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Speaker 1: Welcome to Fear and Greed business news you can use. Today.

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Speaker 1: Property giants CBRE and JLL under fire for alleged harassment

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Speaker 1: and inappropriate behavior of senior management. The value of the

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Speaker 1: Australian housing market hits twelve trillion dollars and consumer sentiment

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Speaker 1: jumps to a near four year high.

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Speaker 2: Plus.

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Speaker 1: Commonwealth Bank sold off after announcing a two point six

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Speaker 1: billion dollar quarterly profit, and BHP fined for not asking

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Speaker 1: employees if they wanted to work on Christmas Day. It

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Speaker 1: is Wednesday, the twelfth of November twenty twenty five. I'm

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

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Speaker 2: Good morning, Michael, very very busy twenty four hours or so.

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Speaker 1: He has a lot in the show this morning. The

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Speaker 1: main story this morning, Sean. Commercial property giants CBRE and

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Speaker 1: JLL are under fire following allegations of harassment and other

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Speaker 1: inappropriate behavior by senior employees.

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Speaker 2: CBRE says it is in to gaining allegations that are

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Speaker 2: senior employee sexually harassed a colleague this year and that

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Speaker 2: manages that the group in inappropriate workplace relationships. An employee

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Speaker 2: allegedly placed his hands down the pants of an employee

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Speaker 2: without consent at a CBRE event. The incident was reported

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Speaker 2: and multiple witnesses came forward, According to the story in

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Speaker 2: the Finn Review, cbre's response allegedly was that there was

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Speaker 2: not enough evidence to do anything, but employees claim that

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Speaker 2: and I quote senior staff then leaned on witnesses, probing

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Speaker 2: their personal friendships and warning against speaking to journalists. Quote

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Speaker 2: that's according to the Finn story. A CBRE spakeswoman declined

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Speaker 2: to comment on these specifics of the investigation, but said

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Speaker 2: CBRE is aware of allegations that have been made and

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Speaker 2: they are being handled in accordance with our usual processes.

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Speaker 1: This isn't the first complaint against CBRE. Both Newscorps and

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Speaker 1: Nine Entertainment have reported on a separate CBRE comp about

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Speaker 1: a flash drive left in the office containing thousands of photos,

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Speaker 1: including things ranging from kind of staff, skulling beer, close

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Speaker 1: up images of crutches, of crotches rather and employees in

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Speaker 1: of all things dominatrix outfit sean Yes.

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Speaker 2: CBRE said they had investigated the drive and I quote

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Speaker 2: some of the photos appeared to be of current and

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Speaker 2: former CBRE employees consuming alcohol in a social setting, and

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Speaker 2: confirmed that those photos were taken ten years ago. At JLL,

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Speaker 2: several agents are now suing the firm, alleging complaints were

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Speaker 2: mishandled and ultimately ended in their termination. The group has

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Speaker 2: been at the center of its own workplace dispute, which

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Speaker 2: ultimately led to the departure of its chief executive, Dan Kernahan.

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Speaker 2: Kernahan is suing JLL over his departure, which was a

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Speaker 2: result of the handling of sexual harassment allegations brought by

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Speaker 2: two separate employees. Now Kernahan was not definitely not a

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Speaker 2: target of those allegations, but he claims that head office

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Speaker 2: in New York trampled on his workplace are the how

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Speaker 2: he handled those allegations now seuan.

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Speaker 1: The list of allegedly poor workplace behavior continues to grow,

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Speaker 1: and it seems to be when you look at it, it

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Speaker 1: seems to be hitting so many different parts of the market.

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Speaker 1: I suppose this is a big question, that's a social question.

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Speaker 1: Almost when will people, and let's face it, this is

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Speaker 1: mostly men, realize that this isn't okay.

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Speaker 2: I don't know. In recent years, we've had allegations and

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Speaker 2: examples of dreadful behavior in what we've had media companies,

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Speaker 2: financial service companies, federal and state parliaments, definitely mining in

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Speaker 2: the flying in flayout sector, technology stocks, bi set, Global,

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Speaker 2: early childhood education. Some very disturbing stories there at the moment, hospitality, retail.

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Speaker 2: We can now add property to the list. I'm sure

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Speaker 2: I've missed a bunch. In some cases, companies or individuals

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Speaker 2: argue that people are under intense pressure, working a long

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Speaker 2: way from home, putting in long hours, et cetera, et cetera.

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Speaker 2: But let's face it, Michael is never okay.

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Speaker 1: Yeah, well said, all right, change of pace now, Sean.

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Speaker 1: The value of the Australian dwelling market has pushed beyond

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Speaker 1: twelve trillion dollars, with house prices outpacing units and regional

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Speaker 1: areas taking a greater share of the overall pie.

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Speaker 2: The housing market Michael is now three times the size

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Speaker 2: of the superannuation system, or a little less than that

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Speaker 2: four times as much as the total amount of bank

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Speaker 2: deposits across the country. The value has doubled over the

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Speaker 2: past decade. Most of the growth in the past five years.

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Speaker 2: Regional markets like South Australia, Western Australia and Queensland are

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Speaker 2: gaining a large share of the housing value Sydney and

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Speaker 2: Melbourne are actually falling back, signaling a geographic shift in

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Speaker 2: market dynamics. Now, the house price premium over units is

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Speaker 2: now fifty percent. That's about three hundred and sixty three

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Speaker 2: thousand dollars as a median. Many years of people wanting

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Speaker 2: a detached home with land has driven that record premium.

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Speaker 2: According to Cotality, which released these figures, the house premium

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Speaker 2: ranges in Sydney from about seventy eight percent to Hobart

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Speaker 2: to thirty two percent. So remember that's a seventy eight

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Speaker 2: percent premium of a house over a unit. As we know,

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Speaker 2: affordability constraints are drive in growth, with lower to middle

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Speaker 2: value segments outperforming despite recent rate cuts. By the bottom line,

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Speaker 2: twelve trillion dollars for the housing market phenomenal.

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Speaker 1: All right, Nel. We had been talking about approaching that

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Speaker 1: twelve trillion dollar mark for a little while, but I

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Speaker 1: think based on these Cotality figures that it actually ended

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Speaker 1: up reaching it faster than had been forecast as well. Yep,

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Speaker 1: I think so amazing right now. As we said, plenty

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Speaker 1: still to come. We'll be back in a moment with

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Speaker 1: the rest of the day's business news Sean. Commonwealth Bank

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Speaker 1: made two point six billion dollars in the first three

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Speaker 1: months of this financial year as it grew its home

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Speaker 1: lending and household deposits. But it was enough to satisfy

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Speaker 1: investors yesterday who sold off CBA stock, the bank's share

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Speaker 1: price dropping by more than six percent.

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Speaker 2: Yeah, that's about three hundred million dollars worth of value.

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Speaker 2: In essence, CommBank is trading at such a high multiple,

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Speaker 2: as in it's more expensive than the other three banks,

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Speaker 2: that when it doesn't deliver, or at least doesn't over deliver,

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Speaker 2: it gets sold down. Many analysts have had to sell

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Speaker 2: on Commonwealth Bank for many months because it's run so hard.

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Speaker 2: Yesterday it was an opportunity to take some of the

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Speaker 2: money off the table. The actual numbers are okay. Homelans

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Speaker 2: grew by one point one times the average of the

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Speaker 2: banking sector, so it outperformed in home loans, same deal

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Speaker 2: in household deposits. In those areas, Commonwealth Bank outperformed the market.

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Speaker 2: In the increasingly competitive business lending sector. It did what

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Speaker 2: the rest of the market did, so these numbers were okay.

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Speaker 2: It's banks Its profit margin improved slightly. Bad loans decreased

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Speaker 2: now Boss Matt Common said the Australian economy remains resilient,

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Speaker 2: growth is recovering and disposable income is rising for many households.

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Speaker 2: But this is the crucial point here. He also said

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Speaker 2: competition is increasing and the bank will adjust settings to compete.

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Speaker 2: That was read as a warning. The moral of this

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Speaker 2: tale when you're the market leader, even a good result

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Speaker 2: might not be enough for investors.

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Speaker 1: That's got fear and greed Q and A written all

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Speaker 1: over at Sean. I think we're going to delve into

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Speaker 1: this in a bit more detail in the Q and

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Speaker 1: A episode which comes up after this, So don't go

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Speaker 1: anywhere now. Consumer confidence has turned positive for the first

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Speaker 1: time in nearly four years, while business conditions are now

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Speaker 1: at their highest level since early last year. You've been

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Speaker 1: saying that we're a miserable bunch for ages. Not anymore.

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Speaker 2: Not anymore. The surprise readings yesterday, particularly the Westpac Melbourne

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Speaker 2: Institute Consumer Sentiment Index, certainly suggests economic growth is picking up.

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Speaker 2: Even Westpac said to be careful about that number though,

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Speaker 2: because it's quite extra ordinary and somewhat surprising. That's Westpac's word,

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Speaker 2: somewhat surprising. The index surged me thirteen percent to one

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Speaker 2: hundred and three point eight in November. Anything above one

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Speaker 2: hundred means optimus outnumber pessimists. That hasn't happened since February

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Speaker 2: twenty twenty two. In fact, if you skip COVID, which

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Speaker 2: ironically when we were more optimistic during COVID, it was

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Speaker 2: the best reading in seven years, and sentiment is a

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Speaker 2: pretty good indicator of the health of the household sector,

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Speaker 2: which is a big part of economic growth. Moving on

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Speaker 2: to NAB survey. Each shows that business conditions have improved

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Speaker 2: to their highest level since March last year, that confidence

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Speaker 2: has slipped, and inflation pressures remain. National Australian Bank Chief

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Speaker 2: economist Seally Old said the results show that gains made

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Speaker 2: by the private sector in the first half of this

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Speaker 2: year have momentum, but that leaner capacity means inflationary pressures

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Speaker 2: could re emerge.

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Speaker 1: Now PHP must pay almost one hundred thousand dollars for

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Speaker 1: failing to ask its mining workforce whether they wanted to

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Speaker 1: work on Christmas Day and Boxing Day. This comes after

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Speaker 1: a really what would be a landmark judgment, you'd say.

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Speaker 2: Yeah, so the federal courts find the mining giant fifteen

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Speaker 2: thousand dollars in audit it to pay a total of

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Speaker 2: eighty three thousand, seven hundred dollars to eighty five workers

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Speaker 2: in Queensland for breaching national employment standards. It's not so

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Speaker 2: much about the money, it's about the ruling. I mean,

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Speaker 2: one hundred thousand to BHP isn't much money. The penalties

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Speaker 2: and compensation are the first to follow a precedent ruling

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Speaker 2: by a full federal court in twenty twenty three that

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Speaker 2: held that all employers must ask employees if they want

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Speaker 2: to work on public holidays. They can't just automatically roster

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Speaker 2: them on. The ruling applies regardless of agreements and contracts,

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Speaker 2: and extends to all sectors of the economy, from fast

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Speaker 2: food to retail, to podcasting to logistics help the whole lot.

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Speaker 2: An employer can still require workers to work on public

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Speaker 2: holidays if the employees refusal to its request is unreasonable

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Speaker 2: based on the nature of the work, but they have

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Speaker 2: to ask first. Quite an interesting little story, this one.

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Speaker 1: Yeah, it certainly isn't as you say, if it goes

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Speaker 1: to all sectors of the economy. I'm assuming that that

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Speaker 1: includes kind of small business as well.

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Speaker 2: Yeah, absolutely, and public holidays. Many small businesses are open, yeah,

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Speaker 2: and that people just get roustered on and people just accepted.

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Speaker 2: But if as an employee you can say you need

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Speaker 2: to ask me first, and if I say no, but

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Speaker 2: it is reasonably, but the employee things that's reasonable. That

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Speaker 2: you work. You still have to work, but you need

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Speaker 2: to be asked.

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Speaker 1: So it's almost like legislated courtesy kind of thing. Yes, yes,

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Speaker 1: goodness Okay. Now, surging lithium prices Sean thanks to expectations

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Speaker 1: of booming demand and less certainty around Chinese supply, has

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Speaker 1: really helped the local producers with pilber minerals, lintown resources

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Speaker 1: and mineral resources their share prices all surged yesterday.

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Speaker 2: So prices spot amine, the type of lithium that's mined

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Speaker 2: in Australia, have nearly doubled over the last year to

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Speaker 2: more than one thousand US dollars a ton, the highest

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Speaker 2: level since June twenty twenty four, according to data from

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Speaker 2: SMP Global Plats. Now a little context here. Lithium and

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Speaker 2: prices absolutely dived in twenty twenty two and twenty twenty

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Speaker 2: three as Chinese supply flooded the market. Some minds, including

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Speaker 2: one of Minrez's Western Australian minds was put into care

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Speaker 2: and maintenance mode. However, endless and now forecasting a rebound

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Speaker 2: in lithium and particularly spot amine because of a surge

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Speaker 2: in battery storage demand and a big jump in EV sales.

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Speaker 2: Pilbrig's share price is up more than fifteen percent in

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Speaker 2: two days, Minimal Resources ten percent line down. Resources up

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Speaker 2: twenty percent in just two days. Quite the bounce, and that.

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Speaker 1: About gold stocks as well, they saved Yesterday the price

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Speaker 1: of bullion jumped above forty one hundred US dollars.

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Speaker 2: An ounce, Yes, hit forty one forty US dollars announce

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Speaker 2: and optimism that the reopening of the us A government

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Speaker 2: shutdown would help clarify the federal reserves path forward on

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Speaker 2: interest rates. Companies like Northern Star, Ebolition Mining, Newmont all surged.

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Speaker 1: What about the rest of the market just quickly closed down.

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Speaker 2: SMPASX two hundred close down touched to eight thousand, eight

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Speaker 2: hundred and nineteen points. Would have been a better day

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Speaker 2: for that, but for that massive sell off in Commonwealth

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Speaker 2: bank shares. In fact, some of the banks did okay.

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Speaker 2: Westpac was up one and a half percent, others not

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Speaker 2: so good. Ben they Go and Adelaide tumbled eight percent

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Speaker 2: after it reported a disappointing September quarter. Away from the Banks,

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Speaker 2: Goodman Group, Telstra, Woodside, Aristocrat Leisure all did ok CSL

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Speaker 2: and four Toeskew Metals underperformed just quickly.

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Speaker 1: South Australia is the best state to do business, while

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Speaker 1: Victoria is the worst, according to the Business Council of

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Speaker 1: Australia's latest rankings of jurisdictions.

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Speaker 2: This had go down well depends where you are, which

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Speaker 2: premiere you are. The BCA warned that the Allen government's

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Speaker 2: high taxes and onerous red tape in Victoria is stifling

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Speaker 2: growth and driving investment away from the state. That includes

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Speaker 2: its uncompetitive payroll tax for and thresholds, high land tax

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Speaker 2: and stamp duty rates for land owners, and onerous regulation

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Speaker 2: to start a new business. Bam, whack, ouch, you just

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Speaker 2: hit them all over the place. South Australia was number

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Speaker 2: one for the third year, having the most competitive payroll

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Speaker 2: tax settings, planning system and licensing requirements compared to any

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Speaker 2: other state. Chief Executive of the BCA, Brand Black said

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Speaker 2: there had been improvements in New South Wales with recent

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Speaker 2: legislative changes, expediting the approvals process, which is needed for

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Speaker 2: the delivery of new developments, including more affordable homes. He

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Speaker 2: is critical of Queensland and South Australia for restrictive trading hours,

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Speaker 2: while complimentary of the Act and Northern Territory for having

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Speaker 2: the least restrictive trading hours.

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Speaker 1: Turn into International News Now and US President Donald Trump

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Speaker 1: hosted Syrian President Armad al Shara yesterday. This is the

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Speaker 1: first time. This is really quite significant. It's the first

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Speaker 1: time that Assyrian head of state has visited the White

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Speaker 1: House since it became independent in nineteen forty six.

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Speaker 2: Yes, so the Assad family has run Syria for a

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Speaker 2: long time, and it's pretty much always been a prior state.

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Speaker 2: It was part of George W. Bush's broader Axis of

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Speaker 2: Evil countries. You know, Iran, Iraq, and North Korea were

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Speaker 2: the original access of evil countries, according to Bush. He

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Speaker 2: then added Syria, Libya, and Cuba. Donald Trump welcomed Syria

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Speaker 2: into a US led global coalition to fight the Islamic

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Speaker 2: State Group. After the meeting, which was close to the media,

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Speaker 2: Trump said the US will do everything it can to

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Speaker 2: make Syria successful because it's part of the Middle East.

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Speaker 2: The meeting came after the US lifted sanctions imposed on Syria.

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Speaker 2: During the decades the country was ruled by the Assad family.

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Speaker 2: Now al Shaah himself. He led the rebel forces that

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Speaker 2: toppled ex Syrian president Bashah Assad last December. He was

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Speaker 2: named the country's interim leader in January. He was also

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Speaker 2: once tied to al Qaeda and had a ten million

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Speaker 2: US dollar bounty on his head. So anyway, the US

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Speaker 2: is trying to welcome Syria back to the files quickly

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Speaker 2: before we leave the US. The US, and it's approved

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Speaker 2: a compromise ending the longest government shutdown in US history.

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Speaker 2: It breaks the forty one day tale, mate, and now

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Speaker 2: food benefits for millions can be distributed again hopefully. Federal

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Speaker 2: workers can get back to work, can get paid, Air

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Speaker 2: traffic controllers can go back to work, all that sort

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Speaker 2: of stuff.

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Speaker 1: That is good news. Okay. Up next is Fear and

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Speaker 1: Greed Q and a Sean. As we mentioned before, we

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Speaker 1: are talking Commonwealth Bank and what it all means for investors. Really,

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Speaker 1: it's coming up next to the Fear and Greed playlist

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

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

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Speaker 1: daily newsletter.

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Speaker 2: Not no, it's not funny.

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Speaker 1: No extraordinary A touch melodramatic, perhaps, but only one way

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Speaker 1: to know sign up. I'll put a link in today's

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Speaker 1: show notes. Thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Wednesday, the twelfth of November twenty twenty five.

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

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Speaker 1: on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson.

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Speaker 1: And that was fear and greed. Have a great day.