1 00:00:03,279 --> 00:00:05,880 Speaker 1: It's Wednesday, the fourteenth of August twenty twenty four. 2 00:00:06,080 --> 00:00:06,680 Speaker 2: Welcome to the. 3 00:00:06,600 --> 00:00:09,000 Speaker 1: Fast five Business News by Fear and Greed. Whell we 4 00:00:09,000 --> 00:00:10,880 Speaker 1: give you the top five business stories you need to 5 00:00:10,920 --> 00:00:13,840 Speaker 1: know in US five minutes. I'm Michael Thompson and good morning, 6 00:00:13,960 --> 00:00:14,680 Speaker 1: Sean Aylmer. 7 00:00:15,120 --> 00:00:17,000 Speaker 2: Good morning, Michael, Sean. 8 00:00:17,120 --> 00:00:20,280 Speaker 1: Five stories, five minutes. Let's get going. Story number one. 9 00:00:20,520 --> 00:00:23,480 Speaker 1: Bit of mixed news on the inflation front this morning. 10 00:00:23,520 --> 00:00:26,520 Speaker 1: Price pressures in the Australian economy are easing, with supply 11 00:00:26,560 --> 00:00:30,040 Speaker 1: and demand moving towards balance, according to the latest NAB 12 00:00:30,200 --> 00:00:34,320 Speaker 1: monthly Business Survey, but Sean at the same time, wage 13 00:00:34,360 --> 00:00:38,920 Speaker 1: pressures remain elevated, working against price disinflation. 14 00:00:39,520 --> 00:00:42,000 Speaker 3: It is very difficult to determine exactly what's going on, 15 00:00:42,040 --> 00:00:43,720 Speaker 3: which is part of the reason that the Reserve Bank 16 00:00:43,800 --> 00:00:46,440 Speaker 3: is resisting calls to lower rates anytime soon. First to 17 00:00:46,479 --> 00:00:49,440 Speaker 3: that National Australia Bank July survey, it shows labor cost 18 00:00:49,440 --> 00:00:51,320 Speaker 3: growth rowse two and a half percent from one and 19 00:00:51,320 --> 00:00:54,360 Speaker 3: a half percent in June, but purchase cost growth ease, 20 00:00:54,640 --> 00:00:58,920 Speaker 3: as did retail price growth. Overall business conditions rose just 21 00:00:59,120 --> 00:01:01,240 Speaker 3: a touch, first time in five months. They've gone up 22 00:01:01,480 --> 00:01:04,680 Speaker 3: slightly blow this long run average. Still, business confidence fell 23 00:01:04,720 --> 00:01:08,039 Speaker 3: though now National Australian Bank chief economist Allenosta said the 24 00:01:08,120 --> 00:01:12,400 Speaker 3: survey suggests the job's growth is pretty robust, but below 25 00:01:12,440 --> 00:01:14,839 Speaker 3: average training conditions and profits are a bit of a worry. 26 00:01:15,040 --> 00:01:17,840 Speaker 3: Then we had the ABS's wage price index. It shows 27 00:01:17,840 --> 00:01:19,840 Speaker 3: a zero point eight percent rise in the last quarter. 28 00:01:20,240 --> 00:01:22,920 Speaker 3: That's below the zero point nine percent rise in March quarter. 29 00:01:23,000 --> 00:01:25,400 Speaker 3: That's kind of good. But the annual rate to the 30 00:01:25,520 --> 00:01:27,560 Speaker 3: end of June came in at four point one percent, 31 00:01:27,880 --> 00:01:31,840 Speaker 3: which was actually a little bit above the Reserve Bank's forecast. Now, 32 00:01:31,840 --> 00:01:34,000 Speaker 3: the wage price index has been at that four percent 33 00:01:34,120 --> 00:01:36,640 Speaker 3: or more for over a year. What's all that mean? Well, 34 00:01:36,680 --> 00:01:40,080 Speaker 3: the Reserve Bank reckons wages at this level are unsustainable 35 00:01:40,480 --> 00:01:42,800 Speaker 3: without productivity growth, and that's a worry. 36 00:01:43,480 --> 00:01:47,360 Speaker 1: Sean. There was also consumer sentiment measures out yesterday. You 37 00:01:47,440 --> 00:01:49,480 Speaker 1: said in the past the consumers are generally they've been 38 00:01:49,520 --> 00:01:53,320 Speaker 1: a pretty miserable bunch lately. Are we still pessimistic? 39 00:01:53,720 --> 00:01:54,960 Speaker 2: Yeah, still a miserable bunch. 40 00:01:55,000 --> 00:01:58,200 Speaker 3: The Westpac Melbourne Institute Consumer Sentiment index in August rose 41 00:01:58,240 --> 00:02:01,040 Speaker 3: nearly three percent, but remains a very weak levels by 42 00:02:01,120 --> 00:02:04,680 Speaker 3: historical standards. Good news was that family finances bounced back 43 00:02:04,760 --> 00:02:09,200 Speaker 3: somewhat around housing, home buyer sentiments sank new loads there, 44 00:02:09,320 --> 00:02:13,400 Speaker 3: consumer price expectations cool to touch. That's kind of good. 45 00:02:13,600 --> 00:02:15,320 Speaker 3: We'll find out more about what's going on in the 46 00:02:15,360 --> 00:02:17,360 Speaker 3: economy today when the unemployment. 47 00:02:16,919 --> 00:02:18,280 Speaker 2: Rate figures are released. 48 00:02:18,760 --> 00:02:23,040 Speaker 1: Sean on to story number two. Australia's third largest company, CSL, 49 00:02:23,160 --> 00:02:25,959 Speaker 1: expects a doubling of earnings growth over the next five 50 00:02:26,040 --> 00:02:29,680 Speaker 1: years as its core plasma collection business finally recovers from 51 00:02:29,720 --> 00:02:30,840 Speaker 1: the COVID pandemic. 52 00:02:31,360 --> 00:02:34,240 Speaker 3: However, its vaccine and pharmaceutical operations will not go as 53 00:02:34,280 --> 00:02:37,440 Speaker 3: fast than the term. Also, while revenue was higher, so 54 00:02:37,639 --> 00:02:39,760 Speaker 3: to we're operating costs and that triggered to four and 55 00:02:39,760 --> 00:02:42,160 Speaker 3: a half percent so off in the stock. Ces cel's 56 00:02:42,200 --> 00:02:44,919 Speaker 3: net profit jumped fifteen percent to just over three billion 57 00:02:45,120 --> 00:02:48,440 Speaker 3: US dollars. Its main business is plasma collection that was 58 00:02:48,480 --> 00:02:51,320 Speaker 3: badly disrupted by the pandemic. It's now on the way 59 00:02:51,360 --> 00:02:52,680 Speaker 3: back to normal activities. 60 00:02:52,680 --> 00:02:53,400 Speaker 2: That's the good news. 61 00:02:53,639 --> 00:02:55,760 Speaker 3: CSL's share price has moved around a fair bit of 62 00:02:55,800 --> 00:02:57,880 Speaker 3: the past five years, so it's currently down about twelve 63 00:02:57,880 --> 00:03:00,239 Speaker 3: percent compared to its highs of earth. 64 00:03:01,320 --> 00:03:04,520 Speaker 1: Story number three. Now, Sean the federal government has resisted 65 00:03:04,600 --> 00:03:07,960 Speaker 1: growing calls to impose a full ban on gambling advertising, 66 00:03:08,080 --> 00:03:11,400 Speaker 1: despite admitting that it can cause serious harm to the community. 67 00:03:11,840 --> 00:03:14,399 Speaker 3: Labes expected to compose a partial band capping the number 68 00:03:14,440 --> 00:03:17,440 Speaker 3: of ads on television, according to medi reports. In response 69 00:03:17,480 --> 00:03:19,760 Speaker 3: to growing pressure to implement the band, Health Minister Mark 70 00:03:19,800 --> 00:03:22,519 Speaker 3: Butler said that gambling is a service available in the 71 00:03:22,560 --> 00:03:25,560 Speaker 3: community that consumed and enjoyed responsibly and in moderation can 72 00:03:25,639 --> 00:03:28,239 Speaker 3: lead to no harm. Used to access or use in 73 00:03:28,240 --> 00:03:31,400 Speaker 3: a problematic way, it can cause real harm now. Previously, 74 00:03:31,440 --> 00:03:35,240 Speaker 3: an inquiry led by the late Labour MP Peter Murphy 75 00:03:35,240 --> 00:03:38,320 Speaker 3: called for a full ban of ads. Independent Senator David 76 00:03:38,320 --> 00:03:40,920 Speaker 3: Pocox at a partial ban on gambling ads is a 77 00:03:41,000 --> 00:03:45,000 Speaker 3: betrayal of Miss Murphy's legacy. Has also been independence out 78 00:03:45,000 --> 00:03:47,840 Speaker 3: there very much promoting the need for a full ban. 79 00:03:48,560 --> 00:03:52,040 Speaker 1: Story number four. Online retailer Temple and Webster's share price 80 00:03:52,120 --> 00:03:56,680 Speaker 1: jumped twenty three percent yesterday after delivering record annual sales. 81 00:03:57,280 --> 00:04:00,000 Speaker 3: As a cracking result, sales last year twenty six percent 82 00:04:00,200 --> 00:04:02,560 Speaker 3: to nearly half a billion dollars, though the net profit 83 00:04:02,680 --> 00:04:05,440 Speaker 3: was only two million dollars, affected a little bit less 84 00:04:05,440 --> 00:04:08,000 Speaker 3: than that that reflected a one off cost involved in 85 00:04:08,040 --> 00:04:11,000 Speaker 3: the write down of then Israeli investment. For the first 86 00:04:11,000 --> 00:04:13,960 Speaker 3: five weeks of this year, trading was up twenty six percent, 87 00:04:14,120 --> 00:04:18,000 Speaker 3: seemingly defying the cost of living crisis. Chief executive and 88 00:04:18,040 --> 00:04:20,600 Speaker 3: co founder Mark Coulter said repeat customers now make up 89 00:04:20,600 --> 00:04:24,080 Speaker 3: fifty seven percent of all orders, and things like augmented 90 00:04:24,080 --> 00:04:27,640 Speaker 3: reality virtual reality that's helping them sell stuff. Temblin Webster 91 00:04:27,680 --> 00:04:30,360 Speaker 3: sells more than two hundred thousand products from hundreds of supplies, 92 00:04:30,640 --> 00:04:33,159 Speaker 3: many of which are shiped directly to customers. Enabling faster 93 00:04:33,279 --> 00:04:36,680 Speaker 3: delivery times. Also reduces the need to hold inventry It's 94 00:04:36,760 --> 00:04:40,360 Speaker 3: private label brand now generates around thirty percent of group sales. 95 00:04:41,120 --> 00:04:44,320 Speaker 1: Last one story number five, Elon Musk wants a job 96 00:04:44,480 --> 00:04:48,240 Speaker 1: inside Donald Trump's White House after the Tesla billionaire and 97 00:04:48,320 --> 00:04:51,880 Speaker 1: Republican nominee for presidency held really what can only be 98 00:04:51,920 --> 00:04:53,480 Speaker 1: described as a bit of a love in on. 99 00:04:53,760 --> 00:04:56,560 Speaker 3: X yesterday, mister Musk pitched himself as the man to 100 00:04:56,600 --> 00:04:59,400 Speaker 3: cut federal spending. In the discussion on X, a platform 101 00:04:59,400 --> 00:05:01,720 Speaker 3: that rejected me Trump when it was Twitter and need 102 00:05:01,720 --> 00:05:03,599 Speaker 3: to allow him back on when mister Musk bought it. 103 00:05:03,839 --> 00:05:06,000 Speaker 3: The event was laid for forty minutes, which mister Musk 104 00:05:06,000 --> 00:05:08,880 Speaker 3: blamed on a cyber attack. The conversation included the risk 105 00:05:08,960 --> 00:05:11,479 Speaker 3: of World War three and mister Trump's desire for the 106 00:05:11,560 --> 00:05:14,080 Speaker 3: US to have an iron dome similar to Israel's, who 107 00:05:14,080 --> 00:05:17,120 Speaker 3: also called Carmela Harris a third rate phony candidate. Mister 108 00:05:17,160 --> 00:05:19,840 Speaker 3: Musk endorsed Trump for president last month. As part as 109 00:05:19,839 --> 00:05:23,440 Speaker 3: the shift that he has made, he's advised mister Trump 110 00:05:23,480 --> 00:05:26,680 Speaker 3: on electric vehicles and cryptocurrency policy. Now they used to 111 00:05:26,680 --> 00:05:29,800 Speaker 3: have a very rocky relationship. It's totally changed though now. 112 00:05:29,839 --> 00:05:33,719 Speaker 3: Highlighting mister Musk's growing sway with mister Trump were comments 113 00:05:33,720 --> 00:05:34,679 Speaker 3: from the former president. 114 00:05:34,680 --> 00:05:36,719 Speaker 2: He's long been a critic of electric vehicles. 115 00:05:36,839 --> 00:05:41,800 Speaker 3: Yesterday he praised the ev maker, saying Tesla's cars are incredible. 116 00:05:42,560 --> 00:05:44,680 Speaker 1: All right, there we go, the top five business stories 117 00:05:44,839 --> 00:05:46,159 Speaker 1: in five minutes. 118 00:05:46,279 --> 00:05:48,360 Speaker 2: Thank you very much, Sean, thank you, Michael. 119 00:05:48,560 --> 00:05:51,480 Speaker 1: It's Wednesday, the fourteenth of August twenty twenty four, remembered 120 00:05:51,520 --> 00:05:54,000 Speaker 1: hit follow on the podcast and in five minutes saysn't enough. 121 00:05:54,240 --> 00:05:56,679 Speaker 1: In'll find our longer daily show called Fear and Greed 122 00:05:56,720 --> 00:05:59,559 Speaker 1: where ever you listen to podcasts or at Fearangreed dot 123 00:05:59,560 --> 00:06:01,800 Speaker 1: com Are you which is also we can sign up 124 00:06:01,839 --> 00:06:05,039 Speaker 1: for our free weekly newsletter. It actually comes out today, 125 00:06:05,080 --> 00:06:07,000 Speaker 1: so there's never been a better time to sign up 126 00:06:07,000 --> 00:06:08,760 Speaker 1: for that one. I'm Michael Thompson and that was the 127 00:06:08,800 --> 00:06:10,720 Speaker 1: Fast five business news by Fear and Greed. 128 00:06:11,000 --> 00:06:14,520 Speaker 2: Had a great day.