1 00:00:03,880 --> 00:00:07,200 Speaker 1: It's Friday, the fifteenth of November twenty twenty four. Welcome 2 00:00:07,240 --> 00:00:09,560 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:14,080 Speaker 1: need to know intus five minutes are Michael Thompson and 5 00:00:14,120 --> 00:00:15,440 Speaker 1: Good Morning Sean Ailmer. 6 00:00:15,720 --> 00:00:17,320 Speaker 2: Good morning Michael, Sean. 7 00:00:17,440 --> 00:00:19,480 Speaker 1: Five big stories to get through in five minutes. Let's 8 00:00:19,480 --> 00:00:22,800 Speaker 1: get cracking. Story number one. The employment market showed signs 9 00:00:22,800 --> 00:00:26,079 Speaker 1: of slowing last month, just as the Reserve Bank Governor 10 00:00:26,160 --> 00:00:29,600 Speaker 1: Michelle Bullock warned the jobs market remained tight, preventing the 11 00:00:29,680 --> 00:00:31,080 Speaker 1: Central Bank from cutting rates. 12 00:00:31,360 --> 00:00:33,720 Speaker 2: The unemployment rate came in at four point one percent, 13 00:00:33,800 --> 00:00:36,199 Speaker 2: third straight month at that level. According to the Austraining 14 00:00:36,240 --> 00:00:40,280 Speaker 2: Bureau Statistics, fifteen nine hundred people found work an extra 15 00:00:40,400 --> 00:00:43,360 Speaker 2: eighty three hundred became unemployed. It was actually a weaker 16 00:00:43,560 --> 00:00:46,200 Speaker 2: than expected number, and it ends a run of six 17 00:00:46,240 --> 00:00:49,640 Speaker 2: months of really strong numbers for the labor market. Participation 18 00:00:49,800 --> 00:00:52,880 Speaker 2: is still high sixty seven point one percent. That's people 19 00:00:52,920 --> 00:00:55,520 Speaker 2: looking for work were in a job. The numbers came 20 00:00:55,640 --> 00:00:58,560 Speaker 2: after Michelle Bullock, the Reserve Bank Governor, was speaking at 21 00:00:58,600 --> 00:01:02,560 Speaker 2: an ACCIC conference. She said that the Reserve Bank surveys 22 00:01:02,640 --> 00:01:06,520 Speaker 2: people they have liaison programs with businesses. What they're hearings 23 00:01:06,520 --> 00:01:08,720 Speaker 2: that the labor market is still tight and it's hard 24 00:01:08,760 --> 00:01:11,679 Speaker 2: to get staff. She said. Strength in the jobs market 25 00:01:11,720 --> 00:01:15,080 Speaker 2: probably reflects the population growth and the strong demand that 26 00:01:15,120 --> 00:01:19,560 Speaker 2: we've experienced. It's why Australia hasn't started its rate cutting cycle, 27 00:01:19,959 --> 00:01:23,240 Speaker 2: unlike countries like the US, UK, Canada, New Zealand and Europe. 28 00:01:23,520 --> 00:01:25,720 Speaker 1: So what of the numbers mean, then, shawonda. The October 29 00:01:25,840 --> 00:01:28,880 Speaker 1: labor force figures push the argument then that rates should 30 00:01:28,920 --> 00:01:30,080 Speaker 1: fall early next year. 31 00:01:30,440 --> 00:01:32,640 Speaker 2: Perhaps a little bit, but it's only one month, when 32 00:01:32,680 --> 00:01:35,120 Speaker 2: in September it was sixty one thousand new jobs that 33 00:01:35,160 --> 00:01:37,320 Speaker 2: are created and there's been six months of out performance. 34 00:01:37,680 --> 00:01:40,759 Speaker 2: The employment market needs about thirty nine thousand jobs each 35 00:01:40,800 --> 00:01:44,000 Speaker 2: month to stop the unemployment rate rising. Based on the 36 00:01:44,000 --> 00:01:48,440 Speaker 2: current level of immigration, obviously we're well below that. In October. 37 00:01:48,720 --> 00:01:50,520 Speaker 2: We're seeing a real split in the market. The private 38 00:01:50,560 --> 00:01:52,920 Speaker 2: sector is pulling back, but not the public sector. Seventy 39 00:01:52,920 --> 00:01:55,080 Speaker 2: percent of jobs growth over the last year has been 40 00:01:55,120 --> 00:01:58,600 Speaker 2: in that non market sector, education, health, public service, that 41 00:01:58,720 --> 00:02:02,240 Speaker 2: type of stuff. One thing was interesting yesday. National Australia 42 00:02:02,240 --> 00:02:04,960 Speaker 2: Bank came out after the numbers and said it doesn't 43 00:02:05,000 --> 00:02:07,600 Speaker 2: think that the next rate cut will be until May 44 00:02:07,640 --> 00:02:09,799 Speaker 2: next year. It's pushed it out from February out to May. 45 00:02:10,200 --> 00:02:11,919 Speaker 1: All right. Moving on to story number two now, the 46 00:02:11,960 --> 00:02:15,880 Speaker 1: government of Mali is demanding one hundred and sixty million 47 00:02:16,000 --> 00:02:18,440 Speaker 1: US dollars or about two hundred and fifty million Aussie 48 00:02:18,480 --> 00:02:22,280 Speaker 1: dollars from gold group Resolute Mining as it continues to 49 00:02:22,320 --> 00:02:24,320 Speaker 1: detain the company's CEO. 50 00:02:24,720 --> 00:02:27,640 Speaker 2: Bloomberg is reporting that the Malian government wants the money 51 00:02:27,680 --> 00:02:31,440 Speaker 2: to resolve a tax dispute. Resolute shares was suspended yesterday, 52 00:02:31,440 --> 00:02:35,720 Speaker 2: but around forty percent since chief executive Terry Hollahan and 53 00:02:35,800 --> 00:02:39,000 Speaker 2: two colleagues were detained last week. The Marley government is 54 00:02:39,000 --> 00:02:41,080 Speaker 2: saying that Resolute should pay the money to settle a 55 00:02:41,120 --> 00:02:44,960 Speaker 2: dispute over alleged back taxes following a sector wide audit. 56 00:02:45,200 --> 00:02:48,520 Speaker 2: The report says the parties are discussing perhaps Resolute paying 57 00:02:48,560 --> 00:02:52,160 Speaker 2: half now half later. We just hope that mister Hollahan 58 00:02:52,320 --> 00:02:54,600 Speaker 2: and his colleagues are well. 59 00:02:54,760 --> 00:02:58,800 Speaker 1: Indeed. Story number three, the CEO of super fun Sebus 60 00:02:58,919 --> 00:03:03,160 Speaker 1: has apologized to members after the Corporate watchdog launched actions 61 00:03:03,160 --> 00:03:07,520 Speaker 1: against the ninety billion dollar plus fund over alleged customer 62 00:03:07,639 --> 00:03:11,480 Speaker 1: service failings involving grieving families and disabled people. 63 00:03:11,880 --> 00:03:13,359 Speaker 2: The story has been running for a few days. The 64 00:03:13,400 --> 00:03:15,680 Speaker 2: allegation is that the fund delayed paying up to twenty 65 00:03:15,680 --> 00:03:19,200 Speaker 2: million dollars in death and disability payments. If assex claim 66 00:03:19,360 --> 00:03:22,120 Speaker 2: is proven in court, it means sea Bus could face 67 00:03:22,120 --> 00:03:24,840 Speaker 2: farms that finds between thirty three million and forty nine 68 00:03:24,880 --> 00:03:27,080 Speaker 2: million dollars. Where does that money come from? Though? Is 69 00:03:27,080 --> 00:03:31,120 Speaker 2: that members funds? Good question? See Christian Fox yesterday told 70 00:03:31,160 --> 00:03:34,000 Speaker 2: a Senate inquiry he wouldn't speculate on where the money 71 00:03:34,000 --> 00:03:36,120 Speaker 2: would come from. He did, though, apologize for the fund's 72 00:03:36,120 --> 00:03:39,840 Speaker 2: failure to look after customers making death benefit or disability 73 00:03:39,880 --> 00:03:44,400 Speaker 2: insurance claims. Fox also defended payments SeaBus mate to the CFMAU. 74 00:03:44,800 --> 00:03:47,160 Speaker 2: He said, there are incredible value. He talked about the 75 00:03:47,200 --> 00:03:50,160 Speaker 2: fact that they were doing partnership programs, that type of thing. 76 00:03:50,200 --> 00:03:51,680 Speaker 2: But he's under fire for that one as well. 77 00:03:52,120 --> 00:03:55,640 Speaker 1: Story number four. Politicians from both sides of the aisle 78 00:03:55,760 --> 00:03:59,200 Speaker 1: are lining up to support Kevin Rudd as Australia's ambassador 79 00:03:59,240 --> 00:04:00,000 Speaker 1: to the United States. 80 00:04:00,640 --> 00:04:02,840 Speaker 2: Yes, this is the Kevin Rudd who called Donald Trump 81 00:04:02,840 --> 00:04:07,040 Speaker 2: a village idiot, a trader to the West, amongst other things. Yesterday, 82 00:04:07,040 --> 00:04:11,040 Speaker 2: Health Minister Mark Butler called him a high caliber representative 83 00:04:11,280 --> 00:04:14,160 Speaker 2: who works well on both sides of politics. Are the 84 00:04:14,240 --> 00:04:17,680 Speaker 2: coalition members or coalition luminaries, so Peter Dutton being one, 85 00:04:17,920 --> 00:04:21,520 Speaker 2: Malcolm Turnmulteoney Abott, They've all come out on Kevin Rudd's side. 86 00:04:21,880 --> 00:04:25,919 Speaker 2: Problem is one of Donald Trump's advisors, Dan Scavino, a 87 00:04:25,920 --> 00:04:28,400 Speaker 2: couple of days ago, posted an owlglass with the sand 88 00:04:28,480 --> 00:04:30,919 Speaker 2: running out next to a statement from mister Rudd that 89 00:04:31,040 --> 00:04:35,320 Speaker 2: congratulated the President elect. Mister Scavino has just been nominated 90 00:04:35,360 --> 00:04:38,120 Speaker 2: as Trump's Deputy chief of Staff. Obviously not a fan 91 00:04:38,320 --> 00:04:42,240 Speaker 2: of Kevin Rudd. Maybe the sand is running out perhaps. 92 00:04:42,600 --> 00:04:44,480 Speaker 1: How while we're on the topic of Donald Trump, it 93 00:04:44,560 --> 00:04:47,080 Speaker 1: leads us neatly into story number five of the surprising 94 00:04:47,120 --> 00:04:53,440 Speaker 1: appointments from mister Trump continue with controversial congress member Matt 95 00:04:53,520 --> 00:04:55,680 Speaker 1: Gates named as Attorney General. 96 00:04:56,040 --> 00:04:59,039 Speaker 2: Yes, that's a top law enforcement job. He's an ally 97 00:04:59,040 --> 00:05:02,080 Speaker 2: of Donald Trump, who was investigated for sex trafficking but 98 00:05:02,160 --> 00:05:06,000 Speaker 2: not criminally charged. He was also investigated for illegal drug 99 00:05:06,080 --> 00:05:09,919 Speaker 2: yeares and for accepting impublic gifts. Tarlsey Gabbard of Whai 100 00:05:10,160 --> 00:05:13,479 Speaker 2: she's been made Director of National Intelligence. Absolutely no experience 101 00:05:13,520 --> 00:05:17,200 Speaker 2: in intelligence. We spoke yesterday about Pete higserth he's the 102 00:05:17,320 --> 00:05:21,200 Speaker 2: Fox News Weekend co host. He's been asked to lead 103 00:05:21,360 --> 00:05:24,680 Speaker 2: the Pentagon. Three million people all have to get through 104 00:05:24,680 --> 00:05:27,680 Speaker 2: the Congress process. The fight will be fized, not just 105 00:05:27,720 --> 00:05:31,040 Speaker 2: from Democrats but Republicans as well. In fact, Matt Gates 106 00:05:31,200 --> 00:05:35,440 Speaker 2: was criticized by Republicans yesterday after his name was announced 107 00:05:35,440 --> 00:05:36,120 Speaker 2: by Donald Trump. 108 00:05:36,320 --> 00:05:37,880 Speaker 1: All right, there we go to the top five business 109 00:05:37,880 --> 00:05:38,880 Speaker 1: stories in five minutes. 110 00:05:38,880 --> 00:05:41,040 Speaker 2: Thank you, Sean, Thank you very much. Michael. 111 00:05:41,400 --> 00:05:44,520 Speaker 1: It's Friday, the fifteenth of November twenty twenty four. Remember 112 00:05:44,560 --> 00:05:46,440 Speaker 1: to hit follow on the podcast and in five minutes 113 00:05:46,520 --> 00:05:48,960 Speaker 1: isn't enough. You can find our longer daily show called 114 00:05:48,960 --> 00:05:52,440 Speaker 1: Fear and Greed wherever you listen to. Podcasts are Michael Thompson. 115 00:05:52,440 --> 00:05:54,360 Speaker 1: And that was the fast five business news by Fear 116 00:05:54,400 --> 00:05:56,040 Speaker 1: and Greed. Have a great day.