1 00:00:03,800 --> 00:00:06,960 Speaker 1: It's Wednesday, the third of September twenty twenty five. Welcome 2 00:00:06,960 --> 00:00:09,320 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,320 --> 00:00:11,119 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,440 Speaker 1: need to know in just five minutes. Are Mirkale Thompson 5 00:00:13,480 --> 00:00:15,040 Speaker 1: and Good Morning Natalie McDonald. 6 00:00:15,080 --> 00:00:16,480 Speaker 2: Good Morning Michael, Natalie. 7 00:00:16,520 --> 00:00:19,439 Speaker 1: Five stories, five minutes. Let's go Story Number one. One 8 00:00:19,520 --> 00:00:22,760 Speaker 1: hundred and eighty five thousand permanent visas will be made 9 00:00:22,800 --> 00:00:25,360 Speaker 1: available to migrants in this financial year. That is a 10 00:00:25,360 --> 00:00:28,840 Speaker 1: figure that's unchanged from last year, with the government forced 11 00:00:28,840 --> 00:00:31,639 Speaker 1: to clarify the number as it deals with rising voter 12 00:00:31,800 --> 00:00:33,000 Speaker 1: and ease over migration. 13 00:00:33,320 --> 00:00:36,440 Speaker 2: Skilled workers will make up the bulk, while family visas 14 00:00:36,479 --> 00:00:39,440 Speaker 2: stay around fifty eight thousand. That leaves the backlog of 15 00:00:39,479 --> 00:00:42,160 Speaker 2: nearly one hundred thousand spouses in children who are waiting 16 00:00:42,200 --> 00:00:44,879 Speaker 2: to come and join someone who's already in the country. 17 00:00:45,200 --> 00:00:47,960 Speaker 2: Homer Fairs Minister Tony Burke says the numbers follow state 18 00:00:48,040 --> 00:00:52,879 Speaker 2: consultations and continue to prioritize skills. Labour has held permanent 19 00:00:52,920 --> 00:00:56,240 Speaker 2: migration steady throughout its term, despite political debate and those 20 00:00:56,280 --> 00:01:00,240 Speaker 2: public protests. Experts warm family visa backlogs are grown and 21 00:01:00,280 --> 00:01:03,480 Speaker 2: reformers and needed to prevent frustration for couples and families 22 00:01:03,560 --> 00:01:06,399 Speaker 2: who were waiting years to be reunited. When we talk 23 00:01:06,440 --> 00:01:10,640 Speaker 2: about net overseas migration, that's the balance of arrivals and departures. 24 00:01:10,840 --> 00:01:13,680 Speaker 2: The most recent confirmed figure is about three hundred and 25 00:01:13,760 --> 00:01:17,360 Speaker 2: forty one thousand, which includes foreign students and temporary workers, 26 00:01:17,600 --> 00:01:20,880 Speaker 2: and that number is pretty close to pre pandemic levels. 27 00:01:21,240 --> 00:01:23,680 Speaker 2: That's expected to fall to around two hundred and fifty 28 00:01:23,680 --> 00:01:24,840 Speaker 2: five thousand this year. 29 00:01:25,080 --> 00:01:28,560 Speaker 1: Now, Natalie I mentioned rising voter annies. On the weekend, 30 00:01:28,800 --> 00:01:32,000 Speaker 1: we saw anti immigration protests across capital cities and regional 31 00:01:32,000 --> 00:01:35,160 Speaker 1: areas around the country. Prime Minister Anthony Albanezi addressed the 32 00:01:35,240 --> 00:01:39,039 Speaker 1: Labor Caucus yesterday where he warned against demonizing everyone who 33 00:01:39,040 --> 00:01:42,520 Speaker 1: took part in the protests, really emphasizing the importance of 34 00:01:42,640 --> 00:01:46,440 Speaker 1: differentiating between people who had legitimate concerns about migration levels 35 00:01:47,000 --> 00:01:48,280 Speaker 1: and extremists. 36 00:01:48,520 --> 00:01:51,560 Speaker 2: He was quoted as saying not everyone there was associated 37 00:01:51,600 --> 00:01:53,640 Speaker 2: with the neo Nazis. He then went on to tell 38 00:01:53,680 --> 00:01:56,520 Speaker 2: caucus we have to make sure we give people space 39 00:01:56,560 --> 00:01:58,800 Speaker 2: to move away and to not push them further down 40 00:01:58,840 --> 00:02:01,200 Speaker 2: that rabbit hole. A lot of these fears of being 41 00:02:01,240 --> 00:02:05,400 Speaker 2: reinforced online and we have challenges with polarization. In a 42 00:02:05,440 --> 00:02:08,760 Speaker 2: TV interview, Health Minister Mark Butler acknowledged there is a 43 00:02:08,800 --> 00:02:11,960 Speaker 2: real tension between recognizing that there are real pressures on 44 00:02:12,000 --> 00:02:15,080 Speaker 2: our housing system and other parts of the economy while 45 00:02:15,120 --> 00:02:17,960 Speaker 2: also recognizing we're really struggling to get the work as 46 00:02:17,960 --> 00:02:21,240 Speaker 2: we need to deliver the hospital services, the aged care services, 47 00:02:21,240 --> 00:02:24,200 Speaker 2: and build the houses that we need. The housing market 48 00:02:24,240 --> 00:02:26,639 Speaker 2: is one of the real pressure points here as prices 49 00:02:26,760 --> 00:02:29,240 Speaker 2: rise and supply fails to keep up with demand. 50 00:02:29,639 --> 00:02:32,320 Speaker 1: Okay, moving on to story number two. Now, our consumer 51 00:02:32,360 --> 00:02:34,400 Speaker 1: confidence he's a bit of good news, has picked up 52 00:02:34,560 --> 00:02:36,799 Speaker 1: a little this week. The A and Z Roy Morgan 53 00:02:36,840 --> 00:02:40,360 Speaker 1: Index jumped two points to eighty eight. That is nearly 54 00:02:40,400 --> 00:02:43,079 Speaker 1: five points stronger than the same time last year. 55 00:02:43,440 --> 00:02:46,360 Speaker 2: The big driver here Oozzi's are feeling more positive about 56 00:02:46,400 --> 00:02:49,080 Speaker 2: buying those big ticket items. More than one in fourcea 57 00:02:49,160 --> 00:02:51,280 Speaker 2: that now's a good time to splash out on major 58 00:02:51,280 --> 00:02:54,200 Speaker 2: household purchases. That's the best result in a month. But 59 00:02:54,280 --> 00:02:57,280 Speaker 2: it's not all smooth sailing. Only twenty three percent of 60 00:02:57,320 --> 00:02:59,919 Speaker 2: people think they're better off financially than a year ago, 61 00:03:00,280 --> 00:03:02,600 Speaker 2: or forty three percent actually say that they're worse off. 62 00:03:03,120 --> 00:03:05,880 Speaker 1: Story number three. Two thirds of Australians say they would 63 00:03:05,880 --> 00:03:10,000 Speaker 1: prioritize work life balance over higher pay, but rising living 64 00:03:10,000 --> 00:03:12,440 Speaker 1: costs are forcing Australia to rethink the trade off between 65 00:03:12,480 --> 00:03:15,320 Speaker 1: money and lifestyle. This is according to a report from Sikh. 66 00:03:15,760 --> 00:03:18,360 Speaker 2: Only a third of workers are feeling financially secure, and 67 00:03:18,400 --> 00:03:21,079 Speaker 2: while sixty five percent of workers wouldn't take a pay 68 00:03:21,120 --> 00:03:24,080 Speaker 2: cup for more work life balance, they would be willing 69 00:03:24,120 --> 00:03:27,400 Speaker 2: to give up some flexibility for a pay rise, including 70 00:03:27,680 --> 00:03:30,920 Speaker 2: taking on a greater workload or even more hours. Amid 71 00:03:31,000 --> 00:03:33,760 Speaker 2: ongoing tensions around work from home, almost one in four 72 00:03:33,760 --> 00:03:36,440 Speaker 2: of those who can work from home wouldn't return to 73 00:03:36,480 --> 00:03:39,520 Speaker 2: the office full time if more money was offered. Gen 74 00:03:39,800 --> 00:03:43,119 Speaker 2: x and baby boomers most against that return. It comes 75 00:03:43,120 --> 00:03:46,440 Speaker 2: as separate research from Hatch Show's Career Development has overtaken 76 00:03:46,480 --> 00:03:49,400 Speaker 2: salary as the top priority for gen Z and miennials 77 00:03:50,000 --> 00:03:50,320 Speaker 2: id A. 78 00:03:50,320 --> 00:03:54,000 Speaker 1: Story number four, and global giant Nesle has sacked its 79 00:03:54,200 --> 00:03:58,560 Speaker 1: chief executive after he failed to disclose a romantic relationship 80 00:03:58,560 --> 00:04:01,360 Speaker 1: with a subordinate in a lear breach of the company's 81 00:04:01,360 --> 00:04:02,800 Speaker 1: code of conducts. 82 00:04:02,480 --> 00:04:05,840 Speaker 2: Lauren Fraksa spent four decades at nesle and only stepped 83 00:04:05,840 --> 00:04:08,400 Speaker 2: into the top job last year. He'll now be replaced 84 00:04:08,440 --> 00:04:11,680 Speaker 2: by a longtime insider, Philip Devratl, who's credited with an 85 00:04:11,680 --> 00:04:15,640 Speaker 2: inclusive leadership style and strong performance record. NESLEI, which owns 86 00:04:15,680 --> 00:04:18,600 Speaker 2: brands like KitKat Hargan does and Espresso, says it isn't 87 00:04:18,680 --> 00:04:22,400 Speaker 2: changing course on its strategy. This scandal, however, echoes a 88 00:04:22,440 --> 00:04:25,040 Speaker 2: similar case at BP in twenty twenty three, when it's 89 00:04:25,080 --> 00:04:28,600 Speaker 2: CEO was forced out for failing to revial relationships with colleagues. 90 00:04:28,880 --> 00:04:32,000 Speaker 1: And finally, story number five, Elon Musk is once again 91 00:04:32,320 --> 00:04:34,880 Speaker 1: the world's richest person. In fact, is even richer, now 92 00:04:34,920 --> 00:04:38,680 Speaker 1: topping Forbes's September twenty twenty five billionaire list with a 93 00:04:38,760 --> 00:04:42,440 Speaker 1: fortune of four hundred and fifteen billion US dollars. 94 00:04:42,960 --> 00:04:45,159 Speaker 2: Nine out of ten of the richest people in the 95 00:04:45,160 --> 00:04:49,240 Speaker 2: world are Americans. The one non US citizen Frances Bernard 96 00:04:49,279 --> 00:04:53,120 Speaker 2: an Old, CEO of Luxury Goods Group lvmh All of 97 00:04:53,160 --> 00:04:55,040 Speaker 2: the top ten richest people as of the first of 98 00:04:55,080 --> 00:04:58,080 Speaker 2: September are men. Each of them are worth one hundred 99 00:04:58,120 --> 00:05:01,919 Speaker 2: and fifty billion dollars or more. Larry Ellison remains the 100 00:05:01,960 --> 00:05:04,680 Speaker 2: world's second wealthiest person for the third month in a row, 101 00:05:04,720 --> 00:05:06,920 Speaker 2: with some of the other usual names like Mark Zuckerberg, 102 00:05:06,960 --> 00:05:11,440 Speaker 2: Jeff Bezos, Warren Buffett. Also featuring one noticeable emission is 103 00:05:11,480 --> 00:05:13,599 Speaker 2: Bill Gates, who dropped out of the top ten richest 104 00:05:13,640 --> 00:05:17,440 Speaker 2: in October last year after Forbes obtained new information about 105 00:05:17,440 --> 00:05:19,880 Speaker 2: a significant contraction in his fortune. 106 00:05:20,000 --> 00:05:22,040 Speaker 1: All right, there we go, the top five business stories 107 00:05:22,040 --> 00:05:24,279 Speaker 1: in five minutes. Thank you very much, Natalie, Thank you Michael. 108 00:05:24,440 --> 00:05:27,320 Speaker 1: It is Wednesday, the third of September twenty twenty five. 109 00:05:27,360 --> 00:05:29,719 Speaker 1: Remember to hit follow on the podcast any five minutes 110 00:05:29,760 --> 00:05:32,000 Speaker 1: isn't enough. You can find our longer daily show called 111 00:05:32,000 --> 00:05:34,599 Speaker 1: Fear and Greed where if you listen to podcasts bym 112 00:05:34,600 --> 00:05:37,440 Speaker 1: Michael Thompson. And that was the fast five business news 113 00:05:37,440 --> 00:05:39,160 Speaker 1: by Fear and Greed. Have a great day.