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

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Speaker 1: The business community unites Today. The business community unites as

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Speaker 1: pressure ramps up. On day one of the government's economic

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Speaker 1: reform round table, National Australia Bank admits to underpaying staff

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Speaker 1: and a former Prime minister slams Australian bosses for their

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Speaker 1: attitude to cybersecurity, plus a record fine for Quantus, and

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Speaker 1: Meta runs into problems with its AI. It is Tuesday,

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Speaker 1: the nineteenth of August twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning Natalie McDonald.

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Speaker 2: Good morning Michael.

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Speaker 1: The main story, Natalie. Pressure is building on the Prime

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Speaker 1: Minister and on the Treasurer to deliver at their economic

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Speaker 1: reform round table, which kicks off today in Canberra. It

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Speaker 1: feels like we've been talking about it forever, but it

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Speaker 1: is finally here. The business community has united to declaire

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Speaker 1: out and this is a quote. Economic rule book is

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Speaker 1: out of date, while the Productivity Commission chair says regular

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Speaker 1: tree hair balls have found their way into almost every

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Speaker 1: corner of our economy, which is a great line.

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Speaker 2: Isn't it. That really is But the roundtable, as you say,

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Speaker 2: it feels like we've been discussing this for whatever. I

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Speaker 2: will bring together twenty four leaders from business, at union's

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Speaker 2: politics and civil society, with invitees ranging from TILL independent

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Speaker 2: allegris Bender to Atlatan co founder Scott Farqua to address

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Speaker 2: Australia's stagnating productivity growth, which is prompt to concern that

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Speaker 2: younger generations may be worse off than their parents. The

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Speaker 2: federal position is going Depthy leader Ted O'Brien has been invited,

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Speaker 2: although he did warn over the weekend that the summit

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Speaker 2: may be quote engineered to rubberstamp labor policy. The summit

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Speaker 2: will focus on three themes resilience, productivity, and budget sustainability

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Speaker 2: with tax reform, including debates on artificial intelligence, tax reform

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Speaker 2: and cutting red tape. Day one will focus on international

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Speaker 2: risks and trade with conversations on skills, attraction, mobility and

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Speaker 2: capital investment, and will feature insights from RBA Governor Michelle Bullock.

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Speaker 1: This is actually quite a scaled down round table. In

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Speaker 1: the past we've seen these kind of summits there are

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Speaker 1: potentially hundreds of people there, and the famous one back

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Speaker 1: in I think it was twenty and eight, the twenty

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Speaker 1: twenty summit that Kevin Rudd held where there were so

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Speaker 1: many people there from all walks of life, a lot

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Speaker 1: of celebrities. There were big name kind of celebrities and

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Speaker 1: sports people and business people and all of these coming

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Speaker 1: together with big ideas. There's only twenty four people attending this,

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Speaker 1: so it is quite small. What's on the agenda over

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Speaker 1: the next three days and what are they hoping to

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Speaker 1: kind of get through?

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Speaker 2: The roundtable will consider proposals drawn from more than nine

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Speaker 2: hundred submissions collected through a Treasury consultation, plus insights from

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Speaker 2: more than forty smaller industry specific forums, in addition to

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Speaker 2: advice from the Productivity Commission you mentioned earlier. The business community,

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Speaker 2: a megagroup prising the Business Council of Australia, the Bank's miners,

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Speaker 2: tech companies, are calling for four key things. They are

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Speaker 2: reducing red tape by twenty five percent by twenty thirty,

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Speaker 2: improving planning a major project approvals, boosting investment and innovation,

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Speaker 2: and kickstarting productive tax reform that doesn't phrase costs for

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Speaker 2: consumers or businesses. The proposals, as mentioned have been as

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Speaker 2: varied as they have been many A new two tier

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Speaker 2: corporate tax system, a new national approach to using AI

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Speaker 2: in the classroom, a road user charge, and a legal

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Speaker 2: exemption to copyright laws for technology companies. Yesterday, Productivity Commission

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Speaker 2: Chair Daniel Woods spoke at the Press Club addressing some

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Speaker 2: of those regulatory hair balls. Again a great phrase the

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Speaker 2: red tape that she said is limiting our growth and

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Speaker 2: highlighting stamp duty as one area ripe for reform and

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Speaker 2: McKinnon poll of two thousand Australians shows strong public support

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Speaker 2: for immediate economic reforms. Fifty one percent back major reform now,

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Speaker 2: sixty four percent want consultation without waiting for the next election,

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Speaker 2: and only ten percent oppose action this term, which does

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Speaker 2: beg the question what will be done now? What will

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Speaker 2: be held until just before the next election cycle as

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Speaker 2: far as what can actually be done? But amazing that

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Speaker 2: the numbers show Australians want action now.

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Speaker 1: Yeah, they want change. Did you know that Hugh Jackman

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Speaker 1: and Kate Blanchette were at the one? I mentioned that

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Speaker 1: Kevin Rudbin back in two thousand and eight, which makes

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Speaker 1: me think there is a severe lack of star power

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Speaker 1: in Canberra. Over the next three days. Where's Hugh is

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Speaker 1: he in the country?

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Speaker 2: I don't know we'll track him down there. We'll send

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Speaker 2: him a on to Canberra.

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Speaker 1: He might pop up now. Moving away from politics and

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Speaker 1: moving away from Canberra, National Australia Bank has admitted to

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Speaker 1: underpaying staff due to payroll system errors and it's not

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Speaker 1: a small issue. They have set aside one hundred and

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Speaker 1: thirty million dollars this financial year to address the issue.

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Speaker 2: Our review uncovered failures to recognize entitlements such as overtime,

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Speaker 2: penalty rates and long service leave. NAB has not disclosed

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Speaker 2: how many employees are affected, but said it is working

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Speaker 2: with the Fair Work Onwardsman and the Finance Sector Union.

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Speaker 2: Important to note, though, this is not the first time

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Speaker 2: that NABS faced a payroll scandal. A previous error cost

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Speaker 2: the bank two hundred and fifty million dollars between twenty

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Speaker 2: twenty and twenty twenty two, with underpayment stretching all the

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Speaker 2: way back to twenty twelve. The announcement came alongside nabs

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Speaker 2: dune quarter results, with cash earnings of one point seven

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Speaker 2: billion dollars down one percent due to higher credit impairment charges.

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Speaker 2: Revenue grew three percent, while expenses rows three percent, partly

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Speaker 2: due to remediation costs.

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Speaker 1: It was overall a pretty reasonable day for the banks. Yesterday,

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Speaker 1: how did local markets perform?

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Speaker 2: As a record intra day high for the sixth consecutive session,

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Speaker 2: the SMP airsex two hundred rowse twenty points or point

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Speaker 2: two percent to eighty nine hundred and fifty nine after

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Speaker 2: setting a record intra day high of eight thousand, nine

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Speaker 2: hundred and sixty three in a fairly turbulent session. Actually

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Speaker 2: that saw the BOSS swing multiple times between gains and losses,

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Speaker 2: investors focusing on what has so far been a stronger

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Speaker 2: than expected start reporting season, with about half of all

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Speaker 2: companies reporting a beat. According to UBS, The banking sector

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Speaker 2: pulled the market higher, with materials the main drag.

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Speaker 1: All right, we're going to take a very quick break.

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Speaker 1: While we do so, why not head along to Fearangreed

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Speaker 1: dot com dot au and sign up for the free

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Speaker 1: daily newsletter. It lands in your inbox every morning by

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Speaker 1: six am with just the key stories you need to

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Speaker 1: know for the day. It takes about three minutes to read.

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Speaker 1: I'll put a link in today's show notes as well.

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Speaker 1: All you need is your email address and a way

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Speaker 1: you go. We'll be back in a moment with the

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Speaker 1: rest of the Day's Business News. Natalie Quantas has been

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Speaker 1: fined ninety million dollars, the largest workplace penalty in Australian

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Speaker 1: corporate history, for illegally sacking one eighth and twenty groundstaff

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Speaker 1: in twenty twenty during the pandemic.

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Speaker 2: Justice Michael Lee ruled the outsourcing was carefully planned and

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Speaker 2: aimed at undermining workers industrial rights. He was also critical

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Speaker 2: of former CEO Alan Joyce and the airline's attempts to

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Speaker 2: obscure decision making, in addition to noting Curren CEO Vanessa

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Speaker 2: Hudson's failure to testify, saying Quantas showed the wrong kind

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Speaker 2: of sorry, which I'm sorry. This just sounds like it

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Speaker 2: needs to be a country record, this.

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Speaker 1: Cou history song, the wrong kind of sorry. Well, the

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Speaker 1: thing is Justice Michael Lee just has a knack for

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Speaker 1: that kind of thing. He can deliver a line with

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Speaker 1: the best of them.

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Speaker 2: And one of the things that we were sort of

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Speaker 2: waiting to hear about we spoke yesterday about the question

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Speaker 2: regarding who the payment will go to. Of the penalty,

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Speaker 2: fifty million dollars will go to the Transport Workers' Union.

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Speaker 2: Well forty million dollars is reserved for potential payments to

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Speaker 2: affected employees. Of course, this is an addition to the

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Speaker 2: sum that was already paid out to them previously. The

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Speaker 2: court also appointing a contradictor to manage competing claims.

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Speaker 1: Former Prime Minister Turnbull, who's been pretty quiet lately. You

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Speaker 1: would have thought that he would have popped up as

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Speaker 1: all the talk of the reform round table that he

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Speaker 1: might have been contributing at some point, but no, it's

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Speaker 1: been pretty quiet until now. He has now slammed corporate

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Speaker 1: complacency over cybersecurity, warning businesses that they, not government, are

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Speaker 1: responsible for protecting customer data.

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Speaker 2: And I actually enjoy this from him, but you're right,

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Speaker 2: he does seem to have just emmersed certainly through the darkness.

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Speaker 1: Certainly gets some attention though when he pops back up

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Speaker 1: for sure.

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Speaker 2: A report from security firm Cempress found fifty two percent

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Speaker 2: of cyber attaxica on weekends or holidays, when it teams

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Speaker 2: are understaff because it's the weekend. Alarmingly, one in three

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Speaker 2: Australasian companies was hit more than once in the past year,

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Speaker 2: with forty three percent of Australian victims even threatened with

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Speaker 2: physical harm. Turnbull said executives too often treat ransomware as

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Speaker 2: a mere cost of doing business, and criticize PM Anthony

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Speaker 2: Albernizi's suggestion that hacks happen quote all the time, saying

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Speaker 2: that such comments breed complacency. The former PM urged directors

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Speaker 2: to personally understand cyber risks, saying, if you're a business leader,

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Speaker 2: you have a duty to defend your company or your

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Speaker 2: inviting disaster. Honestly, I like this from him.

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Speaker 1: Yeah, no, it is. It is quite good, isn't it.

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Speaker 1: We did touch on reporting season earlier when we're talking

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Speaker 1: about NAB and the record run that reporting season has

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Speaker 1: really offered the local sharemaker. What was it six consecutive

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Speaker 1: days now of intra day highs. Let's take a look

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Speaker 1: at some of the other key numbers from yesterday.

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Speaker 2: A two Milk delivering a record annual sales of one

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Speaker 2: point nine billion New Zealand dollars, up thirteen and a

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Speaker 2: half percent on the prior year, while net profit rose

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Speaker 2: twenty one percent. The company is eyeing an expansion into

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Speaker 2: China with the purchase of a manufacturing facility in New

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Speaker 2: Zealand for two hundred and eighty two million at New

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Speaker 2: Zealand dollars, shares finishing the day more than three percent

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Speaker 2: higher at eight dollars twenty three. Lend Lease this is

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Speaker 2: a great story. Back in Black returned to a profit

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Speaker 2: of two hundred and twenty five million dollars in the

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Speaker 2: year to June from a loss of one point five

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Speaker 2: billion dollars the previous year. Shares up six percent to

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Speaker 2: five dollars in ninety two. Meanwhile, Bluescope Steel fell more

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Speaker 2: than three percent to twenty three dollars forty eight after

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Speaker 2: it's full year net profit tumbled to eighty three point

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Speaker 2: eight million dollars from eight hundred and six million dollars

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Speaker 2: a year ago.

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Speaker 1: That it is such a massive drop in profit there,

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Speaker 1: and I know that a big chunk of it was

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Speaker 1: due to a write down in one of its US businesses.

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Speaker 1: But it also had a lot to say about the

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Speaker 1: cost of energy, saying that that is a massive drag,

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Speaker 1: particularly on a company like that, because it is such

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Speaker 1: an energy intensive process, the manufacturing of steel. So a

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Speaker 1: few more details behind that number, because that is just

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Speaker 1: such a massive decrease in their in their profit.

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Speaker 2: And it does it stands out when as we were

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Speaker 2: saying earlier you know, ubs talking about the fact that

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Speaker 2: most companies are coming through with a beat, and if

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Speaker 2: you're a company that isn't able to offer to that investor,

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Speaker 2: that to investors, you're going to feel it. But lastly,

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Speaker 2: Digito Infrastructure reported full year underlying earnings before interest, taxes,

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Speaker 2: depreciation and amortization of ninety nine million dollars. The figure

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Speaker 2: considered a slight miss, but enough to send shared Luer

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Speaker 2: finishing the day off more than fourteen percent at two

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Speaker 2: dollars seventy five.

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Speaker 1: Now, just quickly, Australia is lagging behind global peers in

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Speaker 1: adopting the four day work week, with Unilever and Booper

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Speaker 1: both abandoning trials despite evidence that it can boost productivity,

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Speaker 1: reduce burnout and improve well being. This is a second

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Speaker 1: second week in a row now that we've talked about

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Speaker 1: the four day work week. It feels like there's an

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Speaker 1: agenda here.

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Speaker 2: And I remember when all of this these trials were

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Speaker 2: actually put in place. This was part of a really

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Speaker 2: big sort of global movement and considered the beginning of

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Speaker 2: the end of the five day workweek. But trials in

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Speaker 2: the UK showed companies reported revenue growth and a sixty

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Speaker 2: five percent drop in six days, while Belgium legislated shorter

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Speaker 2: weeks in twenty twenty two. Yet local update has been

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Speaker 2: pretty patchy. Unilever and Booper, as you mentioned, both ditching

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Speaker 2: the model, calling it to rigid. Smaller firms have had

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Speaker 2: some success by adopting flexible versions, allowing staff time off

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Speaker 2: around workloads and refining policies regularly. HR experts are saying

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Speaker 2: that without deeper cultural change, a mandated four day week

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Speaker 2: risks being another sort of one size fits all fix,

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Speaker 2: a kind of sizzle no substance measure. The Australian Council

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Speaker 2: Trade Unions, however, as you say, pushing the idea at

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Speaker 2: this week's Productivity Summit, and we have seen the idea

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Speaker 2: raised a couple of times in the lead up.

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Speaker 1: Now just one more before we get to international news.

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Speaker 1: A real world case of expectations versus reality when it

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Speaker 1: comes to how much Australians are expecting to inherit. With

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Speaker 1: gen z in for a fairly rude.

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Speaker 2: Awakening, Nearly half of young Australians in their twenties expect

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Speaker 2: to inherit over half a million dollars. That's almost double

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Speaker 2: the sum expected by people age fifty to sixty four

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Speaker 2: and only about twenty thousand dollars less than the amount

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Speaker 2: anticipated by those age forty to forty nine. That's according

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Speaker 2: to stats from Colonial First Date. Over the next twenty years,

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Speaker 2: an estimated five point four trillion dollars will be inherited

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Speaker 2: as baby boomers and the Silent generation pass on property

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Speaker 2: and superannuation, but experts warn that rising living costs and

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Speaker 2: expensive age care could leave less to pass on. Plus

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Speaker 2: and this really surprised me. Only about thirty eight percent

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Speaker 2: of Australians actually have a will in place, and so

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Speaker 2: that's definitely going to add to the uncertainty.

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Speaker 1: Yeah, certainly will oh oh no, I'm sorry.

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Speaker 2: That was terrible.

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Speaker 1: See, if it was right there, it needed to be

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Speaker 1: said for the taking. Indeed, Okay. Turning to international news now,

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Speaker 1: and hundreds of thousands of Israelis staged nationwide protests demanding

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Speaker 1: an end to the war in Gaza and the release

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Speaker 1: of hostages still held by Hamas.

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Speaker 2: Demonstrators flooded Tel Aviv and Jerusalem, blocking major highways and

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Speaker 2: holding signs urging international pressure, including calls for US President

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Speaker 2: Donald Trump to intervene. Families of hostages warned that Israel's

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Speaker 2: looming military offensive could put their loved ones at greater risk.

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Speaker 2: With fifty hostages still in Gaza and only twenty believed

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Speaker 2: to be alive. Prime Minister Benjamin Ettannyahu condemned the rallies,

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Speaker 2: saying they emboldened Hamas and risked an endless war, while

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Speaker 2: President Isaac herzog urged the international community to pressure Hamas directly.

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Speaker 2: Protest organizers backed by unions and businesses said Sunday's mass

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Speaker 2: mobilization was only the beginning. Around the same time, though,

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Speaker 2: the Indonesian military conducted an air drop of aid into

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Speaker 2: Gaza as part of an international effort coordinated by Jordan.

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Speaker 1: The incredible pictures of the plane and the parachutes and

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Speaker 1: everything coming out the back of the plane. Now we

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Speaker 1: mentioned this at the top of the show. Missus multi

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Speaker 1: billion dollar push into artificial intelligence is running into a

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Speaker 1: few problems. Months on from launching the meta a app as

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Speaker 1: a standalone rival to chat jpat, users are complaining that

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Speaker 1: the tech is glitchy, that it is impersonal, and it

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Speaker 1: is inconsistent.

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Speaker 2: Reporting by Bloomberg shows that, unlike competitors, the app includes

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Speaker 2: a discover feed of AI generated images and texts, but

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Speaker 2: posts are often appearing days old, undercutting its relevance in

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Speaker 2: private chats. The system has been found to fabricate details

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Speaker 2: and conversations don't carry across metas platforms, from Facebook to

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Speaker 2: Instagram to WhatsApp. A Reddit thread titled who hates Meta

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Speaker 2: ai has drawn tens of thousands of up votes. Meta

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Speaker 2: says this is only the beginning, and the updates are

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Speaker 2: coming as Meta invests heavily in AI talent and infrastructure.

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Speaker 1: Yeah, that's certainly not the only one though. When we

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Speaker 1: have open Ai, which obviously developed chat jpat and they

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Speaker 1: rolled out the new chat JPT version five a week

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Speaker 1: and a half ago, and in doing so kind of

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Speaker 1: switched off some of the older versions. But people wanted

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Speaker 1: the old version because it was a more personal conversational style,

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Speaker 1: and so chat GPT and open Ai had to listen

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Speaker 1: to the feedback that customers gave and had to switch

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Speaker 1: it back on. So clearly it feels like it's one

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Speaker 1: of those technologies it's just moving so quickly that there

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Speaker 1: are going to be these teething problems along the way.

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Speaker 2: And it shows that, Yeah, the bigger organizations they have

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Speaker 2: to listen. It's a case of competition. If Meta ai

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Speaker 2: isn't delivering, then people will go to open ai and chat.

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Speaker 1: GPT, YEP, order, deep sk or any one of the

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Speaker 1: other ones that are all out there trying to do

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Speaker 1: the same thing. Okay, Up next is the Fear and

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Speaker 1: Greed Q and A. Today your guest is Elizabeth Broderick AO,

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Speaker 1: who is the former Sex Discrimination Commissioner and an extremely

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Speaker 1: accomplished individual talking about Equal Payday which is today, and

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Speaker 1: exploring why there is this gender pay gap and most importantly,

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Speaker 1: what we can and what we need to do in

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Speaker 1: order to close that gap. So that is coming up

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Speaker 1: straight after this on the Fear and Go playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com. Today you

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Speaker 1: thank you, Natalie, Thank you.

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Speaker 2: Michael.

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Speaker 1: It is Tuesday, the nineteenth of August twenty twenty five.

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

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.