1 00:00:03,840 --> 00:00:06,720 Speaker 1: It's Monday, the twenty eighth of October twenty twenty four. 2 00:00:06,960 --> 00:00:09,799 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,800 --> 00:00:11,680 Speaker 1: where we give you the top five business stories you 4 00:00:11,720 --> 00:00:14,240 Speaker 1: need to know when just five minutes A'm Michael Thompson 5 00:00:14,280 --> 00:00:15,720 Speaker 1: and good morning Sean Aylmer. 6 00:00:16,000 --> 00:00:17,800 Speaker 2: Good morning Michael, Sean. 7 00:00:17,880 --> 00:00:20,360 Speaker 1: Five stories in five minutes. Let's go story number one. 8 00:00:20,480 --> 00:00:23,000 Speaker 1: It is a massive week for the local economy, with 9 00:00:23,120 --> 00:00:27,240 Speaker 1: headline inflation expected will finally fallen within the RBAS two 10 00:00:27,320 --> 00:00:31,080 Speaker 1: to three percent range. But that is not going to 11 00:00:31,120 --> 00:00:33,479 Speaker 1: be enough. Is it to convince the Central Bank to 12 00:00:33,520 --> 00:00:35,280 Speaker 1: cut rates in eight days time? 13 00:00:35,800 --> 00:00:39,520 Speaker 2: It is not. The Australian Bureau Statistics this week releases 14 00:00:39,640 --> 00:00:43,280 Speaker 2: the consumer price index figures. They're going to reflect those 15 00:00:43,360 --> 00:00:46,600 Speaker 2: government energy rebates which were announced at the last election, 16 00:00:46,800 --> 00:00:50,120 Speaker 2: three thousand dollars rebates seven hundred and fifty dollars per quarter. 17 00:00:50,680 --> 00:00:55,320 Speaker 2: What that means is that energy prices will go backwards 18 00:00:55,760 --> 00:00:59,360 Speaker 2: and that'll actually cause inflation to fall headline inflation to 19 00:00:59,440 --> 00:01:03,040 Speaker 2: that two percent level. Problem is the Reserve Bank, and 20 00:01:03,040 --> 00:01:05,240 Speaker 2: it's governor Michelle Bollocks already said it's looking through the 21 00:01:05,280 --> 00:01:07,640 Speaker 2: three thousand dollars rebates more interested in what they call 22 00:01:07,720 --> 00:01:12,080 Speaker 2: the trimmed mean measure, which is underlying inflation that's likely 23 00:01:12,120 --> 00:01:13,800 Speaker 2: to be about three and a half percent. That takes 24 00:01:13,840 --> 00:01:18,880 Speaker 2: out all the volatile stuff, including these energy rebates. Upshot 25 00:01:18,880 --> 00:01:21,000 Speaker 2: of this, Preserve Bank won't do anything when it meets 26 00:01:21,000 --> 00:01:23,440 Speaker 2: next week because the underlying rate is still at three 27 00:01:23,440 --> 00:01:25,679 Speaker 2: and a half percent. It's nowhere near it's one to 28 00:01:25,760 --> 00:01:28,520 Speaker 2: two percent range. Bomb markets reckon there's a thirty percent 29 00:01:28,600 --> 00:01:31,000 Speaker 2: chance of rate cut in December, seventy percent in February, 30 00:01:31,080 --> 00:01:34,039 Speaker 2: one hundred percent in May next year. We'd just be 31 00:01:34,080 --> 00:01:36,080 Speaker 2: waiting a little while, I think before we get a 32 00:01:36,160 --> 00:01:36,520 Speaker 2: rate cut. 33 00:01:36,520 --> 00:01:39,880 Speaker 1: Michael, Yeah, indeed, Sean. Story Number two is also a 34 00:01:39,959 --> 00:01:42,679 Speaker 1: very big week the housing market, with more than three 35 00:01:42,760 --> 00:01:46,720 Speaker 1: thousand homes going under the hammer, and the preliminary clearance 36 00:01:46,800 --> 00:01:49,800 Speaker 1: rate across the country fell the sixty six point eight percent. 37 00:01:50,360 --> 00:01:53,480 Speaker 2: It was the biggest week since before Easter, the second 38 00:01:53,600 --> 00:01:57,880 Speaker 2: highest number of auctions of the year. Melbourne is preliminary 39 00:01:58,000 --> 00:01:59,640 Speaker 2: clearance rate came in at sixty eight and a half 40 00:01:59,680 --> 00:02:02,800 Speaker 2: percent according to core Logic. That's not bad for that city. 41 00:02:03,240 --> 00:02:05,680 Speaker 2: Sydney came in at sixty four point five percent. That's 42 00:02:05,720 --> 00:02:08,720 Speaker 2: down from more than seventy percent a week earlier, the 43 00:02:08,880 --> 00:02:12,400 Speaker 2: second lowest of the year. Later this week we'll get 44 00:02:12,480 --> 00:02:15,920 Speaker 2: monthly house price data. It just looks like growth and 45 00:02:16,160 --> 00:02:20,920 Speaker 2: house prices could well be stalling. In the country's largest city, 46 00:02:21,560 --> 00:02:24,360 Speaker 2: Brisbane's preliminary cleuence rate came in at fifty eight percent, 47 00:02:24,400 --> 00:02:28,200 Speaker 2: Adelaide seventy four percent, ACT was sixty seven percent. The 48 00:02:28,280 --> 00:02:31,560 Speaker 2: other thing to note is these rates are preliminary. The 49 00:02:31,639 --> 00:02:35,440 Speaker 2: final clearance rates are generally much lower, so I'd imagine 50 00:02:35,560 --> 00:02:37,560 Speaker 2: that this one this week will come in at about 51 00:02:37,560 --> 00:02:39,960 Speaker 2: fifty seven to fifty eight percent when all said and done. 52 00:02:40,080 --> 00:02:43,840 Speaker 1: Story number three Sean Anthony Albinezi, the Prime Minister, is 53 00:02:44,120 --> 00:02:47,840 Speaker 1: under fire over his relationship with Quantus and former CEO 54 00:02:47,960 --> 00:02:51,480 Speaker 1: Alan Joyce, with a new book saying the PM was 55 00:02:51,600 --> 00:02:55,560 Speaker 1: provided with dozens dozens of free flight upgrades. 56 00:02:55,880 --> 00:02:58,760 Speaker 2: The book by former AFI columnist Joe Aston in first 57 00:02:58,800 --> 00:03:02,600 Speaker 2: the two or were too close, and it lists at 58 00:03:02,680 --> 00:03:05,360 Speaker 2: least twenty two free upgrades on economy tickets dating back 59 00:03:05,400 --> 00:03:09,280 Speaker 2: to two thousand and nine. Misster Alberesi was Shadow Transport 60 00:03:09,320 --> 00:03:12,119 Speaker 2: Minister and Transport Minister in some of those years. There's 61 00:03:12,120 --> 00:03:14,600 Speaker 2: also a lot of discussion about use of the Chairman's Lounge. 62 00:03:14,639 --> 00:03:20,280 Speaker 2: It's an exclusive lounge for CEOs, politicians, etc. Anthony Aberzi's 63 00:03:20,320 --> 00:03:23,600 Speaker 2: son was admitted as a Chairman's Lounge member and am 64 00:03:23,600 --> 00:03:26,639 Speaker 2: astrama he just declared yesterday, said he declared all the 65 00:03:26,720 --> 00:03:29,239 Speaker 2: upgrades and his son was his plus one. That's okay, 66 00:03:29,280 --> 00:03:31,800 Speaker 2: but his partner's also a member of the Chairman's Lounge. 67 00:03:32,040 --> 00:03:35,200 Speaker 2: Point end is that the government blocked Qatar Airways flying 68 00:03:35,200 --> 00:03:38,760 Speaker 2: more roots into Australia, and the inference is that mister 69 00:03:38,760 --> 00:03:42,320 Speaker 2: Alberanzi's relationship with Alan Joyce and Quantas had a role 70 00:03:42,600 --> 00:03:45,320 Speaker 2: in that decision. I'm not saying that's the case, but 71 00:03:45,400 --> 00:03:46,880 Speaker 2: that's the inference from nine. 72 00:03:47,160 --> 00:03:51,120 Speaker 1: Story number four. Commonwealth Bank SEAN has threatened to cut 73 00:03:51,160 --> 00:03:55,720 Speaker 1: bonuses and discipline workers if they repeatedly break the company's 74 00:03:55,760 --> 00:03:58,840 Speaker 1: return to the office rules. They mean business, don't they. 75 00:03:59,080 --> 00:04:01,840 Speaker 2: They sure do. The nation's largest bank sent an email 76 00:04:01,920 --> 00:04:05,640 Speaker 2: to staff saying it will review office attendance monthly. According 77 00:04:05,640 --> 00:04:09,840 Speaker 2: to the finn Review, if those reviews show that people 78 00:04:09,920 --> 00:04:12,400 Speaker 2: are doing the wrong thing, there'll be two written warnings, 79 00:04:12,440 --> 00:04:15,960 Speaker 2: then further action. What's further action, Well, it could impact 80 00:04:15,960 --> 00:04:20,600 Speaker 2: on variable remuneration bonuses also on performance ratings. Now, since 81 00:04:20,680 --> 00:04:23,880 Speaker 2: July twenty three, commof Bank requires staff in the office 82 00:04:23,880 --> 00:04:26,680 Speaker 2: at least fifty percent of the time. I don't think 83 00:04:26,680 --> 00:04:30,239 Speaker 2: that's asking too much personally others to make similar moves 84 00:04:30,240 --> 00:04:32,640 Speaker 2: in terms of bringing people in and then having these 85 00:04:32,720 --> 00:04:36,839 Speaker 2: variable remuneration and performance rating at risk places like Origin 86 00:04:37,000 --> 00:04:39,839 Speaker 2: Energy at Sun, Corbin A and Z. Clearly big corporates 87 00:04:39,839 --> 00:04:41,880 Speaker 2: are struggling to get people back into the office. 88 00:04:42,200 --> 00:04:44,320 Speaker 1: Finally, sean story number five, what do you make of 89 00:04:44,360 --> 00:04:47,280 Speaker 1: this one? In Major League Baseball, arguably the two most 90 00:04:47,279 --> 00:04:50,600 Speaker 1: famous teams are the New York Yankees and the LA Dodgers. 91 00:04:50,960 --> 00:04:53,440 Speaker 1: They faced off over the weekend in the World Series 92 00:04:53,480 --> 00:04:57,840 Speaker 1: with the average ticket price on the secondary market one thousand, 93 00:04:58,080 --> 00:05:00,160 Speaker 1: seven hundred US dollars. 94 00:05:00,480 --> 00:05:03,440 Speaker 2: Yes, the average ticket price? What's that? Twenty five twenty 95 00:05:03,440 --> 00:05:06,400 Speaker 2: six hundred ouzsy effective? This is the Grand Final Series, 96 00:05:06,440 --> 00:05:08,480 Speaker 2: best of seven. Two of the biggest stars. Aaron Judge 97 00:05:08,480 --> 00:05:11,599 Speaker 2: plays for the Yankee, Shoheyatani plays for the Dodgers, the 98 00:05:11,640 --> 00:05:14,880 Speaker 2: billion billion dollar man. It's been forty three years since 99 00:05:14,920 --> 00:05:18,159 Speaker 2: these two have faced off. The cheap seats for games 100 00:05:18,240 --> 00:05:20,400 Speaker 2: over the weekend in Los Angeles. The cheap seats for 101 00:05:20,520 --> 00:05:23,440 Speaker 2: nine hundred and seventy five US Game three at Yankee 102 00:05:23,440 --> 00:05:26,760 Speaker 2: Stadium tomorrow night is expected to be the most expensive. 103 00:05:26,760 --> 00:05:30,160 Speaker 2: The average ticket price is nearly two thousand dollars US 104 00:05:30,240 --> 00:05:34,359 Speaker 2: three thousand oussie standing room only tickets, fifteen hundred US 105 00:05:34,400 --> 00:05:39,880 Speaker 2: dollars behind the home plate twenty thousand US dollars. Who also, 106 00:05:40,000 --> 00:05:42,239 Speaker 2: Michael got to throw in a mad Yankee fan down 107 00:05:42,480 --> 00:05:44,719 Speaker 2: zero to the Dodgers one of the two games in 108 00:05:44,839 --> 00:05:45,640 Speaker 2: LA over the weekend. 109 00:05:46,120 --> 00:05:47,880 Speaker 1: Oh dear, all right, there we go the top five 110 00:05:47,880 --> 00:05:49,239 Speaker 1: business stories in five minutes. 111 00:05:49,279 --> 00:05:51,039 Speaker 2: Thank you Sean, Thank you Michael. 112 00:05:51,320 --> 00:05:54,039 Speaker 1: It's Monday, the twenty eighth of October twenty twenty four. 113 00:05:54,120 --> 00:05:56,400 Speaker 1: Remember to hit follow on the podcast, and if five 114 00:05:56,400 --> 00:05:58,720 Speaker 1: minutes isn't enough, you can find our longer daily show 115 00:05:58,800 --> 00:06:01,960 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 116 00:06:01,960 --> 00:06:04,359 Speaker 1: Michael Thompson and that was the fast five business news 117 00:06:04,360 --> 00:06:08,359 Speaker 1: by Fear and Greed. Have a great day.