1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Thursday, the third of October twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,520 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,560 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,400 --> 00:00:13,800 Speaker 1: need to know when it's five minutes are Michael Thompson 5 00:00:13,840 --> 00:00:17,640 Speaker 1: and Good morning, Sean Aylmer. Good morning, Michael, Sean five stories, 6 00:00:17,680 --> 00:00:20,800 Speaker 1: five minutes, Let's go story number one. Annual rent increases 7 00:00:20,800 --> 00:00:25,200 Speaker 1: for houses have hit multi year lows in Sydney, Melbourne, Brisbane, 8 00:00:25,200 --> 00:00:29,400 Speaker 1: Perth and Adelaide, suggesting Sean that the rental boom is over. 9 00:00:29,960 --> 00:00:32,559 Speaker 2: Finally, some good news for renters following the steepest and 10 00:00:32,600 --> 00:00:36,080 Speaker 2: longest rental surge in history. According to Domain's rent report 11 00:00:36,159 --> 00:00:38,680 Speaker 2: released this morning, for the first time in nine months, 12 00:00:38,760 --> 00:00:42,080 Speaker 2: quarterly rental growth for both houses and units has stalled 13 00:00:42,120 --> 00:00:46,000 Speaker 2: across the combined capitals marking the week September quarter since 14 00:00:46,000 --> 00:00:49,279 Speaker 2: twenty nineteen for houses and twenty twenty four units, and 15 00:00:49,320 --> 00:00:51,600 Speaker 2: your gains are now at an almost three year low. 16 00:00:52,159 --> 00:00:55,200 Speaker 2: Over the September quarter, Sydney's rental growth rate for houses 17 00:00:55,320 --> 00:00:57,880 Speaker 2: was its lowest in four years, though the median weekly 18 00:00:57,920 --> 00:01:00,560 Speaker 2: rent it's still seven hundred and seventy five dollars fairly Hi. 19 00:01:01,320 --> 00:01:03,320 Speaker 2: They were steady for units at seven hundred and twenty. 20 00:01:03,400 --> 00:01:05,360 Speaker 2: In Melbourne, there was no growth in the last quarter 21 00:01:05,800 --> 00:01:08,560 Speaker 2: for houses at five hundred and eighty dollars units five 22 00:01:08,680 --> 00:01:11,680 Speaker 2: hundred and fifty dollars. In the house rental market, Brisbane 23 00:01:11,720 --> 00:01:15,640 Speaker 2: went backwards, Perth was the strongest performer. All capital cities 24 00:01:15,640 --> 00:01:18,800 Speaker 2: in the house market are more expensive than Melbourne except 25 00:01:18,880 --> 00:01:21,720 Speaker 2: for Hobart. Clearly, rental demand is easy, with a number 26 00:01:21,760 --> 00:01:24,959 Speaker 2: of prospective tenants per rental listing on domain falling to 27 00:01:25,000 --> 00:01:26,680 Speaker 2: its lowest level since twenty nineteen. 28 00:01:27,240 --> 00:01:29,360 Speaker 1: So there's finally some good news for renters. 29 00:01:29,400 --> 00:01:32,360 Speaker 2: Then John yes Bart there's always a butt is in 30 00:01:32,400 --> 00:01:35,200 Speaker 2: there Domain says that despite the slowdown and rental growth, 31 00:01:35,240 --> 00:01:37,880 Speaker 2: tenants are still paying record high asking rents across all 32 00:01:37,920 --> 00:01:42,120 Speaker 2: capitals except Brisbane and Canberra. All capital cities remain firmly 33 00:01:42,240 --> 00:01:46,399 Speaker 2: a landlord's market, with vacancy rates below two percent. Now 34 00:01:46,560 --> 00:01:50,480 Speaker 2: that means it's quite an unusual environment for rent growth 35 00:01:50,520 --> 00:01:54,279 Speaker 2: to stall all decline. However, with house rents up forty 36 00:01:54,320 --> 00:01:57,279 Speaker 2: eight percent since March twenty twenty, units are up forty percent, 37 00:01:57,560 --> 00:02:01,720 Speaker 2: Affordability is clearly a factor that keeps putting downward pressure 38 00:02:01,760 --> 00:02:02,240 Speaker 2: on rents. 39 00:02:02,680 --> 00:02:05,240 Speaker 1: All right, moving on to story number two. Now, Sean 40 00:02:05,360 --> 00:02:09,919 Speaker 1: and if you're looking for a special dividend, maybe Rio, Tinto, AA, 41 00:02:10,200 --> 00:02:13,840 Speaker 1: Jbhi Fi Mineral Resources and Ramsey Healthcare are good place 42 00:02:13,919 --> 00:02:14,480 Speaker 1: is to start. 43 00:02:14,840 --> 00:02:18,160 Speaker 2: That's according to investment bank Morgan Stanley, which has compiled 44 00:02:18,160 --> 00:02:21,799 Speaker 2: a list of companies with excess franking credit balances per Shame. 45 00:02:22,000 --> 00:02:24,639 Speaker 2: The most efficient way to get franking credits into investors 46 00:02:24,680 --> 00:02:27,840 Speaker 2: pockets is by special dividends and are paid out at 47 00:02:27,880 --> 00:02:30,880 Speaker 2: the discretion of boards. Of course, a company may have 48 00:02:30,919 --> 00:02:33,280 Speaker 2: franking credits but not the cash to pay out the dividends, 49 00:02:33,360 --> 00:02:35,240 Speaker 2: or they may use the cash to buy other assets. 50 00:02:35,400 --> 00:02:39,320 Speaker 2: Morgan Stanley strategists expect companies to increasingly pay out special 51 00:02:39,360 --> 00:02:42,640 Speaker 2: dividends going forward, which are an excess of the half 52 00:02:42,639 --> 00:02:43,679 Speaker 2: and full year payouts. 53 00:02:44,240 --> 00:02:47,400 Speaker 1: Story number three. A new list of approved and banned 54 00:02:47,480 --> 00:02:51,640 Speaker 1: items will kick in today for the NDIS and sex work, 55 00:02:51,800 --> 00:02:56,120 Speaker 1: tarot card reading, yoga classes, and cuddle therapy, You're out. 56 00:02:56,520 --> 00:02:58,920 Speaker 2: The one near transition period for people living with a 57 00:02:59,040 --> 00:03:02,480 Speaker 2: disability start today as part of the federal government's efforts 58 00:03:02,520 --> 00:03:05,440 Speaker 2: to reduce the fast rising cost of the scheme. Approved 59 00:03:05,440 --> 00:03:10,000 Speaker 2: items include assistance animals, mobility supports, transport costs, help for 60 00:03:10,040 --> 00:03:15,880 Speaker 2: some household tasks, behavioral supports, prosthesis, nursing care and modifications 61 00:03:15,919 --> 00:03:19,680 Speaker 2: to the home, and specialist vehicles. Islands no longer allowed 62 00:03:19,720 --> 00:03:24,640 Speaker 2: include accommodation costs, grocery, cigarettes, vapes, illegal drugs, technology products 63 00:03:24,639 --> 00:03:28,160 Speaker 2: not directly related to disability care, clothing and beauty products, 64 00:03:28,160 --> 00:03:33,560 Speaker 2: pet costs, wellness services, firearms, and airline lounge memberships as well. 65 00:03:33,600 --> 00:03:35,920 Speaker 2: Of course, Michael is the ones you mentioned. 66 00:03:35,920 --> 00:03:38,360 Speaker 1: Story number four is. A boss of Country Road Group 67 00:03:38,440 --> 00:03:42,440 Speaker 1: has conceded the retailer has suffered its worst financial performance 68 00:03:42,520 --> 00:03:43,840 Speaker 1: in its history. 69 00:03:43,880 --> 00:03:46,720 Speaker 2: And that will trigger a rethink of its structure, potentially 70 00:03:46,760 --> 00:03:49,920 Speaker 2: new leadership teams and probably cost cutting, which will likely 71 00:03:50,040 --> 00:03:52,960 Speaker 2: lead to job losses. Country Road Group will restructure its 72 00:03:53,000 --> 00:03:55,680 Speaker 2: sourcing and supply chain while also looking for better pricing 73 00:03:55,720 --> 00:03:59,440 Speaker 2: deals with suppliers, according to report in The Australian. In 74 00:03:59,480 --> 00:04:02,120 Speaker 2: an address to Country Road Group staff at its Melbourne 75 00:04:02,120 --> 00:04:07,120 Speaker 2: headquarters yesterday, chief executive raju Viplala Party said recent staff 76 00:04:07,240 --> 00:04:10,920 Speaker 2: surveys were confronting and show a sharp fall in staff morale. 77 00:04:11,400 --> 00:04:14,920 Speaker 2: Mister Vipola Party said Country Road Group, whose brands include 78 00:04:14,920 --> 00:04:18,680 Speaker 2: Country Road, Trendery, Mimco, Witstory, and Politics, has experienced a 79 00:04:18,720 --> 00:04:22,479 Speaker 2: perfect storm of economic challenges. He also acknowledged that internal 80 00:04:22,520 --> 00:04:24,480 Speaker 2: workplace issues had played a part. 81 00:04:25,120 --> 00:04:27,440 Speaker 1: Last one sean story number five. What do you make 82 00:04:27,440 --> 00:04:30,240 Speaker 1: of this one? Vintage shopping in the US is booming, 83 00:04:30,360 --> 00:04:33,040 Speaker 1: with sales at seven times the pace of the broader 84 00:04:33,040 --> 00:04:36,400 Speaker 1: retail industry. In fact, it is so big that some 85 00:04:36,440 --> 00:04:38,599 Speaker 1: of the big retailers are jumping on board. 86 00:04:39,200 --> 00:04:42,159 Speaker 2: Vintage shopping to those of us that have been around, 87 00:04:42,360 --> 00:04:45,400 Speaker 2: is also known as buying second hand clothing. Not my 88 00:04:45,520 --> 00:04:49,920 Speaker 2: cup of Team Michael. Anyway, it is plenty of people's 89 00:04:49,960 --> 00:04:52,600 Speaker 2: cups of tea. Apparently, the new vintage clothing stores are 90 00:04:52,640 --> 00:04:55,560 Speaker 2: a little more upmarket than Saint Vincent, DePaul or thrift shops. 91 00:04:56,120 --> 00:04:59,040 Speaker 2: Retail giants including Banana, A, Public Made Well and H 92 00:04:59,080 --> 00:05:01,599 Speaker 2: and M are getting into the resale game. According to 93 00:05:01,640 --> 00:05:05,120 Speaker 2: report in The New York Times, others such as Lulu Lemon, 94 00:05:05,440 --> 00:05:08,680 Speaker 2: j Crue, and Abercrombie and Fitch use third parties to 95 00:05:08,880 --> 00:05:13,760 Speaker 2: resell their clothing. Reselling sports clothing from Lulu Lemon not 96 00:05:13,880 --> 00:05:15,880 Speaker 2: my cup of team. There are now about twenty five 97 00:05:15,920 --> 00:05:18,400 Speaker 2: thousand resale stores in the US, and while many have 98 00:05:18,440 --> 00:05:22,920 Speaker 2: an online presence, it's vintage shopping bricks and mortar. People 99 00:05:23,000 --> 00:05:24,800 Speaker 2: go and like to check out the clothes rather than 100 00:05:24,800 --> 00:05:25,920 Speaker 2: buying them online. 101 00:05:26,480 --> 00:05:28,159 Speaker 1: I just love that you are so happy just to 102 00:05:28,200 --> 00:05:31,000 Speaker 1: come out and just declare that Nope, I am not 103 00:05:31,040 --> 00:05:31,520 Speaker 1: doing this. 104 00:05:31,839 --> 00:05:33,320 Speaker 2: That's not me, Nope, not you. 105 00:05:33,440 --> 00:05:35,520 Speaker 1: Indeed, all right, there we go the top five business 106 00:05:35,520 --> 00:05:36,400 Speaker 1: stories in five minutes. 107 00:05:36,400 --> 00:05:38,040 Speaker 2: Thank you Sean, Thank you Michael. 108 00:05:38,120 --> 00:05:40,400 Speaker 1: It is Thursday, the third of October twenty twenty four. 109 00:05:40,480 --> 00:05:42,719 Speaker 1: Remember to hit follow on the podcast and five minutes 110 00:05:42,720 --> 00:05:45,520 Speaker 1: isn't enough. You can find our longer daily show called 111 00:05:45,560 --> 00:05:48,400 Speaker 1: Fear and Greed wherever you listen to podcasts, and every 112 00:05:48,400 --> 00:05:52,279 Speaker 1: Thursday there's a new episode of our property podcast called 113 00:05:52,320 --> 00:05:54,440 Speaker 1: the Property Pendulum, brought to you by Fear and Greed 114 00:05:54,560 --> 00:05:58,880 Speaker 1: and Domain. It is this week all about renovating. How 115 00:05:58,920 --> 00:06:02,520 Speaker 1: much should you spend on renovations to avoid over capitalizing? 116 00:06:02,640 --> 00:06:05,040 Speaker 1: It is a really interesting topic. I'll put a link 117 00:06:05,040 --> 00:06:07,320 Speaker 1: in today's show notes. I'm Michael Thompson and that was 118 00:06:07,360 --> 00:06:09,800 Speaker 1: the past five business news by Fear and Greed. Have 119 00:06:09,880 --> 00:06:12,520 Speaker 1: a great day.