1 00:00:03,960 --> 00:00:07,000 Speaker 1: It's Thursday, the fourteenth of August twenty twenty five. Welcome 2 00:00:07,040 --> 00:00:09,360 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,360 --> 00:00:11,160 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,520 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,560 --> 00:00:16,800 Speaker 1: in Good Morning, Natalie McDonald's Good morning, Michael, Natalie. We've 6 00:00:16,800 --> 00:00:18,880 Speaker 1: got five stories to race through in five minutes. Let's 7 00:00:18,880 --> 00:00:21,560 Speaker 1: go a story. Number one. Commonwealth Bank posted a record 8 00:00:21,640 --> 00:00:25,079 Speaker 1: full year cash profit of ten point twenty five billion 9 00:00:25,120 --> 00:00:28,200 Speaker 1: dollars yesterday. That's up four percent, driven by growth in 10 00:00:28,280 --> 00:00:31,720 Speaker 1: homelanes and business lending. The result was pretty much on expectations. 11 00:00:31,760 --> 00:00:34,560 Speaker 1: The shares were sold off hard, down more than five 12 00:00:34,560 --> 00:00:37,320 Speaker 1: percent for the day. First to the figures, what was 13 00:00:37,360 --> 00:00:38,159 Speaker 1: the headline? 14 00:00:38,440 --> 00:00:41,400 Speaker 2: Homelanes grew six percent two six hundred billion dollars, while 15 00:00:41,440 --> 00:00:44,839 Speaker 2: business loans jumped eleven percent. CEO Mat Commons said the 16 00:00:44,880 --> 00:00:48,760 Speaker 2: economy remains resilient with strong fundamentals like a healthy labor 17 00:00:48,800 --> 00:00:52,960 Speaker 2: market and steady immigration. Operating costs rose six percent, partly 18 00:00:53,040 --> 00:00:57,080 Speaker 2: due to inflation and increased investment in technology, including a 19 00:00:57,120 --> 00:01:00,680 Speaker 2: new partnership with open AI to help combat final crime. 20 00:01:01,440 --> 00:01:04,680 Speaker 1: It's impossible to move past that reaction though in Commonwealth 21 00:01:04,720 --> 00:01:08,160 Speaker 1: Bank shares because for so long CBA has been really 22 00:01:08,200 --> 00:01:11,000 Speaker 1: a market dialing. The company's market cap has just kept 23 00:01:11,080 --> 00:01:14,920 Speaker 1: on climbing, but investors didn't seem to react too well. 24 00:01:15,000 --> 00:01:18,559 Speaker 2: Yesterday heavy selling in CBA, with the stock plunging almost 25 00:01:18,600 --> 00:01:20,520 Speaker 2: five and a half percent to one hundred and sixty 26 00:01:20,600 --> 00:01:23,360 Speaker 2: nine dollars and twelve cents. That is a long way 27 00:01:23,440 --> 00:01:25,560 Speaker 2: off its peak back in late June when it hit 28 00:01:25,600 --> 00:01:28,880 Speaker 2: one hundred and ninety one dollars. Why well, despite a 29 00:01:29,000 --> 00:01:32,040 Speaker 2: record cash profit, The results were described as just okay 30 00:01:32,400 --> 00:01:35,039 Speaker 2: by one analyst and point to sentiment that's been brewing 31 00:01:35,080 --> 00:01:38,800 Speaker 2: for a while around CBA being overvalued. The shares are 32 00:01:38,800 --> 00:01:42,080 Speaker 2: trading close to thirty times forward earnings. There were also 33 00:01:42,160 --> 00:01:46,000 Speaker 2: concerns around the outlook too, including tougher competition for deposits 34 00:01:46,000 --> 00:01:47,640 Speaker 2: and weaker retail performance. 35 00:01:48,360 --> 00:01:51,760 Speaker 1: Onto story number two. Now and next week Canberrall will 36 00:01:51,920 --> 00:01:54,920 Speaker 1: be home to the Productivity Roundtable. This is focusing on 37 00:01:55,000 --> 00:01:59,360 Speaker 1: economic reform and we've had a proposal come out in 38 00:01:59,360 --> 00:02:01,720 Speaker 1: the last twenty for hours from the Australian Council of 39 00:02:01,760 --> 00:02:04,800 Speaker 1: Trade Unions the ICTU, which is pushing for a shorter 40 00:02:05,080 --> 00:02:08,720 Speaker 1: working week, including a four day week without any loss 41 00:02:08,720 --> 00:02:09,120 Speaker 1: of pay. 42 00:02:10,000 --> 00:02:14,079 Speaker 2: ACTU argues it's good for workers and employers alike, improving 43 00:02:14,120 --> 00:02:17,440 Speaker 2: productivity and work life balance, saying that workers deserve to 44 00:02:17,520 --> 00:02:21,160 Speaker 2: share in productivity gains, but business groups are pushing back 45 00:02:21,520 --> 00:02:25,120 Speaker 2: pretty hard. The Australian Industry Group calls it a populist, 46 00:02:25,120 --> 00:02:29,120 Speaker 2: anti productivity thought bubble. The Australian Chamber of Commerce says 47 00:02:29,160 --> 00:02:32,880 Speaker 2: shorter hours should be negotiated company by company, not implosed 48 00:02:32,960 --> 00:02:36,960 Speaker 2: as a blanket rule. The Albanese government also saying it 49 00:02:37,000 --> 00:02:40,119 Speaker 2: has no intention of making industrial relations changes this term, 50 00:02:40,200 --> 00:02:42,680 Speaker 2: beyond those promised during the election campaign. 51 00:02:43,120 --> 00:02:47,440 Speaker 1: Story number three. An impressive ninety seven percent of house 52 00:02:47,600 --> 00:02:51,720 Speaker 1: resales and eighty eight percent of unit resales nationwide made 53 00:02:51,760 --> 00:02:55,160 Speaker 1: a profit in the first half of twenty twenty five. 54 00:02:55,840 --> 00:02:58,240 Speaker 2: That's the highest in nearly twenty years for houses and 55 00:02:58,400 --> 00:03:01,480 Speaker 2: three years for units it's been and Perth led house 56 00:03:01,520 --> 00:03:04,760 Speaker 2: sales profits with over ninety nine percent selling for again, 57 00:03:05,120 --> 00:03:07,600 Speaker 2: Perth's all the biggest jump in house profits, up twenty 58 00:03:07,639 --> 00:03:11,160 Speaker 2: two percent, while Sydney still offers the highest medium profit 59 00:03:11,320 --> 00:03:15,040 Speaker 2: at seven hundred thousand, five hundred dollars. Some cities like 60 00:03:15,080 --> 00:03:18,359 Speaker 2: Darmin and Melbourne saw declines, but losses remain pretty rare 61 00:03:18,520 --> 00:03:19,440 Speaker 2: and pretty modest. 62 00:03:19,600 --> 00:03:21,959 Speaker 1: Yeah, some staggering figures from that report out of domain. 63 00:03:22,400 --> 00:03:25,880 Speaker 1: And while we're talking properly, rental growth across Australia's capital 64 00:03:25,919 --> 00:03:27,720 Speaker 1: cities has picked up for the first time in over 65 00:03:27,760 --> 00:03:30,800 Speaker 1: two years, sparking some fresh concerns about housing inflation. 66 00:03:31,200 --> 00:03:35,280 Speaker 2: The latest Coutality stats show rents rows three percent in 67 00:03:35,320 --> 00:03:37,600 Speaker 2: the year to July, up from two point seven percent 68 00:03:37,680 --> 00:03:40,840 Speaker 2: in June, with Sydney and Brisbane leading the charge, driven 69 00:03:40,880 --> 00:03:45,040 Speaker 2: by tight rental markets, especially in units and low vacancy rates. 70 00:03:45,320 --> 00:03:49,400 Speaker 1: Story number four, in a somewhat bold play, AI startup, Perplexity, 71 00:03:49,520 --> 00:03:53,200 Speaker 1: has lobbed an unsolicited fifty two point eight billion dollar 72 00:03:53,320 --> 00:03:56,320 Speaker 1: bid to buy Google's Chrome browser. That is the same 73 00:03:56,440 --> 00:03:59,040 Speaker 1: Chrome browser used by billions of people around the world. 74 00:03:59,440 --> 00:04:02,800 Speaker 2: The move as a US court considers forcing Google to 75 00:04:02,880 --> 00:04:06,440 Speaker 2: sell Chrome after ruling it illegally monopolized the search market. 76 00:04:06,960 --> 00:04:10,200 Speaker 2: Google's fighting the ruling, pushing for smaller changes like loosening 77 00:04:10,240 --> 00:04:14,800 Speaker 2: default search agreements with Apple, Mozilla and Android. This isn't 78 00:04:14,840 --> 00:04:17,839 Speaker 2: the first time Perplexity has made eyes at a major 79 00:04:17,880 --> 00:04:20,640 Speaker 2: internet player. Earlier this year, it bid to merge with 80 00:04:20,680 --> 00:04:25,080 Speaker 2: TikTok's US operations amid a potential ban, leaving this bid, 81 00:04:25,160 --> 00:04:28,920 Speaker 2: which some analysts have pointed out massively undervalues Chrome, being 82 00:04:29,000 --> 00:04:30,680 Speaker 2: viewed with some skepticism. 83 00:04:31,200 --> 00:04:34,080 Speaker 1: Last one, story number five worth a mention. This around 84 00:04:34,080 --> 00:04:38,120 Speaker 1: one hundred locals and visitors gathered in England's Cotswolds for 85 00:04:38,200 --> 00:04:41,480 Speaker 1: what they called a dance against Vance, a not so 86 00:04:41,560 --> 00:04:44,440 Speaker 1: subtle message perhaps to US Vice President J. D. Vance, 87 00:04:44,440 --> 00:04:45,640 Speaker 1: who was holidaying nearby. 88 00:04:46,279 --> 00:04:51,000 Speaker 2: Sunshine music, even a caterpillar cake, which any expats will 89 00:04:51,000 --> 00:04:54,040 Speaker 2: know is just iconic. It looked like a village fate, 90 00:04:54,240 --> 00:04:57,640 Speaker 2: But the placards told another story. Organized by the Stop 91 00:04:57,720 --> 00:05:02,520 Speaker 2: Trump coalition, protesters criticized Vance's policies, his treatment of UK 92 00:05:02,680 --> 00:05:08,440 Speaker 2: President vladimirs Lensky, and his environmental stance. Security has been tight, 93 00:05:08,480 --> 00:05:11,680 Speaker 2: with roads closed and secret Service agents stationed around the 94 00:05:11,760 --> 00:05:15,000 Speaker 2: eighteenth century manor where Vance and his family is staying 95 00:05:15,000 --> 00:05:17,760 Speaker 2: while they holiday. Locals comparing the scenes to the Will 96 00:05:17,800 --> 00:05:20,159 Speaker 2: Smith film Men in Black and calling it a bit 97 00:05:20,360 --> 00:05:21,000 Speaker 2: over the top. 98 00:05:21,240 --> 00:05:23,240 Speaker 1: All right, there we go, the top five business stories 99 00:05:23,279 --> 00:05:25,680 Speaker 1: in five minutes. Thank you very much, Natalie, Thank you Michael. 100 00:05:25,920 --> 00:05:28,920 Speaker 1: It is Thursday, the fourteenth of August twenty twenty five. 101 00:05:28,960 --> 00:05:31,400 Speaker 1: Remember to hit follow on the podcast and five minutes 102 00:05:31,480 --> 00:05:33,799 Speaker 1: just isn't enough. You can find our longer daily show 103 00:05:33,839 --> 00:05:36,720 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 104 00:05:36,720 --> 00:05:38,880 Speaker 1: Michael Thompson and that was the Fast five Business news 105 00:05:38,880 --> 00:05:41,120 Speaker 1: by Fear and Greed. Have a great day.