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Speaker 1: Today on Fear and Greed, the Reserve Bank cuts interest

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Speaker 1: rates and leaves the door open for further reductions. The

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Speaker 1: Liberal and National Parties split, ending the coalition agreement between

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Speaker 1: the two Conservative parties, and Telstra moves to lift prices

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Speaker 1: on phone plans, Plus Rio pushes hard into lithium, and

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Speaker 1: Netflix saves Sesame Street. Welcome to Fear and Greed. Daily

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Speaker 1: business news for people who make their own decisions. It

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Speaker 1: is Wednesday, the twenty first of May twenty twenty five.

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Speaker 1: I'm Uncle Thompson and good morning Sean Ailmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Massive show today, Massive, massive newsletter today as well.

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Speaker 2: Massive newsletter today, all about the things that you need

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Speaker 2: to know before you get to your desk this morning.

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Speaker 2: You will be one step ahead of your colleagues.

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Speaker 1: Indeed, I'll put a link in today's show notes so

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Speaker 1: that it's even easier. Just to click straight through to

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Speaker 1: the website, pop your email addressing and you will get

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Speaker 1: it every weekday by six am. It is that easy,

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Speaker 1: and it takes about two minutes to read, so it'd

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Speaker 1: be mad not to do it. Sean on with the show.

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Speaker 1: The main story this morning, the Reserve Bank Board debated

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Speaker 1: a fifty basis point cut in interest rates yesterday, ahead

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Speaker 1: of announcing a twenty five basis point drop. The Central

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Speaker 1: Bank highlighted that the Australian economy is sluggish, with households

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Speaker 1: being particularly cautious.

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Speaker 2: The Reserve Bank cut the official cash rate to three

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Speaker 2: point eighty five percent, saying inflation has fallen substantially from

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Speaker 2: its peak in twenty twenty two. Higher interest rates of

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Speaker 2: work to take the steam out of the economy, with

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Speaker 2: households particularly slow to recover even though real wages are

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Speaker 2: actually rising. The Central Bank forecasts and inflation will be

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Speaker 2: around two point six percent two point five two point

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Speaker 2: six percent into next year. That gave it latitude to

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Speaker 2: cut rates. There are still plenty of uncertainties around the

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Speaker 2: place inflation that's mostly about the local labor market, but

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Speaker 2: really the Reserve Bank didn't focus on inflation anywhere near

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Speaker 2: as much as it has. The Bank did warn that

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Speaker 2: the world economic outlook remains unclear, citing uncertainty around the

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Speaker 2: fl final scope of US tariffs and policy responses from

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Speaker 2: other countries that has contributed to the weaker economic outlook

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Speaker 2: for Australia, particularly alongside the softness in household spending and

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Speaker 2: the Reserve Bank just sounded like they needed to cut

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Speaker 2: interest rates.

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Speaker 1: Michael Sean, I don't want to come across as ungrateful

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Speaker 1: for the rate cut.

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Speaker 2: Yesterday's news is that you're telling me that's right.

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Speaker 1: But are there any hints about more reductions in rate cuts,

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Speaker 1: because I'd like another couple.

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Speaker 2: So in the official statement, the bank says risks to

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Speaker 2: inflation are now more balanced, So that's better than what

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Speaker 2: they've said before. Though the statement itself gave little indication

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Speaker 2: of whether there's another rate another rate cut anytime soon,

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Speaker 2: But in the press conference afterwards, Michelle Bullet was clear

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Speaker 2: that a fifty bases point cut had been discussed. While

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Speaker 2: she said that's kind of what you'd expect, I'm not

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Speaker 2: so sure that's the case. Like at other point times

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Speaker 2: they've asked her about discussions of rate cuts or hikes

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Speaker 2: and she has just dismissed them out of hand. Yesterday

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Speaker 2: she actually talked a bit about the fact that they

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Speaker 2: had discussed a fifty.

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Speaker 1: Basis of deliberate the mention right.

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Speaker 2: Well, yeah, I mean she was asked, but she didn't

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Speaker 2: sort of dismiss it out of hand. I mean the

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Speaker 2: statement also really demonstrates that the Reserve Bank is worried

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Speaker 2: about economic growth. The focus was more on growth, less

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Speaker 2: on inflation. Economists and bond traders think there'll be one

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Speaker 2: or two more cuts later this year. Those guys probably

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Speaker 2: will take confidence from what we heard yesterday. Our treasure

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Speaker 2: Jim Chalmers in the intra straight cut will provide a

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Speaker 2: further soft landing for the economy, which is welcome amid

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Speaker 2: heightened global uncertainty.

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Speaker 1: Back to me, Sean, what does it mean for people

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Speaker 1: like me with a.

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Speaker 2: Mortgage, A really big one, big enough.

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Speaker 1: Decent, size enough that I want more rate cuts.

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Speaker 2: So on a six hundred thousand dollars alone, over thirty years,

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Speaker 2: you'll pay about one hundred dollars a month less, twelve

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Speaker 2: hundred a year, a million dollar alone. We're getting more

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Speaker 2: to your territory now. Actually, million dollars is about the

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Speaker 2: average size of alone.

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Speaker 1: Now, really, I've never been I've never been more happy

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Speaker 1: to be below average.

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Speaker 2: That's you'll fare dollars sorry, one hundred and sixty one

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Speaker 2: dollars a month less. If you've got a million dollar loan,

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Speaker 2: that's about fifteen thirty six less a year. NAB gave

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Speaker 2: a handy cheat sheet in its press release at two

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Speaker 2: thirty one pm yesterday, one minute after they have the announcement,

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Speaker 2: A customer with a thirty year mortgage of five hundred

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Speaker 2: and fifty thousand would save eighty three thousand interest payments

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Speaker 2: over the life of the loan and paid off two

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Speaker 2: years earlier if they keep their repayments where they are

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Speaker 2: now and don't reduce it by that zero point two

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Speaker 2: five percentage points. That's kind of fascinating.

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Speaker 1: Yeah, really, it makes such a massive difference of the

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Speaker 1: life of a loan. Local markets, how did they respond

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Speaker 1: to the news? That was?

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Speaker 2: The dollar fell slightly after the announcement, while the ten

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Speaker 2: year bond or ten year bond yilsease. The AX rose.

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Speaker 2: It finished up zero point six percent to eight three

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Speaker 2: hundred and forty three points. Tech doocs and real estate

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Speaker 2: Investment trust did best. Both the sector is sensitive to

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Speaker 2: interestrate changes. Come WEF Bank hit a new record just

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Speaker 2: under one hundred and seventy three and a half.

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Speaker 1: To get phenomenal, it's only get a bit repetitive. It

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Speaker 1: is every day another record. Yeah.

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Speaker 2: Other strong performers yesterday included CSL National Australia Bank ains

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Speaker 2: ed mcquarie, Goodman, Telstress, Signal, healthcare Wise, tech Global, the

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Speaker 2: other side of the ledger not so good, badge, Pee Forts,

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Speaker 2: few metals, woodside and a ristocrat leisure.

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Speaker 1: Speaking of Commonwealth Bank today, Sean, your guest after the

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Speaker 1: show for the Fear and Greed Daily Interview, You're speaking

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Speaker 1: with Commonwealth Banks chief economist Lukey Amen.

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Speaker 2: It's a great chat about yesterday's interest rate cut, the

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Speaker 2: part I like best as a mortgage holder. He said,

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Speaker 2: we thought there'd be another couple of interest rate cuts

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Speaker 2: this year. After what we saw yesterday, we reckon there

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Speaker 2: will be another couple of interest rate cuts this year,

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Speaker 2: but they might actually be sooner than we thought. Ah,

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Speaker 2: music to our ears.

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Speaker 1: Glorious, isn't it?

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Speaker 2: It is great chat with Luke.

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Speaker 1: Yeah, it's fantastic one. I also appreciated what he said

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Speaker 1: about Michelle Bullock in the press conference.

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Speaker 2: What was it?

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Speaker 1: He said, she wasn't so much declaring victory as vindication, Yes,

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Speaker 1: of the path that the Reserve Bank Board has taken.

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Speaker 1: So it's just really really interesting. Moving on now from

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Speaker 1: the Reserve Bank, Sean, the other big big story today

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Speaker 1: that we need to talk about the Liberal Party will

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Speaker 1: be the opposition party in the Federal Parliament. There will

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Speaker 1: be no coalition involving the National Party after a significant

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Speaker 1: breakdown in negotiations over policy.

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Speaker 2: Now, not often, in fact, perhaps never have we called

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Speaker 2: it a bombshell here on fear and greed.

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Speaker 1: Are we going to do it?

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Speaker 2: I'm going to go go for it.

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Speaker 1: Say it.

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Speaker 2: The bomb michell announcement yesterday was pushed by the Libs

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Speaker 2: and Nats as amicable. I don't believe it for a word.

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Speaker 1: Yes, sure sounds amicable. Let's split up after what eighty years?

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Speaker 2: Yeah, so they've been together for eighty years, just the

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Speaker 2: third split in that time. Now, they split in nineteen

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Speaker 2: eighty seven when a guy called Jobiochi pedis and from

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Speaker 2: Queensland was running wanted to run for Federal Parliament, and

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Speaker 2: then in seventy two to seventy four when Golf Whitlam

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Speaker 2: was leader of the LP. They were quite extreme times

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Speaker 2: back then. Anyway, there you go. After each election, the

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Speaker 2: Libs and Thatts negotiate a new coalition agreement. Yesterday they

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Speaker 2: broke down over nuclear power, the force, divestiture of supermarkets

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Speaker 2: and establishing a twenty billion dollar regional Future Fund. It

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Speaker 2: means there will be no Nationals in the shadow cabinet

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Speaker 2: and the main opposition in the one hundred and fifty

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Speaker 2: seat House of Reps, with the Libs with just twenty

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Speaker 2: eight seats, the Nats have fifteen MPs. In fact, over

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Speaker 2: the past two elections, the Libs have lost thirty five seats.

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Speaker 2: The Nats just won and not surprisingly, David Little Proud,

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Speaker 2: the head of the Nats, rejected suggestions that his party

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Speaker 2: had weighed on the Libs. Might be the other way around.

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Speaker 1: It just all signs point to a part that just

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Speaker 1: needs to figure out what it stands for.

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Speaker 2: Yeah, and that's actually what Susan Lee, the head of

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Speaker 2: the Liberals said. She kind of came out and said

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Speaker 2: then that should have respected the Liberal Party's processes over policy.

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Speaker 2: So the Libs wanted to go away, work out what

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Speaker 2: their policies were, then negotiate the coalitions fair enough agreement. Well,

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Speaker 2: that's what she said. Nationals leader David littl Proud said

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Speaker 2: the intention is to rejoin ahead of the next election,

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Speaker 2: but both sides need to work through their policy positions.

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Speaker 1: Michael that in mind, they're on a break.

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Speaker 2: They're on a break, a break.

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Speaker 1: Remember on friends Ross and Rachel were on a break.

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Speaker 1: It feels like.

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Speaker 2: This, it feels like there's actually Susan Lee said that

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Speaker 2: National MPs will not automatically be added to the front

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Speaker 2: bench of the coalition patches up its differences before the

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Speaker 2: next election. One well, someone else to give his two

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Speaker 2: cents worth was former Prime Minister John Howard, who wurged

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Speaker 2: the two parties to reconcile as soon as possible, saying

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Speaker 2: the longer they're split, the further apart they will grow.

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Speaker 2: One not speaking yesterday, but surely grinning from ear to ear,

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Speaker 2: Prime Minister Anthony alberneasy Labour now faces a far less

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Speaker 2: effective opposition in Parliament.

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Speaker 1: I suggest it is an extraordinary time.

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Speaker 2: Its sure is the Conservative side of politics is all

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Speaker 2: in all sorts.

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Speaker 1: Indeed, it is all right. We are going to take

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Speaker 1: a very quick break, Sean. We still have a fair

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Speaker 1: bit to cover and not a lot of time to

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Speaker 1: do it in. We'll be back in a moment with

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Speaker 1: the rest of the day's business news, Sean. Telstra will

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Speaker 1: raise the prices of most of its phone and internet

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Speaker 1: plans by between three and five dollars per month from

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Speaker 1: July one, as it tries to boost earnings.

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Speaker 2: The price of a fifty gigabit monthly postpaid mobile plan

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Speaker 2: will jump from sixty five dollars to seventy dollars, while

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Speaker 2: the price of the popular monthly fifty megabits per second

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Speaker 2: home internet plan will go from one hundred and five

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Speaker 2: to one hundred and nine dollars to Telco Group, which

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Speaker 2: announced an eight hundred million dollar investment in its mobile

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Speaker 2: networks that it's half year results in February, said the

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Speaker 2: hikes were needed so as to invest in its network.

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Speaker 2: It wasn't all bad news. Telstra's lowest start mobile plans,

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Speaker 2: starter NBN plans and premium plans will remain the same

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Speaker 2: price or actually be lower in some cases. It's also

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Speaker 2: lowered the plans of its high speed home internet plans,

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Speaker 2: with the NBN to fifty going down one dollar per

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Speaker 2: month and the NB in one thousand going down eleven

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Speaker 2: dollars per month. The prices of prepaid mobile phone plans

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Speaker 2: won't change now.

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Speaker 1: This one's really interesting. Sean Australian super has reinvested in

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Speaker 1: the country's largest coal producer, white Haven Coal, and says

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Speaker 1: it's consistent with its commitment to net zero emissions by twenty.

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Speaker 2: Fifty environmental activists disagree, labeling it as an insult to

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Speaker 2: the funds three and a half million members, according to

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Speaker 2: the finn Review. Now, last week Ozzie Super bought one

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Speaker 2: point three million shares in white Haven. White Haven has

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Speaker 2: been sold off quite consistently. It happened just days before

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Speaker 2: three climate related investment groups of which Ozzie Super is

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Speaker 2: a member, declared they'd put more pressure on listed companies

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Speaker 2: to d carbonize. Australian Supers argument is that it's actually

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Speaker 2: a good outcome for members if it's buying these companies

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Speaker 2: at a lower price.

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Speaker 1: Rio Tinto I mentioned this one at the top of

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Speaker 1: the show. It continues to push beyond iron ore, at

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Speaker 1: this time investing one point four billion dollars in a

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Speaker 1: Chilean lithium producer.

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Speaker 2: So Rare targeted lithium, which is used in batteries in

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Speaker 2: its efforts to diversify away from iron ore. It's already

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Speaker 2: brought projects in Argentina and Australia in this Chilean project. Rare.

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Speaker 2: We'll invest nine hundred million US about that one point

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Speaker 2: four Ossie for a forty nine point nine percent state.

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Speaker 2: Kind of interesting. Real it's big in iron ore Obviously

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Speaker 2: most of its earnings are in iron ore, but also

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Speaker 2: aluminium and copper. It's really turned to lithium, notwithstanding a

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Speaker 2: big slump in the price of lithium last year. Brought

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Speaker 2: Arcadian Lithium and an ASX listed stock for six point

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Speaker 2: seven billion dollars. Some of the other guys have really

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Speaker 2: gone different ways. So BHP, for example, it's pushed hard

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Speaker 2: into copper begin potash. It's really stayed away from lithium.

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Speaker 2: So it's very distinctive. Strategic differences between the world's two

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Speaker 2: biggest miners Rio and BOUJP.

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Speaker 1: Turn into international news now Sean Donald Trump says Russia

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Speaker 1: and Ukraine will quote immediately begin negotiations on preparations for

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Speaker 1: peace talks, but he is leaving Moscow and Kiev to

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Speaker 1: reach a deal without the US there as a broker.

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Speaker 2: After phone calls with Russian President Vladimir Putin and Ukraine's

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Speaker 2: Vladimir Zelenski, Trump posted that Russia and Ukraine will immediately

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Speaker 2: start negotiations towards a ceasefire and more importantly, an end

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Speaker 2: to the war. That's what Donald Trump said. Vladimir Putin

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Speaker 2: a little more tentative. He offered no substantive change in

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Speaker 2: the Kremlin stance. He said, Russia's ready to work with

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Speaker 2: Kiev on a memorandum to frame future talks, which might

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Speaker 2: include a ceasefire for a certain amount of time, a

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Speaker 2: lot of caveats.

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Speaker 1: Oh that that could not be any more.

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Speaker 2: Loose or obtuse. Yes, well done, you're looking for the

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Speaker 2: word there, Zelenski means. Lensky asked the US or asked

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Speaker 2: Trump to not distance himself from efforts to secure peace.

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Speaker 2: He said, the only one that would benefit from that

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Speaker 2: is pertin. Donald Trump also said that Vatican would be

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Speaker 2: very interested in hosting future talks. Fascinating how Donald Trump

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Speaker 2: is sort of walking away from this one.

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Speaker 1: Indeed, now finally Sean Sesame Street and Netflix have struck

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Speaker 1: a deal that will see the popular TV show appear

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Speaker 1: on the streaming platform after US President Donald Trump pulled

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Speaker 1: funding for the freeware channel PBS. When you hear that,

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Speaker 1: when you hear that they struck a deal, who do

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Speaker 1: you think was negotiating for Sesame Street? Was it Stuffalgus?

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Speaker 2: Well, no one knows. Theres no big Bird definitely be

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Speaker 2: big Yeah, yeah, is Kermit still in it?

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Speaker 1: Was Kermit ever? Part of Sesame st yeah, no, Grover Grover,

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Speaker 1: he was Sesame Street, right, Yeah, I think Grover, Oscar

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Speaker 1: the Grouch, Oscar the Grouch, Yes, definitely, yep, yep. One

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Speaker 1: d per Michelle Obama for one. See he's been on

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Speaker 1: there incredible list of guests. Oh yeah, it's amazing. So

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Speaker 1: it's been running forever.

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Speaker 2: Well, I'm pleased you ask that more than fifty years.

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Speaker 2: The first aired on the tenth of November nineteen sixty nine. Wow,

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Speaker 2: isn't that incredible? It was the found a couple of guys,

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Speaker 2: Lloyd Morrison and Joan Ganz Cooney, went to Harvard's University

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Speaker 2: Graduate School of Education. They suggested this novel way of

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Speaker 2: teaching kids, so they got developmental psychologists in. They worked

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Speaker 2: with muppets created Jim Henson to produce characters like Big Bird.

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Speaker 2: They made a set to look like an urban street

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Speaker 2: and off they went. Quite amazing. Anyway, back to the story, Sorry,

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Speaker 2: please go on. Netflix said the iconic prog is a

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Speaker 2: quoite beloved cornerstone of children's media, enchanting young minds and

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Speaker 2: nurturing a love of learning. End quote. That's according to

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Speaker 2: the BBC from later this year, Netflix will offer about

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Speaker 2: three hundred million subscribers and new season of the show,

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Speaker 2: ninety hours of previous episodes. Sesame Street was funded by

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Speaker 2: PBS and Radio Network NPR, the government body that backed

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Speaker 2: those organizations. Trump alleged were engaged in bias and partisan

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Speaker 2: news coverage. Therefore he cut funding and looked like it

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Speaker 2: could have been the end of Sesame Street. But Netflix

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Speaker 2: to the rescue.

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Speaker 1: It's an extraordinary story, it is.

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Speaker 2: I mean, I don't think that Big Bird was being

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Speaker 2: overly biased in his or partisan in his coverage.

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Speaker 1: No, of course not, did you. There was that story

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Speaker 1: going around for a very long time. And it's true

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Speaker 1: that Big Bird was supposed to go into space, remember that,

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Speaker 1: And it was supposed to be on the Challenger space shotle,

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Speaker 1: the one that blew up. Yeah, that the person that

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Speaker 1: behind Big Bird, the puppeteer, was supposed to go up

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Speaker 1: on that space shuttle as part of a civilian because

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Speaker 1: they did start inviting civilians up there. Space teacher went yeah, indeed,

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Speaker 1: and yeah he was supposed to be going on. No,

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Speaker 1: and anyway, it's just one of those things that you

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Speaker 1: hear about in the years afterwards, going wow, that's quite extraordinary.

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Speaker 1: Big show today, Sean we've covered a lot of ground up.

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Speaker 1: Next is the Fear and Greed Daily Interview. Commonwealth Banks

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Speaker 1: chief economist Luke Yeaman is your guest. It is coming

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Speaker 1: up in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com dodau, which is also

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Speaker 1: where you sign up for the free daily newsletter. Thank

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Speaker 1: you very much, Sean, Thank you, Michael. It is Wednesday,

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Speaker 1: the twenty first of May twenty twenty five. Make sure

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Speaker 1: you're following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Michael Thompson and that was Fear

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Speaker 1: and Greed. Have a great day.