1 00:00:03,760 --> 00:00:06,520 Speaker 1: It is Tuesday, the nineteenth of August twenty twenty five. 2 00:00:06,600 --> 00:00:09,200 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,240 --> 00:00:11,040 Speaker 1: where we give you the top five business stories you 4 00:00:11,080 --> 00:00:13,320 Speaker 1: need to know and just five minutes. Are Michael Thompson 5 00:00:13,360 --> 00:00:14,920 Speaker 1: and Good morning Natalie McDonald. 6 00:00:14,960 --> 00:00:16,600 Speaker 2: Good morning Michael, Natalie. 7 00:00:16,640 --> 00:00:19,520 Speaker 1: Five stories in five minutes. We better get cracking with 8 00:00:19,520 --> 00:00:22,320 Speaker 1: story number one. Pressure is building on the Prime Minister 9 00:00:22,440 --> 00:00:24,960 Speaker 1: and on the Treasurer to deliver at their Economic Reform 10 00:00:25,040 --> 00:00:27,680 Speaker 1: round Table. It kicks off today in Canberra. The business 11 00:00:27,680 --> 00:00:31,639 Speaker 1: community has united to declare our quote economic rule book 12 00:00:31,760 --> 00:00:35,200 Speaker 1: is out of date, while the Productivity Commission chair says 13 00:00:35,320 --> 00:00:39,879 Speaker 1: regulatory hairballs have found their way into almost every corner 14 00:00:39,960 --> 00:00:42,680 Speaker 1: of our economy, which is a great line, it really is. 15 00:00:42,920 --> 00:00:46,320 Speaker 2: The roundtable will bring together twenty four leaders from business unions, 16 00:00:46,360 --> 00:00:50,360 Speaker 2: politics and civil society, with vites ranging from till independent 17 00:00:50,360 --> 00:00:55,640 Speaker 2: Alegrispender to Lassian co founder Scott Farqua to address Australia's 18 00:00:55,640 --> 00:00:59,840 Speaker 2: stagnating productivity growth, which is prompted concern that younger generations 19 00:00:59,840 --> 00:01:03,000 Speaker 2: may be worse off than their parents. Deputy Leader Ted 20 00:01:03,080 --> 00:01:05,880 Speaker 2: O'Brien has been invited, although he did warn over the 21 00:01:05,880 --> 00:01:09,400 Speaker 2: weekend that the summit may be quote engineered to rubber 22 00:01:09,440 --> 00:01:13,760 Speaker 2: stamp labor policy. The summit will focus on three themes resilience, 23 00:01:13,800 --> 00:01:18,240 Speaker 2: productivity and budget sustainability with tax reform, including debates on 24 00:01:18,400 --> 00:01:22,560 Speaker 2: artificial intelligence, tax reform and cutting red tape. Day one 25 00:01:22,600 --> 00:01:26,039 Speaker 2: will focus on international risks and trade, with conversations on 26 00:01:26,160 --> 00:01:29,760 Speaker 2: skilled attraction, mobility and capital investment, and will feature insights 27 00:01:29,760 --> 00:01:31,399 Speaker 2: from RBA Governor Michelle Bullock. 28 00:01:31,720 --> 00:01:33,840 Speaker 1: Just quickly, what is on the agenda over the next 29 00:01:33,920 --> 00:01:36,000 Speaker 1: three days. What are they hoping to get out of this? 30 00:01:36,360 --> 00:01:39,160 Speaker 2: The roundtable will consider proposals drawn from more than nine 31 00:01:39,200 --> 00:01:43,160 Speaker 2: hundred submissions collected through a Treasury consultation, plus insights from 32 00:01:43,200 --> 00:01:46,920 Speaker 2: more than forty smaller industry specific forums, in addition to 33 00:01:47,080 --> 00:01:51,120 Speaker 2: advice from the Productivity Commission you mentioned earlier. The business community, 34 00:01:51,240 --> 00:01:55,120 Speaker 2: a MERGA group comprising the Business Council of Australia, the banks, miners, 35 00:01:55,160 --> 00:01:58,840 Speaker 2: tech companies are all calling for four key things. Reducing 36 00:01:58,880 --> 00:02:02,480 Speaker 2: red tape by twenty five by twenty thirty, improving planning 37 00:02:02,520 --> 00:02:06,720 Speaker 2: and major project approvals, boosting investment and innovation, and kickstarting 38 00:02:06,760 --> 00:02:10,920 Speaker 2: productive tax reform that doesn't raise costs for consumers. Or businesses. 39 00:02:11,520 --> 00:02:14,079 Speaker 2: The proposals have been as varied as they have been 40 00:02:14,280 --> 00:02:17,320 Speaker 2: many a new two tiered corporate tax system and new 41 00:02:17,400 --> 00:02:20,320 Speaker 2: national approach to using AI in the classroom, a road 42 00:02:20,440 --> 00:02:23,720 Speaker 2: user charge, and a legal exemption to copyright laws for 43 00:02:23,840 --> 00:02:28,200 Speaker 2: technology companies. Yesterday, Productivity Commission Chair Daniel Woods spoke at 44 00:02:28,240 --> 00:02:32,000 Speaker 2: the Press Club addressing some of those regulatory hair balls, 45 00:02:32,280 --> 00:02:35,160 Speaker 2: the red tape that she said is limiting our growth, 46 00:02:35,240 --> 00:02:38,760 Speaker 2: and she highlighted stamp duty as one area right for reform. 47 00:02:39,080 --> 00:02:42,040 Speaker 2: Em mckinna and poll of two thousand Australians show strong 48 00:02:42,080 --> 00:02:46,160 Speaker 2: support for immediate economic reforms. Fifty one percent back major 49 00:02:46,200 --> 00:02:49,840 Speaker 2: reform now, sixty four percent want consultation without waiting for 50 00:02:49,840 --> 00:02:53,200 Speaker 2: the next election, and only ten percent oppose action this term. 51 00:02:53,440 --> 00:02:56,120 Speaker 1: Okay, moving on to story number two. Now, a national 52 00:02:56,160 --> 00:02:59,919 Speaker 1: Australia bank has admitted to underpaying staff due to payroll 53 00:03:00,120 --> 00:03:04,160 Speaker 1: system errors, setting aside one hundred and thirty million dollars 54 00:03:04,320 --> 00:03:06,560 Speaker 1: this financial year to address the issue. 55 00:03:06,680 --> 00:03:10,240 Speaker 2: A review uncovered failures to recognize entitlements such as overtime, 56 00:03:10,320 --> 00:03:13,760 Speaker 2: penalty rates and long service leave. NAB has not disclosed 57 00:03:13,760 --> 00:03:16,560 Speaker 2: how many employees are affected, but said it is working 58 00:03:16,600 --> 00:03:20,079 Speaker 2: with the farework Onwardsman and the finance sector union. It's 59 00:03:20,120 --> 00:03:23,720 Speaker 2: not the first time NABS faced a payroll scandal. A 60 00:03:23,800 --> 00:03:26,320 Speaker 2: previous error costs the bank two hundred and fifty million 61 00:03:26,400 --> 00:03:29,720 Speaker 2: dollars between twenty twenty and twenty twenty two, with under 62 00:03:29,720 --> 00:03:33,240 Speaker 2: payment stretching back to twenty twelve. The announcement came alongside 63 00:03:33,320 --> 00:03:35,920 Speaker 2: NAB's Dune quarter results, with cash earnings of one point 64 00:03:35,960 --> 00:03:38,760 Speaker 2: seven billion dollars down one percent due to higher credit 65 00:03:38,840 --> 00:03:42,520 Speaker 2: and pairment charges, while revenue grew three percent. Work expenses 66 00:03:42,760 --> 00:03:46,280 Speaker 2: rows three percent, partly due to remediation costs. 67 00:03:46,520 --> 00:03:51,240 Speaker 1: Story number three. Story number three. Former Prime Minister Malcolm 68 00:03:51,280 --> 00:03:56,839 Speaker 1: Turnbull has slammed corporate complacency over cybersecurity, warning businesses that they, 69 00:03:57,120 --> 00:04:00,440 Speaker 1: not government, are responsible for protecting customers data. 70 00:04:00,840 --> 00:04:04,240 Speaker 2: A report from security firm Sempress found fifty two percent 71 00:04:04,280 --> 00:04:07,720 Speaker 2: of cyber attax occur on weekends or holidays, when IT 72 00:04:08,000 --> 00:04:12,360 Speaker 2: teams are understaffed. Alarmingly, one in three Australasian companies was 73 00:04:12,480 --> 00:04:15,320 Speaker 2: hit more than once in the past year, with forty 74 00:04:15,360 --> 00:04:19,040 Speaker 2: three percent of Australian victims even threatened with physical harm. 75 00:04:19,360 --> 00:04:22,840 Speaker 2: Turnbull said executives too often treat ransomware as a mere 76 00:04:23,000 --> 00:04:27,359 Speaker 2: cost of doing business, and criticize PM Anthony Albanesi's suggestion 77 00:04:27,440 --> 00:04:31,680 Speaker 2: that hacks happen all the time. Seeing such comments breed complacency, 78 00:04:32,240 --> 00:04:36,280 Speaker 2: the former PM urged directors to personally understand cyber risks, 79 00:04:36,320 --> 00:04:38,880 Speaker 2: saying if you're a business leader, you have a duty 80 00:04:38,920 --> 00:04:41,600 Speaker 2: to defend your company or your inviting disaster. 81 00:04:42,000 --> 00:04:44,800 Speaker 1: Story number four just a quick one. Australia is lagging 82 00:04:44,839 --> 00:04:48,320 Speaker 1: behind global peers in adopting the four day workweek, with 83 00:04:48,520 --> 00:04:52,640 Speaker 1: Unilever and Booper both abandoning trials despite evidence that it 84 00:04:52,720 --> 00:04:56,240 Speaker 1: can boost productivity, reduce burnout and improve well being. 85 00:04:56,720 --> 00:04:59,840 Speaker 2: Trials in the UK showed companies reported revenue growth and 86 00:05:00,000 --> 00:05:03,200 Speaker 2: a sixty five percent fall in six days, while Belgium 87 00:05:03,320 --> 00:05:07,360 Speaker 2: legislated shorter weeks in twenty twenty two. Yet local uptake 88 00:05:07,440 --> 00:05:11,279 Speaker 2: has been patchy, with Unilever and Booper both ditching the model, 89 00:05:11,360 --> 00:05:14,960 Speaker 2: calling it too rigid. Smaller firms have had some success 90 00:05:15,000 --> 00:05:18,839 Speaker 2: by adopting flexible versions, allowing staff time off around workloads 91 00:05:18,839 --> 00:05:23,440 Speaker 2: and refining policies regularly. HR experts say that without deeper 92 00:05:23,480 --> 00:05:27,040 Speaker 2: cultural change, a mandated four day week risks being another 93 00:05:27,279 --> 00:05:29,880 Speaker 2: one size fits or fix a sort of orses or 94 00:05:30,040 --> 00:05:33,559 Speaker 2: no substance kind of measure. The Australian Council of Trade 95 00:05:33,640 --> 00:05:36,960 Speaker 2: Unions will push the idea at this week's Productivity Summit. 96 00:05:37,200 --> 00:05:40,520 Speaker 1: Last one story number five. Meta's multi billion dollar push 97 00:05:40,560 --> 00:05:44,000 Speaker 1: into artificial intelligence is running into a few problems. Months 98 00:05:44,040 --> 00:05:47,120 Speaker 1: on from launching the Meta ai app as a standalone 99 00:05:47,200 --> 00:05:50,560 Speaker 1: rival to chet jpat users are complaining that the tech 100 00:05:50,680 --> 00:05:52,920 Speaker 1: is glitchy, impersonal, and inconsistent. 101 00:05:53,520 --> 00:05:56,880 Speaker 2: Unlike competitors, the app includes a discover feed of AI 102 00:05:57,000 --> 00:06:00,680 Speaker 2: generated images and texts, but posts often appear days old, 103 00:06:00,800 --> 00:06:04,680 Speaker 2: undercutting its relevance, reports Bloomberg. In private chats, the system 104 00:06:04,680 --> 00:06:08,160 Speaker 2: has been found to fabricate details, and conversations don't carry 105 00:06:08,200 --> 00:06:12,200 Speaker 2: across metas platforms, from Facebook to Instagram to WhatsApp. A 106 00:06:12,200 --> 00:06:15,760 Speaker 2: Reddit thread titled who hates Meta Ai has drawn tens 107 00:06:15,839 --> 00:06:19,080 Speaker 2: of thousands of upvotes. Meta says this is only the 108 00:06:19,120 --> 00:06:22,240 Speaker 2: beginning and the updates are coming as Meta invests heavily 109 00:06:22,360 --> 00:06:24,320 Speaker 2: in AI talent and infrastructure. 110 00:06:24,680 --> 00:06:26,840 Speaker 1: All right, there we go, the top five business stories 111 00:06:26,880 --> 00:06:29,320 Speaker 1: in five minutes. Thank you very much, Natalie, Thank you Michael. 112 00:06:29,400 --> 00:06:31,839 Speaker 1: It is Tuesday, the nineteenth of August twenty twenty five. 113 00:06:31,880 --> 00:06:34,359 Speaker 1: Remember to hit follow on the podcast any five minutes 114 00:06:34,360 --> 00:06:36,599 Speaker 1: isn't enough. You can find our longer daily show called 115 00:06:36,600 --> 00:06:38,840 Speaker 1: Beer and Grade where if you listen to podcasts. I'm 116 00:06:38,880 --> 00:06:41,080 Speaker 1: Michael Thompson and that was the Fast five Business news 117 00:06:41,080 --> 00:06:42,760 Speaker 1: by Beer and Grade. Have a great day.