1 00:00:03,840 --> 00:00:06,840 Speaker 1: It's Monday, the third of June twenty twenty four. Welcome 2 00:00:06,880 --> 00:00:09,280 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,280 --> 00:00:11,119 Speaker 1: Will we give you the top five business stories you 4 00:00:11,160 --> 00:00:13,680 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,720 --> 00:00:15,160 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,280 --> 00:00:16,240 Speaker 2: Good morning Michael. 7 00:00:16,520 --> 00:00:18,919 Speaker 1: Sewn five big stories to race through in five minutes, 8 00:00:18,960 --> 00:00:21,800 Speaker 1: So let's get cracking. Story Number one. House prices had 9 00:00:21,840 --> 00:00:25,000 Speaker 1: their strongest month in May since late last year, but 10 00:00:25,680 --> 00:00:28,840 Speaker 1: there are big disparities between capital cities, with Perth on 11 00:00:28,880 --> 00:00:30,400 Speaker 1: a tear and Melbourne struggling. 12 00:00:30,600 --> 00:00:33,360 Speaker 2: House prices arising in most capital cities despite the cost 13 00:00:33,360 --> 00:00:36,000 Speaker 2: of living crisis and twelve year higher interest rates, it 14 00:00:36,080 --> 00:00:38,880 Speaker 2: is the mid sized capitals leading the way, with Perth 15 00:00:38,920 --> 00:00:41,440 Speaker 2: prices up two percent last month. Adelaide was up one 16 00:00:41,479 --> 00:00:44,240 Speaker 2: point eight percent, Brisbane one point four percent. Sydney reached 17 00:00:44,240 --> 00:00:46,920 Speaker 2: a new milestone with houses hitting a record high, beating 18 00:00:46,920 --> 00:00:50,240 Speaker 2: the January twenty twenty two peak. According to core Logic. 19 00:00:50,560 --> 00:00:53,159 Speaker 2: During May, prices rose zero point six percent in the 20 00:00:53,159 --> 00:00:56,600 Speaker 2: Harbor City. However, prices in Hobart and Darwen went backwards. 21 00:00:56,600 --> 00:00:59,560 Speaker 2: In Melbourne, they're only very slightly higher. Brisbane is now 22 00:00:59,600 --> 00:01:02,440 Speaker 2: the second most expensive capital city, over taking both Canberra 23 00:01:02,480 --> 00:01:07,000 Speaker 2: and Melbourne's median dwelling value. Core Logics Research director Tim 24 00:01:07,040 --> 00:01:09,319 Speaker 2: Lawless said the extremely low level of supply in some 25 00:01:09,360 --> 00:01:12,240 Speaker 2: of the mid sized capital explains the surge in prices 26 00:01:12,520 --> 00:01:13,360 Speaker 2: in those markets. 27 00:01:13,360 --> 00:01:17,240 Speaker 1: Michael sean, it feels like the housing market has changed 28 00:01:17,560 --> 00:01:20,440 Speaker 1: in the past five years. Is this COVID related. 29 00:01:20,560 --> 00:01:24,319 Speaker 2: In part coming into the pandemic. Melbourne's median dwelling value 30 00:01:24,360 --> 00:01:28,119 Speaker 2: held around a thirty seven percent premium over Brisbane's, and 31 00:01:28,360 --> 00:01:33,000 Speaker 2: Act's median was approximately twenty four percent higher. However, Brisbane 32 00:01:33,080 --> 00:01:35,399 Speaker 2: values have increased at more than five times the pace 33 00:01:35,440 --> 00:01:38,880 Speaker 2: of Melbourne values since the onset of COVID and substantially 34 00:01:38,920 --> 00:01:42,480 Speaker 2: outpaced growth in the ACT. But there are other factors 35 00:01:42,480 --> 00:01:46,080 Speaker 2: in Melbourne net. Interstate migration hasn't helped, nor has an 36 00:01:46,080 --> 00:01:49,680 Speaker 2: increase in land tax for investment properties, and rental vacancy 37 00:01:49,760 --> 00:01:51,880 Speaker 2: rates aren't quite as low in Melbourne. Bottom line and 38 00:01:51,920 --> 00:01:54,400 Speaker 2: all this is that the housing market remains strong. Over 39 00:01:54,400 --> 00:01:57,320 Speaker 2: the past year. Perth house prices are up twenty two percent, 40 00:01:57,640 --> 00:02:02,360 Speaker 2: Brisbane sixteen percent, Adelaide's fourteen percent, Sydney more than seven percent. Darwin, 41 00:02:02,560 --> 00:02:05,160 Speaker 2: Canberra and Melbourne are around two or three percent. Only 42 00:02:05,160 --> 00:02:08,720 Speaker 2: Hobart's gone backwards and very slightly across the country. For 43 00:02:08,760 --> 00:02:11,520 Speaker 2: the capital cities it's nine percent region seven percent. That's 44 00:02:11,520 --> 00:02:12,239 Speaker 2: still pretty good. 45 00:02:12,480 --> 00:02:15,240 Speaker 1: Yeah, still pretty strong. Okay, on to story number two. Now, 46 00:02:15,240 --> 00:02:18,080 Speaker 1: there's plenty of speculation this morning that former Federal Treasurer 47 00:02:18,120 --> 00:02:21,119 Speaker 1: Josh Friedenberg will put his hand up to run at 48 00:02:21,160 --> 00:02:23,560 Speaker 1: the next election in his old Melbourne seed of Kujong. 49 00:02:23,680 --> 00:02:26,639 Speaker 2: He lost the last election to high profile Teel independent 50 00:02:26,720 --> 00:02:29,920 Speaker 2: Monique Ryan and the current candidate is Emelia Hamer. Following 51 00:02:29,960 --> 00:02:33,760 Speaker 2: the Australian Electoral Commissions Draft Boundary Determination that was released 52 00:02:33,760 --> 00:02:37,920 Speaker 2: on Friday, Kuyong is considered more liberal friendly, apparently prompting 53 00:02:37,919 --> 00:02:41,760 Speaker 2: mister Friedenberg's rethink about politics. He is currently chair of 54 00:02:41,760 --> 00:02:44,960 Speaker 2: Goldman Sachs Australia. The Victorian Libs are not all in 55 00:02:45,000 --> 00:02:49,240 Speaker 2: favor of the former treasurer standing again, according to media reports. 56 00:02:49,280 --> 00:02:51,960 Speaker 2: Be a good one to watch, certainly will be story 57 00:02:52,040 --> 00:02:53,320 Speaker 2: number three. Show and I know you're a bit of 58 00:02:53,320 --> 00:02:57,360 Speaker 2: a Bunnings enthusiast, where the West Farmers backed hardware chain 59 00:02:57,440 --> 00:03:00,800 Speaker 2: has retained the top spot among the most trusted brands 60 00:03:00,840 --> 00:03:03,600 Speaker 2: in the nation. While the two big supermarkets have fallen 61 00:03:03,760 --> 00:03:06,520 Speaker 2: entirely out of the top twenty, Woolworth went from second 62 00:03:06,560 --> 00:03:09,280 Speaker 2: spot in December to thirty fourth at the end of March. 63 00:03:09,280 --> 00:03:12,359 Speaker 2: According to Roy Morgan, rival Coles fell from the fifth 64 00:03:12,440 --> 00:03:16,600 Speaker 2: most trusted brand to the ninth most distrusted brand in 65 00:03:16,639 --> 00:03:20,160 Speaker 2: the current rankings. Aldi is now Australia's second most trusted brand, 66 00:03:20,200 --> 00:03:22,720 Speaker 2: ahead of Kmart, which is third. The big move in 67 00:03:22,760 --> 00:03:25,120 Speaker 2: the top twenties Australia Post is coming at six, just 68 00:03:25,160 --> 00:03:28,600 Speaker 2: behind tech giant Apple and car manufacture of Toyota. Telkop 69 00:03:28,639 --> 00:03:31,200 Speaker 2: Optus remains the most distrusted brand in Australia. No on 70 00:03:31,200 --> 00:03:33,840 Speaker 2: once that that's been three straight quarters for that one. 71 00:03:34,200 --> 00:03:37,840 Speaker 2: Also not so well trusted as in distrusted Social media 72 00:03:37,920 --> 00:03:43,440 Speaker 2: giant Meta Slash, Facebook, Quantus, Medibank, Telstra and Media Company 73 00:03:43,440 --> 00:03:47,520 Speaker 2: News Corp. Roy Morgan CEO Michelle Levine said Australian distrust 74 00:03:47,560 --> 00:03:50,440 Speaker 2: for companies has grown significantly in the past year as 75 00:03:50,560 --> 00:03:54,040 Speaker 2: cost of living concerns and high inflation have raised problems 76 00:03:54,040 --> 00:03:58,000 Speaker 2: about companies being motivated by higher profits and excessive price increases, 77 00:03:58,240 --> 00:04:01,080 Speaker 2: and not being focused on putting the customer First a. 78 00:04:01,120 --> 00:04:04,800 Speaker 1: Story number four Sean. The Mona Gallery in Tasmania is 79 00:04:04,840 --> 00:04:08,520 Speaker 1: about to exhibit an album so rare and valuable that 80 00:04:08,640 --> 00:04:11,280 Speaker 1: only a few people have ever actually listened to it. 81 00:04:11,760 --> 00:04:14,280 Speaker 2: Housed in an ornate silver box, Once upon a Time 82 00:04:14,360 --> 00:04:17,239 Speaker 2: in Charlynn, recorded in secret by the Wu Tang Clan 83 00:04:17,360 --> 00:04:19,880 Speaker 2: over six years, was designed to be a piece of 84 00:04:19,960 --> 00:04:23,520 Speaker 2: fine art. Only a single CD copy exists. The record 85 00:04:23,720 --> 00:04:26,720 Speaker 2: by the pioneering hip hop group is the most expensive 86 00:04:27,000 --> 00:04:30,000 Speaker 2: ever sold. Now a loan to Tasmania's Museum of Old 87 00:04:30,040 --> 00:04:32,599 Speaker 2: and New Art MONA over ten days this month, Mona 88 00:04:32,640 --> 00:04:34,920 Speaker 2: will host more listing parties where members of the public 89 00:04:35,160 --> 00:04:39,160 Speaker 2: can hear a curated thirty minute sample of the album 90 00:04:39,160 --> 00:04:41,920 Speaker 2: Pretty Incredible, recorded in New York City, produced in Marrakesh 91 00:04:41,920 --> 00:04:44,960 Speaker 2: between twenty six and twenty thirteen. The album includes the 92 00:04:45,040 --> 00:04:47,680 Speaker 2: nine surviving members of the group. It comes in a 93 00:04:47,760 --> 00:04:51,919 Speaker 2: hand carved nickelbox and a leather bound manuscript containing the lyrics. 94 00:04:52,480 --> 00:04:54,159 Speaker 1: I don't think either of us are cool enough to 95 00:04:54,200 --> 00:04:55,120 Speaker 1: go and listen to that show. 96 00:04:55,640 --> 00:04:58,440 Speaker 2: No, No, absolutely not not man anyway. 97 00:04:58,240 --> 00:05:00,839 Speaker 1: Especially the way we're just so careful they pronounced Wu 98 00:05:00,960 --> 00:05:03,440 Speaker 1: Tang Clan to make sure we say each word separately. 99 00:05:03,520 --> 00:05:03,920 Speaker 2: That's right. 100 00:05:04,560 --> 00:05:07,320 Speaker 1: Just we just do not seem very cool today. All right, 101 00:05:07,360 --> 00:05:10,240 Speaker 1: story number five. Maybe this will redeem us. Actually not, 102 00:05:10,240 --> 00:05:12,800 Speaker 1: it won't at all. It's a story about space. A 103 00:05:13,000 --> 00:05:15,960 Speaker 1: Chinese spacecraft landed on the far side of the Moon, 104 00:05:16,040 --> 00:05:18,599 Speaker 1: boosting the nation's efforts to compete with the US in 105 00:05:18,600 --> 00:05:20,719 Speaker 1: a race to send people back to the lunar surface 106 00:05:20,760 --> 00:05:23,080 Speaker 1: for the first time sean in more than half a century. 107 00:05:23,320 --> 00:05:26,559 Speaker 2: The China National Space Administration announced that Chang E six 108 00:05:27,240 --> 00:05:30,719 Speaker 2: successfully landed at the designated landing area. According to Shinwa 109 00:05:30,920 --> 00:05:33,680 Speaker 2: News Agency, Chang E six will attempt to be the 110 00:05:33,680 --> 00:05:36,200 Speaker 2: first to collect samples from the Moon's far side and 111 00:05:36,200 --> 00:05:38,880 Speaker 2: transport them back to Earth. The mission is China second 112 00:05:38,880 --> 00:05:42,000 Speaker 2: to the far side following landing by Changi four spacecraft 113 00:05:42,080 --> 00:05:44,680 Speaker 2: in twenty nineteen. Now other country is landed on that 114 00:05:44,800 --> 00:05:47,680 Speaker 2: half the moon. Much more difficult area for communications because 115 00:05:47,720 --> 00:05:48,800 Speaker 2: it never faces the Earth. 116 00:05:48,920 --> 00:05:51,000 Speaker 1: All right, there we go the top five business stories 117 00:05:51,000 --> 00:05:54,200 Speaker 1: in five minutes. Thank you, Sean, Thank you Michael. It's Monday, 118 00:05:54,240 --> 00:05:56,279 Speaker 1: the third of June twenty twenty four. Remember to hit 119 00:05:56,360 --> 00:05:58,520 Speaker 1: follow on the podcast. If five minutes says enough were 120 00:05:58,520 --> 00:06:00,800 Speaker 1: can to find our longer daily show, Fear and Greed 121 00:06:01,120 --> 00:06:03,760 Speaker 1: wherever you listen to podcasts. I'm Michael Thompson and that 122 00:06:03,880 --> 00:06:05,960 Speaker 1: was the Fast five Business news by Fear and Greed. 123 00:06:06,240 --> 00:06:09,039 Speaker 1: Had a great day.