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Speaker 1: Welcome to Fear and Greed business news you can use. Today,

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Speaker 1: house prices record their biggest jump in more than twelve months,

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Speaker 1: Thousands join anti immigration marches across Australia, and the federal

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Speaker 1: government moves to crackdown on shrink flation. Plus A and

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Speaker 1: Z put staff on notice about getting back in the office,

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Speaker 1: and a US court rules most of US President Donald

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Speaker 1: Trump's tariffs are illegal. It is Monday, the first of

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Speaker 1: September twenty twenty five. I'm Michael Thompson and good morning,

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Speaker 1: Natalie McDonald. Give morning, Michael, Natalie. The main story this morning.

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Speaker 1: It is, of course the first of September, which means

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Speaker 1: it is the first day of spring, which we're all

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Speaker 1: very excited about. But Australia's spring selling season for property

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Speaker 1: just got another big vote of confidence, with Cotalities Home

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Speaker 1: Value Index rising zero point seven percent in August. That

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Speaker 1: is the strongest monthly gain since May of last year

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Speaker 1: and has pushed annual growth to four point one percent.

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Speaker 2: It's a big jump and follows three interest rate cuts,

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Speaker 2: the latest of which was just a few weeks ago,

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Speaker 2: of course, but alongside this we've also seen stronger wages

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Speaker 2: and improved borrowing power, with demand continuing to outpace tight supply.

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Speaker 2: Advertised listings are twenty percent below average. Wele auction clearance

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Speaker 2: rates has hit seventy percent. That's the highest since early

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Speaker 2: last year. With buyers facing limited choice, it's really putting

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Speaker 2: sellers in a pretty strong position. Growth is geographically broad,

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Speaker 2: but the mid sized capitals are leading the trend, with

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Speaker 2: the Lakes of Brisbane up one point two percent and

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Speaker 2: Perth up one point one percent.

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Speaker 1: Now, I spoke on Friday with Domain's Nicola Powell about

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Speaker 1: this and about the fact that we're heading into spring

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Speaker 1: selling season with strong consumer confidence, three interest rate cuts,

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Speaker 1: strong house price rises since the start of the year,

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Speaker 1: very high clearance rates, and then the additional element of

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Speaker 1: the first Home BIA scheme being brought forward by the government,

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Speaker 1: and so it is really setting us up for a

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Speaker 1: monster of a spring selling season. And we saw this

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Speaker 1: in practice as well, auction clearance rates shaking off last

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Speaker 1: week's kind of unexpected inflation read that all but wiped

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Speaker 1: out expectations of a rate cut this month, still expecting

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Speaker 1: one in November. But I mean, look at the auctions

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Speaker 1: over the weekend. No one seemed to mind.

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Speaker 2: The clearance rate climbed to seventy six point three percent.

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Speaker 2: To put this into perspective, that is a full percentage

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Speaker 2: point higher than just one week ago. The result was

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Speaker 2: driven by exceptionally strong growth in Sydney at eighty point

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Speaker 2: three percent, that's its highest level since April of last year,

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Speaker 2: Melbourne hitting seventy four point nine Brisbane sixty four point

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Speaker 2: five percent. Focus though, as you say, is now on

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Speaker 2: the Albanesi government's deposit scheme for first home buyers that

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Speaker 2: comes into effect on the first of October. So really

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Speaker 2: now just weeks away, along with hopes of that November

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Speaker 2: rate cut, there is so much stimulus still to come

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Speaker 2: to the market.

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Speaker 1: Yeah, we shall be watching this very very closely now,

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Speaker 1: Natalie earning season is well, it's done and dusted. Really,

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Speaker 1: ninety five percent of companies have reported results. As a

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Speaker 1: couple of stragglers that will still release results over the

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Speaker 1: next month or so, but the last four weeks, beyond

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Speaker 1: the results themselves, it is the volatile market swings that

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Speaker 1: have kept us fascinated because you did not know what

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Speaker 1: to expect. We had CSL suffering its steepest fall since

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Speaker 1: nineteen ninety nine. I think James Hardy was since nineteen

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Speaker 1: seventy four. Tabcorp rebounded nearly twenty five percent. That's just

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Speaker 1: a couple of them. There were so many of these

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Speaker 1: enormous investor reactions.

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Speaker 2: I can't work out if Shawn choose a good time

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Speaker 2: or a bad time to go on holiday and miss

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Speaker 2: out on all of this fun.

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Speaker 1: You know what, I reckon he would have loved it.

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Speaker 1: He absolutely would have loved it. And I reckon he

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Speaker 1: was watching it from Europe and cruising around and doing

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Speaker 1: all of these fun things, just looking at it going

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Speaker 1: shouldn't have taken a holiday.

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Speaker 2: This is what happens when you make a break. But okay,

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Speaker 2: back to the results. If you zoom out, MP notes

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Speaker 2: that twenty nine percent of companies beat expectations, thirty six

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Speaker 2: percent of companies missed, and thirty five percent were in line.

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Speaker 2: That's above the historical average. And let's say that the

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Speaker 2: volatility that we've seen really reflects the Airsex's heavy concentration,

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Speaker 2: where the top ten companies account for almost half the index.

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Speaker 2: That leaves the market vulnerable any earning's disappointment and a

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Speaker 2: major player can trigger those outsized moods, which is exactly

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Speaker 2: what we've seen. But it's been particularly companies with US

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Speaker 2: exposure like am Called, Bluescope, James Hardy that have felt

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Speaker 2: this so much more keenly, while tech related businesses like

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Speaker 2: Area Group, Car Group and Seek all had solid earnings

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Speaker 2: growth according to UBS, The asex's structure Michael also amplifies

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Speaker 2: this problem. Despite strong population and economic growth, the number

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Speaker 2: of listed companies has shrunk, with many staying private or

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Speaker 2: being taken over. The far reports the top ten has

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Speaker 2: barely changed in twenty years, dominated by banks and minus,

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Speaker 2: which really limits that diversification.

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Speaker 1: Yeah, it has been, as we said, a remarkable month.

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Speaker 1: What's going to happen today when market's open.

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Speaker 2: It will be a slightly sleepy start to the week. Overall,

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Speaker 2: we've got US financial markets closed for the Labor Day

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Speaker 2: public holiday, although Wall Street did close a touch week

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Speaker 2: or on Friday. Economists appointing to the June quarter GDP figures,

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Speaker 2: which are set to be released on Wednesday as a

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Speaker 2: bit of a signpost for what September may hold for

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Speaker 2: the local market, futures are suggesting the local boss will

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Speaker 2: start abouto point three percent down.

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Speaker 1: Yeah, you mentioned the GDP results that are of course

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Speaker 1: coming out on Wednesday. After the show, stick around, I'm

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Speaker 1: speaking with our resident economist, Stephen could call us about

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Speaker 1: the wake ahead for the economy, because it is a

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Speaker 1: monster week JDAP data, the house priced data that we've

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Speaker 1: just discussed, building approvals, household spending, international trade. It is

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Speaker 1: a massive shopping list of economic data releases. And he

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Speaker 1: also tells us Natalie, why we shouldn't be too worried

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Speaker 1: about last week's surprise bump in inflation, So stick around

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Speaker 1: for that. In the meantime, we got plenty still to come.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news, Natalie. Thousands of people joined March

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Speaker 1: for Australia anti immigration rallies across Australia's capital cities and

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Speaker 1: some regional cities as well. This was happening yesterday and

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Speaker 1: they were calling for an end to mass migration.

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Speaker 2: Gatherings Insydney and Adelaide were described as largely peaceful, but

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Speaker 2: authorities reported six arrests and two injured offices in Melbourne,

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Speaker 2: where clash is escalated and police used o sea spray

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Speaker 2: and public order munitions. Those in attendance included One Nation

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Speaker 2: leader Pauline Hanson in Canberra, while her daughter Lee Hanson

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Speaker 2: spoke in Hobart. MP Bob Catter also addressed crowds in Townsville.

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Speaker 2: The government has condemned the anti immigration rallies, which claims

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Speaker 2: seek to divide and undermine social cohesion.

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Speaker 1: Now this next one's interesting, Natalie. BHP has intensified its

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Speaker 1: campaign against Queensland's coal royalties, taking the somewhat unusual step

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Speaker 1: of urging communities and suppliers and contractors to contact and

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Speaker 1: put pressure on local MPs.

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Speaker 2: The companies, arguing that the regime introduced under Labor and

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Speaker 2: maintained by the LMP is crippling investment, jobs and regional economies.

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Speaker 2: BHP owns a number of minds in Queensland in partnership

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Speaker 2: with Mitsubishi Industries. The company told an industry event in

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Speaker 2: Mackay the unsustainable taxes left them paying an effective sixty

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Speaker 2: seven percent rate in twenty four to twenty five, which

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Speaker 2: is eight times more than it made in profit. BHP

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Speaker 2: has warned that parts of its burn Basin operations, which

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Speaker 2: employ nine and a half thousand workers, could be mothballed,

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Speaker 2: despite growing criticism from industry leaders and federal LMP figures,

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Speaker 2: Queensland leaders have refused to advise the regime, citing budget

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Speaker 2: reliance on revenue.

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Speaker 1: What do you make of this one? Meca brand is

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Speaker 1: under investigation by ASSEK over its financial reporting practices after

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Speaker 1: new disclosures revealed the existence of a secret parent company,

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Speaker 1: which is just incredible, right it is.

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Speaker 2: The whole story is a little bit wild, and I

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Speaker 2: have to admit I'm I am hoping it comes out

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Speaker 2: in the wash because I do think that the Mecca

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Speaker 2: brand story is a great one and I would hate

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Speaker 2: to see it undermined. So this is part of a

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Speaker 2: broader crackdown by ASSEK on large private companies. Attention is

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Speaker 2: focusing on a previously unknown parent company, RTCCH, which revealed

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Speaker 2: higher profits and dividends than other MECA filings. For instance,

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Speaker 2: while Meca Brands reported nearly one point three billion in

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Speaker 2: sales and twenty two point seven million in profit in

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Speaker 2: twenty twenty four, RTCCH disclosed one point three six billion

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Speaker 2: dollars in revenue and one hundred eleven million dollars profit,

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Speaker 2: plus more than two hundred million dollars in dividends since

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Speaker 2: twenty twenty two, including one hundred and ten million dollars

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Speaker 2: last year reinvested into the business. It's a lot of numbers.

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Speaker 2: Are you still with me? Meca admits that its filings

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Speaker 2: have not always been timely, but says all accounts are

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Speaker 2: audited and lodged.

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Speaker 1: All right, Well, we'll see where that one ends up. Now.

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Speaker 1: It is only Monday, of course, but if you are

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Speaker 1: an A and Z staffer, you are probably already commuting

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Speaker 1: to the office right now, after the company warned the

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Speaker 1: pay could be cut if workers failed to return to

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Speaker 1: the office at least half the time. It is a

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Speaker 1: bit of a crackdown.

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Speaker 2: So the policy was introduced before the new CEO's arrival

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Speaker 2: in May, but is now being strictly enforced. Employees coming

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Speaker 2: to the office less than twenty percent of the time

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Speaker 2: won't be eligible for salary increases unless they have an exemption.

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Speaker 2: Those who come between twenty one and forty percent of

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Speaker 2: the time could see their variabill pay cut by up

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Speaker 2: to half. Man who failed to enforce the policy may

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Speaker 2: also face performance and pay consequences. It comes just days

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Speaker 2: after a really embarrassing email error wrongly notified some of

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Speaker 2: the staff that they had been made redundant before they

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Speaker 2: had actually been told by their managers. So overall, this

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Speaker 2: crackdown that we're seeing on productivity and culture, it's a

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Speaker 2: roller coaster.

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Speaker 1: Yes, it certainly is. And I saw a Zaid apologized

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Speaker 1: to staff. The CEO sent out an apology to all

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Speaker 1: staff that were affected by that one late last week.

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Speaker 1: It was a would have been a pretty damaging time

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Speaker 1: for the company. Now the federal government is moving to

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Speaker 1: crackdown a lot of crackdowns today, Natalie, it's a crackdown fest.

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Speaker 1: They're cracking down this time on shrinkflation, where companies reduce

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Speaker 1: product sizes without actually cutting prices. After an atriable c

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Speaker 1: inquiry found Australians supermarkets are among the world's most.

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Speaker 2: Profitable, Labor is set to begin a three week consultation

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Speaker 2: with industry and consumer groups. They'll explore making unit pricing

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Speaker 2: more prominent, standardizing comparison measures. That's for when you're looking

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Speaker 2: at something and it's got a per one hundred grand

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Speaker 2: price on it, but then you look at something else

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Speaker 2: and it's got a per kilo price on it, and

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Speaker 2: it all gets really very confusing, at least for me.

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Speaker 2: In addition to expanding coverage of the unit price code

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Speaker 2: beyond major supermarkets. Companies could be forced to notify shoppers

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Speaker 2: when products shrink face public naming and risk call imposed

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Speaker 2: fines for non compliance. Assistant Minister for Productivity and Competition

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Speaker 2: Andrew Lee said Australians were fed up with paying the

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Speaker 2: same for less, citing smaller chocolate bars which is always

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Speaker 2: the one that I think of, reduced toilet paper squares

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Speaker 2: and extra air in chip packets.

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Speaker 1: I've got one to add to the list. I was

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Speaker 1: outraged the other day in the shower right as great start,

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Speaker 1: right start to.

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Speaker 2: The story is do we need hr present?

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Speaker 1: This is? This is a safe safe for work because

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Speaker 1: I was looking at the bottle of Dove Triple Moisturizing

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Speaker 1: body wash and it used to come in a one

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Speaker 1: liter big kind of jumbo thing. Recently changed without any

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Speaker 1: fanfare at all to seven hundred mills and the price

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Speaker 1: stayed pretty much the same. So there you go. If

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Speaker 1: the A Triple C wants me to testify with my

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Speaker 1: Dove with my Dove body wash live from the shower,

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Speaker 1: I'm happy to do so.

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Speaker 2: You'll show up with your Dove body wash, I'll have

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Speaker 2: my chocolate bars.

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Speaker 1: It's a protest in the streets. We're now Finally, before

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Speaker 1: we get to international news, just a quick one. Tasmania

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Speaker 1: has recorded its strongest ever winter tourism season, with visitor

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Speaker 1: numbers in the June quarter up three percent on last year.

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Speaker 2: Yeah, take that year. At cool Cations Tourism Tasmania points

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Speaker 2: to the return of Festival Dark Mofo, which soald more

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Speaker 2: than one hundhundred thousand tickets and generated four point six

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Speaker 2: million dollars, alongside growing demand for unique cold climate experiences

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Speaker 2: such as snow, Aurora sightings, farms days, you name it,

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Speaker 2: they've got it. Apparently, where are all the tourists coming from?

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Speaker 2: Agritourism operators are reporting an influx of international visitors from

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Speaker 2: Singapore and Hong Kong, those seeking a seasonal change, I guess.

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Speaker 2: While arrivals from the UK and US remain strong, emerging

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Speaker 2: markets like India are also showing growth in numbers. I

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Speaker 2: love Tasmania.

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Speaker 1: Just became a little ad there at.

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Speaker 2: The end, didn't no well fun fun story. We did.

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Speaker 2: My partner and I went and we climbed Mount Wellington.

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Speaker 2: Loved it and I remember telling him at the time

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Speaker 2: this would be a great place to propose if you

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Speaker 2: were planning to propose. He didn't, but it did spark something,

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Speaker 2: because a couple of months later he did.

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Speaker 1: Must have been that subtle hint he dropped.

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Speaker 2: So it was so subtle he got it in there

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Speaker 2: only a couple of months later.

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Speaker 1: Oh well, applied all right. Turning to international news now,

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Speaker 1: a US appeals court has ruled that most of Donald

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Speaker 1: Trump's tariffs are illegal, striking at the foundation of his

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Speaker 1: trade war policies.

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Speaker 2: In a seven to four decision, judges said the former

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Speaker 2: president exceeded his authority by using emergency powers under the

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Speaker 2: International Emergency Economic Powers Act to impose levies on imports

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Speaker 2: from countries including China, Canada, and Mexico. The court noted

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Speaker 2: that the law does not explicitly authorize tarris and that

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Speaker 2: Congress retains constitutional power over taxation and trade. Despite the ruling,

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Speaker 2: tariffs remain in effect until the fourteenth of October, while

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Speaker 2: the Trump administration considers an appeal to the US Supreme Court.

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Speaker 2: Trump called the decision incorrect, insisting the duties remain a

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Speaker 2: crucial tool to protect American workers and industries.

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Speaker 1: And while we're speaking about the president, he has revoked

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Speaker 1: former Vice President Kamala Harris's Secret Service protection nearly a

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Speaker 1: year early, reversing an extension that had been granted by

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Speaker 1: Joe Biden.

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Speaker 2: It's a really interesting scenario. So traditionally former vice presidents

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Speaker 2: received six months of protection, but Biden had quietly extended

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Speaker 2: Harris's coverage to mid twenty twenty six. Trump's order will

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Speaker 2: cut it off on Monday today, just weeks before Harris

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Speaker 2: begins a fifteen stop international book tour promoting her memoir

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Speaker 2: One hundred and Seven Days.

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Speaker 1: And Last One. Natalie. China will stage a massive military

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Speaker 1: parade in Beijing this week to mark eighty years since

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Speaker 1: Japan's World War II surrender, showcasing more than ten thousand troops,

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Speaker 1: one hundred aircraft, and cutting edge weaponry. But really, it

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Speaker 1: is the guest list for this parade that has got

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Speaker 1: a lot of people talking.

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Speaker 2: Hmm. Indeed, former Labor Premiers Bob Carr and Dan Andrews

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Speaker 2: will be in attendance, as will Chinese President Hu Jimping,

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Speaker 2: Russian leader of Vladimir Putin, and North Korean dictator Kim

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Speaker 2: Jong un. But you know who won't be there.

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Speaker 1: I'm getting Donald Trump's not going to be there.

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Speaker 2: Donald Trump's not going to be there, no now, Putin

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Speaker 2: and Gjimping have described each other as best friends. Okay.

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Speaker 2: While Kim's rare overseas appearance underscores his alignment with Beijing

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Speaker 2: and Moscow, also angles are seeing the spectacle as both

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Speaker 2: a display of China's growing diplomatic cloud and a pretty

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Speaker 2: symbolic snub to Washington.

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Speaker 1: All right, Up next is Fear and Greed Q and A.

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Speaker 1: As I mentioned earlier talking to Stephen, could cool us

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Speaker 1: about everything happening in the economy this week. That's coming

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Speaker 1: up next to the Fear and Grade playlist on your

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Speaker 1: podcast platform or at Fearandgraed dot com dot au.

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Speaker 2: Thank you very much, Natalie, Thank you, Michael.

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Speaker 1: It is Monday, the first of September twenty twenty five.

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Speaker 1: Make sure you're following the podcast and head along to

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Speaker 1: our website Fearangreed dot com dot Au and sign up

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Speaker 1: for our free daily newsletter. I'm Michael Thompson and that

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Speaker 1: was Fear and Greed. Have a great day.