1 00:00:03,840 --> 00:00:06,880 Speaker 1: It's Monday, the nineteenth of May twenty twenty five. Welcome 2 00:00:06,880 --> 00:00:09,240 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,240 --> 00:00:11,080 Speaker 1: where we give you the top five business stories you 4 00:00:11,119 --> 00:00:13,360 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,400 --> 00:00:17,280 Speaker 1: and good morning Sean Aylmer, Good morning, Michael Shawn. Five stories, 6 00:00:17,280 --> 00:00:19,919 Speaker 1: five minutes. Let's go with story number one. The Reserve 7 00:00:19,960 --> 00:00:22,520 Speaker 1: Bank is expected to announce a cut in interest rates 8 00:00:22,520 --> 00:00:26,000 Speaker 1: tomorrow afternoon, amid fears over the US economy and what 9 00:00:26,040 --> 00:00:27,960 Speaker 1: a rate cut would mean for house prices. 10 00:00:28,040 --> 00:00:30,360 Speaker 2: The Reserve Bank Board meets today and tomorrow, with the 11 00:00:30,400 --> 00:00:33,400 Speaker 2: announcement expected at two thirty pm, followed by a press 12 00:00:33,400 --> 00:00:36,920 Speaker 2: conference with Governor Michelle Bullock. Markets have priced in a 13 00:00:36,960 --> 00:00:39,800 Speaker 2: greater than ninety percent chance that a rate cut reasons 14 00:00:39,800 --> 00:00:42,080 Speaker 2: well inflations turning back to two and a half percent, 15 00:00:42,159 --> 00:00:44,519 Speaker 2: maybe a bit lower. The Reserve Bank doesn't want it 16 00:00:44,560 --> 00:00:46,239 Speaker 2: to go any lower. It wants it to be in 17 00:00:46,240 --> 00:00:49,839 Speaker 2: the middle of its target point. The local economy is soft, 18 00:00:49,880 --> 00:00:53,440 Speaker 2: particularly household Reserve Bank needs to give them a bit 19 00:00:53,479 --> 00:00:56,240 Speaker 2: of a burst. Global uncertainty plenty of that around at 20 00:00:56,280 --> 00:00:58,440 Speaker 2: the moment. The big news have of the weekend is 21 00:00:58,480 --> 00:01:02,040 Speaker 2: that ratings agency Moodies cut the US's credit rating from 22 00:01:02,080 --> 00:01:05,720 Speaker 2: the top rating through the number two rating Fitch and 23 00:01:05,920 --> 00:01:08,319 Speaker 2: S and P the other rating agencies have done that 24 00:01:08,400 --> 00:01:12,759 Speaker 2: if basically they're worried about balloooning US government debt Michael Okay. 25 00:01:12,800 --> 00:01:16,319 Speaker 1: Now, what the Reserve Bank does is one thing. The 26 00:01:16,440 --> 00:01:19,240 Speaker 1: other question, though, is well the banks, the big banks 27 00:01:19,440 --> 00:01:22,400 Speaker 1: and all the other lenders actually pass on a rate cut. 28 00:01:22,520 --> 00:01:25,880 Speaker 2: Michael I reckon. They got their press releases ready to go. 29 00:01:26,400 --> 00:01:28,760 Speaker 2: It means at a standard variable home loan rate will come 30 00:01:28,800 --> 00:01:31,319 Speaker 2: down to the low sixers, though if you negotiate the 31 00:01:31,440 --> 00:01:34,200 Speaker 2: lender you might get a high fives or better. Of course, 32 00:01:34,240 --> 00:01:37,160 Speaker 2: deposit rates will also drop. We know that there's about 33 00:01:37,200 --> 00:01:41,520 Speaker 2: a decade high for deposit or for money on term deposit, 34 00:01:41,920 --> 00:01:44,600 Speaker 2: so those rates will drop as well. Many economists are 35 00:01:44,600 --> 00:01:46,280 Speaker 2: saying that there will be a rate cut tomorrow, but 36 00:01:46,360 --> 00:01:48,360 Speaker 2: that doesn't mean there's going to be a run of them. 37 00:01:48,880 --> 00:01:51,880 Speaker 2: They say there's too much uncertainty in the market. Bond 38 00:01:51,920 --> 00:01:55,160 Speaker 2: market investors, they're a little bit more optimistic. They've already 39 00:01:55,200 --> 00:01:56,760 Speaker 2: priced in two more cuts this year. 40 00:01:57,200 --> 00:01:59,360 Speaker 1: And what does it mean just quickly for the housing market. 41 00:01:59,760 --> 00:02:03,240 Speaker 2: An known generally rate cuts lead to higher prices. Bank 42 00:02:03,280 --> 00:02:06,880 Speaker 2: of Queensland economist Peter Munkin reckons ten to fifteen percent 43 00:02:06,960 --> 00:02:08,560 Speaker 2: rise out of the next couple of years isn't a 44 00:02:08,560 --> 00:02:09,359 Speaker 2: bad estimation. 45 00:02:09,760 --> 00:02:11,959 Speaker 1: Okay, moving on to story number two. Now, Prime Minister 46 00:02:12,040 --> 00:02:17,400 Speaker 1: Anthony Albernezi attended Pope Leo the fourteenth inauguration ceremony that 47 00:02:17,480 --> 00:02:20,799 Speaker 1: took place overnight and is inviting him to visit Australia 48 00:02:20,840 --> 00:02:21,560 Speaker 1: in a couple of years. 49 00:02:21,639 --> 00:02:25,040 Speaker 2: So Australia is hosting the World EU Cominical Congress in 50 00:02:25,080 --> 00:02:28,400 Speaker 2: twenty twenty eight if he comes along, to be the 51 00:02:28,440 --> 00:02:32,520 Speaker 2: first papal visit since Pope Benedict the sixteenth visited Sydney 52 00:02:32,560 --> 00:02:35,320 Speaker 2: in two thousand and eight. Miss Ailbenezi says one of 53 00:02:35,320 --> 00:02:37,959 Speaker 2: his first memories is Pope Paul the sixth visiting Pimont 54 00:02:38,080 --> 00:02:41,320 Speaker 2: Bridge Road, camping down at the hospital there was across 55 00:02:41,320 --> 00:02:43,040 Speaker 2: the road from his house. His mum took him over 56 00:02:43,080 --> 00:02:45,880 Speaker 2: to see the Pope. The Prime Minister's attendance at the 57 00:02:45,880 --> 00:02:49,040 Speaker 2: mass of inauguration is the first time in Australian PM 58 00:02:49,080 --> 00:02:52,840 Speaker 2: has attended a papal inauguration since diplomatic relations were established. 59 00:02:53,120 --> 00:02:54,600 Speaker 2: In nineteen seventy three. 60 00:02:54,840 --> 00:02:58,959 Speaker 1: Story number three. Superannuation funds have weather the tariff storm 61 00:02:59,040 --> 00:03:02,000 Speaker 1: remarkably well, acording to chat West, with the media and 62 00:03:02,080 --> 00:03:05,080 Speaker 1: superfund delivering positive returns in April. 63 00:03:05,400 --> 00:03:07,280 Speaker 2: That's right. So the median and superfund for a growth 64 00:03:07,280 --> 00:03:10,639 Speaker 2: fund sixty one to eighty percent in growth assets, delivered 65 00:03:10,680 --> 00:03:13,639 Speaker 2: a half percent return, taking the financial year so far 66 00:03:13,680 --> 00:03:17,360 Speaker 2: to nearly six percent. Not spectacular, but not bad either, 67 00:03:17,400 --> 00:03:22,040 Speaker 2: well above inflation, well above growth. More conservative portfolios they 68 00:03:22,040 --> 00:03:25,160 Speaker 2: did better during April. Over the longer term ten to 69 00:03:25,160 --> 00:03:28,679 Speaker 2: fifteen years, the more aggressive portfolios they've done best though. 70 00:03:29,320 --> 00:03:32,480 Speaker 1: Okay. Story number four. US regulators, this is good news 71 00:03:32,480 --> 00:03:37,240 Speaker 1: have approved the first blood test to help diagnose Alzheimer's disease, 72 00:03:37,640 --> 00:03:41,400 Speaker 1: potentially making it easier to find and treat patients with 73 00:03:41,520 --> 00:03:44,680 Speaker 1: the disease that affects tens of millions of people globally. 74 00:03:44,920 --> 00:03:47,600 Speaker 2: The test, manage by a Japanese company, was cleared for 75 00:03:47,680 --> 00:03:50,360 Speaker 2: people fifty five years and older who exhibit signs and 76 00:03:50,400 --> 00:03:53,080 Speaker 2: symptoms of the disease. The US Food and Drug Administration 77 00:03:53,160 --> 00:03:56,280 Speaker 2: says in a statement it's designed for the early detection 78 00:03:56,440 --> 00:03:58,560 Speaker 2: of amyloid, a protein that can build up in the 79 00:03:58,600 --> 00:04:01,320 Speaker 2: brain and is the whole arch of Alzheimer's, the most 80 00:04:01,320 --> 00:04:04,600 Speaker 2: common form of dementia in the elderly. According to Bloomberg, 81 00:04:04,880 --> 00:04:07,480 Speaker 2: the development and approval of blood tests that can spot 82 00:04:07,520 --> 00:04:10,200 Speaker 2: which patients are likely to have toxic amyloid in their 83 00:04:10,200 --> 00:04:13,560 Speaker 2: brains has been viewed as a critical step towards making 84 00:04:13,640 --> 00:04:17,280 Speaker 2: drugs to treat the condition more widely accessible. Definitely good 85 00:04:17,320 --> 00:04:18,320 Speaker 2: news indeed. 86 00:04:18,400 --> 00:04:20,840 Speaker 1: And last story story number five, How about this one? 87 00:04:20,880 --> 00:04:24,280 Speaker 1: A faint, water stained manuscript in the library of Harvard 88 00:04:24,320 --> 00:04:28,479 Speaker 1: Law School, bought just after World War II for US 89 00:04:28,800 --> 00:04:33,320 Speaker 1: twenty seven dollars, has been declared an original thirteen hundred 90 00:04:33,400 --> 00:04:34,960 Speaker 1: version of the Magna Carta. 91 00:04:35,360 --> 00:04:38,719 Speaker 2: Not bad. Harvard's had it since nineteen forty six. Recently, 92 00:04:38,720 --> 00:04:43,720 Speaker 2: two British academics came across it by chance that discovered 93 00:04:43,839 --> 00:04:47,719 Speaker 2: it's not a copy, it's actually real. Now. The Magna 94 00:04:47,760 --> 00:04:50,159 Speaker 2: Carta is the medieval document that helped establish what has 95 00:04:50,200 --> 00:04:53,479 Speaker 2: considered some of the world's fundamental freedoms liberties the way 96 00:04:53,520 --> 00:04:57,479 Speaker 2: we live now, there's only six such documents, or there 97 00:04:57,480 --> 00:05:01,200 Speaker 2: was six. There's now seven from that still in existence. 98 00:05:01,200 --> 00:05:03,560 Speaker 2: According to the New York Times, how much is it worth? 99 00:05:03,600 --> 00:05:05,320 Speaker 2: What did you say, Michael, if they bought it in 100 00:05:05,400 --> 00:05:08,560 Speaker 2: nineteen forty six for twenty seven bucks. Well, a seven 101 00:05:08,680 --> 00:05:11,039 Speaker 2: hundred year old version of Magna Carter was sold in 102 00:05:11,040 --> 00:05:14,839 Speaker 2: two thousand and seven for twenty one million US, so 103 00:05:14,880 --> 00:05:16,479 Speaker 2: I'd imagine it's well north of that. 104 00:05:17,200 --> 00:05:19,440 Speaker 1: That is quite remarkable. There we go, the top five 105 00:05:19,440 --> 00:05:22,800 Speaker 1: business stories in five minutes. Thank you Sean, Thank you Michael. 106 00:05:22,920 --> 00:05:26,159 Speaker 1: It's Monday, the nineteenth of May twenty twenty five. Remember 107 00:05:26,200 --> 00:05:28,719 Speaker 1: to hit follow on the podcast and five minutes isn't 108 00:05:28,839 --> 00:05:31,040 Speaker 1: enough for you. You can find our longer daily show 109 00:05:31,120 --> 00:05:34,080 Speaker 1: called Fear and Greed whereever you listen to podcasts, and 110 00:05:34,160 --> 00:05:36,360 Speaker 1: head along to Fearangreed dot com dot au and sign 111 00:05:36,480 --> 00:05:38,599 Speaker 1: up for our free daily newsletter. I'll put a link 112 00:05:38,600 --> 00:05:40,680 Speaker 1: in the show notes as well. I'm Michael Thompson and 113 00:05:40,720 --> 00:05:43,040 Speaker 1: that was the fast five business news by Fear and Greed. 114 00:05:43,320 --> 00:05:46,880 Speaker 1: Have a great day.