker 1: number one. Prime Minister Anthony Alberizi will finally get his 9 00:00:23,800 --> 00:00:27,000 Speaker 1: sit down meeting with US President Donald Trump. It's happening 10 00:00:27,000 --> 00:00:30,240 Speaker 1: tomorrow morning, Australian time, and China is likely to be 11 00:00:30,280 --> 00:00:30,960 Speaker 1: front and center. 12 00:00:31,280 --> 00:00:34,400 Speaker 2: Sure is so too a deal around Australia's critical minerals 13 00:00:35,000 --> 00:00:37,879 Speaker 2: three sixty eight billion dollar orch a submarine deal in 14 00:00:37,920 --> 00:00:41,159 Speaker 2: lifting Australia's defense spending. The two will meet at the 15 00:00:41,159 --> 00:00:43,560 Speaker 2: White House, and China's encroachment in the Pacific region in 16 00:00:43,600 --> 00:00:47,320 Speaker 2: Australia's improving relationships with Beijing will be a critical focus. 17 00:00:47,560 --> 00:00:50,040 Speaker 2: The alban Ezi government has navigated the two Silver Bowers 18 00:00:50,080 --> 00:00:52,000 Speaker 2: pretty well, I reckon, and while the PM's lack of 19 00:00:52,080 --> 00:00:55,480 Speaker 2: engagement with Trump has been criticized. The US military presence 20 00:00:55,480 --> 00:00:57,800 Speaker 2: in Australia is currently at its highest level since World 21 00:00:57,840 --> 00:01:01,920 Speaker 2: War Two. Also plenty of spending for the Henderson Marine 22 00:01:02,040 --> 00:01:05,720 Speaker 2: Precinct in Western Australia. According to media reports that Trump 23 00:01:05,720 --> 00:01:09,440 Speaker 2: administration is considering taking part ownership of Australian rare earth 24 00:01:09,560 --> 00:01:12,600 Speaker 2: projects as well. That's part of a critical minerals deal 25 00:01:12,680 --> 00:01:15,319 Speaker 2: with labor that may be announced in the next couple 26 00:01:15,400 --> 00:01:17,800 Speaker 2: of days. The US, of course, is keen to find 27 00:01:17,840 --> 00:01:22,440 Speaker 2: alternative supplies to China for commodities used in defense and electronics. Also, 28 00:01:23,120 --> 00:01:26,800 Speaker 2: there's some suggestion that an Orcus announcement might be made now. 29 00:01:26,800 --> 00:01:29,280 Speaker 2: Australia is supposed to start receiving a small fleet of 30 00:01:29,360 --> 00:01:32,240 Speaker 2: nuclear powered subs from the US in twenty thirty two, 31 00:01:32,240 --> 00:01:34,840 Speaker 2: but the deal's under review. It's kind of become an 32 00:01:34,880 --> 00:01:38,960 Speaker 2: emblematic of the US Australia relationship. I think part of 33 00:01:39,000 --> 00:01:42,320 Speaker 2: the deal things like AI, cyber hypersonic and undersea technology 34 00:01:42,360 --> 00:01:44,720 Speaker 2: doing well. Not sure about the subs part though. 35 00:01:44,840 --> 00:01:47,280 Speaker 1: And just quickly. Albo is not the only local poly 36 00:01:47,440 --> 00:01:50,200 Speaker 1: in the US. Jim Chalmers, the Treasurer, is in Washington 37 00:01:50,200 --> 00:01:52,320 Speaker 1: to attend the annual meetings of the World Bank and 38 00:01:52,360 --> 00:01:54,840 Speaker 1: the International Monetary Fund. A couple of riots there. 39 00:01:55,920 --> 00:01:59,600 Speaker 2: He said, he focusly showcasing Australia's strengths as an investment 40 00:01:59,600 --> 00:02:02,200 Speaker 2: destination in promoting resilience in global markets. He then went 41 00:02:02,240 --> 00:02:05,360 Speaker 2: on to talk about australia stability, which is surely competitive 42 00:02:05,360 --> 00:02:07,280 Speaker 2: advantage in the current world. 43 00:02:07,280 --> 00:02:09,079 Speaker 1: You would think so. All right on to story number 44 00:02:09,080 --> 00:02:12,160 Speaker 1: two now. Home Affairs Minister Tony Burke yesterday announced the 45 00:02:12,280 --> 00:02:16,280 Speaker 1: establishment of a National Disruption Group to combat the surge 46 00:02:16,280 --> 00:02:19,880 Speaker 1: of elicted tobacco and the associated organized criminal activity. 47 00:02:20,080 --> 00:02:22,480 Speaker 2: The National Disruption Group is part of a near two 48 00:02:22,600 --> 00:02:25,320 Speaker 2: hundred million dollars provided to the Australian Border Force to 49 00:02:25,320 --> 00:02:28,640 Speaker 2: combat illicit tobacco. Burke acknowledged there had been an uptick 50 00:02:28,680 --> 00:02:31,040 Speaker 2: in ellicit tobacco, which is thought after years of tax 51 00:02:31,080 --> 00:02:34,680 Speaker 2: increases pushed legal cigarettes beyond the means of many smokers. 52 00:02:34,880 --> 00:02:36,959 Speaker 2: So both Willis and Coals, for example, have reported a 53 00:02:37,000 --> 00:02:39,640 Speaker 2: big drop in tobacco sales. The tax and cigarettes has 54 00:02:39,639 --> 00:02:43,040 Speaker 2: increased by about three hundred percent since twenty ten. That's 55 00:02:43,120 --> 00:02:45,200 Speaker 2: under both Labor and Coalition government. So a pack of 56 00:02:45,200 --> 00:02:48,440 Speaker 2: twenty five legal cigarettes now costs about fifty dollars. Thirty 57 00:02:48,480 --> 00:02:50,799 Speaker 2: four dollars of that goes to the government. According to 58 00:02:50,800 --> 00:02:53,200 Speaker 2: the fin Review, illegal cigarettes, which are not tax can 59 00:02:53,200 --> 00:02:55,320 Speaker 2: be bought for as little as twelve dollars a packet. 60 00:02:55,520 --> 00:02:59,040 Speaker 1: Story number three Sean Australians enjoyed the biggest jump in 61 00:02:59,160 --> 00:03:02,600 Speaker 1: wealth of any any nation last year, according to Alliance's 62 00:03:02,639 --> 00:03:06,120 Speaker 1: Global Wealth twenty twenty five report, and of course house 63 00:03:06,160 --> 00:03:07,960 Speaker 1: prices are really the big driver of that. 64 00:03:08,240 --> 00:03:11,120 Speaker 2: Average net wealth combining real estate and financial assets hit 65 00:03:11,200 --> 00:03:14,480 Speaker 2: almost three hundred and eighty four thousand euros that's about 66 00:03:14,560 --> 00:03:18,960 Speaker 2: six eighty five six ninety thousand Aussie dollars per person 67 00:03:19,000 --> 00:03:22,919 Speaker 2: in twenty twenty four, making Australia the third's wealthiest population 68 00:03:23,120 --> 00:03:26,680 Speaker 2: behind Switzerland and the US. Property of course the big driver, 69 00:03:26,760 --> 00:03:28,960 Speaker 2: worth an average of two hundred and seventy three thousand 70 00:03:29,040 --> 00:03:33,320 Speaker 2: euro per person, but superannuation is also giving it a 71 00:03:33,400 --> 00:03:35,720 Speaker 2: run for its money, or or list pulling its weight. 72 00:03:35,960 --> 00:03:39,480 Speaker 2: Australia climbed seven places in the ranking, switt in Japan 73 00:03:39,960 --> 00:03:42,920 Speaker 2: tumbled Switzerland. We mentioned the top spot four hundred and 74 00:03:42,920 --> 00:03:46,240 Speaker 2: thirty five thousand euros per person US four hundred and 75 00:03:46,280 --> 00:03:49,520 Speaker 2: five thousand, head of our three hundred and eighty four thousand. 76 00:03:49,320 --> 00:03:52,160 Speaker 1: Story number four. Turning to the US now large Crowds 77 00:03:52,200 --> 00:03:55,920 Speaker 1: of protests gathered in cities over the weekend to participate 78 00:03:55,960 --> 00:03:59,560 Speaker 1: in massive No Kings demonstrations against President Donald Trump. 79 00:04:00,080 --> 00:04:02,720 Speaker 2: York's Times Squares, thousands of people clog Seventh Avenue to 80 00:04:02,760 --> 00:04:05,120 Speaker 2: waive signs and chant. The move was calm and the 81 00:04:05,160 --> 00:04:08,200 Speaker 2: police president presence was typical for one of the most 82 00:04:08,280 --> 00:04:11,000 Speaker 2: crowded places in the city. Organizers were expecting millions to 83 00:04:11,040 --> 00:04:14,120 Speaker 2: attend demonstrations in cities and towns across the US. Also 84 00:04:14,160 --> 00:04:17,479 Speaker 2: protests in places like London, Barcelon and Madrid Nice. The 85 00:04:17,680 --> 00:04:20,760 Speaker 2: No Kings marches are this second wave of such protests 86 00:04:20,760 --> 00:04:23,560 Speaker 2: this year. In June, millions took to the streets as 87 00:04:23,600 --> 00:04:27,480 Speaker 2: the US President's stayed a controversial military parade in Washington. 88 00:04:28,120 --> 00:04:31,600 Speaker 1: Last one sean story number five. Open ai says it 89 00:04:31,640 --> 00:04:35,320 Speaker 1: will soon allow adults to generate erotic content on chat 90 00:04:35,360 --> 00:04:38,920 Speaker 1: GPT as it tries to fend off competition from Elon 91 00:04:39,080 --> 00:04:42,600 Speaker 1: Musk's more explicit chat. But I didn't realize you couldn't already. 92 00:04:45,080 --> 00:04:47,200 Speaker 2: You clearly haven't tried it, and that's not a bad thing. 93 00:04:47,320 --> 00:04:50,120 Speaker 2: Open ai boss Sam Altman says he changed you in 94 00:04:50,160 --> 00:04:53,239 Speaker 2: December as part of a new Treat Adults Like Adults policy, 95 00:04:53,440 --> 00:04:57,680 Speaker 2: with erotica available only to verified adult users. Strict bans 96 00:04:57,720 --> 00:05:00,280 Speaker 2: on deep fakes will remain in place to protect individual rules. 97 00:05:00,279 --> 00:05:03,960 Speaker 2: That comes after musks Grock chatbot made headlines for offering 98 00:05:04,000 --> 00:05:08,000 Speaker 2: sexual conversations through an anime style. Girlfriend bot also tad 99 00:05:08,000 --> 00:05:10,960 Speaker 2: controversial when it emerged Jesus as young as twelve years 100 00:05:11,000 --> 00:05:15,120 Speaker 2: old could access the system before allowing access to pornographic content. 101 00:05:15,160 --> 00:05:17,960 Speaker 2: OpenAI also plans to launch a more human like version 102 00:05:18,000 --> 00:05:21,920 Speaker 2: of chat gpt with added personality and more conversational flair. 103 00:05:22,080 --> 00:05:24,159 Speaker 1: All right, there we go the top five business stories 104 00:05:24,160 --> 00:05:26,440 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 105 00:05:26,520 --> 00:05:29,640 Speaker 1: is Monday, the twentieth of October twenty twenty five, remembered 106 00:05:29,720 --> 00:05:32,600 Speaker 1: hit follow on the podcast and if five minutes isn't enough, 107 00:05:32,640 --> 00:05:34,880 Speaker 1: you can find our longer daily show called Fear and 108 00:05:35,000 --> 00:05:37,760 Speaker 1: Greed where if you listen to podcasts, I'm Michael Thompson 109 00:05:37,760 --> 00:05:39,640 Speaker 1: and that was a fast five business news by Fear 110 00:05:39,680 --> 00:05:40,040 Speaker 1: and Greed. 111 00:05:40,360 --> 00:05:41,000 Speaker 2: Had a great day.