1 00:00:03,760 --> 00:00:06,640 Speaker 1: It's Friday, the twenty fifth of July twenty twenty five. 2 00:00:06,720 --> 00:00:09,440 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,440 --> 00:00:11,280 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,680 Speaker 1: need to know in just five minutes. I'm Michaele Thompson 5 00:00:13,760 --> 00:00:15,320 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,560 --> 00:00:17,160 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,239 --> 00:00:19,840 Speaker 1: Five stories, five minutes. Let's go Story number one. Reserve 8 00:00:19,880 --> 00:00:23,119 Speaker 1: Bank Governor Michelle Bullock has provided a stark warning to 9 00:00:23,200 --> 00:00:26,080 Speaker 1: everyone wanting several rate cuts this year, which is pretty 10 00:00:26,120 --> 00:00:28,720 Speaker 1: much all of us, but she says inflation might not 11 00:00:28,880 --> 00:00:32,600 Speaker 1: fall as fast as anticipated, meaning rate cuts are not guaranteed. 12 00:00:33,040 --> 00:00:36,000 Speaker 2: She also said that economists might have over reacted to 13 00:00:36,040 --> 00:00:38,559 Speaker 2: the rise in the unemployment rate last month the four 14 00:00:38,600 --> 00:00:40,800 Speaker 2: point three percent, pointing out that it's still very low 15 00:00:40,840 --> 00:00:43,760 Speaker 2: and the labor market remains tight. The Central Bank expects 16 00:00:43,840 --> 00:00:45,800 Speaker 2: headline inflation to fall to the lower part of the 17 00:00:45,800 --> 00:00:49,360 Speaker 2: two to three percent target band when June quarter figures 18 00:00:49,360 --> 00:00:51,520 Speaker 2: are released next week, but Bullock says it will bounce 19 00:00:51,560 --> 00:00:53,800 Speaker 2: back towards three percent at the end of the year 20 00:00:53,800 --> 00:00:57,240 Speaker 2: as temporary government electricity rebates expire. The Reserve Bank is 21 00:00:57,280 --> 00:00:59,800 Speaker 2: more interested in the underlying inflation rate that strips out 22 00:00:59,800 --> 00:01:02,720 Speaker 2: all volatile price movements. It's about two point nine percent, 23 00:01:02,800 --> 00:01:04,800 Speaker 2: or it was in the March quarter, first time under 24 00:01:04,840 --> 00:01:08,480 Speaker 2: three percent since twenty twenty one. Bullock expects it before further. However, 25 00:01:08,680 --> 00:01:11,720 Speaker 2: she said the monthly figures suggest the drop might not 26 00:01:11,800 --> 00:01:14,920 Speaker 2: be as much as expected. The cost of housing, construction 27 00:01:15,080 --> 00:01:18,839 Speaker 2: and consumer durable goods stuff like washing machines bit higher 28 00:01:18,840 --> 00:01:22,440 Speaker 2: in May than the bank anticipated. Reserve Bank still thinks 29 00:01:22,520 --> 00:01:24,919 Speaker 2: underlying inflation is heading to two and a half percent, 30 00:01:25,080 --> 00:01:28,000 Speaker 2: but it's just looking for data support to support the forecast. 31 00:01:28,440 --> 00:01:31,720 Speaker 1: So Michelle Bullock isn't taking a rate cut off the table. 32 00:01:31,800 --> 00:01:35,960 Speaker 1: She's just tempering the enthusiasm about that lower underlying inflation. 33 00:01:36,760 --> 00:01:38,520 Speaker 1: Are we still likely to get a rate cut then? 34 00:01:39,000 --> 00:01:41,360 Speaker 2: Yes? I think so. The economy, including the labor market, 35 00:01:41,400 --> 00:01:43,600 Speaker 2: inflation is traveling more or less in line with the 36 00:01:43,640 --> 00:01:47,000 Speaker 2: Reserve Bank's forecast. Michelle Bullock made it clear yesterday that 37 00:01:47,040 --> 00:01:50,040 Speaker 2: the Bank has a dual mandate priced ability and full employment. 38 00:01:50,080 --> 00:01:52,560 Speaker 2: She wants to do both. She said the downside to 39 00:01:52,720 --> 00:01:56,560 Speaker 2: global economic developments have diminished, which is good, there's still 40 00:01:56,560 --> 00:01:59,720 Speaker 2: plenty of uncertainty. She also talked about the gradual approach 41 00:01:59,760 --> 00:02:03,600 Speaker 2: to minditary policy easing and saying that's appropriate, highlighting there 42 00:02:03,600 --> 00:02:06,080 Speaker 2: has already been two rate cuts. She said that rates 43 00:02:06,120 --> 00:02:08,880 Speaker 2: didn't go up as much in Australia compared to other economies, 44 00:02:08,919 --> 00:02:10,680 Speaker 2: so maybe they do won't fall as much either. 45 00:02:11,000 --> 00:02:13,320 Speaker 1: Okay, moving on to story number two. Now and Australia 46 00:02:13,400 --> 00:02:17,040 Speaker 1: faces a fifteen percent tariff on goods sold into the 47 00:02:17,160 --> 00:02:21,280 Speaker 1: Unied State. Okay, moving on to story number two. Now, 48 00:02:21,320 --> 00:02:24,880 Speaker 1: and Australia faces a fifteen percent tariff on goods sold 49 00:02:25,040 --> 00:02:28,600 Speaker 1: into the United States, even after the Albanese government lifted 50 00:02:28,680 --> 00:02:32,920 Speaker 1: biosecurity restrictions on US beef, paving the way for the 51 00:02:32,960 --> 00:02:36,200 Speaker 1: full resumption of American exports to Australia. 52 00:02:36,600 --> 00:02:39,280 Speaker 2: The US President Donald Trump yesterday said tariff's would not 53 00:02:39,520 --> 00:02:43,600 Speaker 2: be below fifteen percent after the August one deadline. Tariffs 54 00:02:43,680 --> 00:02:46,360 Speaker 2: will be somewhere between fifteen and fifty percent. He said, 55 00:02:46,760 --> 00:02:49,440 Speaker 2: Now Australia has a trade surplace with the US. We're 56 00:02:49,440 --> 00:02:51,240 Speaker 2: initially hit with a ten percent tariff, so we're at 57 00:02:51,280 --> 00:02:54,440 Speaker 2: the very bottom run, so it's likely will attract the 58 00:02:54,480 --> 00:02:57,919 Speaker 2: fifteen percent impost. His comments came after the Albanese government 59 00:02:57,960 --> 00:03:02,079 Speaker 2: lifted the biosecurity restrictions on US beef, removing a reason 60 00:03:02,120 --> 00:03:04,880 Speaker 2: given by the Trump administration from imposing tariffs on Australia. 61 00:03:05,040 --> 00:03:08,520 Speaker 2: Having said that, Trade Minister Don Farrell yesterday categorically denied 62 00:03:08,560 --> 00:03:11,360 Speaker 2: that the decision had anything to do with wider trade 63 00:03:11,360 --> 00:03:13,519 Speaker 2: talks between the US and Australia. 64 00:03:14,240 --> 00:03:18,680 Speaker 1: Sure story at number three. Macquarie Group's share price fell 65 00:03:18,760 --> 00:03:22,239 Speaker 1: five percent yesterday after it released a softer June quarter 66 00:03:22,360 --> 00:03:26,799 Speaker 1: trading update, and longtime chief financial officer Alex Harvey said 67 00:03:26,840 --> 00:03:29,560 Speaker 1: he's leaving the group. But the real shock was that 68 00:03:29,600 --> 00:03:32,720 Speaker 1: the group received a first strike at its AGM as 69 00:03:32,760 --> 00:03:35,840 Speaker 1: shareholders protested its remuneration report. 70 00:03:36,200 --> 00:03:39,520 Speaker 2: Proxy firms CGI, Glass, Lewis and Ownership Matters have criticized 71 00:03:39,520 --> 00:03:43,320 Speaker 2: the mcquarie for failing to slash executive pay sufficiently after 72 00:03:43,360 --> 00:03:46,520 Speaker 2: a series of compliance blunders. Now chief executive Shamara remeny 73 00:03:46,560 --> 00:03:49,640 Speaker 2: Yaket earned twenty four million dollars per year ending thirty 74 00:03:49,680 --> 00:03:52,880 Speaker 2: one March, down from twenty five million dollars the previous year. 75 00:03:53,440 --> 00:03:56,160 Speaker 2: Enough shareholders listened to the proxy firms and at least 76 00:03:56,160 --> 00:03:59,080 Speaker 2: twenty five percent voted against the remuneration report. If there's 77 00:03:59,120 --> 00:04:02,560 Speaker 2: a second strike next year than the board will be spilled. Harvey, 78 00:04:02,840 --> 00:04:05,440 Speaker 2: the CFO, said he'll leave after twenty eight years in 79 00:04:05,480 --> 00:04:07,320 Speaker 2: the job. That was a bit of a shock. Unless 80 00:04:07,360 --> 00:04:10,400 Speaker 2: generally said that Quarry's first quarter was weaker in the 81 00:04:10,480 --> 00:04:13,360 Speaker 2: number of areas, including commodities and global markets. 82 00:04:13,840 --> 00:04:18,520 Speaker 1: Story number four. Automotive parts group Babcore, which owned the 83 00:04:19,000 --> 00:04:23,160 Speaker 1: autobarn and auto Pro and Burston brands, said trading has 84 00:04:23,200 --> 00:04:26,000 Speaker 1: been weaker than expected in May and June and announced 85 00:04:26,000 --> 00:04:29,320 Speaker 1: fifty million dollars in post tax right downs and the 86 00:04:29,440 --> 00:04:31,159 Speaker 1: exit of three directors. 87 00:04:31,760 --> 00:04:35,159 Speaker 2: Absolute shocker for Babcorp, and that's why its share price 88 00:04:35,200 --> 00:04:38,720 Speaker 2: fell thirty percent to the lowest in a decade. Before 89 00:04:38,720 --> 00:04:41,479 Speaker 2: it finished twenty eight percent low. Babcourt said we could 90 00:04:41,480 --> 00:04:43,680 Speaker 2: trading and write downs of old inventry would push net 91 00:04:43,680 --> 00:04:46,119 Speaker 2: profit to around that thirty two to thirty three million 92 00:04:46,160 --> 00:04:50,560 Speaker 2: dollar mark for the last financial year. Chief executive Angus Mackay, 93 00:04:50,680 --> 00:04:52,800 Speaker 2: who joined the company in August last year, said heavy 94 00:04:52,839 --> 00:04:56,480 Speaker 2: restructuring had taken place and forty five seats have been closed. 95 00:04:56,600 --> 00:04:59,560 Speaker 2: Forty five sites sorry have been closed or shifted. 96 00:05:00,080 --> 00:05:04,080 Speaker 1: Last one sean Story number five. It's a business ish story. 97 00:05:04,520 --> 00:05:07,640 Speaker 1: It's got money involved. So let's do it anyway. A 98 00:05:07,680 --> 00:05:11,719 Speaker 1: Serratosaurus fossil that is one of only four known to 99 00:05:11,839 --> 00:05:15,760 Speaker 1: exist has sold for thirty point five million US dollars 100 00:05:15,760 --> 00:05:16,159 Speaker 1: at auction. 101 00:05:16,720 --> 00:05:19,560 Speaker 2: Soothab is called the rare dinosaur fossil, one of the 102 00:05:19,600 --> 00:05:22,799 Speaker 2: finest and most complete examples of its kind ever found. 103 00:05:22,880 --> 00:05:25,440 Speaker 2: According to c and the specimen, which is the only 104 00:05:25,520 --> 00:05:29,160 Speaker 2: juvenile Seratosaurus fossil of the four, was expected to fetch 105 00:05:29,160 --> 00:05:32,640 Speaker 2: around five million dollars. There's a six minute battle. Six 106 00:05:32,680 --> 00:05:35,680 Speaker 2: different bidders went for more than thirty million dollars there ago. 107 00:05:35,720 --> 00:05:38,880 Speaker 2: The Seratosaurus was a meat eating predator with a nasal horn, 108 00:05:39,080 --> 00:05:41,720 Speaker 2: long teeth, and bony armor that ran down its back 109 00:05:41,880 --> 00:05:44,680 Speaker 2: almost two meters tall, three more than three meters long, 110 00:05:44,760 --> 00:05:47,000 Speaker 2: one hundred and thirty nine bone elements, fifty seven of 111 00:05:47,000 --> 00:05:50,200 Speaker 2: those in the skull. Found in nineteen ninety six at 112 00:05:50,200 --> 00:05:54,120 Speaker 2: the appropriately named a Bone Cabin quarry in Wyoming. It 113 00:05:54,240 --> 00:05:56,640 Speaker 2: dates from the last Jurassic period. That's about one hundred 114 00:05:56,640 --> 00:05:57,719 Speaker 2: and fifty million years ago. 115 00:05:58,120 --> 00:06:01,440 Speaker 1: So many dinosaur stats there, sean. Thank you set us 116 00:06:01,520 --> 00:06:03,159 Speaker 1: up for the next year. All right, there we go, 117 00:06:03,160 --> 00:06:05,080 Speaker 1: the top five business stories in five minutes. Thank you. 118 00:06:05,160 --> 00:06:05,560 Speaker 1: Very much. 119 00:06:05,800 --> 00:06:06,440 Speaker 2: Thanks Michael. 120 00:06:06,600 --> 00:06:09,159 Speaker 1: It is Friday, the twenty fifth of July twenty twenty five. 121 00:06:09,240 --> 00:06:11,560 Speaker 1: Remember to hit follow on the podcast, and if five 122 00:06:11,560 --> 00:06:14,160 Speaker 1: minutes isn't enough, you can find our longer daily show 123 00:06:14,240 --> 00:06:17,160 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 124 00:06:17,240 --> 00:06:19,440 Speaker 1: Uchale Thompson and that was the Fast five Business News 125 00:06:19,480 --> 00:06:21,200 Speaker 1: by Fear and Greed. Have a great day.