1 00:00:03,800 --> 00:00:06,960 Speaker 1: It's Friday, the sixteenth of August 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 00:00:09,320 --> 00:00:11,119 Speaker 1: Will 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. I'm Michael Thompson 5 00:00:13,640 --> 00:00:15,120 Speaker 1: and good morning, Sean Aylmer. 6 00:00:15,440 --> 00:00:16,400 Speaker 2: Good morning, Michael. 7 00:00:16,680 --> 00:00:18,960 Speaker 1: Shan's got five stories to get through in five minutes, 8 00:00:19,000 --> 00:00:21,159 Speaker 1: so let's get cracking. Story number one. The number of 9 00:00:21,200 --> 00:00:25,079 Speaker 1: new jobs in the economy soared by fifty eight thousand 10 00:00:25,360 --> 00:00:29,320 Speaker 1: last month, but it wasn't enough to stop the unemployment 11 00:00:29,360 --> 00:00:31,240 Speaker 1: rate from rising to four point two percent. 12 00:00:31,520 --> 00:00:34,839 Speaker 2: The Bureau Statistics labor force figures had something for everyone, 13 00:00:34,960 --> 00:00:37,920 Speaker 2: many more jobs than expected and a higher unemployment rate, 14 00:00:38,159 --> 00:00:40,680 Speaker 2: reflecting a record number of people looking for a job 15 00:00:40,800 --> 00:00:43,760 Speaker 2: last month. The increase in unemployment from four point one 16 00:00:43,760 --> 00:00:46,400 Speaker 2: percent to four point two percent pushes the rate to 17 00:00:46,440 --> 00:00:49,839 Speaker 2: its highest level since November twenty twenty one. An influx 18 00:00:49,960 --> 00:00:52,400 Speaker 2: of migrant workers helped to push the share of working 19 00:00:52,440 --> 00:00:55,200 Speaker 2: age population with a job we're looking for one to 20 00:00:55,240 --> 00:00:57,920 Speaker 2: a record sixty seven point one percent, and close to 21 00:00:58,000 --> 00:00:59,720 Speaker 2: half of the people who have found work over the 22 00:00:59,720 --> 00:01:04,040 Speaker 2: past year we're employed in publicly funded industries. Like health, education, 23 00:01:04,240 --> 00:01:07,640 Speaker 2: government administration. The figures were better than expected, and the 24 00:01:07,680 --> 00:01:11,039 Speaker 2: overall data suits the narrative that the job's market is cooling, 25 00:01:11,080 --> 00:01:14,400 Speaker 2: but only slowly. Annual employment growth is running about three 26 00:01:14,440 --> 00:01:16,760 Speaker 2: point two percent of the past year, which is pretty good. 27 00:01:17,440 --> 00:01:19,440 Speaker 1: Is sean big question, I suppose what's it all mean 28 00:01:19,480 --> 00:01:20,360 Speaker 1: for interest rates? 29 00:01:20,840 --> 00:01:22,720 Speaker 2: The number is a bit tricky to read because employment 30 00:01:22,760 --> 00:01:24,920 Speaker 2: gains of at least thirty nine thousand are needed each 31 00:01:24,959 --> 00:01:27,600 Speaker 2: month to stop the unemployment rate from rising based on 32 00:01:27,640 --> 00:01:30,880 Speaker 2: current levels of immigration. But then we get yesterday's figures, 33 00:01:30,920 --> 00:01:34,720 Speaker 2: which blasts through that thirty nine thousand level, yet unemployment rises. 34 00:01:35,080 --> 00:01:39,039 Speaker 2: IMP Deputy Chief economisty Arma Messina said the dynamic is 35 00:01:39,040 --> 00:01:41,000 Speaker 2: that there's a big supply of workers coming into the 36 00:01:41,040 --> 00:01:43,760 Speaker 2: labor force. They're finding work or they're confident they will 37 00:01:43,760 --> 00:01:47,160 Speaker 2: find work, so they're entering the job's market. The labor 38 00:01:47,200 --> 00:01:50,320 Speaker 2: market is still strong enough to absorb more workers looking 39 00:01:50,360 --> 00:01:53,360 Speaker 2: for jobs. Therefore, there isn't really a red flag for 40 00:01:53,400 --> 00:01:55,920 Speaker 2: the Reserve Bank to think, oh, we need to cut 41 00:01:55,960 --> 00:01:58,600 Speaker 2: interest rates now. Having said that, leading indicators of the 42 00:01:58,640 --> 00:02:01,960 Speaker 2: labor market like job vacance, these job advertisement's hiring intentions 43 00:02:02,080 --> 00:02:05,360 Speaker 2: are pointing to a further slow down. The consensus among 44 00:02:05,440 --> 00:02:08,360 Speaker 2: economists is that there won't be any movement from the 45 00:02:08,400 --> 00:02:10,200 Speaker 2: Central Bank until early next year. 46 00:02:10,400 --> 00:02:12,240 Speaker 1: All right, moving on to story number two now in 47 00:02:12,240 --> 00:02:16,600 Speaker 1: the company with the most Australian shareholders, Telstra yesterday announced 48 00:02:16,639 --> 00:02:19,240 Speaker 1: a thirteen percent drop in its net profit to one 49 00:02:19,240 --> 00:02:22,440 Speaker 1: point seventy nine billion dollars after writing down hundreds of 50 00:02:22,480 --> 00:02:25,280 Speaker 1: millions of dollars in its troubled enterprise business. 51 00:02:25,440 --> 00:02:27,799 Speaker 2: It also revealed two hundred and forty seven million dollars 52 00:02:27,840 --> 00:02:30,600 Speaker 2: in costs associated with cutting twenty eight hundred jobs. However, 53 00:02:30,680 --> 00:02:33,440 Speaker 2: the good news from the result was Telstra's booming mobile 54 00:02:33,480 --> 00:02:36,160 Speaker 2: business were last year, the telco boosted earnings by nine 55 00:02:36,240 --> 00:02:38,520 Speaker 2: percent on the back of a whopping five hundred and 56 00:02:38,520 --> 00:02:41,919 Speaker 2: sixty thousand new mobile customers. The good news for shareholders, 57 00:02:41,919 --> 00:02:44,600 Speaker 2: though not necessarily for those customers, is that the growth 58 00:02:44,639 --> 00:02:46,840 Speaker 2: came ahead of Telstra upping the prices on most of 59 00:02:46,840 --> 00:02:50,280 Speaker 2: its mobile phone plans. The enterprise business provides services to 60 00:02:50,320 --> 00:02:53,799 Speaker 2: government and large businesses. It's in all sorts. Its value 61 00:02:53,800 --> 00:02:56,040 Speaker 2: was written down by three hundred and eleven million dollars. 62 00:02:56,200 --> 00:02:59,320 Speaker 2: Earnings in the fixed enterprise business, which include sales of 63 00:02:59,360 --> 00:03:02,760 Speaker 2: telephone hands that's not surprisingly that tumbled. The company also 64 00:03:02,760 --> 00:03:05,480 Speaker 2: said it was shelbing plans to shift into energy retailing. 65 00:03:05,720 --> 00:03:08,440 Speaker 2: Chelsea will pay a final diven end of nine cents. 66 00:03:08,440 --> 00:03:10,960 Speaker 2: It's share price jump two point six percent yesterday on 67 00:03:11,040 --> 00:03:12,920 Speaker 2: the back of that story. 68 00:03:13,000 --> 00:03:17,000 Speaker 1: Number three. Strong global demand sean for warehouse space and 69 00:03:17,080 --> 00:03:20,840 Speaker 1: data centers close to cities has helped industrial property giant 70 00:03:20,880 --> 00:03:23,799 Speaker 1: Goodman deliver an operating profit of just over two billion 71 00:03:23,840 --> 00:03:26,480 Speaker 1: dollars for the last financial year. That's up fifteen percent. 72 00:03:26,760 --> 00:03:29,399 Speaker 2: The good news was a result which was above expectations. 73 00:03:29,480 --> 00:03:31,960 Speaker 2: The less good news was that guidance for future earnings 74 00:03:32,000 --> 00:03:35,320 Speaker 2: disappointed somewhat, and Goodman's share price closed down nearly one percent. 75 00:03:35,520 --> 00:03:38,640 Speaker 2: Australia's leading property group is pushing hard into data centers, 76 00:03:38,640 --> 00:03:41,320 Speaker 2: which now account for about forty percent of its thirteen 77 00:03:41,400 --> 00:03:45,440 Speaker 2: million dollar global project pipeline. Of all the major Australian companies, 78 00:03:45,440 --> 00:03:48,040 Speaker 2: Goodman Group is the one benefiting most from AI and 79 00:03:48,120 --> 00:03:51,560 Speaker 2: cloud computing. CEO Greg Goodman, who started the business more 80 00:03:51,600 --> 00:03:54,720 Speaker 2: than thirty years ago after buying one industrial site in Sydney, 81 00:03:55,000 --> 00:03:57,000 Speaker 2: so the opportunities for the group were coming from the 82 00:03:57,000 --> 00:04:00,320 Speaker 2: growth of e commerce cloud computing and adoption of new 83 00:04:00,360 --> 00:04:01,360 Speaker 2: technologies Michael. 84 00:04:02,160 --> 00:04:06,080 Speaker 1: Story number four. The Federal government will guarantee regional flight 85 00:04:06,080 --> 00:04:10,520 Speaker 1: bookings for REX customers throughout the airlines's voluntary administration process. 86 00:04:10,840 --> 00:04:14,040 Speaker 2: REX collapsed into administration last month after management in fighting 87 00:04:14,080 --> 00:04:17,120 Speaker 2: and concerns from major lenders that its strategy to increasingly 88 00:04:17,200 --> 00:04:22,239 Speaker 2: compete against Quantus and Virgin on Capital city services was faltering. Yesterday, 89 00:04:22,240 --> 00:04:25,039 Speaker 2: Transport Minister Catherine King said customers could book on REX 90 00:04:25,080 --> 00:04:27,840 Speaker 2: and have certainty. However, the government won't take an equity 91 00:04:27,880 --> 00:04:30,400 Speaker 2: position in REX. It wants a market based solution. 92 00:04:31,320 --> 00:04:34,440 Speaker 1: Last one story number five. The English Premier League kicks 93 00:04:34,480 --> 00:04:36,880 Speaker 1: off this weekend, shorn after the off season. It is 94 00:04:37,240 --> 00:04:41,279 Speaker 1: considered did you know the most widely viewed sporting league 95 00:04:41,320 --> 00:04:42,039 Speaker 1: in the world. 96 00:04:42,920 --> 00:04:45,480 Speaker 2: There you go. Manchester City is looking for a record 97 00:04:45,520 --> 00:04:49,320 Speaker 2: breaking fifth consecutive title, while Australia's and Posta Cooglu is 98 00:04:49,320 --> 00:04:52,480 Speaker 2: hoping for more consistencies from his Tottenham Hotspurs team during 99 00:04:52,520 --> 00:04:54,600 Speaker 2: his second year in charge. There are three hundred and 100 00:04:54,600 --> 00:04:57,520 Speaker 2: eighty matches over the season starts tomorrow morning. Australian time 101 00:04:57,600 --> 00:05:00,680 Speaker 2: generates about six billion pounds in revenue each year. That's 102 00:05:00,720 --> 00:05:02,960 Speaker 2: close to twelve binion Aussie dollars, with the big six 103 00:05:03,040 --> 00:05:06,640 Speaker 2: teams Man City, Man United, Arsenal, Spurs, Chelsea and Liverpool 104 00:05:06,880 --> 00:05:10,400 Speaker 2: dominant in terms of revenue. Maybe think about the biggest 105 00:05:10,440 --> 00:05:16,480 Speaker 2: local leagues and well the biggest sports in order football, cricket, field, hockey, tennis, volleyball, 106 00:05:16,520 --> 00:05:19,520 Speaker 2: table tennis, basketball, baseball, rugby and golf. That's in terms 107 00:05:19,560 --> 00:05:23,400 Speaker 2: of participation. The most money comes from the US leagues Baseball, 108 00:05:23,640 --> 00:05:28,440 Speaker 2: American Football Basketball EPILS considered number four. Others ranked in 109 00:05:28,440 --> 00:05:32,080 Speaker 2: that top ten include the IPLI Premier League and the 110 00:05:32,200 --> 00:05:35,599 Speaker 2: F one AFL, apparently somewhere between about ten and fifteen 111 00:05:35,880 --> 00:05:38,640 Speaker 2: in terms of global leagues with reference to revenue. 112 00:05:39,000 --> 00:05:40,680 Speaker 1: All right, there we go to the top five business 113 00:05:40,680 --> 00:05:43,680 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 114 00:05:43,880 --> 00:05:46,760 Speaker 1: It's Friday, the sixteenth of August twenty twenty four. Remember 115 00:05:46,800 --> 00:05:49,080 Speaker 1: to hit follow on the podcast. And if five minutes 116 00:05:49,120 --> 00:05:51,320 Speaker 1: isn't it enough, you can find our longer daily show 117 00:05:51,400 --> 00:05:54,320 Speaker 1: called Fear and Greed wherever you listen to podcasts. Oh, 118 00:05:54,400 --> 00:05:56,680 Speaker 1: Michael Thompson, And that was the fast five business news 119 00:05:56,680 --> 00:05:58,400 Speaker 1: by Fear and Greed. Have a great day.