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Speaker 1: It's Tuesday, the eighteenth of June twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five stories in five minutes. Let's go story number one.

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Speaker 1: Chinese Premier Le Chung and Prime Minister Anthony Albanezi held

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Speaker 1: what was described as candid talks yesterday over the differences

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Speaker 1: between the two countries, but in the end they were

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Speaker 1: both there smiling quite happily for the photo opportunity, sure were.

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Speaker 2: The two leaders announced plans to streamlined visa access between

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Speaker 2: the two countries and strengthen the free trade agreement. All

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Speaker 2: elevenues of government government dialogue will be restored, and the

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Speaker 2: Prime Minister said the two countries had renewed and revitalized

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Speaker 2: their engagement. He said the discussion strength and Tea's view

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Speaker 2: that it's critical for countries to engage given the geographic

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Speaker 2: and economic connections and the bonds between people. Mister Lee

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Speaker 2: said of China and Australia could seek common ground while

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Speaker 2: shelving their differences. It's a first trip by Chinese leader

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Speaker 2: since twenty seventeen, and it came with some angst. Pro

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Speaker 2: and anti Chinese campaigners gathered outside Parliament and there were

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Speaker 2: occasional clashes between them.

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Speaker 1: Sean clearly there was plenty of positive sentiment in the meeting,

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Speaker 1: but what does it really mean? What difference is this

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Speaker 1: actually going to make?

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Speaker 2: Were there were some tangible outcomes. In fact, the two

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Speaker 2: of them oversaw five new agreements, one on free trade,

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Speaker 2: another on expanding economic dialogue. There's cooperation and climate change,

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Speaker 2: education and research and collaboration and exchanges in the arts.

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Speaker 2: China and Australia also want to improve military to military

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Speaker 2: communication to avoid incidents. We've seen a couple of those

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Speaker 2: over the last few months. Also, the two countries will

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Speaker 2: implement reciprocal access to multi entry visas of up to

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Speaker 2: three to five years for business, tourism and visiting family members.

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Speaker 2: Mister lisaid Australia would also be included in China's visa

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Speaker 2: waiver program. Probably that means being able to visit China

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Speaker 2: forro up to fifteen days without a visa, just as

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Speaker 2: an aside. There was also some controversy when Australian journalist

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Speaker 2: Changli appeared to be blocked from cameras during a signing

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Speaker 2: ceremony yesterday. Now, Chang was released from a Chinese prison

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Speaker 2: in October last year. She now works for Sky News.

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Speaker 2: It just appeared that she was being blocked by Chinese officials.

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Speaker 1: Sean story number two. The former boss of the AFL,

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Speaker 1: Gillan McLoughlin, has been appointed chief executive of gaming group Tabcourp.

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Speaker 2: It's probably a bit of a high risk player for

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Speaker 2: both Tabcorp and McLoughlin. While he is respected for the

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Speaker 2: way he ran the AFL running listed entity, is a

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Speaker 2: very different beast. Chair of TAB Corp, Bruce Akhurst said,

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Speaker 2: mister McLachlan was one of Australia's leading CEOs and he

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Speaker 2: has a deep understanding of sport, racing and wagering as

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Speaker 2: well as commercial acumen. He succeeds Adam Wrighten Skilled, who

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Speaker 2: left the group in March after the board launched investigation

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Speaker 2: into whether he used inappropriate and offensive language, something he

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Speaker 2: says he doesn't recall. Now. Mister Wrighton Skilled was his

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Speaker 2: first chief executive of TAB Corps since the business was

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Speaker 2: divided into two the other part is the Lottery Corporation.

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Speaker 2: Mister McLachlan, of course oversaw the AFL for ten years.

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Speaker 2: In that time revenue more than doubled. You'll also act

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Speaker 2: as an advisor to Blackstone, the pe group that owns

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Speaker 2: Crown Resorts, which I would have thought was the competitor. Anyway,

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Speaker 2: we'll see how that guys.

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Speaker 1: Storing Number three, How about the federal politicians set together

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Speaker 1: three and half percent wage increase, lifting the base salary

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Speaker 1: for a backbend MP to two hundred and thirty three thousand,

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Speaker 1: six hundred and fifty one dollars.

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Speaker 2: The Independent Remuneration Tribunal announced the decision yesterday. As a

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Speaker 2: base goes up, so to do other pay rates such

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Speaker 2: as shadow ministers and the Speaker of the House of Representatives.

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Speaker 2: The increase is less than the three point seventy five

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Speaker 2: percent awarded by the Fair Work Commission two weeks ago

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Speaker 2: to Australia's lowest paid workers, also less than the inflation rate.

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Speaker 2: For the record, the Prime Minister earns a base rate

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Speaker 2: plus a one hundred and sixty percent additional salary for

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Speaker 2: being PM, he'll end up with six hundred and six

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Speaker 2: thousand dollars. Opposition leader Peter Dutton will receive four hundred

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Speaker 2: and seventeen thousand dollars, just as comparison, US President Joe

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Speaker 2: Biden makes four hundred thousand in US, about the same

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Speaker 2: as Anthony Albanezi in Australian dollars. The leader Singapore best

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Speaker 2: paid about three point three million Aussie dollars.

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Speaker 1: There you go, story number four. Social media Sean is

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Speaker 1: poised to overtake traditional media as people's main source of news.

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Speaker 1: The interesting thing is, though, this is across all age groups.

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Speaker 2: Yeah.

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Speaker 1: So.

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Speaker 2: The University of Canberra's Digital News Reports survey two thousand Australians,

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Speaker 2: and fifty six percent said television had been a source

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Speaker 2: of news in the prior week. Forty nine percent said

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Speaker 2: social media. TV was down two percentage points. Socials are

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Speaker 2: up four percentage points. You repeat that next year and

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Speaker 2: well it's about even Stevens. The report's lead author, Sara Park,

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Speaker 2: said social media is becoming a major way for accessing

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Speaker 2: news for everyone, not just young people. In terms of

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Speaker 2: Facebook and YouTube, the majority said they looked for journalists

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Speaker 2: and news media on TikTok and x. It was just

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Speaker 2: normal people rather than mainstream news. Among gen and Zen,

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Speaker 2: defined as those born between ninety seven and twenty twelve,

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Speaker 2: seventy four percent say social media is a source of news.

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Speaker 2: Baby Boomer said about thirty four percent Facebook is most

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Speaker 2: used for news. They had of YouTube, Instagram.

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Speaker 1: And x last one sean story number five. Wells Fargo

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Speaker 1: fired more than a dozen employees last month after investigating

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Speaker 1: claims that they were faking work from their desks.

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Speaker 2: Yes, the staffers, all in the firm's wealth and Investment

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Speaker 2: management unit, were discharged after review of allegations involving simulation

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Speaker 2: of keyboard activity creating impression of active work. According to

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Speaker 2: disclosures filed with the Financial Industry Regulation Authority, devices and

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Speaker 2: software to imitate employee activities, sometimes known as mousenedters or

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Speaker 2: mouse jiggers, took off during the pandemic. You can now

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Speaker 2: buy them for about twenty bucks on Amazon dot com.

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Speaker 2: There's also plenty of plenty of chat on social media

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Speaker 2: about swapping tips, how best to use these to make

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Speaker 2: it look as if you are working now. It's unclear

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Speaker 2: from the disclosures whether the employees at Wills Fargo were

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Speaker 2: working from home or work, but you would imagine it

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Speaker 2: would be from home. Michael, anyway, as I'm sure you'll agree.

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Speaker 2: It almost sounds like an episode of the Simpsons or something.

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Speaker 1: Yeah, Sean, I think you might be right. Once again,

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Speaker 1: the Simpsons accurately predicting the future. That's it, the top

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Speaker 1: five business stories in five minutes. Thank you, Sean, Thank

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Speaker 1: you Michael. It's Tuesday, the eighteenth of June twenty twenty four.

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Speaker 1: Remember to hit follow on the podcast, and if five

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Speaker 1: comes out tomorrow morning. So you better get onto that today.

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Speaker 1: I'm Michael Thompson and that was the fast five business

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Speaker 1: news by Fear and Greed. Have a great day.