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Speaker 1: It's Thursday, the seventh of August twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes. Let's go story number one. Treasurer

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Speaker 1: Jim Chalmers has labeled AI an enabler, not the enemy,

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Speaker 1: backing a Productivity Commission report claiming artificial intelligence could represent

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Speaker 1: a two hundred billion dollar boost to the economy over

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Speaker 1: the next ten years.

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Speaker 2: The commission like an AI to the introduction of the

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Speaker 2: steam engine in the Industrial Revolution, claiming emerging technology could

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Speaker 2: lift worker productivity by more than four percent and in

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Speaker 2: turn raise the economic output by one hundred and sixteen

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Speaker 2: billion dollars over the next decade. But the report did

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Speaker 2: warn of painful transitions for works made redundant, discussing the

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Speaker 2: need for ski reskilling programs for those whose occupations disappear,

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Speaker 2: also what it means for unemployment benefits in the government,

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Speaker 2: et cetera. Despite this, Commissioner step eaven King warned regulations

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Speaker 2: that specifically target AI could see Australia fall behind the curve,

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Speaker 2: and I argue that existing regulations should measure up now.

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Speaker 2: Opposition leader Susan Lee disagreed, saying more guardrails must be

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Speaker 2: put in place, at least when it comes to content creators.

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Speaker 2: The Productivity Commission has recommended the government loosen rules to

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Speaker 2: give tech giants access to copyrighted content. MS Lee's and

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Speaker 2: many others. I know you're one of those, Michael disagree.

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Speaker 2: This is the third report released by the PC ahead

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Speaker 2: of this month's economic roundtable, and.

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Speaker 1: Just quickly, while we're talking about the Productivity Commission, it

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Speaker 1: is at loggerheads with Australia's biggest corporate taxpayer, BHP, over

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Speaker 1: a proposal to introduce a new five percent cash flow tax.

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Speaker 2: The idea was flated by the PC as part of

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Speaker 2: a proposal to reduce a tax rate on all but

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Speaker 2: the largest five hundred companies in the country. B HP,

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Speaker 2: being the second largest company, would not get a reduced

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Speaker 2: tax rate, but would be hit with a new five

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Speaker 2: percent cash flow tax rate. It's Australia President Geraldine Slattery

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Speaker 2: labeled the recommendation counter productive, claiming Australia's corporate tax rate

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Speaker 2: is already among the highest in the OECD.

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Speaker 1: Michael Okay on to story number two. Now in the

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Speaker 1: local share market hid an all time record yesterday Sean

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Speaker 1: and is now up twenty percent over the past four months.

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Speaker 1: Got my voice went high there. I get very excited

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Speaker 1: about this as confidence in the local economy grows and

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Speaker 1: expectations of rate cuts rise.

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Speaker 2: The SMPASX two hundred finished up million one percent to

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Speaker 2: eight hundred and forty four points. It keeps climbing towards

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Speaker 2: that nine thousand point mark. Comwealth Banks value pushed above

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Speaker 2: three hundred billion dollars after a near two percent jump yesterday.

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Speaker 2: It's up forty percent of the past year. Three quarters

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Speaker 2: the top two hundred were high yesterday. Companies like Wes Farmer's, Goodman's,

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Speaker 2: Aristocrat Leisure did well. Aristocrat Leisure up to thirty eight

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Speaker 2: percent of the past twelve months. Telstra up thirty one

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Speaker 2: percent over the past year, though did go backwards yesterday.

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Speaker 2: Others that have done really well recently. I mentioned Wes

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Speaker 2: Farmers up twenty six percent of over the last twelve months,

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Speaker 2: Wistech Globals thirty six percent, QB forty three percent, some

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Speaker 2: very very strong stocks among Australia's Life Just Companies.

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Speaker 1: Story number three. Infomedia Sean is the subject of a

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Speaker 1: six hundred and fifty one million dollar buyout deal after

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Speaker 1: global asset manager TPG Capital agreed to buy all shares

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Speaker 1: in the Australian software provider.

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Speaker 2: The price represents a forty percent premium for investors. Looks

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Speaker 2: like it'll go ahead. That's all fine. The real point

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Speaker 2: of this story, though, TPG Capital is different to Australian

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Speaker 2: listed TPG Telecom. There was a mix up yesterday on

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Speaker 2: the AX which prompted a four percent full in TPG Telecom.

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Speaker 2: It shouldn't be mistaken for TPG Capital, but the market

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Speaker 2: operator did. It was incorrectly tagged by the AX in

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Speaker 2: the announcement. Investors jumped dean thinking TPG Telecom was buying Infomedia.

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Speaker 2: They sold the shares down before the company was placed

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Speaker 2: in a temporary trading halt. Now all those trades that

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Speaker 2: occurred prior to the pause will now be canceled, but

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Speaker 2: it is a dreadful look for the market operator.

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Speaker 1: The AX before Warren Buffett's farewell tour is not pleasing

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Speaker 1: investors with shares in Berkshire Hathaway, underperforming the wider market

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Speaker 1: by one of the biggest margins in decades. This is

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Speaker 1: all as Warren Buffett's retirement as chief executive is nearing.

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Speaker 2: No one's irreplaceable, but Warren Buffett is close to it

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Speaker 2: and investors are heading for the exits. Berkshire's Class A

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Speaker 2: shares have tumbled fourteen percent since May too, the last

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Speaker 2: trading day before the ninety four year old Buffett said

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Speaker 2: he'd hand control of Berkshere's top to executive Greg Able.

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Speaker 2: Berkshire's sly so it's down forty percent. The SP five

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Speaker 2: hundred is up eleven percent in the same period. Buffett's

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Speaker 2: in the home stretch of a six decade run atop Berkshire,

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Speaker 2: transforming forming a struggling textile mill into a financial conglomerate

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Speaker 2: spanning sectors from insurance to natural gas pipelines. In fact,

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Speaker 2: Berkshire Hathaway shares have done one hundred and forty times

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Speaker 2: better than the S and P five hundred since that

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Speaker 2: nineteen sixty five.

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Speaker 1: Yeah, it is quite incredible. Sean story number five, an

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Speaker 1: absolute legend of the Australian music industry, Cole Joy has

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Speaker 1: died aged eighty nine. The musician entertainer had a career

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Speaker 1: that earned him dozens of gold and platinum records and

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Speaker 1: several number one hits.

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Speaker 2: An incredible life. Born Colin Jacobson left school at fourteen

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Speaker 2: to work as a salesman for a jeweler and start

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Speaker 2: a band with his brothers, Kevin and Keith. The Jacobson

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Speaker 2: Brothers released two singles in nineteen fifty nine. One of

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Speaker 2: them became a hit, Bye Bye Baby. It was called

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Speaker 2: on the Advice of a clairvoyint. He changed his name

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Speaker 2: from Colin Jacobson to Cole Joy became a regular on

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Speaker 2: the music show Bandstand. Cole joined the Joy Boys, with

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Speaker 2: the first Australian rock band to reach this American Billboard

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Speaker 2: chart in nineteen fifty nine, touring the US with Billy

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Speaker 2: Thorpe and the Aztecs. In the mid nineteen sixties and

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Speaker 2: early seventies, toured Vietnam with singer Little Paddy to entertain

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Speaker 2: Australian troops. A real duian of Australian music.

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Speaker 1: Yeah, absolutely, all right, there we go the top five

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Speaker 1: business stories in five minutes.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: It's Thursday, the seventh of August twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: isn't enough, you're going to find our longer daily show

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Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm

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Speaker 1: Michael Thompson and that was the Fast five Business News

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Speaker 1: by Fear and Greed. Had a great day,