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Speaker 1: Welcome to the weekend edition of the Fast Five Business

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Speaker 1: News by Fear and Greed. A'm Michael Thompson and Hello Sean.

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Speaker 2: Aylmer, Hello Michael Sean.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes on the weekend, though

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Speaker 1: we still keep it to five minutes, of course, but

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Speaker 1: we're going to pick out the biggest business story of

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Speaker 1: the week, the most remarkable business story, the sleeper story

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Speaker 1: of the week, one that's maybe flying under the radar

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Speaker 1: a little bit, and our favorite story. Let's jump straight

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Speaker 1: into the biggest one though, Sean, what was the biggest

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Speaker 1: story of the week?

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Speaker 2: Oh, I think the convulsions in global equity markets over

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Speaker 2: the past week. They are pretty wild, wiping off hundreds

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Speaker 2: of billions of dollars in value and then gaining hundreds

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Speaker 2: of billions of dollars in value as well. Great way

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Speaker 2: for investors to lose money this sort of volatility. Earlier

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Speaker 2: in the week, the ASX two hundred lost five and

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Speaker 2: a half percent in two sessions, Wall Street tumble. The

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Speaker 2: Japanese market one day was down thirteen percent, only to

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Speaker 2: rebound ten percent the next day. The reason for the

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Speaker 2: moves Investeds had convinced themselves that the US economy wasn't

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Speaker 2: going into recession. Then there was a bunch of numbers

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Speaker 2: that suggested the US economy was pretty weak. People started

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Speaker 2: worrying about a recession. They repriced markets. It was kind

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Speaker 2: of rational, but just ferocious. Now the likelihood of a

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Speaker 2: recession in the US went from almost nothing to maybe

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Speaker 2: around thirty percent. Where we're trading at is about where

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Speaker 2: we've been for most of the last five or six months.

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Speaker 2: So it's all kind of normal and fits into the puzzle.

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Speaker 2: But what a wild week for markets.

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Speaker 1: Yeah, certainly. Was the other big story this week, Sean,

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Speaker 1: was the Reserve Bank Board's decision this week, not just

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Speaker 1: the fact that they left interest rates on hold, but

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Speaker 1: the fact that they didn't even consider cutting them at all.

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Speaker 1: Only two options were on the table, raising rates or

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Speaker 1: holding for a long time. Inflation is still too high.

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Speaker 1: It all means that for mortgage holders, really there's no

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Speaker 1: rate cuts anytime soon. Plenty of very experienced economists were

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Speaker 1: tipping a cut as soon as November, not anymore. Won't

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Speaker 1: be this year at all. The Reserve Bank Governor Michelle

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Speaker 1: Bulloch has warned that the RBA won't hesitate to raise

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Speaker 1: rates again if needed if inflation looks like it's getting

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Speaker 1: out of hand. So we end the week in a

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Speaker 1: vastly different position to where we started it. And there

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Speaker 1: was also a political angle to with the Governor taking

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Speaker 1: a bit of a veiled shot at government spending as

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Speaker 1: suggesting that maybe it was contributing to the ongoing inflation challenge.

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Speaker 1: The Treasurer rejected at the Prime Minister did too, but

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Speaker 1: had just added to really the theater of what was

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Speaker 1: one of the biggest stories of the week.

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Speaker 2: Sure was, Michael, what was your most remarkable story this week?

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Speaker 1: Also, I want you to imagine if you can having

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Speaker 1: your pay docked by nine million dollars, it is a

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Speaker 1: card for us to imagine, because to do so you

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Speaker 1: actually need to be earning at least nine million dollars.

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Speaker 1: But it happened this week, and it happened to form

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Speaker 1: a quantus CEO Alan Joyce, he lost nine point three

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Speaker 1: million dollars of his twenty twenty three pay, meaning he

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Speaker 1: earned still earned fourteen point nine million dollars for the year,

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Speaker 1: but it's a big chunk gone because a board commissioned

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Speaker 1: review found mistakes made by the airlines management created and

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Speaker 1: I quote significant reputational and customer service issues. This was

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Speaker 1: all unfolding about twelve months ago. Quantas had a bump

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Speaker 1: of profit, but then the CEO was in front of

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Speaker 1: parliamentary committee about the cost of living at high airfares.

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Speaker 1: There were problems with late flights, lost baggage, customers being

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Speaker 1: on hold for hours, legal action by the hriable c

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Speaker 1: of affairs sold by Quantas on flights that had already

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Speaker 1: been canceled. Then a High court ruling that found that yes,

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Speaker 1: seventeen hundred consist workers had been sacked illegally during the pandemic.

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Speaker 1: This review shows us, though, what was happening inside, and

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Speaker 1: it found that there was too much deference to a

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Speaker 1: long tenured CEO, the board, not challenging management, ignoring non

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Speaker 1: financial risks, a command and control leadership style, and an

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Speaker 1: adversarial approach to engagement with key stakeholders. And for all

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Speaker 1: of that, the then CEO, Alan joce has been docked

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Speaker 1: nine point three million dollars.

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Speaker 2: Ouch.

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Speaker 1: Yeah, remarkable. Now sleeper story have you found one for us? Sean,

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Speaker 1: I do I reckon work from home is ending? I

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Speaker 1: think this week we found that out when the New

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Speaker 1: South Wales Labor government ordered all of the state's public

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Speaker 1: servants back to work. Is about four hundred and fifty

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Speaker 1: thousand of those people. Workers are now expected to use

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Speaker 1: offices across the whole working week, which will impact small

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Speaker 1: businesses than the CBD and in a good way. Coffee

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Speaker 1: shops people like that. Also, it helped vacancy rates and

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Speaker 1: it'll change the dynamics of the transport systems. In fact, Transurban,

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Speaker 1: the toleraid operator, came out this week and said it

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Speaker 1: expects revenue to increase because of the decision. It'll also

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Speaker 1: hit all those little coffee shops in the suburbs as well.

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Speaker 1: The head of the Premier's Department, Simon Drapers, said it

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Speaker 1: wasn't a mandate but rather advice. Premier Chris Min's put

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Speaker 1: it much better. I quote, you can't be a nurse

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Speaker 1: in trackie dacks in the land's room, and you can't

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Speaker 1: teach a class in your backyard while you're doing jobs

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Speaker 1: around the house. Indeed, Western Australia and Tasmania have also

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Speaker 1: told stafter return to the office in the Act, South Australia,

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Speaker 1: Queensland and federally they've all formalized hybrid types of working.

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Speaker 1: On the back of this micl I reckon over the

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Speaker 1: next decade we'll almost get back to the same level

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Speaker 1: of office occupancy as we had pre COVID. Yeah, I reckon,

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Speaker 1: you might be right there, Sean Look favorite story of

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Speaker 1: the week. I know I mentioned this one last week,

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Speaker 1: but it's hard not to do it again. And it

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Speaker 1: is the Olympics. Of course. It's hard not to get

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Speaker 1: behind our most sc ccessful Olympic team ever in terms

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Speaker 1: of the most gold medals we have ever won. A

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Speaker 1: spectacular display Sean of Earth of athleticism across a huge

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Speaker 1: range of disciplines. I haven't been able to peel myself

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Speaker 1: away from the TV now for the last fortnight. I'm

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Speaker 1: actually looking forward to the Olympics being over so I

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Speaker 1: can get some sleep again.

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Speaker 2: Yep, hard to beat there on. Just a special mention

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Speaker 2: to dol Chan and Gabanna. This week introduced a new

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Speaker 2: fragrance for dogs. Yep. For dogs, about one hundred and

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Speaker 2: seventy bucks a bottle. It's a growing sector. There's a

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Speaker 2: crowd called hound. It also has a perfume called beach

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Speaker 2: Bum natural perfume for lady dogs. Another group called Peanut

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Speaker 2: and Peekle has a selection of fragrances coconut, sea, salt, peppermint, grapefruit, cetera.

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Speaker 2: Even Queen Elizabeth the second couple of years ago, introduced

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Speaker 2: to a perfume for her corgi's growing industry. I don't

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Speaker 2: know why it's my favorite story. I just think it's funny.

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Speaker 1: From the Olympics to dog perfume. You cannot say that

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Speaker 1: we are not comprehensive on this show. Sean Rice five

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Speaker 1: minutes and pretty much everything you need to know in

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Speaker 1: the world of business.

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Speaker 2: Thank you, Sean, Thank you, Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and x.

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Speaker 1: Michael Thompson and this is the Fast five business news

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Speaker 1: by Fear and Greet