1 00:00:03,840 --> 00:00:06,920 Speaker 1: It's Wednesday, the fifth of June twenty twenty four. Welcome 2 00:00:06,960 --> 00:00:09,280 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,280 --> 00:00:11,080 Speaker 1: where we give you the top five business stories you 4 00:00:11,160 --> 00:00:13,600 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,640 --> 00:00:15,040 Speaker 1: and Good morning, Sean Aylmer. 6 00:00:15,280 --> 00:00:16,160 Speaker 2: Good morning, Michael. 7 00:00:16,320 --> 00:00:17,560 Speaker 1: Five stories in five minutes. 8 00:00:17,560 --> 00:00:17,759 Speaker 2: Sean. 9 00:00:17,800 --> 00:00:20,800 Speaker 1: Let's get going a story number one. This is quite alarming. 10 00:00:20,840 --> 00:00:25,479 Speaker 1: The National Disability Insurance Scheme integrity chief says nine out 11 00:00:25,480 --> 00:00:28,600 Speaker 1: of ten plan managers show signs of fraud and the 12 00:00:28,680 --> 00:00:32,600 Speaker 1: legal system, he said, would be overwhelmed if all the 13 00:00:32,640 --> 00:00:34,560 Speaker 1: scams carried out are prosecuted. 14 00:00:35,040 --> 00:00:38,600 Speaker 2: John Darto told the Senate Committee that internal analysis shows 15 00:00:38,600 --> 00:00:41,280 Speaker 2: a ninety percent of plan managers, those managing funding for 16 00:00:41,360 --> 00:00:45,600 Speaker 2: up to one hundred participants, portrayed significant indicators of fraud. 17 00:00:45,880 --> 00:00:48,360 Speaker 2: He also said there are dozens of examples where organized 18 00:00:48,400 --> 00:00:51,720 Speaker 2: crime groups are abusing the system, including encouraging the use 19 00:00:51,760 --> 00:00:54,400 Speaker 2: of NDIS money to buy drugs and alcohol. More than 20 00:00:54,440 --> 00:00:57,320 Speaker 2: sixty percent of the six hundred and fifty thousand ENDS 21 00:00:57,360 --> 00:01:01,160 Speaker 2: participants use the plan manager. According to the latest quarterly report, 22 00:01:01,560 --> 00:01:04,280 Speaker 2: there are more than fifteen hundred plan managers, with the 23 00:01:04,319 --> 00:01:07,880 Speaker 2: average number of participants using plan managers surging up about 24 00:01:07,920 --> 00:01:10,360 Speaker 2: forty eight percent over the past couple of years. According 25 00:01:10,360 --> 00:01:13,680 Speaker 2: to the fin Review, payments involving plan managers were five 26 00:01:13,720 --> 00:01:16,960 Speaker 2: point seven billion dollars in the March twenty twenty four quarter, 27 00:01:17,280 --> 00:01:21,200 Speaker 2: with forty four percent of payments going to unregistered plan managers, 28 00:01:21,360 --> 00:01:24,000 Speaker 2: who typically service people on plans of less than one 29 00:01:24,040 --> 00:01:26,920 Speaker 2: hundred thousand dollars per annum. Mister Dade says more needs 30 00:01:26,920 --> 00:01:29,640 Speaker 2: to be done sooner given the corruption in the system. 31 00:01:29,760 --> 00:01:32,440 Speaker 1: Yeah, it is a pretty extraordinary story, with mister Dado's 32 00:01:32,440 --> 00:01:36,280 Speaker 1: evidence prompting opposition claims that drugs are being trafficked to 33 00:01:36,440 --> 00:01:38,480 Speaker 1: vulnerable people under the scheme. 34 00:01:39,000 --> 00:01:41,760 Speaker 2: When asked what kind of drugs are being bought, such 35 00:01:41,800 --> 00:01:45,000 Speaker 2: as ice, heroin or cocaine, mister Dade said, and I 36 00:01:45,080 --> 00:01:47,880 Speaker 2: quote you name it, it's on the list end quote. 37 00:01:47,960 --> 00:01:50,480 Speaker 2: He said. Two billion dollars is being spent incorrectly, and 38 00:01:50,520 --> 00:01:53,520 Speaker 2: there are thousands of cases where participants are claiming things 39 00:01:53,560 --> 00:01:56,840 Speaker 2: that are not consistent with their plan. Recent examples are 40 00:01:56,840 --> 00:01:59,040 Speaker 2: a twenty thousand dollars holiday and a seventy three thousand 41 00:01:59,080 --> 00:02:02,440 Speaker 2: dollars new car. In some cases, participants sign up to 42 00:02:02,440 --> 00:02:04,400 Speaker 2: a plan which funds them a certain amount. They then 43 00:02:04,440 --> 00:02:07,760 Speaker 2: access the money, but they don't use it for health purposes. 44 00:02:08,160 --> 00:02:11,079 Speaker 2: The Minister, under pressure at the moment, is bill shortened. 45 00:02:11,080 --> 00:02:12,800 Speaker 2: He is responsible for the ndies. 46 00:02:12,840 --> 00:02:16,080 Speaker 1: Michael all Right onto story number two now sean ABC 47 00:02:16,320 --> 00:02:20,280 Speaker 1: Radio's performance has tumbled in Melbourne and improved in Sydney, 48 00:02:20,400 --> 00:02:23,200 Speaker 1: while ben Fordham on two GB in the country's largest market, 49 00:02:23,200 --> 00:02:25,320 Speaker 1: has knocked off KISSFMS Kyle and Jackie Oh. 50 00:02:25,720 --> 00:02:28,280 Speaker 2: It's a tale of two cities for the ABC. In Melbourne, 51 00:02:28,320 --> 00:02:31,360 Speaker 2: the ABC recorded its lowest ever audience share since the 52 00:02:31,400 --> 00:02:34,359 Speaker 2: current survey began more than ten years ago. In Sydney, 53 00:02:34,440 --> 00:02:38,640 Speaker 2: ABC bounced to its highest listenership this year. ABC Adelaide 54 00:02:38,680 --> 00:02:41,760 Speaker 2: and ABC Perth rank above Melbourne in terms of audience share, 55 00:02:41,800 --> 00:02:45,640 Speaker 2: while Brisbane lags behind them overall. Nine owned two GB 56 00:02:45,800 --> 00:02:48,800 Speaker 2: in Sydney in three AW in Melbourne recorded strong ratings 57 00:02:48,840 --> 00:02:51,720 Speaker 2: growth in the survey, with strong performances from a bunch 58 00:02:51,760 --> 00:02:54,560 Speaker 2: of their stars. The Kyle and Jackie Oshow, which is 59 00:02:54,600 --> 00:02:57,400 Speaker 2: being extended in to Melbourne, only had three weeks of 60 00:02:57,400 --> 00:02:59,919 Speaker 2: the survey, so we can't quite tell how that's going yet. 61 00:03:00,280 --> 00:03:04,520 Speaker 1: All Right, Story number three. Production in Australia's agriculture, fisheries 62 00:03:04,560 --> 00:03:07,680 Speaker 1: and forestry sectors remains on track to be the third 63 00:03:07,960 --> 00:03:12,440 Speaker 1: highest on record next financial year, supported by improved growing conditions. 64 00:03:12,560 --> 00:03:14,920 Speaker 2: The tatal value of produce or output from the three 65 00:03:14,919 --> 00:03:18,359 Speaker 2: sectors is expected to increase two percent next financial year 66 00:03:18,360 --> 00:03:21,000 Speaker 2: to eighty nine point five billion dollars. According to the 67 00:03:21,000 --> 00:03:25,200 Speaker 2: Australian Bureau of Agricultural and Resource Economics and Sciences say 68 00:03:25,240 --> 00:03:27,639 Speaker 2: that in one breath, it's hard a bears. Maybe we'll 69 00:03:27,639 --> 00:03:30,000 Speaker 2: just call it that. The key reasons for the performance 70 00:03:30,040 --> 00:03:32,840 Speaker 2: are better lifestock prices and better growing conditions for crops. 71 00:03:33,120 --> 00:03:36,160 Speaker 2: Most exciting Michael, Australia's horticulture sector is on a tear. 72 00:03:36,680 --> 00:03:39,920 Speaker 2: The produce value is forecast to hit a record seventeen 73 00:03:39,960 --> 00:03:44,400 Speaker 2: point four billion dollars, led by increases in fruit and nuts. 74 00:03:44,680 --> 00:03:47,280 Speaker 2: Some areas we're doing really well in things like chickpeas 75 00:03:47,280 --> 00:03:50,040 Speaker 2: and lentils. We're doing much bigger plantings in those areas. 76 00:03:50,240 --> 00:03:52,480 Speaker 2: All good news. Maybe areas we're not doing so well 77 00:03:52,520 --> 00:03:55,920 Speaker 2: in or at least reducing crop sizes grains and oil seeds. 78 00:03:56,640 --> 00:04:00,880 Speaker 1: Story number four shown a third poultry farm in Victoria 79 00:04:01,040 --> 00:04:03,040 Speaker 1: has been found to have a bird flu outbreak, but 80 00:04:03,080 --> 00:04:05,640 Speaker 1: it's not the same strain that has spread globally and 81 00:04:05,720 --> 00:04:07,320 Speaker 1: raised fears of human transmission. 82 00:04:07,560 --> 00:04:09,840 Speaker 2: That's the good news. Hundreds of thousands of birds have 83 00:04:09,920 --> 00:04:12,400 Speaker 2: already been destroyed after bird flu was found at two 84 00:04:12,480 --> 00:04:15,440 Speaker 2: other farms in Victoria last month. The third farm. This 85 00:04:15,560 --> 00:04:17,880 Speaker 2: third farm is within a few kilometers of the first 86 00:04:17,920 --> 00:04:20,720 Speaker 2: to report infection and both have the same hate seven 87 00:04:20,800 --> 00:04:24,159 Speaker 2: and three strain of the virus. The second farm had 88 00:04:24,160 --> 00:04:27,839 Speaker 2: the height seven and nine strain. All farms are in quarantine. 89 00:04:27,880 --> 00:04:31,679 Speaker 1: Michael Okay last one story Number five. Shares in game 90 00:04:31,760 --> 00:04:34,800 Speaker 1: Stop surged as much as seventy five percent on Monday 91 00:04:34,880 --> 00:04:38,000 Speaker 1: night Tuesday morning, Australian time, after a post on Reddit 92 00:04:38,120 --> 00:04:41,320 Speaker 1: purported to show that Keith Gill, the meme stock investor 93 00:04:41,360 --> 00:04:45,039 Speaker 1: obviously known as Roaring Kitty, had built a position in 94 00:04:45,080 --> 00:04:47,719 Speaker 1: the struggling video game retailer that was worth two hundred 95 00:04:47,720 --> 00:04:49,880 Speaker 1: and sixty million dollars by the close of trading. 96 00:04:50,040 --> 00:04:52,560 Speaker 2: The sharp rise came after Gill's account posted a picture 97 00:04:52,600 --> 00:04:54,679 Speaker 2: over the weekend that appeared to show he had taken 98 00:04:54,720 --> 00:04:58,120 Speaker 2: a share stake in options positions in the retailer. Now 99 00:04:58,200 --> 00:05:01,520 Speaker 2: game stops share price. Initially they were closed up only 100 00:05:01,560 --> 00:05:03,960 Speaker 2: twenty one percent high, still a fair bit. The day 101 00:05:04,000 --> 00:05:05,920 Speaker 2: Trader was at the center of the memes stock maniu 102 00:05:05,960 --> 00:05:08,320 Speaker 2: in twenty twenty one when you social media posts encouraged 103 00:05:08,360 --> 00:05:10,960 Speaker 2: millions of others to pile into the stock and squeeze 104 00:05:11,000 --> 00:05:14,160 Speaker 2: out hedge funds betting on a share price decline. After 105 00:05:14,240 --> 00:05:16,960 Speaker 2: three years, silence skilled reappeared last month on social media 106 00:05:17,000 --> 00:05:20,400 Speaker 2: site x sending game stop shares souring. Then they have 107 00:05:20,520 --> 00:05:22,960 Speaker 2: come back, but then the sort again in the past 108 00:05:23,040 --> 00:05:23,960 Speaker 2: forty eight hours. 109 00:05:24,080 --> 00:05:25,680 Speaker 1: All right, there we go to the top five business 110 00:05:25,720 --> 00:05:28,320 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 111 00:05:28,600 --> 00:05:30,880 Speaker 1: It is Wednesday, the fifth of June twenty twenty four. 112 00:05:31,120 --> 00:05:33,360 Speaker 1: Remember to hit follow on the podcast, and if five 113 00:05:33,360 --> 00:05:35,600 Speaker 1: minutes isn't enough, you can find our longer daily show 114 00:05:35,680 --> 00:05:38,440 Speaker 1: called Fear and Greed wherever you listen to podcasts, or 115 00:05:38,480 --> 00:05:40,560 Speaker 1: at Fearangreed dot com dot au, which is also where 116 00:05:40,600 --> 00:05:42,680 Speaker 1: you can sign up for our free daily newsletter. It 117 00:05:42,760 --> 00:05:45,719 Speaker 1: comes out Wednesday morning, so you haven't got long to 118 00:05:45,720 --> 00:05:48,520 Speaker 1: get on board for this week's Also today being Wednesday, 119 00:05:48,520 --> 00:05:50,200 Speaker 1: there's a new episode of How Do They Afford That? 120 00:05:50,279 --> 00:05:52,919 Speaker 1: Our sister podcast all about making your money work harder 121 00:05:52,920 --> 00:05:56,119 Speaker 1: for you. This week's episode answers a listener question about 122 00:05:56,160 --> 00:05:58,520 Speaker 1: how to sort out your money priorities. To you focus 123 00:05:58,600 --> 00:06:01,279 Speaker 1: on your super first, or invest or savings or paying 124 00:06:01,320 --> 00:06:03,320 Speaker 1: down the mortgage. We get stuck into that one. I'll 125 00:06:03,320 --> 00:06:05,679 Speaker 1: put a link in today's show notes. I'm Michael Thompson, 126 00:06:05,720 --> 00:06:07,600 Speaker 1: and that was the Fast by Business News, by fear 127 00:06:07,680 --> 00:06:11,080 Speaker 1: and greed. Have a great day.