1 00:00:03,840 --> 00:00:06,440 Speaker 1: It's Monday, the twenty third of March twenty twenty six. 2 00:00:06,519 --> 00:00:09,160 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,160 --> 00:00:10,959 Speaker 1: where we give you the top five business stories you 4 00:00:11,039 --> 00:00:13,360 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,360 --> 00:00:17,040 Speaker 1: and good morning Sean Aylmer, Good morning, Michael Shawn. Five stories, 6 00:00:17,040 --> 00:00:19,520 Speaker 1: five minutes. Let's go. Story number one. The local share 7 00:00:19,560 --> 00:00:22,720 Speaker 1: market is set to tumble this morning after US President 8 00:00:22,720 --> 00:00:25,560 Speaker 1: Donald Trump gave an ultimatum to Iran that if the 9 00:00:25,680 --> 00:00:29,840 Speaker 1: Strait of Hermus was not fully opened within forty eight hours, 10 00:00:29,880 --> 00:00:34,159 Speaker 1: the US would and I quote, obliterate Iranian power plants. 11 00:00:34,520 --> 00:00:36,960 Speaker 1: The comments threatened to push oil prices higher and that 12 00:00:37,000 --> 00:00:39,760 Speaker 1: would flow through to higher interest rates. Over the past 13 00:00:39,840 --> 00:00:42,360 Speaker 1: few days, Donald Trump has gone from talking about winding 14 00:00:42,400 --> 00:00:45,320 Speaker 1: down the conflicts now as far as he can the 15 00:00:45,320 --> 00:00:49,320 Speaker 1: other way basically to obliterating Iranian assets and the inconsistency. 16 00:00:49,320 --> 00:00:51,120 Speaker 1: You've got to say, is spooking markets. 17 00:00:51,280 --> 00:00:54,160 Speaker 2: Yes, certainly, there's no sign of fighting diminishing. After Trump's 18 00:00:54,160 --> 00:00:57,160 Speaker 2: comments on the strait, Iran, in response, threatened to attack 19 00:00:57,320 --> 00:01:00,760 Speaker 2: energy tech and desalination infrastructure in the region even if 20 00:01:00,800 --> 00:01:02,480 Speaker 2: there's some sort of resolution. 21 00:01:02,160 --> 00:01:03,960 Speaker 1: Soon or maybe the straight reopens. 22 00:01:03,960 --> 00:01:06,039 Speaker 2: The cost of oil will remain high for some time 23 00:01:06,120 --> 00:01:09,000 Speaker 2: yet future training suggests a local market could open down 24 00:01:09,080 --> 00:01:12,480 Speaker 2: nearly two percent this morning, currently trading about eight percent 25 00:01:12,520 --> 00:01:14,119 Speaker 2: below where it was when the conflict in the Middle 26 00:01:14,160 --> 00:01:17,160 Speaker 2: East commenced. Now, Shane Oliver cheap for economist to amp 27 00:01:17,319 --> 00:01:20,880 Speaker 2: he reckons top to bottom it could fall by fifteen percent, 28 00:01:21,120 --> 00:01:22,640 Speaker 2: suggesting this still some way to go. 29 00:01:23,680 --> 00:01:27,360 Speaker 1: The crisis now shown as officially disrupting petrol supplies, with 30 00:01:27,640 --> 00:01:30,640 Speaker 1: Energy Minister Chris Bowen saying that six out of eighty 31 00:01:30,800 --> 00:01:33,640 Speaker 1: monthly fuel tanker deliveries to Australia in the next month 32 00:01:33,959 --> 00:01:37,800 Speaker 1: have been canceled or deferred. It isn't quite panic stations. 33 00:01:37,920 --> 00:01:40,200 Speaker 1: Chris Bowen said that the government had no plans to 34 00:01:40,200 --> 00:01:43,920 Speaker 1: invoke emergency powers to ration fuel, even though some petrol 35 00:01:43,920 --> 00:01:47,120 Speaker 1: stations have actually run dry. But given that we import 36 00:01:47,240 --> 00:01:49,760 Speaker 1: it was around eighty five percent of our oil, it 37 00:01:49,880 --> 00:01:50,840 Speaker 1: is cause for concern. 38 00:01:51,000 --> 00:01:54,280 Speaker 2: Yeah. Absolutely. Bowen told ABC Insiders that the government's latest 39 00:01:54,280 --> 00:01:56,440 Speaker 2: stock take had shown that the level of petrol and 40 00:01:56,480 --> 00:01:59,280 Speaker 2: diesel available in Australia had slightly risen since before the 41 00:01:59,400 --> 00:02:02,640 Speaker 2: US and Israel launched a military operation against Iran three 42 00:02:02,680 --> 00:02:05,640 Speaker 2: weeks ago. We have thirty eight days worth of petrol, 43 00:02:05,680 --> 00:02:08,200 Speaker 2: thirty days of diesel and jet fuel both on Shorre 44 00:02:08,320 --> 00:02:12,560 Speaker 2: refineries were working full, pelt Bowen said, and supply ships 45 00:02:12,560 --> 00:02:14,760 Speaker 2: delivering from Asia were arriving in good numbers. 46 00:02:15,200 --> 00:02:17,160 Speaker 1: Let's move on to story number two now. The housing 47 00:02:17,240 --> 00:02:19,639 Speaker 1: market is running out of puff, with the lowest auction 48 00:02:19,880 --> 00:02:22,720 Speaker 1: clearance rate over the past week since the low levels 49 00:02:22,800 --> 00:02:27,560 Speaker 1: of twenty twenty five. The preliminary combined capital's auction clearance 50 00:02:27,680 --> 00:02:30,680 Speaker 1: rate sean it's quite a mouthful, came out sixty two 51 00:02:30,720 --> 00:02:35,440 Speaker 1: point seven percent. Every capital city recorded a decline. The 52 00:02:35,520 --> 00:02:38,160 Speaker 1: result came as the number of auctions ramped up and 53 00:02:38,200 --> 00:02:41,480 Speaker 1: shows the impact really of higher interest rates and a 54 00:02:41,520 --> 00:02:43,359 Speaker 1: certain amount of economic uncertainty. 55 00:02:43,480 --> 00:02:46,040 Speaker 2: Yes, there was close the three thousand options across the 56 00:02:46,120 --> 00:02:48,160 Speaker 2: country over the past week. That's one of the busiest 57 00:02:48,160 --> 00:02:50,760 Speaker 2: weeks of the year. This week there's four thousand, so 58 00:02:50,919 --> 00:02:53,320 Speaker 2: similar result will confirm that the market's in a bit 59 00:02:53,320 --> 00:02:55,240 Speaker 2: of a funk. Malviyn was among the best of the 60 00:02:55,240 --> 00:02:58,360 Speaker 2: capital cities the clearance rate of sixty four point two percent, 61 00:02:58,680 --> 00:03:00,920 Speaker 2: though that was the lowest resulton almost a year for 62 00:03:00,919 --> 00:03:03,720 Speaker 2: that City, Sydney came in at just under sixty one percent, 63 00:03:03,760 --> 00:03:07,000 Speaker 2: the worse for it since mid December, Adelaide normally eighty 64 00:03:07,080 --> 00:03:11,200 Speaker 2: something sixty five percent not so good, same as Brisbane Sean. 65 00:03:11,280 --> 00:03:14,320 Speaker 1: Story number three, the firing of an it worker who 66 00:03:14,360 --> 00:03:17,720 Speaker 1: lost his motivation to work, faked his timesheets while working 67 00:03:17,720 --> 00:03:19,880 Speaker 1: from home and logged into his laptop for as little 68 00:03:19,880 --> 00:03:22,200 Speaker 1: as ten minutes a day, has been upheld by the 69 00:03:22,200 --> 00:03:26,359 Speaker 1: Fair Work Commission. The Commission upheld Hanson Corporations firing of 70 00:03:26,400 --> 00:03:29,240 Speaker 1: its database manager for allegedly deceiving it into thinking that 71 00:03:29,280 --> 00:03:31,919 Speaker 1: he worked seven and a half hours a day, on 72 00:03:32,000 --> 00:03:36,000 Speaker 1: the grounds that such behavior amounted to serious misconduct destructive 73 00:03:36,040 --> 00:03:39,160 Speaker 1: of the employment relationship. It's part of a series of 74 00:03:39,240 --> 00:03:42,320 Speaker 1: unfair dismissial claims by employees who have been accused of 75 00:03:42,400 --> 00:03:45,880 Speaker 1: doing little work while working from home, and as employers 76 00:03:45,880 --> 00:03:48,840 Speaker 1: and unions fight in the commission over time sheet requirements 77 00:03:48,880 --> 00:03:49,800 Speaker 1: for remote workers. 78 00:03:50,200 --> 00:03:52,640 Speaker 2: Amazing story. The commissioner heerd that Hanson started to get 79 00:03:52,680 --> 00:03:55,880 Speaker 2: suspicious about the activity of its database manager, who work 80 00:03:56,040 --> 00:03:58,760 Speaker 2: in the office and from home, when he kept failing 81 00:03:58,800 --> 00:04:04,200 Speaker 2: to attend online meetings. Rookie era Michael using systems attract loggins, browsing, 82 00:04:04,240 --> 00:04:06,520 Speaker 2: and keystrokes hands and found that for four days employee 83 00:04:06,520 --> 00:04:09,560 Speaker 2: had been claiming full work days despite only logging into 84 00:04:09,600 --> 00:04:12,760 Speaker 2: company systems for half a day or less. In fact, 85 00:04:12,800 --> 00:04:15,360 Speaker 2: one day he logged in for ten minutes, the next 86 00:04:15,440 --> 00:04:19,159 Speaker 2: day didn't log in at all. Commissioner Trevor Clark found 87 00:04:19,200 --> 00:04:22,480 Speaker 2: the manager's explanation for the gaping chasm between his ten 88 00:04:22,520 --> 00:04:25,640 Speaker 2: minutes of activity in the system and seven point five 89 00:04:25,640 --> 00:04:27,760 Speaker 2: hours of work wholly unconvincing. 90 00:04:28,480 --> 00:04:33,440 Speaker 1: Indeed, story number four. Global gold production sean Heday record 91 00:04:33,880 --> 00:04:37,000 Speaker 1: three thousand, six hundred and seventy two tons last year, 92 00:04:37,080 --> 00:04:40,200 Speaker 1: up one percent from a year earlier, as the industry 93 00:04:40,320 --> 00:04:43,320 Speaker 1: is running out of easily accessible reserves, according to the 94 00:04:43,360 --> 00:04:46,280 Speaker 1: World Gold Council, the biggest output year in more than 95 00:04:46,320 --> 00:04:49,360 Speaker 1: a decade. The Council said that output could actually increase 96 00:04:49,400 --> 00:04:53,640 Speaker 1: again this year as two major minds resume operations. Global 97 00:04:53,680 --> 00:04:57,279 Speaker 1: gold reserves are estimated at about sixty thousand tons, but 98 00:04:57,320 --> 00:05:00,760 Speaker 1: it's actually getting harder to access it, notwithstanding any improvements 99 00:05:00,800 --> 00:05:02,080 Speaker 1: that are being made in technology. 100 00:05:02,200 --> 00:05:04,359 Speaker 2: That's right, so many minds are old. Much of the 101 00:05:04,480 --> 00:05:08,880 Speaker 2: easily gettable gold has been mined there's rising costs, political issues, 102 00:05:09,720 --> 00:05:13,839 Speaker 2: much bigger environmental and social challenges. For some perspective. The 103 00:05:13,839 --> 00:05:17,159 Speaker 2: Gold Council estimates at about two hundred and fifteen thousand tons, 104 00:05:17,440 --> 00:05:21,120 Speaker 2: has already been mined, mostly since nineteen fifty, with sixty 105 00:05:21,160 --> 00:05:23,960 Speaker 2: thousand less worth. If you followed one to chase a 106 00:05:24,040 --> 00:05:26,840 Speaker 2: rabbit down a hole here go to gold dot org. 107 00:05:27,320 --> 00:05:30,760 Speaker 2: Check it out. Elton John is on the front of it. 108 00:05:30,880 --> 00:05:33,559 Speaker 2: The phrase touched by gold Z you clink into it. 109 00:05:33,560 --> 00:05:37,000 Speaker 2: It's like a promo for gold narrated in starring Elton John. 110 00:05:37,040 --> 00:05:39,279 Speaker 2: He talks about all his gold shoes and gold clothes 111 00:05:39,320 --> 00:05:40,640 Speaker 2: and slightly weird. 112 00:05:41,080 --> 00:05:44,200 Speaker 1: On the World Gold Council website. That is amazing, all right. 113 00:05:44,520 --> 00:05:48,080 Speaker 1: Story number five shown. The world's top airport has been named, 114 00:05:48,120 --> 00:05:52,800 Speaker 1: with Singapore's Changey winning the Skytracks World Airline Award for 115 00:05:52,880 --> 00:05:55,600 Speaker 1: the second year running. It's basically the OSCARS for airports, 116 00:05:55,640 --> 00:05:59,360 Speaker 1: isn't it? Best of the Aussie airports Melbourne that's right. 117 00:05:59,480 --> 00:06:01,840 Speaker 2: Soul came in at number two, followed by Tokyo's two 118 00:06:01,880 --> 00:06:05,839 Speaker 2: main airports in Hong Kong, all Asian airports, which is interesting. 119 00:06:06,080 --> 00:06:08,719 Speaker 2: Best of the AUSSI airport's Melbourne as you said twenty one, 120 00:06:08,960 --> 00:06:11,680 Speaker 2: Brisbane at forty, Sydney at fifty two, Perth at fifty eight. 121 00:06:12,120 --> 00:06:15,400 Speaker 2: The awards, based on customer satisfaction surveys, cover five hundred 122 00:06:15,440 --> 00:06:18,640 Speaker 2: and seventy five airports worldwide. Others of interest Charles sigaul 123 00:06:18,760 --> 00:06:22,839 Speaker 2: in Paris number six, Rome was seven, London's Heathrow sixteen, 124 00:06:23,520 --> 00:06:25,560 Speaker 2: JFK New York well eighty five. 125 00:06:25,960 --> 00:06:28,080 Speaker 1: Okay, there we go to the top five business stories 126 00:06:28,080 --> 00:06:29,320 Speaker 1: in five minutes. Thank you, Sean. 127 00:06:29,400 --> 00:06:30,000 Speaker 2: Thanks Michael. 128 00:06:30,160 --> 00:06:32,440 Speaker 1: It's Monday, the twenty third of March twenty twenty six. 129 00:06:32,560 --> 00:06:34,719 Speaker 1: Remember to hit follow on the podcast, and if five 130 00:06:34,760 --> 00:06:37,160 Speaker 1: minutes isn't enough, you can find our longer daily show 131 00:06:37,480 --> 00:06:40,000 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 132 00:06:40,000 --> 00:06:42,240 Speaker 1: Michael Thompson and that was the Fast by Business News 133 00:06:42,240 --> 00:06:44,040 Speaker 1: by Fear and Greed. Had a great day.