1 00:00:06,320 --> 00:00:08,960 Speaker 1: Welcome to Fear and Greed business news you can use 2 00:00:09,000 --> 00:00:11,680 Speaker 1: today a huge week for the economy, with the Reserve 3 00:00:11,760 --> 00:00:15,360 Speaker 1: Bank Board tip to cut rates tomorrow, another very strong 4 00:00:15,400 --> 00:00:18,919 Speaker 1: weekend for the property market, and Prime Minister Anthony Albanezi 5 00:00:19,000 --> 00:00:22,040 Speaker 1: signals a more independent foreign policy in a speech that 6 00:00:22,120 --> 00:00:25,400 Speaker 1: might just ruffle a few feathers in both Beijing and Washington. 7 00:00:25,600 --> 00:00:30,800 Speaker 1: Plus Australia records its worst year for corporate insolvencies ever, 8 00:00:31,320 --> 00:00:34,520 Speaker 1: and how courtside seats at Wimbledon have become a very 9 00:00:34,560 --> 00:00:37,519 Speaker 1: hot asset for investors. It is Monday, the seventh of 10 00:00:37,600 --> 00:00:40,680 Speaker 1: July twenty twenty five. I'm Michael Thompson and good morning, 11 00:00:40,720 --> 00:00:44,560 Speaker 1: Adam Lange. Good morning, Michael, Adam. The main story this morning, 12 00:00:44,720 --> 00:00:47,080 Speaker 1: huge week for the economy, the Reserve Bank Board meeting 13 00:00:47,280 --> 00:00:50,720 Speaker 1: over two days starting today, rate cut likely to be 14 00:00:50,760 --> 00:00:56,240 Speaker 1: announced tomorrow afternoon. The deliberations follow a surprisingly low inflation 15 00:00:56,360 --> 00:00:59,240 Speaker 1: print out for May, as well as very weak retail 16 00:00:59,320 --> 00:01:03,200 Speaker 1: sales and bill approvals data. And that data comes as 17 00:01:03,200 --> 00:01:05,360 Speaker 1: the economy itself as running at a week one and 18 00:01:05,360 --> 00:01:09,600 Speaker 1: a half percent pace, perhaps unsurprisingly the big bank economists. 19 00:01:09,640 --> 00:01:12,600 Speaker 1: When you think about all of that, all the economists 20 00:01:12,600 --> 00:01:15,399 Speaker 1: are tipping a rate cut tomorrow and it may just 21 00:01:15,440 --> 00:01:17,920 Speaker 1: be the first of a few more this year. 22 00:01:18,200 --> 00:01:20,839 Speaker 2: Yeah, Michael, there's a lot of anticipation on this one 23 00:01:21,080 --> 00:01:22,840 Speaker 2: and it could be good news for people with a 24 00:01:22,880 --> 00:01:26,319 Speaker 2: mortgage with minimum repayment levels set to drop. The Reserve 25 00:01:26,360 --> 00:01:28,800 Speaker 2: Bank of Australia cash rate now sits at three point 26 00:01:28,800 --> 00:01:31,760 Speaker 2: eighty five percent and it is likely to come down. 27 00:01:31,920 --> 00:01:34,360 Speaker 2: That would mean the standard variable home loan rate will 28 00:01:34,400 --> 00:01:37,560 Speaker 2: probably end this year under six percent and possibly as 29 00:01:37,600 --> 00:01:40,920 Speaker 2: low as five point five percent. Remember they started twenty 30 00:01:41,000 --> 00:01:44,119 Speaker 2: twenty five closer to seven percent, and that's a big 31 00:01:44,200 --> 00:01:46,880 Speaker 2: amount when you apply to a homelane. The challenge for 32 00:01:46,920 --> 00:01:48,920 Speaker 2: the Reserve Bank is to ensure the economy is not 33 00:01:49,000 --> 00:01:51,480 Speaker 2: slowing too much, which is a very different picture for 34 00:01:51,520 --> 00:01:53,920 Speaker 2: where it was just six months ago. Back then it 35 00:01:54,040 --> 00:01:55,680 Speaker 2: was all about containing inflation. 36 00:01:56,320 --> 00:01:58,120 Speaker 1: Yeah, there is a lot going on and a lot 37 00:01:58,160 --> 00:02:01,680 Speaker 1: going into this decision then tomorrow. Certainly, the outlook for 38 00:02:01,760 --> 00:02:04,680 Speaker 1: interest rates does seem to be helping the local housing market. 39 00:02:04,680 --> 00:02:08,120 Speaker 1: The preliminary clearance rate across the capital cities for the 40 00:02:08,200 --> 00:02:11,320 Speaker 1: weekend and for last week coming in at seventy three 41 00:02:11,360 --> 00:02:15,760 Speaker 1: point one percent according to totality Melbourne. Really it continues 42 00:02:15,800 --> 00:02:19,399 Speaker 1: to rebound with a preliminary auction clearance rate of seventy 43 00:02:19,520 --> 00:02:22,760 Speaker 1: five point five percent. That's up slightly from the week before. 44 00:02:23,280 --> 00:02:26,360 Speaker 1: How about this, Though Melbourne has now recorded clearance rates 45 00:02:26,400 --> 00:02:30,960 Speaker 1: above seventy percent for ten straight weeks and above seventy 46 00:02:31,040 --> 00:02:34,359 Speaker 1: five percent for the past three, it does look an 47 00:02:34,400 --> 00:02:37,400 Speaker 1: awful lot like buyers are making the most of relative 48 00:02:37,400 --> 00:02:39,960 Speaker 1: affordability following a dip in prices last year. 49 00:02:40,360 --> 00:02:43,440 Speaker 2: Yeah, Michael. Alongside that, Sydney's clearance rate came in just 50 00:02:43,520 --> 00:02:46,880 Speaker 2: behind Melbourne at seventy two point five percent, slightly down 51 00:02:46,919 --> 00:02:50,320 Speaker 2: from the previous week. Brisbane posted a healthy seventy point 52 00:02:50,400 --> 00:02:53,720 Speaker 2: eight percent and Canberra matched in the national average at 53 00:02:53,800 --> 00:02:56,760 Speaker 2: seventy three point one percent. Adelaide trailed the pack at 54 00:02:56,800 --> 00:03:00,359 Speaker 2: sixty five point seven. Clearly, there's a bit of enthusiasm 55 00:03:00,400 --> 00:03:03,679 Speaker 2: out there, not just in Melbourne, fueled by the anticipation 56 00:03:03,840 --> 00:03:06,200 Speaker 2: of a rate cut tomorrow and maybe more to come. 57 00:03:07,160 --> 00:03:11,280 Speaker 1: Going from enthusiasm and excitement and a pretty good news story, 58 00:03:11,360 --> 00:03:13,520 Speaker 1: adam to this one, which is not the case the 59 00:03:13,560 --> 00:03:17,200 Speaker 1: exact opposite. Australia has just recorded its worst year for 60 00:03:17,360 --> 00:03:22,040 Speaker 1: corporate insolvencies, with fourteen th one hundred and five businesses 61 00:03:22,080 --> 00:03:26,000 Speaker 1: going under in FY twenty five as companies face rising costs, 62 00:03:26,080 --> 00:03:30,440 Speaker 1: weaker demand and a much tougher stance from the Australian 63 00:03:30,480 --> 00:03:33,280 Speaker 1: Taxation Office the ATO. We've talked about this in the past. 64 00:03:33,280 --> 00:03:39,240 Speaker 1: They resumed arguably more aggressive debt collection post pandemic, including 65 00:03:39,320 --> 00:03:43,440 Speaker 1: seizing funds and restricting international travel for directors. It is 66 00:03:43,480 --> 00:03:46,400 Speaker 1: a fairly alarming headline number, but it is thought that 67 00:03:46,440 --> 00:03:49,640 Speaker 1: the surge does reflect, at least in part, a catch 68 00:03:49,680 --> 00:03:53,480 Speaker 1: up from years of unusually low insolvency rates, dudent COVID 69 00:03:53,480 --> 00:03:57,040 Speaker 1: era leniency, and a lot of government support through that 70 00:03:57,160 --> 00:03:58,080 Speaker 1: pandemic period. 71 00:03:58,640 --> 00:04:01,080 Speaker 2: Yeah, Michael, and this is where the two stories link, 72 00:04:01,240 --> 00:04:04,440 Speaker 2: of the reason behind lower interest rates that pressure on 73 00:04:04,560 --> 00:04:07,080 Speaker 2: consumers and businesses, and this is some of the data 74 00:04:07,120 --> 00:04:10,880 Speaker 2: coming through ACIC data shows that the construction industry was 75 00:04:10,920 --> 00:04:14,160 Speaker 2: the hardest hit in the last twelve months, accounting for 76 00:04:14,240 --> 00:04:18,160 Speaker 2: nearly a quarter of those fourteen one hundred and five insolvencies, 77 00:04:18,560 --> 00:04:23,520 Speaker 2: followed by the hospitality and food services sectors. At the 78 00:04:23,560 --> 00:04:27,040 Speaker 2: state level, New South Wales recorded the highest number of insolvencies, 79 00:04:27,080 --> 00:04:30,920 Speaker 2: while Victoria experienced the largest year on year increase. The 80 00:04:30,960 --> 00:04:33,760 Speaker 2: Northern Territory had a one hundred and two percent jump 81 00:04:33,760 --> 00:04:37,880 Speaker 2: in insolvencies, more than doubling compared to the previous year. Now. Meanwhile, 82 00:04:37,960 --> 00:04:41,720 Speaker 2: a new report from law firm Clayton UTS predicting solvency 83 00:04:41,800 --> 00:04:44,839 Speaker 2: rates will continue to rise this year, with signs of 84 00:04:44,880 --> 00:04:47,960 Speaker 2: deeper and more long term stress emerging in sectors due 85 00:04:47,960 --> 00:04:52,120 Speaker 2: to geopolitical instability globally and the sluggish growth rate here 86 00:04:52,160 --> 00:04:54,960 Speaker 2: at home. Although there is a little good news. The 87 00:04:55,000 --> 00:04:58,480 Speaker 2: report suggests lower interest rates and inflation may ease those 88 00:04:58,520 --> 00:05:01,200 Speaker 2: pressures being felt in some way sectors through to this 89 00:05:01,279 --> 00:05:01,760 Speaker 2: year's end. 90 00:05:02,240 --> 00:05:05,440 Speaker 1: Yeah, he's hoping that is the case. Just a quick look, Adam, 91 00:05:05,480 --> 00:05:08,240 Speaker 1: before we head to a break at where markets finished 92 00:05:08,279 --> 00:05:10,880 Speaker 1: up last week. The SMPA Sex two hundred actually finished 93 00:05:10,880 --> 00:05:13,920 Speaker 1: pretty strong, setting a new closing record on Friday, up 94 00:05:14,040 --> 00:05:16,960 Speaker 1: zero point one percent to eighty six hundred and three points. 95 00:05:17,240 --> 00:05:19,480 Speaker 1: That is the first time that the local boss has 96 00:05:19,560 --> 00:05:22,400 Speaker 1: closed above eighty six hundred points. Eight of the eleven 97 00:05:22,440 --> 00:05:25,200 Speaker 1: sub industries were up, led by the tech and retail sectors. 98 00:05:25,440 --> 00:05:28,000 Speaker 1: They did have a solid lead in from Wall Street, 99 00:05:28,040 --> 00:05:30,240 Speaker 1: where they were stronger than expected job started and that 100 00:05:30,240 --> 00:05:33,520 Speaker 1: boosted confidence about the US economy. US markets, of course, 101 00:05:33,520 --> 00:05:36,799 Speaker 1: were then closed on Friday for the fourth of July 102 00:05:37,400 --> 00:05:43,120 Speaker 1: public holiday. Lots of Independence Day. Hooray indeed, okay, Adam, 103 00:05:43,240 --> 00:05:45,640 Speaker 1: quick break, We've got a lot more still to come. 104 00:05:45,800 --> 00:05:47,240 Speaker 1: We'll be back in a moment with the rest of 105 00:05:47,279 --> 00:05:57,600 Speaker 1: the day's business news. Adam. Prime Minister Anthony Abernezi has 106 00:05:57,640 --> 00:06:01,279 Speaker 1: signaled a more independent Australian foreign policy and a major 107 00:06:01,279 --> 00:06:03,719 Speaker 1: speech that might not go down too well in Washington. 108 00:06:04,200 --> 00:06:07,240 Speaker 1: This was on Saturday night. He delivered the John Curtin Oration, 109 00:06:07,680 --> 00:06:11,039 Speaker 1: declaring that quote, our fate will be decided in our region. 110 00:06:11,600 --> 00:06:15,040 Speaker 1: In outlining what he called the Australian Way, he highlighted 111 00:06:15,040 --> 00:06:19,400 Speaker 1: stronger ties with regional neighbors, a rules based international order, 112 00:06:19,560 --> 00:06:24,920 Speaker 1: and a rejection of great power peace likely directed squarely 113 00:06:24,960 --> 00:06:28,479 Speaker 1: at China. But curiously he didn't mention the Orchest Pact, 114 00:06:28,560 --> 00:06:30,760 Speaker 1: which is, of course that the massive security deal with 115 00:06:30,800 --> 00:06:34,560 Speaker 1: the US and the UK involving submarines and a very 116 00:06:34,800 --> 00:06:37,040 Speaker 1: large amount of money over a long period of time, 117 00:06:37,080 --> 00:06:39,119 Speaker 1: and that is currently being reviewed by the White House. 118 00:06:39,360 --> 00:06:42,640 Speaker 2: Yes, Michael, Prime Minister Albanizi has been busy in recent days, 119 00:06:42,960 --> 00:06:45,640 Speaker 2: and the John Curtin oration is one of them. The 120 00:06:45,640 --> 00:06:49,159 Speaker 2: Australian newspaper reports that the speech hasn't been received well 121 00:06:49,200 --> 00:06:53,240 Speaker 2: in Washington, with insiders apparently saying it's detached from reality 122 00:06:53,640 --> 00:06:57,479 Speaker 2: and that true independence would require Australia to substantially lift 123 00:06:57,520 --> 00:07:00,560 Speaker 2: its defense spending. This is a sticking point between the 124 00:07:00,680 --> 00:07:03,800 Speaker 2: US and Australia, and between the US and most other nations. Actually, 125 00:07:03,800 --> 00:07:07,720 Speaker 2: with President Donald Trump succeeding in pushing European allies in 126 00:07:07,839 --> 00:07:12,320 Speaker 2: NATO to boost military spending, it's certainly an interesting time 127 00:07:12,360 --> 00:07:14,720 Speaker 2: for the Prime Minister to visit China. He's due to 128 00:07:14,760 --> 00:07:16,720 Speaker 2: head to Beijing at the end of this week. 129 00:07:17,080 --> 00:07:19,040 Speaker 1: Yeah, he's indeed busy, and you mentioned that he has 130 00:07:19,080 --> 00:07:21,080 Speaker 1: had a busy few days. It was the second big 131 00:07:21,120 --> 00:07:24,080 Speaker 1: speech for the PM in as many days, because on 132 00:07:24,160 --> 00:07:26,760 Speaker 1: Friday he told an event in Sydney that it was 133 00:07:26,800 --> 00:07:29,960 Speaker 1: time for businesses to quote resume their rightful place as 134 00:07:30,000 --> 00:07:32,720 Speaker 1: the primary source of growth in our economy instead of 135 00:07:32,760 --> 00:07:35,560 Speaker 1: governments really doing the heavy lifting in that space. He 136 00:07:35,600 --> 00:07:40,040 Speaker 1: also came close, i would say, to ruling out increasing 137 00:07:40,080 --> 00:07:42,680 Speaker 1: the GST as part of tax reform in this term 138 00:07:43,080 --> 00:07:46,960 Speaker 1: saying he's a supporter of progressive taxes and consumption taxes 139 00:07:47,000 --> 00:07:51,000 Speaker 1: are regressive in their nature. The government is holding around 140 00:07:51,040 --> 00:07:55,400 Speaker 1: table next month to improve productivity and look at ideas 141 00:07:55,760 --> 00:07:59,080 Speaker 1: for reform. He's kind of signaling that maybe some ideas 142 00:07:59,080 --> 00:08:00,560 Speaker 1: will be more welcome than others. 143 00:08:01,200 --> 00:08:05,800 Speaker 2: Yeah, Michael, very interesting characterizations of the terms progressive and regressive. 144 00:08:05,840 --> 00:08:08,880 Speaker 2: I think we can expect to hear more about them. Meanwhile, 145 00:08:08,920 --> 00:08:11,840 Speaker 2: the Opposition has accused the Prime Minister of waiving the 146 00:08:11,880 --> 00:08:14,960 Speaker 2: white flag on tariffs after he used the same speech 147 00:08:15,000 --> 00:08:18,040 Speaker 2: to say he expected US President Donald Trump to confirm 148 00:08:18,040 --> 00:08:20,960 Speaker 2: a ten percent tariff on Australian exports to the US 149 00:08:21,280 --> 00:08:24,920 Speaker 2: this week July ninth. This Wednesday, we'll see the end 150 00:08:24,960 --> 00:08:28,120 Speaker 2: of the ninety day pause on large reciprocal tariffs announced 151 00:08:28,120 --> 00:08:31,120 Speaker 2: by the President back in April, and Anthony Albanizi says 152 00:08:31,160 --> 00:08:34,480 Speaker 2: he expects to receive a letter confirming Australia's ten percent 153 00:08:34,520 --> 00:08:37,640 Speaker 2: tariff will remain in place. It's actually been in place 154 00:08:37,679 --> 00:08:40,640 Speaker 2: this whole time because this was the baseline rate where 155 00:08:40,640 --> 00:08:43,959 Speaker 2: it was the larger reciprocal tariffs that were paused, giving 156 00:08:44,000 --> 00:08:47,880 Speaker 2: other countries time to negotiate. Only the UK and Vietnam 157 00:08:47,960 --> 00:08:51,120 Speaker 2: have so far reached trade deals during that ninety day pause, 158 00:08:51,520 --> 00:08:55,280 Speaker 2: but neither have had tariffs removed altogether. Shadow Trade Minister 159 00:08:55,360 --> 00:08:58,640 Speaker 2: Kevin Hogan says it is embarrassing Australia hasn't been able 160 00:08:58,640 --> 00:09:00,440 Speaker 2: to secure a meeting with the us P. Isn't it 161 00:09:00,679 --> 00:09:02,480 Speaker 2: to argue the case for an exemption. 162 00:09:03,160 --> 00:09:04,880 Speaker 1: I know we've had a lot of political news, Adam, 163 00:09:04,880 --> 00:09:08,160 Speaker 1: but I'm just going to squeeze one last tiny political 164 00:09:08,280 --> 00:09:12,280 Speaker 1: morsel in here. Former Assistant Treasurer and Financial Services Minister 165 00:09:12,360 --> 00:09:15,360 Speaker 1: Stephen Jones too. I only retired from Parliament at the 166 00:09:15,679 --> 00:09:19,120 Speaker 1: election in May, so he's been busy. He's just been 167 00:09:19,120 --> 00:09:23,240 Speaker 1: appointed Australia's new ambassador to the OECD, the Organization for 168 00:09:23,320 --> 00:09:26,480 Speaker 1: Economic Cooperation and Development, which is actually headed up by 169 00:09:26,520 --> 00:09:29,800 Speaker 1: another Australian. So I might be able to form a 170 00:09:29,800 --> 00:09:32,679 Speaker 1: little club over there. You've got the former Liberal Finance 171 00:09:32,720 --> 00:09:35,719 Speaker 1: Minister Mattias Korman, who is in fact the I think 172 00:09:35,720 --> 00:09:40,520 Speaker 1: it's the Secretary General. He is the leader of the OECD. 173 00:09:40,679 --> 00:09:43,160 Speaker 1: So I mean they come from opposite sides of politics, 174 00:09:43,200 --> 00:09:46,640 Speaker 1: but once you're on the global stage, we're all just Australians. 175 00:09:46,120 --> 00:09:48,199 Speaker 2: Right Team Australia over there, Michael. 176 00:09:48,000 --> 00:09:52,760 Speaker 1: Yes, indeed, okay, moving away now from politics, let's talk cars, Adam, well, 177 00:09:52,800 --> 00:09:57,840 Speaker 1: not cars specifically, not cars, because this is about yutes. Instead, 178 00:09:57,960 --> 00:10:02,240 Speaker 1: Dual cab utes continued to dominate Australia's new vehicle sales, 179 00:10:02,920 --> 00:10:06,000 Speaker 1: and I reckon it might just be time, and this 180 00:10:06,120 --> 00:10:08,840 Speaker 1: might be a little bit early, but it's time to 181 00:10:08,880 --> 00:10:11,800 Speaker 1: call the death of the sedan and the hatback. 182 00:10:13,320 --> 00:10:14,360 Speaker 2: No, it's a bold call. 183 00:10:14,679 --> 00:10:16,360 Speaker 1: It's a bold call, but I'm going to make it. 184 00:10:16,559 --> 00:10:19,360 Speaker 1: The top ten vehicles sold last month. This is according 185 00:10:19,360 --> 00:10:22,000 Speaker 1: to the Federal Chamber of Automotive Industries, for a mix 186 00:10:22,120 --> 00:10:25,800 Speaker 1: of utes and SUVs as we are used to now 187 00:10:26,000 --> 00:10:29,240 Speaker 1: there is not a single light passenger vehicle making that list. 188 00:10:29,440 --> 00:10:33,520 Speaker 1: Sales of hatchbacks and Sedan's have fallen not just a 189 00:10:33,559 --> 00:10:37,960 Speaker 1: little bit, but nearly twenty eight percent compared to the 190 00:10:37,960 --> 00:10:41,080 Speaker 1: same time last year. They now make up just twelve 191 00:10:41,160 --> 00:10:45,079 Speaker 1: point four percent of the market. That's flatlined. 192 00:10:46,480 --> 00:10:47,320 Speaker 2: It's incredible. 193 00:10:47,720 --> 00:10:53,120 Speaker 1: Yeah, dead, not quite okay, sorry, still not quite. 194 00:10:53,440 --> 00:10:56,840 Speaker 2: Overall, Michael, it's a very resilient market. Now, get this 195 00:10:56,880 --> 00:10:58,440 Speaker 2: for a number, it's such a big one, more than 196 00:10:58,480 --> 00:11:01,280 Speaker 2: one hundred and twenty two and new vehicles were sold 197 00:11:01,360 --> 00:11:03,640 Speaker 2: last month, and that is actually a two point four 198 00:11:03,679 --> 00:11:06,600 Speaker 2: percent increase on June last year. The Ford Ranger came 199 00:11:06,640 --> 00:11:09,840 Speaker 2: out on top, followed by the Toyota Highlights, the Ysuzu 200 00:11:09,920 --> 00:11:14,000 Speaker 2: D Max and the BYD Shark. Six electric vehicles saw 201 00:11:14,080 --> 00:11:17,040 Speaker 2: stronger sales in June, led by BYD, but year to 202 00:11:17,120 --> 00:11:20,120 Speaker 2: date figures show their overall market share slipping slightly to 203 00:11:20,160 --> 00:11:23,280 Speaker 2: seven point seven percent, down from eight in twenty twenty four. 204 00:11:23,840 --> 00:11:27,000 Speaker 1: Turning to international News now, and billionaire Elon Musk has 205 00:11:27,120 --> 00:11:29,679 Speaker 1: followed through on his threat to set up a new 206 00:11:29,720 --> 00:11:33,080 Speaker 1: political party after US President Donald Trump officially signed his 207 00:11:33,200 --> 00:11:36,040 Speaker 1: massive tax and spending bill into law over the weekend. 208 00:11:36,320 --> 00:11:38,880 Speaker 1: The President signed the One Big Beautiful Bill Act on 209 00:11:38,920 --> 00:11:41,959 Speaker 1: Saturday morning, our time, fulfilling his promise to finalize it 210 00:11:42,000 --> 00:11:46,120 Speaker 1: by his self imposed July four deadline. The nearly nine 211 00:11:46,240 --> 00:11:50,320 Speaker 1: hundred page bill inacts four point five trillion US dollars 212 00:11:50,360 --> 00:11:54,040 Speaker 1: in tax cuts, making Trumps twenty seventeen tax cuts permanent, 213 00:11:54,720 --> 00:11:58,240 Speaker 1: introduces new deductions all over the place. It also boosts 214 00:11:58,280 --> 00:12:02,959 Speaker 1: military spending funds, a large scale border enforcement push that's 215 00:12:03,000 --> 00:12:06,079 Speaker 1: the immigration crackdown, and imposes deep cuts to safety in 216 00:12:06,080 --> 00:12:08,480 Speaker 1: that program, things like medicaid and food assistance. 217 00:12:09,040 --> 00:12:11,640 Speaker 2: Michael, as we know, Elon Musk has made no secret 218 00:12:11,800 --> 00:12:15,200 Speaker 2: of his opposition to this bill, criticizing for adding nearly 219 00:12:15,280 --> 00:12:18,400 Speaker 2: three point three trillion US dollars to the national debt 220 00:12:18,440 --> 00:12:20,800 Speaker 2: over the next decade. He threatened to start up a 221 00:12:20,840 --> 00:12:23,280 Speaker 2: political party to take on the president if the bill 222 00:12:23,320 --> 00:12:27,000 Speaker 2: went through, and after running a poll on social platform X, 223 00:12:27,040 --> 00:12:29,840 Speaker 2: he wrote, quote by a factor of two to one, 224 00:12:30,080 --> 00:12:32,679 Speaker 2: you want a new political party, and you shall have it. 225 00:12:32,880 --> 00:12:35,959 Speaker 2: When it comes to bankrupting our country with waste and graft. 226 00:12:36,360 --> 00:12:39,560 Speaker 2: We live in a one party system, not a democracy. Today. 227 00:12:40,040 --> 00:12:42,880 Speaker 2: The America Party is formed to give you back your freedom. 228 00:12:43,120 --> 00:12:45,959 Speaker 2: End of quote, Michael. There's not a lot of detail 229 00:12:46,000 --> 00:12:48,280 Speaker 2: about the party at this stage, but it's safe to 230 00:12:48,320 --> 00:12:52,480 Speaker 2: say that Trump versus Musk feud isn't stopping anytime soon. 231 00:12:52,480 --> 00:12:54,640 Speaker 2: And I've got a quick question for you, Michael, Yes, 232 00:12:55,720 --> 00:12:58,679 Speaker 2: the America Party. Do you think that Elon Musk could 233 00:12:58,679 --> 00:13:02,280 Speaker 2: have taken some inspiration from our own Clive Palmer? He 234 00:13:02,400 --> 00:13:05,040 Speaker 2: left trumpet of Patriots on the shelf. 235 00:13:05,960 --> 00:13:08,920 Speaker 1: Well, it didn't exactly work so well for Clive Palmer, 236 00:13:08,960 --> 00:13:11,439 Speaker 1: did it well that is true. No, I think maybe 237 00:13:11,440 --> 00:13:13,520 Speaker 1: he did look at it and then decided to go 238 00:13:13,840 --> 00:13:17,040 Speaker 1: quite deliberately in the opposite direction, which is probably the 239 00:13:17,040 --> 00:13:20,640 Speaker 1: smart movie bugle of musks. Oh I like that. Okay, 240 00:13:20,720 --> 00:13:23,679 Speaker 1: great suggestion. One last one. We're running out of time, Adam. 241 00:13:23,720 --> 00:13:25,120 Speaker 1: I just need to mention. I don't know about you. 242 00:13:25,160 --> 00:13:26,839 Speaker 1: I've been watching a lot of the tennis over the 243 00:13:26,920 --> 00:13:30,240 Speaker 1: last week. The coverage of Himbledon has been fantastic, so 244 00:13:30,280 --> 00:13:33,880 Speaker 1: this story from Bloomberg as a ripper Debncher. Seats at 245 00:13:33,920 --> 00:13:37,360 Speaker 1: the tournament have become something of a hot ticket financial asset. 246 00:13:37,360 --> 00:13:39,600 Speaker 1: How it works is basically, it's the All England Lawn 247 00:13:39,640 --> 00:13:42,760 Speaker 1: Tennis Club, which obviously runs the tournament, sells de Benches 248 00:13:43,280 --> 00:13:46,240 Speaker 1: a guaranteed seat on center Court or Number one court 249 00:13:46,280 --> 00:13:49,440 Speaker 1: for a five year stretch. Lots of sporting clubs do 250 00:13:49,520 --> 00:13:51,959 Speaker 1: this as it helps raise kind of funds long term 251 00:13:52,000 --> 00:13:54,920 Speaker 1: for maintenance and construction. Wimbledon's actually been doing it for 252 00:13:54,960 --> 00:13:57,320 Speaker 1: more than a century, so it's not new. Well it 253 00:13:57,440 --> 00:13:59,440 Speaker 1: is to me, Michael, so thank you for bringing us 254 00:13:59,480 --> 00:14:03,560 Speaker 1: this news. Apparently demand is soaring and the price is climbing. 255 00:14:04,040 --> 00:14:07,760 Speaker 1: Prime center court spots have sailed past the two hundred 256 00:14:07,840 --> 00:14:11,640 Speaker 1: thousand pound that's over four hundred and fifteen thousand Australian 257 00:14:11,679 --> 00:14:14,240 Speaker 1: dollars for the two thousand and twenty six to twenty 258 00:14:14,280 --> 00:14:16,920 Speaker 1: thirty period. They originally went on sale last year for 259 00:14:16,920 --> 00:14:19,920 Speaker 1: one hundred and sixteen thousand pounds and some are now 260 00:14:20,000 --> 00:14:23,160 Speaker 1: changing hands again before the trading period has even started. 261 00:14:23,480 --> 00:14:26,600 Speaker 1: The other benefit is the ability to sell individual tickets 262 00:14:26,640 --> 00:14:30,440 Speaker 1: on the days the holder can't attend, the only exchangeable 263 00:14:30,560 --> 00:14:33,960 Speaker 1: tickets for Wimbledon. There were apparently concerns about the future 264 00:14:33,960 --> 00:14:36,480 Speaker 1: demand for the de benches following the retirement of stars 265 00:14:36,520 --> 00:14:40,160 Speaker 1: like Roger Federer, Rafael Nadal and Andy Murray, but these 266 00:14:40,200 --> 00:14:43,240 Speaker 1: prices they're getting now suggest the All England Lawn Tennis 267 00:14:43,240 --> 00:14:46,320 Speaker 1: Club had absolutely nothing to worry about. It's a good 268 00:14:46,360 --> 00:14:48,480 Speaker 1: story that one. Up next is the Fear and Great 269 00:14:48,560 --> 00:14:52,280 Speaker 1: Daily Interview Today. Adam, you're speaking with Cameron McCormack, who 270 00:14:52,320 --> 00:14:55,840 Speaker 1: is the senior portfolio manager at Van Neck. It's a 271 00:14:55,840 --> 00:14:57,920 Speaker 1: really interesting chat this one for investors. 272 00:14:58,080 --> 00:15:01,320 Speaker 2: Yeah, Michael, he had this quote about next quarter is 273 00:15:01,360 --> 00:15:04,800 Speaker 2: as clear as mud. But then he helps us explain 274 00:15:04,960 --> 00:15:07,200 Speaker 2: the things that he's seeing and the things that we 275 00:15:07,200 --> 00:15:09,440 Speaker 2: should pay attention to in amongst all that. 276 00:15:09,520 --> 00:15:12,720 Speaker 1: Mud, Yeah, some of the kind of emerging markets and 277 00:15:12,720 --> 00:15:15,280 Speaker 1: the fact that there's traditional safe bets as well, like 278 00:15:15,440 --> 00:15:19,560 Speaker 1: perhaps US equities and bonds, that they're not necessarily the same, Yeah, 279 00:15:19,600 --> 00:15:21,920 Speaker 1: not necessarily going to offer the same rewards. And where 280 00:15:21,960 --> 00:15:24,120 Speaker 1: else perhaps you might look. It is a good chat 281 00:15:24,160 --> 00:15:26,120 Speaker 1: coming up next and at midday Fear and Greed the 282 00:15:26,120 --> 00:15:28,360 Speaker 1: week Ahead with our resident economist Stephen could call us 283 00:15:28,400 --> 00:15:30,440 Speaker 1: plenty of good listening in the Fear and Greed playlist 284 00:15:30,720 --> 00:15:33,880 Speaker 1: on your podcast platform or at Fearangreed dot com todayu 285 00:15:33,920 --> 00:15:35,800 Speaker 1: which is where you sign up for the free daily 286 00:15:35,880 --> 00:15:39,320 Speaker 1: newsletter that I completely forgot to mention earlier, Adam. If 287 00:15:39,360 --> 00:15:42,240 Speaker 1: you sign up today then you will get it every 288 00:15:42,280 --> 00:15:45,960 Speaker 1: weekday by six am in your inbox. It is entirely free. 289 00:15:46,000 --> 00:15:46,920 Speaker 1: Thanks very much, Adam. 290 00:15:47,160 --> 00:15:50,160 Speaker 2: Thank you Michael. And that newsletter is a three minute 291 00:15:50,240 --> 00:15:52,720 Speaker 2: productivity hack. I highly recommend it. 292 00:15:52,800 --> 00:15:55,640 Speaker 1: Oh, great way to sell this, Adam, sign up today. 293 00:15:55,640 --> 00:15:57,520 Speaker 1: I'll put a link in today's show notes. It is Monday, 294 00:15:57,560 --> 00:15:59,640 Speaker 1: the seventh of July twenty twenty five. Make sure you 295 00:15:59,680 --> 00:16:02,760 Speaker 1: follow the podcast and please join us online on LinkedIn, Instagram, 296 00:16:02,960 --> 00:16:06,040 Speaker 1: x TikTok and Facebook. I'm Michael Thompson. The atmosphere and greed. 297 00:16:06,360 --> 00:16:09,160 Speaker 1: Have a great day.