1 00:00:03,840 --> 00:00:06,920 Speaker 1: It's Friday, the fifth of September twenty twenty five. Welcome 2 00:00:06,920 --> 00:00:09,160 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,160 --> 00:00:10,920 Speaker 1: where we give you the top five business stories you 4 00:00:10,960 --> 00:00:13,200 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,200 --> 00:00:16,640 Speaker 1: and good morning Natalie McDonald. Good morning, Michael, Natalie. Five stories, 6 00:00:16,680 --> 00:00:19,599 Speaker 1: five minutes. Let's go. Story number one. The Federal Government 7 00:00:19,680 --> 00:00:22,280 Speaker 1: has agreed to pay four hundred and seventy five million 8 00:00:22,360 --> 00:00:26,400 Speaker 1: dollars in compensation. This is to victims of the robodebt scheme, 9 00:00:26,760 --> 00:00:30,360 Speaker 1: the largest class action settlement in Australian history. Robodebt was 10 00:00:30,400 --> 00:00:34,880 Speaker 1: the automated debt recovery system that unlawfully hounded welfare recipients 11 00:00:34,920 --> 00:00:38,080 Speaker 1: for money that they didn't actually owe, pushing many into hardship. 12 00:00:38,280 --> 00:00:41,800 Speaker 1: A Royal commission later slammed it as crude and cruel. 13 00:00:42,200 --> 00:00:45,120 Speaker 2: Attorney General Michelle Rowland says the payout, if approved by 14 00:00:45,159 --> 00:00:48,159 Speaker 2: the Federal Court, is just unfair and will cover more 15 00:00:48,200 --> 00:00:51,680 Speaker 2: than four hundred and fifty thousand Australians. In twenty twenty, 16 00:00:51,760 --> 00:00:55,000 Speaker 2: victims of the unlawful robodebt scheme won a one point 17 00:00:55,040 --> 00:00:58,520 Speaker 2: eight billion dollar settlement, but lawyers pushed for more after 18 00:00:58,560 --> 00:01:02,680 Speaker 2: evidence showed the former color government knew it was illegal. Yesterday, 19 00:01:02,760 --> 00:01:05,000 Speaker 2: Labor agreed to pay an extra four hundred and seventy 20 00:01:05,000 --> 00:01:08,639 Speaker 2: five million dollars in compensation, plus millions more in legal 21 00:01:08,680 --> 00:01:12,160 Speaker 2: costs and administration. Law firm Gordon Legal, which ran the 22 00:01:12,200 --> 00:01:15,760 Speaker 2: class action, described it as vindication for victims, though many 23 00:01:15,840 --> 00:01:19,040 Speaker 2: continue to live with lasting trauma. At least two suicides 24 00:01:19,080 --> 00:01:20,080 Speaker 2: were linked to the scheme. 25 00:01:20,840 --> 00:01:24,559 Speaker 1: Story number two is another one from federal politics, where 26 00:01:24,640 --> 00:01:29,560 Speaker 1: Prime Minister Anthony Albanizi has distanced himself from former Victorian 27 00:01:29,600 --> 00:01:34,080 Speaker 1: Premier Daniel Andrews after Andrews posed in group photos with 28 00:01:34,160 --> 00:01:38,040 Speaker 1: leaders of North Korea, China, Russia and Iran. Dan Andrews 29 00:01:38,040 --> 00:01:40,920 Speaker 1: has been roundly criticized for his decision to travel to 30 00:01:41,040 --> 00:01:45,280 Speaker 1: China to be present for a huge military parade that 31 00:01:45,400 --> 00:01:48,920 Speaker 1: other politicians described as a parade for dictators. Yesterday, the 32 00:01:48,960 --> 00:01:51,440 Speaker 1: PM was under pressure to condemn the former premier. 33 00:01:51,840 --> 00:01:55,160 Speaker 2: Speaking at question time, Anthony Alberiezi told Parliament, I'm not 34 00:01:55,240 --> 00:01:58,600 Speaker 2: responsible for what every Australian citizen does, pointing out that 35 00:01:58,640 --> 00:02:01,680 Speaker 2: in twenty fifteen the Abbe government sent then Minister for 36 00:02:01,800 --> 00:02:05,760 Speaker 2: Veteran Affairs, Michael ronson to attend the seventieth anniversary of 37 00:02:05,800 --> 00:02:08,920 Speaker 2: the formal surrender by Japan in World War II, but 38 00:02:09,000 --> 00:02:12,360 Speaker 2: the PM did offer an implicit criticism of format flatmate 39 00:02:12,440 --> 00:02:15,800 Speaker 2: Andrews's actions, stating that neither he nor his MPs would 40 00:02:15,800 --> 00:02:19,040 Speaker 2: have gone, saying my position is very very clear, which 41 00:02:19,040 --> 00:02:21,840 Speaker 2: as we did not send any government representative because it 42 00:02:21,880 --> 00:02:25,080 Speaker 2: wouldn't have been appropriate, saying I haven't and never will 43 00:02:25,080 --> 00:02:27,799 Speaker 2: meet Vladimir Putin. I haven't and never will meet the 44 00:02:27,840 --> 00:02:29,320 Speaker 2: leader of North Korea as well. 45 00:02:29,560 --> 00:02:33,040 Speaker 1: Okay. Starting number three, Macquarie is becoming a major player 46 00:02:33,080 --> 00:02:36,280 Speaker 1: in Australia's home loan market, winning almost forty percent of 47 00:02:36,360 --> 00:02:37,920 Speaker 1: all new mortgage business. 48 00:02:37,960 --> 00:02:41,240 Speaker 2: In July, the bank added three point two billion dollars 49 00:02:41,240 --> 00:02:43,680 Speaker 2: in new loans, growing more than six times faster than 50 00:02:43,720 --> 00:02:48,000 Speaker 2: the Big four. It's secret four hour approvals, competitive headline rates, 51 00:02:48,040 --> 00:02:51,840 Speaker 2: and a decision to ditch discretionary pricing, making life easier 52 00:02:51,840 --> 00:02:55,640 Speaker 2: for brokers who now send ninety five percent of mccrary's loans. 53 00:02:56,160 --> 00:02:59,000 Speaker 2: Unlike the major's, McCrory runs lean as a digital only 54 00:02:59,040 --> 00:03:02,320 Speaker 2: bank with no branch, freeing it to compete on speed 55 00:03:02,400 --> 00:03:06,680 Speaker 2: and transparency rather than risky lending brokers say clear rules 56 00:03:06,680 --> 00:03:10,120 Speaker 2: and consistent policies have helped it to steadily grab market share, 57 00:03:10,200 --> 00:03:12,840 Speaker 2: lifting its overall slice from four point seven to six 58 00:03:12,919 --> 00:03:16,120 Speaker 2: point three percent in just four years. Even CBA admits 59 00:03:16,160 --> 00:03:20,440 Speaker 2: McCrory is a quote formidable competitor aunglessborn. The Big four 60 00:03:20,480 --> 00:03:23,080 Speaker 2: are under pressure, with Westpac and A and Zed stumbling 61 00:03:23,120 --> 00:03:26,360 Speaker 2: while McCrory surges from niche player to major. 62 00:03:26,120 --> 00:03:29,960 Speaker 1: Threat story number four. For the first time, four Chinese 63 00:03:30,000 --> 00:03:33,680 Speaker 1: car brands have cracked Australia's top ten. BYD was best 64 00:03:33,720 --> 00:03:36,680 Speaker 1: placed of the four, coming in at number six on 65 00:03:36,720 --> 00:03:40,680 Speaker 1: the list in August, followed closely by GWM MG and 66 00:03:40,720 --> 00:03:44,800 Speaker 1: then Cherry. Together. Chinese made vehicles made up almost twenty 67 00:03:44,840 --> 00:03:47,200 Speaker 1: percent of all sales last month, which is a sixty 68 00:03:47,240 --> 00:03:49,520 Speaker 1: seven percent jump on twenty twenty four. 69 00:03:50,040 --> 00:03:53,520 Speaker 2: Well, many buyers still chose petrol and diesel. Almost a 70 00:03:53,600 --> 00:03:56,520 Speaker 2: quarter of Chinese car sales were electric. That's up from 71 00:03:56,560 --> 00:04:00,680 Speaker 2: seventeen percent a year ago. The FCAI says the shows 72 00:04:00,680 --> 00:04:03,240 Speaker 2: how quickly Ozzi's are adapting to new options in the 73 00:04:03,240 --> 00:04:06,880 Speaker 2: car market. Still, though utes remain king. The Ford Ranger 74 00:04:06,880 --> 00:04:10,000 Speaker 2: topped the charts with nearly five thousand sold, just edging 75 00:04:10,040 --> 00:04:12,960 Speaker 2: out the Toyota High Lux, but the momentum is clear. 76 00:04:13,000 --> 00:04:16,120 Speaker 2: A decade ago, almost no cars were imported from China. 77 00:04:16,360 --> 00:04:18,840 Speaker 2: An analysts now predicted that by twenty to thirty five, 78 00:04:18,920 --> 00:04:21,440 Speaker 2: Chinese models will make up more than forty percent of 79 00:04:21,520 --> 00:04:22,560 Speaker 2: new car imports. 80 00:04:23,000 --> 00:04:25,839 Speaker 1: Last one story number five, The Trump family is diving 81 00:04:25,880 --> 00:04:29,560 Speaker 1: headfirst into crypto again. This week, Donald Trump Junior and 82 00:04:29,760 --> 00:04:33,680 Speaker 1: Eric Trump, the two sons of the president, launched not 83 00:04:33,839 --> 00:04:37,279 Speaker 1: one but two new ventures, American Bitcoin, which is a 84 00:04:37,320 --> 00:04:42,400 Speaker 1: mining business, and w LFI, a new token where Trump's senior, 85 00:04:42,800 --> 00:04:45,520 Speaker 1: the President, is co founder emeritus. 86 00:04:45,640 --> 00:04:50,200 Speaker 2: Trump already controls billions in trump Coin, a meme cryptocurrency, 87 00:04:50,440 --> 00:04:53,440 Speaker 2: and the latest token launch reportedly adding seven point seven 88 00:04:53,480 --> 00:04:56,480 Speaker 2: billion dollars to the family fortune. But while the Trumps 89 00:04:56,480 --> 00:04:59,800 Speaker 2: are cashing in, investors haven't been so lucky. Trump Coin's 90 00:05:00,000 --> 00:05:02,520 Speaker 2: market value has tumbled from ten billion to one point 91 00:05:02,560 --> 00:05:05,440 Speaker 2: seven billion dollars, while the millennia coin is down to 92 00:05:05,440 --> 00:05:08,760 Speaker 2: one hundred and sixty nine million dollars. Despite the roller coaster, 93 00:05:09,040 --> 00:05:12,000 Speaker 2: some cryptopro sye a silver lining, that being that the 94 00:05:12,040 --> 00:05:16,479 Speaker 2: White House's enthusiasm could boost adoption of decentralized finance American 95 00:05:16,480 --> 00:05:21,080 Speaker 2: booitcoin debuted on Nasdaq. It doesn't actually have its own token. Instead, 96 00:05:21,120 --> 00:05:24,800 Speaker 2: it will mine and stockpile coins, already holding twenty four 97 00:05:24,880 --> 00:05:27,480 Speaker 2: hundred and forty three coins worth four hundred and eighteen 98 00:05:27,680 --> 00:05:28,479 Speaker 2: million dollars. 99 00:05:28,680 --> 00:05:30,680 Speaker 1: All right, there we go, the top five business stories 100 00:05:30,720 --> 00:05:32,880 Speaker 1: in five minutes. Thank you very much, Natalie, Thank you Michael. 101 00:05:33,040 --> 00:05:35,800 Speaker 1: It is Friday, the fifth of September twenty twenty five. 102 00:05:36,200 --> 00:05:38,719 Speaker 1: Remember to hit follow on the podcast, and if five 103 00:05:38,760 --> 00:05:41,200 Speaker 1: minutes isn't enough, you can find our longer daily show 104 00:05:41,240 --> 00:05:43,640 Speaker 1: called Fear and Greed wherever you listen to podcasts. So 105 00:05:43,680 --> 00:05:46,480 Speaker 1: headl on to Fearandgreed dot com dot au and sign 106 00:05:46,560 --> 00:05:49,120 Speaker 1: up for our free daily newsletter. I'm Michael Thompson. And 107 00:05:49,160 --> 00:05:51,360 Speaker 1: that was the fast five business news by Fear and Grade. 108 00:05:51,480 --> 00:05:52,120 Speaker 1: Have a great day.