1 00:00:03,900 --> 00:00:06,840 Michael Thompson: The share market hits a six- week high as large 2 00:00:06,840 --> 00:00:11,099 Michael Thompson: caps regain favor. The bill to authorize the Voice referendum 3 00:00:11,099 --> 00:00:15,420 Michael Thompson: passes the Senate, and the mysterious increase in cancer cases 4 00:00:15,420 --> 00:00:19,440 Michael Thompson: for younger people. It's Tuesday the 20th of June 2023. 5 00:00:19,650 --> 00:00:23,010 Michael Thompson: Welcome to Fear and Greed, Australia's most popular business podcast. 6 00:00:23,220 --> 00:00:25,620 Michael Thompson: I'm Michael Thompson, and good morning, Sean Aylmer. 7 00:00:25,800 --> 00:00:26,970 Sean Aylmer: Good morning, Michael. 8 00:00:27,210 --> 00:00:29,850 Michael Thompson: Sean, after the show, you have an interview coming up 9 00:00:29,910 --> 00:00:34,619 Michael Thompson: with Matt Leibowitz, who is the co-founder and CEO of a 10 00:00:34,619 --> 00:00:36,449 Michael Thompson: supporter of Fear and Greed, Stake. 11 00:00:36,750 --> 00:00:40,890 Sean Aylmer: Yes. It was a great investing interview. We chatted about 12 00:00:40,890 --> 00:00:44,130 Sean Aylmer: what some mistakes clients are investing in, what they're seeing, 13 00:00:44,550 --> 00:00:48,269 Sean Aylmer: things like are people thinking more about passive investing or 14 00:00:48,269 --> 00:00:50,909 Sean Aylmer: active investing. And then, we went into some stocks, how 15 00:00:50,909 --> 00:00:55,050 Sean Aylmer: they're investing in artificial intelligence, how they're investing in battery 16 00:00:55,050 --> 00:00:57,240 Sean Aylmer: metals and lithium and that type of thing. So, great 17 00:00:57,360 --> 00:00:58,350 Sean Aylmer: chat for investors. 18 00:00:58,500 --> 00:01:00,420 Michael Thompson: Yes, indeed. It's coming up a little bit later on, 19 00:01:00,420 --> 00:01:03,030 Michael Thompson: but the main story this morning, Sean, really along a 20 00:01:03,030 --> 00:01:05,188 Michael Thompson: bit of a similar theme, isn't it? The local share 21 00:01:05,190 --> 00:01:08,280 Michael Thompson: market hit a six- week high yesterday with several large 22 00:01:08,280 --> 00:01:11,249 Michael Thompson: cap companies regaining favor at the end of a pretty 23 00:01:11,250 --> 00:01:13,290 Michael Thompson: strong financial year for equities. 24 00:01:13,860 --> 00:01:17,160 Sean Aylmer: Yes. The Commonwealth Bank pushed back above $ 100 a share 25 00:01:17,160 --> 00:01:20,700 Sean Aylmer: after rising more than 1%. CSL, which had been sold 26 00:01:20,700 --> 00:01:23,490 Sean Aylmer: off hard in recent sessions, dumped a couple of percent 27 00:01:23,490 --> 00:01:27,120 Sean Aylmer: as well, while stocks like Westfarmers and Woolworths have found 28 00:01:27,120 --> 00:01:29,490 Sean Aylmer: friends. As we head towards the end of the financial 29 00:01:29,490 --> 00:01:32,940 Sean Aylmer: year, the S& P/ASX 200 looks like ending up around 30 00:01:33,000 --> 00:01:36,030 Sean Aylmer: 12%, barring any sudden movements over the next couple of 31 00:01:36,030 --> 00:01:39,300 Sean Aylmer: weeks. There have been some great performers over the past 32 00:01:39,690 --> 00:01:44,518 Sean Aylmer: 11 or 12 months. Industrial property group Goodman, Woolies, Westfarmers, Fortescue Metals 33 00:01:44,520 --> 00:01:48,389 Sean Aylmer: Group are all up around 20%. The standout over the 34 00:01:48,389 --> 00:01:50,880 Sean Aylmer: past year or so, among the large caps at least, 35 00:01:51,060 --> 00:01:54,030 Sean Aylmer: has been the tech stocks and particularly WiseTech Global, which 36 00:01:54,030 --> 00:01:59,730 Sean Aylmer: is up more than 120%. Xero is up 60%, and REA group is 45% higher. 37 00:02:00,090 --> 00:02:03,299 Sean Aylmer: Other strong performers have been QBE Insurance. It's been able 38 00:02:03,299 --> 00:02:05,760 Sean Aylmer: to push through higher premiums. Its share prices has jumped up. 39 00:02:06,000 --> 00:02:08,610 Sean Aylmer: Pallet maker Brambles is another one that's had a really 40 00:02:08,610 --> 00:02:11,820 Sean Aylmer: good financial year, at least in share market terms. 41 00:02:12,690 --> 00:02:16,800 Michael Thompson: That's all very positive, Sean. This is a show that's 42 00:02:16,800 --> 00:02:17,251 Michael Thompson: all about balance. 43 00:02:17,251 --> 00:02:17,252 Sean Aylmer: Yes. 44 00:02:17,252 --> 00:02:21,299 Michael Thompson: It's like Harry Potter really with Voldemort there to balance 45 00:02:21,299 --> 00:02:24,630 Michael Thompson: things out. What are the companies that haven't done so well? 46 00:02:25,410 --> 00:02:27,419 Sean Aylmer: If you stick with the large caps, it's been the 47 00:02:27,419 --> 00:02:31,050 Sean Aylmer: big materials companies and energy companies that have underperformed so 48 00:02:31,050 --> 00:02:34,290 Sean Aylmer: far this financial year. Santos is actually lower than where 49 00:02:34,290 --> 00:02:37,950 Sean Aylmer: it was 12 months ago. BHP and Rio have underperformed. 50 00:02:37,950 --> 00:02:42,270 Sean Aylmer: Perhaps a surprising underperformer has been National Australia Bank, which 51 00:02:42,270 --> 00:02:46,410 Sean Aylmer: is flat over the past 12 months. Now, this is 52 00:02:46,500 --> 00:02:49,200 Sean Aylmer: in an environment where interest rates are rising and that 53 00:02:49,200 --> 00:02:51,180 Sean Aylmer: should help the bank, so it is surprising. Mind you, 54 00:02:51,599 --> 00:02:54,060 Sean Aylmer: NAB had run pretty hard ahead of the financial year. 55 00:02:54,360 --> 00:02:57,839 Sean Aylmer: The two worst performing companies among the top 200 this 56 00:02:58,049 --> 00:03:02,070 Sean Aylmer: fiscal year are household names. The Star Entertainment Group has 57 00:03:02,070 --> 00:03:05,970 Sean Aylmer: struggled after a multitude of inquiries made findings against the 58 00:03:05,970 --> 00:03:10,349 Sean Aylmer: gaming giant. Its share price has more than halved. Domino's 59 00:03:10,349 --> 00:03:15,150 Sean Aylmer: Pizza's shares are down 25% hurt by slowing consumer demand, 60 00:03:15,540 --> 00:03:18,418 Sean Aylmer: high ingredient costs, and a slowdown in new store openings. 61 00:03:18,809 --> 00:03:22,169 Michael Thompson: All right. Plenty of headlines there, Sean. Let's dig into 62 00:03:22,169 --> 00:03:24,540 Michael Thompson: some of the reasons. What are the main reasons behind these? 63 00:03:25,260 --> 00:03:27,989 Sean Aylmer: There's plenty as you'd expect. Some are very stock specific. 64 00:03:27,990 --> 00:03:30,599 Sean Aylmer: The Star is a great example of that. Some are 65 00:03:30,599 --> 00:03:34,499 Sean Aylmer: sector specific. Energy prices have come off a long way 66 00:03:34,740 --> 00:03:38,790 Sean Aylmer: and that's hit the energy companies. Places like Whitehaven, Yancoal, 67 00:03:38,820 --> 00:03:43,770 Sean Aylmer: New Hope, Woodside, Santos, they're all a reflection of what's 68 00:03:43,770 --> 00:03:46,950 Sean Aylmer: happened to energy prices. In other cases, rising interest rates 69 00:03:47,010 --> 00:03:50,820 Sean Aylmer: should actually help. The banks being a good example in 70 00:03:50,820 --> 00:03:53,760 Sean Aylmer: that area, though fierce competition in the housing market has 71 00:03:53,760 --> 00:03:56,070 Sean Aylmer: limited some gains. Some like the Commonwealth Bank have done 72 00:03:56,070 --> 00:04:00,390 Sean Aylmer: well. National Australia Bank, not so well. In other sectors, 73 00:04:00,420 --> 00:04:03,330 Sean Aylmer: rising interest rates will hurt. The real estate investment trusts 74 00:04:03,330 --> 00:04:06,269 Sean Aylmer: are a great example of that. Then there's the slowdown 75 00:04:06,270 --> 00:04:09,719 Sean Aylmer: in household consumption and the slowing of the economy. A 76 00:04:09,719 --> 00:04:14,309 Sean Aylmer: disappointing post- COVID recovery in China, a rising housing market 77 00:04:14,310 --> 00:04:18,630 Sean Aylmer: locally, and the artificial intelligence induced surge in tech stocks. A 78 00:04:18,630 --> 00:04:21,599 Sean Aylmer: host of other reasons, Michael. Bottom line is that this 79 00:04:21,599 --> 00:04:24,900 Sean Aylmer: financial year has actually been pretty solid for the ASX, 80 00:04:24,928 --> 00:04:27,928 Sean Aylmer: even if the past six months or so have been disappointing. 81 00:04:28,139 --> 00:04:30,899 Michael Thompson: All right. What about yesterday specifically? Where did the market close? 82 00:04:31,289 --> 00:04:36,630 Sean Aylmer: The S&P/ASX 200 finished up 0. 6%, 7, 295 points. 83 00:04:36,630 --> 00:04:39,540 Sean Aylmer: I mentioned that The Star and Domino's are the two 84 00:04:39,540 --> 00:04:42,988 Sean Aylmer: worst performers this financial year thus far, but they're actually 85 00:04:42,990 --> 00:04:48,780 Sean Aylmer: two of the best performers yesterday, specifically up 4.5% and 4% respectively. 86 00:04:48,990 --> 00:04:50,520 Sean Aylmer: On the flip side, it was a tough day for 87 00:04:50,520 --> 00:04:53,460 Sean Aylmer: the energy companies with coal prices much lower. The banks 88 00:04:53,460 --> 00:04:55,710 Sean Aylmer: were solid. The iron ore mine is weaker. Woolies had 89 00:04:55,710 --> 00:04:59,550 Sean Aylmer: a good day up 2. 5%, while Goodman Group and Transurban also 90 00:04:59,550 --> 00:05:03,659 Sean Aylmer: did okay. The insurers including QBE and Suncorp did well, while 91 00:05:03,660 --> 00:05:05,610 Sean Aylmer: the tech stocks tended to underperform. 92 00:05:06,209 --> 00:05:07,950 Michael Thompson: What's happening in international markets? 93 00:05:08,279 --> 00:05:10,799 Sean Aylmer: Well, there's a bit of a sell off in commodity markets generally, and 94 00:05:10,800 --> 00:05:14,070 Sean Aylmer: I've mentioned coal a couple of times. It's really falling 95 00:05:14,070 --> 00:05:16,950 Sean Aylmer: quite sharply. It's down about 70% from its highs of last 96 00:05:16,950 --> 00:05:21,508 Sean Aylmer: year, off about another 5% yesterday. It hit a new two- 97 00:05:21,509 --> 00:05:25,080 Sean Aylmer: year low yesterday, and that's really putting pressure on a 98 00:05:25,080 --> 00:05:29,010 Sean Aylmer: lot of those energy companies. Otherwise, most commodities were down over the past 99 00:05:29,339 --> 00:05:31,770 Sean Aylmer: 24 hours or so. The Aussie dollar is a little 100 00:05:31,770 --> 00:05:34,470 Sean Aylmer: lower. It's buying 68. 5 US cents. 101 00:05:35,010 --> 00:05:37,979 Michael Thompson: Sean, I think the worst part of this whole beginning 102 00:05:37,980 --> 00:05:41,309 Michael Thompson: of the show was when you entirely glossed over me 103 00:05:41,309 --> 00:05:43,289 Michael Thompson: comparing the ASX to Harry Potter. 104 00:05:43,770 --> 00:05:46,170 Sean Aylmer: The thing about it, Baltimore, was that the fellow that 105 00:05:46,170 --> 00:05:46,710 Sean Aylmer: you were chat- 106 00:05:47,010 --> 00:05:47,909 Michael Thompson: Voldemort, yeah. 107 00:05:47,910 --> 00:05:51,360 Sean Aylmer: Yeah, Voldemort. Yeah. I've never seen Harry Potter. 108 00:05:51,510 --> 00:05:52,620 Michael Thompson: You've read them though, right? 109 00:05:53,099 --> 00:05:56,009 Sean Aylmer: No, I read a book and I thought, "Righto." I mean, 110 00:05:56,009 --> 00:05:59,190 Sean Aylmer: I read the first book. It's a really well- written book 111 00:05:59,400 --> 00:06:04,560 Sean Aylmer: but no, not interested. When you said, I had to 112 00:06:04,830 --> 00:06:08,580 Sean Aylmer: assume that Harry Potter and Voldemort had sort of opposing 113 00:06:08,580 --> 00:06:09,330 Sean Aylmer: powers, did they? 114 00:06:09,540 --> 00:06:11,519 Michael Thompson: Yeah. It's all about balance. Light and dark really. 115 00:06:11,520 --> 00:06:12,720 Sean Aylmer: Was Voldemort a baddie? 116 00:06:12,779 --> 00:06:13,558 Michael Thompson: Yes. 117 00:06:13,710 --> 00:06:14,010 Sean Aylmer: Goodness. 118 00:06:14,370 --> 00:06:19,140 Michael Thompson: Sean, come on. Catch up here. Okay. Your homework. You 119 00:06:19,140 --> 00:06:20,609 Michael Thompson: just have to go and read a bit more Harry 120 00:06:20,610 --> 00:06:22,500 Michael Thompson: Potter. Would it have made more sense to you if 121 00:06:22,500 --> 00:06:26,970 Michael Thompson: I'd said it's like the Jedi and the Sith... From 122 00:06:26,970 --> 00:06:29,009 Michael Thompson: Star Wars. Oh my God. Okay. We'll be back in 123 00:06:29,010 --> 00:06:30,869 Michael Thompson: a moment with the rest of the day's business news. 124 00:06:37,020 --> 00:06:40,170 Michael Thompson: Sean, the bill to authorize the Voice referendum passed the 125 00:06:40,170 --> 00:06:43,710 Michael Thompson: Senate yesterday kicking off four to five months of national 126 00:06:43,710 --> 00:06:44,850 Michael Thompson: debate on the issue. 127 00:06:45,300 --> 00:06:48,870 Sean Aylmer: The bill passed 52 votes to 19, and the referendum must 128 00:06:48,870 --> 00:06:52,109 Sean Aylmer: now be held somewhere between two and six months' time. 129 00:06:52,109 --> 00:06:56,130 Sean Aylmer: Now, the most likely date is October 14 according to 130 00:06:56,130 --> 00:06:59,760 Sean Aylmer: political analysts. Prime Minister Anthony Albanese said he wants a 131 00:06:59,760 --> 00:07:04,110 Sean Aylmer: respectful and fact- based debate, though said he still expects 132 00:07:04,200 --> 00:07:07,919 Sean Aylmer: misinformation to spread. Albanese said the vote is about who 133 00:07:07,920 --> 00:07:10,109 Sean Aylmer: we are as a nation, and that it will be 134 00:07:10,109 --> 00:07:13,230 Sean Aylmer: a moment of national unity and a chance to make 135 00:07:13,290 --> 00:07:17,610 Sean Aylmer: the nation even greater. Liberal MP Julian Leeser, who quit 136 00:07:17,610 --> 00:07:21,239 Sean Aylmer: his job as Shadow Attorney General, said it was important that 137 00:07:21,240 --> 00:07:25,020 Sean Aylmer: people are informed ahead of the vote for the Voice. 138 00:07:25,320 --> 00:07:27,420 Sean Aylmer: Michael, we are going to hear a lot about the 139 00:07:27,420 --> 00:07:30,270 Sean Aylmer: Voice over the next three or four months, and I 140 00:07:30,270 --> 00:07:33,840 Sean Aylmer: think the best advice we can give anyone is to 141 00:07:33,840 --> 00:07:36,660 Sean Aylmer: be fully informed when you are casting your vote. 142 00:07:37,140 --> 00:07:40,080 Michael Thompson: Yeah, absolutely. We're going to be hearing, as you say, 143 00:07:40,080 --> 00:07:43,020 Michael Thompson: an awful lot over the next few months. Sean, you've 144 00:07:43,020 --> 00:07:47,579 Michael Thompson: spent time in Canberra working in the Press Gallery, and 145 00:07:47,760 --> 00:07:51,030 Michael Thompson: you've seen campaigns run over a long period of time. 146 00:07:51,030 --> 00:07:53,190 Michael Thompson: This is quite a long time for this amount of 147 00:07:53,190 --> 00:07:55,050 Michael Thompson: information to be out there and this amount of debate. 148 00:07:57,240 --> 00:07:58,980 Michael Thompson: I don't even know whether you can answer this, but 149 00:07:59,070 --> 00:08:03,150 Michael Thompson: with the coalition opposing this in the party room, is 150 00:08:03,270 --> 00:08:07,620 Michael Thompson: there still a realistic chance of this referendum being passed? 151 00:08:08,430 --> 00:08:10,590 Sean Aylmer: I don't like to answer that. I don't see how 152 00:08:10,590 --> 00:08:14,700 Sean Aylmer: it passes without bipartisan support. Full stop. Bottom line. But 153 00:08:14,910 --> 00:08:18,659 Sean Aylmer: there could be momentum billed for it over time, and 154 00:08:18,660 --> 00:08:20,789 Sean Aylmer: the Libs could go quite on it and not make 155 00:08:20,790 --> 00:08:23,820 Sean Aylmer: it a political issue. I think it'll be very difficult 156 00:08:23,820 --> 00:08:26,100 Sean Aylmer: to pass when it's not bipartisan, but you never know. 157 00:08:26,580 --> 00:08:29,640 Michael Thompson: Yeah, indeed. Look, I suppose it's one of those reasons 158 00:08:29,640 --> 00:08:32,040 Michael Thompson: why people need to do everything they can to essentially 159 00:08:32,040 --> 00:08:33,929 Michael Thompson: take the politics out of it and just get educated. 160 00:08:34,530 --> 00:08:36,929 Michael Thompson: Read the material, study up, and make your own decision. 161 00:08:37,380 --> 00:08:38,549 Sean Aylmer: Absolutely. Totally. 162 00:08:38,549 --> 00:08:41,969 Michael Thompson: Excellent. Now still on politics, Sean, the federal government's $ 10 163 00:08:41,969 --> 00:08:45,689 Michael Thompson: billion housing fund has been delayed yet again. This time 164 00:08:45,690 --> 00:08:48,390 Michael Thompson: for four months after the Greens won a motion to 165 00:08:48,390 --> 00:08:49,050 Michael Thompson: postpone it. 166 00:08:49,590 --> 00:08:52,770 Sean Aylmer: After the Voice bill passed Parliament, Green Senator Sarah Hanson- 167 00:08:52,770 --> 00:08:56,309 Sean Aylmer: Young moved an amendment to delay debate on the housing 168 00:08:56,309 --> 00:08:59,819 Sean Aylmer: bills until the middle of October. The amendment which just 169 00:08:59,820 --> 00:09:02,610 Sean Aylmer: passed after a vote prevents the government from putting the 170 00:09:02,610 --> 00:09:06,120 Sean Aylmer: housing bills on the Senate program until October 16. The 171 00:09:06,120 --> 00:09:09,059 Sean Aylmer: coalition is also opposed to the government's housing policy and 172 00:09:09,059 --> 00:09:12,360 Sean Aylmer: voted with the Greens. It came after Prime Minister Anthony 173 00:09:12,360 --> 00:09:16,379 Sean Aylmer: Albanese announced a $ 2 billion cash injection for state and 174 00:09:16,379 --> 00:09:20,069 Sean Aylmer: territory social and affordable housing on the weekend. That didn't 175 00:09:20,160 --> 00:09:23,670 Sean Aylmer: do the trick. The Greens still want a rent freeze. 176 00:09:23,670 --> 00:09:27,330 Sean Aylmer: The crossbenches, people like David Pocock and the Jacqui Lambie 177 00:09:27,330 --> 00:09:30,900 Sean Aylmer: network, were not happy with the Greens and the coalition 178 00:09:30,900 --> 00:09:33,690 Sean Aylmer: on it. But anyway, that bill has been parked. 179 00:09:34,379 --> 00:09:37,529 Michael Thompson: Plenty of other news coming out of Parliament, Sean, with 180 00:09:37,530 --> 00:09:39,809 Michael Thompson: just a few days left before the midwinter break. 181 00:09:40,230 --> 00:09:42,809 Sean Aylmer: Yes, there was, Michael, a plan to stop junk food 182 00:09:42,809 --> 00:09:45,809 Sean Aylmer: advertising on TV and radio between 6: 00 AM and 9: 183 00:09:45,809 --> 00:09:49,049 Sean Aylmer: 30 PM. We'll be introduced to Federal Parliament this week. 184 00:09:49,349 --> 00:09:53,100 Sean Aylmer: There's a few Teals pushing that one. There remains plenty 185 00:09:53,100 --> 00:09:56,370 Sean Aylmer: of pressure on former liberal, now independent, Senator David Van 186 00:09:56,370 --> 00:10:00,300 Sean Aylmer: to leave Parliament after last week's allegations of inappropriate conduct 187 00:10:00,300 --> 00:10:03,570 Sean Aylmer: by him. Prime Minister Anthony Albanese said his government is 188 00:10:03,570 --> 00:10:07,199 Sean Aylmer: in the process of improving workplace conduct standards at Parliament 189 00:10:07,200 --> 00:10:09,630 Sean Aylmer: House, but said it takes time to get it right. 190 00:10:09,690 --> 00:10:12,780 Sean Aylmer: He said Labor is enacting all 28 recommendations of former 191 00:10:12,780 --> 00:10:18,180 Sean Aylmer: Sex Discrimination Commissioner Kate Jenkins' review into Commonwealth parliamentary workplaces 192 00:10:18,480 --> 00:10:21,328 Sean Aylmer: and has already endorsed draft codes of conduct. 193 00:10:22,230 --> 00:10:26,819 Michael Thompson: Sean, Jetstar is rethinking its international network, adding half a 194 00:10:26,820 --> 00:10:30,002 Michael Thompson: million seats to routes out of Brisbane and (inaudible) 195 00:10:30,090 --> 00:10:31,440 Michael Thompson: flights from the Gold Coast. 196 00:10:31,920 --> 00:10:34,500 Sean Aylmer: Yeah. It was helped by a $ 200 million Queensland government 197 00:10:34,500 --> 00:10:37,858 Sean Aylmer: support package. In fact, it encouraged the changes, I think 198 00:10:37,860 --> 00:10:40,469 Sean Aylmer: is how it was put. There'll be more flights from 199 00:10:40,469 --> 00:10:45,480 Sean Aylmer: Brisbane to Tokyo, Osaka, Seoul, Bali, and Auckland. The Queensland 200 00:10:45,480 --> 00:10:48,420 Sean Aylmer: government last year set up an aviation investment fund designed 201 00:10:48,450 --> 00:10:51,450 Sean Aylmer: to help the industry recover from COVID, and to attract 202 00:10:51,450 --> 00:10:55,140 Sean Aylmer: new international roots from Brisbane. Now speaking yesterday, Jetstar boss 203 00:10:55,140 --> 00:10:59,190 Sean Aylmer: Steph Tully acknowledged the incredible deal offered, in her word 204 00:10:59,190 --> 00:11:02,250 Sean Aylmer: was incredible, incredible deal offered by the Queensland government and 205 00:11:02,250 --> 00:11:06,509 Sean Aylmer: Brisbane Airport Corporation, a representative for the Gold Coast airport, 206 00:11:06,600 --> 00:11:09,270 Sean Aylmer: which is definitely the loser in this deal. Wasn't quite 207 00:11:09,270 --> 00:11:10,920 Sean Aylmer: as happy, saying it was very disappointing. 208 00:11:11,550 --> 00:11:15,120 Michael Thompson: Sean, does this surprise you at all considering the airport 209 00:11:15,120 --> 00:11:18,868 Michael Thompson: at Coolangatta, the Gold Coast Airport, is also in Queensland? It 210 00:11:18,870 --> 00:11:21,419 Michael Thompson: feels like it's just taking from one, giving it to another. 211 00:11:21,780 --> 00:11:26,190 Sean Aylmer: Yeah, absolutely. I totally agree with that. It's weird because Gold Coast 212 00:11:26,190 --> 00:11:28,860 Sean Aylmer: really has lost out. I suppose Brisbane is the capital 213 00:11:28,860 --> 00:11:32,429 Sean Aylmer: of Queensland or something, and they're trying to push business 214 00:11:32,429 --> 00:11:35,790 Sean Aylmer: through Brisbane. But yeah, I'm not surprised that the Gold 215 00:11:35,790 --> 00:11:37,139 Sean Aylmer: Coast Airport people are not happy. 216 00:11:37,349 --> 00:11:39,420 Michael Thompson: Yeah. Sure, it would make more sense to try and take 217 00:11:39,420 --> 00:11:44,130 Michael Thompson: things from say, the Ballina Byron Airport, which has boomed 218 00:11:44,130 --> 00:11:46,708 Michael Thompson: in recent years, which is firmly in New South Wales. 219 00:11:47,850 --> 00:11:50,010 Michael Thompson: Look, you know what, shouldn't try and give too much 220 00:11:50,010 --> 00:11:52,590 Michael Thompson: advice to people because generally my advice is not great, 221 00:11:52,740 --> 00:11:53,730 Michael Thompson: so we might move on. 222 00:11:53,790 --> 00:11:54,208 Sean Aylmer: Okay. 223 00:11:54,270 --> 00:11:57,718 Michael Thompson: Sean, Macquarie Group has emerged as the frontrunner to buy 224 00:11:57,719 --> 00:12:00,870 Michael Thompson: a stake of up to 50% in Energy Australia, the 225 00:12:00,870 --> 00:12:03,540 Michael Thompson: country's third biggest electricity and gas supplier. 226 00:12:04,140 --> 00:12:06,390 Sean Aylmer: The deal would be worth billions of dollars and comes 227 00:12:06,390 --> 00:12:10,078 Sean Aylmer: after Energy Australia's parent, Hong Kong- listed CLP Group has 228 00:12:10,080 --> 00:12:13,259 Sean Aylmer: been looking for partnerships for the coal power business to 229 00:12:13,259 --> 00:12:16,649 Sean Aylmer: help invest to transition to low carbon energy. According to 230 00:12:16,650 --> 00:12:19,800 Sean Aylmer: The Financial Review, while CLP is in discussions to finalize the 231 00:12:19,800 --> 00:12:23,309 Sean Aylmer: deal with Macquarie, it's still talking to other interested parties. 232 00:12:23,550 --> 00:12:26,370 Sean Aylmer: Now, such a deal would represent a major step in 233 00:12:26,370 --> 00:12:30,030 Sean Aylmer: Macquarie's direct involvement in energy assets, especially in the domestic 234 00:12:30,030 --> 00:12:32,879 Sean Aylmer: market where it's pretty much only involved in battery storage 235 00:12:32,880 --> 00:12:35,578 Sean Aylmer: at the moment. Any deal would certainly ramp up the 236 00:12:35,580 --> 00:12:39,420 Sean Aylmer: restructuring taking place in Australia's electricity and gas sector. The 237 00:12:39,510 --> 00:12:43,319 Sean Aylmer: big two players are in a state of flux at the moment. 238 00:12:43,320 --> 00:12:45,929 Sean Aylmer: Origin is currently the subject of an $ 18. 4 billion 239 00:12:46,170 --> 00:12:51,269 Sean Aylmer: takeover bid from North American buyers, including Brookfield. AGL is 240 00:12:51,270 --> 00:12:54,329 Sean Aylmer: rethinking its strategy after a failed to merger plan last 241 00:12:54,330 --> 00:12:56,819 Sean Aylmer: year, and an overhaul of the board forced by activist, 242 00:12:57,030 --> 00:13:00,240 Sean Aylmer: shareholder and tech billionaire, Mike Cannon- Brookes, now with Energy 243 00:13:00,240 --> 00:13:03,449 Sean Aylmer: Australia, being shaken up. Plenty going on in that sector. 244 00:13:04,380 --> 00:13:08,190 Michael Thompson: Sean, tough time for consulting firm PwC. It's been affected 245 00:13:08,190 --> 00:13:12,150 Michael Thompson: by a global hacking incident after a cyber breach last 246 00:13:12,150 --> 00:13:16,320 Michael Thompson: week at MOVEit, which is a third party platform designed to 247 00:13:16,320 --> 00:13:18,870 Michael Thompson: transfer sensitive data between different companies. 248 00:13:19,290 --> 00:13:22,620 Sean Aylmer: PwC uses the software with only a limited number of 249 00:13:22,620 --> 00:13:26,910 Sean Aylmer: client engagements, a spokesperson for the group said. Now, initial 250 00:13:26,910 --> 00:13:31,590 Sean Aylmer: investigations show that its own IT network hasn't been compromised 251 00:13:31,650 --> 00:13:34,260 Sean Aylmer: and that the cyber attack on MOVEit had a limited 252 00:13:34,260 --> 00:13:39,000 Sean Aylmer: impact on PwC. Some clients have been contacted though. The Russian- 253 00:13:39,059 --> 00:13:43,200 Sean Aylmer: linked extortion group, C10p, has claimed responsibility for the MOVEit 254 00:13:43,290 --> 00:13:47,279 Sean Aylmer: hack, which affected a bunch of companies and institutions globally, 255 00:13:47,279 --> 00:13:51,179 Sean Aylmer: including British Airways, the US Department of Energy, Shell, EY, 256 00:13:51,690 --> 00:13:55,890 Sean Aylmer: which is a competitor to PwC, and Johns Hopkins University. 257 00:13:56,760 --> 00:13:59,070 Michael Thompson: One last one, Sean, before we get to international news. 258 00:13:59,070 --> 00:14:01,649 Michael Thompson: Anyone along the east coast and in the west of 259 00:14:01,650 --> 00:14:05,969 Michael Thompson: the country know that it's getting cold, which turns the 260 00:14:05,969 --> 00:14:09,300 Michael Thompson: minds of many people to skiing. Not withstanding the cost 261 00:14:09,300 --> 00:14:11,700 Michael Thompson: of living crisis that's going on at the moment, sales 262 00:14:11,700 --> 00:14:14,849 Michael Thompson: of ski passes to some of Australia's premier snowfields and 263 00:14:14,849 --> 00:14:16,559 Michael Thompson: Alpine resorts are booming. 264 00:14:17,099 --> 00:14:20,309 Sean Aylmer: Yeah. The Epic Australia Pass, which gives skis access to 265 00:14:20,309 --> 00:14:23,670 Sean Aylmer: Perisher, Hotham, and Falls Creek, as well as resorts in 266 00:14:23,670 --> 00:14:27,810 Sean Aylmer: North America, Japan, and Switzerland, and costs more than $1, 200 267 00:14:27,810 --> 00:14:32,220 Sean Aylmer: each, has posted sales growth off 16% in the lead up 268 00:14:32,220 --> 00:14:35,340 Sean Aylmer: to the start of the season. According to The Australian, 269 00:14:35,700 --> 00:14:39,359 Sean Aylmer: German discount supermarket chain Aldi, which is the single biggest 270 00:14:39,360 --> 00:14:42,420 Sean Aylmer: retailer of ski and snow gear in Australia, which I 271 00:14:42,420 --> 00:14:46,530 Sean Aylmer: find quite remarkable, it's just finished its highly successful snow 272 00:14:46,530 --> 00:14:50,520 Sean Aylmer: gear sale. It was ahead of expectations. Now, Australia's ski 273 00:14:50,520 --> 00:14:54,300 Sean Aylmer: industry is worth about $ 2.5 billion. It'll be a huge 274 00:14:54,300 --> 00:14:58,709 Sean Aylmer: relief that there are strong ticket sales given there's been 275 00:14:58,709 --> 00:15:02,190 Sean Aylmer: a few years of canceled or slow ski seasons due 276 00:15:02,190 --> 00:15:04,980 Sean Aylmer: to the COVID-19 pandemic. But I do find it slightly 277 00:15:04,980 --> 00:15:08,160 Sean Aylmer: surprising that given all the cost of living pressures, there are 278 00:15:08,160 --> 00:15:10,110 Sean Aylmer: still plenty of people wanting to go skiing, which is 279 00:15:10,110 --> 00:15:11,279 Sean Aylmer: not a cheap sport. 280 00:15:11,460 --> 00:15:15,599 Michael Thompson: No, certainly not. All right. International news now. US Secretary 281 00:15:15,599 --> 00:15:19,440 Michael Thompson: of State Anthony Blinken met with China's top foreign policy 282 00:15:19,440 --> 00:15:24,060 Michael Thompson: official in Beijing yesterday, hoping to stabilize strained ties between 283 00:15:24,060 --> 00:15:25,410 Michael Thompson: the world's largest economies. 284 00:15:26,010 --> 00:15:30,300 Sean Aylmer: Blinken and Wang Yi agreed to rebuild communication channels between 285 00:15:30,300 --> 00:15:33,929 Sean Aylmer: the two countries, which is actually quite a step forward. Now, 286 00:15:33,929 --> 00:15:37,109 Sean Aylmer: Blinken, the day before on Sunday, held a seven and 287 00:15:37,110 --> 00:15:41,700 Sean Aylmer: a half hour meeting with the Foreign Minister of China, 288 00:15:41,970 --> 00:15:45,719 Sean Aylmer: which according to Bloomberg, both sides described as candid. There 289 00:15:45,719 --> 00:15:49,500 Sean Aylmer: are hopes that Blinken was meeting President Xi Jinping overnight. 290 00:15:49,889 --> 00:15:52,979 Sean Aylmer: That exchange really is the benchmark of how successful the 291 00:15:52,980 --> 00:15:55,830 Sean Aylmer: trip from the US Secretary of State will really be, 292 00:15:56,100 --> 00:15:58,650 Sean Aylmer: especially since Xi Jinping. I don't know whether you saw it 293 00:15:58,650 --> 00:16:01,410 Sean Aylmer: last week. There were photos that he was meeting Bill 294 00:16:01,410 --> 00:16:04,980 Sean Aylmer: Gates, the American billionaire, and that's well ahead of meeting 295 00:16:04,980 --> 00:16:06,479 Sean Aylmer: actually US government officials. 296 00:16:07,650 --> 00:16:09,330 Michael Thompson: Finally, Sean, I mentioned this one at the top of 297 00:16:09,330 --> 00:16:12,720 Michael Thompson: the show. There's been a surge in so- called early 298 00:16:12,720 --> 00:16:16,470 Michael Thompson: onset cancer in the under 50- year- old age group. 299 00:16:16,710 --> 00:16:21,210 Michael Thompson: It's so significant that some epidemiologists have suggested it should 300 00:16:21,210 --> 00:16:22,440 Michael Thompson: be called an epidemic. 301 00:16:23,040 --> 00:16:26,520 Sean Aylmer: Financial Times analysis of data from the Institute for Health 302 00:16:26,580 --> 00:16:29,369 Sean Aylmer: Metrics and Evaluation at the University of Washington School of 303 00:16:29,369 --> 00:16:33,450 Sean Aylmer: Medicine shows that over the past three decades, cancer rates 304 00:16:33,510 --> 00:16:37,350 Sean Aylmer: in the G20 group of industrialized nations, this includes Australia, 305 00:16:37,680 --> 00:16:41,849 Sean Aylmer: have increased faster for 25 to 29 year olds than 306 00:16:41,849 --> 00:16:45,839 Sean Aylmer: any other age group. Rates for 20 to 34 year olds in 307 00:16:45,839 --> 00:16:49,710 Sean Aylmer: these countries are now at their highest level in 30 years. 308 00:16:49,710 --> 00:16:54,510 Sean Aylmer: In contrast, cases in older age groups, over the age of 75, 309 00:16:54,780 --> 00:16:58,650 Sean Aylmer: have declined from their peak around 2005. They've been coming 310 00:16:58,650 --> 00:17:01,919 Sean Aylmer: down ever since. While there's actually no definitive explanation for 311 00:17:01,920 --> 00:17:04,770 Sean Aylmer: the shift, there may be clues in the types of 312 00:17:04,770 --> 00:17:09,780 Sean Aylmer: cancer hitting younger people, with colorectal cancer up 70% over 313 00:17:09,780 --> 00:17:13,410 Sean Aylmer: the 30 years among 15 to 39 year olds. For that age 314 00:17:13,410 --> 00:17:17,430 Sean Aylmer: group, there's also been a big jump in nasopharynx, prostate, 315 00:17:17,520 --> 00:17:19,410 Sean Aylmer: kidney, and thyroid cancers. 316 00:17:20,309 --> 00:17:23,219 Michael Thompson: All right. Pretty serious one to finish on. Sean, now 317 00:17:23,219 --> 00:17:26,070 Michael Thompson: up next is the Fear and Greed daily interview with 318 00:17:26,070 --> 00:17:27,900 Michael Thompson: Matt Leibowitz from Stake. 319 00:17:28,290 --> 00:17:31,530 Sean Aylmer: Yes, all about where people are investing. They see a 320 00:17:31,530 --> 00:17:34,079 Sean Aylmer: lot of flow of money coming in and out of 321 00:17:34,080 --> 00:17:37,830 Sean Aylmer: their platforms, and how people are investing in AI, how 322 00:17:37,830 --> 00:17:41,099 Sean Aylmer: they're investing in lithium, those sorts of companies, as well 323 00:17:41,100 --> 00:17:44,910 Sean Aylmer: as whether they're taking more or less interested in passive 324 00:17:44,970 --> 00:17:47,220 Sean Aylmer: and active investing. So, well worth a listen. 325 00:17:47,430 --> 00:17:50,340 Michael Thompson: Yeah, sure is. Stake are, of course, very good supporters 326 00:17:50,429 --> 00:17:52,168 Michael Thompson: of Fear and Greed. It's coming up next on your 327 00:17:52,170 --> 00:17:55,620 Michael Thompson: podcast platform or at fearandgreed. com. au. Thank you, Sean. 328 00:17:55,859 --> 00:17:56,640 Sean Aylmer: Thank you, Michael. 329 00:17:56,700 --> 00:18:00,029 Michael Thompson: It's Tuesday the 20th of June 2023. Make sure you're 330 00:18:00,029 --> 00:18:03,928 Michael Thompson: following the podcast and join us online on LinkedIn, Instagram, Twitter, 331 00:18:03,930 --> 00:18:05,820 Michael Thompson: and Facebook, and stay up to date on all the 332 00:18:05,820 --> 00:18:08,910 Michael Thompson: business news with Alexa and your Amazon Echo Smart speaker. 333 00:18:09,210 --> 00:18:11,908 Michael Thompson: Simply say, " Alexa, play the Fear and Greed podcast," to 334 00:18:11,910 --> 00:18:15,000 Michael Thompson: catch the latest episode. You can grab yours now at amazon. com. 335 00:18:15,509 --> 00:18:17,880 Michael Thompson: au. I'm Michael Thompson and that was Fear and Greed. 336 00:18:18,209 --> 00:18:18,900 Michael Thompson: Have a great day.