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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 third of September twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: story number one. A massive fall on the local bours today,

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Speaker 1: it's worst day since April. The S and PA SEX

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Speaker 1: two hundred dropped one point eight percent to eighty seven

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Speaker 1: hundred and thirty nine points. There were steep falls all

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Speaker 1: over the place, tech banks, property stocks. In fact, all

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Speaker 1: eleven sectors were in the red. It came as government

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Speaker 1: bond yields rose one basis point after data from the

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Speaker 1: ABS show the economy grew at a faster pace than

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Speaker 1: expected in the second quarter. The interest rate sensitive tech

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Speaker 1: stocks were the worst hit. Zero was off six point

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Speaker 1: two percent, Fintech Block dropped nearly five percent. Life three

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Speaker 1: sixty was off two point three percent. The bank's losses

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Speaker 1: there too. Commonwealth Bank, nab A and ZED Westpac all

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Speaker 1: down somewhere between two point two and three points seven percent,

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Speaker 1: so big falls across the finance stocks. Even the big

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Speaker 1: miners dropped too, Even though the iron ore price was

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Speaker 1: holding steady. I mentioned property before real estate stocks were hammered.

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Speaker 1: Goodman was off three point seven percent, Vicinity Centers down

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Speaker 1: three point one percent. I could keep listing them, but

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Speaker 1: overall it was a very tough day on the local market.

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Speaker 1: Story number two, Perhaps unsurprisingly, amid all of that bad news,

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Speaker 1: all at unease, the gold price surged yet again, another

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Speaker 1: new record gold bully and hitting three thousand, six hundred

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Speaker 1: US dollars and ounce. That's all still linked back to

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Speaker 1: the uncertainty out of the US over the federal Reserve,

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Speaker 1: but it did mean that the local gold miners had

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Speaker 1: a reasonable day when everyone else really was having a shocker.

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Speaker 1: Bellevue Gold was up two point eight percent. Regius Resources

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Speaker 1: Northern Star both closed higher two. Story number three onto

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Speaker 1: politics now in the federal government has agreed to immediately

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Speaker 1: fund twenty thousand new home care packages for older Australians,

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Speaker 1: following weeks of pressure from the Coalition, from the Greens,

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Speaker 1: from the Inner Paces, basically from everywhere. There was a

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Speaker 1: projected shortfall of up to one hundred thousand home care

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Speaker 1: packages by November that could leave seniors living unsafely, ending

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Speaker 1: up in hospital or forced into residential care. Prematurely, while

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Speaker 1: more than one hundred and twenty thousand older Australians are

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Speaker 1: still waiting to be assessed for support to help them

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Speaker 1: live at home. The government had intended to roll out

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Speaker 1: eighty thousand new packages under the Aged Care Act in November,

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Speaker 1: but advocates were warning that even a few months delay

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Speaker 1: it could be the difference between someone staying basically safe

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Speaker 1: at home or ending up in hospital. Labour now says

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Speaker 1: another twenty thousand packages will flow before the end of

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Speaker 1: the year, with the rest of the promised eighty three

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Speaker 1: thousand rolling out in twenty twenty six. There's a lot

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Speaker 1: of numbers through all of that, but the key is

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Speaker 1: that the federal government has agreed to immediately fund those

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Speaker 1: new packages, so this is progress today. Story number four.

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Speaker 1: Former Victorian Premier Dan Andrews has been criticized after posing

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Speaker 1: for a photo featuring Russian President Vladimir Putin, North Korean

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Speaker 1: dictator Kim Jong mun alongside Chinese President Jijin Ping in Beijing.

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Speaker 1: Andrews is in China is an invited guest for the

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Speaker 1: country's biggest ever military parade marking eighty years since Japan's

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Speaker 1: defeat in World War Two. But the decision to attend

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Speaker 1: and to appear in the photos has been criticized by

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Speaker 1: other Australian politicians from both sides, really, with Shadow Home

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Speaker 1: Affairs spokesman Andrew Hasty calling it a parade for dictators.

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Speaker 1: We've got Opposition leader Susan Lee saying Andrews needs to

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Speaker 1: explain his presence there. Even fellow former labor premier, Queensland

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Speaker 1: Premier Antasaja Palache said the visit was quote a bridge

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Speaker 1: too far someone there was one person defending him. Current

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Speaker 1: Victorian Premier Jacinda Allen said it was good for the

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Speaker 1: state that Andrews is held in such high regard by

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Speaker 1: the people of China. Former New South Wales Labor Premier

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Speaker 1: Bob Carr is also in the countries in China as well,

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Speaker 1: but he did not attend the parade. Last one story,

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Speaker 1: number five, Donald Trump says the US military has killed

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Speaker 1: eleven terrorists in the Caribbean after strike a boat allegedly

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Speaker 1: carrying drugs from Venezuela. The President posted on truth social

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Speaker 1: that the vessel was run by NARCO terrorists and was

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Speaker 1: intercepted in the international waters on its way to the

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Speaker 1: US Defense Secretary Pete Hegsath released an extraordinary video of

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Speaker 1: the boat being hit by a missile and bursting into flames.

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Speaker 1: The Pentagon has deployed thousands of sailors and marines to

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Speaker 1: the region, the biggest build up since the nineteen eighty

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Speaker 1: nine invasion of Panama. It is a move that's being

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Speaker 1: welcomed by some Caribbean nations, condemned by others, and escalating

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Speaker 1: pressure on Venezuela's president. That's it for the Afternoon Report

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

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Speaker 1: sure you hit follow on the podcast and we'll be

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Speaker 1: back tomorrow morning with the Thursday edition of Fear and

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Speaker 1: Greed on Michael Thompson, a Joyery