1 00:00:03,840 --> 00:00:07,120 Speaker 1: It's Wednesday, the sixth of November twenty twenty four. Welcome 2 00:00:07,160 --> 00:00:09,560 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,560 --> 00:00:11,440 Speaker 1: Will we give you the top five business stories you 4 00:00:11,480 --> 00:00:13,880 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,920 --> 00:00:15,280 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,680 --> 00:00:17,360 Speaker 2: Good morning Michael, Sean. 7 00:00:17,480 --> 00:00:20,560 Speaker 1: Five massive stories to get through in just five minutes, 8 00:00:20,600 --> 00:00:22,600 Speaker 1: so we better get going. Story number one. The Reserve 9 00:00:22,680 --> 00:00:26,479 Speaker 1: Bank Board has left interest rates steady and forecasts that 10 00:00:26,560 --> 00:00:31,280 Speaker 1: headline inflation will fall more, but underlying inflation still has 11 00:00:31,320 --> 00:00:31,880 Speaker 1: a way to go. 12 00:00:32,400 --> 00:00:35,400 Speaker 2: That's right. That pretty much means that there isn't going 13 00:00:35,440 --> 00:00:38,199 Speaker 2: to be a rate cut any time soon. It was 14 00:00:38,200 --> 00:00:40,479 Speaker 2: the second last meeting of the year for the Central 15 00:00:40,520 --> 00:00:44,239 Speaker 2: bank twelve month anniversary since it last lifted rates. The 16 00:00:44,280 --> 00:00:47,239 Speaker 2: most important contry came around underlying inflation. That's the rate 17 00:00:47,280 --> 00:00:50,480 Speaker 2: the Reserve Bank likes to look at when considering interest rates. 18 00:00:50,520 --> 00:00:53,360 Speaker 2: It remains too high. Won't hit three percent until the 19 00:00:53,400 --> 00:00:56,240 Speaker 2: middle of next year, won't be till the end of 20 00:00:56,240 --> 00:00:58,200 Speaker 2: the following year that it hits two and a half 21 00:00:58,200 --> 00:01:00,960 Speaker 2: per cent. According to the Reserve Bank forecast. It's just 22 00:01:01,440 --> 00:01:05,120 Speaker 2: easing more slowly. The labor market remains tight. Total demand 23 00:01:05,200 --> 00:01:08,800 Speaker 2: for goods and services still exceeds total supply. That's the 24 00:01:08,880 --> 00:01:11,880 Speaker 2: real problem. The headline rates due to those energy rebates 25 00:01:11,920 --> 00:01:14,479 Speaker 2: that we've all received. At least the Reserve Bank didn't 26 00:01:14,480 --> 00:01:17,280 Speaker 2: consider a rate hike, Michael, that's the good news. The 27 00:01:17,319 --> 00:01:20,600 Speaker 2: Reserve Bank also released its statement on monetary policy. Economic 28 00:01:20,640 --> 00:01:23,559 Speaker 2: growth was revised slightly higher thanks to a stimulus package 29 00:01:23,600 --> 00:01:26,200 Speaker 2: in China, wages growth with slow unemployment rise over the 30 00:01:26,200 --> 00:01:29,160 Speaker 2: next year. Now inflation and employment of the keys. But 31 00:01:29,200 --> 00:01:31,319 Speaker 2: the Reserve Bank talked a bit about the risk to 32 00:01:31,400 --> 00:01:34,480 Speaker 2: household spending not being as strong as expected, and uncertainty 33 00:01:34,520 --> 00:01:38,160 Speaker 2: is around the global economy. They're kind of the downside risks. 34 00:01:38,200 --> 00:01:40,960 Speaker 2: But I don't think we're going to get any rate 35 00:01:41,000 --> 00:01:42,240 Speaker 2: cut this year, Michael. 36 00:01:42,800 --> 00:01:44,959 Speaker 1: When are we going to then? I don't mean to 37 00:01:44,959 --> 00:01:47,560 Speaker 1: be impatient on this, but when just tell us when. 38 00:01:47,800 --> 00:01:51,120 Speaker 2: What the Reserve Bank didn't do yesterday? We start talking 39 00:01:51,160 --> 00:01:53,720 Speaker 2: about rate cuts and people were hoping that would happen. Instead, 40 00:01:53,760 --> 00:01:56,880 Speaker 2: they kept saying, we're not ruling anything in or anything out. 41 00:01:57,400 --> 00:02:00,440 Speaker 2: The commentators say that the bank is now firmly neutral 42 00:02:00,840 --> 00:02:04,760 Speaker 2: when it comes to rates. February next year to June 43 00:02:04,880 --> 00:02:08,400 Speaker 2: July next year. That seemed to be about the time 44 00:02:08,440 --> 00:02:11,280 Speaker 2: people expect the first rate cut to hit. 45 00:02:11,440 --> 00:02:16,000 Speaker 1: All right, fingers Christ Story number two sean voting continues 46 00:02:16,040 --> 00:02:18,200 Speaker 1: in the US election with what appears to be a 47 00:02:18,440 --> 00:02:21,880 Speaker 1: last minute swing towards Carmala Harris and the Democrats. 48 00:02:22,280 --> 00:02:24,880 Speaker 2: That's true, though Donald Trump's ahead, according to the book, 49 00:02:24,960 --> 00:02:27,720 Speaker 2: is so there's really no favorite out there. That last 50 00:02:27,720 --> 00:02:29,600 Speaker 2: bit of momentum did seem to go to Harris. More 51 00:02:29,600 --> 00:02:33,160 Speaker 2: than seventy two million postal votes or early votes were cast, 52 00:02:33,560 --> 00:02:39,160 Speaker 2: more women when early than men. Harris. Carmala Harris's final 53 00:02:39,200 --> 00:02:41,320 Speaker 2: event was in Philadelphia. She had a couple events in 54 00:02:41,360 --> 00:02:44,520 Speaker 2: fact in Pennsylvania. Stars that came out for her included 55 00:02:44,600 --> 00:02:48,600 Speaker 2: Katy Parry, Katy Parry, Michael, Katy Perry, Oprah Winfrey, and 56 00:02:48,680 --> 00:02:52,239 Speaker 2: Lady Gaga. Donald Trump, He's in Pennsylvania as well. Sentimental 57 00:02:52,280 --> 00:02:54,800 Speaker 2: about his last ever rally, having done it for nine years. 58 00:02:55,040 --> 00:02:58,400 Speaker 2: Podcaster Joe Rogan came out in support of Donald Trump. 59 00:02:58,800 --> 00:03:00,840 Speaker 2: Mister Trump said he would live the US from what 60 00:03:00,880 --> 00:03:04,440 Speaker 2: he called an occupation. Pennsylvania is the crucial swing state 61 00:03:04,520 --> 00:03:06,639 Speaker 2: nine and electrical college votes. I don't think we're going 62 00:03:06,639 --> 00:03:08,519 Speaker 2: to know the result for a few days yet though. 63 00:03:08,639 --> 00:03:12,560 Speaker 1: No story number three. The curse of the founder CEO 64 00:03:12,639 --> 00:03:16,360 Speaker 1: has struck again, with Domino's longtime boss Don May stepping 65 00:03:16,400 --> 00:03:18,600 Speaker 1: down after twenty two years running the company. 66 00:03:18,720 --> 00:03:20,959 Speaker 2: Yeah, he's actually been in the company forty years. He's 67 00:03:20,960 --> 00:03:23,680 Speaker 2: been CEO since it listed in May two thousand and five. 68 00:03:23,800 --> 00:03:25,960 Speaker 2: Mak him the first pizza company to list on the Moors. 69 00:03:26,200 --> 00:03:29,720 Speaker 2: He actually started as a pizza delivery driver in Redcliffe 70 00:03:29,720 --> 00:03:32,239 Speaker 2: in Queensland. Been a rough couple of years. The share 71 00:03:32,280 --> 00:03:34,720 Speaker 2: price is down nearly fifty percent this year, including six 72 00:03:34,720 --> 00:03:37,760 Speaker 2: percent yesterday. Since the end of COVID, it's gone from 73 00:03:37,800 --> 00:03:40,360 Speaker 2: one hundred and sixty dollars to just over thirty dollars. 74 00:03:40,560 --> 00:03:43,360 Speaker 2: They had same store sales figures out yesterday really weak 75 00:03:43,400 --> 00:03:46,920 Speaker 2: in France and Japan. Problem markets for the company. Australia's 76 00:03:46,920 --> 00:03:50,080 Speaker 2: doing okay. Chair is a guy called Jack Cowen who 77 00:03:50,080 --> 00:03:52,760 Speaker 2: owns twenty six percent of the company. Think Hungary, Jack's 78 00:03:52,880 --> 00:03:55,720 Speaker 2: that's Jack Cowen. There's a new CEO, guy called Mark 79 00:03:55,800 --> 00:03:58,280 Speaker 2: Van Dyck from Compass Group in the UK. Previously he 80 00:03:58,360 --> 00:04:01,880 Speaker 2: was at Coca Cola. Mister May is the third Sear 81 00:04:01,960 --> 00:04:03,920 Speaker 2: founder to go in the past ten days or so. 82 00:04:04,160 --> 00:04:07,240 Speaker 2: Richard White from Weiss Tech Global went, Chris Ellison from 83 00:04:07,280 --> 00:04:10,720 Speaker 2: MinRes Mineral Resources is going to go. They are more 84 00:04:10,760 --> 00:04:14,360 Speaker 2: corporate governance issues rather than share price performance though, so 85 00:04:14,520 --> 00:04:16,679 Speaker 2: Don May perhaps he shouldn't be put in that group 86 00:04:17,320 --> 00:04:17,720 Speaker 2: too late. 87 00:04:17,800 --> 00:04:19,560 Speaker 1: Now we've just done it. 88 00:04:20,000 --> 00:04:20,520 Speaker 2: We've done it. 89 00:04:21,160 --> 00:04:24,880 Speaker 1: Story number four sean there is an election in the 90 00:04:24,920 --> 00:04:29,120 Speaker 1: wind in Australia, with Prime Minister Anthony Albanezi telling colleagues 91 00:04:29,120 --> 00:04:32,400 Speaker 1: here's confident of winning an increased majority at the next election, 92 00:04:32,760 --> 00:04:34,000 Speaker 1: which is due by May. 93 00:04:34,920 --> 00:04:39,240 Speaker 2: Yeah, that's despite polling suggesting a minority government if the 94 00:04:39,279 --> 00:04:42,799 Speaker 2: election is held anytime soon. It's the third last parliamentary 95 00:04:42,839 --> 00:04:44,920 Speaker 2: sitting week of the year. The Prime Minister told Labor 96 00:04:45,040 --> 00:04:47,240 Speaker 2: MPs that they need to get out and help set 97 00:04:47,480 --> 00:04:50,400 Speaker 2: the next agenda. Key policies will be announced over the 98 00:04:50,440 --> 00:04:53,200 Speaker 2: next few months. Been planning on education this week, of course, 99 00:04:53,240 --> 00:04:55,840 Speaker 2: the big one wiping out twenty percent off student debts. Yesterday, 100 00:04:55,880 --> 00:04:57,839 Speaker 2: the government said it would also set up commission to 101 00:04:57,920 --> 00:05:01,159 Speaker 2: set the price of university causes. For his part, Opposition 102 00:05:01,240 --> 00:05:03,800 Speaker 2: leader Peter Dunton told his colleagues to steer clear of 103 00:05:03,839 --> 00:05:07,600 Speaker 2: the debate over abortion in any run up to an 104 00:05:07,640 --> 00:05:11,320 Speaker 2: election here a federal election here. Mister Dutton said it 105 00:05:11,360 --> 00:05:14,400 Speaker 2: cost the Queensland L and P votes in metropolitan seats 106 00:05:14,440 --> 00:05:15,559 Speaker 2: in the recent state election. 107 00:05:16,000 --> 00:05:19,520 Speaker 1: Last one story number five, Commonwealth Bank will build a 108 00:05:19,720 --> 00:05:23,880 Speaker 1: media arm that will compete with broadcasters and billboards to 109 00:05:23,920 --> 00:05:27,479 Speaker 1: sell space to advertisers on its branches atm screens and 110 00:05:27,560 --> 00:05:28,360 Speaker 1: mobile apps. 111 00:05:28,800 --> 00:05:32,760 Speaker 2: CommBank Connect is part of its marketing business. It's already 112 00:05:32,800 --> 00:05:35,839 Speaker 2: signed up brands Quantus, Chaos Sports and My to Run Ads. 113 00:05:36,360 --> 00:05:39,200 Speaker 2: Commonwealth Bank will build two thousand digital screens inside and 114 00:05:39,240 --> 00:05:43,120 Speaker 2: outside it's six hundred branches across the country. According to 115 00:05:43,120 --> 00:05:46,159 Speaker 2: the Farm they don't think it will make money, but 116 00:05:46,480 --> 00:05:49,200 Speaker 2: it will help them pay for their own advertising. Now 117 00:05:49,240 --> 00:05:53,159 Speaker 2: own media owned media, which is company selling access to 118 00:05:53,200 --> 00:05:56,200 Speaker 2: their customers is worth an estimated four point three billion 119 00:05:56,240 --> 00:05:59,280 Speaker 2: dollars a year. Is big business Willies Coals and chemist 120 00:05:59,279 --> 00:06:03,440 Speaker 2: Warehouse or do it charging supplies for prominent spots on 121 00:06:03,560 --> 00:06:07,640 Speaker 2: instore screens, radio stations, magazines and social media. Seems like 122 00:06:07,680 --> 00:06:10,760 Speaker 2: a lot of big business that are not media businesses 123 00:06:10,800 --> 00:06:11,920 Speaker 2: are getting into the space. 124 00:06:12,240 --> 00:06:14,240 Speaker 1: All right, There we go the top five business stories 125 00:06:14,279 --> 00:06:15,799 Speaker 1: in five minutes. Thanks very much Sean. 126 00:06:16,080 --> 00:06:16,760 Speaker 2: Thank you, Michael. 127 00:06:17,040 --> 00:06:20,200 Speaker 1: It's Wednesday, the sixth of November twenty twenty four. Remember 128 00:06:20,200 --> 00:06:22,440 Speaker 1: to hit follow on the podcast and five minutes, isn't 129 00:06:22,440 --> 00:06:24,360 Speaker 1: it After you can find our longer daily show called 130 00:06:24,360 --> 00:06:27,559 Speaker 1: Fear and Greed whereever you listen to podcasts. I'm Michael 131 00:06:27,600 --> 00:06:29,680 Speaker 1: Thompson and that was the fast five Business News by 132 00:06:29,680 --> 00:06:32,000 Speaker 1: Fear and Greed. Have a great day.