1 00:00:06,160 --> 00:00:09,200 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,280 --> 00:00:12,159 Speaker 1: The federal government cuts the fuel excise in half to 3 00:00:12,240 --> 00:00:15,800 Speaker 1: lower petrol prices. Prime Minister Anthony Albernezi calls on the 4 00:00:15,920 --> 00:00:19,119 Speaker 1: US President Donald Trump to provide more certainty around the 5 00:00:19,160 --> 00:00:22,680 Speaker 1: war in the Middle East, and global beauty retailer Sapphora 6 00:00:23,040 --> 00:00:26,800 Speaker 1: under fire for marketing to children. Last, opposition leader Angus 7 00:00:26,840 --> 00:00:30,640 Speaker 1: Taylor rejects major changes to tax rules, and gaming group 8 00:00:30,720 --> 00:00:34,760 Speaker 1: Star Entertainment secures a big new funding package. It is Tuesday, 9 00:00:34,840 --> 00:00:38,120 Speaker 1: the thirty first of March twenty twenty six. I'm Michael Thompson, 10 00:00:38,200 --> 00:00:39,519 Speaker 1: and good morning, Sean Aylmer. 11 00:00:39,960 --> 00:00:42,839 Speaker 2: Good morning, Michael. End of the quarter. Always an exciting 12 00:00:42,880 --> 00:00:44,720 Speaker 2: time for anyone interested in business. 13 00:00:44,920 --> 00:00:47,480 Speaker 1: Oh, it certainly is. And the main story this morning, 14 00:00:47,520 --> 00:00:50,599 Speaker 1: Shawn's a big one. The federal government has announced a 15 00:00:50,720 --> 00:00:54,440 Speaker 1: three month cut to the fuel excise, harving it from 16 00:00:54,480 --> 00:00:57,600 Speaker 1: just over fifty two cents a liter to about twenty 17 00:00:57,720 --> 00:01:00,720 Speaker 1: six cents, in a bid to take immediate pressure off 18 00:01:00,760 --> 00:01:05,240 Speaker 1: petrol and diesel prices. The move follows another national Cabinet 19 00:01:05,280 --> 00:01:08,280 Speaker 1: meeting as the Middle East conflict pushes oil prices beyond 20 00:01:08,360 --> 00:01:11,600 Speaker 1: one hundred and thirteen US dollars a barrel and squeezes 21 00:01:11,680 --> 00:01:16,240 Speaker 1: the supply lines. Treasure Jim Chalmers says the excis will 22 00:01:16,480 --> 00:01:21,800 Speaker 1: cost the budget about two point five five billion dollars 23 00:01:22,000 --> 00:01:24,559 Speaker 1: and the Prime Minister is urging service stations to pass 24 00:01:24,600 --> 00:01:28,839 Speaker 1: the reduction through at the bowser. The cut starts this week. 25 00:01:28,959 --> 00:01:31,720 Speaker 1: It's going to run for three months. Also, the federal 26 00:01:31,720 --> 00:01:35,480 Speaker 1: government will reduce the heavy Vehicle road user charge to zero, 27 00:01:35,680 --> 00:01:40,480 Speaker 1: also for three months, to help truckes just keep on operating. 28 00:01:41,200 --> 00:01:44,600 Speaker 2: Yeah. Look, this is a clear pivot. Labor spent days 29 00:01:44,640 --> 00:01:48,640 Speaker 2: resisting in excise cut, warning it was expensive and blunt. 30 00:01:49,160 --> 00:01:52,560 Speaker 2: But politics and household budgets have a way of forcing decisions, 31 00:01:52,640 --> 00:01:57,720 Speaker 2: especially when prices jump quickly and people feel the benefits instantly. 32 00:01:58,200 --> 00:02:02,200 Speaker 2: The risk is that it becomes too hard to unwind. 33 00:02:02,280 --> 00:02:05,120 Speaker 2: Once you cut a levy people see on every receipt. 34 00:02:05,160 --> 00:02:07,960 Speaker 2: Putting it back can look like a tax hike, even 35 00:02:08,040 --> 00:02:11,760 Speaker 2: if it's simply returning to the previous setting. It also 36 00:02:11,840 --> 00:02:13,960 Speaker 2: leaves a hole in the budget right when the government's 37 00:02:13,960 --> 00:02:18,000 Speaker 2: trying to frame itself as disciplined. The key business issue 38 00:02:18,040 --> 00:02:21,320 Speaker 2: is second round inflation. Fuel is not just what motors 39 00:02:21,400 --> 00:02:26,320 Speaker 2: pay it's freight trades, food distribution. If oil stays elevated, 40 00:02:26,560 --> 00:02:30,240 Speaker 2: excise relief helps, but it doesn't actually eliminate the shock. 41 00:02:31,000 --> 00:02:33,600 Speaker 1: The part of this that I don't understand, Sean, is 42 00:02:33,639 --> 00:02:37,200 Speaker 1: that this is a policy that's going to encourage more 43 00:02:37,280 --> 00:02:39,960 Speaker 1: purchasing of petrol. And part of what we've seen is 44 00:02:40,000 --> 00:02:42,880 Speaker 1: this panic buying. A lot of people's going out and 45 00:02:42,880 --> 00:02:45,639 Speaker 1: buying petrol because they're worried that it's going to run out. 46 00:02:45,639 --> 00:02:48,400 Speaker 1: And at petrol stations, we've seen hundreds of petrol stations 47 00:02:48,440 --> 00:02:52,320 Speaker 1: that have been without at least one type of fuel. 48 00:02:52,639 --> 00:02:56,520 Speaker 1: This policy does not actually do anything to help that. 49 00:02:56,639 --> 00:02:59,120 Speaker 1: If anything, it actually might make that problem a little 50 00:02:59,160 --> 00:03:01,520 Speaker 1: bit worse by making petrol a little bit cheaper, at 51 00:03:01,560 --> 00:03:06,720 Speaker 1: least temporarily. I suppose that's where the bigger picture plan 52 00:03:06,880 --> 00:03:07,920 Speaker 1: comes into play. 53 00:03:07,720 --> 00:03:11,200 Speaker 2: Right, Yes, I mean very hard for the government to 54 00:03:11,240 --> 00:03:13,840 Speaker 2: do anything about supply. When the straduph homals is closed. 55 00:03:14,160 --> 00:03:16,239 Speaker 2: You can't do anything about that. What it's trying to 56 00:03:16,280 --> 00:03:18,960 Speaker 2: do is take away the pain from the hip pocket. 57 00:03:19,480 --> 00:03:22,080 Speaker 2: But it's a supply issue. We're just not getting enough 58 00:03:22,200 --> 00:03:25,280 Speaker 2: oil shipped into the country and that's the problem, and 59 00:03:25,320 --> 00:03:26,760 Speaker 2: the government can't really do anything about that. 60 00:03:27,320 --> 00:03:30,960 Speaker 1: No, and that I imagine would have been part of 61 00:03:31,000 --> 00:03:36,080 Speaker 1: the National Cabinet discussion yesterday morning, because the whole meeting 62 00:03:36,160 --> 00:03:40,400 Speaker 1: was about a broader fuel security plan that involves both 63 00:03:40,440 --> 00:03:43,640 Speaker 1: the federal level and the States and territories. Four levels 64 00:03:43,680 --> 00:03:46,960 Speaker 1: to this plan. The first is plan and prepare at 65 00:03:47,040 --> 00:03:49,200 Speaker 1: level two, which is where we are now, is keep 66 00:03:49,240 --> 00:03:50,080 Speaker 1: Australia moving. 67 00:03:50,880 --> 00:03:54,400 Speaker 2: Third level, which the government host to avoid is targeted action, 68 00:03:55,000 --> 00:03:58,800 Speaker 2: as Alban Easy put it, that involves voluntary practical measures 69 00:03:58,880 --> 00:04:03,800 Speaker 2: to limit fuel use. And fourth, protecting critical services for 70 00:04:03,840 --> 00:04:08,960 Speaker 2: all Australians i e. Rationing. I'm guessing ongoing supply disruptions 71 00:04:08,960 --> 00:04:12,440 Speaker 2: require government action in that level four level to ensure 72 00:04:12,480 --> 00:04:16,080 Speaker 2: critical users a protected the economy remains open and operating. 73 00:04:16,680 --> 00:04:19,160 Speaker 2: That is the extreme, all right. 74 00:04:19,320 --> 00:04:21,279 Speaker 1: The big question how much are we going to be 75 00:04:21,279 --> 00:04:22,119 Speaker 1: paying now? Sean? 76 00:04:23,360 --> 00:04:27,240 Speaker 2: Well, if you add a fuel price Australia Sydney's average 77 00:04:27,279 --> 00:04:29,599 Speaker 2: unleaded price at the moment, it's about two fifty seven 78 00:04:29,600 --> 00:04:32,600 Speaker 2: a leter, that goes down to two thirty two. Melbourne 79 00:04:32,600 --> 00:04:35,680 Speaker 2: and Brisbane average price letter of fuel about two fifty nine, 80 00:04:35,760 --> 00:04:39,599 Speaker 2: goes down to two thirty three perth from two fifty 81 00:04:39,600 --> 00:04:42,920 Speaker 2: five to two twenty nine. So you're still paying around 82 00:04:42,960 --> 00:04:45,360 Speaker 2: two bucks thirty two bucks thirty five a letter of petrol. 83 00:04:45,400 --> 00:04:49,560 Speaker 2: So this ain't exactly doing a lot to make you 84 00:04:49,640 --> 00:04:51,039 Speaker 2: feel much better about petrol. 85 00:04:51,279 --> 00:04:53,960 Speaker 1: No, and if you're someone like me driving a diesel 86 00:04:54,040 --> 00:04:55,839 Speaker 1: vehicle with a bit of like this might help, but 87 00:04:55,880 --> 00:04:58,680 Speaker 1: get back under three dollars a liter Sean. 88 00:04:58,920 --> 00:05:01,400 Speaker 2: Yes, I hope. So for your saint Mike, yeah. 89 00:05:01,120 --> 00:05:01,520 Speaker 1: Thank you. 90 00:05:01,600 --> 00:05:01,760 Speaker 2: Now. 91 00:05:01,800 --> 00:05:04,880 Speaker 1: The local share market Shawn yesterday fell by zero point 92 00:05:05,000 --> 00:05:08,039 Speaker 1: seven percent, with the S and PA Sex two hundred 93 00:05:08,080 --> 00:05:11,360 Speaker 1: closing at eighty four hundred and sixty one points. As 94 00:05:11,400 --> 00:05:14,640 Speaker 1: we head into the final day of the month, the 95 00:05:14,680 --> 00:05:18,000 Speaker 1: market is now down eight percent for the month, putting 96 00:05:18,000 --> 00:05:19,919 Speaker 1: it on track for its worst month since March of 97 00:05:19,960 --> 00:05:23,480 Speaker 1: twenty twenty, which was at the height of the COVID pandemic. 98 00:05:24,000 --> 00:05:27,320 Speaker 1: Spooking markets over the past couple of days has been 99 00:05:27,640 --> 00:05:32,560 Speaker 1: Yemen's Ran backed Hooty rebels firing missiles at Israel, and 100 00:05:32,600 --> 00:05:36,360 Speaker 1: that really introduces now the possibility of Hooti rebels closing 101 00:05:36,400 --> 00:05:41,080 Speaker 1: down red sea shipping lanes. That news is what's helped 102 00:05:41,160 --> 00:05:44,400 Speaker 1: push Brent prices up above one hundred. I think I 103 00:05:44,400 --> 00:05:46,800 Speaker 1: said one hundred and thirteen US dollars a barrel before 104 00:05:46,800 --> 00:05:49,080 Speaker 1: it's one hundred and fifteen, isn't It's actually worse. 105 00:05:49,839 --> 00:05:52,479 Speaker 2: It was one hundred and thirty and it kept going. Yeah, 106 00:05:52,480 --> 00:05:56,760 Speaker 2: I mean exactly right. The market did peak just before 107 00:05:56,960 --> 00:05:59,920 Speaker 2: the outbreak. That's why the eight percent drop is there 108 00:06:00,560 --> 00:06:03,000 Speaker 2: that week. That the month of March in twenty twenty 109 00:06:03,080 --> 00:06:05,000 Speaker 2: it fell twenty percent, and that was on the back 110 00:06:05,000 --> 00:06:08,480 Speaker 2: of the COVID outbreak. I don't think we'll get there. Yesterday, 111 00:06:08,480 --> 00:06:10,400 Speaker 2: the big banks led the way lower. Westpac was down 112 00:06:10,440 --> 00:06:12,479 Speaker 2: more than four percent, com Wealth Bank nearly three percent, 113 00:06:12,560 --> 00:06:15,360 Speaker 2: and Aberdeen z off more than one and a half percent. 114 00:06:15,440 --> 00:06:19,080 Speaker 2: Tech stocks also fell wise TEC zero, technology one energy 115 00:06:19,160 --> 00:06:22,800 Speaker 2: stocks not surprising though the best performers. IMP was one 116 00:06:22,800 --> 00:06:25,239 Speaker 2: of the better performers after it announced a one hundred 117 00:06:25,240 --> 00:06:28,000 Speaker 2: and fifty million dollars on market chair buyback. It finished 118 00:06:28,040 --> 00:06:31,440 Speaker 2: four percent higher. Al Kawa also outperformed after two Middle 119 00:06:31,480 --> 00:06:35,640 Speaker 2: East and aluminum producers were hit by Iranian tax attacks 120 00:06:35,680 --> 00:06:38,360 Speaker 2: over the weekend. It closed up eight percent, so our 121 00:06:38,480 --> 00:06:41,400 Speaker 2: thirty two finished up more than nine percent. The coal 122 00:06:41,440 --> 00:06:42,560 Speaker 2: companies also did well. 123 00:06:43,080 --> 00:06:46,360 Speaker 1: Now Prime Minister Anthony Albernizi has called for more certainty 124 00:06:46,520 --> 00:06:49,680 Speaker 1: from US President Donald Trump on the objectives of the 125 00:06:49,720 --> 00:06:52,440 Speaker 1: war in the Middle East. The PM said that while 126 00:06:52,520 --> 00:06:56,200 Speaker 1: he had nothing but contempt for the Iranian regime, he 127 00:06:56,279 --> 00:06:58,839 Speaker 1: wanted to see more certainty around the objectives for the 128 00:06:58,880 --> 00:07:01,839 Speaker 1: war and he wants to see de escalation. The PM 129 00:07:01,920 --> 00:07:05,480 Speaker 1: said the goals of preventing Iran developing a nuclear weapon 130 00:07:05,600 --> 00:07:11,600 Speaker 1: and degrading the opportunity that Iran engages in military action 131 00:07:12,080 --> 00:07:16,200 Speaker 1: have substantially been achieved by now, and the third goal, 132 00:07:16,320 --> 00:07:20,440 Speaker 1: which is regime change, was harder to achieve from outside 133 00:07:20,920 --> 00:07:23,920 Speaker 1: the country. That is really a job for kind of 134 00:07:23,920 --> 00:07:25,040 Speaker 1: forces within the nation. 135 00:07:26,200 --> 00:07:29,960 Speaker 2: Yes, I think this is the strongest Anthony Alberanizi has 136 00:07:30,040 --> 00:07:34,360 Speaker 2: come out about Donald Trump's plans. His comments came as 137 00:07:34,400 --> 00:07:36,720 Speaker 2: Trump said he could take the oil in Iran and 138 00:07:36,880 --> 00:07:40,840 Speaker 2: seize its major fuel hub of carg Island, but added 139 00:07:40,840 --> 00:07:44,400 Speaker 2: that a peace deal could be reached fairly quickly. Pakistan's 140 00:07:44,400 --> 00:07:47,600 Speaker 2: foreign minister said his country was preparing to host peace 141 00:07:47,600 --> 00:07:52,000 Speaker 2: talks and coming. Days earlier, Iran's parliament's tree speaker said 142 00:07:52,160 --> 00:07:54,640 Speaker 2: forces were waiting for American troops so they could rain 143 00:07:54,760 --> 00:07:58,600 Speaker 2: fire upon them. Iran also threatened to expand retaliatory strikes 144 00:07:58,640 --> 00:08:02,200 Speaker 2: against the universities and homes of US and Israeli officials. 145 00:08:02,840 --> 00:08:05,960 Speaker 2: No matter what Donald Trump says, it doesn't feel like 146 00:08:06,080 --> 00:08:08,960 Speaker 2: peace is kind of just around the corner. 147 00:08:09,160 --> 00:08:12,080 Speaker 1: No, it certainly doesn't. Now, just before Seawan, you mentioned 148 00:08:12,080 --> 00:08:17,000 Speaker 1: a bunch of the energy companies. Those stocks coming up afterwards, 149 00:08:17,160 --> 00:08:19,720 Speaker 1: Fear and Greed Q and A with Nick Burns from 150 00:08:19,840 --> 00:08:20,920 Speaker 1: jardin Australia. 151 00:08:21,040 --> 00:08:23,560 Speaker 2: Yeah, we have a great chat about what the war 152 00:08:23,720 --> 00:08:27,720 Speaker 2: means for equity investing and Nick is a great ability 153 00:08:27,760 --> 00:08:32,280 Speaker 2: to put it in plain English. We chat about Woodside, Santos, 154 00:08:32,760 --> 00:08:36,040 Speaker 2: Beach Energy, Karun, a bunch of the energy stocks and 155 00:08:36,160 --> 00:08:39,640 Speaker 2: how also that plays into the gold sorry not the gold, 156 00:08:39,640 --> 00:08:42,079 Speaker 2: the coal players, renewable players. 157 00:08:42,160 --> 00:08:45,120 Speaker 1: Fantastic chat and he puts things in plain English, doesn't 158 00:08:45,120 --> 00:08:48,079 Speaker 1: He just really easy to understand. That's coming up a 159 00:08:48,120 --> 00:08:50,600 Speaker 1: little bit later on before we get to that, though, 160 00:08:50,600 --> 00:08:52,079 Speaker 1: a quick break back in a moment with the rest 161 00:08:52,080 --> 00:09:02,200 Speaker 1: of the day's business news. Sean opposition leader Angus Taylor 162 00:09:02,240 --> 00:09:05,760 Speaker 1: has rejected calls from frontbencher Andrew Hasty for the Coalition 163 00:09:05,840 --> 00:09:09,160 Speaker 1: to rethink its economic approach, shutting down suggestions that the 164 00:09:09,200 --> 00:09:13,480 Speaker 1: party should consider a windfall profits tax on gas exports 165 00:09:13,840 --> 00:09:18,000 Speaker 1: and wind back tax concessions for property investors. Hasty, who 166 00:09:18,040 --> 00:09:22,600 Speaker 1: is the opposition's industry spokesperson, urged the Liberals to adopt 167 00:09:22,840 --> 00:09:27,839 Speaker 1: humility after heavy election defeats, arguing the party's primary vote 168 00:09:27,880 --> 00:09:31,079 Speaker 1: was being cannibalized from both the right and the left. 169 00:09:31,120 --> 00:09:33,640 Speaker 1: I think he's pretty well spot on there. Speaking on 170 00:09:33,760 --> 00:09:37,040 Speaker 1: ABC's Inside As, he said there was no medal for 171 00:09:37,160 --> 00:09:41,920 Speaker 1: defending neoliberal politics and the Coalition needed to listen to 172 00:09:41,960 --> 00:09:45,560 Speaker 1: community concerns, including overhauling the tax system. 173 00:09:46,000 --> 00:09:49,840 Speaker 2: But Taylor yesterday said core economic principles had not changed, 174 00:09:50,000 --> 00:09:54,880 Speaker 2: arguing high taxes would actually discourage supply. I quote him, 175 00:09:54,920 --> 00:09:57,200 Speaker 2: if you want more or something, let's not tax it 176 00:09:57,280 --> 00:10:00,360 Speaker 2: more end quote. He insisted Australi he needs more housing 177 00:10:00,360 --> 00:10:03,360 Speaker 2: as well as expanded gas and oil development. Taylor also 178 00:10:03,400 --> 00:10:06,960 Speaker 2: blamed government approvals for constraining new drilling and extraction. The 179 00:10:07,000 --> 00:10:11,280 Speaker 2: exchange highlights an emerging internal debate over how the coalition 180 00:10:11,320 --> 00:10:15,640 Speaker 2: positions itself on cost of living, pressures, housing affordability, energy, 181 00:10:15,679 --> 00:10:21,200 Speaker 2: possible policy all areas it should be reasonably strong, particularly 182 00:10:21,280 --> 00:10:24,240 Speaker 2: around the economy and of course, it's trying to get 183 00:10:24,240 --> 00:10:27,840 Speaker 2: its way back to government. Internal division is not a good. 184 00:10:27,640 --> 00:10:31,560 Speaker 1: Start, Treasurer Jim Chalmers. This is interesting is pushed back 185 00:10:31,640 --> 00:10:34,680 Speaker 1: on talk of changing tax laws for a potential major 186 00:10:34,760 --> 00:10:39,280 Speaker 1: AI data center investment, instead telling Google to deal directly 187 00:10:39,440 --> 00:10:42,160 Speaker 1: with the tax office on how existing rules apply. 188 00:10:43,080 --> 00:10:45,480 Speaker 2: This is a very narrow path Treasury treading here. Australia 189 00:10:45,480 --> 00:10:48,840 Speaker 2: one's big high value investment in these data centers. Government 190 00:10:48,880 --> 00:10:51,560 Speaker 2: also wants to avoid setting a precedent that every large 191 00:10:51,559 --> 00:10:55,880 Speaker 2: company can negotiate bespoke tax settings. That's where it's playing 192 00:10:55,880 --> 00:10:58,480 Speaker 2: at the moment. For business. The practical issue is certainty. 193 00:10:58,720 --> 00:11:02,160 Speaker 2: Now data centers a capital heavy, long dated. If tax 194 00:11:02,200 --> 00:11:06,360 Speaker 2: treatment is unclear, there's uncertainty decision Store. 195 00:11:06,559 --> 00:11:08,960 Speaker 1: I mentioned at the top of the show. Star Entertainment, 196 00:11:09,240 --> 00:11:13,680 Speaker 1: the gaming group has secured a major debt lifeline with 197 00:11:13,720 --> 00:11:16,480 Speaker 1: a new funding package reported at about five hundred and 198 00:11:16,559 --> 00:11:19,880 Speaker 1: fifty million dollars from an American private credit player. The 199 00:11:19,920 --> 00:11:24,679 Speaker 1: casino operator has been under intense pressure as it tries 200 00:11:24,760 --> 00:11:27,440 Speaker 1: to stabilize its finances, and I think even that's probably 201 00:11:27,440 --> 00:11:28,240 Speaker 1: putting it mildly. 202 00:11:29,000 --> 00:11:32,120 Speaker 2: Yeah, it's crunch time for Star under new management. It 203 00:11:32,200 --> 00:11:36,200 Speaker 2: needs to move beyond rescue packages and find its own 204 00:11:36,280 --> 00:11:40,840 Speaker 2: sustainable way. That's what this is about. It's private credit. 205 00:11:40,920 --> 00:11:43,840 Speaker 2: Private credit can move fast when banks hesitate. That's exactly 206 00:11:43,920 --> 00:11:48,200 Speaker 2: what's happened. But private credit doesn't come cheap for star 207 00:11:48,280 --> 00:11:50,439 Speaker 2: and shareholders. The question is where the new money buys 208 00:11:50,480 --> 00:11:54,320 Speaker 2: time for a sustainable turnaround or just delaysing X crisis. 209 00:11:55,480 --> 00:11:59,360 Speaker 1: Now the sorry about Webjet. This has been interesting. It's 210 00:11:59,400 --> 00:12:01,360 Speaker 1: been kind of going on for the last couple of days, 211 00:12:01,760 --> 00:12:05,960 Speaker 1: the bubbling bubbling. I like that Webjet chief executive Katrina 212 00:12:06,040 --> 00:12:09,280 Speaker 1: Barry will step down less than two years after taking 213 00:12:09,320 --> 00:12:12,239 Speaker 1: the top job with the online travel agent, facing shareholder 214 00:12:12,280 --> 00:12:16,560 Speaker 1: frustration following a sharp slide in its market value and 215 00:12:16,640 --> 00:12:21,840 Speaker 1: an unfair dismissal case that includes allegations she misrepresented part 216 00:12:21,920 --> 00:12:25,640 Speaker 1: of her resume. Barry will remain in the role until 217 00:12:25,640 --> 00:12:28,600 Speaker 1: Webjet releases its full year results in May, while the 218 00:12:28,600 --> 00:12:31,440 Speaker 1: board conducts a search for a new chief executive. Chairman 219 00:12:31,600 --> 00:12:35,040 Speaker 1: Don Clark said Barry had played an important role in 220 00:12:35,080 --> 00:12:39,280 Speaker 1: repositioning the newly formed Webjet group and had helped lay 221 00:12:39,320 --> 00:12:41,559 Speaker 1: the foundations for a major business transformation. 222 00:12:42,600 --> 00:12:46,400 Speaker 2: Webjet rear firm earnings guide for the financial year, excluding 223 00:12:46,440 --> 00:12:49,680 Speaker 2: its business travel unit, where revenue is expected. Before the 224 00:12:49,720 --> 00:12:53,240 Speaker 2: company said uncertainty around long haul international flights was driving 225 00:12:53,280 --> 00:12:57,320 Speaker 2: increase to marketer travel within Australia into destinations closer by Asia. 226 00:12:57,320 --> 00:13:01,360 Speaker 2: At the Pacific leadership can't change as Webjet remains in 227 00:13:01,400 --> 00:13:04,920 Speaker 2: the sites of potential suitors after spinning off its hotel 228 00:13:05,000 --> 00:13:08,400 Speaker 2: room aggregator, web Travel Group a steep fall and Webjets 229 00:13:08,400 --> 00:13:11,240 Speaker 2: shares last year attracted rival interest from Hollow World and 230 00:13:11,320 --> 00:13:17,720 Speaker 2: also consortium involving BGH Capital. Both BJH Capital still holds 231 00:13:17,720 --> 00:13:18,679 Speaker 2: a significant steake. 232 00:13:19,040 --> 00:13:23,640 Speaker 1: Okay. Turning to international news, now, Sean and Italian authority 233 00:13:23,960 --> 00:13:28,439 Speaker 1: is investigating beauty brands Benefit and Sephora after they appear 234 00:13:28,520 --> 00:13:33,600 Speaker 1: to adopt what the authority called a particularly insidious marketing 235 00:13:33,600 --> 00:13:38,160 Speaker 1: strategy of using young influences to market skincare to children 236 00:13:38,520 --> 00:13:43,160 Speaker 1: to kids. The Italian Competition Authorities said it had launched 237 00:13:43,200 --> 00:13:46,400 Speaker 1: an investigation into the brand's owner, which is Luxury Goods 238 00:13:46,720 --> 00:13:51,880 Speaker 1: Giant LVMH, for possibly attempting to sell anti aging treatment 239 00:13:52,600 --> 00:13:56,440 Speaker 1: to kids younger than ten right. It said the company's 240 00:13:56,480 --> 00:14:04,400 Speaker 1: actions may have helped fuel so called cosmeticorexia, which is 241 00:14:04,440 --> 00:14:08,920 Speaker 1: an unhealthy obsession with skincare in young people that experts 242 00:14:08,960 --> 00:14:11,680 Speaker 1: believe may be on the rise. This is really worrying. 243 00:14:12,320 --> 00:14:16,319 Speaker 2: It's disturbing. LVMH said in a statement it will fully 244 00:14:16,360 --> 00:14:19,960 Speaker 2: cooperate with the authorities, but declined to comment further, citing 245 00:14:20,000 --> 00:14:23,680 Speaker 2: the ongoing investigation. According to the BBC, the competition authority 246 00:14:23,720 --> 00:14:27,480 Speaker 2: said the firms may have failed to make clear the 247 00:14:27,520 --> 00:14:31,440 Speaker 2: cosmetics they sold were not intended for children, while appearing 248 00:14:31,480 --> 00:14:35,160 Speaker 2: instead to have encouraged their purchase through covert marketing strategies 249 00:14:35,520 --> 00:14:40,560 Speaker 2: involving young micro influences, as in those with online followings 250 00:14:40,560 --> 00:14:43,960 Speaker 2: in the thousands, not the millions. The investigation centers on 251 00:14:44,120 --> 00:14:47,160 Speaker 2: possible unfair commercial practices linked to the premature use of 252 00:14:47,240 --> 00:14:52,520 Speaker 2: adult cosmetics, including i quote, encouraging the compulsive purchase of 253 00:14:52,640 --> 00:14:57,040 Speaker 2: face marks serums in anti aging creams to children under 254 00:14:57,080 --> 00:14:59,920 Speaker 2: the age of ten. So four which is nearly trying 255 00:14:59,960 --> 00:15:02,240 Speaker 2: to three million followers on Instagram and more than two 256 00:15:02,280 --> 00:15:04,760 Speaker 2: million on TikTok has been at the center of the 257 00:15:04,840 --> 00:15:08,960 Speaker 2: Sephora Kids social media trend, in which children share their 258 00:15:09,000 --> 00:15:10,920 Speaker 2: skincare routines and purchases. 259 00:15:12,080 --> 00:15:16,160 Speaker 1: All right, Sean, this is normally where we would partways. 260 00:15:16,720 --> 00:15:19,080 Speaker 1: It is not the case today. It has not been 261 00:15:19,120 --> 00:15:21,480 Speaker 1: on a number of occasions this month. Actually, we've got 262 00:15:21,560 --> 00:15:24,000 Speaker 1: something a little bit different today. A great chats coming up. 263 00:15:24,320 --> 00:15:25,880 Speaker 2: Yeah, this is the firm. It's part of the Fear 264 00:15:25,880 --> 00:15:28,880 Speaker 2: and Greeds Accelerator series with air Wallacks, where we explore 265 00:15:28,880 --> 00:15:31,280 Speaker 2: what it takes four businesses to grow with out borders 266 00:15:31,280 --> 00:15:33,880 Speaker 2: and why having a what next mindset can be your 267 00:15:33,920 --> 00:15:38,240 Speaker 2: competitive advantage. Nick Ryan is the Chief operating Officer of 268 00:15:38,280 --> 00:15:43,040 Speaker 2: the Essendon Football Club. As Essendon's co major partner, air 269 00:15:43,080 --> 00:15:47,320 Speaker 2: Wallax modernizes the club's financial operations with streamlined spend management 270 00:15:47,680 --> 00:15:50,360 Speaker 2: and corporate cards, helping the team run smarter on and 271 00:15:50,440 --> 00:15:53,680 Speaker 2: off the field. Nick, Welcome to Fear and Greeds Accelerator Series. 272 00:15:54,160 --> 00:15:55,040 Speaker 3: Thanks for having me Sean. 273 00:15:55,960 --> 00:15:59,920 Speaker 2: Nick, you're in a business where small incremental improvements can 274 00:16:00,200 --> 00:16:03,360 Speaker 2: make a really big difference, not just on the scoreboard, 275 00:16:03,360 --> 00:16:07,520 Speaker 2: but actually within the club as an organization. How do 276 00:16:07,600 --> 00:16:11,120 Speaker 2: you strive for those improvements, particularly off the field. 277 00:16:11,800 --> 00:16:16,320 Speaker 3: Yeah, thanks Sean. Look for us, we're really clear about 278 00:16:16,520 --> 00:16:18,880 Speaker 3: where we're heading. I think that's the most important piece, 279 00:16:19,000 --> 00:16:22,680 Speaker 3: but it's also about what success looks like for us, 280 00:16:23,120 --> 00:16:25,360 Speaker 3: and we do a lot of work where we're talking 281 00:16:25,360 --> 00:16:28,240 Speaker 3: particularly off the field, around it's quite easy to identify 282 00:16:28,320 --> 00:16:30,040 Speaker 3: where we want to be on the field, but off 283 00:16:30,080 --> 00:16:32,400 Speaker 3: the field about what success looks like as a contribution 284 00:16:32,520 --> 00:16:35,520 Speaker 3: towards that. So what we do is we break down 285 00:16:35,720 --> 00:16:38,880 Speaker 3: what are the steps to get us there, and with 286 00:16:39,040 --> 00:16:42,280 Speaker 3: each of the areas of our business. It's around you know, 287 00:16:42,560 --> 00:16:45,640 Speaker 3: it's weekly targets, and that's across every division of our business, 288 00:16:45,680 --> 00:16:49,640 Speaker 3: but at football, commercial operations and what are the small 289 00:16:49,720 --> 00:16:52,560 Speaker 3: gains in that so you know whether it comes down 290 00:16:52,560 --> 00:16:55,320 Speaker 3: in football for player recovery, but also around our membory 291 00:16:55,320 --> 00:16:58,960 Speaker 3: engagement rates, what we're doing our sponsor activations and what 292 00:16:59,000 --> 00:17:02,560 Speaker 3: that looks like. And data is a daily tool for us. 293 00:17:02,560 --> 00:17:05,480 Speaker 3: It's not just reporting mechanism. It's about using that data 294 00:17:05,520 --> 00:17:08,040 Speaker 3: to inform the decisions that we're doing, and it's empowering 295 00:17:08,080 --> 00:17:12,160 Speaker 3: all our staff to suggest those improvements and running those 296 00:17:12,200 --> 00:17:15,800 Speaker 3: short review cycles are most efficient for us, and making 297 00:17:15,840 --> 00:17:18,840 Speaker 3: sure we're not just focusing on the longer term and 298 00:17:18,840 --> 00:17:21,479 Speaker 3: the final outcome. It's about making sure we've got our 299 00:17:21,600 --> 00:17:25,080 Speaker 3: eye on the prize and knowing exactly what we need 300 00:17:25,119 --> 00:17:27,439 Speaker 3: to do to get to those next steps to achieve 301 00:17:27,480 --> 00:17:28,440 Speaker 3: that ultimate success. 302 00:17:29,160 --> 00:17:31,320 Speaker 2: So how do you build this culture where you're kind 303 00:17:31,320 --> 00:17:35,400 Speaker 2: of always trying to strive for a little bit better 304 00:17:35,400 --> 00:17:37,720 Speaker 2: and you're talking about that kind of even almost on 305 00:17:37,760 --> 00:17:40,399 Speaker 2: a daily basis and using data, I suppose, how do 306 00:17:40,440 --> 00:17:42,639 Speaker 2: you recognize that? How do you build the cultures so 307 00:17:42,720 --> 00:17:44,200 Speaker 2: people think, Okay, what's next. 308 00:17:44,760 --> 00:17:47,360 Speaker 3: One of the core things for us here is it's 309 00:17:47,440 --> 00:17:49,800 Speaker 3: important for all parts of the organization to understand how 310 00:17:49,800 --> 00:17:55,280 Speaker 3: they actually contribute to the success and in a relevant conversation, 311 00:17:55,600 --> 00:17:58,960 Speaker 3: as we mentioned co major partner Al Wallas, is to 312 00:17:59,040 --> 00:18:02,040 Speaker 3: talk about the finance function within the business. Now, it 313 00:18:02,080 --> 00:18:04,120 Speaker 3: could be easy for someone that sits within that finance 314 00:18:04,280 --> 00:18:07,880 Speaker 3: arm to not realize that they contribute to the outcomes 315 00:18:07,920 --> 00:18:10,480 Speaker 3: of the football club on the weekend. But if you 316 00:18:10,520 --> 00:18:12,600 Speaker 3: sit there and you think about all the levels of 317 00:18:12,600 --> 00:18:14,960 Speaker 3: what finance will do in your business and the efficiencies 318 00:18:14,960 --> 00:18:19,119 Speaker 3: that that creates, the income that comes through our business, 319 00:18:19,160 --> 00:18:21,840 Speaker 3: the way that's distributed, the way it supports, all the actions, 320 00:18:21,840 --> 00:18:25,480 Speaker 3: the investment in our football programs and everything that we do, 321 00:18:25,800 --> 00:18:28,200 Speaker 3: you would actually say that finance is an individual function 322 00:18:28,359 --> 00:18:30,600 Speaker 3: is incredibly important to the outcome of the club. Now 323 00:18:30,600 --> 00:18:33,320 Speaker 3: you can identify that through every area of our business 324 00:18:33,440 --> 00:18:36,879 Speaker 3: and making sure that all individuals understand the worth that 325 00:18:36,920 --> 00:18:39,440 Speaker 3: they play and the importance that they play, because ultimately, 326 00:18:39,440 --> 00:18:42,000 Speaker 3: for us, we're trying to win big games of football, 327 00:18:42,040 --> 00:18:45,760 Speaker 3: which which really supports so many aspects of what we do. 328 00:18:45,840 --> 00:18:49,479 Speaker 3: So it's important for our leaders to model that in 329 00:18:49,560 --> 00:18:53,399 Speaker 3: terms of your coaches, your executives, your department heads, and 330 00:18:53,440 --> 00:18:57,160 Speaker 3: then that flows through the business and we reward improvement there. 331 00:18:57,359 --> 00:19:01,360 Speaker 3: It's not just about the outcomes, it's also about creating 332 00:19:01,400 --> 00:19:04,359 Speaker 3: some structured innovation time that with all our areas of 333 00:19:04,400 --> 00:19:07,000 Speaker 3: the business, there's always a stop point for where you 334 00:19:07,080 --> 00:19:10,119 Speaker 3: talk about reviewing what we're doing, but also harnessing all 335 00:19:10,160 --> 00:19:12,480 Speaker 3: the ideas from everyone to make sure that there's a 336 00:19:12,520 --> 00:19:15,679 Speaker 3: culture of growth that we have so that it's not 337 00:19:15,760 --> 00:19:18,640 Speaker 3: just about what we're doing now. Everybody's got their own 338 00:19:18,640 --> 00:19:21,399 Speaker 3: ideas about how we can improve, and really that is 339 00:19:21,480 --> 00:19:24,480 Speaker 3: creating that culture for what you said about what's next, 340 00:19:24,560 --> 00:19:27,880 Speaker 3: it's about how we constantly improving. We compete in one 341 00:19:27,880 --> 00:19:30,639 Speaker 3: of the most competitive landscapes and there's a level of 342 00:19:30,640 --> 00:19:33,280 Speaker 3: equalization that the AFL is always trying to operate to 343 00:19:33,280 --> 00:19:35,680 Speaker 3: make sure that every club can be successful. But we're 344 00:19:35,680 --> 00:19:38,399 Speaker 3: striving to be above that. So unless we have this 345 00:19:38,560 --> 00:19:40,919 Speaker 3: level of culture in our business, we're just not going 346 00:19:40,960 --> 00:19:42,760 Speaker 3: to be able to get to that level of advantage. 347 00:19:43,680 --> 00:19:46,480 Speaker 2: That must be difficult because sporting clubs in particular have 348 00:19:46,760 --> 00:19:50,720 Speaker 2: traditions and kind of rusted on followers and you know, 349 00:19:50,760 --> 00:19:53,359 Speaker 2: but they do need disruption at times. Have you got 350 00:19:53,400 --> 00:19:56,160 Speaker 2: an example where you've actually disrupted beat your own product, 351 00:19:56,160 --> 00:19:59,479 Speaker 2: be it a tradition, something at Essendon that has actually 352 00:19:59,520 --> 00:20:00,520 Speaker 2: benefited the club. 353 00:20:00,880 --> 00:20:04,399 Speaker 3: Yeah, it's a good question. So being a big club 354 00:20:04,640 --> 00:20:08,080 Speaker 3: and having that recognition and you could say arguably the 355 00:20:08,080 --> 00:20:10,200 Speaker 3: biggest sport in Australia and we're one of the biggest 356 00:20:10,240 --> 00:20:12,760 Speaker 3: clubs within that, we can always think that we're the best, 357 00:20:13,160 --> 00:20:15,600 Speaker 3: and we always think that we're doing things really well. 358 00:20:15,760 --> 00:20:19,520 Speaker 3: Where you've actually that actually is a level of complacency 359 00:20:19,880 --> 00:20:23,399 Speaker 3: and you'll get caught out. So I guess an answer 360 00:20:23,400 --> 00:20:26,000 Speaker 3: to that is something we've done recently in the last 361 00:20:26,040 --> 00:20:29,440 Speaker 3: twelve months is we actually went and tested our biggest 362 00:20:29,440 --> 00:20:31,800 Speaker 3: inputs within the club, which are our consumer and our 363 00:20:31,800 --> 00:20:34,359 Speaker 3: commercial models. So our consumer across all our membership, the 364 00:20:34,359 --> 00:20:36,960 Speaker 3: way we service our members, engage with our members, and 365 00:20:37,000 --> 00:20:40,240 Speaker 3: our commercial about our relationships with our partners and the 366 00:20:40,280 --> 00:20:42,919 Speaker 3: operational inputs that come in and we went and tested 367 00:20:43,040 --> 00:20:46,400 Speaker 3: each of those programs externally, so get leaders in those 368 00:20:46,440 --> 00:20:48,800 Speaker 3: areas to come in and actually look at how we're 369 00:20:48,840 --> 00:20:51,960 Speaker 3: operating as a business and what we look like now 370 00:20:52,040 --> 00:20:53,840 Speaker 3: and what we should look like in the future. So 371 00:20:53,960 --> 00:20:56,440 Speaker 3: we all have our own ideas, but what that actually 372 00:20:56,440 --> 00:20:59,560 Speaker 3: does is really tests us as a business. And it's 373 00:20:59,600 --> 00:21:03,600 Speaker 3: not about being the leading club in this market. It's 374 00:21:03,600 --> 00:21:07,280 Speaker 3: about being the leading sport and entertainment organization in Australia 375 00:21:07,600 --> 00:21:08,800 Speaker 3: and how do we do that and how do we 376 00:21:08,800 --> 00:21:11,119 Speaker 3: have an offering for our members that far exceeds hopefully 377 00:21:11,160 --> 00:21:14,280 Speaker 3: their expectations. So what an output of that is. An 378 00:21:14,280 --> 00:21:17,919 Speaker 3: example you asked for was around our member personalization, so 379 00:21:18,320 --> 00:21:21,480 Speaker 3: the ability for us to heighten how we interact with 380 00:21:21,520 --> 00:21:25,080 Speaker 3: our members, but also that level of personalization and harnessing 381 00:21:25,160 --> 00:21:28,160 Speaker 3: the data that we have from our members so there's 382 00:21:28,160 --> 00:21:30,280 Speaker 3: a singular view of each of those members, so we're 383 00:21:30,320 --> 00:21:33,480 Speaker 3: not just talking to the members a collective or as 384 00:21:33,520 --> 00:21:37,080 Speaker 3: a small demographic group. It is about individualization and the 385 00:21:37,119 --> 00:21:39,280 Speaker 3: ability now for us to talk to members on a 386 00:21:39,320 --> 00:21:42,480 Speaker 3: one to one level, so we're understanding their habits and 387 00:21:42,560 --> 00:21:44,520 Speaker 3: what they like to do, how they engage with the 388 00:21:44,520 --> 00:21:46,800 Speaker 3: football club and how we can support them on their 389 00:21:46,840 --> 00:21:49,000 Speaker 3: journey of being a fan and a member which makes 390 00:21:49,040 --> 00:21:51,240 Speaker 3: their connection to the club all that more important. 391 00:21:51,480 --> 00:21:53,920 Speaker 2: Fantastic Nick, thank you for joining the Accelerated series and 392 00:21:54,000 --> 00:21:54,919 Speaker 2: good luck for the season. 393 00:21:55,320 --> 00:21:55,920 Speaker 1: Thanks to your time. 394 00:21:56,000 --> 00:21:56,200 Speaker 3: Sean. 395 00:21:56,880 --> 00:22:00,240 Speaker 2: That is Nick Ryan, COO of Essendon Football Club. I'm 396 00:22:00,240 --> 00:22:02,840 Speaker 2: Sean Almer and this is the Accelerated Series brought to 397 00:22:02,880 --> 00:22:06,000 Speaker 2: you by Air Wallas Build the Future. Visit Airwallocks dot 398 00:22:06,040 --> 00:22:07,320 Speaker 2: com to find out more.