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Speaker 1: Today on Fear and Greed. The Liberal Party battles over

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Speaker 1: its new leader, the Greens loses its leader, and the

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Speaker 1: leader of labor. Prime Minister Anthony Albernezi gets ready to

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Speaker 1: swear in a new cabinet. A and Z posts a

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Speaker 1: flat profit and quantus is confidence It's order of new

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Speaker 1: Boeing planes will arrive on time, notwithstanding the fears over

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Speaker 1: global tariffs, plus woodsides, board faces, angry shareholders, and Donald

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Speaker 1: Trump's big trade deal announcements. Welcome to Fear and Greed

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Friday, the ninth of May twenty twenty five.

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Speaker 1: I'm Michael Thompson, and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael. I'm laughing. This is probably don't realize,

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Speaker 2: but I write the script. I give it to Michael.

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Speaker 2: You read something totally different, mostly because what I've written

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Speaker 2: is wrong, and you've done a good job this morning

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Speaker 2: correcting me.

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Speaker 1: Thank you, just editing on the fly. I was actually

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Speaker 1: laughing as well, Sean, because I was thinking about the

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Speaker 1: Fear and Greed daily newsletter that is going out today.

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Speaker 1: And there is a lovely photo in this news treasure

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Speaker 1: of you and our Fear and Greek colleague Adam Lang

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Speaker 1: and me, and the two of you are in your

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Speaker 1: likra for the ride for Country Kids by Cride that

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Speaker 1: you're doing next week, and I am not in my

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Speaker 1: licra because I'm not doing it. We'll get to that

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Speaker 1: in a little bit, but I wanted to mention the newsletter.

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Speaker 1: It comes out every morning. It is in your inbox

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Speaker 1: by six am and if you want a very quick guide,

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Speaker 1: it's three minutes to read it. You will arrive. How

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Speaker 1: would you describe it? At your desk, ready to go.

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Speaker 2: At your desk, ready to go, probably one step ahead

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Speaker 2: of the person next to you.

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Speaker 1: Oh I love that. Yeah, sign up at Fearangreed dot

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Speaker 1: com dot au. I'll put a link in today's show

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Speaker 1: notes as well to make it extra easy to sign up.

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Speaker 1: The main story this morning, Sean at the end of it,

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Speaker 1: really what has been a momentous week in Australian politics.

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Speaker 1: The leader of the Greens, Adam Bandt, has conceded here

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Speaker 1: has lost his seat. We've got a high profile National

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Speaker 1: party defecting to the Liberal Party, and Prime Minister Anthony

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Speaker 1: Alberinezi is continuing to glow in the biggest electoral win

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Speaker 1: in decades.

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Speaker 2: It has really been an incredible seven days, especially if

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Speaker 2: you're the Labour Party. Pretty incredible if you're the Greens

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Speaker 2: or the Liberals as well, though perhaps in a negative sense,

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Speaker 2: it now appears that the ALP will have well over

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Speaker 2: ninety seats. They already have ninety seats. They're still about

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Speaker 2: ten under review. That's not in the one hundred and

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Speaker 2: fifty seat House of Reps. The coalition is likely to

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Speaker 2: end up with about forty five. It'll be less than

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Speaker 2: half what the ALP has. The Greens have gone from

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Speaker 2: four seats last parliament to one, with Adam Bandt, the

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Speaker 2: leader of the Greens, yesterday conceding he's lost his seat

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Speaker 2: of Melbourne. In his final press conference, he called on

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Speaker 2: everyone to take the climate crisis seriously. That party now

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Speaker 2: needs a new leader. There's likely to be eight t

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Speaker 2: independence although Monique Ryan is still fighting in the seat

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Speaker 2: of Couyong. She may win. Also in Bradfield, there's a

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Speaker 2: fight on there between the Liberals and a TURL There

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Speaker 2: there are two minor parties as well. The final results

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Speaker 2: for some seats may be weeks away. According to the

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Speaker 2: Australian Electoral Commission. But no matter how you look at it,

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Speaker 2: an absolute whitewash landslide. I'm trying to think of the

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Speaker 2: right word for the ALP.

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Speaker 1: Yeah, extraordinary. Now what about within the parties? So on

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Speaker 1: the Labour side, who's going to be in cabinet and

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Speaker 1: for the Liberals, who's going to lead the party?

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Speaker 2: Okay, where we stand. Prime Minister anything Albanezi is set

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Speaker 2: to announce his new cabinet on Tuesday next week. Relatively

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Speaker 2: few changes most of the top jobs. Think Jim Chalmers

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Speaker 2: as Treasurer, Foreign Minister Penny Wong Finance Minister Katie Gallaher

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Speaker 2: are unlikely to change. A couple of interesting points. What

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Speaker 2: happens to Tanya plebisec Will she remain Environmental Minister? The

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Speaker 2: Prime Minister isn't giving much away on that. He's certainly

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Speaker 2: not saying she will romain as environmental Minister, So we'll

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Speaker 2: see how that one plays out. The other one is

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Speaker 2: Attorney General Mark Dreyfus. He may well become a casualty

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Speaker 2: of faction wars within the ALP. Susan Lee has emerged

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Speaker 2: as the front runner for the Liberal leadership job. The

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Speaker 2: media is reporting that she's already offered roles to other

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Speaker 2: MPs if they back her her. Probably her only opponent

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Speaker 2: really is Angus Taylor. She had a treasurer now yesterday

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Speaker 2: just Enterprize defected from the Nationals to the Liberals, according

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Speaker 2: to media, in the hope of securing a senior position

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Speaker 2: if mister Taylor becomes leader. That is quite amazing, just

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Speaker 2: another kind of bump in the road in what has

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Speaker 2: been a phenomenally interesting week.

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Speaker 1: Yeah, they're talking about the potential for her to become

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Speaker 1: the deputy leader under Angus Taylor if Angus Taylor doesn't win. Though,

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Speaker 1: that's kind of a bit awkward that you've defected all

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Speaker 1: for nothing then, right, yes, yes, yes, And this is

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Speaker 1: the thing that this is all happening with within the

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Speaker 1: Liberal Party. They've just got such a long road ahead

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Speaker 1: of them, just trying to form some kind of cohesive

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Speaker 1: unit because we are looking at potentially three to six

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Speaker 1: years in opposition.

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Speaker 2: They have got to ride as long as three hundred

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Speaker 2: and eighty kilometers on a bike.

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Speaker 1: You know what we may let's address it now, the

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Speaker 1: elephants in the room, You and your Licra.

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Speaker 2: Not actually Michael. That picture in this morning's newsletter not

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Speaker 2: a good picture of me, not a great picture aout

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Speaker 2: him either for that matter. And the man in the

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Speaker 2: middle out of his likra. Yeah, Michael Thompson looking very

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Speaker 2: very smug. I am looking a bit smug, aren't I?

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Speaker 2: But I shouldn't be because in the end, you guys

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Speaker 2: are the ones who are actually doing something good for charity.

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Speaker 1: You are riding three hundred and eighty k's. You're raising

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Speaker 1: money for kids basically to help give them the best

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Speaker 1: opportunities in life. And these are children from rural and

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Speaker 1: regional communities who really just don't quite have the opportunities

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Speaker 1: that others.

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Speaker 2: And that's right. They just need a hand up, that's all.

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Speaker 1: Yeah, Yeah, indeed. And look, we've had some incredible support.

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Speaker 1: I was just looking down the list of donors of

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Speaker 1: people that listen to the podcasts that have really just

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Speaker 1: dug deep with people like Moira Downs and Leon Brammer,

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Speaker 1: imc Agency, Canna Campbell, who does the how do they

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Speaker 1: afford that podcast? With me, the team at Edelman Mick Tole,

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Speaker 1: there's been a lot of it's becoming a very long listen.

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Speaker 1: I want to kind of mention as many people as

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Speaker 1: we can, and we are still raising money. There is

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Speaker 1: a link in today's show notes that you can click

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Speaker 1: on that and if you can chip in a few dollars,

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Speaker 1: it is very much appreciated. Sure is markets, Sean, you've

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Speaker 1: derailed me with all of your bike chat. How did

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Speaker 1: local markets? Well, you're the one that put the picture

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Speaker 1: in there, local markets. So the S and PA six

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Speaker 1: two hundred closed up just to touch yesterday eight ninety

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Speaker 1: two points. Confession season continues. It dominates the news cycle

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Speaker 1: in terms of large cap share prices. Westpac tumble another

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Speaker 1: four percent yesterday following its earning announcement on Monday, Mcquarie, CSL,

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Speaker 1: Woodside all dropped around one percent. National Australia Bank and

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Speaker 1: Tell straight outperformed. As I mentioned, plenty of corporate news

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Speaker 1: around Promedicus Rosa after doing a new deal with the

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Speaker 1: Ioway Healthcare. Mexican fast food chain GUZMANI Gomez also jumped

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Speaker 1: after saying it's doing better than.

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Speaker 2: It had previously suggested. Rebel see Jim Clayton said he

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Speaker 2: believes tariffs are a short term issue. Now remember Rebel's

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Speaker 2: share price has been hammered by the Trump tariffs. And

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Speaker 2: another interesting one Pendle. Pendle's the biggest institutional shareholder in

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Speaker 2: nine Entertainment. Now it expects the co Star purchase of

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Speaker 2: domain to go ahead. There's a fair bit in that

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Speaker 2: nine o six percent of domain. Co Star's trying to

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Speaker 2: take over domain. What Pendal is saying, big shareholder? It

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Speaker 2: reckons nine, I'll pay out about a one point two

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Speaker 2: billion dollar dividend because that all will go ahead.

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Speaker 1: What about global markets? What's going on?

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Speaker 2: Fed Chairman Jerom Powell kept interest rates on hold yesterday

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Speaker 2: morning and warned and warned about uncertainty about the economic outlook,

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Speaker 2: saying it had increased further. Traders still think there will

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Speaker 2: be three interest rate cuts in the FED this year,

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Speaker 2: including a pretty good chance of one in July. That,

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Speaker 2: alongside rumors of a trade deal between the US and UK,

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Speaker 2: which we'll talk about later, helped risk assets. Bitcoin, being

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Speaker 2: one of the great risk assets at the moment, It

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Speaker 2: pushed up to around one hundred thousand US dollars a unit,

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Speaker 2: its highest level since February.

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Speaker 1: All right, now, Sean, We've got plenty more to come.

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Speaker 1: We have wandered all over the place. We've talked about

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Speaker 1: newsletters and bio rides and things were to be. We're

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Speaker 1: going to be ultra focused for the rest of the show.

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Speaker 1: We'll take a quick break and be back in a

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Speaker 1: moment with the rest of the day's business news. Sean

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Speaker 1: A and Z yesterday posted ay flat half year profit,

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Speaker 1: with earnings coming in at just under three point six

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Speaker 1: billion dollars in what is longtime CEO Shane Elliott's final

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Speaker 1: results day.

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Speaker 2: Mister Elliott has been running the bank for nine and

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Speaker 2: a half years and is the longest tenured big bank CEO.

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Speaker 2: He will be replaced on Monday next week by Nuno Mattos.

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Speaker 1: Now.

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Speaker 2: Revenues for ain Z's half year with the highest ever

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Speaker 2: up eleven percent, but that does reflect the purchase its

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Speaker 2: un called banking operations. Its net interest margin basically, its

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Speaker 2: profit margin was flat. That was disappointing. The dividend was

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Speaker 2: unchanged and like the profit, it was in line with expectations.

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Speaker 2: Ainez's share price ended down one and a half percent yesterday.

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Speaker 1: At Quantus Ourway's chief executive Vanessa Hudson says China's ban

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Speaker 1: on Boeing aircraft has yet to impact the airline supply chain,

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Speaker 1: as the Australian carrier is working hard to get its

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Speaker 1: new Airbus airlines delivered on schedule.

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Speaker 2: So one of the big criticisms of Quantus has been

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Speaker 2: that over the past ten years it hasn't renewed its fleet.

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Speaker 2: The new ce Vanessa Hudson did something about that, ordered

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Speaker 2: a bunch of planes now. Speaking at the Macquarie Australia

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Speaker 2: Conference yesterday, she said China's response to US President Donald

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Speaker 2: Trump's tariffs really hasn't had an impact yet. I'll just

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Speaker 2: quator I feel really good about that airbus order, not

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Speaker 2: just because the aircraft we're getting at some of the

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Speaker 2: best in the market, because I think there are going

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Speaker 2: to be challenges in the way Boeing managers in the

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Speaker 2: new environment. The point there being they've got their order

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Speaker 2: in early enough not to be affected, or at least

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Speaker 2: that's what she's hoping. In response to a question about

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Speaker 2: fuel prices, Hudson said the group was seeing benefits flow

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Speaker 2: in this half after prices normalized back to where it

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Speaker 2: was pre all this year political stress, but she noted

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Speaker 2: that earnings could be hurt by the lower Australian dollar.

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Speaker 2: According to report in the fin Review.

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Speaker 1: We've got a great interview coming up after the show

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Speaker 1: speaking of airlines and things, Sean Jeffrey Thomas founder and

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Speaker 1: editor in chief of forty two thousand feet.

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Speaker 2: Yes, we have a great chat with Jeffrey as sort

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Speaker 2: of a semi regular guest of ours. We talk about

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Speaker 2: airfares the northern summer coming up. What's that mean? Where

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Speaker 2: can we get cheap airfares or not. We then go

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Speaker 2: on to talk about how Quantus is performing and end

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Speaker 2: up about the environment mental impact of aircraft. Now that's

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Speaker 2: Jeffrey's business nowadays, and it's a great look at which

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Speaker 2: airlines are particularly environmentally friendly.

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Speaker 1: Yeah, it's a good conversation. It's coming up after the

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Speaker 1: show stick around for that. One toll road group, Transurban,

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Speaker 1: is cutting about seven percent of its workforce or three

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Speaker 1: hundred jobs, as it faces angry commuter's refusal to use

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Speaker 1: toll roads. That's a problem.

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Speaker 2: It is a problem when you're a toll road operator.

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Speaker 2: The job losses will be in Melbourne, Sydney, Queensland and

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Speaker 2: North America. Similarly, another listed infrastructure group, Arizon, has just

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Speaker 2: said it will cut about two hundred jobs. Now. Transurban's

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Speaker 2: goal is to cut costs by more than fifty million

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Speaker 2: dollars annually. Where it's struggling a bit. It owns eleven

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Speaker 2: of Sydney's thirteen toll roads, by far its biggest market.

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Speaker 2: There's been a backlash again tolls in that city, and

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Speaker 2: the New South Wales government is talking to the company

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Speaker 2: about restructuring fares. Hence Transurban is trying to get a

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Speaker 2: hold of its cost side just in case something happens

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Speaker 2: on the revenue side. Its share price ended up more

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Speaker 2: than one percent yesterday. It's up about seven percent this year.

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Speaker 1: Sean Woodside Energy held a feisty annual general meeting yesterday,

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Speaker 1: with several superannuation funds voting against the reappointment of directors

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Speaker 1: in protest over the group's climate policies.

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Speaker 2: Yeah, about twenty percent of shareholders voted against the away

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Speaker 2: appointment of some of the directors. Woodside isn't exactly the

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Speaker 2: pin up company of the environment movement.

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Speaker 1: It's like that could be an understatement.

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Speaker 2: Yeah, maybe they're throwing darts and maybe they are the

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Speaker 2: pin up. But well done. Yeah so. Australia's biggest oil

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Speaker 2: and gas producer last month approved a twenty seven billion

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Speaker 2: dollar gas development in Louisiana in the US. Now, Ceomeg o'

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Speaker 2: neil has said it's too expensive for Woodside to make

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Speaker 2: deep cuts in its carbon emissions, so that's kind of

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Speaker 2: pushed it to the side. At yesterday's annual general meeting,

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Speaker 2: shareholders couldn't vote strictly on the company's environmental plans. Last

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Speaker 2: year they were allowed. There's a big vote against it.

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Speaker 2: They didn't like that. This year instead, some of the

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Speaker 2: big superinvestors, the superannuation funds, said they'd vote against the

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Speaker 2: reelection of some directors in protests, and that's exactly what happened.

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Speaker 2: They're also literally protesters interrupting the meeting.

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Speaker 1: Turning to international news now, and President Donald Trump is

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Speaker 1: expected to announce this morning Australian Time that the US

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Speaker 1: has struck a trade agreement with Britain.

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Speaker 2: Probably announcing it as we're recording this. Trump teased yesterday

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Speaker 2: a new trade agreement in a social media post, though

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Speaker 2: he didn't specify which nation was part of the deal.

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Speaker 2: Seems that everyone, including the New York Times, thinks it's

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Speaker 2: the UK. Donald Trump's post. I'll read it to you, Michael,

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Speaker 2: because it is Donald Trump. Quote. Big news conference tomorrow

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Speaker 2: morning at ten am the Oval Office concerning capital letters.

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Speaker 2: A major trade deal with representatives of a big and

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Speaker 2: highly respected country, the first of many exclamation mark three

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Speaker 2: times en quote. The agreement would be the first deal

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Speaker 2: and now since Trump imposed iff tariffs on dozens of

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Speaker 2: US training partners, he later paused those temporarily to allow

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Speaker 2: other nations to reach agreements with the US. Also, US

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Speaker 2: Treasury Secretary Scott Bessant is expected to commence tariff negotiations

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Speaker 2: with China today. All of this is big news because

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Speaker 2: it is a resetting somewhat of the tariff environment.

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Speaker 1: Toyota Sean has warned that its profit will drop twenty

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Speaker 1: one percent this fiscal year due to the fallout from

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Speaker 1: Donald Trump's trade war.

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Speaker 2: With the UK likely to reach a deal with US

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Speaker 2: on tariff's, countries like Japan now are going to be

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Speaker 2: queuing to get a deal done. The US president has

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Speaker 2: recently offered relief to car makers to soften the impact

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Speaker 2: of his twenty five percent tariffs on imports of foreign

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Speaker 2: made cars and parts. Toyota and other Japanese manufacturer's exports

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Speaker 2: some of the vehicles they sell in the US from Japan.

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Speaker 2: The evolving nature of Trump's tariffs has thrown the global

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Speaker 2: car industry into turmoil. We've been talking about this. According

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Speaker 2: to the Fteam, stadies Benz Volvo and Ford have pulled

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Speaker 2: their guidance. General Motors recently warned of a massive hit

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Speaker 2: from the Levies.

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Speaker 1: All right, Sean. Up next is the Fear and Greed

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Speaker 1: Daily interview with Jeffrey Thomas. I mentioned that one before.

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Speaker 1: It is coming up in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dot au,

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Speaker 1: which is also where you can sign up for the

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Speaker 1: free daily newsletter. Thank you very much, Thank you, Michael.

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Speaker 1: It is Friday, the ninth of May twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed.

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Speaker 2: Have a great day.